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Acquisitions and Dispositions (Tables)
9 Months Ended
Sep. 30, 2019
WDMK-FM [Member]  
Schedule of Purchase Price Allocation
The assets acquired are summarized as follows:
 
Property and equipment
  $432,588 
FCC licenses
   12,891,117 
Other intangibles
   176,295 
  $13,500,000 
WXTU-FM [Member]  
Summary of Pro forma Information
The following unaudited pro forma information for the three and nine months ended September 30, 2018 assumes that the acquisition of
WXTU-FM
in Philadelphia had occurred on January 1, 2018. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and are not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2018 or of results that may occur in the future.
 
   
Three
M
onths
ended

September 30,
 
2018
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine
M
onths

ended

September 30,
 
2018
 
Net revenue
  $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65,642,435   $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
187,201,031 
Operating income
   10,605,254    28,493,819 
Net income
   3,307,743    9,893,232 
Basic and diluted net income per share
   0.12    0.36