v3.20.2
BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions The allocations presented in the table below are based upon management's estimates of the fair values using valuation techniques including income, cost and market approaches.
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
September 30,		Nine Months Ended
September 30,
2020201920202019
(amounts in thousands except share and per share data)
ActualPro FormaActualPro Forma
Net revenues$268,505 $398,182 $741,403 $1,112,202 
Net income (loss)$(16,878)$40,199 $(79,827)$66,596 
Net income (loss) per common share - basic$(0.13)$0.29 $(0.59)$0.48 
Net income (loss) per common share - diluted$(0.13)$0.29 $(0.59)$0.48 
Weighted shares outstanding basic134,735,075 136,449,453 134,753,276 137,944,486 
Weighted shares outstanding diluted134,735,075 136,452,995 134,753,276 138,295,091