NOTE 22. SUBSEQUENT EVENTS

On October 31, 2019, we entered into an agreement to sell radio station WBZW-AM in Orlando, Florida, and an FM translator construction permit for $0.2 million in cash. We expect to recognize a pre-tax loss of approximately $1.7 million in the fourth quarter of 2019, which reflects the sale price as compared to the carrying value of the assets less the estimated closing costs. The transaction is subject to the approval of the FCC and is expected to close in mid-2020.

On October 17, 2019, we entered into a TBA with the buyer of radio station WWDJ-AM in Boston, Massachusetts, under which the buyer began programming the station on October 25, 2019. The TBA is expected to continue through the closing date.

On October 17, 2019, we entered into a TBA with the buyer of radio station KEXB-AM (formerly KTNO-AM) in Dallas, Texas, under which the buyer began programming the station on October 24, 2019. The TBA is expected to continue through the closing date.

On October 17, 2019, we entered into a TBA with the buyer of radio station WAFS-AM in Atlanta, Georgia, under which the buyer began programming the station on October 23, 2019. The TBA is expected to continue through the closing date.

On October 17, 2019, we entered into a TBA with the buyer of radio KRDY-AM in San Antonio, Texas, under which the buyer began programming the station on October 22, 2019. The TBA is expected to continue through the closing date.

On October 5, 2019, we issued 66,667 restricted shares that vested immediately to our Chief Executive Officer under an election made pursuant to his employment agreement. The fair value of the restricted stock award was measured based on the grant date market price of our common shares. The restricted stock award contains transfer restrictions under which they cannot be sold, pledged, transferred or assigned for two years. The restricted stock awards provide all of the rights of absolute ownership of the restricted stock from the date of grant, including the right to vote the shares and to receive dividends. Restricted stock awards are independent of option grants and are granted at no cost to the recipient other than applicable taxes owed by the recipient. The awards are considered issued and outstanding from the date of grant.

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