Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 |
Common Class A [Member] | Common Class B [Member] | Common Class C [Member] | Common Class D [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'RADIO ONE, INC. | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001041657 | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | ' |
Trading Symbol | 'ROIA | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 2,402,491 | 2,861,843 | 2,928,906 | 39,377,580 |
Document Type | '10-K | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | ' |
Entity Public Float | ' | $67.90 | ' | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $56,676 | $57,255 |
Short-term investments | 2,292 | 1,597 |
Trade accounts receivable, net of allowance for doubtful accounts of $4,393 and $3,631, respectively | 98,323 | 81,983 |
Prepaid expenses | 5,467 | 5,059 |
Current portion of content assets | 26,637 | 27,723 |
Other current assets | 3,108 | 2,034 |
Current assets from discontinued operations | 0 | 73 |
Total current assets | 192,503 | 175,724 |
CONTENT ASSETS, net | 36,157 | 38,981 |
PROPERTY AND EQUIPMENT, net | 34,353 | 35,282 |
GOODWILL | 272,037 | 272,037 |
RADIO BROADCASTING LICENSES | 659,824 | 675,195 |
LAUNCH ASSETS, net | 12,563 | 22,530 |
OTHER INTANGIBLE ASSETS, net | 202,593 | 234,001 |
OTHER ASSETS | 4,325 | 3,269 |
NON-CURRENT ASSETS FROM DISCONTINUED OPERATIONS | 0 | 3,176 |
Total assets | 1,414,355 | 1,460,195 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 7,293 | 5,431 |
Accrued interest | 5,831 | 5,849 |
Accrued compensation and related benefits | 13,955 | 11,165 |
Current portion of content payables | 14,359 | 17,694 |
Other current liabilities | 16,176 | 16,167 |
Current portion of long-term debt | 3,840 | 4,587 |
Current deferred tax liabilities | 1,200 | 0 |
Current liabilities from discontinued operations | 0 | 82 |
Total current liabilities | 62,654 | 60,975 |
LONG-TERM DEBT, net of current portion and original issue discount | 811,795 | 814,131 |
CONTENT PAYABLES, net of current portion | 8,399 | 11,163 |
OTHER LONG-TERM LIABILITIES | 20,288 | 18,326 |
DEFERRED TAX LIABILITIES, net | 214,245 | 188,249 |
Total liabilities | 1,117,381 | 1,092,844 |
REDEEMABLE NONCONTROLLING INTERESTS | 11,999 | 12,853 |
STOCKHOLDERS' EQUITY: | ' | ' |
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2013 and 2012 | 0 | 0 |
Accumulated other comprehensive loss | -213 | -102 |
Additional paid-in capital | 1,003,116 | 1,006,873 |
Accumulated deficit | -925,002 | -863,021 |
Total stockholdersb equity | 77,949 | 143,800 |
Noncontrolling interest | 207,026 | 210,698 |
Total equity | 284,975 | 354,498 |
Total liabilities, redeemable noncontrolling interests and equity | 1,414,355 | 1,460,195 |
Common Class A [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock value | 3 | 3 |
Common Class B [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock value | 3 | 3 |
Common Class C [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock value | 3 | 3 |
Common Class D [Member] | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock value | $39 | $41 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Paranthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable (in dollars) | $4,393 | $3,631 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 2,574,291 | 2,731,860 |
Common stock, shares outstanding | 2,574,291 | 2,731,860 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 2,861,843 | 2,861,843 |
Common stock, shares outstanding | 2,861,843 | 2,861,843 |
Common Class C [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 3,121,048 | 3,121,048 |
Common stock, shares outstanding | 3,121,048 | 3,121,048 |
Common Class D [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 39,013,638 | 41,421,667 |
Common stock, shares outstanding | 39,013,638 | 41,421,667 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NET REVENUE | $448,700 | $424,573 | $364,297 | |
OPERATING EXPENSES: | ' | ' | ' | |
Programming and technical | 138,021 | 135,974 | 115,106 | |
Selling, general and administrative, including stock-based compensation of $43, $67 and $992, respectively | 145,261 | 137,843 | 126,513 | |
Corporate selling, general and administrative, including stock-based compensation of $148, $104 and $4,154, respectively | 39,700 | 40,457 | 37,850 | |
Depreciation and amortization | 37,870 | 38,777 | 37,142 | |
Impairment of long-lived assets | 14,880 | 313 | 22,331 | |
Total operating expenses | 375,732 | 353,364 | 338,942 | |
Operating income | 72,968 | 71,209 | 25,355 | |
INTEREST INCOME | 245 | 248 | 354 | |
INTEREST EXPENSE | 89,196 | 90,797 | 88,120 | |
LOSS ON RETIREMENT OF DEBT | 0 | 0 | -7,743 | |
GAIN ON INVESTMENT IN AFFILIATED COMPANY | 0 | 0 | 146,879 | |
EQUITY IN INCOME OF AFFILIATED COMPANY | 0 | 0 | 3,287 | |
OTHER (INCOME) EXPENSE, net | -307 | 1,357 | 324 | |
(Loss) income before provision for income taxes, noncontrolling interests in income of subsidiaries and income (loss) from discontinued operations, net of tax | -15,676 | -20,697 | 79,688 | |
PROVISION FOR INCOME TAXES | 28,719 | 33,235 | 66,686 | |
Net (loss) income from continuing operations | -44,395 | -53,932 | 13,002 | |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax | 885 | -184 | -99 | |
CONSOLIDATED NET (LOSS) INCOME | -43,510 | -54,116 | 12,903 | |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 18,471 | 12,749 | 10,014 | |
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($61,981) | ($66,865) | $2,889 | |
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ' | ' | ' | |
Continuing operations (in dollars per share) | ($1.30) | ($1.33) | $0.06 | |
Discontinued operations (in dollars per share) | $0.02 | $0 | $0 | |
Net (loss) income attributable to common stockholders (in dollars per share) | ($1.28) | ($1.34) | [1] | $0.06 |
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ' | ' | ' | |
Continuing operations (in dollars per share) | ($1.30) | ($1.33) | $0.06 | |
Discontinued operations (in dollars per share) | $0.02 | $0 | $0 | |
Net (loss) income attributable to common stockholders (in dollars per share) | ($1.28) | ($1.34) | [1] | $0.06 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ' | ' | ' | |
Basic (in shares) | 48,370,195 | 50,015,252 | 50,739,447 | |
Diluted (in shares) | 48,370,195 | 50,015,252 | 52,294,322 | |
[1] | Per share amounts do not add due to rounding. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | $43 | $67 | $992 |
Corporate Segment [Member] | ' | ' | ' |
Allocated Share-based Compensation Expense | $148 | $104 | $4,154 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED NET (LOSS) INCOME | ($43,510) | ($54,116) | $12,903 |
NET CHANGE IN UNREALIZED GAIN ON DERIVATIVE AND HEDGING ACTIVITIES | 0 | 0 | 158 |
NET CHANGE IN UNREALIZED (LOSS) GAIN ON INVESTMENT ACTIVITIES | -111 | 97 | -199 |
COMPREHENSIVE (LOSS) INCOME | -43,621 | -54,019 | 12,862 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 18,471 | 12,749 | 10,014 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($62,092) | ($66,768) | $2,848 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST (USD $) | Total | Convertible Preferred Stock [Member] | Common Class A [Member] | Common Class B [Member] | Common Class C [Member] | Common Class D [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Thousands | ||||||||||
BALANCE at Dec. 31, 2010 | $194,335 | $0 | $3 | $3 | $3 | $45 | ($1,424) | $994,750 | ($799,045) | $0 |
Consolidated net income (loss) | 10,848 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,889 | 7,959 |
Conversion of shares of Class A common stock to Class D common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repurchase of shares of Class A common stock | -73 | 0 | 0 | 0 | 0 | 0 | 0 | -73 | 0 | 0 |
Repurchase of shares of Class D common stock | -9,401 | 0 | 0 | 0 | 0 | -4 | 0 | -9,397 | 0 | 0 |
Recognition of noncontrolling interest in TV One | 209,410 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 209,410 |
Net change in unrealized gain (loss) on investment activities, net of taxes | -199 | 0 | 0 | 0 | 0 | 0 | -199 | 0 | 0 | 0 |
Change in unrealized loss on derivative and hedging activities, net of taxes | 158 | 0 | 0 | 0 | 0 | 0 | 158 | 0 | 0 | 0 |
Termination of interest rate swap | 1,266 | 0 | 0 | 0 | 0 | 0 | 1,266 | 0 | 0 | 0 |
Stock-based compensation expense | 5,146 | 0 | 0 | 0 | 0 | 0 | 0 | 5,146 | 0 | 0 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 11,414 | 0 | 0 | 0 | 0 | 0 | 0 | 11,414 | 0 | 0 |
Dividends paid to noncontrolling interest | -12,306 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12,306 |
BALANCE at Dec. 31, 2011 | 410,598 | 0 | 3 | 3 | 3 | 41 | -199 | 1,001,840 | -796,156 | 205,063 |
Consolidated net income (loss) | -53,489 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -66,865 | 13,376 |
Conversion of shares of Class A common stock to Class D common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net change in unrealized gain (loss) on investment activities, net of taxes | 97 | 0 | 0 | 0 | 0 | 0 | 97 | 0 | 0 | 0 |
Stock-based compensation expense | 171 | 0 | 0 | 0 | 0 | 0 | 0 | 171 | 0 | 0 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 4,862 | 0 | 0 | 0 | 0 | 0 | 0 | 4,862 | 0 | 0 |
Dividends paid to noncontrolling interest | -7,741 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7,741 |
BALANCE at Dec. 31, 2012 | 354,498 | 0 | 3 | 3 | 3 | 41 | -102 | 1,006,873 | -863,021 | 210,698 |
Consolidated net income (loss) | -44,174 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -61,981 | 17,807 |
Repurchase of shares of Class A common stock | -71 | 0 | 0 | 0 | 0 | 0 | 0 | -71 | 0 | 0 |
Repurchase of shares of Class D common stock | -5,398 | 0 | 0 | 0 | 0 | -2 | 0 | -5,396 | 0 | 0 |
Net change in unrealized gain (loss) on investment activities, net of taxes | -111 | 0 | 0 | 0 | 0 | 0 | -111 | 0 | 0 | 0 |
Stock-based compensation expense | 191 | 0 | 0 | 0 | 0 | 0 | 0 | 191 | 0 | 0 |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 1,519 | 0 | 0 | 0 | 0 | 0 | 0 | 1,519 | 0 | 0 |
Dividends paid to noncontrolling interest | -21,479 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21,479 |
BALANCE at Dec. 31, 2013 | $284,975 | $0 | $3 | $3 | $3 | $39 | ($213) | $1,003,116 | ($925,002) | $207,026 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Class A [Member] | ' | ' | ' |
Conversion Of Stock, Shares Converted | ' | 12,000 | 76,486 |
Stock Repurchased During Period, Shares | 32,669 | ' | 54,566 |
Common Class D [Member] | ' | ' | ' |
Conversion Of Stock, Shares Converted | ' | 12,000 | 76,486 |
Stock Repurchased During Period, Shares | 2,630,574 | ' | 4,245,567 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Consolidated net (loss) income | ($43,510) | ($54,116) | $12,903 |
Adjustments to reconcile consolidated net (loss) income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 37,870 | 38,777 | 37,142 |
Amortization of debt financing costs | 5,347 | 3,073 | 3,750 |
Amortization of content assets | 50,412 | 47,328 | 31,539 |
Amortization of launch assets | 9,967 | 9,961 | 0 |
Deferred income taxes | 27,308 | 34,728 | 64,151 |
Gain on investment in affiliated company | 0 | 0 | -146,879 |
Impairment of long-lived assets | 14,880 | 313 | 22,331 |
Equity in income of affiliated company | 0 | 0 | -3,287 |
Stock-based compensation | 191 | 171 | 5,146 |
Non-cash interest | 0 | 15,089 | 26,023 |
Loss on retirement of debt | 0 | 0 | 7,743 |
Effect of change in operating assets and liabilities, net of assets acquired and disposed of: | ' | ' | ' |
Trade accounts receivable | -16,340 | 1,931 | 2,974 |
Prepaid expenses and other assets | -1,482 | 1,300 | 3,245 |
Other assets | 145 | 340 | 3,843 |
Accounts payable | 1,859 | -216 | -2,823 |
Accrued interest | -18 | -854 | 2,145 |
Accrued compensation and related benefits | 2,790 | 184 | -1,640 |
Income taxes payable | 893 | -1,794 | 123 |
Other liabilities | 150 | 4,363 | -13,788 |
Payments for content assets | -52,596 | -54,984 | -23,412 |
Net cash flows (used in) provided by operating activities from discontinued operations | -837 | -147 | 377 |
Net cash flows provided by operating activities | 37,029 | 45,447 | 31,606 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -9,194 | -12,485 | -9,445 |
Purchase of Reach Media shares | 0 | -2,000 | 0 |
Payment of launch support | 0 | -54 | 0 |
Net cash and investments acquired in connection with TV One consolidation | 0 | 0 | 65,245 |
Proceeds from sales of investment securities | 1,665 | 9,122 | 0 |
Purchases of investment securities | -2,544 | -2,627 | 0 |
Proceeds from sale of discontinued operations | 4,000 | 0 | 0 |
Net cash flows (used in) provided by investing activities | -6,073 | -8,044 | 55,800 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from credit facility | 0 | 0 | 378,280 |
Debt refinancing and modification costs | 0 | -2,557 | -6,253 |
Repurchase of noncontrolling interests of TV One | 0 | 0 | -54,595 |
Proceeds from noncontrolling interest member | 0 | 0 | 2,776 |
Payment of dividends to noncontrolling interest shareholders of Reach Media | 0 | 0 | -1,511 |
Payment of dividends to noncontrolling interest members of TV One | -21,479 | -7,741 | -12,306 |
Repayment of senior subordinated notes | -747 | 0 | 0 |
Repayment of credit facility | -3,840 | -5,789 | -356,576 |
Repayment of other debt | 0 | 0 | -1,000 |
Repurchase of common stock | -5,469 | 0 | -9,474 |
Net cash flows used in financing activities | -31,535 | -16,087 | -60,659 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -579 | 21,316 | 26,747 |
CASH AND CASH EQUIVALENTS, beginning of year | 57,255 | 35,939 | 9,192 |
CASH AND CASH EQUIVALENTS, end of year | 56,676 | 57,255 | 35,939 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for Interest | 83,612 | 73,307 | 56,072 |
Cash paid for Income taxes | $513 | $805 | $2,437 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | |||||||||||||
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ||||||||||||||
(a) Organization | ||||||||||||||
Radio One, Inc., a Delaware corporation and its subsidiaries (collectively, “Radio One,” the “Company”, “we” and/or “us”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. We currently own and/or operate 54 broadcast stations located in 16 urban markets in the United States. While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our other media interests include our approximately 51.9% (See Note 2 – Acquisitions) controlling ownership interest in TV One, LLC (“TV One”), an African-American targeted cable television network that we own with an affiliate of Comcast Corporation; our 80.0% controlling ownership interest in Reach Media, Inc. (“Reach Media”), which operates the Tom Joyner Morning Show and our syndicated programming assets, including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes’ “Empowering Moments”, and the Reverend Al Sharpton Show; and our ownership of Interactive One, LLC (“Interactive One”), an online platform serving the African-American community through social content, news, information, and entertainment websites, including News One, UrbanDaily and HelloBeautiful and online social networking websites, including BlackPlanet and MiGente. Through our national multi-media presence, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences. Recently, the Company has executed a letter of intent with MGM to partner to develop a world-class casino property, MGM National Harbor, located in Prince George’s County, Maryland. This investment further diversifies our platform in the entertainment industry while still focusing on our core demographic. | ||||||||||||||
Beginning November 1, 2012, our Columbus, Ohio radio station, WJKR-FM (The Jack, 98.9 FM) was made the subject of a local marketing agreement (“LMA”), and on February 15, 2013, the Company sold that station’s assets. The remaining assets and liabilities of the Columbus station have been classified as discontinued operations as of December 31, 2013 and December 31, 2012, and the results from operations of this station for years ended December 31, 2013, 2012 and 2011, have been reclassified as discontinued operations in the accompanying consolidated financial statements. | ||||||||||||||
As of June 2011, our remaining Boston radio station was made the subject of a LMA whereby we have made available, for a fee, air time on this station to another party. As of September 30, 2013, due to ongoing renegotiations in the terms of the LMA, the station’s radio broadcasting license was reclassified out of assets from discontinued operations and the results from operations of this station for all prior periods were reclassified from discontinued operations to continuing operations. In December 2013, we finalized the renegotiation of the terms of the LMA which now expires December 1, 2016, at which time the station will be transferred. As a result, that station’s radio broadcasting license has been classified as a long-term other asset as of December 31, 2013, and is being amortized through the anticipated transfer date. The accompanying December 31, 2012 consolidated balance sheet has been adjusted to correct an immaterial error in the classification of the Company’s long-term assets related to its Boston market. This correction resulted in an increase in radio broadcasting licenses of approximately $1.2 million and a decrease in other long-term assets of the same amount. | ||||||||||||||
As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television. (See Note 18 – Segment Information.) | ||||||||||||||
(b) Basis of Presentation | ||||||||||||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States and require management to make certain estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, continuing economic uncertainty and any disruption in financial markets increase the possibility that actual results may differ from these estimates. | ||||||||||||||
(c) Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts and operations of Radio One and subsidiaries in which Radio One has a controlling interest. Beginning on April 14, 2011, the Company began to account for TV One on a consolidated basis after having executed an amendment to the TV One operating agreement with the remaining members of TV One concerning certain governance issues. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. | ||||||||||||||
Prior to the consolidation date of TV One, the Company accounted for its investment in TV One under the equity method of accounting in accordance with Accounting Standards Codification (“ASC”) 323, “Investments – Equity Method and Joint Ventures.” The Company had adjusted the carrying amount of its investment to recognize the change in Radio One’s claim on the net assets of TV One resulting from income or losses of TV One, as well as other capital transactions of TV One using a hypothetical liquidation at book value approach. | ||||||||||||||
(d) Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents consist of cash, repurchase agreements and money market funds at various commercial banks that have original maturities of 90 days or less. Investments with contractual maturities of 90 days or less from the date of original purchase are classified as cash and cash equivalents. For cash and cash equivalents, cost approximates fair value. | ||||||||||||||
(e) Trade Accounts Receivable | ||||||||||||||
Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s estimate of the amount of probable losses in the Company’s existing accounts receivable portfolio. The Company determines the allowance based on the aging of the receivables, the impact of economic conditions on the advertisers’ ability to pay and other factors. Inactive delinquent accounts that are past due beyond a certain amount of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. | ||||||||||||||
(f) Goodwill and Radio Broadcasting Licenses | ||||||||||||||
In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC 350, “Intangibles - Goodwill and Other,” goodwill and radio broadcasting licenses are not amortized, but are tested annually for impairment at the reporting unit level and unit of accounting level, respectively. We test for impairment annually, on October 1 of each year, or more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to operations as an impairment charge. With the assistance of a third-party valuation firm, we test for radio broadcasting license impairment at the unit of accounting level using the income approach, which involves, but is not limited to, judgmental estimates and assumptions about projected revenue growth, future operating margins, discount rates and terminal values. In testing for goodwill impairment, we follow a two-step approach, also relying primarily on the income approach that first estimates the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, we then determine the implied goodwill after allocating the reporting unit’s fair value of assets and liabilities in accordance with ASC 805-10, “Business Combinations.” Any excess of carrying value of the reporting unit’s goodwill balance over its respective implied goodwill is written off as a charge to operations. We then perform a market-based analysis by comparing the average implied multiple arrived at based on our cash flow projections and estimated fair values to multiples for actual recently completed sale transactions and by comparing the total of the estimated fair values of our reporting units to the market capitalization of the Company. | ||||||||||||||
For the three years ended December 31, 2013, 2012 and 2011, the Company recorded radio broadcasting license and goodwill impairment charges of approximately $14.9 million, $313,000 and $14.5 million, respectively. See Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets for a further discussion of impairment considerations for the financial statement periods presented. | ||||||||||||||
(g) Impairment of Long-Lived Assets, Excluding Goodwill and Radio Broadcasting Licenses | ||||||||||||||
The Company accounts for the impairment of long-lived intangible assets, excluding goodwill and radio broadcasting licenses, in accordance with ASC 360, “Property, Plant and Equipment.” Long-lived intangible assets, excluding goodwill and radio broadcasting licenses, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration in operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the asset or group of assets to future undiscounted net cash flows expected to be generated by the asset or group of assets. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the asset or group of assets. Fair value is generally determined by estimates of discounted future cash flows. The discount rate used in any estimate of discounted cash flows would be the rate of return for a similar investment of like risk. The Company reviewed these long-lived assets during 2013 and 2012 concluded that no impairment to the carrying value of these assets was required. During 2011, impairment indicators existed for Reach Media and the Columbus radio broadcast market, and as a result, we performed impairment testing for these asset groups. The Company recorded impairment charges of approximately $7.8 million related to the long-lived assets of Reach Media during 2011. | ||||||||||||||
(h) Financial Instruments | ||||||||||||||
Financial instruments as of December 31, 2013 and 2012, consisted of cash and cash equivalents, investments, trade accounts receivable, accounts payable, accrued expenses, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2013 and 2012, except for the Company’s outstanding senior subordinated notes. The 63/8% Senior Subordinated Notes which were due and paid in full in February 2013, had a carrying value of $747,000 and a fair value of approximately $740,000 as of December 31, 2012. The 121/2%/15% Senior Subordinated Notes which were due May 2016 had a carrying value of approximately $327.0 million and a fair value of approximately $328.7 million as of December 31, 2013, and a carrying value of approximately $327.0 million and a fair value of approximately $293.5 million as of December 31, 2012. The fair values of the Senior Subordinated Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The Company’s 10% Senior Secured TV One Notes due March 2016 are classified as Level 3 since they are not market traded financial instruments. | ||||||||||||||
(i) Derivative Financial Instruments | ||||||||||||||
The Company recognizes all derivatives at fair value in the balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the statement of operations when the hedged item affects net income. If a derivative does not qualify as a hedge, it is marked to fair value through the statement of operations. (See Note 10 – Derivative Instruments and Hedging Activities.) | ||||||||||||||
(j) Revenue Recognition | ||||||||||||||
Within our Radio Broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast and is reported, net of agency and outside sales representative commissions, in accordance with Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $32.4 million, $35.2 million and $31.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Interactive One generates the majority of the Company’s internet revenue, and derives such revenue principally from advertising services on non-radio station branded websites, including advertising aimed at diversity recruiting and studio services, where Interactive One provides services to other publishers. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made or leads are generated, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, which provide top-tier third-party clients with digital platforms and expertise. In the case of the studio operations, revenue is recognized primarily based on fixed contractual monthly fees or as a share of the third party’s reported revenue. | ||||||||||||||
TV One, the driver of revenues in our cable television segment, derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also receives affiliate fees and records revenue during the term of various affiliation agreements based on the most recent subscriber counts reported by the applicable affiliate. | ||||||||||||||
(k) Launch Support | ||||||||||||||
TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support are assets used to initiate carriage under new affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue to the extent that revenue is recognized from the vendor, and any excess amortization is recorded as launch support amortization expense. The weighted-average amortization period for launch support was approximately 10.9 years as of each of December 31, 2013, and 2012. The remaining weighted-average amortization period for launch support is 1.4 years and 2.4 years as of December 31, 2013, and 2012, respectively. For the years ended December 31, 2013 and 2012, launch asset amortization of approximately $10.0 million and $9.9 million, respectively, was recorded as a reduction of revenue. | ||||||||||||||
The gross value and accumulated amortization of the launch assets is as follows: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Launch assets | $ | 39,597 | $ | 39,597 | ||||||||||
Less: Accumulated amortization | -27,034 | -17,067 | ||||||||||||
Launch assets, net | $ | 12,563 | $ | 22,530 | ||||||||||
Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2014 through 2015 is as follows: | ||||||||||||||
(In thousands) | ||||||||||||||
2014 | $ | 9,913 | ||||||||||||
2015 | $ | 2,650 | ||||||||||||
(l) Barter Transactions | ||||||||||||||
The Company provides broadcast advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, “Revenue Recognition.” The terms of these exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time in exchange for cash. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the years ended December 31, 2013, 2012 and 2011, barter transaction revenues were approximately $2.6 million, $3.0 million and $3.2 million, respectively. Additionally, barter transaction costs were reflected in programming and technical expenses and selling, general and administrative expenses of approximately $2.4 million, $2.7 million and $3.0 million, and $169,000, $308,000 and $238,000, for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
(m) Network Affiliation Agreements | ||||||||||||||
The Company has network affiliation agreements classified as Other Intangible Assets. These agreements are amortized over their useful lives. Losses on contract terminations are determined based on the specific terms of each contract in accordance with ASC 920-350, “Entertainment Broadcasters.” (See Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.) | ||||||||||||||
(n) Advertising and Promotions | ||||||||||||||
The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for continuing operations, for the years ended December 31, 2013, 2012 and 2011, were approximately $17.4 million, $13.1 million and $12.0 million, respectively. Advertising and promotional expenses related to discontinued operations were not significant. | ||||||||||||||
(o) Income Taxes | ||||||||||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Under ASC 740, deferred tax assets or liabilities are computed based upon the difference between financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The Company has provided a valuation allowance on its net deferred tax assets where it is more likely than not such assets will not be realized. The Company maintains certain deferred tax liabilities that cannot be used to offset deferred tax assets and, therefore, does not consider these attributes in evaluating the realizability of its deferred tax assets. Deferred income tax expense or benefits are based upon the changes in the asset or liability from period to period. | ||||||||||||||
(p) Stock-Based Compensation | ||||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation - Stock Compensation.” Under the provisions of ASC 718, stock-based compensation cost is estimated at the grant date based on the award’s fair value as calculated by the Black-Scholes (“BSM”) valuation option-pricing model and is recognized as expense ratably over the requisite service period. The BSM incorporates various highly subjective assumptions including expected stock price volatility, for which historical data is heavily relied upon, expected life of options granted, forfeiture rates and interest rates. (See Note 13 – Stockholders’ Equity.) | ||||||||||||||
(q) Segment Reporting and Major Customers | ||||||||||||||
In accordance with ASC 280, “Segment Reporting,” and given its diversification strategy, the Company has determined it has four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television. These four segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. | ||||||||||||||
The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities in addition to syndicated radio shows including The Tom Joyner Morning Show, The Rickey Smiley Morning Show, The Russ Parr Morning Show, The Yolanda Adams Morning Show, The James Fortune Show, and The Reverend Al Sharpton Show. The internet segment includes the results of our online business. The cable television segment consists of TV One’s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments. Intercompany revenue earned and expenses charged between segments are recorded at fair value and eliminated in consolidation. | ||||||||||||||
No single customer accounted for over 10% of our consolidated net revenues during the years ended December 31 2013, 2012 and 2011. | ||||||||||||||
(r) Earnings Per Share | ||||||||||||||
Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of potential dilutive common shares outstanding during the period using the treasury stock method. | ||||||||||||||
The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. | ||||||||||||||
(s) Discontinued Operations | ||||||||||||||
For those businesses where management has committed to a plan to divest or discontinue operations, and for which disposition is probable within the next 12 months, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. The fair values are estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, revenues, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made. However, the fair values that are ultimately realized upon the sale of the businesses to be divested may differ from the estimated fair values reflected in the consolidated financial statements. | ||||||||||||||
Businesses to be divested or operationally cease are classified in the consolidated financial statements as discontinued operations. For businesses classified as discontinued operations, the balance sheet amounts and statement of operations results are reclassified from their historical presentation to assets and liabilities of discontinued operations on the consolidated balance sheets and to discontinued operations in the consolidated statements of operations for all periods presented. The gains or losses associated with these divested or ceased businesses are recorded in income or loss from discontinued operations on the consolidated statements of operations. The consolidated statements of cash flows are also reclassified for discontinued operations for all periods presented. For businesses reclassified as discontinued, management does not expect any continuing involvement with these businesses after the disposition of these businesses. | ||||||||||||||
(t) Fair Value Measurements | ||||||||||||||
We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. | ||||||||||||||
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date. | ||||||||||||||
Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets). | ||||||||||||||
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||
As of December 31, 2013 and 2012, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 147 | $ | 147 | $ | — | $ | — | ||||||
Mutual funds (a) | 2,315 | 2,315 | — | — | ||||||||||
Total | $ | 2,462 | $ | 2,462 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 2,114 | $ | — | $ | — | $ | 2,114 | ||||||
Employment agreement award (c) | 13,688 | — | — | 13,688 | ||||||||||
Total | $ | 15,802 | $ | — | $ | — | $ | 15,802 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 11,999 | $ | — | $ | — | $ | 11,999 | ||||||
As of December 31, 2012 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 192 | $ | 192 | $ | — | $ | — | ||||||
Mutual funds (a) | 1,502 | 1,502 | — | — | ||||||||||
Total | $ | 1,694 | $ | 1,694 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 5,345 | $ | — | $ | — | $ | 5,345 | ||||||
Employment agreement award (c) | 11,374 | — | — | 11,374 | ||||||||||
Total | $ | 16,719 | $ | — | $ | — | $ | 16,719 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 12,853 | $ | — | $ | — | $ | 12,853 | ||||||
(a) Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, fair values are estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. | ||||||||||||||
(b) These balances are measured based on the estimated enterprise fair value of TV One. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There are specific unit holders for which the enterprise fair value is fixed. A third-party valuation firm assisted the Company in estimating TV One’s fair value. | ||||||||||||||
(c) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award will be triggered only after the Company’s recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. (See Note 10 – Derivative Instruments and Hedging Activities.) The terms of the Employment Agreement remain in effect including eligibility for the TV One award. | ||||||||||||||
(d) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. | ||||||||||||||
The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2012 and 2013: | ||||||||||||||
Employment | Redeemable | |||||||||||||
Incentive | Agreement | Noncontrolling | ||||||||||||
Award Plan | Award | Interests | ||||||||||||
(In thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 5,096 | $ | 10,346 | $ | 20,343 | ||||||||
Cash paid to increase ownership interest | — | — | -2,000 | |||||||||||
Contribution of syndicated programming assets | — | — | -7,546 | |||||||||||
Distribution | -412 | — | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | -628 | |||||||||||
Change in fair value | 661 | 1,028 | 2,684 | |||||||||||
Balance at December 31, 2012 | $ | 5,345 | $ | 11,374 | $ | 12,853 | ||||||||
Net income attributable to noncontrolling interests | — | — | 665 | |||||||||||
Distribution | -3,219 | — | — | |||||||||||
Change in fair value | -12 | 2,314 | -1,519 | |||||||||||
Balance at December 31, 2013 | $ | 2,114 | $ | 13,688 | $ | 11,999 | ||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | $ | -12 | $ | -2,314 | $ | — | ||||||||
Losses included in earnings were recorded in the consolidated statement of operations as corporate selling, general and administrative expenses for the years ended December 31, 2013 and 2012. | ||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||
As of | As of | |||||||||||||
Significant | December 31, 2013 | December 31, 2012 | ||||||||||||
Level 3 liabilities | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | |||||||||||
Incentive award plan | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Incentive award plan | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Discount Rate | 12.5 | % | 11.5 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Long-term Growth Rate | 1.5 | % | 2 | % | ||||||||
Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements. | ||||||||||||||
Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded that these assets were not impaired at December 31, 2013 and December 31, 2012, and, therefore, were reported at carrying value as opposed to fair value. | ||||||||||||||
As of December 31, 2013, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $272.0 million and $659.8 million, respectively. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” for the year ended December 31, 2013, the Company recorded impairment charges totaling approximately $14.9 million related to our Boston, Philadelphia, Cincinnati and Cleveland radio broadcasting licenses. For the years ended December 31, 2012 and 2011, the Company recorded an impairment charge of $313,000 and approximately $22.3 million, respectively. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. | ||||||||||||||
(u) Software and Web Development Costs | ||||||||||||||
The Company capitalizes direct internal and external costs incurred to develop internal-use computer software during the application development stage pursuant to ASC 350-40, “Intangibles – Goodwill and Other.” Internal-use software is amortized under the straight-line method using an estimated life of three years. All web development costs incurred in connection with operating our websites are accounted for under the provisions of ASC 350-40, unless a plan exists or is being developed to market the software externally. The Company has no plans to market software externally. | ||||||||||||||
(v) Redeemable noncontrolling interests | ||||||||||||||
Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital. | ||||||||||||||
(w) Investments | ||||||||||||||
Investment Securities | ||||||||||||||
Investments consist primarily of corporate fixed maturity securities and mutual funds. | ||||||||||||||
Investments with original maturities in excess of three months and less than one year are classified as short-term investments. Long-term investments have original maturities in excess of one year. | ||||||||||||||
Debt securities are classified as “available-for-sale” and reported at fair value. Investments in available-for-sale fixed maturity securities are classified as either current or noncurrent assets based on their contractual maturities. Fixed maturity securities are carried at estimated fair value based on quoted market prices for the same or similar instruments. Investment income is recognized when earned and reported net of investment expenses. Unrealized gains and losses are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized, unless the losses are deemed to be other than temporary. Realized gains or losses, including any provision for other-than-temporary declines in value, are included in the statements of operations. For purposes of computing realized gains and losses, the specific-identification method of determining cost was used. | ||||||||||||||
Evaluating Investments for Other than Temporary Impairments | ||||||||||||||
The Company periodically performs evaluations, on a lot-by-lot and security-by-security basis, of its investment holdings in accordance with its impairment policy to evaluate whether any declines in the fair value of investments are other than temporary. This evaluation consists of a review of several factors, including but not limited to: length of time and extent that a security has been in an unrealized loss position, the existence of an event that would impair the issuer’s future earnings potential, and the near-term prospects for recovery of the market value of a security. The FASB has issued guidance for recognition and presentation of other than temporary impairment (“OTTI”), or FASB OTTI guidance. Accordingly, any credit-related impairment of fixed maturity securities that the Company does not intend to sell, and is not likely to be required to sell, is recognized in the consolidated statements of operations, with the noncredit-related impairment recognized in accumulated other comprehensive income (loss). | ||||||||||||||
The Company believes that it has adequately reviewed its investment securities for OTTI and that its investment securities are carried at fair value. However, over time, the economic and market environment (including any ratings change for any such securities, including US treasuries and corporate bonds) may provide additional insight regarding the fair value of certain securities, which could change management’s judgment regarding OTTI. This could result in realized losses relating to other than temporary declines being charged against future income. Given the judgments involved, there is a continuing risk that further declines in fair value may occur and material OTTI may be recorded in future periods. | ||||||||||||||
(x) Content Assets | ||||||||||||||
TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights. The license periods granted in these contracts generally run from one year to perpetuity. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. | ||||||||||||||
Program rights are recorded at the lower of amortized cost or estimated net realizable value. Program rights are amortized based on the greater of the anticipated usage of the program or term of license. Estimated net realizable values are based on the estimated revenues directly associated with the program materials and related expenses. The Company recorded additional amortization expense of approximately $6.2 million and $1.2 million as a result of evaluating its contracts for recoverability for the years ended December 31, 2013 and 2012, respectively. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that will be amortized within one year which is classified as a current asset. | ||||||||||||||
Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs consistent with the accounting prescribed by ASC 740-10-25-46 because the business substance of these transactions is to reduce the overall cost of production for film and television products. | ||||||||||||||
(y) Impact of Recently Issued Accounting Pronouncements | ||||||||||||||
In May 2011, the FASB issued ASU 2011-04, which provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. The Company adopted this guidance on January 1, 2012, and it did not have a significant impact on the Company’s financial statements. | ||||||||||||||
In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which was subsequently modified in December 2011 by ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This ASU amends existing presentation and disclosure requirements concerning comprehensive income, most significantly by requiring that comprehensive income be presented with net income in a continuous financial statement, or in a separate but consecutive financial statement. The provisions of this ASU (as modified) are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance did not have a material impact on the Company's financial statements, other than presentation and disclosure. | ||||||||||||||
In September 2011, the FASB issued ASU 2011-08, which provides companies with an option to perform a qualitative assessment that may allow them to skip the two-step impairment test. ASU 2011-08 amends existing guidance by giving an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this is the case, companies will need to perform a more detailed two-step goodwill impairment test which is used to identify potential goodwill impairments and to measure the amount of goodwill impairment losses to be recognized, if any. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted this guidance on January 1, 2012, and elected to not apply the qualitative assessment as allowed by 2011-08. | ||||||||||||||
In July 2012, the FASB issued ASU 2012-02, which provides companies the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired rather than calculating the fair value of the indefinite-lived intangible asset. ASU 2012-02 is effective prospectively for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted this guidance on January 1, 2013, and elected to not apply the qualitative assessment as allowed by ASU 2012-02. | ||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption of this guidance did not have a material impact on the Company's financial statements, other than presentation and disclosure. | ||||||||||||||
ACQUISITIONS
ACQUISITIONS: | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
2. ACQUISITIONS: | |
On December 31, 2012, the Company, through its wholly-owned subsidiary Radio One Media Holdings, LLC (“ROMH”), completed the purchase of additional shares of Reach Media from certain of its minority shareholders. In addition to $2.0 million in cash consideration paid to increase the Company’s ownership in Reach Media from approximately 53.5% to 80%, effective January 1, 2013, the radio broadcasting segment contributed the assets and operations of its Syndication One urban programming line-up to Reach Media. We consolidated our syndication operations within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to a sales force operating out of Reach Media. | |
On July 18, 2012, we entered into an LMA with Gaffney Broadcasting, Incorporated (“Gaffney”). Beginning August 27, 2012, we began to broadcast programs produced, owned or acquired by Radio One on Gaffney’s South Carolina radio station, WOSF-FM (previously WNOW-FM). We pay certain operating costs of WOSF-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The LMA continued for 18 months or until we consummated an acquisition of the station under a stock purchase agreement (the “SPA”) with the stockholders of Gaffney. The closing of the acquisition under the SPA was subject to certain conditions including but not limited to approval by the Federal Communications Commission (the “FCC”) of the transfer of Gaffney’s FCC licenses. ( See Note 19 - Subsequent Events.) | |
On October 20, 2011, we entered into an LMA with WGPR, Inc. (“WGPR”). Pursuant to the LMA, beginning October 24, 2011, we began to broadcast programs produced, owned or acquired by Radio One on WGPR’s Detroit radio station, WGPR-FM. We pay certain operating costs of WGPR-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The LMA continues until December 31, 2014, and we have two successive 1-year options for a 4th year and a 5th year that would extend the term until December 31, 2015 and December 31, 2016, respectively. Under the terms of the LMA, WGPR has also granted us certain rights of first negotiation and first refusal, with respect to the sale of WGPR-FM by WGPR and with respect to any potential time brokerage agreement for WGPR-FM covering any time period subsequent to the term of the LMA. | |
On February 25, 2011, TV One completed a privately placed debt offering of $119 million (the “Redemption Financing”). The Redemption Financing is structured as senior secured notes bearing a 10% coupon and due in 2016. Subsequently, on February 28, 2011, TV One utilized $82.4 million of the Redemption Financing to repurchase 15.4% of its outstanding membership interests from certain of its financial investors and 2.0% of its outstanding membership interests held by TV One management (representing approximately 50% of interests held by management). Beginning on April 14, 2011, the Company began to account for TV One on a consolidated basis after having executed an amendment to the TV One operating agreement with the remaining members of TV One concerning certain governance issues. The Company’s purchase price allocation consisted of approximately $61.2 million to current assets, $39.0 million to launch assets, $2.4 million to fixed assets, $204.1 million to indefinite-lived intangibles (goodwill and TV One brand), $287.3 million to definite-lived intangibles (content assets, acquired advertising contracts, advertiser relationships, affiliation agreements, etc.), $225.7 million to liabilities (including the $119.0 million in debt discussed above) and $203.0 million in noncontrolling interests. In connection with this transaction, approximately $28.6 million of goodwill is deductible for tax purposes. In accordance with accounting standards applicable to business combinations, the Company recorded the assets and liabilities of TV One at fair value as of April 14, 2011. The Company recognized an after-tax gain of approximately $146.9 million during 2011 associated with the transaction. The gain is computed as the difference between the carrying value of the Company’s investment in TV One prior to date of consolidation and the fair value of Radio One’s interest in TV One as of the consolidation date. Finally, on April 25, 2011, TV One utilized the balance of the Redemption Financing to repurchase 12.4% of its outstanding membership interests from an investor. These redemptions by TV One increased Radio One’s ownership interest in TV One from 36.8% to approximately 50.9% as of April 25, 2011. From April 14, 2011 through December 31, 2011, the Company recognized approximately $86.0 million of revenue and approximately $5.5 million of net loss related to TV One operations. The net loss of TV One during that time period included approximately $21.8 million of depreciation and amortization expense as well as approximately $8.6 million of interest expense Since April 2011, our ownership in TV One increased to approximately 51.9% after redemptions of certain management interests. | |
DISPOSITION_OF_ASSETS_AND_DISC
DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||
3. DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: | |||||||||||
Columbus: In November 2012, our Columbus, Ohio radio station operating under the call letters WJKR was made the subject of an LMA. On February 15, 2013, the Company closed on the sale of the assets of its Columbus, Ohio radio station, WJKR-FM (The Jack, 98.9 FM) to Salem Media of Ohio, Inc., a subsidiary of Salem Communications (“Salem”). The Company sold the assets of WJKR for $4.0 million and recognized a one-time gain on the sale of $893,000 during the year ended December 31, 2013. | |||||||||||
The following table summarizes the operating results for the station sold and is classified as discontinued operations for all periods presented: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net revenue | $ | — | $ | 260 | $ | 374 | |||||
Operating expenses | — | -444 | -493 | ||||||||
Gain on sale of assets | 885 | — | 20 | ||||||||
Income (loss) before income taxes | 885 | -184 | -99 | ||||||||
Income (loss) from discontinued operations, net of tax | $ | 885 | $ | -184 | $ | -99 | |||||
The assets and liabilities of the station classified as discontinued operations in the accompanying consolidated balance sheets consisted of the following: | |||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Currents assets: | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | — | $ | 73 | |||||||
Total current assets | — | 73 | |||||||||
Property and equipment, net | — | 76 | |||||||||
Intangible assets, net | — | 3,100 | |||||||||
Total assets | $ | — | $ | 3,249 | |||||||
Current liabilities: | |||||||||||
Other current liabilities | $ | — | $ | 82 | |||||||
Total current liabilities | — | 82 | |||||||||
Long-term liabilities | — | 4 | |||||||||
Total liabilities | $ | — | $ | 86 | |||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT: | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||
4. PROPERTY AND EQUIPMENT: | |||||||||||
Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the related estimated useful lives. Property and equipment consists of the following: | |||||||||||
As of December 31, | Estimated | ||||||||||
2013 | 2012 | Useful Lives | |||||||||
(In thousands) | |||||||||||
Land and improvements | $ | 3,777 | $ | 3,777 | — | ||||||
Buildings | 1,554 | 1,554 | 31 years | ||||||||
Transmitters and towers | 38,680 | 37,330 | 7-15 years | ||||||||
Equipment | 52,508 | 49,694 | 3-7 years | ||||||||
Furniture and fixtures | 8,643 | 8,076 | 6 years | ||||||||
Software and web development | 18,862 | 16,393 | 3 years | ||||||||
Leasehold improvements | 22,611 | 20,710 | Lease Term | ||||||||
Construction-in-progress | 666 | 1,156 | — | ||||||||
147,301 | 138,690 | ||||||||||
Less: Accumulated depreciation and amortization | -112,948 | -103,408 | |||||||||
Property and equipment, net | $ | 34,353 | $ | 35,282 | |||||||
Repairs and maintenance costs are expensed as incurred. | |||||||||||
GOODWILL_RADIO_BROADCASTING_LI
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
5. GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: | |||||||||||||
Impairment Testing | |||||||||||||
In the past, we have made acquisitions whereby a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. For the years ended December 31, 2013, 2012 and 2011, we recorded impairment charges against radio broadcasting licenses and goodwill of approximately $14.9 million, $313,000 and $14.5 million, respectively. | |||||||||||||
2013 Interim Impairment Testing | |||||||||||||
During 2013, the total market revenue growth for certain markets in which we operate was below that used in our 2012 annual impairment testing. We deemed that to be an impairment indicator that warranted interim impairment testing of certain market’s radio broadcasting licenses, which we performed as of March 31, 2013, June 30, 2013 and September 30, 2013. The Company recorded an impairment charge of approximately $1.4 million related to our Cincinnati FCC radio broadcasting licenses during the first quarter of 2013. In addition, the Company recorded an impairment charge of approximately $9.8 million related to our Philadelphia, Cincinnati and Cleveland radio broadcasting licenses during the second quarter of 2013. Finally, the Company recorded an impairment charge of approximately $3.7 million related to our Boston and Cleveland radio broadcasting licenses during the third quarter of 2013. The remaining radio broadcasting licenses that were tested during 2013 were not impaired. Due to the fact that there were impairment charges recognized for certain FCC licenses during 2013, we deemed to that to be an impairment indicator and, as such, we performed an interim analysis for certain radio markets’ goodwill as of June 30, 2013, and September 30, 2013. There were no interim impairment indicators identified for any of our other reporting units during 2013. | |||||||||||||
2013 Annual Impairment Testing | |||||||||||||
We completed our annual impairment assessment as of October 1, 2013. Our October 1, 2013 annual impairment testing indicated the carrying values for our radio broadcasting licenses, radio market goodwill and goodwill attributable to Reach Media, TV One and Interactive One were not impaired. | |||||||||||||
2012 Interim Impairment Testing | |||||||||||||
During 2012, the total market revenue growth for certain markets was below that used in our 2011 annual impairment testing. We deemed that to be an impairment indicator that warranted interim impairment testing of certain of our radio broadcasting licenses, which we performed as of June 30, 2012. The Company recorded an impairment charge of $313,000 related to our Charlotte radio broadcasting licenses. The remaining radio broadcasting licenses that were tested during the second quarter of 2012 were not impaired. | |||||||||||||
In addition, Reach Media did not meet its budgeted operating cash flow for the third and fourth quarters of 2012, and as a result, we performed interim impairment assessments at September 30, 2012 and December 31, 2012. With the assistance of a third-party valuation firm, the Company completed a valuation of the Reach Media reporting unit and concluded that although Reach Media had not met its budget, the carrying value of goodwill attributable to Reach Media had not been impaired. | |||||||||||||
Finally, for the third and fourth quarters of 2012, the Company performed interim impairment testing on the valuation of goodwill associated with Interactive One. Interactive One net revenues and cash flows declined for the third quarter and year to date 2012 and full year internal projections were revised. As a result of the testing, despite the revised projections, the Company concluded no impairment to the carrying value of goodwill had occurred. | |||||||||||||
2012 Annual Impairment Testing | |||||||||||||
We completed our annual impairment assessment as of October 1, 2012. Our October 1, 2012 annual impairment testing indicated the carrying values for our radio broadcasting licenses, radio market goodwill and goodwill attributable to Reach Media, TV One and Interactive One were not impaired. | |||||||||||||
2012 Year-End Impairment Testing | |||||||||||||
With the assistance of a third-party valuation firm, the Company assessed the fair value of the redeemable noncontrolling interest in Reach Media at December 31, 2012. Upon review of the results of the year-end impairment tests, the Company concluded that the carrying value of goodwill attributable to Reach Media had not been impaired. | |||||||||||||
2011 Interim Impairment Testing | |||||||||||||
During 2011, the total market revenue growth for certain markets was below that used in our 2010 annual impairment testing. We deemed that to be an impairment indicator that warranted interim impairment testing of certain of our radio broadcasting licenses, which we performed as of May 31, 2011. During the third quarter, there was further deterioration of revenue growth in certain markets, and as such, we deemed that to be an impairment indicator that warranted interim testing of certain radio broadcasting licenses as of September 30, 2011. The Company concluded that our radio broadcasting licenses were not impaired during the second or third quarters of 2011. During the second and third quarters of 2011, the operating performance and current projections for the remainder of the year for specific radio markets were below that used in our 2010 annual impairment testing. We deemed that to be an impairment indicator that warranted interim impairment testing of goodwill associated with specific radio markets, which we performed as of May 31, 2011 and as of September 30, 2011. The Company concluded that goodwill had not been impaired during the second and third quarters of 2011. | |||||||||||||
In addition, Reach Media’s actual operating results did not meet budgeted results during 2011, which was considered an impairment indicator, and as such, interim impairment testing for goodwill attributable to Reach Media was performed in March, June and September of 2011. There were no impairment charges recorded as part of our interim impairment testing. | |||||||||||||
2011 Annual Impairment Testing | |||||||||||||
We completed our annual impairment assessment as of October 1, 2011. As a result of our testing, we recorded an impairment charge of approximately $14.5 million against goodwill in our Columbus market. Our October 1, 2011, annual impairment testing indicated the carrying values for our radio broadcasting licenses and goodwill attributable to Interactive One were not impaired. | |||||||||||||
2011 Year End Impairment Testing | |||||||||||||
We completed an impairment assessment as of December 31, 2011, for Reach Media. Due to amendments of existing Reach Media affiliate agreements with Radio One, Reach Media’s expected future cash flows were reduced and we considered this an impairment indicator. There were no goodwill impairment charges recorded as part of our year end impairment testing. However, the Company recognized a non-cash impairment charge of approximately $7.8 million related to the long-lived assets of Reach Media. | |||||||||||||
Valuation of Broadcasting Licenses | |||||||||||||
We utilize the services of a third-party valuation firm to provide independent analysis when evaluating the fair value of our radio broadcasting licenses and reporting units. Fair value is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the income approach to test for impairment of radio broadcasting licenses. A projection period of 10 years is used, as that is the time horizon in which operators and investors generally expect to recover their investments. When evaluating our radio broadcasting licenses for impairment, the testing is done at the unit of accounting level as determined by ASC 350, “Intangibles - Goodwill and Other.” In our case, each unit of accounting is a cluster of radio stations into one of our 16 geographical markets. Broadcasting license fair values are based on the estimated after-tax discounted future cash flows of the applicable unit of accounting assuming an initial hypothetical start-up operation which possesses FCC licenses as the only asset. Over time, it is assumed the operation acquires other tangible assets such as advertising and programming contracts, employment agreements and going concern value, and matures into an average performing operation in a specific radio market. The income approach model incorporates several variables, including, but not limited to: (i) radio market revenue estimates and growth projections; (ii) estimated market share and revenue for the hypothetical participant; (iii) likely media competition within the market; (iv) estimated start-up costs and losses incurred in the early years; (v) estimated profit margins and cash flows based on market size and station type; (vi) anticipated capital expenditures; (vii) probable future terminal values; (viii) an effective tax rate assumption; and (ix) a discount rate based on the weighted-average cost of capital for the radio broadcast industry. In calculating the discount rate, we considered: (i) the cost of equity, which includes estimates of the risk-free return, the long-term market return, small stock risk premiums and industry beta; (ii) the cost of debt, which includes estimates for corporate borrowing rates and tax rates; and (iii) estimated average percentages of equity and debt in capital structures. | |||||||||||||
Our methodology for valuing broadcasting licenses has been consistent for all periods presented. Below are some of the key assumptions used in the income approach model for estimating broadcasting licenses fair values for all annual impairments assessments since October 2011. | |||||||||||||
Radio Broadcasting | October 1, | October 1, | October 1, | ||||||||||
Licenses | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | — | $ | — | $ | — | |||||||
Discount Rate | 10 | % | 10 | % | 10 | % | |||||||
Year 1 Market Revenue Growth Rate Range | 0.0% - 2.0 | % | 1.0% -2.0 | % | 1.5% - 2.5 | % | |||||||
Long-term Market Revenue Growth Rate Range (Years 6 – 10) | 1.0% - 2.0 | % | 1.0% - 2.0 | % | 1.0% - 2.0 | % | |||||||
Mature Market Share Range | 6.4% - 26.9 | % | 0.7% - 27.4 | % | 0.7% - 28.9 | % | |||||||
Operating Profit Margin Range | 30.8% - 47.8 | % | 19.6% - 47.7 | % | 19.1% - 47.4 | % | |||||||
Broadcasting Licenses Valuation Results | |||||||||||||
The Company’s total broadcasting licenses carrying value is approximately $659.8 million as of December 31, 2013. The Company recorded a non-cash impairment charge of approximately $14.9 million during the year ended December 31, 2013, as part of its interim impairment testing performed throughout the year. There were no other changes to the carrying values of the Company’s radio broadcasting licenses for the year ended December 31, 2013, for each unit of accounting, as noted in the table below. As noted above, each unit of accounting is a cluster of radio stations in one geographical market. The units of accounting are not disclosed on a specific market basis so as to not make sensitive information publicly available that could be competitively harmful to the Company. | |||||||||||||
Radio Broadcasting Licenses | |||||||||||||
Carrying Balances | |||||||||||||
As of | As of | ||||||||||||
Unit of Accounting | December | Impairment | December | ||||||||||
31, 2012 | / Transfers | 31, 2013 | |||||||||||
(In thousands ) | |||||||||||||
Unit of Accounting 3 | $ | 1,201 | $ | -1,201 | $ | – | |||||||
Unit of Accounting 2 | 3,086 | – | 3,086 | ||||||||||
Unit of Accounting 4 | 9,169 | – | 9,169 | ||||||||||
Unit of Accounting 5 | 18,657 | -1,970 | 16,687 | ||||||||||
Unit of Accounting 7 | 16,165 | – | 16,165 | ||||||||||
Unit of Accounting 14 | 20,434 | – | 20,434 | ||||||||||
Unit of Accounting 15 | 20,886 | – | 20,886 | ||||||||||
Unit of Accounting 11 | 21,135 | – | 21,135 | ||||||||||
Unit of Accounting 9 | 34,270 | – | 34,270 | ||||||||||
Unit of Accounting 6 | 26,242 | -3,600 | 22,642 | ||||||||||
Unit of Accounting 16 | 52,965 | – | 52,965 | ||||||||||
Unit of Accounting 13 | 52,556 | – | 52,556 | ||||||||||
Unit of Accounting 8 | 66,715 | – | 66,715 | ||||||||||
Unit of Accounting 12 | 58,779 | -8,600 | 50,179 | ||||||||||
Unit of Accounting 1 | 93,394 | – | 93,394 | ||||||||||
Unit of Accounting 10 | 179,541 | – | 179,541 | ||||||||||
Total | $ | 675,195 | $ | -15,371 | $ | 659,824 | |||||||
Our licenses expire at various dates through April 1, 2022, as set forth in the table on page 20, contained in Part I, Item 1 of this Form 10-K. | |||||||||||||
Valuation of Goodwill | |||||||||||||
The impairment testing of goodwill is performed at the reporting unit level. We had 20 reporting units as of our October 2013 annual impairment assessment, consisting of the 16 radio markets and four business divisions. In testing for the impairment of goodwill, we primarily rely on the income approach. The approach involves a 10-year model with similar variables as described above for broadcasting licenses, except that the discounted cash flows are based on the Company’s estimated and projected market revenue, market share and operating performance for its reporting units, instead of those for a hypothetical participant. The Company has adopted and elected to not apply the qualitative assessment as allowed by ASU 2011-08. We evaluate all events and circumstances on an interim basis to determine if a two-step process is required. The first step of the process involves estimating the fair value of each reporting unit. If the reporting unit’s fair value is less than its carrying value, a second step is performed to attribute the fair value of the reporting unit to the individual assets and liabilities of the reporting unit in order to determine the implied fair value of the reporting unit’s goodwill as of the impairment assessment date. Any excess of the carrying value of the goodwill over the implied fair value of the goodwill is written off as a charge to operations. | |||||||||||||
Given the gradual improvement in the economy, we included modest improvement estimates and projections in our 2013 annual assessment compared to our 2012 annual assessment. We have not made any changes to the methodology for valuing or allocating goodwill when determining the fair values of the reporting units. Due to the fact that there were impairment charges recognized for certain FCC licenses during 2013, we deemed to that to be an impairment indicator and, as such, we performed an interim analysis for certain radio markets’ goodwill as of June 30, 2013, and September 30, 2013. We did not identify any goodwill impairment during the year ended December 31, 2013. | |||||||||||||
Below are some of the key assumptions used in the income approach model for estimating reporting unit fair values for all annual impairment assessments performed since October 2011. | |||||||||||||
Goodwill (Radio Market | October 1, | October 1, | October 1, | ||||||||||
Reporting Units) | 2013 (a) | 2012 (a) | 2011 (a) | ||||||||||
Pre-tax impairment charge (in millions) | $ | – | $ | – | $ | 14.5 | |||||||
Discount Rate | 10 | % | 10 | % | 10 | % | |||||||
Year 1 Market Revenue Growth Rate Range | 0.0% -2.0 | % | 1.0% -2.0 | % | 2.0% -2.5 | % | |||||||
Long-term Market Revenue Growth Rate Range (Years 6 – 10) | 1.0% - 2.0 | % | 1.5% - 2.0 | % | 1.5% - 2.0 | % | |||||||
Mature Market Share Range | 7.1% - 19.8 | % | 6.7% - 20.8 | % | 7.4% - 20.8 | % | |||||||
Operating Profit Margin Range | 28.4% - 56.4 | % | 29.3% - 58.5 | % | 29.5% - 54.0 | % | |||||||
(a) Reflects the key assumptions for testing only those radio markets with remaining goodwill. | |||||||||||||
Below are some of the key assumptions used in the income approach model for estimating the fair value for Reach Media for the annual assessments since October 2011. When compared to the discount rates used for assessing radio market reporting units, the higher discount rates used in these assessments reflect a premium for a riskier and broader media business, with a heavier concentration and significantly higher amount of programming content related intangible assets that are highly dependent on the on-air personality Tom Joyner. As a result of our interim, annual and year end assessments, the Company concluded no impairment for the goodwill value had occurred. | |||||||||||||
October | October | October | |||||||||||
1, | 1, | 1, | |||||||||||
Reach Media Goodwill | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | - | $ | - | $ | - | |||||||
Discount Rate | 13 | % | 12 | % | 12 | % | |||||||
Year 1 Revenue Growth Rate | 1.5 | % | 2 | % | 2.5 | % | |||||||
Long-term Revenue Growth Rate Range | (4.5)% - 2.6 | % | (4.7)% - 2.8 | % | (2.0)% - 3.5 | % | |||||||
Operating Profit Margin Range | 11.5% - 21.5 | % | 4.6% - 19.8 | % | 18.8% - 21.7 | % | |||||||
Below are some of the key assumptions used in the income approach model for determining the fair value of our internet segment since October 2011. When compared to discount rates for the radio reporting units, the higher discount rate used to value the reporting unit is reflective of discount rates applicable to internet media businesses. As a result of the testing performed, the Company concluded no impairment to the carrying value of goodwill had occurred. We did not make any changes to the methodology for valuing or allocating goodwill when determining the carrying value. | |||||||||||||
Goodwill (Internet | October 1, | October 1, | October 1, | ||||||||||
Segment) | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | - | $ | - | $ | - | |||||||
Discount Rate | 14.5 | % | 13.5 | % | 14.5 | % | |||||||
Year 1 Revenue Growth Rate | 10 | % | 13.8 | % | 20.3 | % | |||||||
Long-term Revenue Growth Rate (Year 10) | 2.5 | % | 2.5 | % | 2.5 | % | |||||||
Operating Profit Margin Range | 5.4% - 24.8 | % | (4.8)% - 24.2 | % | 0.0% - 28.8 | % | |||||||
Given the consolidation of TV One effective April 14, 2011, the Company performed its first impairment testing in the Cable Television segment in December 2011. Below are some of the key assumptions used in the income approach model for determining the fair value since December 2011. As a result of the testing performed in 2011, 2012 and 2013, the Company concluded no impairment to the carrying value of goodwill had occurred. | |||||||||||||
October 1, | October 1, | December 31, | |||||||||||
Cable Television Goodwill | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | – | $ | – | $ | – | |||||||
Discount Rate | 10.8 | % | 10.8 | % | 11.5 | % | |||||||
Year 1 Revenue Growth Rate | 12.1 | % | 11.2 | % | 13.9 | % | |||||||
Long-term Revenue Growth Rate Range | 1.1% - 12.1 | % | 2.5% - 12.2 | % | 2.7% - 13.9 | % | |||||||
Operating Profit Margin Range | 30.6% - 35.7 | % | 33.3% - 36.2 | % | 29.9% - 42.2 | % | |||||||
The above four goodwill tables reflect some of the key valuation assumptions used for 12 of our 20 reporting units. The other eight remaining reporting units had no goodwill carrying value balances as of December 31, 2013 and 2012. | |||||||||||||
Goodwill Valuation Results | |||||||||||||
The table below presents the Company’s goodwill carrying values for its four reportable segments. There were no changes to the goodwill carrying balances during the year ended December 31, 2013. | |||||||||||||
Goodwill Carrying Balances | |||||||||||||
As of | As of | ||||||||||||
Reporting Unit | December | Increase | December | ||||||||||
31, 2012 | (Decrease) | 31, 2013 | |||||||||||
(In millions) | |||||||||||||
Radio Broadcasting Segment | $ | 70.8 | $ | - | $ | 70.8 | |||||||
Reach Media Segment | 14.4 | - | 14.4 | ||||||||||
Internet Segment | 21.8 | - | 21.8 | ||||||||||
Cable Television Segment | 165 | - | 165 | ||||||||||
Total | $ | 272 | $ | - | $ | 272 | |||||||
In arriving at the estimated fair values for radio broadcasting licenses and goodwill, we also performed an analysis by comparing our overall average implied multiple based on our cash flow projections and fair values to recently completed sales transactions, and by comparing our estimated fair values to the market capitalization of the Company. The results of these comparisons confirmed that the fair value estimates resulting from our annual assessments in 2013 were reasonable. | |||||||||||||
Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses | |||||||||||||
Other intangible assets, excluding goodwill and radio broadcasting licenses, are being amortized on a straight-line basis over various periods. Other intangible assets consist of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Period of Amortization | |||||||||||
(In thousands) | |||||||||||||
Trade names | $ | 17,133 | $ | 17,133 | 2-5 Years | ||||||||
Talent agreement | 19,549 | 19,549 | 10 Years | ||||||||||
Debt financing and modification costs | 19,021 | 18,674 | Term of debt | ||||||||||
Intellectual property | 14,151 | 14,151 | 4-10 Years | ||||||||||
Affiliate agreements | 186,755 | 186,755 | 1-10 Years | ||||||||||
Acquired income leases | 1,282 | 1,282 | 3-9 Years | ||||||||||
Non-compete agreements | 1,260 | 1,260 | 1-3 Years | ||||||||||
Advertiser agreements | 47,688 | 47,688 | 2-7 Years | ||||||||||
Favorable office and transmitter leases | 3,358 | 3,358 | 2-60 Years | ||||||||||
Brand names | 2,539 | 2,539 | 2.5 Years | ||||||||||
Brand names - unamortized | 39,688 | 39,688 | Indefinite | ||||||||||
Other intangibles | 3,662 | 3,662 | 1-5 Years | ||||||||||
356,086 | 355,739 | ||||||||||||
Less: Accumulated amortization | -153,493 | -121,738 | |||||||||||
Other intangible assets, net | $ | 202,593 | $ | 234,001 | |||||||||
Amortization expense of intangible assets for the years ended December 31, 2013, 2012 and 2011 was approximately $27.7 million, $28.4 million and $26.2 million, respectively. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for the years ended December 31, 2013, 2012 and 2011 was approximately $5.3 million, $4.5 million and $4.7 million, respectively. | |||||||||||||
The following table presents the Company’s estimate of amortization expense for the years 2014 through 2018 for intangible assets, excluding deferred financing costs: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 27,314 | |||||||||||
2015 | $ | 26,043 | |||||||||||
2016 | $ | 25,886 | |||||||||||
2017 | $ | 25,880 | |||||||||||
2018 | $ | 25,848 | |||||||||||
Actual amortization expense may vary as a result of future acquisitions and dispositions. | |||||||||||||
CONTENT_ASSETS
CONTENT ASSETS: | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Content Assets [Abstract] | ' | ||||||||
Content Assets [Text Block] | ' | ||||||||
6. CONTENT ASSETS: | |||||||||
TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to perpetuity. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. | |||||||||
The gross value and accumulated amortization of the content assets is as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | Period of Amortization | |||||||
(In thousands) | |||||||||
Produced content assets: | |||||||||
Completed | $ | 91,667 | $ | 63,562 | |||||
In-production | 4,906 | 7,120 | |||||||
Licensed content assets acquired: | |||||||||
Acquired | 94,653 | 74,041 | |||||||
Content assets, at cost | 191,226 | 144,723 | 1-9 Years | ||||||
Less: Accumulated amortization | -128,432 | -78,019 | |||||||
Content assets, net | 62,794 | 66,704 | |||||||
Current portion | -26,637 | -27,723 | |||||||
Noncurrent portion | $ | 36,157 | $ | 38,981 | |||||
Future estimated content amortization expense related to agreements entered into as of December 31, 2013, for years 2014 through 2018 is as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 26,637 | |||||||
2015 | $ | 16,927 | |||||||
2016 | $ | 9,730 | |||||||
2017 | $ | 2,078 | |||||||
2018 | $ | 796 | |||||||
Future minimum content payments required under agreements entered into as of December 31, 2013, are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 14,359 | |||||||
2015 | $ | 5,437 | |||||||
2016 | $ | 2,492 | |||||||
2017 | $ | 270 | |||||||
2018 | $ | 200 | |||||||
INVESTMENT_IN_AFFILIATED_COMPA
INVESTMENT IN AFFILIATED COMPANY: | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
7. INVESTMENT IN AFFILIATED COMPANY: | |
In January 2004, the Company, together with an affiliate of Comcast Corporation and other investors, launched TV One, an entity formed to operate a cable television network featuring lifestyle, entertainment and news-related programming targeted primarily towards African-American viewers. | |
On February 25, 2011, TV One completed its $119 million Redemption Financing. The Redemption Financing is structured as senior secured notes bearing a 10% coupon and is due in 2016. Subsequently, on February 28, 2011, TV One utilized $82.4 million of the Redemption Financing to repurchase 15.4% of its outstanding membership interests from certain financial investors and 2.0% of its outstanding membership interests held by TV One management (representing approximately 50% of interests held by management). Beginning on April 14, 2011, the Company began to account for TV One on a consolidated basis after having executed an amendment to the TV One operating agreement with the remaining members of TV One concerning certain governance issues. Finally, on April 25, 2011, TV One utilized the balance of the Redemption Financing to repurchase 12.4% of its outstanding membership interests from an investor. These redemptions by TV One increased the Company’s holding in TV One from 36.8% to approximately 50.9% as of April 25, 2011. Since April 2011, our ownership in TV One has increased to approximately 51.9% after further redemptions of certain management interests. As of December 31, 2013 and 2012, the Company owned approximately 51.9% and 51.1%, respectively, of TV One on a fully-converted basis. | |
Prior to the consolidation date, the Company recorded its investment at cost and had adjusted its carrying amount of the investment to recognize the change in the Company’s claim on the net assets of TV One resulting from operating income or losses of TV One as well as other capital transactions of TV One using a hypothetical liquidation at book value approach. On April 14, 2011, the Company began to account for TV One on a consolidated basis and the basis of the assets and liabilities of TV One at that date were recorded at fair value. For the period January 1, 2011 to April 14, 2011, the Company’s allocable share of TV One’s operating income was approximately $3.3 million. | |
We entered into separate network services and advertising services agreements with TV One in 2003. Under the network services agreement, we provided TV One with administrative and operational support services and access to Radio One personalities. In consideration of providing these services, we received equity in TV One, and received an annual management fee of $500,000 for providing services under the network services agreement. The network services agreement, originally scheduled to expire in January 2009 was extended to January 2011, at which time it expired. During 2013, we agreed with Comcast to increase the annual management fee to $1.7 million. While we are receiving the increased fee, we have yet to formally execute a new agreement. Until such time as a new network services agreement is executed, we continue to operate under the terms of the original agreement except for the increased management fee. | |
Under an advertising services agreement, we provided a specified amount of advertising to TV One. Prior to the consolidation date, the Company was accounting for the services provided to TV One under the advertising services agreement in accordance with ASC 505-50-30, “Equity.” As services were provided to TV One, the Company recorded revenue based on the fair value of the most reliable unit of measurement in these transactions. The most reliable unit of measurement had been determined to be the value of underlying advertising time that was provided to TV One. Prior to consolidation, the Company recognized $694,000 in revenue relating to these two agreements for the year ended December 31, 2011. The advertising services agreement was also originally scheduled to expire in January 2009 and was extended to January 2011, at which time it expired. However, we entered into a new advertising services agreement with TV One with an effective date of January 2011 that expired in January 2014. Under the new advertising services agreement, we (i) provided advertising services to TV One on certain of our media properties and (ii) acted as media placement agent for TV One in certain instances. In return for such services, TV One paid us for such advertising time and services and, where we acted as media placement agent, paid us a media placement fee equal to the lesser of 15% of media placement costs or a market rate, in addition to reimbursing us (or paying in advance) for all actual costs associated with the media placement services. These costs are eliminated in consolidation. We are currently evaluating the need for a new advertising services agreement. | |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Investments [Text Block] | ' | ||||||||||||||||
8. INVESTMENTS: | |||||||||||||||||
The Company’s investments (short-term and long-term) consist of the following: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Basis | Losses | Gains | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Corporate debt securities | $ | 147 | $ | -2 | $ | 2 | $ | 147 | |||||||||
Mutual funds | 2,528 | -213 | — | 2,315 | |||||||||||||
Total investments | $ | 2,675 | $ | -215 | $ | 2 | $ | 2,462 | |||||||||
Gross | Gross | ||||||||||||||||
Amortized Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Basis | Losses | Gains | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Corporate debt securities | $ | 188 | $ | — | $ | 4 | $ | 192 | |||||||||
Mutual funds | 1,608 | -107 | 1 | 1,502 | |||||||||||||
Total investments | $ | 1,796 | $ | -107 | $ | 5 | $ | 1,694 | |||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Total | |||||||||||||
Value | Losses | Value | Losses | Unrealized | |||||||||||||
< 1 Year | < 1 Year | > 1 Year | > 1 Year | Losses | |||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Corporate debt securities | $ | 119 | $ | -2 | $ | — | $ | — | $ | -2 | |||||||
Mutual funds | 765 | -27 | 1,477 | -186 | -213 | ||||||||||||
Total investments | $ | 884 | $ | -29 | $ | 1,477 | $ | -186 | $ | -215 | |||||||
Fair | Unrealized | Fair | Unrealized | Total | |||||||||||||
Value | Losses | Value | Losses | Unrealized | |||||||||||||
< 1 Year | < 1 Year | > 1 Year | > 1 Year | Losses | |||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Mutual funds | $ | 1,235 | $ | -107 | $ | — | $ | — | $ | -107 | |||||||
Total investments | $ | 1,235 | $ | -107 | $ | — | $ | — | $ | -107 | |||||||
The Company’s investments in debt securities are sensitive to interest rate fluctuations, which impact the fair value of individual securities. The Company has analyzed the unrealized losses on the 12 and six securities that were in an unrealized loss position as of December 31, 2013, and 2012, respectively, and believe that they do not meet the criteria for an other-than-temporary-impairment. The Company has not decided to sell the affected securities and it is not more likely than not that the Company will be required to sell before a recovery of the amortized cost of the affected securities. However, given the judgmental nature of the Company’s analysis, there is a continuing risk that further declines in fair value may occur. These declines could result in other-than-temporary-impairment losses in future periods. | |||||||||||||||||
The amortized cost and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. | |||||||||||||||||
Amortized | |||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Within 1 year | $ | 27 | $ | 27 | |||||||||||||
After 1 year through 5 years | 18 | 20 | |||||||||||||||
After 5 years through 10 years | 102 | 100 | |||||||||||||||
Total debt securities | $ | 147 | $ | 147 | |||||||||||||
A primary objective in the management of the fixed maturity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market conditions or other investment opportunities, as well as tax considerations. Sales will generally produce realized gains or losses. In the ordinary course of business, the Company may sell securities for a number of reasons, including, but not limited to: (i) changes to the investment environment; (ii) expectation that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; and (v) changes in expected cash flow. Available-for-sale securities were sold as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Proceeds from sales | $ | 1,665 | $ | 9,122 | |||||||||||||
Gross realized gains | — | 79 | |||||||||||||||
Gross realized losses | — | -123 | |||||||||||||||
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES: | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities Disclosure [Text Block] | ' | |||||||
9. OTHER CURRENT LIABILITIES: | ||||||||
Other current liabilities consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred revenue | $ | 4,760 | $ | 4,281 | ||||
Deferred barter revenue | 1,511 | 825 | ||||||
Incentive award plan | — | 3,208 | ||||||
Deferred rent | 587 | 983 | ||||||
Accrued national representative fees | 807 | 782 | ||||||
Accrued miscellaneous taxes | 661 | 826 | ||||||
Income taxes payable | 893 | — | ||||||
Tenant allowance | 461 | 576 | ||||||
Other current liabilities | 6,496 | 4,686 | ||||||
Other current liabilities | $ | 16,176 | $ | 16,167 | ||||
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||
10. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: | |||||||||||||
ASC 815, “Derivatives and Hedging,” establishes disclosure requirements related to derivative instruments and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments; (b) how derivative instruments and related hedged items are accounted for and its related interpretations; and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. ASC 815 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | |||||||||||||
The fair values and the presentation of the Company’s derivative instruments in the consolidated balance sheet are as follows: | |||||||||||||
Liability Derivatives | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Employment agreement award | Other Long-Term Liabilities | $ | 13,688 | Other Long-Term Liabilities | $ | 11,374 | |||||||
Total derivatives | $ | 13,688 | $ | 11,374 | |||||||||
The effect and the presentation of the Company’s derivative instruments on the consolidated statement of operations are as follows: | |||||||||||||
Location of Gain | |||||||||||||
Derivatives Not Designated | (Loss) | Amount of Gain (Loss) | |||||||||||
as Hedging Instruments | in Income of Derivative | in Income of Derivative | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Employment agreement award | Corporate selling, general and administrative expense | $ | -2,314 | $ | -1,028 | $ | -3,522 | ||||||
Hedging Activities | |||||||||||||
In June 2005, pursuant to a previous credit agreement, the Company entered into four fixed rate swap agreements to reduce interest rate fluctuations on certain floating rate debt commitments. One of the four $25.0 million swap agreements expired in each of June 2007 and 2008, and 2010, respectively. The remaining $25.0 million swap agreement was terminated on March 31, 2011, in conjunction with the March 31, 2011 retirement of our Previous Credit Agreement. We have no swap agreements in connection with our current credit facilities. | |||||||||||||
Each swap agreement had been accounted for as a qualifying cash flow hedge of the Company’s senior bank debt, in accordance with ASC 815, “Derivatives and Hedging,” whereby changes in the fair market value were reflected as adjustments to the fair value of the derivative instruments as reflected on the accompanying consolidated financial statements. | |||||||||||||
The Company’s objectives in using interest rate swaps were to manage interest rate risk associated with the Company’s floating rate debt commitments and to add stability to future cash flows. To accomplish this objective, the Company used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges was recorded in Accumulated Other Comprehensive Loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2011, such derivatives were used to hedge the variable cash flows associated with existing floating rate debt commitments. For the year ended December 31, 2011, the Company recorded approximately $1.4 million gain in Other Comprehensive Loss on the interest rate swap. The ineffective portion of the change in fair value of the derivatives, if any, was recognized directly in earnings. There was no hedging ineffectiveness during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Amounts reported in Accumulated Other Comprehensive Loss related to derivatives were reclassified to interest expense as interest payments were made on the Company’s floating rate debt. For the year ended December 31, 2011, the Company reclassified $258,000 to interest expense. | |||||||||||||
Under the swap agreements, the Company paid a fixed rate. The counterparties to the agreements paid the Company a floating interest rate based on the three month LIBOR, for which measurement and settlement were performed quarterly. The counterparties to these agreements were international financial institutions. | |||||||||||||
Other Derivative Instruments | |||||||||||||
The Company recognizes all derivatives at fair value, whether designated in hedging relationships or not, on the balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the statement of operations when the hedged item affects net income. If a derivative does not qualify as a hedge, it is marked to fair value through the statement of operations. | |||||||||||||
As of December 31, 2013, the Company was party to an Employment Agreement executed in April 2008 with the CEO. Pursuant to the Employment Agreement, the CEO is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reassessed the estimated fair value of the award at December 31, 2013, to be approximately $13.7 million, and accordingly, adjusted its liability to this amount. The Company’s obligation to pay the award will be triggered only after the Company’s recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company, or is terminated for cause. The terms of the Employment Agreement remain in effect including eligibility for the TV One award. | |||||||||||||
LONGTERM_DEBT
LONG-TERM DEBT: | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||
11. LONG-TERM DEBT: | ||||||||||||||
Long-term debt consists of the following: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Senior bank term debt | $ | 373,456 | $ | 377,297 | ||||||||||
63/8% Senior Subordinated Notes due February 2013 | — | 747 | ||||||||||||
121/2%/15% Senior Subordinated Notes due May 2016 | 327,034 | 327,034 | ||||||||||||
10% Senior Secured TV One Notes due March 2016 | 119,000 | 119,000 | ||||||||||||
Total debt | 819,490 | 824,078 | ||||||||||||
Less: current portion | 3,840 | 4,587 | ||||||||||||
Less: original issue discount | 3,855 | 5,360 | ||||||||||||
Long-term debt, net | $ | 811,795 | $ | 814,131 | ||||||||||
Credit Facilities | ||||||||||||||
Current Credit Facilities | ||||||||||||||
On March 31, 2011, the Company entered into a senior secured credit facility (the “2011 Credit Agreement”) with a syndicate of banks, and simultaneously borrowed $386.0 million to retire all outstanding obligations under the Company’s previous amended and restated credit agreement and to fund our obligation with respect to a capital call initiated by TV One. The total amount available under the 2011 Credit Agreement is $411.0 million, consisting of a $386.0 million term loan facility that matures on March 31, 2016 and a $25.0 million revolving loan facility that matures on March 31, 2015. Borrowings under the credit facilities are subject to compliance with certain covenants including, but not limited to, certain financial covenants. Proceeds from the credit facilities can be used for working capital, capital expenditures made in the ordinary course of business, its common stock repurchase program, permitted direct and indirect investments and other lawful corporate purposes. On December 19, 2012, the Company entered into an amendment to the 2011 Credit Agreement (the “December 2012 Amendment”). The December 2012 Amendment: (i) modifies financial covenant levels with respect to the Company's total-leverage, secured-leverage, and interest-coverage ratios; (ii) increases the amount of cash the Company can net for determination of its net indebtedness tests; and (iii) extends the time for certain of the 2011 Credit Agreement's call premium while reducing the time for its later and lower premium. | ||||||||||||||
The 2011 Credit Agreement, as amended, contains affirmative and negative covenants that the Company is required to comply with, including: | ||||||||||||||
(a) maintaining an interest coverage ratio of no less than: | ||||||||||||||
< | 1.10 to 1.00 on December 31, 2012 and the last day of each fiscal quarter through December 31, 2013; | |||||||||||||
< | 1.20 to 1.00 on March 31, 2014 and the last day of each fiscal quarter through September 30, 2014; | |||||||||||||
< | 1.25 to 1.00 on December 31, 2014 and the last day of each fiscal quarter through September 30, 2015; and | |||||||||||||
< | 1.50 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | |||||||||||||
(b) maintaining a senior secured leverage ratio of no greater than: | ||||||||||||||
< | 4.50 to 1.00 on September 30, 2012 and the last day of each fiscal quarter through December 31, 2013; | |||||||||||||
< | 4.25 to 1.00 on March 31, 2014 and the last day of each fiscal quarter through June 30, 2014; | |||||||||||||
< | 4.00 to 1.00 on September 30, 2014; | |||||||||||||
< | 3.75 to 1.00 on December 31, 2014; | |||||||||||||
< | 3.25 to 1.00 on March 31, 2015 and the last day of each fiscal quarter through September 30, 2015; and | |||||||||||||
< | 2.75 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | |||||||||||||
(c) maintaining a total leverage ratio of no greater than: | ||||||||||||||
< | 8.50 to 1.00 on December 31, 2012 and the last day of each fiscal quarter through December 31, 2013; | |||||||||||||
< | 8.25 to 1.00 on March 31, 2014 and June 30, 2014; | |||||||||||||
< | 8.00 to 1.00 on September 30, 2014; | |||||||||||||
< | 7.50 to 1.00 on December 31, 2014; | |||||||||||||
< | 6.50 to 1.00 on March 31, 2015 and the last day of each fiscal quarter through September 30, 2015; and | |||||||||||||
< | 6.00 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | |||||||||||||
(d) limitations on: | ||||||||||||||
< | liens; | |||||||||||||
< | sale of assets; | |||||||||||||
< | payment of dividends; and | |||||||||||||
< | mergers. | |||||||||||||
As of December 31, 2013, ratios calculated in accordance with the 2011 Credit Agreement, as amended, are as follows: | ||||||||||||||
As of | Covenant | Excess | ||||||||||||
December | Limit | Coverage | ||||||||||||
31, 2013 | ||||||||||||||
Pro Forma Last Twelve Months Covenant EBITDA (In millions) | $ | 102.2 | ||||||||||||
Pro Forma Last Twelve Months Interest Expense (In millions) | $ | 71.3 | ||||||||||||
Senior Debt (In millions) | $ | 341.4 | ||||||||||||
Total Debt (In millions) | $ | 668.5 | ||||||||||||
Interest Coverage | ||||||||||||||
Covenant EBITDA / Interest Expense | 1.43 | x | 1.1 | x | 0.33 | x | ||||||||
Senior Secured Leverage | ||||||||||||||
Senior Secured Debt / Covenant EBITDA | 3.34 | x | 4.5 | x | 1.16 | x | ||||||||
Total Leverage | ||||||||||||||
Total Debt / Covenant EBITDA | 6.54 | x | 8.5 | x | 1.96 | x | ||||||||
EBITDA - Earnings before interest, taxes, depreciation and amortization | ||||||||||||||
In accordance with the 2011 Credit Agreement, as amended, the calculations for the ratios above do not include the operating results or related debt of TV One, but rather include our proportionate share of cash dividends from TV One for periods presented. | ||||||||||||||
As of December 31, 2013, the Company was in compliance with all of its financial covenants under the 2011 Credit Agreement, as amended. | ||||||||||||||
Under the terms of the 2011 Credit Agreement, as amended, interest on base rate loans is payable quarterly and interest on LIBOR loans is payable monthly or quarterly. The base rate is equal to the greater of: (i) the prime rate; (ii) the Federal Funds Effective Rate plus 0.50%; or (iii) the LIBOR Rate for a one-month period plus 1.00%. The applicable margin on the 2011 Credit Agreement is between (i) 4.50% and 5.50% on the revolving portion of the facility and (ii) 5.00% (with a base rate floor of 2.5% per annum) and 6.00% (with a LIBOR floor of 1.5% per annum) on the term portion of the facility. The average interest rate was 7.5% for 2013. Quarterly installments of 0.25%, or $960,000, of the principal balance on the term loan are payable on the last day of each March, June, September and December. | ||||||||||||||
As of December 31, 2013, the Company had approximately $24.0 million of borrowing capacity under its revolving credit facility. After taking into consideration the financial covenants under the 2011 Credit Agreement, as amended, approximately $24.0 million was available to be borrowed. | ||||||||||||||
As of December 31, 2013, the Company had outstanding approximately $373.5 million on its term credit facility. During the year ended December 31, 2013, the Company repaid approximately $3.8 million under the 2011 Credit Agreement, as amended. The original issue discount is being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the credit facility. According to the terms of the Credit Agreement, as amended, there was no term loan principal repayment based on its December 31, 2012 excess cash flow calculation. | ||||||||||||||
According to the terms of the Credit Agreement, as amended, the Company anticipates making an excess cash flow payment of between $0 and approximately $2.0 million during April 2014, depending on the level of acceptance by our syndicate of lenders. | ||||||||||||||
Senior Subordinated Notes | ||||||||||||||
On November 24, 2010, we issued $286.8 million of our 121/2%/15% Senior Subordinated Notes due May 2016 (the “121/2%/15% Senior Subordinated Notes due May 2016”) in a private placement and exchanged and then cancelled approximately $97.0 million of $101.5 million in aggregate principal amount outstanding of our 8 7/8% senior subordinated notes due 2011 (the “2011 Notes”) and approximately $199.3 million of $200.0 million in aggregate principal amount outstanding of our 63/8% Senior Subordinated Notes that matured in February 2013 (the “2013 Notes” and the 2013 Notes together with the 2011 Notes, the “Prior Notes”). We entered into supplemental indentures in respect of each of the Prior Notes which waived any and all existing defaults and events of default that had arisen or may have arisen that may be waived and eliminated substantially all of the covenants in each indenture governing the Prior Notes, other than the covenants to pay principal and interest on the Prior Notes when due, and eliminated or modified the related events of default. Subsequently, all remaining outstanding 2011 Notes were repurchased pursuant to the indenture governing the 2011 Notes, effective as of December 24, 2010. | ||||||||||||||
As of December 31, 2013, the Company had outstanding $327.0 million of our 121/2%/15% Senior Subordinated Notes due May 2016. (See Note 19— Subsequent Events.) | ||||||||||||||
Pursuant to Rule 3-10 of Regulation S-X, the Company has in its past periodic reports, including its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, included in a footnote to its financial statements, condensed consolidating financial information for the Company, the wholly-owned guarantor subsidiaries on a combined basis, the non-wholly owned guarantor subsidiaries on a combined basis, the non-guarantor subsidiaries on a combined basis, consolidating adjustments and the total consolidated amounts. Pursuant to Rule 3-10 of Regulation S-X, the Company has also included in its past periodic reports the stand-alone financial statements of Reach Media, beginning with its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013. The Company and its subsidiary guarantors filed a Form 15 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission on March 18, 2014 with respect to its 2016 Notes. As its new Notes are not registered, the Company will no longer be required to present expanded information with respect to Reach Media or the non-guarantor subsidiaries. The non-guarantor subsidiaries generated 33.3% of our consolidated revenues for the year ended December 31, 2013, and held 10.0% of our consolidated assets as of December 31, 2013. As of December 31, 2013, the non-guarantor subsidiaries, including TV One, had $154.0 million of total liabilities, including $119.0 million represented by the notes issued by TV One. | ||||||||||||||
Interest payments under the terms of the 63/8% Senior Subordinated Notes that matured in February 2013, were due in February and August. Based on the $747,000 principal balance of the 63/8% Senior Subordinated Notes outstanding at December 31, 2012, interest payments of $24,000 were paid each February and August through February 2013. | ||||||||||||||
Interest on the 121/2%/15% Senior Subordinated Notes was initially payable in cash, or at our election, partially in cash and partially through the issuance of additional 121/2%/15% Senior Subordinated Notes (a “PIK Election”) on a quarterly basis in arrears on February 15, May 15, August 15 and November 15, commencing on February 15, 2011. We made a PIK Election with respect to interest accruing up to but not including May 15, 2012. With respect to interest accruing from and after May 15, 2012, such interest accrued at a rate of 121/2% payable in cash. | ||||||||||||||
Interest on the 121/2%/15% Senior Subordinated Notes due May 2016 accrued from the date of original issuance or, if interest had already been paid, from the date it was most recently paid. Interest accrues for each quarterly period at a rate of 121/2% for such quarterly period that interest is paid fully in cash. However, during the period the PIK Election was in effect, the interest paid in cash and the interest paid-in-kind (“PIK”) by issuance of additional 121/2%/15% Senior Subordinated Notes due May 2016 (“PIK Notes”) accrued for such quarterly period at 6.0% cash per annum and 9.0% PIK per annum. | ||||||||||||||
A PIK Election remained in effect through May 14, 2012. Beginning on May 15, 2012, interest accrued at a rate of 121/2% and was payable wholly in cash and the Company no longer had an option to pay any portion of its interest through the issuance of PIK Notes. During the year ended December 31, 2012, the Company issued approximately $14.2 million of additional 121/2%/15% Senior Subordinated Notes in accordance with the PIK Election that was in effect through May 14, 2012. | ||||||||||||||
The indentures governing the Company’s 121/2%/15% Senior Subordinated Notes also contain covenants that restrict, among other things, the ability of the Company to incur additional debt, purchase common stock, make capital expenditures, make investments or other restricted payments, swap or sell assets, engage in transactions with related parties, secure non-senior debt with assets, or merge, consolidate or sell all or substantially all of its assets. | ||||||||||||||
The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries had fully and unconditionally guaranteed the Company’s 121/2%/15% Senior Subordinated Notes, the 63/8% Senior Subordinated Notes and the Company’s obligations under the 2011 Credit Agreement, as amended. | ||||||||||||||
TV One Senior Secured Notes | ||||||||||||||
TV One issued $119.0 million in senior secured notes on February 25, 2011. The proceeds from the notes were issued to purchase equity interests from certain financial investors and TV One management. The notes bear interest at 10.0% per annum, which is payable monthly, and the entire principal amount is due on March 15, 2016. | ||||||||||||||
Future scheduled minimum principal payments of debt as of December 31, 2013, are as follows: | ||||||||||||||
Credit Facility | Senior | TV One Senior | Total | |||||||||||
Subordinated | Secured Notes | |||||||||||||
Notes | ||||||||||||||
2014 | $ | 3,840 | $ | — | $ | — | $ | 3,840 | ||||||
2015 | 3,840 | — | — | 3,840 | ||||||||||
2016 | 365,776 | 327,034 | 119,000 | 811,810 | ||||||||||
Total Debt | $ | 373,456 | $ | 327,034 | $ | 119,000 | $ | 819,490 | ||||||
We continually evaluate opportunities based upon market conditions to refinance our outstanding indebtedness in order to reduce our borrowing costs, extend maturities and/or increase our operating flexibility. There can be no guarantee that any such refinancing opportunities will be available on acceptable terms or at all. | ||||||||||||||
INCOME_TAXES
INCOME TAXES: | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
12. INCOME TAXES: | |||||||||||
The Company’s provision for income taxes from continuing operations was approximately $28.7 million for the year ended December 31, 2013, compared to a provision for income taxes of approximately $33.2 million and $66.7 million for the years ended December 31, 2012 and 2011, respectively. A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows: | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Statutory tax (@ 35% rate) | $ | -5,486 | $ | -7,244 | $ | 27,912 | |||||
Effect of state taxes, net of federal benefit | -189 | -450 | 4,331 | ||||||||
Effect of state rate and tax law changes | 145 | 407 | 750 | ||||||||
Other permanent items | 214 | 149 | 1 | ||||||||
Disallowed interest | 5,632 | 5,364 | 8,825 | ||||||||
Non-deductible officer’s compensation | 1,453 | 1,012 | 2,226 | ||||||||
Valuation allowance | 42,845 | 34,644 | 14,861 | ||||||||
Noncontrolling interest | -16,229 | — | — | ||||||||
Effect of permanent impairment of long-lived assets | — | — | 4,540 | ||||||||
Expiring NOLs and charitable carryovers | 64 | 137 | 1,037 | ||||||||
Forfeiture of stock-based compensation | 512 | 163 | 1,151 | ||||||||
Uncertain tax positions | — | -709 | — | ||||||||
Other | -242 | -238 | 1,052 | ||||||||
Provision for income taxes | $ | 28,719 | $ | 33,235 | $ | 66,686 | |||||
The components of the provision for income taxes from continuing operations are as follows: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Federal: | |||||||||||
Current | $ | 92 | $ | -639 | $ | 1,980 | |||||
Deferred | 21,084 | 29,120 | 53,113 | ||||||||
State: | |||||||||||
Current | 1,319 | -649 | 555 | ||||||||
Deferred | 6,224 | 5,403 | 11,038 | ||||||||
Provision for income taxes | $ | 28,719 | $ | 33,235 | $ | 66,686 | |||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 1,417 | $ | 979 | |||||||
Accruals | 2,200 | 560 | |||||||||
Total current deferred tax assets before valuation allowance | 3,617 | 1,539 | |||||||||
Valuation allowance | -4,683 | -1,330 | |||||||||
Total current deferred tax (liabilities) assets, net | -1,066 | 209 | |||||||||
Intangible assets | 10,392 | 15,073 | |||||||||
Fixed assets | 477 | — | |||||||||
Stock-based compensation | 890 | 1,348 | |||||||||
Net operating loss carryforwards | 309,546 | 284,702 | |||||||||
Other | 696 | 668 | |||||||||
Total noncurrent deferred tax assets before valuation allowance | 322,001 | 301,791 | |||||||||
Valuation allowance | -317,782 | -278,290 | |||||||||
Net noncurrent deferred tax assets | 4,219 | 23,501 | |||||||||
Total deferred tax assets | $ | 3,153 | $ | 23,710 | |||||||
Deferred tax liabilities: | |||||||||||
Prepaid expenses | -134 | -97 | |||||||||
Total current deferred tax liability | -134 | -97 | |||||||||
Intangible assets | -181,065 | -154,464 | |||||||||
Fixed assets | — | -110 | |||||||||
Partnership interests | -36,895 | -56,606 | |||||||||
Other | -504 | -570 | |||||||||
Total noncurrent deferred tax liabilities | -218,464 | -211,750 | |||||||||
Total deferred tax liabilities | -218,598 | -211,847 | |||||||||
Net current deferred tax (liability) asset | -1,200 | 112 | |||||||||
Net noncurrent deferred tax liability | -214,245 | -188,249 | |||||||||
Net deferred tax liability | $ | -215,445 | $ | -188,137 | |||||||
As of December 31, 2013, the Company had federal, state, and city net operating loss (“NOL”) carryforward amounts of approximately $778.6 million, $763.3 million, and $173.9 million, respectively. The state and city NOLs are applied separately from the federal NOL as the Company generally files separate state and city returns for each subsidiary. Additionally, the amount of the state NOLs may change if future state apportionment factors differ from current factors. The NOLs may be subject to limitation under Internal Revenue Code Section 382. The NOLs begin to expire as early as 2017, with the final expirations in 2033. | |||||||||||
Deferred income taxes reflect the impact of temporary differences between the assets and liabilities recognized for financial reporting purposes and amounts recognized for tax purposes. Deferred taxes are based on tax laws as currently enacted. | |||||||||||
The Company had unrecognized tax benefits of approximately $5.1 million related to state NOLs of approximately $62.0 million as of December 31, 2013. | |||||||||||
The Company concluded it was more likely than not that the benefit from certain of its deferred tax assets (“DTAs”) would not be realized. The Company considered its historically profitable jurisdictions, its sources of future taxable income and tax planning strategies in determining the amount of valuation allowance recorded. As part of that assessment, the Company also determined that it was not appropriate under generally accepted accounting principles to benefit its DTAs with deferred tax liabilities (“DTLs”) related to indefinite-lived intangibles that cannot be scheduled to reverse in the same requisite period. Because the DTL in this case would not reverse until some future indefinite period when the intangibles are either sold or impaired, any resulting temporary differences cannot be considered a source of future taxable income to support realization of the DTAs. As a result of the assessment, and given the current total three year cumulative loss position, the uncertainty of future taxable income and the feasibility of tax planning strategies, the Company recorded a valuation allowance of approximately $322.5 million, $279.6 million and $244.9 million as of December 31, 2013, 2012 and 2011, respectively. | |||||||||||
The nature of the uncertainties pertaining to the Company’s income taxes is primarily due to various state NOL positions. As of December 31, 2013, the Company had unrecognized tax benefits of approximately $5.1 million, of which a net amount of approximately $3.3 million, if recognized, would impact the effective tax rate if there was no valuation allowance. The Company estimates no change to its unrecognized tax benefits prior to the NOL expiration. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Balance as of January 1 | $ | 5,071 | $ | 5,780 | $ | 5,822 | |||||
Reductions for tax positions as a result of the lapse of applicable statutes | — | -600 | -42 | ||||||||
of limitations | |||||||||||
Reductions for tax positions as a result of tax settlements | — | -109 | — | ||||||||
Balance as of December 31 | $ | 5,071 | $ | 5,071 | $ | 5,780 | |||||
As of December 31, 2013, Reach Media is under examination by the Internal Revenue Service for the tax year ended December 31, 2011. Additionally, Radio One is under examination by the state of New York for the tax years ended December 31, 2011, 2010 and 2009, respectively. The Company’s open tax years for federal income tax examinations include the tax years ended December 31, 2010 through 2013. Additionally, prior years are open to the extent of the amount of the net operating loss from that year. For state and local tax purposes, the open years for tax examinations include the years ended December 31, 2009 through 2013. | |||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY: | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
13. STOCKHOLDERS’ EQUITY: | ||||||||||||||
Common Stock | ||||||||||||||
The Company has four classes of common stock, Class A, Class B, Class C and Class D. Generally, the shares of each class are identical in all respects and entitle the holders thereof to the same rights and privileges. However, with respect to voting rights, each share of Class A common stock entitles its holder to one vote and each share of Class B common stock entitles its holder to ten votes. The holders of Class C and Class D common stock are not entitled to vote on any matters. The holders of Class A common stock can convert such shares into shares of Class C or Class D common stock. Subject to certain limitations, the holders of Class B common stock can convert such shares into shares of Class A common stock. The holders of Class C common stock can convert such shares into shares of Class A common stock. The holders of Class D common stock have no such conversion rights. | ||||||||||||||
Stock Repurchase Program | ||||||||||||||
In April 2011, the Company’s board of directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “2011 Repurchase Authorization”). Under the 2011 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $15 million worth of its Class A and/or Class D common stock prior to April 13, 2013. In January 2013, the Company’s board of directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “January 2013 Repurchase Authorization”). Under the January 2013 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $2.0 million worth of its Class A and/or Class D common stock. Subsequently, in May 2013, the Company’s board of directors authorized a further $1.5 million worth of stock repurchases (the “May 2013 Repurchase Authorization”). Thus, the aggregate amount authorized between the January 2013 Repurchase Authorization and the May 2013 Repurchase Authorization was $3.5 million. As of December 31, 2013, the Company had $57,000 remaining between the two authorizations with respect to its Class A and D common stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. The Company executes upon the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the year ended December 31, 2013, the Company repurchased 2,630,574 shares of Class D common stock in the amount of $5,397,734 at an average price of $2.05 per share and 32,669 shares of Class A common stock in the amount of $70,986 at an average price of $2.17 per share. During the year ended December 31, 2012, the Company did not repurchase any Class A Common Stock or Class D Common Stock. During the year ended December 31, 2011, the Company repurchased 54,566 shares of Class A common stock in the amount of $73,000 at an average price of $1.34 per share and 4,245,567 shares of Class D common stock in the amount of approximately $9.4 million at an average price of $2.21 per share. | ||||||||||||||
Stock Option and Restricted Stock Grant Plan | ||||||||||||||
Under the Company’s 1999 Stock Option and Restricted Stock Grant Plan (“Plan”), the Company had the authority to issue up to 10,816,198 shares of Class D common stock and 1,408,099 shares of Class A common stock. The Plan expired March 10, 2009. The options previously issued under this plan are exercisable in installments determined by the compensation committee of the Company’s board of directors at the time of grant. These options expire as determined by the compensation committee, but no later than ten years from the date of the grant. The Company uses an average life for all option awards. The Company settles stock options upon exercise by issuing stock. | ||||||||||||||
A stock option and restricted stock plan (“the 2009 Stock Plan”) was approved by the stockholders at the Company’s annual meeting on December 16, 2009. The terms of the 2009 Stock Plan are substantially similar to the prior Plan. The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan. After the issuance of the LTIP Shares (as defined below), approximately 5,000,000 shares remained available for issuance. On September 26, 2013, the board of directors adopted, and our stockholders approved on November 14, 2013, certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. The Amended and Restated 2009 Stock Plan increased the authorized plan shares remaining available for grant to 7,000,000 shares of Class D common stock. Under the 2009 Plan as currently in effect, in any one calendar year, the compensation committee shall not grant to any one participant options to purchase, or grants of, a number of shares of Class D common stock in excess of 1,000,000. Under the Amended and Restated 2009 Stock Plan, this limitation was eliminated. The purpose of eliminating this limitation is to provide the compensation committee with maximum flexibility in setting executive compensation. As of December 31, 2013, 7,000,000 shares of Class D Common Stock were available for grant under the Amended and Restated 2009 Stock Plan. | ||||||||||||||
In December 2009, the compensation committee and the non-executive members of the Board of Directors approved a long-term incentive plan (the “2009 LTIP”) for certain key employees of the Company. The 2009 LTIP is comprised of 3,250,000 shares (the “LTIP Shares”) of the 2009 Stock Plan’s 8,250,000 shares of Class D Common Stock. Awards of the LTIP Shares were granted in the form of restricted stock and allocated among 31 employees of the Company, including the named executive officers. The named executive officers were allocated LTIP Shares as follows: (i) Chief Executive Officer (“CEO”) (1.0 million shares); (ii) the Chairperson (300,000 shares); (iii) the Chief Financial Officer (“CFO”) (225,000 shares); (iv) the Chief Administrative Officer (“CAO”) (225,000 shares); and (v) the former President of the Radio Division (“PRD”) (130,000 shares). The remaining 1,370,000 shares were allocated among 26 other key employees. All awards vested in three installments. The awards were granted effective January 5, 2010, and the first installment of 33% vested on June 5, 2010, the second installment vested on June 5, 2011. The third installment was originally scheduled to vest on June 5, 2012, but upon determination by the compensation committee was accelerated to vest on November 19, 2011. Pursuant to the terms of the 2009 Stock Plan, subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold into the open market for employee tax withholding purposes on or about the vesting dates. | ||||||||||||||
The Company follows the provisions under ASC 718, “Compensation - Stock Compensation,” using the modified prospective method, which requires measurement of compensation cost for all stock-based awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. These stock-based awards do not participate in dividends until fully vested. The fair value of stock options is determined using the Black-Scholes (“BSM”) valuation model. Such fair value is recognized as an expense over the service period, net of estimated forfeitures, using the straight-line method. Estimating the number of stock awards that will ultimately vest requires judgment, and to the extent actual forfeitures differ substantially from our current estimates, amounts will be recorded as a cumulative adjustment in the period the estimated number of stock awards are revised. We consider many factors when estimating expected forfeitures, including the types of awards, employee classification and historical experience. Actual forfeitures may differ substantially from our current estimate. | ||||||||||||||
The Company’s use of the BSM valuation model to calculate the fair value of stock-based awards incorporates various assumptions including volatility, expected life, and interest rates. For options granted, the BSM option-pricing model determines: (i) the term by using the simplified “plain-vanilla” method as allowed under SAB No. 110; (ii) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; and (iii) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant. | ||||||||||||||
The Company did not grant any stock options during the year ended December 31, 2013. The Company granted 150,600 and 181,520 stock options during the years ended December 31, 2012 and 2011, respectively. The per share weighted-average fair value of options granted during the years ended December 31, 2012 and 2011 was $0.73 and $1.38, respectively. | ||||||||||||||
These fair values were derived using the BSM with the following weighted-average assumptions: | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Average risk-free interest rate | — | 0.62 | % | 2.23 | % | |||||||||
Expected dividend yield | — | 0 | % | 0 | % | |||||||||
Expected lives | — | 6.00 years | 6.00 years | |||||||||||
Expected volatility | — | 127.5 | % | 120.7 | % | |||||||||
Transactions and other information relating to stock options for the years December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||||
of | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Term (In | ||||||||||||||
Years) | ||||||||||||||
Outstanding at December 31, 2010 | 4,999,000 | $ | 9.4 | — | — | |||||||||
Grants | 182,000 | $ | 1.38 | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -370,000 | $ | 16.57 | |||||||||||
Outstanding at December 31, 2011 | 4,811,000 | $ | 8.6 | — | — | |||||||||
Grants | 151,000 | $ | 0.83 | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -332,000 | $ | 11.05 | |||||||||||
Outstanding at December 31, 2012 | 4,630,000 | $ | 8.17 | — | — | |||||||||
Grants | — | $ | — | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -330,000 | $ | 17.43 | |||||||||||
Outstanding at December 31, 2013 | 4,300,000 | $ | 7.46 | 2.98 | $ | 5,353,663 | ||||||||
Vested and expected to vest at December 31, 2013 | 4,291,000 | $ | 7.47 | 2.97 | $ | 5,326,500 | ||||||||
Unvested at December 31, 2013 | 75,000 | $ | 0.83 | 8.43 | $ | 222,888 | ||||||||
Exercisable at December 31, 2013 | 4,225,000 | $ | 7.58 | 2.88 | $ | 5,130,775 | ||||||||
The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the year ended December 31, 2013, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on December 31, 2013. This amount changes based on the fair market value of the Company’s stock. There were no options exercised during the year ended December 31, 2013. The number of options that vested during the year ended December 31, 2013 was 108,725. | ||||||||||||||
As of December 31, 2013, approximately $26,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 5 months. The stock option weighted-average fair value per share was $2.65 at December 31, 2013. | ||||||||||||||
The Company granted 109,645 shares of restricted stock during the year ended December 31, 2013. These restricted shares were issued to the Company’s non-executive directors as a part of their annual compensation package. Each of the five non-executive directors received 21,929 shares of restricted stock or $50,000 worth of restricted stock based upon the closing price of the Company’s Class D common stock on June 14, 2013. These shares vest over a two-year period in equal 50% installments. The Company did not grant shares of restricted stock during year ended December 31, 2012. | ||||||||||||||
Transactions and other information relating to restricted stock grants for the years ended December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||||
Shares | Average | |||||||||||||
Fair | ||||||||||||||
Value at | ||||||||||||||
Grant | ||||||||||||||
Date | ||||||||||||||
Unvested at December 31, 2010 | 2,310,000 | $ | 2.92 | |||||||||||
Grants | 60,000 | $ | 1.19 | |||||||||||
Vested | -2,203,000 | $ | 2.99 | |||||||||||
Forfeited/cancelled/expired | -23,000 | $ | 3.17 | |||||||||||
Unvested at December 31, 2011 | 144,000 | $ | 1.1 | |||||||||||
Grants | — | $ | — | |||||||||||
Vested | -62,000 | $ | 1.09 | |||||||||||
Forfeited/cancelled/expired | — | $ | — | |||||||||||
Unvested at December 31, 2012 | 82,000 | $ | 1.11 | |||||||||||
Grants | 110,000 | $ | 2.28 | |||||||||||
Vested | -62,000 | $ | 1.09 | |||||||||||
Forfeited/cancelled/expired | — | $ | — | |||||||||||
Unvested at December 31, 2013 | 130,000 | $ | 2.11 | |||||||||||
The restricted stock grants were included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2013, approximately $204,000 of total unrecognized compensation cost related to restricted stock grants was expected to be recognized over the weighted-average period of 11 months. | ||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS: | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
14. RELATED PARTY TRANSACTIONS: | |
The Company’s CEO and Chairperson own a music company called Music One, Inc. (“Music One”). The Company sometimes engages in promoting the recorded music product of Music One. Based on the cross-promotional value received by the Company, we believe that the provision of such promotion is fair. During the years ended December 31, 2013, 2012 and 2011, Radio One paid $0, $38,000 and $6,000, respectively, to or on behalf of Music One, primarily for market talent event appearances, travel reimbursement and sponsorships. For the years ended December 31, 2013, 2012 and 2011, the Company provided advertising to Music One in the amount of $0, $1,000 and $1,000, respectively. | |
The office space and administrative support transactions between Radio One and Music One are conducted at cost and all expenses associated with the transactions are passed through at actual costs. Costs associated with office space on behalf of Music One are calculated based on square footage used by Music One, multiplied by Radio One’s actual per square foot lease costs for the appropriate time period. Administrative services are calculated based on the approximate hours provided by each Radio One employee to Music One, multiplied by such employee’s applicable hourly rate and related benefits allocation. Advertising spots are priced at an average unit rate. Based on the cross-promotional nature of the activities provided by Music One and received by the Company, we believe that these methodologies of charging average unit rates or passing through the actual costs incurred are fair and reflect terms no more favorable than terms generally available to a third-party. | |
PROFIT_SHARING_AND_EMPLOYEE_SA
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN: | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
15. PROFIT SHARING AND EMPLOYEE SAVINGS PLAN: | |
The Company maintains a profit sharing and employee savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer allowable portions of their compensation on a pre-tax basis through contributions to the savings plan. The Company may contribute to the plan at the discretion of its board of directors. The Company does not match employee contributions. The Company did not make any contributions to the plan during the years ended December 31, 2013, 2012 and 2011. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES: | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies Disclosure [Text Block] | ' | |||||||
16. COMMITMENTS AND CONTINGENCIES: | ||||||||
Radio Broadcasting Licenses | ||||||||
Each of the Company’s radio stations operates pursuant to one or more licenses issued by the Federal Communications Commission that have a maximum term of eight years prior to renewal. The Company’s radio broadcasting licenses expire at various times through APRIL 1, 2022. Although the Company may apply to renew its radio broadcasting licenses, third parties may challenge the Company’s renewal applications. The Company is not aware of any facts or circumstances that would prevent the Company from having its current licenses renewed. | ||||||||
Royalty Agreements | ||||||||
Effective December 31, 2009, our radio music license agreements with the two largest performance rights organizations, American Society of Composers, Authors and Publishers (“ASCAP”) and Broadcast Music, Inc. (“BMI”) expired. The Radio Music License Committee (“RMLC”), which negotiates music licensing fees for most of the radio industry with ASCAP and BMI, at that time, reached an agreement with these organizations on a temporary fee schedule that reflected a provisional discount of 7.0% against 2009 fee levels. The temporary fee reductions became effective in January 2010. In May 2010 and June 2010, the U.S. District Court’s judge charged with determining the licenses fees ruled to further reduce interim fees paid to ASCAP and BMI, respectively, down approximately another 11.0% from the previous temporary fees negotiated with the RMLC. In January 2012, the U.S. District Court approved a settlement between RMLC and ASCAP. The settlement determined the amount to be paid to ASCAP for usage through 2016. In addition, stations received a credit for overpayments made in 2010 and 2011 to ASCAP. In June 2012, RMLC and BMI reached a settlement agreement. The settlement covers the period through 2016 and determined a new fee structure based on percentage of revenue. In addition, stations received a credit for overpayments made in 2010 and 2011 to BMI. | ||||||||
The Company has entered into fixed fee and variable share agreements with music performance rights organizations that expire as late as December 2016. During the years ended December 31, 2013, 2012 and 2011, the Company incurred expenses of approximately $9.2 million, $9.8 million and $12.5 million, respectively, in connection with these agreements. The expenses related to discontinued operations associated with these agreements were not significant. | ||||||||
Leases and Other Operating Contracts and Agreements | ||||||||
The Company has noncancelable operating leases for office space, studio space, broadcast towers and transmitter facilities that expire over the next 18 years. The Company’s leases for broadcast facilities generally provide for a base rent plus real estate taxes and certain operating expenses related to the leases. Certain of the Company’s leases contain renewal options, escalating payments over the life of the lease and rent concessions. Scheduled rent increases and rent concessions are being amortized over the terms of the agreements using the straight-line method, and are included in other liabilities in the accompanying consolidated balance sheets. The future rentals under non-cancelable leases as of December 31, 2013, are shown below. | ||||||||
The Company has other operating contracts and agreements including employment contracts, on-air talent contracts, severance obligations, retention bonuses, consulting agreements, equipment rental agreements, programming related agreements, and other general operating agreements that expire over the next five years. The amounts the Company is obligated to pay for these agreements are shown below. | ||||||||
Other | ||||||||
Operating | ||||||||
Operating | Contracts | |||||||
Lease | and | |||||||
Payments | Agreements | |||||||
(In thousands) | ||||||||
Years ending December 31: | ||||||||
2014 | $ | 9,890 | $ | 60,481 | ||||
2015 | 8,621 | 30,205 | ||||||
2016 | 7,760 | 14,697 | ||||||
2017 | 7,007 | 8,674 | ||||||
2018 | 3,804 | 320 | ||||||
2019 and thereafter | 14,062 | 106 | ||||||
Total | $ | 51,144 | $ | 114,483 | ||||
Rent expense included in continuing operations for the years ended December 31, 2013, 2012 and 2011 was approximately $10.3 million, $10.6 million and $9.5 million, respectively. Rent expense related to discontinued operations were not significant. | ||||||||
Reach Media Noncontrolling Interest Shareholders’ Put Rights | ||||||||
Beginning on February 28, 2012, the noncontrolling interest shareholders of Reach Media had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right was exercisable for a 30-day period beginning February 28 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Radio One, at the discretion of Radio One. On December 31, 2012, Reach Media and its noncontrolling interest shareholders amended the shareholders’ agreement governing their relationship. As part of that amendment, the noncontrolling interest shareholders agreed to delay the Put Right until January 1, 2018. The terms of the Put Right remain the same in all other respects. | ||||||||
Letters of Credit | ||||||||
As of December 31, 2013, we had four standby letters of credit totaling $1.0 million in connection with our annual insurance policy renewals and real estate leases. | ||||||||
Other Contingencies | ||||||||
The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations. | ||||||||
QUARTERLY_FINANCIAL_DATA_UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED): | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
17. QUARTERLY FINANCIAL DATA (UNAUDITED): | ||||||||||||||||
Quarters Ended | ||||||||||||||||
March 31 (a) | June 30 (a) | September 30(a) | December 31 | |||||||||||||
(In thousands, except share data) | ||||||||||||||||
2013:00:00 | ||||||||||||||||
Net revenue | $ | 99,112 | $ | 119,602 | $ | 118,391 | $ | 111,595 | ||||||||
Operating income | 15,455 | 18,330 | 21,795 | 17,388 | ||||||||||||
Net loss from continuing operations | -13,305 | -8,555 | -8,904 | -13,631 | ||||||||||||
Income (loss) from discontinued operations | 890 | 3 | — | -8 | ||||||||||||
Consolidated net loss attributable to common stockholders | -18,106 | -14,214 | -13,221 | -16,440 | ||||||||||||
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -0.38 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
Net (loss) income from discontinued operations per share | 0.02 | 0 | — | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -0.36 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -0.38 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
Net (loss) income from discontinued operations per share | 0.02 | 0 | — | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -0.36 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Weighted average shares outstanding — basic | 49,861,964 | 48,737,941 | 47,443,031 | 47,441,175 | ||||||||||||
Weighted average shares outstanding — diluted | 49,861,964 | 48,737,941 | 47,443,031 | 47,441,175 | ||||||||||||
(a) | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | |||||||||||||||
Quarters Ended | ||||||||||||||||
March 31 | June 30 (a) | 30-Sep | December 31 | |||||||||||||
(In thousands, except share data) | ||||||||||||||||
2012:00:00 | ||||||||||||||||
Net revenue | $ | 102,964 | $ | 105,830 | $ | 109,894 | $ | 105,885 | ||||||||
Operating income | 13,725 | 21,385 | 21,498 | 14,601 | ||||||||||||
Net (loss) income from continuing operations | -75,156 | 46,452 | -10,215 | -15,013 | ||||||||||||
(Loss) income from discontinued operations | -29 | 13 | -40 | -128 | ||||||||||||
Consolidated net (loss) income attributable to common stockholders | -79,242 | 42,668 | -13,064 | -17,227 | ||||||||||||
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
Net (loss) income from discontinued operations per share | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
Net (loss) income from discontinued operations per share | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Weighted average shares outstanding — basic | 49,994,974 | 50,006,008 | 50,019,048 | 50,042,751 | ||||||||||||
Weighted average shares outstanding — diluted | 49,994,974 | 50,124,418 | 50,019,048 | 50,042,751 | ||||||||||||
(a) | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. | |||||||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION: | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||
18. SEGMENT INFORMATION: | |||||||||||
The Company has four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. | |||||||||||
The radio broadcasting segment consists of all broadcast results of operations. The Company aggregates the broadcast markets in which it operates into the radio broadcasting segment. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of the Syndication One Urban programming line-up. Effective, January 1, 2013, we consolidated our syndication network programming within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to a sales force operating out of Reach Media. Segment data for the years ended December 31, 2012 and 2011, has been reclassified to conform to the current period presentation. These reclassifications occurred between the radio broadcasting segment, the Reach Media segment and Corporate/Eliminations/Other. The internet segment includes the results of our online business, including the operations of Interactive One. The cable television segment consists of TV One’s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments. | |||||||||||
Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at fair value and eliminated in consolidation. | |||||||||||
The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments. | |||||||||||
Detailed segment data for the years ended December 31, 2013, 2012 and 2011 is presented in the following table: | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net Revenue: | |||||||||||
Radio Broadcasting | $ | 222,544 | $ | 223,404 | $ | 209,758 | |||||
Reach Media | 56,741 | 55,154 | 59,708 | ||||||||
Internet | 25,639 | 19,852 | 17,529 | ||||||||
Cable Television | 149,472 | 131,178 | 86,024 | ||||||||
Corporate/Eliminations/Other | -5,696 | -5,015 | -8,722 | ||||||||
Consolidated | $ | 448,700 | $ | 424,573 | $ | 364,297 | |||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | |||||||||||
Radio Broadcasting | $ | 128,001 | $ | 129,843 | $ | 130,797 | |||||
Reach Media | 50,833 | 54,168 | 50,906 | ||||||||
Internet | 25,319 | 21,179 | 20,062 | ||||||||
Cable Television | 100,117 | 91,361 | 61,369 | ||||||||
Corporate/Eliminations/Other | 18,712 | 17,723 | 16,335 | ||||||||
Consolidated | $ | 322,982 | $ | 314,274 | $ | 279,469 | |||||
Depreciation and Amortization: | |||||||||||
Radio Broadcasting | $ | 6,071 | $ | 6,308 | $ | 6,639 | |||||
Reach Media | 1,242 | 1,302 | 4,091 | ||||||||
Internet | 2,490 | 3,210 | 3,694 | ||||||||
Cable Television | 26,324 | 26,864 | 21,790 | ||||||||
Corporate/Eliminations/Other | 1,743 | 1,093 | 928 | ||||||||
Consolidated | $ | 37,870 | $ | 38,777 | $ | 37,142 | |||||
Impairment of Long-Lived Assets: | |||||||||||
Radio Broadcasting | $ | 14,880 | $ | 313 | $ | 14,509 | |||||
Reach Media | — | — | 7,822 | ||||||||
Internet | — | — | — | ||||||||
Cable Television | — | — | — | ||||||||
Corporate/Eliminations/Other | — | — | — | ||||||||
Consolidated | $ | 14,880 | $ | 313 | $ | 22,331 | |||||
Operating income (loss): | |||||||||||
Radio Broadcasting | $ | 73,592 | $ | 86,940 | $ | 57,813 | |||||
Reach Media | 4,666 | -316 | -3,111 | ||||||||
Internet | -2,170 | -4,537 | -6,227 | ||||||||
Cable Television | 23,031 | 12,953 | 2,865 | ||||||||
Corporate/Eliminations/Other | -26,151 | -23,831 | -25,985 | ||||||||
Consolidated | $ | 72,968 | $ | 71,209 | $ | 25,355 | |||||
As of | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Total Assets: | |||||||||||
Radio Broadcasting | $ | 760,451 | $ | 801,340 | |||||||
Reach Media | 33,302 | 29,492 | |||||||||
Internet | 31,429 | 32,076 | |||||||||
Cable Television | 524,025 | 535,344 | |||||||||
Corporate/Eliminations/Other | 65,148 | 61,943 | |||||||||
Consolidated | $ | 1,414,355 | $ | 1,460,195 | |||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS: | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
19. SUBSEQUENT EVENTS: | |
On February 3, 2014, the Company executed a new LMA, effective December 1, 2013, for its remaining station in Boston. The LMA has a three-year term, and at the conclusion of the LMA, the Company’s remaining Boston station will be sold to Radio Boston Broadcasting, Inc., an affiliate of Pacific Media International, LLC. | |
On February 10, 2014, the Company closed a private offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “Notes”). The Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The Notes will mature on February 15, 2020. Interest on the Notes accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15, commencing on August 15, 2014. The Notes are guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Issuer's other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts currently outstanding under its 12.5%/15.0% Senior Subordinated Notes due 2016 (the “2016 Notes”) and to pay the related accrued interest, premiums, fees and expenses associated therewith. | |
Pursuant to Rule 3-10 of Regulation S-X, the Company has in its past periodic reports, including its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, included in a footnote to its financial statements, condensed consolidating financial information for the Company, the wholly-owned guarantor subsidiaries on a combined basis, the non-wholly owned guarantor subsidiaries on a combined basis, the non-guarantor subsidiaries on a combined basis, consolidating adjustments and the total consolidated amounts. Pursuant to Rule 3-10 of Regulation S-X, the Company has also included in its past periodic reports the stand-alone financial statements of Reach Media, beginning with its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013. The Company and its subsidiary guarantors filed a Form 15 under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission on March 18, 2014 with respect to its 2016 Notes. As its new Notes are not registered, the Company will no longer be required to present expanded information with respect to Reach Media or the non-guarantor subsidiaries. The non-guarantor subsidiaries generated 33.3% of our consolidated revenues for the year ended December 31, 2013, and held 10.0% of our consolidated assets as of December 31, 2013. As of December 31, 2013, the non-guarantor subsidiaries, including TV One, had $154.0 million of total liabilities, including $119.0 million represented by the notes issued by TV One. | |
On February 27, 2014, the Company paid $7.5 million to complete the acquisition of Gaffney Broadcasting, Incorporated (“Gaffney”). Prior to the closing of the acquisition, the Company operated the assets of Gaffney pursuant to the terms of an LMA. In connection with the acquisition, the Company is required to add Gaffney as a party to the agreements governing its outstanding notes and its senior credit facility. The Company is in the process of adding Gaffney as a party to those agreements governing its outstanding notes and its senior credit facility. | |
Recently, the Company has executed a letter of intent with MGM to partner to develop a world-class casino property, MGM National Harbor, located in Prince George’s County, Maryland. The Company has the ability to invest up to $40 million in the project for a mid-single digit % ownership interest. There is an initial commitment of $5 million due in 2014, with the option to invest up to a further $35 million in 2016. | |
As reported on the current report on Form 8-K filed March 19, 2014, on March 13, 2014, the compensation committee of the Board of Directors of the Company awarded cash bonuses to the CEO and Catherine L. Hughes, Founder and Chairperson of the Company, for the year ended December 31, 2013. Mr. Liggins was awarded a cash bonus in the amount of $1.5 million and Ms. Hughes was awarded a cash bonus in the amount of $500,000. | |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
Balance | Additions | ||||||||||||||||
At | Charged | Acquired | Balance | ||||||||||||||
Beginning | To | From | at End | ||||||||||||||
Description | of Year | Expense | Acquisitions | Deductions | of Year | ||||||||||||
(In thousands) | |||||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||
2013 | $ | 3,631 | $ | 2,124 | $ | — | $ | 1,362 | $ | 4,393 | |||||||
2012 | 3,719 | $ | 1,504 | $ | — | $ | 1,592 | $ | 3,631 | ||||||||
2011 | 3,023 | 1,840 | 1,123 | 2,267 | 3,719 | ||||||||||||
Balance | Additions | ||||||||||||||||
At | Charged | Acquired | Balance | ||||||||||||||
Beginning | To | From | at End | ||||||||||||||
Description | of Year | Expense | Acquisitions | Deductions | of Year | ||||||||||||
(In thousands) | |||||||||||||||||
Valuation Allowance for Deferred Tax Assets: | |||||||||||||||||
2013 | $ | 279,620 | $ | 42,845 | $ | — | $ | — | $ | 322,465 | |||||||
2012 | 244,927 | $ | 34,518 | $ | — | $ | 175 | $ | 279,620 | ||||||||
2011 | 230,359 | 14,015 | — | 553 | 244,927 | ||||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | |||||||||||||
(b) Basis of Presentation | ||||||||||||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States and require management to make certain estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, continuing economic uncertainty and any disruption in financial markets increase the possibility that actual results may differ from these estimates. | ||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
(c) Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts and operations of Radio One and subsidiaries in which Radio One has a controlling interest. Beginning on April 14, 2011, the Company began to account for TV One on a consolidated basis after having executed an amendment to the TV One operating agreement with the remaining members of TV One concerning certain governance issues. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. | ||||||||||||||
Prior to the consolidation date of TV One, the Company accounted for its investment in TV One under the equity method of accounting in accordance with Accounting Standards Codification (“ASC”) 323, “Investments – Equity Method and Joint Ventures.” The Company had adjusted the carrying amount of its investment to recognize the change in Radio One’s claim on the net assets of TV One resulting from income or losses of TV One, as well as other capital transactions of TV One using a hypothetical liquidation at book value approach. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
(d) Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents consist of cash, repurchase agreements and money market funds at various commercial banks that have original maturities of 90 days or less. Investments with contractual maturities of 90 days or less from the date of original purchase are classified as cash and cash equivalents. For cash and cash equivalents, cost approximates fair value. | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | |||||||||||||
(e) Trade Accounts Receivable | ||||||||||||||
Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s estimate of the amount of probable losses in the Company’s existing accounts receivable portfolio. The Company determines the allowance based on the aging of the receivables, the impact of economic conditions on the advertisers’ ability to pay and other factors. Inactive delinquent accounts that are past due beyond a certain amount of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. | ||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||||
(f) Goodwill and Radio Broadcasting Licenses | ||||||||||||||
In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC 350, “Intangibles - Goodwill and Other,” goodwill and radio broadcasting licenses are not amortized, but are tested annually for impairment at the reporting unit level and unit of accounting level, respectively. We test for impairment annually, on October 1 of each year, or more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to operations as an impairment charge. With the assistance of a third-party valuation firm, we test for radio broadcasting license impairment at the unit of accounting level using the income approach, which involves, but is not limited to, judgmental estimates and assumptions about projected revenue growth, future operating margins, discount rates and terminal values. In testing for goodwill impairment, we follow a two-step approach, also relying primarily on the income approach that first estimates the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, we then determine the implied goodwill after allocating the reporting unit’s fair value of assets and liabilities in accordance with ASC 805-10, “Business Combinations.” Any excess of carrying value of the reporting unit’s goodwill balance over its respective implied goodwill is written off as a charge to operations. We then perform a market-based analysis by comparing the average implied multiple arrived at based on our cash flow projections and estimated fair values to multiples for actual recently completed sale transactions and by comparing the total of the estimated fair values of our reporting units to the market capitalization of the Company. | ||||||||||||||
For the three years ended December 31, 2013, 2012 and 2011, the Company recorded radio broadcasting license and goodwill impairment charges of approximately $14.9 million, $313,000 and $14.5 million, respectively. See Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets for a further discussion of impairment considerations for the financial statement periods presented. | ||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||||
(g) Impairment of Long-Lived Assets, Excluding Goodwill and Radio Broadcasting Licenses | ||||||||||||||
The Company accounts for the impairment of long-lived intangible assets, excluding goodwill and radio broadcasting licenses, in accordance with ASC 360, “Property, Plant and Equipment.” Long-lived intangible assets, excluding goodwill and radio broadcasting licenses, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration in operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the asset or group of assets to future undiscounted net cash flows expected to be generated by the asset or group of assets. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the asset or group of assets. Fair value is generally determined by estimates of discounted future cash flows. The discount rate used in any estimate of discounted cash flows would be the rate of return for a similar investment of like risk. The Company reviewed these long-lived assets during 2013 and 2012 concluded that no impairment to the carrying value of these assets was required. During 2011, impairment indicators existed for Reach Media and the Columbus radio broadcast market, and as a result, we performed impairment testing for these asset groups. The Company recorded impairment charges of approximately $7.8 million related to the long-lived assets of Reach Media during 2011. | ||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
(h) Financial Instruments | ||||||||||||||
Financial instruments as of December 31, 2013 and 2012, consisted of cash and cash equivalents, investments, trade accounts receivable, accounts payable, accrued expenses, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2013 and 2012, except for the Company’s outstanding senior subordinated notes. The 63/8% Senior Subordinated Notes which were due and paid in full in February 2013, had a carrying value of $747,000 and a fair value of approximately $740,000 as of December 31, 2012. The 121/2%/15% Senior Subordinated Notes which were due May 2016 had a carrying value of approximately $327.0 million and a fair value of approximately $328.7 million as of December 31, 2013, and a carrying value of approximately $327.0 million and a fair value of approximately $293.5 million as of December 31, 2012. The fair values of the Senior Subordinated Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The Company’s 10% Senior Secured TV One Notes due March 2016 are classified as Level 3 since they are not market traded financial instruments. | ||||||||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||||
(i) Derivative Financial Instruments | ||||||||||||||
The Company recognizes all derivatives at fair value in the balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the statement of operations when the hedged item affects net income. If a derivative does not qualify as a hedge, it is marked to fair value through the statement of operations. (See Note 10 – Derivative Instruments and Hedging Activities.) | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
(j) Revenue Recognition | ||||||||||||||
Within our Radio Broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast and is reported, net of agency and outside sales representative commissions, in accordance with Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $32.4 million, $35.2 million and $31.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Interactive One generates the majority of the Company’s internet revenue, and derives such revenue principally from advertising services on non-radio station branded websites, including advertising aimed at diversity recruiting and studio services, where Interactive One provides services to other publishers. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made or leads are generated, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, which provide top-tier third-party clients with digital platforms and expertise. In the case of the studio operations, revenue is recognized primarily based on fixed contractual monthly fees or as a share of the third party’s reported revenue. | ||||||||||||||
TV One, the driver of revenues in our cable television segment, derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also receives affiliate fees and records revenue during the term of various affiliation agreements based on the most recent subscriber counts reported by the applicable affiliate. | ||||||||||||||
Launch Support [Policy Text Block] | ' | |||||||||||||
(k) Launch Support | ||||||||||||||
TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support are assets used to initiate carriage under new affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue to the extent that revenue is recognized from the vendor, and any excess amortization is recorded as launch support amortization expense. The weighted-average amortization period for launch support was approximately 10.9 years as of each of December 31, 2013, and 2012. The remaining weighted-average amortization period for launch support is 1.4 years and 2.4 years as of December 31, 2013, and 2012, respectively. For the years ended December 31, 2013 and 2012, launch asset amortization of approximately $10.0 million and $9.9 million, respectively, was recorded as a reduction of revenue. | ||||||||||||||
The gross value and accumulated amortization of the launch assets is as follows: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Launch assets | $ | 39,597 | $ | 39,597 | ||||||||||
Less: Accumulated amortization | -27,034 | -17,067 | ||||||||||||
Launch assets, net | $ | 12,563 | $ | 22,530 | ||||||||||
Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2014 through 2015 is as follows: | ||||||||||||||
(In thousands) | ||||||||||||||
2014 | $ | 9,913 | ||||||||||||
2015 | $ | 2,650 | ||||||||||||
Advertising Barter Transactions, Policy [Policy Text Block] | ' | |||||||||||||
(l) Barter Transactions | ||||||||||||||
The Company provides broadcast advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, “Revenue Recognition.” The terms of these exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time in exchange for cash. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the years ended December 31, 2013, 2012 and 2011, barter transaction revenues were approximately $2.6 million, $3.0 million and $3.2 million, respectively. Additionally, barter transaction costs were reflected in programming and technical expenses and selling, general and administrative expenses of approximately $2.4 million, $2.7 million and $3.0 million, and $169,000, $308,000 and $238,000, for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Network Affiliation Agreements Policy [Policy Text Block] | ' | |||||||||||||
(m) Network Affiliation Agreements | ||||||||||||||
The Company has network affiliation agreements classified as Other Intangible Assets. These agreements are amortized over their useful lives. Losses on contract terminations are determined based on the specific terms of each contract in accordance with ASC 920-350, “Entertainment Broadcasters.” (See Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.) | ||||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | |||||||||||||
(n) Advertising and Promotions | ||||||||||||||
The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for continuing operations, for the years ended December 31, 2013, 2012 and 2011, were approximately $17.4 million, $13.1 million and $12.0 million, respectively. Advertising and promotional expenses related to discontinued operations were not significant. | ||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||||
(o) Income Taxes | ||||||||||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Under ASC 740, deferred tax assets or liabilities are computed based upon the difference between financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. The Company has provided a valuation allowance on its net deferred tax assets where it is more likely than not such assets will not be realized. The Company maintains certain deferred tax liabilities that cannot be used to offset deferred tax assets and, therefore, does not consider these attributes in evaluating the realizability of its deferred tax assets. Deferred income tax expense or benefits are based upon the changes in the asset or liability from period to period. | ||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||||||||
(p) Stock-Based Compensation | ||||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation - Stock Compensation.” Under the provisions of ASC 718, stock-based compensation cost is estimated at the grant date based on the award’s fair value as calculated by the Black-Scholes (“BSM”) valuation option-pricing model and is recognized as expense ratably over the requisite service period. The BSM incorporates various highly subjective assumptions including expected stock price volatility, for which historical data is heavily relied upon, expected life of options granted, forfeiture rates and interest rates. (See Note 13 – Stockholders’ Equity.) | ||||||||||||||
Segment Reporting and Major Customers Policy [Policy Text Block] | ' | |||||||||||||
(q) Segment Reporting and Major Customers | ||||||||||||||
In accordance with ASC 280, “Segment Reporting,” and given its diversification strategy, the Company has determined it has four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; and (iv) Cable Television. These four segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. | ||||||||||||||
The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities in addition to syndicated radio shows including The Tom Joyner Morning Show, The Rickey Smiley Morning Show, The Russ Parr Morning Show, The Yolanda Adams Morning Show, The James Fortune Show, and The Reverend Al Sharpton Show. The internet segment includes the results of our online business. The cable television segment consists of TV One’s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments. Intercompany revenue earned and expenses charged between segments are recorded at fair value and eliminated in consolidation. | ||||||||||||||
No single customer accounted for over 10% of our consolidated net revenues during the years ended December 31 2013, 2012 and 2011. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
(r) Earnings Per Share | ||||||||||||||
Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of potential dilutive common shares outstanding during the period using the treasury stock method. | ||||||||||||||
The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. | ||||||||||||||
Discontinued Operations, Policy [Policy Text Block] | ' | |||||||||||||
(s) Discontinued Operations | ||||||||||||||
For those businesses where management has committed to a plan to divest or discontinue operations, and for which disposition is probable within the next 12 months, each business is valued at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. The fair values are estimated using accepted valuation techniques such as a discounted cash flow model, valuations performed by third parties, earnings multiples, or indicative bids, when available. A number of significant estimates and assumptions are involved in the application of these techniques, including the forecasting of markets and market share, revenues, costs and expenses, and multiple other factors. Management considers historical experience and all available information at the time the estimates are made. However, the fair values that are ultimately realized upon the sale of the businesses to be divested may differ from the estimated fair values reflected in the consolidated financial statements. | ||||||||||||||
Businesses to be divested or operationally cease are classified in the consolidated financial statements as discontinued operations. For businesses classified as discontinued operations, the balance sheet amounts and statement of operations results are reclassified from their historical presentation to assets and liabilities of discontinued operations on the consolidated balance sheets and to discontinued operations in the consolidated statements of operations for all periods presented. The gains or losses associated with these divested or ceased businesses are recorded in income or loss from discontinued operations on the consolidated statements of operations. The consolidated statements of cash flows are also reclassified for discontinued operations for all periods presented. For businesses reclassified as discontinued, management does not expect any continuing involvement with these businesses after the disposition of these businesses. | ||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | |||||||||||||
(t) Fair Value Measurements | ||||||||||||||
We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. | ||||||||||||||
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | ||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date. | ||||||||||||||
Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets). | ||||||||||||||
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||||||||
As of December 31, 2013 and 2012, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 147 | $ | 147 | $ | — | $ | — | ||||||
Mutual funds (a) | 2,315 | 2,315 | — | — | ||||||||||
Total | $ | 2,462 | $ | 2,462 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 2,114 | $ | — | $ | — | $ | 2,114 | ||||||
Employment agreement award (c) | 13,688 | — | — | 13,688 | ||||||||||
Total | $ | 15,802 | $ | — | $ | — | $ | 15,802 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 11,999 | $ | — | $ | — | $ | 11,999 | ||||||
As of December 31, 2012 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 192 | $ | 192 | $ | — | $ | — | ||||||
Mutual funds (a) | 1,502 | 1,502 | — | — | ||||||||||
Total | $ | 1,694 | $ | 1,694 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 5,345 | $ | — | $ | — | $ | 5,345 | ||||||
Employment agreement award (c) | 11,374 | — | — | 11,374 | ||||||||||
Total | $ | 16,719 | $ | — | $ | — | $ | 16,719 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 12,853 | $ | — | $ | — | $ | 12,853 | ||||||
(a) Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, fair values are estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. | ||||||||||||||
(b) These balances are measured based on the estimated enterprise fair value of TV One. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There are specific unit holders for which the enterprise fair value is fixed. A third-party valuation firm assisted the Company in estimating TV One’s fair value. | ||||||||||||||
(c) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award will be triggered only after the Company’s recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. (See Note 10 – Derivative Instruments and Hedging Activities.) The terms of the Employment Agreement remain in effect including eligibility for the TV One award. | ||||||||||||||
(d) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. | ||||||||||||||
The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2012 and 2013: | ||||||||||||||
Employment | Redeemable | |||||||||||||
Incentive | Agreement | Noncontrolling | ||||||||||||
Award Plan | Award | Interests | ||||||||||||
(In thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 5,096 | $ | 10,346 | $ | 20,343 | ||||||||
Cash paid to increase ownership interest | — | — | -2,000 | |||||||||||
Contribution of syndicated programming assets | — | — | -7,546 | |||||||||||
Distribution | -412 | — | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | -628 | |||||||||||
Change in fair value | 661 | 1,028 | 2,684 | |||||||||||
Balance at December 31, 2012 | $ | 5,345 | $ | 11,374 | $ | 12,853 | ||||||||
Net income attributable to noncontrolling interests | — | — | 665 | |||||||||||
Distribution | -3,219 | — | — | |||||||||||
Change in fair value | -12 | 2,314 | -1,519 | |||||||||||
Balance at December 31, 2013 | $ | 2,114 | $ | 13,688 | $ | 11,999 | ||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | $ | -12 | $ | -2,314 | $ | — | ||||||||
Losses included in earnings were recorded in the consolidated statement of operations as corporate selling, general and administrative expenses for the years ended December 31, 2013 and 2012. | ||||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||
As of | As of | |||||||||||||
Significant | December 31, 2013 | December 31, 2012 | ||||||||||||
Level 3 liabilities | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | |||||||||||
Incentive award plan | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Incentive award plan | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Discount Rate | 12.5 | % | 11.5 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Long-term Growth Rate | 1.5 | % | 2 | % | ||||||||
Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements. | ||||||||||||||
Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded that these assets were not impaired at December 31, 2013 and December 31, 2012, and, therefore, were reported at carrying value as opposed to fair value. | ||||||||||||||
As of December 31, 2013, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $272.0 million and $659.8 million, respectively. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” for the year ended December 31, 2013, the Company recorded impairment charges totaling approximately $14.9 million related to our Boston, Philadelphia, Cincinnati and Cleveland radio broadcasting licenses. For the years ended December 31, 2012 and 2011, the Company recorded an impairment charge of $313,000 and approximately $22.3 million, respectively. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 5 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. | ||||||||||||||
Research, Development, and Computer Software, Policy [Policy Text Block] | ' | |||||||||||||
(u) Software and Web Development Costs | ||||||||||||||
The Company capitalizes direct internal and external costs incurred to develop internal-use computer software during the application development stage pursuant to ASC 350-40, “Intangibles – Goodwill and Other.” Internal-use software is amortized under the straight-line method using an estimated life of three years. All web development costs incurred in connection with operating our websites are accounted for under the provisions of ASC 350-40, unless a plan exists or is being developed to market the software externally. The Company has no plans to market software externally. | ||||||||||||||
Redeemable Noncontrolling Interest Policy [Policy Text Block] | ' | |||||||||||||
(v) Redeemable noncontrolling interests | ||||||||||||||
Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital. | ||||||||||||||
Investment, Policy [Policy Text Block] | ' | |||||||||||||
(w) Investments | ||||||||||||||
Investment Securities | ||||||||||||||
Investments consist primarily of corporate fixed maturity securities and mutual funds. | ||||||||||||||
Investments with original maturities in excess of three months and less than one year are classified as short-term investments. Long-term investments have original maturities in excess of one year. | ||||||||||||||
Debt securities are classified as “available-for-sale” and reported at fair value. Investments in available-for-sale fixed maturity securities are classified as either current or noncurrent assets based on their contractual maturities. Fixed maturity securities are carried at estimated fair value based on quoted market prices for the same or similar instruments. Investment income is recognized when earned and reported net of investment expenses. Unrealized gains and losses are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized, unless the losses are deemed to be other than temporary. Realized gains or losses, including any provision for other-than-temporary declines in value, are included in the statements of operations. For purposes of computing realized gains and losses, the specific-identification method of determining cost was used. | ||||||||||||||
Evaluating Investments for Other than Temporary Impairments | ||||||||||||||
The Company periodically performs evaluations, on a lot-by-lot and security-by-security basis, of its investment holdings in accordance with its impairment policy to evaluate whether any declines in the fair value of investments are other than temporary. This evaluation consists of a review of several factors, including but not limited to: length of time and extent that a security has been in an unrealized loss position, the existence of an event that would impair the issuer’s future earnings potential, and the near-term prospects for recovery of the market value of a security. The FASB has issued guidance for recognition and presentation of other than temporary impairment (“OTTI”), or FASB OTTI guidance. Accordingly, any credit-related impairment of fixed maturity securities that the Company does not intend to sell, and is not likely to be required to sell, is recognized in the consolidated statements of operations, with the noncredit-related impairment recognized in accumulated other comprehensive income (loss). | ||||||||||||||
The Company believes that it has adequately reviewed its investment securities for OTTI and that its investment securities are carried at fair value. However, over time, the economic and market environment (including any ratings change for any such securities, including US treasuries and corporate bonds) may provide additional insight regarding the fair value of certain securities, which could change management’s judgment regarding OTTI. This could result in realized losses relating to other than temporary declines being charged against future income. Given the judgments involved, there is a continuing risk that further declines in fair value may occur and material OTTI may be recorded in future periods. | ||||||||||||||
Content Assets [Policy Text Block] | ' | |||||||||||||
(x) Content Assets | ||||||||||||||
TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights. The license periods granted in these contracts generally run from one year to perpetuity. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. | ||||||||||||||
Program rights are recorded at the lower of amortized cost or estimated net realizable value. Program rights are amortized based on the greater of the anticipated usage of the program or term of license. Estimated net realizable values are based on the estimated revenues directly associated with the program materials and related expenses. The Company recorded additional amortization expense of approximately $6.2 million and $1.2 million as a result of evaluating its contracts for recoverability for the years ended December 31, 2013 and 2012, respectively. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that will be amortized within one year which is classified as a current asset. | ||||||||||||||
Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs consistent with the accounting prescribed by ASC 740-10-25-46 because the business substance of these transactions is to reduce the overall cost of production for film and television products. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
(y) Impact of Recently Issued Accounting Pronouncements | ||||||||||||||
In May 2011, the FASB issued ASU 2011-04, which provides a consistent definition of fair value and ensures that the fair value measurement and disclosure requirements are similar between GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. The Company adopted this guidance on January 1, 2012, and it did not have a significant impact on the Company’s financial statements. | ||||||||||||||
In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income,” which was subsequently modified in December 2011 by ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This ASU amends existing presentation and disclosure requirements concerning comprehensive income, most significantly by requiring that comprehensive income be presented with net income in a continuous financial statement, or in a separate but consecutive financial statement. The provisions of this ASU (as modified) are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this guidance did not have a material impact on the Company's financial statements, other than presentation and disclosure. | ||||||||||||||
In September 2011, the FASB issued ASU 2011-08, which provides companies with an option to perform a qualitative assessment that may allow them to skip the two-step impairment test. ASU 2011-08 amends existing guidance by giving an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this is the case, companies will need to perform a more detailed two-step goodwill impairment test which is used to identify potential goodwill impairments and to measure the amount of goodwill impairment losses to be recognized, if any. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted this guidance on January 1, 2012, and elected to not apply the qualitative assessment as allowed by 2011-08. | ||||||||||||||
In July 2012, the FASB issued ASU 2012-02, which provides companies the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired rather than calculating the fair value of the indefinite-lived intangible asset. ASU 2012-02 is effective prospectively for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company adopted this guidance on January 1, 2013, and elected to not apply the qualitative assessment as allowed by ASU 2012-02. | ||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption of this guidance did not have a material impact on the Company's financial statements, other than presentation and disclosure. | ||||||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule Of Launch Assets [Table Text Block] | ' | |||||||||||||
The gross value and accumulated amortization of the launch assets is as follows: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Launch assets | $ | 39,597 | $ | 39,597 | ||||||||||
Less: Accumulated amortization | -27,034 | -17,067 | ||||||||||||
Launch assets, net | $ | 12,563 | $ | 22,530 | ||||||||||
Schedule Of Launch Assets Future Amortization Expense [Table Text Block] | ' | |||||||||||||
Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2014 through 2015 is as follows: | ||||||||||||||
(In thousands) | ||||||||||||||
2014 | $ | 9,913 | ||||||||||||
2015 | $ | 2,650 | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||
As of December 31, 2013 and 2012, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 147 | $ | 147 | $ | — | $ | — | ||||||
Mutual funds (a) | 2,315 | 2,315 | — | — | ||||||||||
Total | $ | 2,462 | $ | 2,462 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 2,114 | $ | — | $ | — | $ | 2,114 | ||||||
Employment agreement award (c) | 13,688 | — | — | 13,688 | ||||||||||
Total | $ | 15,802 | $ | — | $ | — | $ | 15,802 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 11,999 | $ | — | $ | — | $ | 11,999 | ||||||
As of December 31, 2012 | ||||||||||||||
Assets subject to fair value measurement: | ||||||||||||||
Corporate debt securities (a) | $ | 192 | $ | 192 | $ | — | $ | — | ||||||
Mutual funds (a) | 1,502 | 1,502 | — | — | ||||||||||
Total | $ | 1,694 | $ | 1,694 | $ | — | $ | — | ||||||
Liabilities subject to fair value measurement: | ||||||||||||||
Incentive award plan (b) | $ | 5,345 | $ | — | $ | — | $ | 5,345 | ||||||
Employment agreement award (c) | 11,374 | — | — | 11,374 | ||||||||||
Total | $ | 16,719 | $ | — | $ | — | $ | 16,719 | ||||||
Mezzanine equity subject to fair value measurement: | ||||||||||||||
Redeemable noncontrolling interests (d) | $ | 12,853 | $ | — | $ | — | $ | 12,853 | ||||||
(a) Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, fair values are estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. | ||||||||||||||
(b) These balances are measured based on the estimated enterprise fair value of TV One. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There are specific unit holders for which the enterprise fair value is fixed. A third-party valuation firm assisted the Company in estimating TV One’s fair value. | ||||||||||||||
(c) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award will be triggered only after the Company’s recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. (See Note 10 – Derivative Instruments and Hedging Activities.) The terms of the Employment Agreement remain in effect including eligibility for the TV One award. | ||||||||||||||
(d) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. | ||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2012 and 2013: | ||||||||||||||
Employment | Redeemable | |||||||||||||
Incentive | Agreement | Noncontrolling | ||||||||||||
Award Plan | Award | Interests | ||||||||||||
(In thousands) | ||||||||||||||
Balance at December 31, 2011 | $ | 5,096 | $ | 10,346 | $ | 20,343 | ||||||||
Cash paid to increase ownership interest | — | — | -2,000 | |||||||||||
Contribution of syndicated programming assets | — | — | -7,546 | |||||||||||
Distribution | -412 | — | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | -628 | |||||||||||
Change in fair value | 661 | 1,028 | 2,684 | |||||||||||
Balance at December 31, 2012 | $ | 5,345 | $ | 11,374 | $ | 12,853 | ||||||||
Net income attributable to noncontrolling interests | — | — | 665 | |||||||||||
Distribution | -3,219 | — | — | |||||||||||
Change in fair value | -12 | 2,314 | -1,519 | |||||||||||
Balance at December 31, 2013 | $ | 2,114 | $ | 13,688 | $ | 11,999 | ||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | $ | -12 | $ | -2,314 | $ | — | ||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||
For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: | ||||||||||||||
As of | As of | |||||||||||||
Significant | December 31, 2013 | December 31, 2012 | ||||||||||||
Level 3 liabilities | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | |||||||||||
Incentive award plan | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Incentive award plan | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Discount Rate | 10.8 | % | 10.8 | % | ||||||||
Employment agreement award | Discounted Cash Flow | Long-term Growth Rate | 3 | % | 3 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Discount Rate | 12.5 | % | 11.5 | % | ||||||||
Redeemable noncontrolling interest | Discounted Cash Flow | Long-term Growth Rate | 1.5 | % | 2 | % | ||||||||
DISPOSITION_OF_ASSETS_AND_DISC1
DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures [Table Text Block] | ' | ||||||||||
The following table summarizes the operating results for the station sold and is classified as discontinued operations for all periods presented: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net revenue | $ | — | $ | 260 | $ | 374 | |||||
Operating expenses | — | -444 | -493 | ||||||||
Gain on sale of assets | 885 | — | 20 | ||||||||
Income (loss) before income taxes | 885 | -184 | -99 | ||||||||
Income (loss) from discontinued operations, net of tax | $ | 885 | $ | -184 | $ | -99 | |||||
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet and Disclosures [Table Text Block] | ' | ||||||||||
The assets and liabilities of the station classified as discontinued operations in the accompanying consolidated balance sheets consisted of the following: | |||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Currents assets: | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | — | $ | 73 | |||||||
Total current assets | — | 73 | |||||||||
Property and equipment, net | — | 76 | |||||||||
Intangible assets, net | — | 3,100 | |||||||||
Total assets | $ | — | $ | 3,249 | |||||||
Current liabilities: | |||||||||||
Other current liabilities | $ | — | $ | 82 | |||||||
Total current liabilities | — | 82 | |||||||||
Long-term liabilities | — | 4 | |||||||||
Total liabilities | $ | — | $ | 86 | |||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT: (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||
Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the related estimated useful lives. Property and equipment consists of the following: | |||||||||||
As of December 31, | Estimated | ||||||||||
2013 | 2012 | Useful Lives | |||||||||
(In thousands) | |||||||||||
Land and improvements | $ | 3,777 | $ | 3,777 | — | ||||||
Buildings | 1,554 | 1,554 | 31 years | ||||||||
Transmitters and towers | 38,680 | 37,330 | 7-15 years | ||||||||
Equipment | 52,508 | 49,694 | 3-7 years | ||||||||
Furniture and fixtures | 8,643 | 8,076 | 6 years | ||||||||
Software and web development | 18,862 | 16,393 | 3 years | ||||||||
Leasehold improvements | 22,611 | 20,710 | Lease Term | ||||||||
Construction-in-progress | 666 | 1,156 | — | ||||||||
147,301 | 138,690 | ||||||||||
Less: Accumulated depreciation and amortization | -112,948 | -103,408 | |||||||||
Property and equipment, net | $ | 34,353 | $ | 35,282 | |||||||
GOODWILL_RADIO_BROADCASTING_LI1
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Radio Broadcasting Licenses [Abstract] | ' | ||||||||||||
Schedule Of Radio Broadcasting Licenses Impairment [Table Text Block] | ' | ||||||||||||
Our methodology for valuing broadcasting licenses has been consistent for all periods presented. Below are some of the key assumptions used in the income approach model for estimating broadcasting licenses fair values for all annual impairments assessments since October 2011. | |||||||||||||
Radio Broadcasting | October 1, | October 1, | October 1, | ||||||||||
Licenses | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | — | $ | — | $ | — | |||||||
Discount Rate | 10 | % | 10 | % | 10 | % | |||||||
Year 1 Market Revenue Growth Rate Range | 0.0% - 2.0 | % | 1.0% -2.0 | % | 1.5% - 2.5 | % | |||||||
Long-term Market Revenue Growth Rate Range (Years 6 – 10) | 1.0% - 2.0 | % | 1.0% - 2.0 | % | 1.0% - 2.0 | % | |||||||
Mature Market Share Range | 6.4% - 26.9 | % | 0.7% - 27.4 | % | 0.7% - 28.9 | % | |||||||
Operating Profit Margin Range | 30.8% - 47.8 | % | 19.6% - 47.7 | % | 19.1% - 47.4 | % | |||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
Radio Broadcasting Licenses | |||||||||||||
Carrying Balances | |||||||||||||
As of | As of | ||||||||||||
Unit of Accounting | December | Impairment | December | ||||||||||
31, 2012 | / Transfers | 31, 2013 | |||||||||||
(In thousands ) | |||||||||||||
Unit of Accounting 3 | $ | 1,201 | $ | -1,201 | $ | – | |||||||
Unit of Accounting 2 | 3,086 | – | 3,086 | ||||||||||
Unit of Accounting 4 | 9,169 | – | 9,169 | ||||||||||
Unit of Accounting 5 | 18,657 | -1,970 | 16,687 | ||||||||||
Unit of Accounting 7 | 16,165 | – | 16,165 | ||||||||||
Unit of Accounting 14 | 20,434 | – | 20,434 | ||||||||||
Unit of Accounting 15 | 20,886 | – | 20,886 | ||||||||||
Unit of Accounting 11 | 21,135 | – | 21,135 | ||||||||||
Unit of Accounting 9 | 34,270 | – | 34,270 | ||||||||||
Unit of Accounting 6 | 26,242 | -3,600 | 22,642 | ||||||||||
Unit of Accounting 16 | 52,965 | – | 52,965 | ||||||||||
Unit of Accounting 13 | 52,556 | – | 52,556 | ||||||||||
Unit of Accounting 8 | 66,715 | – | 66,715 | ||||||||||
Unit of Accounting 12 | 58,779 | -8,600 | 50,179 | ||||||||||
Unit of Accounting 1 | 93,394 | – | 93,394 | ||||||||||
Unit of Accounting 10 | 179,541 | – | 179,541 | ||||||||||
Total | $ | 675,195 | $ | -15,371 | $ | 659,824 | |||||||
Schedule Of Good Will Impairment Test Radio Marketing Unit [Table Text Block] | ' | ||||||||||||
Below are some of the key assumptions used in the income approach model for estimating reporting unit fair values for all annual impairment assessments performed since October 2011. | |||||||||||||
Goodwill (Radio Market | October 1, | October 1, | October 1, | ||||||||||
Reporting Units) | 2013 (a) | 2012 (a) | 2011 (a) | ||||||||||
Pre-tax impairment charge (in millions) | $ | – | $ | – | $ | 14.5 | |||||||
Discount Rate | 10 | % | 10 | % | 10 | % | |||||||
Year 1 Market Revenue Growth Rate Range | 0.0% -2.0 | % | 1.0% -2.0 | % | 2.0% -2.5 | % | |||||||
Long-term Market Revenue Growth Rate Range (Years 6 – 10) | 1.0% - 2.0 | % | 1.5% - 2.0 | % | 1.5% - 2.0 | % | |||||||
Mature Market Share Range | 7.1% - 19.8 | % | 6.7% - 20.8 | % | 7.4% - 20.8 | % | |||||||
Operating Profit Margin Range | 28.4% - 56.4 | % | 29.3% - 58.5 | % | 29.5% - 54.0 | % | |||||||
(a) Reflects the key assumptions for testing only those radio markets with remaining goodwill. | |||||||||||||
Schedule Of Goodwill Impairment Test Reach Media Goodwill [Table Text Block] | ' | ||||||||||||
October | October | October | |||||||||||
1, | 1, | 1, | |||||||||||
Reach Media Goodwill | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | - | $ | - | $ | - | |||||||
Discount Rate | 13 | % | 12 | % | 12 | % | |||||||
Year 1 Revenue Growth Rate | 1.5 | % | 2 | % | 2.5 | % | |||||||
Long-term Revenue Growth Rate Range | (4.5)% - 2.6 | % | (4.7)% - 2.8 | % | (2.0)% - 3.5 | % | |||||||
Operating Profit Margin Range | 11.5% - 21.5 | % | 4.6% - 19.8 | % | 18.8% - 21.7 | % | |||||||
Schedule Of Goodwill Impairment Test Goodwill Internet Segment [Table Text Block] | ' | ||||||||||||
Goodwill (Internet | October 1, | October 1, | October 1, | ||||||||||
Segment) | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | - | $ | - | $ | - | |||||||
Discount Rate | 14.5 | % | 13.5 | % | 14.5 | % | |||||||
Year 1 Revenue Growth Rate | 10 | % | 13.8 | % | 20.3 | % | |||||||
Long-term Revenue Growth Rate (Year 10) | 2.5 | % | 2.5 | % | 2.5 | % | |||||||
Operating Profit Margin Range | 5.4% - 24.8 | % | (4.8)% - 24.2 | % | 0.0% - 28.8 | % | |||||||
Schedule Of Goodwill Impairment Test Cable Television Goodwill [Table Text Block] | ' | ||||||||||||
October 1, | October 1, | December 31, | |||||||||||
Cable Television Goodwill | 2013 | 2012 | 2011 | ||||||||||
Pre-tax impairment charge (in millions) | $ | – | $ | – | $ | – | |||||||
Discount Rate | 10.8 | % | 10.8 | % | 11.5 | % | |||||||
Year 1 Revenue Growth Rate | 12.1 | % | 11.2 | % | 13.9 | % | |||||||
Long-term Revenue Growth Rate Range | 1.1% - 12.1 | % | 2.5% - 12.2 | % | 2.7% - 13.9 | % | |||||||
Operating Profit Margin Range | 30.6% - 35.7 | % | 33.3% - 36.2 | % | 29.9% - 42.2 | % | |||||||
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block] | ' | ||||||||||||
The table below presents the Company’s goodwill carrying values for its four reportable segments. There were no changes to the goodwill carrying balances during the year ended December 31, 2013. | |||||||||||||
Goodwill Carrying Balances | |||||||||||||
As of | As of | ||||||||||||
Reporting Unit | December | Increase | December | ||||||||||
31, 2012 | (Decrease) | 31, 2013 | |||||||||||
(In millions) | |||||||||||||
Radio Broadcasting Segment | $ | 70.8 | $ | - | $ | 70.8 | |||||||
Reach Media Segment | 14.4 | - | 14.4 | ||||||||||
Internet Segment | 21.8 | - | 21.8 | ||||||||||
Cable Television Segment | 165 | - | 165 | ||||||||||
Total | $ | 272 | $ | - | $ | 272 | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
Other intangible assets, excluding goodwill and radio broadcasting licenses, are being amortized on a straight-line basis over various periods. Other intangible assets consist of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Period of Amortization | |||||||||||
(In thousands) | |||||||||||||
Trade names | $ | 17,133 | $ | 17,133 | 2-5 Years | ||||||||
Talent agreement | 19,549 | 19,549 | 10 Years | ||||||||||
Debt financing and modification costs | 19,021 | 18,674 | Term of debt | ||||||||||
Intellectual property | 14,151 | 14,151 | 4-10 Years | ||||||||||
Affiliate agreements | 186,755 | 186,755 | 1-10 Years | ||||||||||
Acquired income leases | 1,282 | 1,282 | 3-9 Years | ||||||||||
Non-compete agreements | 1,260 | 1,260 | 1-3 Years | ||||||||||
Advertiser agreements | 47,688 | 47,688 | 2-7 Years | ||||||||||
Favorable office and transmitter leases | 3,358 | 3,358 | 2-60 Years | ||||||||||
Brand names | 2,539 | 2,539 | 2.5 Years | ||||||||||
Brand names - unamortized | 39,688 | 39,688 | Indefinite | ||||||||||
Other intangibles | 3,662 | 3,662 | 1-5 Years | ||||||||||
356,086 | 355,739 | ||||||||||||
Less: Accumulated amortization | -153,493 | -121,738 | |||||||||||
Other intangible assets, net | $ | 202,593 | $ | 234,001 | |||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | ||||||||||||
The following table presents the Company’s estimate of amortization expense for the years 2014 through 2018 for intangible assets, excluding deferred financing costs: | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 27,314 | |||||||||||
2015 | $ | 26,043 | |||||||||||
2016 | $ | 25,886 | |||||||||||
2017 | $ | 25,880 | |||||||||||
2018 | $ | 25,848 | |||||||||||
CONTENT_ASSETS_Tables
CONTENT ASSETS: (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Content Assets [Abstract] | ' | ||||||||
Schedule Of Finite Lived Content Assets [Table Text Block] | ' | ||||||||
The gross value and accumulated amortization of the content assets is as follows: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | Period of Amortization | |||||||
(In thousands) | |||||||||
Produced content assets: | |||||||||
Completed | $ | 91,667 | $ | 63,562 | |||||
In-production | 4,906 | 7,120 | |||||||
Licensed content assets acquired: | |||||||||
Acquired | 94,653 | 74,041 | |||||||
Content assets, at cost | 191,226 | 144,723 | 1-9 Years | ||||||
Less: Accumulated amortization | -128,432 | -78,019 | |||||||
Content assets, net | 62,794 | 66,704 | |||||||
Current portion | -26,637 | -27,723 | |||||||
Noncurrent portion | $ | 36,157 | $ | 38,981 | |||||
Schedule Of Finite Lived Content Assets Future Amortization Expense [Table Text Block] | ' | ||||||||
Future estimated content amortization expense related to agreements entered into as of December 31, 2013, for years 2014 through 2018 is as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 26,637 | |||||||
2015 | $ | 16,927 | |||||||
2016 | $ | 9,730 | |||||||
2017 | $ | 2,078 | |||||||
2018 | $ | 796 | |||||||
Content Payments Fiscal Year Maturity Schedule [Table Text Block] | ' | ||||||||
Future minimum content payments required under agreements entered into as of December 31, 2013, are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 14,359 | |||||||
2015 | $ | 5,437 | |||||||
2016 | $ | 2,492 | |||||||
2017 | $ | 270 | |||||||
2018 | $ | 200 | |||||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||
The Company’s investments (short-term and long-term) consist of the following: | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Basis | Losses | Gains | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Corporate debt securities | $ | 147 | $ | -2 | $ | 2 | $ | 147 | |||||||||
Mutual funds | 2,528 | -213 | — | 2,315 | |||||||||||||
Total investments | $ | 2,675 | $ | -215 | $ | 2 | $ | 2,462 | |||||||||
Gross | Gross | ||||||||||||||||
Amortized Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Basis | Losses | Gains | Value | ||||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Corporate debt securities | $ | 188 | $ | — | $ | 4 | $ | 192 | |||||||||
Mutual funds | 1,608 | -107 | 1 | 1,502 | |||||||||||||
Total investments | $ | 1,796 | $ | -107 | $ | 5 | $ | 1,694 | |||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Total | |||||||||||||
Value | Losses | Value | Losses | Unrealized | |||||||||||||
< 1 Year | < 1 Year | > 1 Year | > 1 Year | Losses | |||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Corporate debt securities | $ | 119 | $ | -2 | $ | — | $ | — | $ | -2 | |||||||
Mutual funds | 765 | -27 | 1,477 | -186 | -213 | ||||||||||||
Total investments | $ | 884 | $ | -29 | $ | 1,477 | $ | -186 | $ | -215 | |||||||
Fair | Unrealized | Fair | Unrealized | Total | |||||||||||||
Value | Losses | Value | Losses | Unrealized | |||||||||||||
< 1 Year | < 1 Year | > 1 Year | > 1 Year | Losses | |||||||||||||
(In thousands) | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Mutual funds | $ | 1,235 | $ | -107 | $ | — | $ | — | $ | -107 | |||||||
Total investments | $ | 1,235 | $ | -107 | $ | — | $ | — | $ | -107 | |||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||
The amortized cost and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. | |||||||||||||||||
Amortized | |||||||||||||||||
Cost Basis | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Within 1 year | $ | 27 | $ | 27 | |||||||||||||
After 1 year through 5 years | 18 | 20 | |||||||||||||||
After 5 years through 10 years | 102 | 100 | |||||||||||||||
Total debt securities | $ | 147 | $ | 147 | |||||||||||||
Schedule Of Available For Sale Securities [Table Text Block] | ' | ||||||||||||||||
Available-for-sale securities were sold as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Proceeds from sales | $ | 1,665 | $ | 9,122 | |||||||||||||
Gross realized gains | — | 79 | |||||||||||||||
Gross realized losses | — | -123 | |||||||||||||||
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES: (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Schedule Of Other Current Liabilities [Table Text Block] | ' | |||||||
Other current liabilities consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred revenue | $ | 4,760 | $ | 4,281 | ||||
Deferred barter revenue | 1,511 | 825 | ||||||
Incentive award plan | — | 3,208 | ||||||
Deferred rent | 587 | 983 | ||||||
Accrued national representative fees | 807 | 782 | ||||||
Accrued miscellaneous taxes | 661 | 826 | ||||||
Income taxes payable | 893 | — | ||||||
Tenant allowance | 461 | 576 | ||||||
Other current liabilities | 6,496 | 4,686 | ||||||
Other current liabilities | $ | 16,176 | $ | 16,167 | ||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||
The fair values and the presentation of the Company’s derivative instruments in the consolidated balance sheet are as follows: | |||||||||||||
Liability Derivatives | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Employment agreement award | Other Long-Term Liabilities | $ | 13,688 | Other Long-Term Liabilities | $ | 11,374 | |||||||
Total derivatives | $ | 13,688 | $ | 11,374 | |||||||||
Schedule of Derivative Instruments not Designated as Hedging Instruments [Table Text Block] | ' | ||||||||||||
The effect and the presentation of the Company’s derivative instruments on the consolidated statement of operations are as follows: | |||||||||||||
Location of Gain | |||||||||||||
Derivatives Not Designated | (Loss) | Amount of Gain (Loss) | |||||||||||
as Hedging Instruments | in Income of Derivative | in Income of Derivative | |||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Employment agreement award | Corporate selling, general and administrative expense | $ | -2,314 | $ | -1,028 | $ | -3,522 | ||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT: (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Schedule Of Long Term Debt [Table Text Block] | ' | |||||||||||||
Long-term debt consists of the following: | ||||||||||||||
As of December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Senior bank term debt | $ | 373,456 | $ | 377,297 | ||||||||||
63/8% Senior Subordinated Notes due February 2013 | — | 747 | ||||||||||||
121/2%/15% Senior Subordinated Notes due May 2016 | 327,034 | 327,034 | ||||||||||||
10% Senior Secured TV One Notes due March 2016 | 119,000 | 119,000 | ||||||||||||
Total debt | 819,490 | 824,078 | ||||||||||||
Less: current portion | 3,840 | 4,587 | ||||||||||||
Less: original issue discount | 3,855 | 5,360 | ||||||||||||
Long-term debt, net | $ | 811,795 | $ | 814,131 | ||||||||||
Schedule of Ratios Calculated in Accordance with Credit Agreement [Table Text Block] | ' | |||||||||||||
As of December 31, 2013, ratios calculated in accordance with the 2011 Credit Agreement, as amended, are as follows: | ||||||||||||||
As of | Covenant | Excess | ||||||||||||
December | Limit | Coverage | ||||||||||||
31, 2013 | ||||||||||||||
Pro Forma Last Twelve Months Covenant EBITDA (In millions) | $ | 102.2 | ||||||||||||
Pro Forma Last Twelve Months Interest Expense (In millions) | $ | 71.3 | ||||||||||||
Senior Debt (In millions) | $ | 341.4 | ||||||||||||
Total Debt (In millions) | $ | 668.5 | ||||||||||||
Interest Coverage | ||||||||||||||
Covenant EBITDA / Interest Expense | 1.43 | x | 1.1 | x | 0.33 | x | ||||||||
Senior Secured Leverage | ||||||||||||||
Senior Secured Debt / Covenant EBITDA | 3.34 | x | 4.5 | x | 1.16 | x | ||||||||
Total Leverage | ||||||||||||||
Total Debt / Covenant EBITDA | 6.54 | x | 8.5 | x | 1.96 | x | ||||||||
EBITDA - Earnings before interest, taxes, depreciation and amortization | ||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||||
Future scheduled minimum principal payments of debt as of December 31, 2013, are as follows: | ||||||||||||||
Credit Facility | Senior | TV One Senior | Total | |||||||||||
Subordinated | Secured Notes | |||||||||||||
Notes | ||||||||||||||
2014 | $ | 3,840 | $ | — | $ | — | $ | 3,840 | ||||||
2015 | 3,840 | — | — | 3,840 | ||||||||||
2016 | 365,776 | 327,034 | 119,000 | 811,810 | ||||||||||
Total Debt | $ | 373,456 | $ | 327,034 | $ | 119,000 | $ | 819,490 | ||||||
INCOME_TAXES_Tables
INCOME TAXES: (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows: | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Statutory tax (@ 35% rate) | $ | -5,486 | $ | -7,244 | $ | 27,912 | |||||
Effect of state taxes, net of federal benefit | -189 | -450 | 4,331 | ||||||||
Effect of state rate and tax law changes | 145 | 407 | 750 | ||||||||
Other permanent items | 214 | 149 | 1 | ||||||||
Disallowed interest | 5,632 | 5,364 | 8,825 | ||||||||
Non-deductible officer’s compensation | 1,453 | 1,012 | 2,226 | ||||||||
Valuation allowance | 42,845 | 34,644 | 14,861 | ||||||||
Noncontrolling interest | -16,229 | — | — | ||||||||
Effect of permanent impairment of long-lived assets | — | — | 4,540 | ||||||||
Expiring NOLs and charitable carryovers | 64 | 137 | 1,037 | ||||||||
Forfeiture of stock-based compensation | 512 | 163 | 1,151 | ||||||||
Uncertain tax positions | — | -709 | — | ||||||||
Other | -242 | -238 | 1,052 | ||||||||
Provision for income taxes | $ | 28,719 | $ | 33,235 | $ | 66,686 | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||
The components of the provision for income taxes from continuing operations are as follows: | |||||||||||
For the Years Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Federal: | |||||||||||
Current | $ | 92 | $ | -639 | $ | 1,980 | |||||
Deferred | 21,084 | 29,120 | 53,113 | ||||||||
State: | |||||||||||
Current | 1,319 | -649 | 555 | ||||||||
Deferred | 6,224 | 5,403 | 11,038 | ||||||||
Provision for income taxes | $ | 28,719 | $ | 33,235 | $ | 66,686 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||
As of December 31, | |||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | $ | 1,417 | $ | 979 | |||||||
Accruals | 2,200 | 560 | |||||||||
Total current deferred tax assets before valuation allowance | 3,617 | 1,539 | |||||||||
Valuation allowance | -4,683 | -1,330 | |||||||||
Total current deferred tax (liabilities) assets, net | -1,066 | 209 | |||||||||
Intangible assets | 10,392 | 15,073 | |||||||||
Fixed assets | 477 | — | |||||||||
Stock-based compensation | 890 | 1,348 | |||||||||
Net operating loss carryforwards | 309,546 | 284,702 | |||||||||
Other | 696 | 668 | |||||||||
Total noncurrent deferred tax assets before valuation allowance | 322,001 | 301,791 | |||||||||
Valuation allowance | -317,782 | -278,290 | |||||||||
Net noncurrent deferred tax assets | 4,219 | 23,501 | |||||||||
Total deferred tax assets | $ | 3,153 | $ | 23,710 | |||||||
Deferred tax liabilities: | |||||||||||
Prepaid expenses | -134 | -97 | |||||||||
Total current deferred tax liability | -134 | -97 | |||||||||
Intangible assets | -181,065 | -154,464 | |||||||||
Fixed assets | — | -110 | |||||||||
Partnership interests | -36,895 | -56,606 | |||||||||
Other | -504 | -570 | |||||||||
Total noncurrent deferred tax liabilities | -218,464 | -211,750 | |||||||||
Total deferred tax liabilities | -218,598 | -211,847 | |||||||||
Net current deferred tax (liability) asset | -1,200 | 112 | |||||||||
Net noncurrent deferred tax liability | -214,245 | -188,249 | |||||||||
Net deferred tax liability | $ | -215,445 | $ | -188,137 | |||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Balance as of January 1 | $ | 5,071 | $ | 5,780 | $ | 5,822 | |||||
Reductions for tax positions as a result of the lapse of applicable statutes | — | -600 | -42 | ||||||||
of limitations | |||||||||||
Reductions for tax positions as a result of tax settlements | — | -109 | — | ||||||||
Balance as of December 31 | $ | 5,071 | $ | 5,071 | $ | 5,780 | |||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY: (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
These fair values were derived using the BSM with the following weighted-average assumptions: | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Average risk-free interest rate | — | 0.62 | % | 2.23 | % | |||||||||
Expected dividend yield | — | 0 | % | 0 | % | |||||||||
Expected lives | — | 6.00 years | 6.00 years | |||||||||||
Expected volatility | — | 127.5 | % | 120.7 | % | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
Transactions and other information relating to stock options for the years December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||||
Number | Weighted- | Weighted- | Aggregate | |||||||||||
of | Average | Average | Intrinsic | |||||||||||
Options | Exercise | Remaining | Value | |||||||||||
Price | Contractual | |||||||||||||
Term (In | ||||||||||||||
Years) | ||||||||||||||
Outstanding at December 31, 2010 | 4,999,000 | $ | 9.4 | — | — | |||||||||
Grants | 182,000 | $ | 1.38 | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -370,000 | $ | 16.57 | |||||||||||
Outstanding at December 31, 2011 | 4,811,000 | $ | 8.6 | — | — | |||||||||
Grants | 151,000 | $ | 0.83 | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -332,000 | $ | 11.05 | |||||||||||
Outstanding at December 31, 2012 | 4,630,000 | $ | 8.17 | — | — | |||||||||
Grants | — | $ | — | |||||||||||
Exercised | — | $ | — | |||||||||||
Forfeited/cancelled/expired | -330,000 | $ | 17.43 | |||||||||||
Outstanding at December 31, 2013 | 4,300,000 | $ | 7.46 | 2.98 | $ | 5,353,663 | ||||||||
Vested and expected to vest at December 31, 2013 | 4,291,000 | $ | 7.47 | 2.97 | $ | 5,326,500 | ||||||||
Unvested at December 31, 2013 | 75,000 | $ | 0.83 | 8.43 | $ | 222,888 | ||||||||
Exercisable at December 31, 2013 | 4,225,000 | $ | 7.58 | 2.88 | $ | 5,130,775 | ||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||
Transactions and other information relating to restricted stock grants for the years ended December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||||
Shares | Average | |||||||||||||
Fair | ||||||||||||||
Value at | ||||||||||||||
Grant | ||||||||||||||
Date | ||||||||||||||
Unvested at December 31, 2010 | 2,310,000 | $ | 2.92 | |||||||||||
Grants | 60,000 | $ | 1.19 | |||||||||||
Vested | -2,203,000 | $ | 2.99 | |||||||||||
Forfeited/cancelled/expired | -23,000 | $ | 3.17 | |||||||||||
Unvested at December 31, 2011 | 144,000 | $ | 1.1 | |||||||||||
Grants | — | $ | — | |||||||||||
Vested | -62,000 | $ | 1.09 | |||||||||||
Forfeited/cancelled/expired | — | $ | — | |||||||||||
Unvested at December 31, 2012 | 82,000 | $ | 1.11 | |||||||||||
Grants | 110,000 | $ | 2.28 | |||||||||||
Vested | -62,000 | $ | 1.09 | |||||||||||
Forfeited/cancelled/expired | — | $ | — | |||||||||||
Unvested at December 31, 2013 | 130,000 | $ | 2.11 | |||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES: (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | |||||||
The amounts the Company is obligated to pay for these agreements are shown below. | ||||||||
Other | ||||||||
Operating | ||||||||
Operating | Contracts | |||||||
Lease | and | |||||||
Payments | Agreements | |||||||
(In thousands) | ||||||||
Years ending December 31: | ||||||||
2014 | $ | 9,890 | $ | 60,481 | ||||
2015 | 8,621 | 30,205 | ||||||
2016 | 7,760 | 14,697 | ||||||
2017 | 7,007 | 8,674 | ||||||
2018 | 3,804 | 320 | ||||||
2019 and thereafter | 14,062 | 106 | ||||||
Total | $ | 51,144 | $ | 114,483 | ||||
QUARTERLY_FINANCIAL_DATA_UNAUD1
QUARTERLY FINANCIAL DATA (UNAUDITED): (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
Quarters Ended | ||||||||||||||||
March 31 (a) | June 30 (a) | September 30(a) | December 31 | |||||||||||||
(In thousands, except share data) | ||||||||||||||||
2013:00:00 | ||||||||||||||||
Net revenue | $ | 99,112 | $ | 119,602 | $ | 118,391 | $ | 111,595 | ||||||||
Operating income | 15,455 | 18,330 | 21,795 | 17,388 | ||||||||||||
Net loss from continuing operations | -13,305 | -8,555 | -8,904 | -13,631 | ||||||||||||
Income (loss) from discontinued operations | 890 | 3 | — | -8 | ||||||||||||
Consolidated net loss attributable to common stockholders | -18,106 | -14,214 | -13,221 | -16,440 | ||||||||||||
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -0.38 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
Net (loss) income from discontinued operations per share | 0.02 | 0 | — | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -0.36 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -0.38 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
Net (loss) income from discontinued operations per share | 0.02 | 0 | — | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -0.36 | $ | -0.29 | $ | -0.28 | $ | -0.35 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Weighted average shares outstanding — basic | 49,861,964 | 48,737,941 | 47,443,031 | 47,441,175 | ||||||||||||
Weighted average shares outstanding — diluted | 49,861,964 | 48,737,941 | 47,443,031 | 47,441,175 | ||||||||||||
(a) | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | |||||||||||||||
Quarters Ended | ||||||||||||||||
March 31 | June 30 (a) | 30-Sep | December 31 | |||||||||||||
(In thousands, except share data) | ||||||||||||||||
2012:00:00 | ||||||||||||||||
Net revenue | $ | 102,964 | $ | 105,830 | $ | 109,894 | $ | 105,885 | ||||||||
Operating income | 13,725 | 21,385 | 21,498 | 14,601 | ||||||||||||
Net (loss) income from continuing operations | -75,156 | 46,452 | -10,215 | -15,013 | ||||||||||||
(Loss) income from discontinued operations | -29 | 13 | -40 | -128 | ||||||||||||
Consolidated net (loss) income attributable to common stockholders | -79,242 | 42,668 | -13,064 | -17,227 | ||||||||||||
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
Net (loss) income from discontinued operations per share | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||
Net (loss) income from continuing operations per share | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
Net (loss) income from discontinued operations per share | 0 | 0 | 0 | 0 | ||||||||||||
Consolidated net (loss) income per share attributable to common stockholders | $ | -1.58 | $ | 0.85 | $ | -0.26 | $ | -0.34 | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||
Weighted average shares outstanding — basic | 49,994,974 | 50,006,008 | 50,019,048 | 50,042,751 | ||||||||||||
Weighted average shares outstanding — diluted | 49,994,974 | 50,124,418 | 50,019,048 | 50,042,751 | ||||||||||||
(a) | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. | |||||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION: (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||
Detailed segment data for the years ended December 31, 2013, 2012 and 2011 is presented in the following table: | |||||||||||
For the Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
Net Revenue: | |||||||||||
Radio Broadcasting | $ | 222,544 | $ | 223,404 | $ | 209,758 | |||||
Reach Media | 56,741 | 55,154 | 59,708 | ||||||||
Internet | 25,639 | 19,852 | 17,529 | ||||||||
Cable Television | 149,472 | 131,178 | 86,024 | ||||||||
Corporate/Eliminations/Other | -5,696 | -5,015 | -8,722 | ||||||||
Consolidated | $ | 448,700 | $ | 424,573 | $ | 364,297 | |||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | |||||||||||
Radio Broadcasting | $ | 128,001 | $ | 129,843 | $ | 130,797 | |||||
Reach Media | 50,833 | 54,168 | 50,906 | ||||||||
Internet | 25,319 | 21,179 | 20,062 | ||||||||
Cable Television | 100,117 | 91,361 | 61,369 | ||||||||
Corporate/Eliminations/Other | 18,712 | 17,723 | 16,335 | ||||||||
Consolidated | $ | 322,982 | $ | 314,274 | $ | 279,469 | |||||
Depreciation and Amortization: | |||||||||||
Radio Broadcasting | $ | 6,071 | $ | 6,308 | $ | 6,639 | |||||
Reach Media | 1,242 | 1,302 | 4,091 | ||||||||
Internet | 2,490 | 3,210 | 3,694 | ||||||||
Cable Television | 26,324 | 26,864 | 21,790 | ||||||||
Corporate/Eliminations/Other | 1,743 | 1,093 | 928 | ||||||||
Consolidated | $ | 37,870 | $ | 38,777 | $ | 37,142 | |||||
Impairment of Long-Lived Assets: | |||||||||||
Radio Broadcasting | $ | 14,880 | $ | 313 | $ | 14,509 | |||||
Reach Media | — | — | 7,822 | ||||||||
Internet | — | — | — | ||||||||
Cable Television | — | — | — | ||||||||
Corporate/Eliminations/Other | — | — | — | ||||||||
Consolidated | $ | 14,880 | $ | 313 | $ | 22,331 | |||||
Operating income (loss): | |||||||||||
Radio Broadcasting | $ | 73,592 | $ | 86,940 | $ | 57,813 | |||||
Reach Media | 4,666 | -316 | -3,111 | ||||||||
Internet | -2,170 | -4,537 | -6,227 | ||||||||
Cable Television | 23,031 | 12,953 | 2,865 | ||||||||
Corporate/Eliminations/Other | -26,151 | -23,831 | -25,985 | ||||||||
Consolidated | $ | 72,968 | $ | 71,209 | $ | 25,355 | |||||
As of | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(In thousands) | |||||||||||
Total Assets: | |||||||||||
Radio Broadcasting | $ | 760,451 | $ | 801,340 | |||||||
Reach Media | 33,302 | 29,492 | |||||||||
Internet | 31,429 | 32,076 | |||||||||
Cable Television | 524,025 | 535,344 | |||||||||
Corporate/Eliminations/Other | 65,148 | 61,943 | |||||||||
Consolidated | $ | 1,414,355 | $ | 1,460,195 | |||||||
ORGANIZATION_AND_SUMMARY_OF_SI3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Launch assets | $39,597 | $39,597 |
Less: Accumulated amortization | -27,034 | -17,067 |
Launch assets, net | $12,563 | $22,530 |
ORGANIZATION_AND_SUMMARY_OF_SI4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
2014 | $9,913 |
2015 | $2,650 |
ORGANIZATION_AND_SUMMARY_OF_SI5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | $2,462 | $1,694 | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Employment agreement award | 13,688 | 11,374 | ||
Total | 15,802 | 16,719 | ||
Mezzanine equity subject to fair value measurement: | ' | ' | ||
Redeemable noncontrolling interest | 11,999 | [1] | 12,853 | [1] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 2,462 | 1,694 | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Total | 0 | 0 | ||
Mezzanine equity subject to fair value measurement: | ' | ' | ||
Redeemable noncontrolling interest | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 0 | 0 | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Total | 0 | 0 | ||
Mezzanine equity subject to fair value measurement: | ' | ' | ||
Redeemable noncontrolling interest | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 0 | 0 | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Total | 15,802 | 16,719 | ||
Mezzanine equity subject to fair value measurement: | ' | ' | ||
Redeemable noncontrolling interest | 11,999 | [1] | 12,853 | [1] |
Incentive Award Plan [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Incentive award plan | 2,114 | [2] | 5,345 | [2] |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Incentive award plan | 0 | [2] | 0 | [2] |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Incentive award plan | 0 | [2] | 0 | [2] |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Incentive award plan | 2,114 | [2] | 5,345 | [2] |
Employment Agreement Award [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Employment agreement award | 13,688 | [3] | 11,374 | [3] |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Employment agreement award | 0 | [3] | 0 | [3] |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Employment agreement award | 0 | [3] | 0 | [3] |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Liabilities subject to fair value measurement: | ' | ' | ||
Employment agreement award | 13,688 | [3] | 11,374 | [3] |
Corporate Debt Securities [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 147 | [4] | 192 | [4] |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 147 | [4] | 192 | [4] |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 0 | [4] | 0 | [4] |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 0 | [4] | 0 | [4] |
Mutual Funds [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 2,315 | [4] | 1,502 | [4] |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 2,315 | [4] | 1,502 | [4] |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | 0 | [4] | 0 | [4] |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets subject to fair value measurement: | ' | ' | ||
Fair Value | $0 | [4] | $0 | [4] |
[1] | The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. | |||
[2] | These balances are measured based on the estimated enterprise fair value of TV One. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There are specific unit holders for which the enterprise fair value is fixed. A third-party valuation firm assisted the Company in estimating TV Onebs fair value. | |||
[3] | Pursuant to an employment agreement (the bEmployment Agreementb) executed in April 2008, the Chief Executive Officer (bCEOb) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Companybs aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Companybs obligation to pay the award will be triggered only after the Companybs recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Companybs membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV Onebs fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. (See Note 10 B Derivative Instruments and Hedging Activities.) The terms of the Employment Agreement remain in effect including eligibility for the TV One award. | |||
[4] | Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, fair values are estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. |
ORGANIZATION_AND_SUMMARY_OF_SI6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Incentive Award Plan [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance | $5,345 | $5,096 |
Cash paid to increase ownership interest | ' | 0 |
Contribution of syndicated programming assets | ' | 0 |
Distribution | -3,219 | -412 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
Change in fair value | -12 | 661 |
Balance | 2,114 | 5,345 |
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | -12 | ' |
Employment Agreement Award [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance | 11,374 | 10,346 |
Cash paid to increase ownership interest | ' | 0 |
Contribution of syndicated programming assets | ' | 0 |
Distribution | 0 | 0 |
Net income (loss) attributable to noncontrolling interests | 0 | 0 |
Change in fair value | 2,314 | 1,028 |
Balance | 13,688 | 11,374 |
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | -2,314 | ' |
Redeemable Noncontrolling Interests [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance | 12,853 | 20,343 |
Cash paid to increase ownership interest | ' | -2,000 |
Contribution of syndicated programming assets | ' | -7,546 |
Distribution | 0 | 0 |
Net income (loss) attributable to noncontrolling interests | 665 | -628 |
Change in fair value | -1,519 | 2,684 |
Balance | 11,999 | 12,853 |
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date | $0 | ' |
ORGANIZATION_AND_SUMMARY_OF_SI7
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details 4) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Measurements, Valuation Techniques | 'Valuation Technique | ' |
Incentive Award Plan [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 10.80% | 10.80% |
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | 3.00% |
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow | ' |
Employment Agreement Award [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 10.80% | 10.80% |
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | 3.00% |
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow | ' |
Redeemable Noncontrolling Interests [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 12.50% | 11.50% |
Fair Value Inputs, Long-term Revenue Growth Rate | 1.50% | 2.00% |
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow | ' |
ORGANIZATION_AND_SUMMARY_OF_SI8
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 25, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | |
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Barter Transactions [Member] | Barter Transactions [Member] | Barter Transactions [Member] | Launch Support Assets [Member] | Launch Support Assets [Member] | Content Assets [Member] | Content Assets [Member] | Licensing Agreements [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Reach Media Inc [Member] | Reach Media Inc [Member] | ||||
February 2013 [Member] | February 2013 [Member] | May 2016 [Member] | May 2016 [Member] | May 2016 [Member] | May 2016 [Member] | March 2016 [Member] | |||||||||||||||||||||
Maximum [Member] | Minimum [Member] | ||||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | $819,490,000 | $824,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $327,034,000 | $0 | $747,000 | $327,034,000 | $327,034,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 740,000 | 328,700,000 | 293,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Commissions and Fees | 32,400,000 | 35,200,000 | 31,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Barter Transactions, Advertising Barter Revenue | ' | ' | ' | ' | ' | ' | 2,600,000 | 3,000,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of Goods and Services Sold, Total | 138,021,000 | 135,974,000 | 115,106,000 | ' | ' | ' | 2,400,000 | 2,700,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage By Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.90% | 51.10% | 51.90% | ' | 80.00% |
Selling, General and Administrative Expense, Total | 145,261,000 | 137,843,000 | 126,513,000 | ' | ' | ' | 169,000 | 308,000 | 238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets Weighted Average Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years 10 months 24 days | '10 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing and Advertising Expense, Total | ' | ' | ' | 17,400,000 | 13,100,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Award Amount | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 272,037,000 | 272,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived License Agreements | 659,824,000 | 675,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 659,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instrument Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | ' | ' | ' | 15.00% | 12.50% | 10.00% | ' | ' | ' | ' | ' |
Amortization Of Intangible Assets | 27,700,000 | 28,400,000 | 26,200,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | 9,900,000 | 6,200,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment Of Long-Lived Assets Held-For-Use | 14,880,000 | 313,000 | 22,331,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' |
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Description | 'All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Period Increase (Decrease) | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details_Textual
ACQUISITIONS: (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 14, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 25, 2011 | Apr. 14, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 25, 2011 | |||||
Tv One Llc [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Tv One Llc [Member] | Reach Media [Member] | Reach Media [Member] | LMA | Financial Investers [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||||||||||
Previous Holding Percentage [Member] | Current Holding Percentage [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term Debt, Gross | $819,490,000 | ' | ' | ' | $824,078,000 | ' | ' | ' | $819,490,000 | $824,078,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $119,000,000 | $119,000,000 | ' | ||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ||||
Private Placement Debt Offering Utilized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,400,000 | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets Including Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Acquisition Purchase Price Allocation Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncontrolling Interest, Ownership Percentage By Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.90% | 51.10% | 51.90% | ' | ' | 53.50% | 80.00% | ' | 50.00% | ' | ' | ' | ||||
Percentage Of Outstanding Membership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.40% | ' | 2.00% | ' | ' | ' | 15.40% | ' | ' | ' | ||||
Business Acquisition Purchase Price Allocation Launch Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition After Tax Gain Loss Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage Of Outstanding Membership Interest Before Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage Of Outstanding Membership Interest After Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues, Total | 111,595,000 | 118,391,000 | [1] | 119,602,000 | [1] | 99,112,000 | [1] | 105,885,000 | 109,894,000 | 105,830,000 | [2] | 102,964,000 | 448,700,000 | 424,573,000 | 364,297,000 | ' | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent, Total | -16,440,000 | -13,221,000 | [1] | -14,214,000 | [1] | -18,106,000 | [1] | -17,227,000 | -13,064,000 | 42,668,000 | [2] | -79,242,000 | -61,981,000 | -66,865,000 | 2,889,000 | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization, Nonproduction, Total | ' | ' | ' | ' | ' | ' | ' | ' | 37,870,000 | 38,777,000 | 37,142,000 | ' | 21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest Expense, Total | ' | ' | ' | ' | ' | ' | ' | ' | 89,196,000 | 90,797,000 | 88,120,000 | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Local Marketing Agreement,Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ||||
Local Marketing Agreement, Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Jul-12 | ' | ' | ' | ' | ||||
Local Marketing Agreement Effective Date Of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Aug-12 | ' | ' | ' | ' | ||||
Payments to Acquire Additional Interest in Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | ||||||||||||||||||||||||||||
[2] | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. |
DISPOSITION_OF_ASSETS_AND_DISC2
DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $260 | $374 | ||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -444 | -493 | ||||
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | 885 | 0 | 20 | ||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 885 | -184 | -99 | ||||
Income (loss) from discontinued operations, net of tax | ($8) | $0 | [1] | $3 | [1] | $890 | [1] | ($128) | ($40) | $13 | [2] | ($29) | $885 | ($184) | ($99) |
[1] | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | ||||||||||||||
[2] | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. |
DISPOSITION_OF_ASSETS_AND_DISC3
DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Currents assets: | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $0 | $73 |
Total current assets | 0 | 73 |
Property and equipment, net | 0 | 76 |
Intangible assets, net | 0 | 3,100 |
Total assets | 0 | 3,249 |
Current liabilities: | ' | ' |
Other current liabilities | 0 | 82 |
Total current liabilities | 0 | 82 |
Long-term liabilities | 0 | 4 |
Total liabilities | $0 | $86 |
DISPOSITION_OF_ASSETS_AND_DISC4
DISPOSITION OF ASSETS AND DISCONTINUED OPERATIONS: (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from Divestiture of Businesses | $4,000,000 | $0 | $0 |
WJKR [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from Divestiture of Businesses | 4,000,000 | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $893,000 | ' | ' |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT: (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $147,301 | $138,690 |
Less: Accumulated depreciation and amortization | -112,948 | -103,408 |
Property and equipment, net | 34,353 | 35,282 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 3,777 | 3,777 |
Property, Plant and Equipment, Useful Life | '0 years | ' |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,554 | 1,554 |
Property, Plant and Equipment, Useful Life | '31 years | ' |
Transmitters and Towers [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 38,680 | 37,330 |
Transmitters and Towers [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' |
Transmitters and Towers [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 52,508 | 49,694 |
Equipment [Member] | Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Equipment [Member] | Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Useful Life | '7 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 8,643 | 8,076 |
Property, Plant and Equipment, Useful Life | '6 years | ' |
Software Development [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 18,862 | 16,393 |
Property, Plant and Equipment, Useful Life | '3 years | ' |
Leaseholds and Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 22,611 | 20,710 |
Property Plant And Equipment, Estimated Useful Life | 'Lease Term | ' |
Construction In Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $666 | $1,156 |
Property, Plant and Equipment, Useful Life | '0 years | ' |
GOODWILL_RADIO_BROADCASTING_LI2
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details) (Income Approach Valuation Technique [Member], USD $) | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 01, 2011 |
In Millions, unless otherwise specified | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Pre-tax impairment charge (in millions) | $0 | $0 | $0 |
Discount Rate | 10.00% | 10.00% | 10.00% |
Minimum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Year 1 Market Revenue Growth Rate Range | 0.00% | 1.00% | 1.50% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 1.00% | 1.00% | 1.00% |
Mature Market Share Range | 6.40% | 0.70% | 0.70% |
Operating Profit Margin Range | 30.80% | 19.60% | 19.10% |
Maximum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Year 1 Market Revenue Growth Rate Range | 2.00% | 2.00% | 2.50% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 2.00% | 2.00% | 2.00% |
Mature Market Share Range | 26.90% | 27.40% | 28.90% |
Operating Profit Margin Range | 47.80% | 47.70% | 47.40% |
GOODWILL_RADIO_BROADCASTING_LI3
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | $659,824,000 | $675,195,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | -15,371,000 | ' |
Unit Of Accounting 3 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 0 | 1,201,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | -1,201,000 | ' |
Unit Of Accounting 2 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 3,086,000 | 3,086,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 4 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 9,169,000 | 9,169,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 5 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 16,687,000 | 18,657,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | -1,970,000 | ' |
Unit Of Accounting 7 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 16,165,000 | 16,165,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 14 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 20,434,000 | 20,434,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 15 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 20,886,000 | 20,886,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 11 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 21,135,000 | 21,135,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 9 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 34,270,000 | 34,270,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 6 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 22,642,000 | 26,242,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | -3,600,000 | ' |
Unit Of Accounting 16 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 52,965,000 | 52,965,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 13 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 52,556,000 | 52,556,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 8 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 66,715,000 | 66,715,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 12 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 50,179,000 | 58,779,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | -8,600,000 | ' |
Unit Of Accounting 1 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 93,394,000 | 93,394,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | 0 | ' |
Unit Of Accounting 10 [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Radio Broadcasting Licenses | 179,541,000 | 179,541,000 |
Indefinite-Lived Intangible Assets, Impairment Losses | $0 | ' |
GOODWILL_RADIO_BROADCASTING_LI4
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 2) (Radio Marketing Units Member [Member], USD $) | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 01, 2011 | |||
In Millions, unless otherwise specified | ||||||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' | |||
Pre-tax impairment charge (in millions) | $0 | [1] | $0 | [1] | $14.50 | [1] |
Discount Rate | 10.00% | [1] | 10.00% | [1] | 10.00% | [1] |
Minimum [Member] | ' | ' | ' | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' | |||
Year 1 Revenue Growth Rate Range | 0.00% | [1] | 1.00% | [1] | 2.00% | [1] |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 1.00% | [1] | 1.50% | [1] | 1.50% | [1] |
Mature Market Share Range | 7.10% | [1] | 6.70% | [1] | 7.40% | [1] |
Operating Profit Margin Range | 28.40% | [1] | 29.30% | [1] | 29.50% | [1] |
Maximum [Member] | ' | ' | ' | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' | |||
Year 1 Revenue Growth Rate Range | 2.00% | [1] | 2.00% | [1] | 2.50% | [1] |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 2.00% | [1] | 2.00% | [1] | 2.00% | [1] |
Mature Market Share Range | 19.80% | [1] | 20.80% | [1] | 20.80% | [1] |
Operating Profit Margin Range | 56.40% | [1] | 58.50% | [1] | 54.00% | [1] |
[1] | Reflects the key assumptions for testing only those radio markets with remaining goodwill. |
GOODWILL_RADIO_BROADCASTING_LI5
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 3) (Reach Media Goodwill [Member], USD $) | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 01, 2011 |
In Millions, unless otherwise specified | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Pre-tax impairment charge (in millions) | $0 | $0 | $0 |
Discount Rate | 13.00% | 12.00% | 12.00% |
Year 1 Revenue Growth Rate Range | 1.50% | 2.00% | 2.50% |
Minimum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Long-term Revenue Growth Rate Range | -4.50% | -4.70% | -2.00% |
Operating Profit Margin Range | 11.50% | 4.60% | 18.80% |
Maximum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Long-term Revenue Growth Rate Range | 2.60% | 2.80% | 3.50% |
Operating Profit Margin Range | 21.50% | 19.80% | 21.70% |
GOODWILL_RADIO_BROADCASTING_LI6
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 4) (Internet Segment [Member], USD $) | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 01, 2011 |
In Millions, unless otherwise specified | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Pre-tax impairment charge (in millions) | $0 | $0 | $0 |
Discount Rate | 14.50% | 13.50% | 14.50% |
Year 1 Revenue Growth Rate Range | 10.00% | 13.80% | 20.30% |
Long-term Revenue Growth Rate (Year 10) | 2.50% | 2.50% | 2.50% |
Minimum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Operating Profit Margin Range | 5.40% | -4.80% | 0.00% |
Maximum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Operating Profit Margin Range | 24.80% | 24.20% | 28.80% |
GOODWILL_RADIO_BROADCASTING_LI7
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 5) (Cable Television Goodwill [Member], USD $) | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Pre-tax impairment charge (in millions) | $0 | $0 | $0 |
Discount Rate | 10.80% | 10.80% | 11.50% |
Year 1 Revenue Growth Rate | 12.10% | 11.20% | 13.90% |
Minimum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Long-term Revenue Growth Rate Range | 1.10% | 2.50% | 2.70% |
Operating Profit Margin Range | 30.60% | 33.30% | 29.90% |
Maximum [Member] | ' | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' |
Long-term Revenue Growth Rate Range | 12.10% | 12.20% | 13.90% |
Operating Profit Margin Range | 35.70% | 36.20% | 42.20% |
GOODWILL_RADIO_BROADCASTING_LI8
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 6) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
Goodwill Carrying Balance, as of December 31, 2012 | $272,037,000 |
Goodwill, Period Increase (Decrease) | 0 |
Goodwill Carrying Balances, as of December 31, 2013 | 272,037,000 |
Radio Broadcasting Segment [Member] | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
Goodwill Carrying Balance, as of December 31, 2012 | 70,800,000 |
Goodwill, Period Increase (Decrease) | 0 |
Goodwill Carrying Balances, as of December 31, 2013 | 70,800,000 |
Reach Media Segment [Member] | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
Goodwill Carrying Balance, as of December 31, 2012 | 14,400,000 |
Goodwill, Period Increase (Decrease) | 0 |
Goodwill Carrying Balances, as of December 31, 2013 | 14,400,000 |
Internet Segment [Member] | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
Goodwill Carrying Balance, as of December 31, 2012 | 21,800,000 |
Goodwill, Period Increase (Decrease) | 0 |
Goodwill Carrying Balances, as of December 31, 2013 | 21,800,000 |
Cable Television Segment [Member] | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
Goodwill Carrying Balance, as of December 31, 2012 | 165,000,000 |
Goodwill, Period Increase (Decrease) | 0 |
Goodwill Carrying Balances, as of December 31, 2013 | $165,000,000 |
GOODWILL_RADIO_BROADCASTING_LI9
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $356,086 | $355,739 |
Less: Accumulated amortization | -153,493 | -121,738 |
Other intangible assets, net | 202,593 | 234,001 |
Trade Names [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 17,133 | 17,133 |
Trade Names [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Trade Names [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' |
Talent Agreement [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 19,549 | 19,549 |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Debt Financing and Modification Costs [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 19,021 | 18,674 |
Finite Lived Intangible Asset Period Of Amortization | 'Term of debt | ' |
Intellectual Property [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 14,151 | 14,151 |
Intellectual Property [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '4 years | ' |
Intellectual Property [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Affiliate Agreements [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 186,755 | 186,755 |
Affiliate Agreements [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' |
Affiliate Agreements [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
Acquired Income Leases [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,282 | 1,282 |
Acquired Income Leases [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' |
Acquired Income Leases [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '9 years | ' |
Non-compete agreements [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,260 | 1,260 |
Non-compete agreements [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' |
Non-compete agreements [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' |
Advertiser Agreements [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 47,688 | 47,688 |
Advertiser Agreements [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Advertiser Agreements [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' |
Favorable Office and Transmitter Leases [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,358 | 3,358 |
Favorable Office and Transmitter Leases [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Favorable Office and Transmitter Leases [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '60 years | ' |
Brand Names [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 2,539 | 2,539 |
Finite-Lived Intangible Asset, Useful Life | '2 years 6 months | ' |
Brand Names Unamortized [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 39,688 | 39,688 |
Other Intangibles Asset [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $3,662 | $3,662 |
Other Intangibles Asset [Member] | Minimum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' |
Other Intangibles Asset [Member] | Maximum [Member] | ' | ' |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' |
Recovered_Sheet1
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details 8) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' |
2014 | $27,314 |
2015 | 26,043 |
2016 | 25,886 |
2017 | 25,880 |
2018 | $25,848 |
Recovered_Sheet2
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS: (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | |
Impairment Testing [Member] | Impairment Testing [Member] | Impairment Testing [Member] | Annual Impairment Testing 2011 [Member] | Year End Impairment Testing 2011 [Member] | Broadcasting Licenses Valuation [Member] | Cincinnati FCC radio broadcasting licenses [Member] | Philadelphia, Cincinnati and Cleveland radio broadcasting licenses [Member] | Boston and Cleveland radio broadcasting licenses [Member] | Charlotte radio broadcasting licenses [Member] | ||||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $15,371,000 | ' | ' | $14,900,000 | $313,000 | $14,500,000 | $14,500,000 | $7,800,000 | $14,900,000 | $1,400,000 | $9,800,000 | $3,700,000 | $313,000 |
Indefinite-Lived License Agreements | 659,824,000 | 675,195,000 | ' | ' | ' | ' | ' | ' | 659,800,000 | ' | ' | ' | ' |
Amortization Of Intangible Assets | 27,700,000 | 28,400,000 | 26,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Net | $5,300,000 | $4,500,000 | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONTENT_ASSETS_Details
CONTENT ASSETS: (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Content Assets [Member] | Content Assets [Member] | ||
Maximum [Member] | Minimum [Member] | |||
Produced content assets: | ' | ' | ' | ' |
Completed | $91,667 | $63,562 | ' | ' |
In-production | 4,906 | 7,120 | ' | ' |
Licensed content assets acquired: | ' | ' | ' | ' |
Acquired | 94,653 | 74,041 | ' | ' |
Content assets, at cost | 191,226 | 144,723 | ' | ' |
Less: Accumulated amortization | -128,432 | -78,019 | ' | ' |
Content assets, net | 62,794 | 66,704 | ' | ' |
Current portion | 26,637 | 27,723 | ' | ' |
Noncurrent portion | $36,157 | $38,981 | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | ' | ' | '9 years | '1 year |
CONTENT_ASSETS_Details_1
CONTENT ASSETS: (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
CONTENT ASSETS [Line Items] | ' |
2014 | $27,314 |
2015 | 26,043 |
2016 | 25,886 |
2017 | 25,880 |
2018 | 25,848 |
Content Assets [Member] | ' |
CONTENT ASSETS [Line Items] | ' |
2014 | 26,637 |
2015 | 16,927 |
2016 | 9,730 |
2017 | 2,078 |
2018 | $796 |
CONTENT_ASSETS_Details_2
CONTENT ASSETS: (Details 2) (Content Assets [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Content Assets [Member] | ' |
CONTENT ASSETS [Line Items] | ' |
2014 | $14,359 |
2015 | 5,437 |
2016 | 2,492 |
2017 | 270 |
2018 | $200 |
INVESTMENT_IN_AFFILIATED_COMPA1
INVESTMENT IN AFFILIATED COMPANY: (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 25, 2011 | Apr. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 25, 2011 | Feb. 28, 2011 | Dec. 31, 2011 | Dec. 31, 2003 | |||||
Financial Investers [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | TV One LLC [Member] | TV One LLC [Member] | TV One LLC [Member] | TV One LLC [Member] | TV One LLC [Member] | TV One LLC [Member] | TV One LLC [Member] | ||||||||||||||||
Advertising Services [Member] | Advertising Services [Member] | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term Debt, Gross | $819,490,000 | ' | ' | ' | $824,078,000 | ' | ' | ' | $819,490,000 | $824,078,000 | ' | ' | $119,000,000 | $119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Private Placement Debt Offering Utilized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncontrolling Interest, Ownership Percentage By Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 51.90% | 51.10% | 51.90% | ' | ' | ' | ||||
Operating Income (Loss), Total | 17,388,000 | 21,795,000 | [1] | 18,330,000 | [1] | 15,455,000 | [1] | 14,601,000 | 21,498,000 | 21,385,000 | [2] | 13,725,000 | 72,968,000 | 71,209,000 | 25,355,000 | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' |
Percentage Of Outstanding Membership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.40% | ' | ' | ' | ' | ' | ' | 12.40% | 2.00% | ' | ' | ||||
Percentage Of Outstanding Membership Interest Before Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.80% | ' | ' | ' | ||||
Percentage Of Outstanding Membership Interest After Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.90% | ' | ' | ' | ||||
Sales Revenue, Services, Net, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 694,000 | ' | ||||
Fees and Commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ||||
Media Placement Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ||||
Professional Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | ' | ' | ' | ||||
[1] | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | |||||||||||||||||||||||||
[2] | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | $2,675 | $1,796 |
Gross Unrealized Losses | -215 | -107 |
Gross Unrealized Gains | 2 | 5 |
Fair Value | 2,462 | 1,694 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 147 | 188 |
Gross Unrealized Losses | -2 | 0 |
Gross Unrealized Gains | 2 | 4 |
Fair Value | 147 | 192 |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 2,528 | 1,608 |
Gross Unrealized Losses | -213 | -107 |
Gross Unrealized Gains | 0 | 1 |
Fair Value | $2,315 | $1,502 |
INVESTMENTS_Details_1
INVESTMENTS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value less than 1 Year | $884 | $1,235 |
Available-for-sale Securities, Unrealized Losses less than 1 Year | -29 | -107 |
Available-for-sale Securities, Fair Value greater than 1 Year | 1,477 | 0 |
Available-for-sale Securities, Unrealized Losses greater than 1 Year | -186 | 0 |
Available For Sale Securities, Total Unrealized Losses | -215 | -107 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value less than 1 Year | 119 | ' |
Available-for-sale Securities, Unrealized Losses less than 1 Year | -2 | ' |
Available-for-sale Securities, Fair Value greater than 1 Year | 0 | ' |
Available-for-sale Securities, Unrealized Losses greater than 1 Year | 0 | ' |
Available For Sale Securities, Total Unrealized Losses | -2 | ' |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value less than 1 Year | 765 | 1,235 |
Available-for-sale Securities, Unrealized Losses less than 1 Year | -27 | -107 |
Available-for-sale Securities, Fair Value greater than 1 Year | 1,477 | 0 |
Available-for-sale Securities, Unrealized Losses greater than 1 Year | -186 | 0 |
Available For Sale Securities, Total Unrealized Losses | ($213) | ($107) |
INVESTMENTS_Details_2
INVESTMENTS (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost Basis, Within 1 year | $27 |
Amortized Cost Basis, After 1 year through 5 years | 18 |
Amortized Cost Basis, After 5 years through 10 years | 102 |
Amortized Cost Basis, Total debt securities | 147 |
Fair Value, Within 1 year | 27 |
Fair Value, After 1 year through 5 years | 20 |
Fair Value, After 5 years through 10 years | 100 |
Fair Value, Total debt securities | $147 |
INVESTMENTS_Details_3
INVESTMENTS (Details 3) (Fixed Maturities [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed Maturities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Proceeds from sales | $1,665 | $9,122 |
Gross realized gains | 0 | 79 |
Gross realized losses | $0 | ($123) |
OTHER_CURRENT_LIABILITIES_Deta
OTHER CURRENT LIABILITIES: (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other current liabilities [Line Items] | ' | ' |
Deferred revenue | $4,760 | $4,281 |
Deferred barter revenue | 1,511 | 825 |
Incentive award plan | 0 | 3,208 |
Deferred rent | 587 | 983 |
Accrued national representative fees | 807 | 782 |
Accrued miscellaneous taxes | 661 | 826 |
Income taxes payable | 893 | 0 |
Tenant allowance | 461 | 576 |
Other current liabilities | 6,496 | 4,686 |
Other current liabilities | $16,176 | $16,167 |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Net | $13,688 | $11,374 | ||
Employment Agreement Award [Member] | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Net | 13,688 | [1] | 11,374 | [1] |
Other Liabilities [Member] | Employment Agreement Award [Member] | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Net | $13,688 | $11,374 | ||
[1] | Pursuant to an employment agreement (the bEmployment Agreementb) executed in April 2008, the Chief Executive Officer (bCEOb) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Companybs aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Companybs obligation to pay the award will be triggered only after the Companybs recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Companybs membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV Onebs fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. (See Note 10 B Derivative Instruments and Hedging Activities.) The terms of the Employment Agreement remain in effect including eligibility for the TV One award. |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Details 1) (Not Designated As Hedging Instrument [Member], Employment Agreement Award [Member], Corporate Selling General and Administrative Expense [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Not Designated As Hedging Instrument [Member] | Employment Agreement Award [Member] | Corporate Selling General and Administrative Expense [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Amount of Gain (Loss) in Income of Derivative | ($2,314) | ($1,028) | ($3,522) |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2005 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2005 | Jun. 30, 2005 | Jun. 30, 2005 | Jun. 30, 2005 |
Interest Expense [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative Agreement 1 [Member] | Derivative Agreement 2 [Member] | Derivative Agreement 3 [Member] | Derivative Agreement 4 [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Agreement Face Amount Of Contract | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' |
Derivative, Maturity Date | ' | ' | ' | ' | ' | 30-Jun-07 | 30-Jun-08 | 30-Jun-10 | 31-Mar-11 |
Percentage Of Award Amount | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Reassessed Estimated Fair Value Of Award | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | ' | ' | ' | $258,000 | $1,400,000 | ' | ' | ' | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT: (Details) (USD $) | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Senior Bank Term Debt [Member] | Senior Bank Term Debt [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
February 2013 [Member] | February 2013 [Member] | May 2016 [Member] | May 2016 [Member] | March 2016 [Member] | March 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt | $819,490 | $824,078 | $373,456 | $377,297 | $327,034 | $0 | $747 | $327,034 | $327,034 | $119,000 | $119,000 | $119,000 | $119,000 |
Less: current portion | 3,840 | 4,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: original issue discount | 3,855 | 5,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, net | $811,795 | $814,131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONGTERM_DEBT_Details_1
LONG-TERM DEBT: (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Total Debt | $819,490,000 | $824,078,000 |
Interest Coverage | 1.43 | ' |
Senior Secured Leverage | 3.34 | ' |
Total Leverage | 6.54 | ' |
Credit Agreement 2011 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Pro Forma Last Twelve Months Covenant EBITDA | 102,200,000 | ' |
Pro Forma Last Twelve Months Interest Expense | 71,300,000 | ' |
Senior Debt | 341,400,000 | ' |
Total Debt | $668,500,000 | ' |
Senior Secured Debt [Member] | Covenant Limit [Member] | Credit Agreement 2011 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Coverage | 1.1 | ' |
Senior Secured Leverage | 4.5 | ' |
Total Leverage | 8.5 | ' |
Senior Secured Debt [Member] | Excess Coverage [Member] | Credit Agreement 2011 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Coverage | 0.33 | ' |
Senior Secured Leverage | 1.16 | ' |
Total Leverage | 1.96 | ' |
LONGTERM_DEBT_Details_2
LONG-TERM DEBT: (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Senior Subordinated Notes [Member] | Line Of Credit [Member] | TV One Senior Secured Notes [Member] | TV One Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
2014 | $3,840 | ' | $0 | $3,840 | $0 | ' |
2015 | 3,840 | ' | 0 | 3,840 | 0 | ' |
2016 | 811,810 | ' | 327,034 | 365,776 | 119,000 | ' |
Total Debt | $819,490 | $824,078 | $327,034 | $373,456 | $119,000 | $119,000 |
LONGTERM_DEBT_Details_Textual
LONG-TERM DEBT: (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 25, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Nov. 30, 2010 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 24, 2010 | Nov. 30, 2010 | |
Non-Guarantor Subsidiaries [Member] | Term Loan [Member] | Credit Agreement 2011 [Member] | Credit Agreement 2011 [Member] | Credit Agreement 2011 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Line Of Credit [Member] | Line Of Credit [Member] | Notes 2011 [Member] | Notes 2013 [Member] | May 2016 [Member] | May 2016 [Member] | May 2016 [Member] | ||||
Term Loan [Member] | February 2013 [Member] | February 2013 [Member] | March 2016 [Member] | March 2016 [Member] | Credit Agreement 2011 [Member] | Credit Agreement 2011 [Member] | Credit Agreement 2011 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan Facility Carrying Amount | ' | ' | $386,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Loan Facility Carrying Amount | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | 14,200,000 | ' | ' | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | 411,000,000 | 101,500,000 | 200,000,000 | 327,000,000 | 286,800,000 | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | 'Under the terms of the 2011 Credit Agreement, as amended, interest on base rate loans is payable quarterly and interest on LIBOR loans is payable monthly or quarterly. The base rate is equal to the greater of: (i) the prime rate; (ii) the Federal Funds Effective Rate plus 0.50%; or (iii) the LIBOR Rate for a one-month period plus 1.00%. The applicable margin on the 2011 Credit Agreement is between (i) 4.50% and 5.50% on the revolving portion of the facility and (ii) 5.00% (with a base rate floor of 2.5% per annum) and 6.00% (with a LIBOR floor of 1.5% per annum) on the term portion of the facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | 960,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 373,500,000 | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Lines of Credit | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 819,490,000 | 824,078,000 | ' | 119,000,000 | ' | ' | 668,500,000 | ' | ' | 327,034,000 | 747,000 | 0 | 119,000,000 | 119,000,000 | ' | 119,000,000 | 119,000,000 | ' | ' | ' | ' | ' | 97,000,000 | 199,300,000 | ' | ' | ' |
Debt Instrument, Periodic Payment, Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Compliance Description For Maintaining Interest Coverage Ratio | ' | ' | ' | ' | ' | ' | 'maintaining an interest coverage ratio of no less than: 1.10 to 1.00 on December 31, 2012 and the last day of each fiscal quarter through December 31, 2013; 1.20 to 1.00 on March 31, 2014 and the last day of each fiscal quarter through September 30, 2014; 1.25 to 1.00 on December 31, 2014 and the last day of each fiscal quarter through September 30, 2015; and 1.50 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Periodic Payment Percentage Of Principal | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Financial Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | 15.00% |
Percentage Of Cash Paid For Interest | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Paid In Kind Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Compliance Description For Maintaining Senior Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | 'maintaining a senior secured leverage ratio of no greater than: 4.50 to 1.00 on September 30, 2012 and the last day of each fiscal quarter through December 31, 2013; 4.25 to 1.00 on March 31, 2014 and the last day of each fiscal quarter through June 30, 2014; 4.00 to 1.00 on September 30, 2014; 3.75 to 1.00 on December 31, 2014; 3.25 to 1.00 on March 31, 2015 and the last day of each fiscal quarter through September 30, 2015; and 2.75 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Compliance Description For Maintaining Total Leverage Ratio | ' | ' | ' | ' | ' | ' | 'maintaining a total leverage ratio of no greater than 8.50 to 1.00 on December 31, 2012 and the last day of each fiscal quarter through December 31, 2013; 8.25 to 1.00 on March 31, 2014 and June 30, 2014 8.00 to 1.00 on September 30, 2014; 7.50 to 1.00 on December 31, 2014; 6.50 to 1.00 on March 31, 2015 and the last day of each fiscal quarter through September 30, 2015; and 6.00 to 1.00 on December 31, 2015 and the last day of each fiscal quarter thereafter. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant Limitations Description | ' | ' | ' | ' | ' | ' | 'limitations on: liens; sale of assets; payment of dividends; and mergers. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Revenues Generated by Non-Guarantor Subsidiaries | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Assets Held by Non-Guarantor Subsidiaries | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Liabilities Held by Non-Guarantor Subsidiaries | 154,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement Excess Cash Flow Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES: (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Statutory tax (@ 35% rate) | ($5,486) | ($7,244) | $27,912 |
Effect of state taxes, net of federal benefit | -189 | -450 | 4,331 |
Effect of state rate and tax law changes | 145 | 407 | 750 |
Other permanent items | 214 | 149 | 1 |
Disallowed interest | 5,632 | 5,364 | 8,825 |
Non-deductible officerbs compensation | 1,453 | 1,012 | 2,226 |
Valuation allowance | 42,845 | 34,644 | 14,861 |
Noncontrolling interest | -16,229 | 0 | 0 |
Effect of permanent impairment of long-lived assets | 0 | 0 | 4,540 |
Expiring NOLs and charitable carryovers | 64 | 137 | 1,037 |
Forfeiture of stock-based compensation | 512 | 163 | 1,151 |
Uncertain tax positions | 0 | -709 | 0 |
Other | -242 | -238 | 1,052 |
Provision for income taxes | $28,719 | $33,235 | $66,686 |
INCOME_TAXES_Details_1
INCOME TAXES: (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal: | ' | ' | ' |
Current | $92 | ($639) | $1,980 |
Deferred | 21,084 | 29,120 | 53,113 |
State: | ' | ' | ' |
Current | 1,319 | -649 | 555 |
Deferred | 6,224 | 5,403 | 11,038 |
Provision for income taxes | $28,719 | $33,235 | $66,686 |
INCOME_TAXES_Details_2
INCOME TAXES: (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for doubtful accounts | $1,417 | $979 |
Accruals | 2,200 | 560 |
Total current deferred tax assets before valuation allowance | 3,617 | 1,539 |
Valuation allowance | -4,683 | -1,330 |
Total current deferred tax (liabilities) assets, net | -1,066 | 209 |
Intangible assets | 10,392 | 15,073 |
Fixed assets | 477 | 0 |
Stock-based compensation | 890 | 1,348 |
Net operating loss carryforwards | 309,546 | 284,702 |
Other | 696 | 668 |
Total noncurrent deferred tax assets before valuation allowance | 322,001 | 301,791 |
Valuation allowance | -317,782 | -278,290 |
Net noncurrent deferred tax assets | 4,219 | 23,501 |
Total deferred tax assets | 3,153 | 23,710 |
Deferred tax liabilities: | ' | ' |
Prepaid expenses | -134 | -97 |
Total current deferred tax liability | -134 | -97 |
Intangible assets | -181,065 | -154,464 |
Fixed assets | 0 | -110 |
Partnership interests | -36,895 | -56,606 |
Other | -504 | -570 |
Total noncurrent deferred tax liabilities | -218,464 | -211,750 |
Total deferred tax liabilities | -218,598 | -211,847 |
Net current deferred tax (liability) asset | -1,200 | 112 |
Net noncurrent deferred tax liability | -214,245 | -188,249 |
Net deferred tax liability | ($215,445) | ($188,137) |
INCOME_TAXES_Details_3
INCOME TAXES: (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Balance as of January 1 | $5,071 | $5,780 | $5,822 |
Reductions for tax positions as a result of the lapse of applicable statutes of limitations | 0 | -600 | -42 |
Reductions for tax positions as a result of tax settlements | 0 | -109 | 0 |
Balance as of December 31 | $5,071 | $5,071 | $5,780 |
INCOME_TAXES_Details_Textual
INCOME TAXES: (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $322.50 | $279.60 | $244.90 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3.3 | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 778.6 | ' | ' |
Domestic Tax Authority [Member] | Minimum [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Open Tax Year | '2009 | ' | ' |
Domestic Tax Authority [Member] | Maximum [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Open Tax Year | '2013 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 763.3 | ' | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | 62 | ' | ' |
City Jurisdiction [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $173.90 | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY: (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Average risk-free interest rate | 0.00% | 0.62% | 2.23% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives | '0 years | '6 years | '6 years |
Expected volatility | 0.00% | 127.50% | 120.70% |
STOCKHOLDERS_EQUITY_Details_1
STOCKHOLDERS' EQUITY: (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Options, Outstanding at Beginning of Year | 4,630,000 | 4,811,000 | 4,999,000 | ' |
Number of Options, Grants | 0 | 151,000 | 182,000 | ' |
Number of Options, Exercised | 0 | 0 | 0 | ' |
Number Of Option, Forfeited/cancelled/expired | -330,000 | -332,000 | -370,000 | ' |
Number of Options, Balance at End of Year | 4,300,000 | 4,630,000 | 4,811,000 | 4,999,000 |
Number of Options, Vested and expected to vest at December 31, 2013 | 4,291,000 | ' | ' | ' |
Number of Options, Unvested at December 31, 2013 | 75,000 | ' | ' | ' |
Number of Options, Exercisable at December 31, 2013 | 4,225,000 | ' | ' | ' |
Weighted-Average Exercise Price, Outstanding at Beginning of Year | $8.17 | $8.60 | $9.40 | ' |
Weighted-Average Exercise Price, Grants | $0 | $0.83 | $1.38 | ' |
Weighted-Average Exercise Price, Exercised | $0 | $0 | $0 | ' |
Weighted-Average Exercise Price, Forfeited/cancelled/expired | $17.43 | $11.05 | $16.57 | ' |
Weighted-Average Exercise Price, Balance at End of Year | $7.46 | $8.17 | $8.60 | $9.40 |
Weighted-Average Exercise Price, Vested and expected to vest at December 31, 2013 | $7.47 | ' | ' | ' |
Weighted-Average Exercise Price, Unvested at December 31, 2013 | $0.83 | ' | ' | ' |
Weighted-Average Exercise Price, Exercisable at December 31, 2013 | $7.58 | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Outstanding at December 31, (in years) | '2 years 11 months 23 days | '0 years | '0 years | '0 years |
Weighted-Average Remaining Contractual Term, Vested and expected to vest at December 31, 2013 (in years) | '2 years 11 months 19 days | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Unvested at December 31, 2013 (in years) | '8 years 5 months 5 days | ' | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2013 (in years) | '2 years 10 months 17 days | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding at Beginning of Year | $0 | $0 | $0 | ' |
Aggregate Intrinsic Value, Balance at End of Year | 5,353,663 | 0 | 0 | 0 |
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2013 | 5,326,500 | ' | ' | ' |
Aggregate Intrinsic Value, Unvested at December 31, 2013 | 222,888 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | $5,130,775 | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY: (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Unvested at beginning of year | 82,000 | 144,000 | 2,310,000 |
Shares Granted | 110,000 | 0 | 60,000 |
Shares Vested | -62,000 | -62,000 | -2,203,000 |
Shares Forfeited/cancelled/expired | 0 | 0 | -23,000 |
Shares, Unvested at end of year | 130,000 | 82,000 | 144,000 |
Average Fair Value at Grant Date, Unvested at beginning of year | $1.11 | $1.10 | $2.92 |
Average Fair Value at Grant Date, Grants | $2.28 | $0 | $1.19 |
Average Fair Value at Grant Date, Vested | $1.09 | $1.09 | $2.99 |
Average Fair Value at Grant Date, Forfeited/cancelled/expired | $0 | $0 | $3.17 |
Average Fair Value at Grant Date, Unvested at end of year | $2.11 | $1.11 | $1.10 |
STOCKHOLDERS_EQUITY_Details_Te
STOCKHOLDERS' EQUITY: (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Restricted Stock [Member] | Repurchase Program 2011 [Member] | Stock Plan LTIP Shares 2009 [Member] | Repurchase Program 2013 [Member] | January Repurchase Program 2013 [Member] | May Repurchase Program 2013 [Member] | Chief Executive Officer [Member] | Board Of Directors Chairman [Member] | Chief Financial Officer [Member] | Chief Operating Officer [Member] | Former President Of Radio Division [Member] | Other Key Employees [Member] | Non Executive Directors [Member] | Non Executive Directors One [Member] | Non Executive Directors Two [Member] | Non Executive Directors Three [Member] | Non Executive Directors Four [Member] | Non Executive Directors Five [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class D [Member] | Common Class D [Member] | Common Class D [Member] | Common Class D [Member] | Common Class D [Member] | Common Class D [Member] | ||||
Stock Plan LTIP Shares 2009 [Member] | Stock Plan LTIP Shares 2009 [Member] | Stock Plan LTIP Shares 2009 [Member] | Stock Plan LTIP Shares 2009 [Member] | Stock Option and Restricted Stock Grant Plan 1999 [Member] | Amended and Restated 2009 Stock Plan [Member] | Stock Option and Restricted Stock Grant Plan 1999 [Member] | Stock Plan 2009 [Member] | Stock Plan 2009 [Member] | Amended and Restated 2009 Stock Plan [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | $15,000,000 | ' | $3,500,000 | $2,000,000 | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | 3,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,408,099 | ' | ' | ' | 10,816,198 | 8,250,000 | 8,250,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | 4,245,567 | ' | 7,000,000 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 300,000 | 225,000 | 225,000 | 130,000 | 1,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award Options Vested In Period | 108,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '5 months | ' | ' | '11 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | 204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,669 | 54,566 | ' | ' | 2,630,574 | ' | ' | ' | ' | ' |
Repurchase Of Common Stock Value | 71,000 | ' | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,000 | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares of Class D common stock | 5,398,000 | ' | 9,401,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,401,000 | ' | ' | ' | ' |
Repurchase Of Common Stock Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.17 | $1.34 | ' | ' | $2.05 | $2.21 | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value1 | $2.65 | $0.73 | $1.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Stock Granted, Value, Share-based Compensation, Gross | ' | 150,600 | 181,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,645 | 21,929 | 21,929 | 21,929 | 21,929 | 21,929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, remained available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS: (Details Textual) (Music One Inc [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Music One Inc [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Selling and Marketing Expense, Total | $0 | $38,000 | $6,000 |
Advertising Expense | $0 | $1,000 | $1,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES: (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Lease Payments, Years ending December 31: | ' |
2014 | $9,890 |
2015 | 8,621 |
2016 | 7,760 |
2017 | 7,007 |
2018 | 3,804 |
2019 and thereafter | 14,062 |
Total | 51,144 |
Other Operating Contracts and Agreements,Years ending December 31: | ' |
2014 | 60,481 |
2015 | 30,205 |
2016 | 14,697 |
2017 | 8,674 |
2018 | 320 |
2019 and thereafter | 106 |
Total | $114,483 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES: (Details Textual) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Federal Communications Commission, Maximum Term Licenses | '8 years | ' | ' | ' | ' |
Percentage Of Provisional Discount On Music Licensing Fee | ' | ' | ' | 11.00% | 7.00% |
Rent Expenses Continuing Operations | $10.30 | $10.60 | $9.50 | ' | ' |
Standby Letters Of Credit [Member] | ' | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 1 | ' | ' | ' | ' |
Music License Agreements [Member] | ' | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
License Costs | $9.20 | $9.80 | $12.50 | ' | ' |
QUARTERLY_FINANCIAL_DATA_Detai
QUARTERLY FINANCIAL DATA: (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenue | $111,595 | $118,391 | [1] | $119,602 | [1] | $99,112 | [1] | $105,885 | $109,894 | $105,830 | [2] | $102,964 | $448,700 | $424,573 | $364,297 | |
Operating income | 17,388 | 21,795 | [1] | 18,330 | [1] | 15,455 | [1] | 14,601 | 21,498 | 21,385 | [2] | 13,725 | 72,968 | 71,209 | 25,355 | |
Net (loss) income from continuing operations | -13,631 | -8,904 | [1] | -8,555 | [1] | -13,305 | [1] | -15,013 | -10,215 | 46,452 | [2] | -75,156 | -44,395 | -53,932 | 13,002 | |
Income (loss) from discontinued operations, net of tax | -8 | 0 | [1] | 3 | [1] | 890 | [1] | -128 | -40 | 13 | [2] | -29 | 885 | -184 | -99 | |
Consolidated net (loss) income attributable to common stockholders | ($16,440) | ($13,221) | [1] | ($14,214) | [1] | ($18,106) | [1] | ($17,227) | ($13,064) | $42,668 | [2] | ($79,242) | ($61,981) | ($66,865) | $2,889 | |
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net (loss) income from continuing operations per share (in dollars per share) | ($0.35) | ($0.28) | [1] | ($0.29) | [1] | ($0.38) | [1] | ($0.34) | ($0.26) | $0.85 | [2] | ($1.58) | ($1.30) | ($1.33) | $0.06 | |
Net (loss) income from discontinued operations per share (in dollars per share) | $0 | $0 | [1] | $0 | [1] | $0.02 | [1] | $0 | $0 | $0 | [2] | $0 | $0.02 | $0 | $0 | |
Consolidated net (loss) income per share attributable to common stockholders (in dollars per share) | ($0.35) | ($0.28) | [1] | ($0.29) | [1] | ($0.36) | [1] | ($0.34) | ($0.26) | $0.85 | [2] | ($1.58) | ($1.28) | ($1.34) | [3] | $0.06 |
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net (loss) income from continuing operations per share (in dollars per share) | ($0.35) | ($0.28) | [1] | ($0.29) | [1] | ($0.38) | [1] | ($0.34) | ($0.26) | $0.85 | [2] | ($1.58) | ($1.30) | ($1.33) | $0.06 | |
Net (loss) income from discontinued operations per share (in dollars per share) | $0 | $0 | [1] | $0 | [1] | $0.02 | [1] | $0 | $0 | $0 | [2] | $0 | $0.02 | $0 | $0 | |
Consolidated net (loss) income per share attributable to common stockholders (in dollars per share) | ($0.35) | ($0.28) | [1] | ($0.29) | [1] | ($0.36) | [1] | ($0.34) | ($0.26) | $0.85 | [2] | ($1.58) | ($1.28) | ($1.34) | [3] | $0.06 |
WEIGHTED AVERAGE SHARES OUTSTANDING | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Weighted average shares outstanding - basic (in shares) | 47,441,175 | 47,443,031 | [1] | 48,737,941 | [1] | 49,861,964 | [1] | 50,042,751 | 50,019,048 | 50,006,008 | [2] | 49,994,974 | 48,370,195 | 50,015,252 | 50,739,447 | |
Weighted average shares outstanding - diluted (in shares) | 47,441,175 | 47,443,031 | [1] | 48,737,941 | [1] | 49,861,964 | [1] | 50,042,751 | 50,019,048 | 50,124,418 | [2] | 49,994,974 | 48,370,195 | 50,015,252 | 52,294,322 | |
[1] | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | |||||||||||||||
[2] | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. | |||||||||||||||
[3] | Per share amounts do not add due to rounding. |
QUARTERLY_FINANCIAL_DATA_Detai1
QUARTERLY FINANCIAL DATA: (Details Textual) (USD $) | 3 Months Ended | |||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Asset Impairment Charges, Total | $3,700,000 | $9,800,000 | $1,400,000 | $313,000 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION: (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | $111,595 | $118,391 | [1] | $119,602 | [1] | $99,112 | [1] | $105,885 | $109,894 | $105,830 | [2] | $102,964 | $448,700 | $424,573 | $364,297 |
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 322,982 | 314,274 | 279,469 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 37,870 | 38,777 | 37,142 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,880 | 313 | 22,331 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 17,388 | 21,795 | [1] | 18,330 | [1] | 15,455 | [1] | 14,601 | 21,498 | 21,385 | [2] | 13,725 | 72,968 | 71,209 | 25,355 |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 1,414,355 | ' | ' | ' | 1,460,195 | ' | ' | ' | 1,414,355 | 1,460,195 | ' | ||||
Radio Broadcasting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 222,544 | 223,404 | 209,758 | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 128,001 | 129,843 | 130,797 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,071 | 6,308 | 6,639 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,880 | 313 | 14,509 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 73,592 | 86,940 | 57,813 | ||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 760,451 | ' | ' | ' | 801,340 | ' | ' | ' | 760,451 | 801,340 | ' | ||||
Reach Media [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 56,741 | 55,154 | 59,708 | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 50,833 | 54,168 | 50,906 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,242 | 1,302 | 4,091 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7,822 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,666 | -316 | -3,111 | ||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 33,302 | ' | ' | ' | 29,492 | ' | ' | ' | 33,302 | 29,492 | ' | ||||
Internet [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 25,639 | 19,852 | 17,529 | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 25,319 | 21,179 | 20,062 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,490 | 3,210 | 3,694 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -2,170 | -4,537 | -6,227 | ||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 31,429 | ' | ' | ' | 32,076 | ' | ' | ' | 31,429 | 32,076 | ' | ||||
Cable Televsion [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 149,472 | 131,178 | 86,024 | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 100,117 | 91,361 | 61,369 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,324 | 26,864 | 21,790 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 23,031 | 12,953 | 2,865 | ||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | 524,025 | ' | ' | ' | 535,344 | ' | ' | ' | 524,025 | 535,344 | ' | ||||
Corporate/Elemenation/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -5,696 | -5,015 | -8,722 | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | ' | ' | ' | ' | ' | ' | ' | ' | 18,712 | 17,723 | 16,335 | ||||
Depreciation and Amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,743 | 1,093 | 928 | ||||
Impairment of Long-Lived Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Impairment of Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||
Operating income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -26,151 | -23,831 | -25,985 | ||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total Assets | $65,148 | ' | ' | ' | $61,943 | ' | ' | ' | $65,148 | $61,943 | ' | ||||
[1] | The net loss from continuing operations for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 includes approximately $1.4 million, $9.8 million and $3.7 million, respectively of pre-tax impairment charges. | ||||||||||||||
[2] | The net income from continuing operations for the quarter ended June 30, 2012, includes $313,000 of pre-tax impairment charges. |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS: (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 10, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | Feb. 27, 2014 | |
Non-Guarantor Subsidiaries [Member] | Subsequent Event [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Mr Liggins [Member] | Ms Hughes [Member] | Gaffney [Member] | ||||
MGM National Harbor [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments To Acquire Businesses, Gross | $0 | $2,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | $7,500,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 14,200,000 | 335,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' |
Debt Instrument, Original Issue Price, Percentage | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | 15-Feb-20 | ' | ' | ' |
Debt Instrument, Offering Date | ' | ' | ' | ' | ' | ' | ' | 10-Feb-14 | ' | ' | ' |
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | ' | 15-Aug-14 | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | 'semiannually | ' | ' | ' |
Investments Under Letter of Intent, Maximum Amount | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' |
Investments under Letter of Intent, Initial Commitment, Amount | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Investments under Letter of Intent, Future Commitment, Amount | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of Revenues Generated by Non-Guarantor Subsidiaries | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Assets Held by Non-Guarantor Subsidiaries | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Liabilities Held by Non-Guarantor Subsidiaries | 154,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | 819,490,000 | 824,078,000 | ' | 119,000,000 | ' | 327,034,000 | ' | ' | ' | ' | ' |
Officers Compensation, Cash Bonus | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | $500,000 | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $3,631 | $3,719 | $3,023 |
Additions Charged to Expense | 2,124 | 1,504 | 1,840 |
Acquired from Acquisitions | 0 | 0 | 1,123 |
Deductions | 1,362 | 1,592 | 2,267 |
Balance at End of Year | 4,393 | 3,631 | 3,719 |
Valuation Allowance Of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 279,620 | 244,927 | 230,359 |
Additions Charged to Expense | 42,845 | 34,518 | 14,015 |
Acquired from Acquisitions | 0 | 0 | 0 |
Deductions | 0 | 175 | 553 |
Balance at End of Year | $322,465 | $279,620 | $244,927 |