Quarterly report pursuant to Section 13 or 15(d)

Acquistions and Recent Transactions (Tables)

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Acquistions and Recent Transactions (Tables)
9 Months Ended
Sep. 30, 2018
Text Block [Abstract]  
Summary of Business Acquisitions and Asset Purchased

A summary of our business acquisitions and asset purchases during the nine month period ended September 30, 2018, none of which were individually or in the aggregate material to our Condensed Consolidated financial position as of the respective date of acquisition, is as follows:

 

Acquisition Date

  

Description

   Total Cost  
          (Dollars in thousands)  

September 11, 2018

   KTRB-AM, San Francisco, California (asset purchase)    $ 5,349  

August 9, 2018

   Hilary Kramer Financial Newsletter (business acquisition)      439  

August 7, 2018

   Just1Word (business acquisition)      312  

July 25, 2018

   KZTS-AM (formerly KDXE-AM), Little Rock, Arkansas (asset purchase)      210  

July 24, 2018

   Childrens-Ministry-Deals.com (business acquisition)      3,700  

June 25, 2018

   KDXE-FM (formerly KZTS-FM), Little Rock, Arkansas (business acquisition)      1,100  

April 19, 2018

   HearItFirst.com (asset purchase)      70  
     

 

 

 
      $ 11,180  
     

 

 

 
Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the nine month period ended September 30, 2018:

 

Description

   Total Consideration  
     (Dollars in thousands)  

Cash payments made upon closing

   $ 10,854  

Deferred payments

     150  

Present value of estimated fair value of contingent earn-out consideration

     51  

Closing costs accrued for asset acquisitions

     125  
  

 

 

 

Total purchase price consideration

   $ 11,180  
  

 

 

 
Total Acquisition Consideration Allocated

The fair value of the net assets acquired was allocated as follows:

 

     Net Broadcast
Assets Acquired
     Net Digital
Assets Acquired
     Net Total
Assets
 
     (Dollars in thousands)  

Assets

        

Property and equipment

   $ 371      $ 715      $ 1,086  

Broadcast licenses

     6,281        —          6,281  

Goodwill

     7        986        993  

Customer lists and contracts

     —          1,882        1,882  

Domain and brand names

     —          1,252        1,252  

Subscriber base and lists

     —          875        875  

Non-compete agreements

     —          19        19  

Other amortizable intangible assets

     —          334        334  
  

 

 

    

 

 

    

 

 

 
   $ 6,659      $ 6,063      $ 12,722  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Contract liabilities, long-term

   $ —        $ (1,542 )     $ (1,542
  

 

 

    

 

 

    

 

 

 
   $ 6,659        4,521        11,180