NOTE 16. SUBSEQUENT EVENTS

On January 10, 2014, we acquired the assets of Eagle Publishing, including Regnery Publishing, HumanEvents.com, and Redstate.com, as well as Eagle Financial Publications and Eagle Wellness. We began operating these entities as of the closing date. The base purchase price of the Eagle entities is $8.5 million with $3.5 million paid in cash upon closing, $2.5 million payable in January 2015 and $2.5 million payable in January 2016. Up to an additional $8.5 million of contingent earn-out consideration $8.5 million can be paid over the next three years based on the achievement of certain revenue benchmarks established for calendar years 2014, 2015 and 2016. The contingent earn out consideration will be recorded at the estimated net present value based on a weighted probability of possible payments. Changes in the fair value of the contingent earn-out consideration may materially impact and cause volatility in our future operating results.

On February 7, 2014, we closed on the acquisition of radio stations KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas for $2.0 million in cash. We began operating these stations as of the closing date.

On February 28, 2014, we entered into an APA to acquire radio station WOLT-FM in Greenville, South Carolina for $1.1 million. We began operating the station under an LMA as of this date. The acquisition is subject to the approval of the FCC and is expected to close during the year ending December 31, 2014.

Subsequent events reflect all applicable transactions through the date of the filing.