v3.20.2
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
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 ValuePeriod AdjustmentAs Adjusted
(amounts in thousands)
Assets
Property, plant and equipment$654  $—  $654  
Total tangible property654  —  654  
Operating lease right-of-use asset62  —  62  
Deferred tax asset2,900  28  2,928  
Cadence13 brand5,977  —  5,977  
Goodwill31,392  (28) 31,364  
Total tangible and other assets40,331  —  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,
2020201920202019
(amounts in thousands except share and per share data)
ActualPro FormaActualPro 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 basic134,804,963  138,760,483  134,785,749  138,684,845  
Weighted shares outstanding diluted134,804,963  139,074,229  134,785,749  139,221,904