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CONTINGENCIES AND COMMITMENTS (Block) | 9 Months Ended
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Sep. 30, 2018
Commitments And Contingencies Disclosure Abstract |
Commitments And Contingencies Disclosure Text Block | 13. CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially aff ect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on March 16, 2018, except as described below. Other The Company had a relationship with USTN, a vendor that provides short duration advertising network services (e.g., sponsored traffic reports) and guaranteed revenue to the Company. On April 27, 2018, the Company executed a series of agreements (the “April 27, 2018 agree ments”) with USTN which replaced outstanding accounts receivable from USTN with a senior secured note and an equity interest in USTN. On June 30, 2018, the Company entered into a n agreement to acquire USTN by the end of July 2018, subject to certain closi ng conditions. T he closing conditions were not met by USTN and the Company did not complete this transaction. On July 30, 2018, USTN filed a lawsuit against the Company seeking damages. On July 31, 2018, USTN failed to make required payments due under t he April 27, 2018 agreements. On August 6, 2018, the Company notified USTN of its default and accelerated all amounts due. On September 6, 2018, USTN filed a motion to dismiss its own lawsuit, with prejudice. Accordingly, t he Company expects that it will not be subject to further legal action related to this matter. Like-Kind Exchange Proceeds During the third quarter of 2018, the Company disposed of certain property that the Company considered as surplus to its operations and that resulted in si gnificant gains reportable for tax purposes. In order to minimize the tax impact on a certain portion of these taxable gains, the Company created an entity that serves as a QI for tax purposes and that holds the net sales proceeds of $70.2 million as of S eptember 30, 2018. The Company plans to use a portion of these funds in a tax-free exchange by using the net sales proceeds from relinquished property for the purchase of replacement property. This entity was treated as a VIE and is included in the Compan y’s consolidated financial statements as the Company is considered the primary beneficiary. The use of a QI in a like-kind exchange enables the Company to effectively minimize its tax liability in connection with certain asset dispositions. As discussed i n Note 11, Assets Held For Sale And Discontinued Operations, the Company sold: (i) a parcel of land in Chicago, Illinois during the third quarter of the current year for net proceeds of $45.5 million; and (ii) a former studio building in Los Angeles, California for net proceeds of $24.7 million. These net sales proceeds were deposited into the account of the QI to comply with Code Section 1031 requirements to execute a like-kind exchange and are reflected as restricted cash on the Company’s consolid ated balance sheet as of September 30, 2018. Restrictions on these deposits will lapse prior to the end of the first quarter of 2019. The following table provides a reconciliation of cash and cash equivalents and restricted cash rep orted within the consolidated balance sheet that aggregate to the total of the same such amounts shown in the consolidated statement of cash flows:
| Cash, Cash Equivalents and Restricted Cash
| September 30, |  | December 31,
| 2018 |  | 2017
| (amounts in thousands)
Cash and cash equivalents | $ | 200,190 |  | $ | 34,167
Restricted cash |  | 70,217 |  |  | -
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 270,407 |  | $ | 34,167

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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