Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Stitcher

On October 16, 2020, we closed on the sale of our Stitcher podcasting business. Stitcher is classified as discontinued operations in our condensed consolidated financial statements for the three months ended March 31, 2021.

Operating results of our discontinued Stitcher operations were as follows:


	Three Months Ended March 31,
(in thousands)		2021

Operating revenues		$	—
Total costs and expenses		—
Depreciation and amortization of intangible assets		—
Other, net		2,686
Income from discontinued operations before income taxes		2,686


Provision for income taxes		622
Income from discontinued operations, net of tax		$	2,064

During the first quarter of 2021, the estimate for the contingent earnout consideration was increased by $2.7 million. The fair value estimate for the contingent earnout consideration was $12.7 million as of March 31, 2021.

Triton Digital

During the first quarter of 2021, our Board of Directors approved the sale of our Triton Digital business. On February 16, 2021, we signed a definitive agreement to sell the business and the transaction closed on March 31, 2021. The sale generated total net proceeds of $225 million and we recognized a pre-tax gain from disposition totaling $81.8 million.