v3.20.2

BUSINESS COMBINATIONS (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The following preliminary purchase price allocations are based upon the valuation of assets and these estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. These assets pending finalization include intangible assets. Differences between the preliminary and final valuation could be substantially different from the initial estimate.
|  |  | Measurement |  |
| Preliminary Value |  | Period Adjustment |  | As Adjusted
| (amounts in thousands) |  |  |  |
Assets |  |  |  |  |
Property, plant and equipment | $ | 654 |  |  | $ | — |  |  | $ | 654 |
Total tangible property | 654 |  |  | — |  |  | 654 |
Operating lease right-of-use asset | 62 |  |  | — |  |  | 62 |
Deferred tax asset | 2,900 |  |  | 28 |  |  | 2,928 |
Cadence13 brand | 5,977 |  |  | — |  |  | 5,977 |
Goodwill | 31,392 |  |  | (28) |  |  | 31,364 |
Total tangible and other assets | 40,331 |  |  | — |  |  | 40,331 |
Operating lease liabilities | (985) |  |  | — |  |  | (985) |
Net working capital | (757) |  |  | — |  |  | (757) |
Preliminary fair value of net assets acquired | $ | 39,243 |  |  | $ | — |  |  | $ | 39,243 |
The following table reflects the final allocation of the purchase price to the assets acquired and liabilities assumed.
| Final Value |  |  |  |
| (amounts in thousands) |  |  |  |
Assets |  |  |  |  |
Accounts receivable | $ | 997 |  |  |  |  |
Pineapple Street Media brand | 1,793 |  |  |  |  |
Goodwill | 12,445 |  |  |  |  |
Total assets | $ | 15,235 |  |  |  |  |
Unearned revenue | 238 |  |  |  |  |
Accounts payable | 30 |  |  |  |  |
Total liabilities | $ | 268 |  |  |  |  |
Final fair value of net assets acquired | $ | 14,967 |  |  |  |  |
The following table reflects the final allocation of the purchase price to the assets acquired.
| Final Value |  |  |  |
| (amounts in thousands) |  |  |  |
Assets |  |  |  |  |
Equipment | $ | 844 |  |  |  |  |
Total tangible property | 844 |  |  |  |  |
Radio broadcasting licenses | 19,576 |  |  |  |  |
Goodwill | 2,080 |  |  |  |  |
Total intangible and other assets | 21,656 |  |  |  |  |
Total assets | $ | 22,500 |  |  |  |  |
Final fair value of net assets acquired | $ | 22,500 |  |  |  |  |
Business Acquisition, Pro Forma Information | This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (amounts in thousands except share and per share data) |  |  |  |  |  |
| Actual |  | Pro Forma |  | Actual |  | Pro Forma
Net revenues | $ | 175,868 |  |  | $ | 394,006 |  |  | $ | 472,898 |  |  | $ | 714,019 |
Net income (loss) | $ | (53,811) |  |  | $ | 24,285 |  |  | $ | (62,949) |  |  | $ | 25,861 |
Net income (loss) per common share - basic | $ | (0.40) |  |  | $ | 0.18 |  |  | $ | (0.47) |  |  | $ | 0.19 |
Net income (loss) per common share - diluted | $ | (0.40) |  |  | $ | 0.17 |  |  | $ | (0.47) |  |  | $ | 0.19 |
Weighted shares outstanding basic | 134,804,963 |  |  | 138,760,483 |  |  | 134,785,749 |  |  | 138,684,845 |
Weighted shares outstanding diluted | 134,804,963 |  |  | 139,074,229 |  |  | 134,785,749 |  |  | 139,221,904 |

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