Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)

v3.5.0.2
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.