v3.19.2

BUSINESS COMBINATIONS (Tables) | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Restructuring charges table |
| Six Months Ended
| June 30,
| 2019 |  | 2018
| (amounts in thousands)
Costs to exit duplicative contracts | $ | - |  | $ | 510
Workforce reduction |  | 3,793 |  |  | 928
Lease abandonment costs |  | - |  |  | 257
Other restructuring costs |  | 583 |  |  | 472
Total restructuring charges | $ | 4,376 |  | $ | 2,167
| Three Months Ended
| June 30,
| 2019 |  | 2018
| (amounts in thousands)
Costs to exit duplicative contracts | $ | - |  | $ | 349
Workforce reduction |  | 3,100 |  |  | 337
Other restructuring costs |  | 262 |  |  | -
Total restructuring charges | $ | 3,362 |  | $ | 686
Schedule of Restrucutring Reserve table |
| Six Months |  | Twelve Months
| Ended |  | Ended
| June 30, |  | December 31,
| 2019 |  | 2018
| (amounts in thousands)
Restructuring charges and lease abandonment costs, beginning balance | $ | 7,077 |  | $ | 16,086
Additions resulting from the integration of CBS Radio |  | 4,376 |  |  | 5,830
Payments |  | (3,896) |  |  | (14,839)
Restructuring charges and lease abandonment costs unpaid and outstanding |  | 7,557 |  |  | 7,077
Restructuring charges and lease abandonment costs - noncurrent portion |  | (419) |  |  | (988)
Restructuring charges and lease abandonment costs - current portion | $ | 7,138 |  | $ | 6,089
Schedule of unaudited pro forma summary of financial information table |
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (amounts in thousands except share and per share data)
| Actual |  | Pro Forma |  | Actual |  | Pro Forma
Net revenues | $ | 380,665 |  | $ | 376,533 |  | $ | 689,670 |  | $ | 681,958
Income (loss) from continuing operations | $ | 25,992 |  | $ | 3,272 |  | $ | 29,116 |  | $ | (10,400)
Income (loss) from discontinued operations | $ | - |  | $ | 844 |  | $ | - |  | $ | 1,172
Net income (loss) available to the Company | $ | 25,992 |  | $ | 4,116 |  | $ | 29,116 |  | $ | (9,228)
Net income (loss) available to common shareholders | $ | 25,992 |  | $ | 4,116 |  | $ | 29,116 |  | $ | (9,228)
Income (loss) from continuing operations |  |  |  |  |  |  |  |  |  |  |
per common share - basic | $ | 0.19 |  | $ | 0.02 |  | $ | 0.21 |  | $ | (0.07)
Income (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |
per common share - basic | $ | - |  | $ | 0.01 |  | $ | - |  | $ | 0.01
Net income (loss) available to common shareholders |  |  |  |  |  |  |  |  |  |  |
per common share - basic | $ | 0.19 |  | $ | 0.03 |  | $ | 0.21 |  | $ | (0.07)
Income (loss) from continuing operations |  |  |  |  |  |  |  |  |  |  |
per common share - diluted | $ | 0.19 |  | $ | 0.02 |  | $ | 0.21 |  | $ | (0.07)
Income (loss) from discontinued operations |  |  |  |  |  |  |  |  |  |  |
per common share - diluted | $ | - |  | $ | 0.01 |  | $ | - |  | $ | 0.01
Net income (loss) available to common shareholders |  |  |  |  |  |  |  |  |  |  |
per common share - diluted | $ | 0.19 |  | $ | 0.03 |  | $ | 0.21 |  | $ | (0.07)
Weighted shares outstanding basic |  | 138,760,483 |  |  | 138,638,554 |  |  | 138,684,845 |  |  | 138,961,728
Weighted shares outstanding diluted |  | 139,074,229 |  |  | 139,263,363 |  |  | 139,221,904 |  |  | 138,961,728
2019 Cumulus Exchange [Member] |
Acquisition [Line Items] |
Schedule of tangible and intangible assets acquired table |
|  |  |  | Useful Lives in Years
|  | Preliminary Value |  | From |  | To
|  | (amounts in thousands) |  |  |  |
Assets |  |  |  |  |  |  |
Equipment |  | $ | 844 |  | 3 |  | 7
Total tangible property |  |  | 844 |  |  |  |
Radio broadcasting licenses |  |  | 19,576 |  | non-amortizing
Goodwill |  |  | 2,080 |  | non-amortizing
Total intangible and other assets |  |  | 21,656 |  |  |  |
Total assets |  | $ | 22,500 |  |  |  |
Preliminary fair value of net assets acquired |  | $ | 22,500 |  |  |  |
2018 Jerry Lee Transaction [Member] |
Acquisition [Line Items] |
Schedule of tangible and intangible assets acquired table |
|  |  |  | Useful Lives in Years
|  | Preliminary Value |  | From |  | To
|  | (amounts in thousands) |  |  |
Assets |  |  |  |  |  |  |
Equipment |  | $ | 981 |  | 3 |  | 7
Total tangible property |  |  | 981 |  |  |  |
Advertising contracts |  |  | 477 |  | 1 |  | 1
Radio broadcasting licenses |  |  | 27,346 |  | non-amortizing
Goodwill |  |  | 24,396 |  | non-amortizing
Net working capital |  |  | 3,234 |  | not applicable
Total intangible and other assets |  |  | 55,453 |  |  |  |
Total assets |  | $ | 56,434 |  |  |  |
Preliminary fair value of net assets acquired |  | $ | 56,434 |  |  |  |
2018 Emmis Acquisition [Member] |
Acquisition [Line Items] |
Schedule of tangible and intangible assets acquired table |
|  | Final Value
|  | (amounts in thousands)
Assets |  |  |
Equipment |  | $ | 1,558
Total tangible property |  |  | 1,558
Advertiser relationships |  |  | 207
Advertising contracts |  |  | 114
Radio broadcasting licenses |  |  | 12,785
Goodwill |  |  | 332
Other noncurrent assets |  |  | 4
Total intangible and other assets |  |  | 13,442
Total assets |  | $ | 15,000
Fair value of assets acquired |  | $ | 15,000

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