|6 Months Ended|
Jun. 30, 2019
|Subsequent Events [Abstract]|
NOTE 22. SUBSEQUENT EVENTS
On July 25, 2019, we acquired the Journeyboxmedia.com website and related assets for $0.5 million in cash.
On July 25, 2019, we entered into an agreement to sell radio stations
WLCC-AMin Tampa Florida and
WKAT-AMin Miami, Florida for $8.2 million in cash. We recognized an estimated
pre-taxloss of $4.7 million on July 25, 2019, which reflects the sales price as compared to the carrying value of the assets of the radio stations and the estimated closing costs. This transaction is subject to the approval of the FCC and is expected to close in the third quarter of 2019.
On July 10, 2019, we entered into an agreement to sell radio station
WORL-AMin Orlando, Florida for $0.9 million in cash. We recognized an estimated
pre-taxloss of $1.6 million on July 10, 2019, which reflects the sales price as compared to the carrying value of the radio station assets and the estimated closing costs. We also entered a LMA effective September 2, 2019, under which the radio station will be operated by the buyer pending the closing of the sale of the station. This transaction is subject to the approval of the FCC and is expected to close in the third quarter of 2019.
On July 10, 2019 we acquired certain assets including a digital content library from Steelehouse Productions, Inc. for $0.1 million in cash.
On July 5, 2019, we issued 41,323 restricted shares that vested immediately was made to our Chief Executive Officer under an election made pursuant to his employment agreement. The fair value of the restricted stock award was measured based on the grant date market price of our common shares. The restricted stock award contains transfer restrictions under which they cannot be sold, pledged, transferred or assigned until two years from the vesting date. The restricted stock awards provide all of the rights of absolute ownership of the restricted stock from the date of grant, including the right to vote the shares and to receive dividends. Restricted stock awards are independent of option grants and are granted at no cost to the recipient other than applicable taxes owed by the recipient. The awards are considered issued and outstanding from the vest date of grant.
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://fasb.org/us-gaap/role/ref/legacyRef