Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.20.1
Subsequent Events
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events
NOTE 22. SUBSEQUENT EVENTS
On March 10, 2020, we announced a quarterly equity distribution in the amount of $0.0250 per share on Class A and Class B common stock. The equity distribution will be paid on March 31, 2020 to all Class A and Class B common stockholders of record as of March 24, 2020.
On February 5, 2020, we entered an APA with Word Broadcasting to sell radio stations
WFIA-AM,
WFIA-FM
and
WGTK-AM
in Louisville, Kentucky for $4.0 million with a $250,000 credit applied to the sale price if closing occurs before March 31, 2020. Additionally, the buyer will receive a credit toward the purchase price of a sum equal to the monthly fees paid under the TBA that began in January 2017 for months
4-29
of the TBA and a sum equal to $2,000 per month for each monthly fee payment for months 30 and thereafter of the TBA; and a credit of the $450,000 option payment. We estimate the loss on sale to be approximately $0.5 million net of tax if the sale closes by March 31, 2020 and $0.3 million net of tax if the sale closes later
.
 T
he
 actual
los
s will
 be recorded
in
the period ending March 31, 2020.
 
Based on the then existing market conditions, we completed repurchases of the Notes at amounts less than face value as follows:
 
 
Date
 
Principal
Repurchased
 
 
Cash
Paid
 
 
% of Face
Value
 
 
Bond Issue
Costs
 
 
Net Gain
 
 
 
(Dollars in thousands)
 
January 30, 2020
   $ 2,250     $ 2,194       97.50 %    $ 35     $ 22  
January 27, 2020
     1,245       1,198       96.25 %      19       27  
 
 
 
    
 
 
      
 
 
    
 
 
  
  $ 3,495     $ 3,392       $ 54     $ 49  
 
 
 
    
 
 
      
 
 
    
 
 
  
Subsequent events reflect all applicable transactions through the date of the filing.