Quarterly report pursuant to Section 13 or 15(d)

Recent Transactions (Tables)

v3.19.3
Recent Transactions (Tables)
9 Months Ended
Sep. 30, 2019
Schedule of Debt Instruments Senior Secured Note

Based on the then existing market conditions, we completed repurchases of our 6.75% Senior Secured 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)

 

March 28, 2019

 

$

2,000

 

 

$

1,830

 

 

 

91.50

%

 

$

37

 

 

$

134

 

March 28, 2019

 

 

2,300

 

 

 

2,125

 

 

 

92.38

%

 

 

42

 

 

 

133

 

February 20, 2019

 

 

125

 

 

 

114

 

 

 

91.25

%

 

 

2

 

 

 

9

 

February 19, 2019

 

 

350

 

 

 

319

 

 

 

91.25

%

 

 

7

 

 

 

24

 

February 12, 2019

 

 

1,325

 

 

 

1,209

 

 

 

91.25

%

 

 

25

 

 

 

91

 

January 10, 2019

 

 

570

 

 

 

526

 

 

 

92.25

%

 

 

9

 

 

 

35

 

December 21, 2018

 

 

2,000

 

 

 

1,835

 

 

 

91.75

%

 

 

38

 

 

 

127

 

December 21, 2018

 

 

1,850

 

 

 

1,702

 

 

 

92.00

%

 

 

35

 

 

 

113

 

December 21, 2018

 

 

1,080

 

 

 

999

 

 

 

92.50

%

 

 

21

 

 

 

60

 

November 17, 2018

 

 

1,500

 

 

 

1,357

 

 

 

90.50

%

 

 

29

 

 

 

114

 

May 4, 2018

 

 

4,000

 

 

 

3,770

 

 

 

94.25

%

 

 

86

 

 

 

144

 

April 10, 2018

 

 

4,000

 

 

 

3,850

 

 

 

96.25

%

 

 

87

 

 

 

63

 

April 9, 2018

 

 

2,000

 

 

 

1,930

 

 

 

96.50

%

 

 

43

 

 

 

27

 

 

 

$

23,100

 

 

$

21,566

 

 

 

 

 

 

$

461

 

 

$

1,074

 

Schedule of Cash Distributions Declared and Paid

The following table shows distributions that have been declared and paid since January 1, 2018:

 

Announcement Date

 

Payment Date

 

Amount Per Share

 

 

Cash Distributed

(in thousands)

 

September 11, 2019

 

September 30, 2019

 

$

0.0650

 

 

$

1,730

 

May 14, 2019

 

June 28, 2019

 

$

0.0650

 

 

 

1,728

 

March 7, 2019

 

March 29, 2019

 

$

0.0650

 

 

 

1,702

 

November 26, 2018

 

December 21, 2018

 

$

0.0650

 

 

 

1,702

 

September 5, 2018

 

September 28, 2018

 

$

0.0650

 

 

 

1,702

 

May 31, 2018

 

June 29, 2018

 

$

0.0650

 

 

 

1,701

 

February 28, 2018

 

March 28, 2018

 

$

0.0650

 

 

 

1,701

 

Schedule of Business Acquisitions

A summary of our business acquisitions and asset purchases during the nine months ended September 30, 2019, 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 Consideration

 

 

 

 

 

(Dollars in thousands)

 

September 27, 2019

 

KPAM-AM, Portland, Oregon (asset acquisition)

 

$

965

 

September 9, 2019

 

FM Translator construction permit, Louisville, Kentucky (asset acquisition)

 

 

35

 

July 25, 2019

 

Journeyboxmedia.com (business acquisition)

 

 

500

 

July 10, 2019

 

Steelehouse Productions, Inc. (business acquisition)

 

 

100

 

June 6, 2019

 

InvestmentHouse.com (business acquisition)

 

 

553

 

March 18, 2019

 

pjmedia.com (asset acquisition)

 

 

100

 

 

 

 

 

$

2,253

 

Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the nine month period ended September 30, 2019:

 

Description

 

Total Consideration

 

 

 

(Dollars in thousands)

 

Cash payments made upon closing

 

$

1,285

 

Non-cash consideration (asset exchange)

 

 

965

 

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

 

 

3

 

Total purchase price consideration

 

$

2,253

 

Total Acquisition Consideration Allocated

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

 

 

 

 

 

Net Digital Media

 

 

Net Broadcast

 

 

Total

 

 

 

 

 

Assets Acquired

 

 

Assets Acquired

 

 

Net Assets

 

 

 

 

 

(Dollars in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment

 

$

373

 

 

$

348

 

 

$

721

 

 

 

Broadcast licenses

 

 

-

 

 

 

652

 

 

 

652

 

 

 

Goodwill

 

 

6

 

 

 

-

 

 

 

6

 

 

 

Customer lists and contracts

 

 

322

 

 

 

-

 

 

 

322

 

 

 

Domain and brand names

 

 

99

 

 

 

-

 

 

 

99

 

 

 

Subscriber base and lists

 

 

471

 

 

 

-

 

 

 

471

 

 

 

Non-compete agreements

 

 

10

 

 

 

-

 

 

 

10

 

 

 

 

 

$

1,281

 

 

$

1,000

 

 

$

2,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract liabilities, short-term

 

 

(28

)

 

 

-

 

 

 

(28

)

 

 

 

 

$

1,253

 

 

$

1,000

 

 

$

2,253

 

Dividend Paid [Member]  
Schedule of Cash Distributions Declared and Paid

Based upon their current assessment of our business, our Board of Directors’ declared equity distributions as follows:

 

Announcement Date

 

Record Date

 

Payment Date

 

Amount

Per Share

 

 

Cash Distributed

(in thousands)

 

September 11, 2019

 

September 23, 2019

 

September 30, 2019

 

$

0.0650

 

 

$

1,730

 

May 14, 2019

 

June 14, 2019

 

June 28, 2019

 

 

0.0650

 

 

 

1,728

 

March 7, 2019

 

March 19, 2019

 

March 29, 2019

 

 

0.0650

 

 

 

1,702

 

 

 

 

 

 

 

 

 

 

 

$

5,160

 

Debt Transactions [Member]  
Schedule of Debt Instruments Senior Secured Note

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)

 

March 28, 2019

 

$

2,000

 

 

$

1,830

 

 

 

91.50

%

 

$

37

 

 

$

134

 

March 28, 2019

 

 

2,300

 

 

 

2,125

 

 

 

92.38

%

 

 

42

 

 

 

133

 

February 20, 2019

 

 

125

 

 

 

114

 

 

 

91.25

%

 

 

2

 

 

 

9

 

February 19, 2019

 

 

350

 

 

 

319

 

 

 

91.25

%

 

 

7

 

 

 

24

 

February 12, 2019

 

 

1,325

 

 

 

1,209

 

 

 

91.25

%

 

 

25

 

 

 

91

 

January 10, 2019

 

 

570

 

 

 

526

 

 

 

92.25

%

 

 

9

 

 

 

35

 

 

 

$

6,670

 

 

$

6,123

 

 

 

 

 

 

$

122

 

 

$

426