Annual report pursuant to Section 13 and 15(d)

Acquistions and Recent Transactions (Tables)

v3.19.1
Acquistions and Recent Transactions (Tables)
12 Months Ended
Dec. 31, 2018
2018 Acquisitions Digital Media [Member]  
Summary of Business Acquisitions and Asset Purchased

A summary of our business acquisitions and asset purchases during the year ended December 31, 2018, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows:

 

Acquisition Date

  

Description

  Total
Consideration
 
        

(Dollars

in thousands)

 

September 11, 2018

   KTRB-AM, San Francisco, California (asset purchase)   $ 5,349  

August 9, 2018

  

Hilary Kramer Financial Newsletter (business acquisition)

    439  

August 7, 2018

  

Just1Word (business acquisition)

    312  

July 25, 2018

  

KZTS-AM (formerly KDXE-AM), Little Rock, Arkansas (asset purchase)

    210  

July 24, 2018

  

Childrens-Ministry-Deals.com (business acquisition)

    3,700  

June 25, 2018

  

KDXE-FM (formerly KZTS-FM), Little Rock, Arkansas (business acquisition)

    1,100  

April 19, 2018

  

HearItFirst.com (asset purchase)

    70  
    

 

 

 
     $ 11,180  
    

 

 

 
Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the year ended December 31, 2018:

 

Description

   Total Consideration  
     (Dollars in thousands)  

Cash payments made upon closing

   $ 10,854  

Deferred payments

     150  

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

     51  

Closing costs accrued for asset acquisitions

     125  
  

 

 

 

Total purchase price consideration

   $ 11,180  
  

 

 

 
Total Acquisition Consideration Allocated

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

 

     Net Broadcast
Assets
     Net Digital
Assets
     Net Total
Assets
 
     (Dollars in thousands)  

Assets

        

Property and equipment

   $ 371      $ 715      $ 1,086  

Broadcast licenses

     6,281        —          6,281  

Goodwill

     7        986        993  

Customer lists and contracts

     —          1,882        1,882  

Domain and brand names

     —          1,252        1,252  

Subscriber base and lists

     —          875        875  

Non-compete agreements

     —          19        19  

Other amortizable intangible assets

     —          334        334  
  

 

 

    

 

 

    

 

 

 
   $ 6,659      $ 6,063      $ 12,722  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Contract liabilities, long-term

   $ —        $ (1,542 )     $ (1,542
  

 

 

    

 

 

    

 

 

 
   $ 6,659        4,521        11,180  
  

 

 

    

 

 

    

 

 

 
2017 Acquisitions Digital Media [Member]  
Summary of Business Acquisitions and Asset Purchased

A summary of our business acquisitions and asset purchases during the year ended December 31, 2017, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows:

 

Acquisition Date

  

Description

   Total Cost  
         

(Dollars

in thousands)

 

November 22, 2017

  

WWRC-AM (formerly WSPZ-AM) in Bethesda, Maryland (business acquisition)

   $ 620  

September 15, 2017

  

Real property of radio station WSPZ-AM in Bethesda, Maryland (business acquisition)

     1,500  

August 31, 2017

  

TeacherTube.com (business acquisition)

     1,100  

August 31, 2017

  

Intelligence Reporter newsletter (business acquisition)

     —    

July 24, 2017

  

FM Translator construction permit, Eaglemount, Washington (asset acquisition)

     40  

July 6, 2017

  

TradersCrux.com (business acquisition)

     298  

June 28, 2017

  

FM Translator construction permit, Festus, Missouri (asset acquisition)

     40  

June 8, 2017

  

Portuguese Bible Mobile Applications (business acquisition)

     82  

March 15, 2017

  

Prayers for Special Help (business acquisition)

     245  

March 14, 2017

  

FM Translator construction permit, Quartz Site, Arizona (asset purchase)

     20  

March 1, 2017

  

FM Translator construction permit, Roseburg, Oregon (asset purchase)

     45  

January 16, 2017

  

FM Translator, Astoria, Oregon (asset purchase)

     33  

January 1, 2017

  

FM Translator construction permit, Mohave Valley, Arizona (asset purchase)

     20  
     

 

 

 
      $ 4,043  
     

 

 

 
Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the year ended December 31, 2017:

 

Description

   Total Consideration  
     (Dollars in thousands)  

Cash payments made upon closing

   $ 3,972  

Escrow deposits paid in prior years

     35  

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

     36  
  

 

 

 

Total purchase price consideration

   $ 4,043  
  

 

 

 
Total Acquisition Consideration Allocated

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

 

     Net Broadcast
Assets Acquired
     Net Digital Media
Assets Acquired
     Total Net
Assets
 
     (Dollars in thousands)  

Assets

        

Property and equipment

   $ 1,915      $ 479      $ 2,394  

Broadcast licenses

     389        —          389  

Goodwill

     14        810        824  

Customer lists and contracts

     —          314        314  

Domain and brand names

     —          647        647  

Subscriber base and lists

     —          2,316        2,316  

Non-compete agreements

     —          11        11  
  

 

 

    

 

 

    

 

 

 
   $ 2,318      $ 4,577      $ 6,895  

Liabilities

        

Deferred revenue

   $ —          (2,852 )       (2,852 ) 
  

 

 

    

 

 

    

 

 

 
   $ 2,318      $ 1,725      $ 4,043