v3.10.0.1
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables)
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of merger and acquisition costs
Years Ended
December 31,
201820172016
(amounts in thousands)
Costs to exit duplicative contracts$229$500$-
Workforce reduction3,59910,441-
Lease abandonment costs1,3152,874-
Other restructuring costs687147-
Transition services costs-2,960-
Total restructuring charges$5,830$16,922$-
Schedule of unaudited pro forma summary of financial information
Years Ended December 31,
201820172016
(amounts in thousands, except per share data)
Pro FormaPro FormaPro Forma
Net revenues$1,473,266$1,607,777$1,656,123
Income (loss) from continuing operations$(357,608)$374,135$(587,393)
Income (loss) from discontinued operations$1,152$836$-
Net income (loss) available to the Company$(356,456)$374,971$(587,393)
Net income (loss) available to common shareholders$(356,456)$372,956$(589,294)
Income (loss) from continuing operations
per common share - basic$(2.59)$2.67$(4.20)
Income (loss) from discontinued operations
per common share - basic$0.01$0.01$-
Net income (loss) available to common shareholders
per common share - basic$(2.58)$2.66$(4.21)
Income (loss) from continuing operations
per common share - diluted$(2.59)$2.64$(4.20)
Income (loss) from discontinued operations
per common share - diluted$0.01$0.01$-
Net income (loss) available to common shareholders
per common share - diluted$(2.58)$2.63$(4.21)
Weighted shares outstanding basic138,070140,298139,908
Weighted shares outstanding diluted138,070141,790139,908
Conversion of preferred stock for dilutive purposes
under the as if methodNot applicableNot applicableanti-dilutive
Schedule of the future amortization of unfavoarble leases from acquisition
As Of
December 31,
2018
(amounts in
thousands)
Years ending December 31,
2019$7,318
20206,909
20216,606
20225,725
20236,099
Thereafter1,011
$33,668
Schedule of Restrucutring Reserve by Type
Years Ended
December 31,
20182017
(amounts in thousands)
Restructuring charges and lease abandonment costs, beginning balance$16,086$650
Additions resulting from the integration of CBS Radio5,83015,005
Restructuring charges assumed from the Merger-1,095
Payments(14,839)(664)
Restructuring charges and lease abandonment costs unpaid and outstanding7,07716,086
Restructuring charges and lease abandonment costs - noncurrent portion(988)(4,413)
Restructuring charges and lease abandonment costs - current portion$6,089$11,673
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
iHeartMedia Transaction
MarketRadio StationsTransactionsTBA Commencement DateDisposition or Acquisition Date
Richmond, VAWRVA AMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Richmond, VAWRXL FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Richmond, VAWTVR FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Richmond, VAWBTJ FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Richmond, VAWRNL AMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Richmond, VAWRVQ FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Chattanooga, TNWKXJ FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Chattanooga, TNWUSY FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Chattanooga, TNWRXR FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Chattanooga, TNWLND FMCompany acquired from iHeartDecember 4, 2017December 19, 2017
Boston, MAWBZ AMCompany divested to iHeartNovember 18, 2017December 19, 2017
Boston, MAWZLX FMCompany divested to iHeartNovember 18, 2017December 19, 2017
Boston, MAWRKO AMCompany divested to iHeartNot ApplicableDecember 19, 2017
Boston, MAWKAF FMCompany divested to iHeartNovember 18, 2017December 19, 2017
Seattle, WAKZOK FMCompany divested to iHeartNot ApplicableDecember 19, 2017
Seattle, WAKJAQ FMCompany divested to iHeartNot ApplicableDecember 19, 2017
Seattle, WAKFNQ AMCompany divested to iHeartNovember 18, 2017December 19, 2017
Beasley Transaction
MarketRadio StationsTransactionsTBA Commencement DateDisposition or Acquisition Date
Boston, MAWMJX FMCompany acquired from BeasleyDecember 4, 2017December 19, 2017
Boston, MAWBZ FMCompany divested to BeasleyNot ApplicableDecember 19, 2017
Charlotte [Member]  
Acquisition [Line Items]  
Schedule Of Acquisition Valuation [Table Text Block]
Useful Lives in Years
Final ValueFromTo
(amounts in
thousands)
Assets
Land$2,539non-depreciating
Buildings2171525
Equipment4,569340
Total property plant and equipment7,325
Deferred tax asset287life of underlying asset
Radio broadcasting licenses and goodwill17,384non-amortizing
Total assets24,996
Liabilities
Unfavorable lease liabilities735over remaining lease life
Deferred tax liability261life of underlying liability
Total liabilities996
Fair value of net assets acquired$24,000
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 other20,62547621,101
Other current assets7,3501,7419,091
Total current assets273,6832,217275,900
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 towers76,48621,34697,832
Construction in process14,598-14,598
Total tangible property264,38216,425280,807
Advertiser relationships27,453-27,453
Radio broadcasting licenses1,880,400-1,880,400
Goodwill820,961(21,498)799,463
Assets held for sale255,650-255,650
Favorable leases16,580-16,580
Other noncurrent assets1,0504,1765,226
Total intangible and other assets3,002,094(17,322)2,984,772
Total assets$3,540,159$1,320$3,541,479
Liabilities
Accounts payable$36,137$421$36,558
Accrued expenses35,1542,30937,463
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 liabilities132,5182,730135,248
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(3,336)777,496
Other long-term liabilities31,8351,92633,761
Total liabilities$2,371,311$1,320$2,372,631
Preliminary fair value of net assets acquired$1,168,848$-$1,168,848
IHeart And Beasley Exchange Member [Member]  
Acquisition [Line Items]  
Schedule Of Acquisition Valuation [Table Text Block]
Beasley Transaction
Assets AcquiredAssets Disposed
(amounts in thousands)
Assets
Total property plant and equipment$667$807
Total tangible assets667807
Sports rights agreement-267
Radio broadcasting licenses35,94435,944
Goodwill28911,882
Total intangible assets36,23348,093
Additional cash consideration12,000-
Total value$48,900$48,900
iHeart Transaction
Assets AcquiredAssets Disposed
(amounts in thousands)
Assets
Total property plant and equipment$13,725$8,149
Total tangible assets13,7258,149
Acquired advertising contracts265-
Advertiser relationships1,041-
Radio broadcasting licenses50,62156,299
Goodwill11,7006,852
Total intangible assets63,62763,151
Liabilities
Unfavorable lease agreements assumed(1,301)-
Deferred tax liabilities(4,751)-
Total value$71,300$71,300
Emmis [Member]  
Acquisition [Line Items]  
Schedule Of Acquisition Valuation [Table Text Block]
Useful Lives in Years
Preliminary ValueFromTo
(amounts in thousands)
Assets
Equipment$1,55837
Total tangible property1,558
Advertiser relationships207515
Advertising contracts11411
Radio broadcasting licenses12,785non-amortizing
Goodwill332non-amortizing
Other noncurrent assets422
Total intangible and other assets13,442
Total assets$15,000
Preliminary fair value of assets acquired$15,000
WBEB [Member]  
Acquisition [Line Items]  
Schedule Of Acquisition Valuation [Table Text Block]
Useful Lives in Years
Preliminary ValueFromTo
(amounts in thousands)
Assets
Equipment$98137
Total tangible property981
Advertising contracts47711
Radio broadcasting licenses27,346non-amortizing
Goodwill24,396non-amortizing
Net working capital3,234not applicable
Total intangible and other assets55,453
Total assets$56,434
Preliminary fair value of net assets acquired$56,434