ACQUISITIONS AND RECENT TRANSACTIONS (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Business Combinations [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, 2016, 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 13, 2016 | | Mike Turner’s investment products and domain names (business acquisition) | | $ | 416 | | | August 1, 2016 | | Hillcrest Media Group, Inc. (business acquisition) | | | 3,515 | | | June 20, 2016 | | FM Translator, Columbus, Ohio (asset purchase) | | | 345 | | | June 10, 2016 | | FM Translator, Amherst, New York (asset purchase) | | | 60 | | | June 8, 2016 | | FM Translator construction permit, Charlotte, Michigan (asset purchase) | | | 50 | | | June 3, 2016 | | FM Translator construction permit, Atwood, Kentucky (asset purchase) | | | 88 | | | May 13, 2016 | | FM Translator construction permit, Kerrville, Texas (asset purchase) | | | 50 | | | May 2, 2016 | | FM Translator, Lincoln, Maine (asset purchase) | | | 100 | | | April 29, 2016 | | FM Translator construction permit, Emporia, Kansas (asset purchase) | | | 25 | | | April 1, 2016 | | Retirement Watch (business acquisition) | | | 100 | | | March 8, 2016 | | King James Bible mobile applications (business acquisition) | | | 4,000 | | | Various | | Purchase of domain names and other assets (asset purchases) | | | 6 | | | | | | | $ | 8,755 | |
|
| Summary of Total Acquisition Consideration |
The following table summarizes the total acquisition consideration for the nine month period ending September 30, 2016:
| Description | | Total Consideration | | | | | (Dollars in thousands) | | | Cash payments made upon closing | | $ | 7,189 | | | Deferred payments | | | 1,566 | | | Total purchase price consideration | | $ | 8,755 | |
|
| Total Acquisition Consideration Allocated |
The total acquisition consideration was allocated to the net assets acquired as follows:
| | | Net Broadcast | | Net Digital Media | | Net Publishing | | | Net Total | | | | | Assets Acquired | | Assets Acquired | | Assets Acquired | | Assets Acquired | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | Assets | | | | | | | | | | | | | | | Trade accounts receivable, net of allowances of $42 | | $ | | | $ | | | $ | 166 | | $ | 166 | | | Property and equipment | | | 13 | | | 405 | | | 186 | | | 604 | | | Broadcast licenses | | | 705 | | | | | | | | | 705 | | | Goodwill | | | | | | 237 | | | 924 | | | 1,161 | | | Domain and brand names | | | | | | 1,129 | | | 2,121 | | | 3,250 | | | Customer lists and contracts | | | | | | 3,101 | | | 526 | | | 3,627 | | | Non-compete agreements | | | | | | 289 | | | 716 | | | 1,005 | | | Liabilities | | | | | | | | | | | | | | | Deferred revenue | | | | | | (642) | | | (1,121) | | | (1,763) | | | | | $ | 718 | | $ | 4,519 | | $ | 3,518 | | $ | 8,755 | |
|
| Business Combination, Separately Recognized Transactions [Table Text Block] |
FM Translators or FM Translator Construction permits purchase agreements pending as of the period end September 30, 2016 include the following:
| Date
APA
Entered | | Permit or
ID | | Authorized Site - Current | | Purchase Price | | Escrow
Deposits | | Date
Closed | | Market | | | | | | | | | (Dollars in thousands) | | | | | | | | 5/18/2016 | | W267BW | | Palm Coast, Florida* Related Party | | $ | 65 | | $ | - | | | 10/19/2016 | | Tampa, Florida | | | 5/25/2016 | | W224BU | | Lake City, Florida Related Party | | | 65 | | | - | | | 10/12/2016 | | Orlando, Florida | | | 6/2/2016 | | W284BO | | Lake Placid, Florida | | | 35 | | | 4 | | | - | | Orlando, Florida | | | 6/15/2016 | | W267BW | | Sebring, Florida | | | 77 | | | 15 | | | 11/7/2016 | | Miami, Florida | | | 7/25/2016 | | K296AL | | Crested Butte, Colorado | | | 39 | | | 8 | | | - | | Colorado Springs, Colorado | | | 7/25/2016 | | K283CA | | Festus, Missouri * | | | 40 | | | 8 | | | - | | St. Louis, Missouri | | | 7/26/2016 | | W263BS | | Rhinelander, Wisconsin | | | 50 | | | 25 | | | - | | Minneapolis, Minnesota | | | 7/26/2016 | | K294CP | | Roseburg, Oregon * | | | 45 | | | 9 | | | - | | Portland, Oregon | | | 7/26/2016 | | W279BK | | Carbondale, Pennsylvania | | | 75 | | | 15 | | | - | | Pittsburgh, Pennsylvania | | | 7/26/2016 | | W283BR | | Dansville, New York | | | 75 | | | 15 | | | - | | New York, New York | | | 7/26/2016 | | K228FC | | Kingsville, Texas * | | | 50 | | | 10 | | | - | | Houston, Texas | | | 7/26/2016 | | K245AR | | Little Fish Lake Valley, California | | | 44 | | | 20 | | | - | | Sacramento, California | | | 7/26/2016 | | K276FZ | | Eaglemount, Washington * | | | 40 | | | 8 | | | - | | Portland, Oregon | | | 7/27/2016 | | W256CO | | Angola, Indiana * | | | 50 | | | 15 | | | 10/20/2016 | | Cleveland, Ohio | | | 7/27/2016 | | W249CQ | | Cofax, Indiana * | | | 45 | | | 14 | | | 10/20/2016 | | St. Louis, Missouri | | | 7/27/2016 | | W263CS | | Battle Creek, Michigan * | | | 50 | | | 15 | | | 10/20/2016 | | Cleveland, Ohio | | | 7/27/2016 | | W227BT | | Port St Lucie, Florida | | | 100 | | | 10 | | | - | | Tampa, Florida | | | | | W298AM | | Aurora, Florida | | | | | | | | | - | | Tampa, Florida | | | 7/28/2016 | | K239CD | | Lahaina, Hawaii * | | | 110 | | | 11 | | | - | | Honolulu, Hawaii | | | | | K241BZ | | Kihei, Hawaii | | | | | | | | | - | | Honolulu, Hawaii | | | 8/25/2016 | | K278BH | | Astoria, Oregon | | | 33 | | | 6 | | | - | | Seattle, Washington | | | 9/22/2016 | | K260CG | | Mojave Valley, Arizona* | | | 20 | | | 2 | | | - | | Phoenix, Arizona | |
* Indicates that the purchase is for a FM Translator Construction Permit.
|