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ASSETS HELD FOR SALE | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS HELD FOR SALE | DISPOSITIONS 2024 Dispositions During the second quarter of 2024, the Company disposed of assets and recorded a net loss of $0.6 million in connection with such disposition. During the first quarter of 2024, the Company completed the sales of land, building and equipment located in Boston, Massachusetts for aggregate proceeds of $14.4 million. The Company recorded a $12.9 million gain, net of commissions and other expenses to Net loss (gain) on sale or disposal of assets on the condensed consolidated statement of operations in connection with these sales. On January 31, 2024, the Company entered into a settlement agreement (the “Settlement Agreement”) with Broadcast Music, Inc. (“BMI”) and Otis Parent, Inc. (“Otis”) relating to the Company's ownership of certain shares of BMI common stock and certain license fees owed by the Company to BMI. The Bankruptcy Court approved the Settlement Agreement on February 6, 2024. As provided in the Settlement Agreement, the Company submitted lost security affidavits to BMI, and BMI reissued new stock certificates to the Company representing certain of the Company's shares in BMI. The Company submitted the reissued stock certificates to BMI’s paying agent in connection with BMI’s sale to and merger with New Mountain Capital, L.L.C., an affiliate of Otis, and received $13.6 million and $39.1 million in merger consideration for the shares during the three and six months ended June 30, 2024, respectively, to Other Income on the condensed consolidated statement of operations. 2023 Dispositions During the first quarter of 2023, the Company completed the sale of tower assets for $16.9 million. The Company recognized a gain on the sale, net of commissions and other expenses, of $12.4 million. During the second quarter of 2023, the Company sold assets of a station in Palm Desert, California for $15.7 million, net of $0.3 million transaction fees. The company recorded a $9.9 million gain, net of commissions and other expenses to Net loss (gain) on sale or disposal of assets on the condensed consolidated statement of operations in connection with these sales. ASSETS HELD FOR SALE Assets Held for Sale Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. This is considered a Level 3 measurement. During the first quarter of 2024, the Company completed the sales of land, building and equipment located in Boston, Massachusetts for aggregate proceeds of $14.4 million. The Company recognized net gains on the sales, net of commissions and other expenses, of $12.9 million on these sales. The major categories of these assets held for sale are as follows as of the dates indicated:
Assets Held for Sale |  |  |  | December 31, 2023
|  |  |  | (amounts in thousands)
Property and equipment, net |  |  |  | $ | 1,544 |
Net assets held for sale |  |  |  | $ | 1,544 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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