SUBSEQUENT EVENTS |
6 Months Ended | |
|---|---|---|
Jun. 30, 2018 | ||
| Subsequent Events [Abstract] | ||
| SUBSEQUENT EVENTS |
NOTE 20. SUBSEQUENT EVENTS On August 7, 2018, we acquired Just1Word for $300,000 in cash with up to an additional $100,000 of contingent earn-out consideration to be paid over the next two years based on the achievement of certain revenue benchmarks. Just1Word is a Bible Reader with fully formatted text with multiple versions and languages available.
On August 6, 2018, we sold radio station KGBI-FM in Omaha, Nebraska for $3.2 million. We recorded an estimated loss on the sale of $3.2 million as of June 30, 2018, which reflects the sales price as compared to the carrying value of the assets and the estimated cost to sell. The assets of radio station KGBI-FM are reflected in Assets Held for Sale as of June 30, 2018.
On July 25, 2018, we acquired radio station KZTS-AM (formerly KDXE-AM) and an FM Translator in Little Rock, Arkansas for $0.2 million in cash.
On July 24, 2018, we acquired the Childrens-Minsitry-Deals.com website for $3.7 million in cash. We paid $3.5 million in cash upon closing and $0.2 million in cash plus interest at an annual rate of 5% twelve months from closing provided that the seller meet certain post-closing requirements with regard to intellectual property. Childrens-Minsitry-Deals.com offers biblically based curriculums for children ages 3 through age 18. On July 23, 2018, we entered into an APA to sell KCRO-AM and KOTK-AM in Omaha, Nebraska for $1.4 million in cash. We previously recorded these assets as held for sale and recorded a loss of $1.6 million as of June 30, 2018. The buyer will begin programming the stations under an LMA on August 8, 2018. The transaction is expected to close in the second half of 2018.
On July 17, 2018, we entered into an APA to acquire the Hilary Kramer Financial Newsletter assets for $400,000 in cash. The transaction is expected toclose in the third quarter of 2018 . On July 10, 2018, we entered into an APA to acquire radio station KTRB-AM in San Francisco, California for $5.1 million in cash from a related party. We have been operating the radio station under an LMA from June 24, 2016. The transaction is subject to the approval of the FCC and is
expected to close in the third qua rter of 2018.Subsequent events reflect all applicable transactions through the date of the filing. |