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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Pro forma Information

The following unaudited pro forma information for the years ended December 31, 2016 and 2017 assumes that the acquisitions and dispositions had occurred on January 1, 2016. The significant pro forma adjustments are depreciation and interest expense. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2016 or of results that may occur in the future.

		Year ended December 31,
		2016				2017
Net revenue		$	259,709,074			$	250,610,142
Operating income			37,821,011				38,161,964
Net income			11,042,102				9,459,797
Basic and diluted net income per share			0.39				0.34

WIKS-FM, WMGV-FM, WNCT-AM, WNCT-FM, WSFL-FM and WXNR-FM [Member]

Summary of Assets Held For Sale

A summary of assets held for sale as of December 31, 2016 is as follows:

		WFNZ-AM				Greenville- New Bern- Jacksonville				WMJX				Total
Property and equipment, net		$	1,702,847			$	1,400,615			$	377,193			$	3,480,655
FCC broadcasting licenses			2,166,400				3,998,940				24,759,640				30,924,980
Goodwill			—				1,943,349				—				1,943,349
Other intangibles			108,135				—				—				108,135
		$	3,977,382			$	7,342,904			$	25,136,833			$	36,457,119

CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]

Schedule of Purchase Price Allocation

The asset allocation is summarized as follows:

Property and equipment		$	806,970
FCC broadcasting license			35,943,600
Goodwill			11,882,030
Other intangibles			267,400
Fair value of assets received			48,900,000
Less cash consideration			(12,000,000	)
			36,900,000
Carrying amount of assets of exchanged radio station			(25,096,415	)
Gain on exchange		$	11,803,585

Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses

The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates		(0.5)% - 2.4%
Market revenue shares at maturity		5.3%
Operating income margins at maturity		36.0%
Discount rate		9.0%

Greater Media Inc. [Member]

Schedule of Purchase Price Allocation

The following table summarizes the purchase price allocation as of the Acquisition Date:

Cash and cash equivalents		$	7,683,950
Accounts receivable			29,889,677
Prepaid expenses			1,710,924
Other current assets			541,460
Property and equipment			40,642,648
FCC broadcasting licenses			263,260,200
Other intangibles, net			2,790,524
Other assets			676,632
Accounts payable			(429,042	)
Other current liabilities			(16,685,309	)
Long-term debt			(82,177,895	)
Deferred tax liabilities			(76,050,112	)
Other long-term liabilities			(13,709,261	)
Net assets acquired			158,144,396
Gain on merger			(44,281,066	)
Purchase price		$	113,863,330

Schedule of Purchase Price

The following table summarizes the components of the purchase price:

Cash		$	94,444,148
Stock issued			21,865,506
Estimated tower sale adjustment			(3,357,916	)
Stock issued in escrow			4,164,859
Estimated working capital adjustment			(3,253,267	)
Purchase price		$	113,863,330

Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses

The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates		0.3% - 1.3%
Market revenue shares at maturity		12.6% - 48.0%
Operating income margins at maturity		15.0% - 31.3%
Discount rate		9%

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