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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Pro forma Information

The following unaudited pro forma information for the year ended December 31, 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.

Net revenue		$	262,769,627
Operating income			42,439,544
Net income			16,120,586
Basic and diluted net income per share			0.59

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

Schedule of Purchase Price Allocation

The purchase price allocation is summarized as follows:

Property and equipment		$	357,734
FCC license			27,346,200
Goodwill			10,102,183
Other intangibles			193,883
		$	38,000,000

Schedule of Assumptions Used in Valuation of FCC Licenses

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

Revenue growth rates		0.6% - 1.3%
Market revenue shares at maturity		5.4%
Operating income margins at maturity		30.5%
Discount rate		9.0%

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

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