Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)

v3.8.0.1
ACQUISITIONS AND RECENT TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Summary of Business Acquisitions and Asset Purchased
A summary of our business acquisitions and asset purchases during the year ended December 31, 2017, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows:
 
Acquisition Date
 
Description
 
Total Cost
 
 
 
 
 
(Dollars in thousands)
 
November 22, 2017
 
WWRC-AM (formerly WSPZ-AM) in Bethesda, Maryland (business acquisition)
 
$
620
 
September 15, 2017
 
Real property of radio station WSPZ-AM in Bethesda, Maryland (business acquisition)
 
 
1,500
 
August 31, 2017
 
TeacherTube.com (business acquisition)
 
 
1,100
 
August 31, 2017
 
Intelligence Reporter newsletter (business acquisition)
 
 
—
 
July 24, 2017
 
FM Translator construction permit, Eaglemount, Washington (asset acquisition)
 
 
40
 
July 6, 2017
 
TradersCrux.com (business acquisition)
 
 
298
 
June 28, 2017
 
FM Translator construction permit, Festus, Missouri (asset acquisition)
 
 
40
 
June 8, 2017
 
Portuguese Bible Mobile Applications (business acquisition)
 
 
82
 
March 15, 2017
 
Prayers for Special Help (business acquisition)
 
 
245
 
March 14, 2017
 
FM Translator construction permit, Quartz Site, Arizona (asset purchase)
 
 
20
 
March 1, 2017
 
FM Translator construction permit, Roseburg, Oregon (asset purchase)
 
 
45
 
January 16, 2017
 
FM Translator, Astoria, Oregon (asset purchase)
 
 
33
 
January 1, 2017
 
FM Translator construction permit, Mohave Valley, Arizona (asset purchase)
 
 
20
 
 
 
 
 
$
4,043
 
 
A summary of our business acquisitions and asset purchases during the year ended December 31, 2016, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows:
 
Acquisition Date
 
Description
 
Total Consideration
 
 
 
 
 
(Dollars in thousands)
 
December 31, 2016
 
FM translator, Aurora, Florida (asset purchase)
 
$
50
 
December 31, 2016
 
FM translator, Port St. Lucie, Florida (asset purchase)
 
 
50
 
December 14, 2016
 
FM translator, Rhinelander, Wisconsin (asset purchase)
 
 
50
 
December 8, 2016
 
FM translator, Little Fish Lake Valley, California (asset purchase)
 
 
44
 
December 1, 2016
 
FM translator, Lake Placid, Florida (asset purchase)
 
 
35
 
December 1, 2016
 
Christian Concerts Alerts, LLC (asset purchase)
 
 
150
 
November 22, 2016
 
FM translator construction permit, Kihei, Hawaii (asset purchase)
 
 
55
 
November 22, 2016
 
FM translator construction permit, Lahaina, Hawaii (asset purchase)
 
 
55
 
November 22, 2016
 
FM translator, Crested Butte, Colorado (asset purchase)
 
 
39
 
November 21, 2016
 
FM translator, Dansville, New York (asset purchase)
 
 
75
 
November 21, 2016
 
FM translator, Carbondale, Pennsylvania (asset purchase)
 
 
75
 
November 11, 2016
 
FM translator construction permit, Kingsville, Texas (asset purchase)
 
 
50
 
November 7, 2016
 
FM translator, Sebring, Florida (asset purchase)
 
 
77
 
October 20, 2016
 
KXFN-AM, St. Louis, Missouri (business acquisition)
 
 
190
 
October 20, 2016
 
FM translator construction permit, Angola, Indiana (asset purchase)
 
 
50
 
October 20, 2016
 
FM translator construction permit, Cofax, Indiana (asset purchase)
 
 
55
 
October 20, 2016
 
FM translator construction permit, Battle Creek, Michigan (asset purchase)
 
 
50
 
October 19, 2016
 
FM translator construction permit Palm Coast, Florida purchased from a related party (asset purchase)
 
 
65
 
October 17, 2016
 
Historyonthenet.com and Authentichistory.com (asset purchase)
 
 
85
 
October 12, 2016
 
FM translator Lake City, Florida purchased from a related party (asset purchase)
 
 
65
 
September 13, 2016
 
Mike Turner’s investment products and domain names (business acquisition)
 
 
416
 
August 1, 2016
 
Mill City Press and Bookprinting.com (business acquisition)
 
 
3,515
 
June 20, 2016
 
FM translator, Columbus, Ohio (asset purchase)
 
 
345
 
June 10, 2016
 
FM translator, Amherst, New York (asset purchase)
 
 
60
 
June 8, 2016
 
FM translator construction permit, Charlotte, Michigan (asset purchase)
 
 
50
 
June 3, 2016
 
FM translator construction permit, Atwood, Kentucky (asset purchase)
 
 
88
 
May 13, 2016
 
FM translator construction permit, Kerrville, Texas (asset purchase)
 
 
50
 
May 2, 2016
 
FM translator, Lincoln, Maine (asset purchase)
 
 
100
 
April 29, 2016
 
FM translator construction permit, Emporia, Kansas (asset purchase)
 
 
25
 
April 1, 2016
 
Retirement Watch (business acquisition)
 
 
100
 
March 8, 2016
 
King James Bible mobile applications (business acquisition)
 
 
4,000
 
Various
 
Purchase of other domain names and assets (asset purchases)
 
 
6
 
 
 
 
 
$
10,120
 
Summary of Total Acquisition Consideration
The following table summarizes the total acquisition consideration for the year ended December 31, 2017:
 
Description
 
Total Consideration
 
 
 
(Dollars in thousands)
 
Cash payments made upon closing
 
$
3,972
 
Escrow deposits paid in prior years
 
 
35
 
Present value of estimated fair value of contingent earn-out consideration
 
 
36
 
Total purchase price consideration
 
$
4,043
 
 
The following table summarizes the total acquisition consideration for the year ended December 31, 2016:
 
Description
 
Total Consideration
 
 
 
(Dollars in thousands)
 
Cash payments made upon closing
 
$
8,414
 
Deferred payments
 
 
1,640
 
Present value of estimated fair value of contingent earn-out consideration
 
 
66
 
Total acquisition consideration
 
$
10,120
 
Gain on bargain purchase
 
 
95
 
Fair value of net assets acquired
 
$
10,215
 
Total Acquisition Consideration Allocated
The fair value of the net assets acquired was allocated as follows:
 
 
 
Net Broadcast
 
Net Digital Media
 
Total Net
 
 
 
Assets Acquired
 
Assets Acquired
 
Assets Acquired
 
 
 
(Dollars in thousands)
 
Assets
 
 
 
 
 
 
 
 
 
 
Property and equipment
 
$
1,915
 
$
479
 
$
2,394
 
Broadcast licenses
 
 
389
 
 
—
 
 
389
 
Goodwill
 
 
14
 
 
810
 
 
824
 
Customer lists and contracts
 
 
—
 
 
314
 
 
314
 
Domain and brand names
 
 
—
 
 
647
 
 
647
 
Subscriber base and lists
 
 
—
 
 
2,316
 
 
2,316
 
Non-compete agreements
 
 
—
 
 
11
 
 
11
 
 
 
$
2,318
 
$
4,577
 
$
6,895
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Deferred revenue
 
$
—
 
 
(2,852)
 
 
(2,852)
 
 
 
$
2,318
 
$
1,725
 
$
4,043
 
 
The fair value of the net assets acquired was allocated as follows:
 
 
 
Net Broadcast
 
Net Digital Media
 
Net Publishing
 
Net Total
 
 
 
Assets Acquired
 
Assets Acquired
 
Assets Acquired
 
Assets Acquired
 
 
 
(Dollars in thousands)
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade accounts receivable, net of allowances of $42
 
$
—
 
$
—
 
$
166
 
$
166
 
Property and equipment
 
 
224
 
 
405
 
 
271
 
 
900
 
Broadcast licenses
 
 
1,719
 
 
—
 
 
—
 
 
1,719
 
Goodwill
 
 
—
 
 
237
 
 
845
 
 
1,082
 
Domain and brand names
 
 
—
 
 
1,129
 
 
2,121
 
 
3,250
 
Customer lists and contracts
 
 
—
 
 
2,576
 
 
—
 
 
2,576
 
Subscriber base and lists
 
 
—
 
 
675
 
 
—
 
 
675
 
Author relationships
 
 
—
 
 
—
 
 
526
 
 
526
 
Non-compete agreements
 
 
—
 
 
289
 
 
716
 
 
1,005
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred revenue
 
 
—
 
 
(642)
 
 
(1,042)
 
 
(1,684)
 
 
 
$
1,943
 
$
4,669
 
$
3,603
 
$
10,215