v3.8.0.1
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables)
3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Schedule of merger and acquisition costs
Three Months Ended
March 31,
20182017
(amounts in thousands)
Costs to exit duplicative contracts$143$-
Workforce reduction590-
Lease abandonment costs257-
Other restructuring costs491-
Total restructuring charges$1,481$-
Schedule of unaudited pro forma summary of financial information
Three Months Ended
March 31,
20182017
(amounts in thousands, except per share data)
ActualPro Forma
Net revenues$300,560$339,678
Income (loss) from continuing operations$(14,206)$6,319
Income (loss) from discontinued operations$328$-
Net income (loss) available to the Company$(13,878)$6,319
Net income (loss) available to common shareholders$(13,878)$5,769
Income (loss) from continuing operations
per common share - basic$(0.10)$0.05
Income (loss) from discontinued operations
per common share - basic$-$-
Net income (loss) available to common shareholders
per common share - basic$(0.10)$0.04
Income (loss) from continuing operations
per common share - diluted$(0.10)$0.04
Income (loss) from discontinued operations
per common share - diluted$-$-
Net income (loss) available to common shareholders
per common share - diluted$(0.10)$0.04
Weighted shares outstanding basic138,939,309140,317,816
Weighted shares outstanding diluted138,939,309141,481,456
Conversion of preferred stock for dilutive purposes
under the as if methodNot applicableAnti-dilutive
Schedule of Restrucutring Reserve by Type
ThreeTwelve
Months EndedMonths Ended
March 31,December 31,
20182017
(amounts in thousands)
Restructuring charges and lease abandonment costs, beginning balance$16,086$650
Additions resulting from the integration of CBS Radio1,48115,005
Restructuring charges assumed from the Merger-1,095
Payments(6,346)(664)
Restructuring charges and lease abandonment costs unpaid and outstanding11,22116,086
Restructuring charges and lease abandonment costs - noncurrent portion(2,926)(4,413)
Restructuring charges and lease abandonment costs - current portion$8,295$11,673
CBS Radio [Member]  
Acquisition [Line Items]  
Schedule Of Acquisition Valuation [Table Text Block]
Preliminary Value
as of acquisition date
(as previouslyMeasurement
reported as of period
DescriptionDecember 31, 2017)AdjustmentAs Adjusted
(amounts in thousands)
Assets
Accounts receivable$241,548$-$241,548
Prepaid sports rights and favorable sports contracts4,160-4,160
Prepaid expenses, deposits and other20,625-20,625
Other current assets7,3504217,771
Total current assets273,683421274,104
Land112,880-112,880
Land improvements3,988(2,640)1,348
Leasehold improvements26,2559,77436,029
Buildings19,246(5,206)14,040
Furniture and fixtures10,929(6,849)4,080
Equipment and towers76,4864,92181,407
Construction in process14,598-14,598
Total tangible property264,382-264,382
Advertiser relationships27,453-27,453
Radio broadcasting licenses1,880,400-1,880,400
Goodwill820,961(2,949)818,012
Assets held for sale255,650-255,650
Favorable leases16,580-16,580
Other noncurrent assets1,0501,9262,976
Total intangible and other assets3,002,094(1,023)3,001,071
Total assets$3,540,159$(602)$3,539,557
Liabilities
Accounts payable$36,137$421$36,558
Accrued expenses35,154-35,154
Accrued salaries and benefits26,324-26,324
Current portion of long-term debt10,600-10,600
Unfavorable sports liability - current portion4,803-4,803
Accrued interest4,529-4,529
Unearned revenues - current portion14,971-14,971
Total current liabilities132,518421132,939
Unearned revenues - non-current portion13,859-13,859
Unfavorable lease liability12,770-12,770
Unfavorable sports liability - non-current portion22,597-22,597
Non-current portion of long-term debt1,376,900-1,376,900
Deferred tax liability780,832(2,949)777,883
Other long-term liabilities31,8351,92633,761
Total liabilities$2,371,311$(602)$2,370,709
Preliminary fair value of net assets acquired$1,168,848$-$1,168,848