|3 Months Ended|
Mar. 31, 2021
|Subsequent Events [Abstract]|
NOTE 18. SUBSEQUENT EVENTS
On April 28, 2021, we closed on the acquisition of the Centerline New Media domain and digital assets for $1.3 million of cash. The digital content library will be operated within Salem Web Network’s church products division.
On April 20, 2021 we entered into an APA to sell Singing News Magazine and Singing News Radio (formerly Solid Gospel Network) for $0.1 million in cash. The buyer will assume the deferred subscription liability of $0.4 million. The sale is expected to close in the second quarter of 2021.
On April 10, 2021, we entered into an agreement to sell approximately 34 acres of land in Lewisville, Texas, currently being used as the transmitter site for
company owned radio station
KSKY-AM,for $12.1 million in cash. We will retain enough of the property in the southwest corner of the site to operate the station. Following a due diligence period and satisfaction of several contingencies, we expect to close on this transaction in the third quarter of 2021.
Shelf Registration Statement and
In April 2021, we filed a prospectus supplement to our shelf registration statement on Form
S-3with the SEC covering the offering, issuance and sale of up to $15.0 million of the
company’s Class A Common Stock pursuant to an
facility, with B. Riley Securities, Inc. acting as sales agent.
Subsequent events reflect all applicable transactions through the date of the filing.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef