Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | RADIO ONE, INC. | ||
Entity Central Index Key | 1,041,657 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | ROIA | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 99.1 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,091,712 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,861,843 | ||
Common Class C [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,928,906 | ||
Common Class D [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 41,726,713 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 67,376 | $ 67,781 |
Trade accounts receivable, net of allowance for doubtful accounts of $6,899 and $3,975, respectively | 105,184 | 96,426 |
Prepaid expenses | 7,650 | 6,910 |
Current portion of content assets | 28,638 | 25,615 |
Other current assets | 4,711 | 5,185 |
Total current assets | 213,559 | 201,917 |
CONTENT ASSETS, net | 48,244 | 42,715 |
PROPERTY AND EQUIPMENT, net | 29,278 | 30,977 |
GOODWILL | 258,284 | 275,355 |
RADIO BROADCASTING LICENSES | 643,239 | 666,797 |
LAUNCH ASSETS, net | 665 | 2,640 |
OTHER INTANGIBLE ASSETS, net | 140,768 | 167,651 |
OTHER ASSETS | 12,487 | 3,642 |
Total assets | 1,346,524 | 1,391,694 |
CURRENT LIABILITIES: | ||
Accounts payable | 8,464 | 6,602 |
Accrued interest | 17,366 | 12,226 |
Accrued compensation and related benefits | 12,929 | 8,729 |
Current portion of content payables | 14,998 | 15,043 |
Other current liabilities | 26,149 | 16,124 |
Current portion of long-term debt | 3,500 | 3,829 |
Total current liabilities | 83,406 | 62,553 |
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs | 1,020,837 | 809,615 |
CONTENT PAYABLES, net of current portion | 6,885 | 14,579 |
OTHER LONG-TERM LIABILITIES | 29,034 | 21,076 |
DEFERRED TAX LIABILITIES, net | 266,900 | 252,463 |
Total liabilities | 1,407,062 | 1,160,286 |
REDEEMABLE NONCONTROLLING INTERESTS | 11,286 | 10,836 |
STOCKHOLDERS' EQUITY: | ||
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2015 and 2014 | 0 | 0 |
Accumulated other comprehensive loss | 0 | (115) |
Additional paid-in capital | 983,847 | 1,006,635 |
Accumulated deficit | (1,055,721) | (987,672) |
Total stockholders’ (deficit) equity | (71,824) | 18,898 |
Noncontrolling interest | 0 | 201,674 |
Total (deficit) equity | (71,824) | 220,572 |
Total liabilities, redeemable noncontrolling interests and equity | 1,346,524 | 1,391,694 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock value | 2 | 2 |
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 | $ 42 | $ 42 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable (in dollars) | $ 6,899 | $ 3,975 |
Convertible Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Convertible Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 2,103,907 | 2,249,809 |
Common stock, shares outstanding | 2,103,907 | 2,249,809 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 2,928,906 | 2,928,906 |
Common stock, shares outstanding | 2,928,906 | 2,928,906 |
Common Class D [Member] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 42,096,641 | 42,102,352 |
Common stock, shares outstanding | 42,096,641 | 42,102,352 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET REVENUE | $ 450,861 | $ 441,387 | $ 448,700 |
OPERATING EXPENSES: | |||
Programming and technical | 134,410 | 141,689 | 138,021 |
Selling, general and administrative, including stock-based compensation of $367, $137 and $43, respectively | 149,811 | 142,454 | 145,261 |
Corporate selling, general and administrative, including stock-based compensation of $4,740, $1,457, and $148, respectively | 53,907 | 43,257 | 39,700 |
Depreciation and amortization | 35,355 | 36,822 | 37,870 |
Impairment of long-lived assets | 41,211 | 0 | 14,880 |
Total operating expenses | 414,694 | 364,222 | 375,732 |
Operating income | 36,167 | 77,165 | 72,968 |
INTEREST INCOME | 102 | 366 | 245 |
INTEREST EXPENSE | 80,038 | 79,810 | 89,196 |
LOSS ON RETIREMENT OF DEBT | 7,091 | 5,679 | 0 |
OTHER EXPENSE (INCOME), net | 216 | (32) | (307) |
Loss before provision for income taxes, noncontrolling interests in income of subsidiaries and income from discontinued operations, net of tax | (51,076) | (7,926) | (15,676) |
PROVISION FOR INCOME TAXES | 15,058 | 34,814 | 28,719 |
Net loss from continuing operations | (66,134) | (42,740) | (44,395) |
INCOME FROM DISCONTINUED OPERATIONS, net of tax | 0 | 0 | 885 |
CONSOLIDATED NET LOSS | (66,134) | (42,740) | (43,510) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 7,888 | 19,930 | 18,471 |
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (74,022) | $ (62,670) | $ (61,981) |
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS: | |||
Continuing operations (in dollars per share) | $ (1.54) | $ (1.32) | $ (1.30) |
Discontinued operations (in dollars per share) | 0 | 0 | 0.02 |
Net loss attributable to common stockholders (in dollars per share) | $ (1.54) | $ (1.32) | $ (1.28) |
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||
Basic and Diluted (in shares) | 48,027,888 | 47,525,726 | 48,370,195 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selling, General and Administrative Expenses [Member] | |||
Allocated Share-based Compensation Expense | $ 367 | $ 137 | $ 43 |
Corporate Segment [Member] | |||
Allocated Share-based Compensation Expense | $ 4,740 | $ 1,457 | $ 148 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED NET LOSS | $ (66,134) | $ (42,740) | $ (43,510) |
NET CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENT ACTIVITIES | 115 | 98 | (111) |
COMPREHENSIVE LOSS | (66,019) | (42,642) | (43,621) |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 7,888 | 19,930 | 18,471 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (73,907) | $ (62,572) | $ (62,092) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) AND NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Convertible Preferred Stock [Member] | Common Stock Class A [Member] | Common Stock Class B [Member] | Common Stock Class C [Member] | Common Stock Class D [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] | |
BALANCE at Dec. 31, 2012 | $ 354,498 | $ 0 | $ 3 | $ 3 | $ 3 | $ 41 | $ (102) | $ 1,006,873 | $ (863,021) | $ 210,698 | |
Consolidated net loss | (44,174) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (61,981) | 17,807 | |
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 | |
Repurchase of 32,669 shares of Class A common stock | (71) | 0 | 0 | 0 | 0 | 0 | 0 | (71) | 0 | 0 | |
Repurchase of 2,630,574 shares of Class D common stock | (5,398) | 0 | 0 | 0 | 0 | (2) | 0 | (5,396) | 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 net loss | (43,379) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (62,670) | 19,291 | |
Net change in unrealized gain (loss) on investment activities, net of taxes | 98 | 0 | 0 | 0 | 0 | 0 | 98 | 0 | 0 | 0 | |
Stock-based compensation expense | 1,594 | 0 | 0 | 0 | 0 | 2 | 0 | 1,592 | 0 | 0 | |
Conversion of 324,482 shares of Class A common stock to Class D common stock | 0 | 0 | (1) | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |
Conversion of 192,142 shares of Class C common stock to Class D common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Adjustment of redeemable noncontrolling interests to estimated redemption value | 1,802 | 0 | 0 | 0 | 0 | 0 | 0 | 1,802 | 0 | 0 | |
Exercise of options for 92,040 shares of common stock | 125 | 0 | 0 | 0 | 0 | 0 | 0 | 125 | 0 | 0 | |
Dividends paid to noncontrolling interest | (24,643) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (24,643) | |
BALANCE at Dec. 31, 2014 | 220,572 | 0 | 2 | 3 | 3 | 42 | (115) | 1,006,635 | (987,672) | 201,674 | |
Consolidated net loss | (67,873) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (74,022) | 6,149 | |
Net change in unrealized gain (loss) on investment activities, net of taxes | 115 | 0 | 0 | 0 | 0 | 0 | 115 | 0 | 0 | 0 | |
Stock-based compensation expense | 5,107 | 0 | 0 | 0 | 0 | 0 | 0 | 5,107 | 0 | 0 | |
Conversion of 145,902 shares of Class A common stock to Class D common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Acquisition of additional membership interest in TV One ~*~ | [1] | (221,727) | 0 | 0 | 0 | 0 | 0 | 0 | (25,760) | 5,973 | (201,940) |
Repurchase of 345,293 shares of Class D common stock | (1,423) | 0 | 0 | 0 | 0 | 0 | 0 | (1,423) | 0 | 0 | |
Adjustment of redeemable noncontrolling interests to estimated redemption value | (712) | 0 | 0 | 0 | 0 | 0 | 0 | (712) | 0 | 0 | |
Dividends paid to noncontrolling interest | (5,883) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,883) | |
BALANCE at Dec. 31, 2015 | $ (71,824) | $ 0 | $ 2 | $ 3 | $ 3 | $ 42 | $ 0 | $ 983,847 | $ (1,055,721) | $ 0 | |
[1] | This entry includes the correction of an immaterial prior period error of approximately $5.9 million, reducing both accumulated deficit and noncontrolling interest. The error derived from the use of an incorrect noncontrolling interest percentage when calculating the gain on our previously held interest in affiliated company upon consolidation of TV One on April 14, 2011. |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) AND NONCONTROLLING INTEREST [Parenthetical] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reduction in Accumulated Deficit and Noncontrolling Interest [Member] | |||
Quantifying Misstatement in Current Year Financial Statements, Amount | $ 5.9 | ||
Common Stock Class A [Member] | |||
Stock Repurchased During Period, Shares | 32,669 | ||
Common Stock Class D [Member] | |||
Stock Repurchased During Period, Shares | 345,293 | 2,630,574 | |
Common Stock [Member] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 92,040 | ||
Convertible shares, Class A to Class D [Member] | |||
Conversion Of Stock, Shares Converted | 145,902 | 324,482 | |
Convertible shares, Class C to Class D [Member] | |||
Conversion Of Stock, Shares Converted | 192,142 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated net loss | $ (66,134) | $ (42,740) | $ (43,510) |
Adjustments to reconcile consolidated net loss to net cash from operating activities: | |||
Depreciation and amortization | 35,355 | 36,822 | 37,870 |
Amortization of debt financing costs | 4,901 | 4,623 | 5,347 |
Amortization of content assets | 50,858 | 47,086 | 50,412 |
Amortization of launch assets | 2,645 | 9,913 | 9,967 |
Deferred income taxes | 14,486 | 34,256 | 27,308 |
Impairment of long-lived assets | 41,211 | 0 | 14,880 |
Stock-based compensation | 5,107 | 1,594 | 191 |
Loss on retirement of debt | 7,091 | 5,679 | 0 |
Effect of change in operating assets and liabilities, net of assets acquired and disposed of: | |||
Trade accounts receivable | (8,758) | 1,897 | (16,340) |
Prepaid expenses and other assets | (779) | (1,426) | (1,482) |
Other assets | 1,267 | 943 | 145 |
Accounts payable | 1,862 | (691) | 1,859 |
Accrued interest | 5,140 | 6,395 | (18) |
Accrued compensation and related benefits | 4,200 | (5,226) | 2,790 |
Income taxes payable | 79 | (572) | 893 |
Other liabilities | 10,639 | 1,123 | 150 |
Payments for content assets | (66,748) | (45,756) | (52,596) |
Payment of launch support | (670) | 0 | 0 |
Net cash flows used in operating activities from discontinued operations | 0 | 0 | (837) |
Net cash flows provided by operating activities | 41,752 | 53,920 | 37,029 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (7,339) | (5,537) | (9,194) |
Purchase of cost method investment | (5,000) | 0 | 0 |
Purchase of additional membership interest in TV One | (209,855) | 0 | 0 |
Proceeds from sale of assets held for sale | 0 | 225 | 0 |
Proceeds from sales of investment securities | 3,524 | 482 | 1,665 |
Purchases of investment securities | (591) | (930) | (2,544) |
Purchases of intangible assets | 0 | (200) | 0 |
Proceeds from sale of discontinued operations | 0 | 0 | 4,000 |
Cash paid for acquisitions | 0 | (9,140) | 0 |
Net cash flows used in investing activities | (219,261) | (15,100) | (6,073) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from debt issuance | 350,000 | 335,000 | 0 |
Proceeds from 2015 Credit Facility | 350,000 | 0 | 0 |
Debt refinancing costs and original issue discount | (23,480) | (4,685) | 0 |
Premium paid on repayment of long-term debt | (827) | (1,554) | 0 |
Payment of dividends to noncontrolling interest members of TV One | (5,883) | (24,643) | (21,479) |
Payment of dividends to noncontrolling interest members of Reach Media | (2,001) | 0 | 0 |
Repayment of senior subordinated notes | 0 | (327,034) | (747) |
Repayment of credit facilities | (370,282) | (4,924) | (3,840) |
Repayment of TV One senior secured notes | (119,000) | 0 | 0 |
Proceeds from exercise of stock options | 0 | 125 | 0 |
Repurchase of common stock | (1,423) | 0 | (5,469) |
Net cash flows provided by (used in) financing activities | 177,104 | (27,715) | (31,535) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (405) | 11,105 | (579) |
CASH AND CASH EQUIVALENTS, beginning of year | 67,781 | 56,676 | 57,255 |
CASH AND CASH EQUIVALENTS, end of year | 67,376 | 67,781 | 56,676 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 69,934 | 68,536 | 83,612 |
Income taxes | 346 | 1,016 | 513 |
NON-CASH FINANCIAL AND INVESTING ACTIVITIES: | |||
Note payable incurred as part of purchase of additional membership interest in TV One | $ 11,872 | $ 0 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 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 56 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 99.6 80.0 Acquisitions and Dispositions), 5 40 On April 10, 2015, the Company made its minimum $ 5 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 15 – Segment Information 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. The consolidated financial statements include the accounts and operations of Radio One and subsidiaries in which Radio One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. 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. 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 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. 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 Accounting Standards Codification (“ASC”) 350, “ Intangibles - Goodwill and Other,” “Business Combinations The Company accounts for the impairment of long-lived intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment Financial instruments as of December 31, 2015 and 2014, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2015 and 2014, except for the Company’s outstanding senior subordinated notes and secured notes. The 9.25 335.0 258.0 294.8 10 7.375 350.0 311.5 350.0 348.3 353.0 The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. As a part of our acquisition of Comcast’s membership interest in TV One, we issued a new senior unsecured promissory note in the aggregate principal amount of 11.9 The fair value of the Comcast Note was approximately $ 11.9 Long-Term Debt (i) Derivative Financial Instruments The Company recognizes all derivatives at fair value in the consolidated 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. (See Note 8 – Derivative Instruments Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with 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 segment, agency and outside sales representative commissions were approximately $ 27.5 30.8 32.4 Interactive One generates the majority of the Company’s internet revenue, and derives such revenue from advertising services on non-radio station branded but Company owned websites. 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 ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise. In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue. TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. For our cable television segment, agency and outside sales representative commissions were approximately $ 15.1 14.4 13.9 (k) Launch Support TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One paid $ 670 10.9 8.9 0.9 2.6 9.9 As of December 31, 2015 2014 (In thousands) Launch assets $ 726 $ 37,746 Less: Accumulated amortization (61) (35,106) Launch assets, net $ 665 $ 2,640 (In thousands) 2016 $ 81 2017 $ 81 2018 $ 70 2019 $ 70 2020 $ 70 For 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 2.3 3.2 2.6 2.2 3.1 2.4 197,000 162,000 169,000 The Company has network affiliation agreements classified as Other Intangible Assets. These agreements are amortized over their useful lives. (See Note 4 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.) The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for continuing operations, for the years ended December 31, 2015, 2014 and 2013, were approximately $ 19.7 16.9 17.4 The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” The Company accounts for stock-based compensation for stock options and restricted stock grants in accordance with ASC 718, “Compensation - Stock Compensation.” Stockholders’ Equity. In accordance with ASC 280, “ Segment Reporting The radio broadcasting segment consists of all radio 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 other syndicated radio shows including the Rickey Smiley Morning Show, the Yolanda Adams Morning Show, the Russ Parr Morning Show and the DL Hughley Show. The internet segment includes the results of our online business, which includes websites from all of our business divisions. 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 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. All stock options and restricted stock awards were excluded from the diluted calculation for the years ended December 31, 2015, 2014 and 2013, respectively, as their inclusion would have been anti-dilutive. Year ended Year ended Year ended Stock options 3,712 3,737 4,300 Restricted stock awards 2,064 2,575 160 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, 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. 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.” 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 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2015 Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,506 $ — $ — $ 1,506 Employment agreement award (b) 20,915 — — 20,915 Total $ 22,421 $ — $ — $ 22,421 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 11,286 $ — $ — $ 11,286 As of December 31, 2014 Assets subject to fair value measurement: Corporate debt securities (d) $ 805 $ 805 $ — $ — Government sponsored enterprise mortgage-backed securities (d) 102 — 102 — Mutual funds (d) 2,004 2,004 — — Total $ 2,911 $ 2,809 $ 102 $ — Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,044 $ — $ — $ 1,044 Employment agreement award (b) 17,993 — — 17,993 Total $ 19,037 $ — $ — $ 19,037 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,836 $ — $ — $ 10,836 (a) Balance is measured based on the estimated enterprise fair value of TV One as determined by a combination of a discounted cash flow analysis and the value used in connection with the Comcast Buyout (as defined in Note 2 – Acquisitions and Dispositions (b) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to 4 Acquisitions and Dispositions (c) 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. (d) 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. Incentive Employment Redeemable (In thousands) Balance at December 31, 2013 $ 2,114 $ 13,688 $ 11,999 Net income attributable to redeemable noncontrolling interests — — 639 Distribution (1,370) — — Change in fair value 300 4,305 (1,802) Balance at December 31, 2014 $ 1,044 $ 17,993 $ 10,836 Dividends paid to redeemable noncontrolling interests — — (2,001) Net income attributable to redeemable noncontrolling interests — — 1,739 Distribution — (1,500) — Change in fair value 462 4,422 712 Balance at December 31, 2015 $ 1,506 $ 20,915 $ 11,286 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 December 31, 2015 $ (462) $ (4,422) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2014 $ (300) $ (4,305) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2013 $ 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, 2015 and 2014. Significant As of As of Level 3 liabilities Valuation Technique Unobservable Inputs Significant Unobservable Input Value Incentive award plan Discounted Cash Flow Discount Rate 10.8 % 10.4 % Incentive award plan Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Employment agreement award Discounted Cash Flow Discount Rate 10.8 % 10.4 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.8 % 12.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.5 % 1.5 % 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 recorded an impairment charge of approximately $41.2 million for the year ended December 31, 2015, related to goodwill and radio broadcasting licenses. The Company concluded that these assets were not impaired at December 31, 2014, and, therefore, were reported at carrying value as opposed to fair value. As of December 31, 2015, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $ 258.3 643.2 Intangibles – Goodwill and Other 41.2 14.9 Goodwill, Radio Broadcasting Licenses and Other Intangible Assets. 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.” . Website Development Costs 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 Securities Investments consisted 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. 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 ten years. 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. Acquired content is generally amortized based on the greater of usage of the program or term of license. The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues. Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company recorded additional amortization expense of $ 804,000 58,000 Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers In April 2015, the FASB issued ASU 2015-03, “ Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 7.4 6.9 In November 2015, the FASB issued ASU 2015-17, “ Balance Sheet Classification of Deferred Taxes In February 2015, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements. Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Under these arrangements, as of December 31, 2015, the Foundation and Limited owed $ 3,000 11,000 3,000 113,000 Reach Media operates the Tom Joyner Fantastic Voyage, a fund raising event for the Foundation. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to to Reach Media. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. For the year ended December 31, 2015, Reach Media’s revenues, expenses, and operating income for the Fantastic Voyage were approximately $ 8.7 7.5 1.2 6.6 5.7 900,000 7.2 6.0 1.2 1.2 0 |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions Disclosures [Text Block] | 2. ACQUISITIONS AND DISPOSITIONS: As of June 2011, our remaining Boston radio station was made the subject of a time brokerage agreement (“TBA”), similar in operation to a local marketing agreement (“LMA”), whereby, we have made available, for a fee, air time on this station to another party. On February 3, 2014, the Company executed a new TBA, effective December 1, 2013, for its remaining station in Boston. The TBA has a three-year term, and at the conclusion of the TBA, the Company’s remaining Boston station will be conveyed to Radio Boston Broadcasting, Inc., an affiliate of Pacific Media International, LLC. As a result, that station’s radio broadcasting license was classified as a short-term other asset as of December 31, 2015 and a long-term other asset as of December 31, 2014, and is being amortized through the anticipated conveyance date. On October 20, 2011, we entered into a TBA with WGPR, Inc. (“WGPR”). Pursuant to the TBA, 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 original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019. Under the terms of the TBA, 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 TBA. In November 2012, one of our Columbus, Ohio radio stations, operating under the call letters WJKR-FM (The Jack, 98.9 FM) was made the subject of an LMA with Salem Media of Ohio, Inc., a subsidiary of Salem Communications (“Salem”). On February 15, 2013, the Company closed on the sale of the assets of WJKR-FM to Salem. The Company sold the assets of WJKR for $ 4.0 893,000 On February 27, 2014, the Company completed the acquisition of Gaffney Broadcasting, Incorporated (“Gaffney”), which consisted of an AM and FM station (WOSF-FM) in the Charlotte market. Total consideration paid for the two stations was approximately $ 7.7 225,000 225,000 426,000 7.0 2.7 (not deductible for tax purposes) 44,000 2.7 On December 17, 2014, the Company acquired certain assets of GG Digital, Inc., including the website and brand Global Grind (“Global Grind”), and for accounting purposes this was considered a business combination. The Global Grind website and brand was subsequently integrated into Interactive One. Total consideration paid was approximately $ 2.0 440,000 1.2 (not deductible for tax purposes) 314,000 38,000 10,000 On April 17, 2015, the Company used the net proceeds from its issuance of its 2022 Notes, along with the 2015 Credit Facility and Comcast Note, to refinance certain indebtedness and finance the purchase of the membership interests of an affiliate of Comcast Corporation (“Comcast”) in TV One (the “Comcast Buyout”). In connection with the Comcast Buyout, the Company acquired all of Comcast’s membership interest in TV One for approximately $ 221.7 211.1 1.3 issuance of the Comcast Note in the amount of approximately $ 11.9 99.6 On November 12, 2015, the Company entered into a two-station LMA with Wilks Broadcasting Group for 95.5 FM-WZOH and 107.1 FM-WHOK. We believe this LMA represents a variable interest entity (“VIE”) which we are not the primary beneficiary based on the fact that we do not have the power to direct the activities of the VIE that most significantly impacts its economic performance. The Company also entered into an asset purchase agreement to acquire the stations. This acquisition doubles the size of the previously two-station urban music cluster in Columbus, Ohio. See Note 16 – Subsequent Even ts |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT: As of December 31, Estimated 2015 2014 Useful Lives (In thousands) Land and improvements $ 3,777 $ 3,777 — Buildings 1,554 1,554 31 years Transmitters and towers 41,317 39,837 7-15 years Equipment 55,767 54,034 3-7 years Furniture and fixtures 9,369 8,997 6 years Software and web development 22,411 20,918 3 years Leasehold improvements 24,133 23,228 Lease Term Construction-in-progress 152 919 — 158,480 153,264 Less: Accumulated depreciation and amortization (129,202) (122,287) Property and equipment, net $ 29,278 $ 30,977 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, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. 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,” 41.2 0 14.9 2 015 Interim Impairment Testing For the second and third quarters in 2015, the total market revenue growth for certain markets in which we operate was below that used in our prior year annual impairment testing. In each quarter, we deemed that to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, which we performed as of June 30, 2015 and September 30, 2015. There was no impairment identified as part of this testing. During the third and fourth quarters of 2015, the Company performed interim impairment testing on the valuation of goodwill associated with Interactive One. Upon review of the results of this testing, the Company recorded a goodwill impairment charge of approximately $ 14.5 2015 Annual Impairment Testing We completed our 2015 annual impairment assessment as of October 1, 2015. Our 2015 annual impairment testing indicated the carrying values for our goodwill attributable to Reach Media, TV One and Interactive One were not impaired. The Company recorded an impairment charge of approximately $ 23.6 3.1 2 014 Interim Impairment Testing For the first, second and third quarters in 2014, the total market revenue growth for certain markets in which we operate was below that used in our prior year annual impairment testing. In each quarter, we deemed that to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, which we performed as of March 31, 2014, June 30, 2014 and September 30, 2014. There was no impairment identified as part of this testing in 2014. During the third quarter of 2014, the Company performed interim impairment testing on the valuation of goodwill associated with Reach Media. Upon review of the results of this testing, the Company concluded that the carrying value of goodwill attributable to Reach Media had not been impaired. 2014 Annual Impairment Testing We completed our 2014 annual impairment assessment as of October 1, 2014. Our 2014 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. 2 013 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 9.8 3.7 2013 Annual Impairment Testing We completed our 2013 annual impairment assessment as of October 1, 2013. Our 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. Valuation of Broadcasting Licenses We utilize the services of a third-party valuation firm to assist us with estimating the fair value of our radio broadcasting licenses. 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.” 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 the broadcasting license and goodwill fair values for the annual impairment testing performed and interim impairment testing performed where an impairment charge was recorded since October 2013. The Company recorded an impairment charge of approximately $ 23.6 14.9 Radio Broadcasting October 1, October 1, October 1, Licenses 2015 2014 2013 Impairment charge (in millions) $ 23.6 $ — $ — Discount Rate 9.5 % 9.5 % 10.0 % Year 1 Market Revenue Growth Rate Range 0.7% – 2.2 % 0.3% – 1.0 % 0.0% – 2.0 % Long-term Market Revenue Growth Rate Range (Years 6 – 10) 0.5% – 1.5 % 1.0% – 2.0 % 1.0% – 2.0 % Mature Market Share Range 7.0% – 25.8 % 6.9% – 25.2 % 6.4% – 26.9 % Mature Operating Profit Margin Range 30.5% – 50.4 % 30.0% – 48.4 % 30.8% – 47.8 % Broadcasting Licenses Valuation Results The Company’s total broadcasting licenses carrying value is approximately $ 643.2 Radio Broadcasting Licenses As of As of Unit of Accounting December Increase December (In thousands ) Unit of Accounting 2 $ 3,086 $ – $ 3,086 Unit of Accounting 4 16,142 – 16,142 Unit of Accounting 5 16,687 (587) 16,100 Unit of Accounting 7 16,165 (294) 15,871 Unit of Accounting 14 20,434 – 20,434 Unit of Accounting 15 20,886 (150) 20,736 Unit of Accounting 11 21,135 – 21,135 Unit of Accounting 9 34,270 – 34,270 Unit of Accounting 6 22,642 – 22,642 Unit of Accounting 16 52,965 – 52,965 Unit of Accounting 13 52,556 (4,710) 47,846 Unit of Accounting 8 66,715 (4,700) 62,015 Unit of Accounting 12 50,179 (516) 49,663 Unit of Accounting 1 93,394 – 93,394 Unit of Accounting 10 179,541 (12,601) 166,940 Total $ 666,797 $ (23,558) $ 643,239 Our licenses expire at various dates through August 1, 2022. Valuation of Goodwill The impairment testing of goodwill is performed at the reporting unit level. We had 19 reporting units as of our October 2015 annual impairment assessment, consisting of each of the 16 radio markets within the radio division and each of the other three 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. We use a 5-year model for our Reach Media reporting unit. We have not made any changes to the methodology for valuing or allocating goodwill when determining the fair values of the reporting units. The Company recorded an impairment charge of approximately $3.1 million related to our Cincinnati goodwill and an impairment charge of approximately $14.5 million related to our Interactive One goodwill during the year ended December 31, 2015. We did not identify any goodwill impairment during the years ended December 31, 2014 and 2013. Goodwill (Radio Market October 1, October 1, October 1, Reporting Units) 2015 (a) 2014 (a) 2013 (a) Impairment charge (in millions) $ 3.1 $ — $ — Discount Rate 9.5 % 9.5 % 10.0 % Year 1 Market Revenue Growth Rate Range (9.0)% – 23.3 % 0.3% – 1.0 % 0.0% -2.0 % Long-term Market Revenue Growth Rate Range (Years 6 – 10) 0.5% – 1.5 % 1.0% - 2.0 % 1.0% - 2.0 % Mature Market Share Range 8.0% - 19.1 % 7.2% - 19.5 % 7.1% - 19.8 % Mature Operating Profit Margin Range 25.6% - 53.3 % 26.4% - 52.2 % 28.4% - 56.4 % (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 2013. 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 assets that are highly dependent on the on-air personality Tom Joyner. As a result of our impairment assessments, the Company concluded that goodwill was not impaired. October 1, October 1, October 1, Reach Media Segment Goodwill 2015 2014 2013 Impairment charge (in millions) $ — $ — $ — Discount Rate 11.5 % 12.0 % 13.0 % Year 1 Revenue Growth Rate (0.6) % 1.5 % 1.5 % Long-term Revenue Growth Rate (Year 5) 1.5 % 1.9 % 2.1 % Operating Profit Margin Range 14.0% – 15.7 % 10.0% – 14.9 % 11.5% - 21.5 % Below are some of the key assumptions used in the income approach model for determining the fair value of our internet reporting unit since October 2013. 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. During the third and fourth quarters of 2015, the Company performed interim impairment testing on the valuation of goodwill associated with Interactive One. Interactive One’s net revenues and cash flows declined and internal projections were revised downward, which we deemed to be impairment indicators. The Company reduced its operating cash flow projections and assumptions from the prior year based on Interactive One’s actual results which did not meet budget. As a result of our interim assessment for the third quarter of 2015, the Company recorded a goodwill impairment charge of approximately $14.5 million. As a result of the testing performed during the fourth quarter of 2015, the Company concluded that no further impairment to the carrying value of goodwill had occurred. October 1, September 30, October 1, October 1, Internet Segment Goodwill 2015 2015 2014 2013 Impairment charge (in millions) $ — $ 14.5 $ — $ — Discount Rate 14.0 % 14.0 % 13.5 % 14.5 % Year 1 Revenue Growth Rate 5.3 % 5.3 % 11.8 % 10.0 % Long-term Revenue Growth Rate (Years 6 - 10) 2.6 - 4.4 % 2.6 - 4.4 % 2.7% - 6.5 % 2.8% - 6.2 % Operating Profit Margin Range 4.5% - 23.9 % 4.5% - 23.9 % 9.1% - 25.6 % 5.4% - 24.8 % Below are some of the key assumptions used in the income approach model for determining the fair value of our cable television segment since October 2013. As a result of the testing performed in 2015, 2014 and 2013, the Company concluded no impairment to the carrying value of goodwill had occurred. October 1, October 1, October 1, Cable Television Segment Goodwill 2015 2014 2013 Impairment charge (in millions) $ — $ — $ — Discount Rate 10.8 % 10.4 % 10.8 % Year 1 Revenue Growth Rate 7.1 % 11.5 % 12.1 % Long-term Revenue Growth Rate Range (Years 6 – 10) 2.7% - 4.2 % 2.7% - 4.7 % 2.8% - 4.7 % Operating Profit Margin Range 37.6% - 38.7 % 29.8% - 36.1 % 30.6% - 35.7 % The above four goodwill tables reflect some of the key valuation assumptions used for 12 of our 19 reporting units. The other seven remaining reporting units had no goodwill carrying value balances as of December 31, 2015. Goodwill Valuation Results Radio Broadcasting Segment Reach Media Segment Internet Segment Cable Television Segment Total (In thousands) Gross goodwill $ 152,151 $ 30,468 $ 21,816 $ 165,044 $ 369,479 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions — — — — — Impairments — — — — — Net goodwill at December 31, 2013 $ 70,823 $ 14,354 $ 21,816 $ 165,044 $ 272,037 Gross goodwill $ 152,151 $ 30,468 $ 21,816 $ 165,044 $ 369,479 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions 2,712 — 606 — 3,318 Impairments — — — — — Net goodwill at December 31, 2014 $ 73,535 $ 14,354 $ 22,422 $ 165,044 $ 275,355 Gross goodwill $ 154,862 $ 30,468 $ 22,422 $ 165,044 $ 372,797 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions — — 582 — 582 Impairments (3,108) — (14,545) — (17,653) Net goodwill at December 31, 2015 $ 70,427 $ 14,354 $ 8,459 $ 165,044 $ 258,284 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 2015 were reasonable. Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses As of December 31, Remaining 2015 2014 Period of Amortization Amortization (In thousands) Trade names $ 17,344 $ 17,344 2-5 Years 3.2 Years Intellectual property 9,531 9,531 4-10 Years 1.9 Years Affiliate agreements 178,986 178,986 8 Years 3.3 Years Acquired income leases 44 44 3-9 Years 2.7 Years Advertiser agreements 44,871 44,871 2-12 Years 7.3 Years Favorable office and transmitter leases 2,097 2,097 2-60 Years 41.1 Years Brand names 2,853 2,983 10 Years 9.1 Years Brand names - unamortized 39,690 39,690 Indefinite — Other intangibles 606 1,053 1-5 Years 1.5 Years 296,022 296,599 Less: Accumulated amortization (155,254) (128,948) Other intangible assets, net $ 140,768 $ 167,651 3.8 Years Amortization expense of intangible assets for the years ended December 31, 2015, 2014 and 2013 was approximately $ 26.3 27.1 27.7 The Company’s affiliation agreements have expiration dates ranging from December 2017 to January 2025. The following table presents the Company’s estimate of amortization expense for the years 2016 through 2020 for intangible assets: (In thousands) 2016 $ 26,147 2017 $ 26,013 2018 $ 25,904 2019 $ 10,045 2020 $ 3,519 Actual amortization expense may vary as a result of future acquisitions and dispositions. |
CONTENT ASSETS
CONTENT ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Content Assets [Abstract] | |
Content Assets [Text Block] | 5. CONTENT ASSETS: As of December 31, 2015 2014 Period of Amortization (In thousands) Produced content assets: Completed $ 194,035 $ 144,151 In-production 14,897 10,862 Licensed content assets acquired: Acquired 65,799 82,216 Content assets, at cost 274,731 237,229 1-5 Years Less: Accumulated amortization (197,849) (168,899) Content assets, net 76,882 68,330 Current portion (28,638) (25,615) Noncurrent portion $ 48,244 $ 42,715 Produced content assets include certain unamortized costs that will not be 80 10.9 74.5 Future estimated content amortization expense related to agreements entered into as of December 31, 2015, for years 2016 through 2020 is as follows: (In thousands) 2016 $ 28,638 2017 $ 18,484 2018 $ 10,276 2019 $ 3,707 2020 $ 661 Future estimated content amortization expense is not included for in-production content assets in the table above. (In thousands) 2016 $ 33,339 2017 $ 15,734 2018 $ 8,052 2019 $ 2,385 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments [Text Block] | 6. INVESTMENTS: Amortized Cost Gross Gross Fair (In thousands) December 31, 2014 Corporate debt securities $ 789 $ (1) $ 17 $ 805 Government-sponsored enterprise mortgage-backed securities 102 — — 102 Mutual funds 2,135 (131) — 2,004 Total investments $ 3,026 $ (132) $ 17 $ 2,911 Fair Unrealized Fair Unrealized Total (In thousands) December 31, 2014 Corporate debt securities $ 374 $ (1) $ — $ — $ (1) Mutual funds — — 2,004 (131) (131) Total investments $ 374 $ (1) $ 2,004 $ (131) $ (132) 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 23 securities that were in an unrealized loss position as of December 31, 2014, and believe that they do not meet the criteria for an other than temporary impairment. 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. Year Ended December 31, 2015 2014 (In thousands) Proceeds from sales $ 3,524 $ 482 Gross realized gains 19 — Gross realized losses 133 4 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities Disclosure [Text Block] | 7. OTHER CURRENT LIABILITIES: As of December 31, 2015 2014 (In thousands) Deferred revenue $ 7,491 $ 5,957 Deferred barter revenue 1,049 1,471 Deferred rent 646 643 Employment Agreement Award 1,898 1,458 Incentive award plan 1,506 — Accrued national representative fees 708 718 Accrued miscellaneous taxes 428 563 Income taxes payable 642 475 Tenant allowance 230 346 Other current liabilities 11,551 4,493 Other current liabilities $ 26,149 $ 16,124 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. DERIVATIVE INSTRUMENTS: The Company has accounted for an award called for in the CEO’s employment agreement (the “Employment Agreement”) as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company’s obligation to pay the Employment Agreement Award was 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 Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9. LONG-TERM DEBT: As of December 31, 2015 2014 (In thousands) Senior bank term debt (2011 Credit Facilities) $ — $ 368,532 2015 Credit Facility 348,250 — 9.25% Senior Subordinated Notes due February 2020 335,000 335,000 7.375% Senior Secured Notes due April 2022 350,000 — Comcast Note due April 2019 11,872 — 10% Senior Secured TV One Notes due March 2016 — 119,000 Total debt 1,045,122 822,532 Less: current portion of long-term debt 3,500 3,829 Less: original issue discount and issuance costs 20,785 9,088 Long-term debt, net $ 1,020,837 $ 809,615 2022 Notes and 2015 Credit Facilities On April 17, 2015, the Company closed its private offering of $ 350.0 7.375 senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at April 15, 2022 7.375 350.0 The 2015 Credit Facility matures on December 31, 2018. In connection with the closing of the financing transactions, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the closing of the financing transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness. The Company used the net proceeds from the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance its 2011 Credit Agreement, refinance the TV One Notes, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith. The 2015 Credit Facility contains affirmative and negative covenants that the Company is required to comply with, including: (a) maintaining an interest coverage ratio of no less than: § 1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. (b) maintaining a senior leverage ratio of no greater than: § 5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. (c) limitations on: § liens; § sale of assets; § payment of dividends; and § mergers. As of Covenant Excess Pro Forma Last Twelve Months Covenant EBITDA (In millions) $ 126.6 Pro Forma Last Twelve Months Interest Expense (In millions) $ 74.7 Senior Debt (In millions) $ 632.3 Interest Coverage Covenant EBITDA / Interest Expense 1.69 x 1.25 x 0.44 x Senior Secured Leverage Senior Secured Debt / Covenant EBITDA 4.99 x 5.85 x 0.86 x Covenant EBITDA – Earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for certain other adjustments, as defined in the 2015 Credit Facility As of December 31, 2015, the Company was in compliance with all of its financial covenants under the 2015 Credit Facility. As of December 31, 2015, the Company had outstanding approximately $ 348.3 7.4 6.9 4.9 4.6 5.3 2011 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 $ 386.0 411.0 March 31, 2016 25.0 March 31, 2015 The 2011 Credit Agreement, as amended on December 19, 2012, and January 21, 2015, contained affirmative and negative covenants with which the Company was required to comply, including financial covenants. In accordance with the 2011 Credit Agreement, as amended, the calculations for the ratios did not include the operating results or related debt of TV One, but rather included our proportionate share of cash dividends received from TV One for periods presented. Under the terms of the 2011 Credit Agreement, as amended, interest on base rate loans was payable quarterly and interest on LIBOR loans was payable monthly or quarterly. The base rate was 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 was 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. 7.50 0.25 957,000 On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of December 31, 2015, the Company had letters of credit totaling $ 908,000 During the year ended December 31, 2015, the Company repaid approximately $ 368.5 4.9 1.1 As noted above, the Company used the net proceeds from the private offering of the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance its 2011 Credit Agreement, as amended. The Company recorded a loss on retirement of debt of approximately $ 7.1 1.3 844,000 827,000 106,000 4.0 Senior Subordinated Notes On November 24, 2010, we issued $ 286.8 12.5 97.0 101.5 199.3 200.0 5.7 4.1 1.6 Interest on the 2016 Notes, that the Company repurchased or otherwise redeemed in March 2014, was initially payable in cash, or at our election, partially in cash and partially through the issuance of additional 2016 Notes (a “PIK Election”) on a quarterly basis in arrears. For fiscal 2014, interest accrued at a rate of 12.5% and was payable in cash. On February 10, 2014, the Company closed a private placement offering of $ 335.0 9.25 February 15, 2020 15.5 August 15, 2014 335.0 4.5 The indenture that governs the 2020 Notes contains 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. TV One Senior Secured Notes TV One issued $ 119.0 10.0 March 15, 2016 Comcast Note The Company also has outstanding our new senior unsecured promissory note in the aggregate principal amount of approximately $ 11.9 10.47 The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2022 Notes, 2020 Notes and the Company’s obligations under the 2015 Credit Facility. The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2015 Credit Facility and the Company’s 2020 Notes. The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2015 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also has the Comcast Note which is a general but senior unsecured obligation of the Company. Comcast 2015 9.25% Senior 7.375% Senior Total (In thousands) 2016 $ — $ 3,500 $ — $ — $ 3,500 2017 — 3,500 — — 3,500 2018 — 341,250 — — 341,250 2019 11,872 — — — 11,872 2020 — — 335,000 — 335,000 2021 and thereafter — — — 350,000 350,000 Total Debt $ 11,872 $ 348,250 $ 335,000 $ 350,000 $ 1,045,122 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | For the Years Ended December 31, 2015 2014 2013 (In thousands) Statutory tax ( 35% rate) $ (17,877) $ (2,775) $ (5,486) Effect of state taxes, net of federal benefit (3,437) (719) (189) Effect of state rate and tax law changes 4,791 600 145 Other permanent items 198 206 214 Impairment of long-lived assets 6,103 — — Disallowed interest — 799 5,632 Non-deductible officer’s compensation 3,021 2,369 1,453 Valuation allowance 23,170 35,951 42,845 Noncontrolling interest (2,152) (6,752) (16,229) NOL adjustments — 4,724 — Expiring NOLs and charitable carryovers 1,592 156 64 Forfeiture of stock-based compensation 189 61 512 Uncertain tax positions (772) 153 — Other 232 41 (242) Provision for income taxes $ 15,058 $ 34,814 $ 28,719 For the Years Ended 2015 2014 2013 (In thousands) Federal: Current $ — $ — $ 92 Deferred 15,161 31,402 21,084 State: Current 572 558 1,319 Deferred (675) 2,854 6,224 Provision for income taxes $ 15,058 $ 34,814 $ 28,719 As of December 31, 2015 2014 (In thousands) Deferred tax assets/(liabilities): Allowance for doubtful accounts $ 1,831 $ 1,315 Accruals 1,903 1,974 Fixed assets 734 901 Stock-based compensation 1,213 1,200 Net operating loss carryforwards 354,545 336,020 Charitable contribution carryforward 586 563 Prepaid expenses (150) (122) Intangible assets (223,576) (209,278) Partnership interests (22,051) (26,039) Other (349) (531) Valuation allowance (381,586) (358,416) Net deferred tax liability $ (266,900) $ (252,413) As of December 31, 2015, the Company had federal and state net operating loss (“NOL”) carryforward amounts of approximately $ 923.2 713.9 2016 2035 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 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 $ 381.6 358.4 The Company had unrecognized tax benefits of approximately $ 3.8 52.0 The nature of the uncertainties pertaining to the Company’s income taxes is primarily due to various state NOL positions. As of December 31, 2015, the Company had unrecognized tax benefits of approximately $ 4.0 2.6 1.2 22,000 2015 2014 2013 (In thousands) Balance as of January 1 $ 5,224 $ 5,071 $ 5,071 (Deductions) additions for tax positions related to current years — 153 — (Deductions) additions for tax positions related to prior years (1,188) — — Balance as of December 31 $ 4,036 $ 5,224 $ 5,071 As of December 31, 2015, the Company's previously open income tax examinations were closed without material adjustments. The Company’s open tax years for federal income tax examinations include the tax years ended December 31, 2012 through 2015. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2011 through 2015. Prior years are open to the extent of the amount of the net operating loss from that year. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 11. 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 December 2015, the Company’s Board of Directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “December 2015 Repurchase Authorization”). Under the December 2015 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $ 3.5 3.5 During the year ended December 31, 2015, the Company did not repurchase any Class A Common Stock and executed a Stock Vest Tax Repurchase of 345,293 1.4 4.12 2,630,574 5.4 2.05 32,669 71,000 2.17 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 1,408,099 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 Company had the authority to issue up to 8,250,000 7,000,000 1,000,000 8,250,000 8,125,661 On September 30, 2014, the Compensation Committee (“Compensation Committee”) of the Board of Directors of the Company approved the principal terms of new employment agreements for each of the Company’s named executive officers which included the granting of restricted shares and stock options under a long-term incentive plan (“LTIP”) as follows, effective October 6, 2014: Cathy Hughes, Founder and Executive Chairperson was awarded 456,000 293,000 Alfred C. Liggins, President and Chief Executive Officer of Radio One, Inc. and TV One, LLC was awarded 913,000 587,000 Peter Thompson, Executive Vice President and Chief Financial Officer was awarded 350,000 200,000 75,000 225,000 112,500 Linda Vilardo, Executive Vice President and Chief Administrative Officer was awarded 225,000 75,000 Christopher Wegmann, President, radio division, was awarded 70,000 Also on September 30, 2014, the Compensation Committee awarded 410,000 The grants were effective October 6, 2014, and will vest in three installments, with the first installment of 33% vesting on April 6, 2015, and the second installment vesting on December 31, 2015. The remaining installment will vest on December 31, 2016. On October 26, 2015, the Compensation Committee awarded David Kantor, Chief Executive Officer, Radio Division, 100,000 300,000 The Company measures compensation cost for all stock-based awards at fair value on date of grant and recognizes the related expense 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. 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. Stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013, was approximately $ 5.1 1.6 191,000 The Company granted 350,000 1,105,000 1.51 2.40 For the Years Ended December 31, 2015 2014 2013 Average risk-free interest rate 1.89 % 1.94 % — Expected dividend yield 0.00 % 0.00 % — Expected lives 6.38 years 6.00 years — Expected volatility 85.9 % 121.1 % — Number Weighted- Weighted- Aggregate 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 — — Grants 1,105,000 $ 2.75 Exercised (92,000) $ 1.36 Forfeited/cancelled/expired (1,576,000) $ 14.81 Outstanding at December 31, 2014 3,737,000 $ 3.12 5.18 $ 629,440 Grants 350,000 $ 2.10 Exercised — $ — Forfeited/cancelled/expired (375,000) $ 12.63 Outstanding at December 31, 2015 3,712,000 $ 2.06 5.20 $ 733,000 Vested and expected to vest at December 31, 2015 3,602,000 $ 2.05 5.08 $ 733,000 Unvested at December 31, 2015 756,000 $ 2.45 9.25 $ — Exercisable at December 31, 2015 2,956,000 $ 1.96 4.16 $ 733,000 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, 2015, 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 in-the-money options on December 31, 2015. 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, 2015. The number of options that were exercised during the year ended December 31, 2014 was 92,000 699,169 75,300 As of December 31, 2015, approximately $ 1.9 1.4 1.41 The Company granted 193,680 2,480,050 2,424,000 68,680 56,050 13,736 50,000 11,210 50,000 Shares Average 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 Grants 2,480,000 $ 2.79 Vested (75,000) $ 1.99 Forfeited/cancelled/expired — $ — Unvested at December 31, 2014 2,535,000 $ 2.78 Grants 194,000 $ 2.66 Vested (1,707,000) $ 2.76 Forfeited/cancelled/expired (69,000) $ 3.06 Unvested at December 31, 2015 953,000 $ 2.76 Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2015, approximately $ 3.4 1.2 |
PROFIT SHARING AND EMPLOYEE SAV
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 12. 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, 2015, 2014 and 2013. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13. 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 Royalty Agreements The Company has entered into fixed fee and variable share agreements with music performance rights organizations, which will expire as late as December 31, 2016. In connection with all performance rights organization agreements, including American Society of Composers, Authors and Publishers (“ASCAP”) and Broadcast Music, Inc. (“BMI”), the Company incurred expenses of approximately $ 10.3 9.2 9.2 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 16 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, 2015, are shown below. Operating Other (In thousands) Years ending December 31: 2016 $ 10,904 $ 71,845 2017 10,068 29,533 2018 6,277 9,233 2019 5,355 2,903 2020 4,615 280 2021 and thereafter 14,775 20,829 Total $ 51,994 $ 134,623 Of the total amount of other operating contracts and agreements included in the table above, approximately $ 87.9 37.6 Rent expense included in continuing operations for the years ended December 31, 2015, 2014 and 2013 was approximately $ 11.4 10.9 10.3 Reach Media Noncontrolling Interest Shareholders’ Put Rights Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have 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”). Beginning in 2018, this annual right is exercisable for a 30-day period beginning January 1 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. Letters of Credit On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of December 31, 2015, the Company had letters of credit totaling $ 908,000 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
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 14. QUARTERLY FINANCIAL DATA (UNAUDITED): Quarters Ended March 31 June 30 September 30(a) December 31 (a) (In thousands, except share data) 2015: Net revenue $ 105,763 $ 119,821 $ 115,893 $ 109,384 Operating income (loss) 15,593 24,787 7,092 (11,305) Net loss (12,023) (12,674) (17,631) (23,806) Consolidated net loss attributable to common stockholders (18,489) (13,039) (18,145) (24,349) BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS Net (loss) income per share $ (0.39) $ (0.27) $ (0.38) $ (0.50) Consolidated net (loss) income per share attributable to common stockholders $ (0.39) $ (0.27) $ (0.38) $ (0.50) DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS Net (loss) income per share $ (0.39) $ (0.27) $ (0.38) $ (0.50) Consolidated net (loss) income per share attributable to common stockholders $ (0.39) $ (0.27) $ (0.38) $ (0.50) WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average shares outstanding — basic and diluted 47,608,038 48,062,991 48,220,262 48,220,262 (a) The net loss from continuing operations for the quarters ended September 30, 2015 and December 31, 2015, includes approximately $14.5 million and $26.7 million, respectively of impairment charges. Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except share data) 2014: Net revenue $ 111,072 $ 108,414 $ 112,171 $ 109,730 Operating income 15,831 22,350 19,560 19,424 Net loss (20,302) (5,408) (8,758) (8,272) Consolidated net loss attributable to common stockholders (25,183) (10,816) (13,220) (13,451) BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss per share $ (0.53) $ (0.23) $ (0.28) $ (0.28) Consolidated net loss per share attributable to common stockholders $ (0.53) $ (0.23) $ (0.28) $ (0.28) DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss per share $ (0.53) $ (0.23) $ (0.28) $ (0.28) Consolidated net loss per share attributable to common stockholders $ (0.53) $ (0.23) $ (0.28) $ (0.28) WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average shares outstanding — basic and diluted 47,441,175 47,465,653 47,601,371 47,608,038 Quarters Ended March 31 (a) June 30 (a) September 30(a) December 31 (In thousands, except share data) 2013: 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 0.00 — (0.00) 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 0.00 — (0.00) 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 and 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 impairment charges. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 15. 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 the results of operations of all radio markets. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of other syndicated shows. 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. 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 estimated 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 For the Years Ended December 31, 2015 2014 2013 (In thousands) Net Revenue: Radio Broadcasting $ 197,396 $ 213,037 $ 222,544 Reach Media 54,779 52,543 56,741 Internet 21,177 24,337 25,639 Cable Television 183,623 157,086 149,472 Corporate/Eliminations/Other * (6,114) (5,616) (5,696) Consolidated $ 450,861 $ 441,387 $ 448,700 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 124,755 $ 126,842 $ 128,001 Reach Media 45,784 50,849 50,833 Internet 21,699 22,998 25,319 Cable Television 117,132 104,210 100,117 Corporate/Eliminations/Other 28,758 22,501 18,712 Consolidated $ 338,128 $ 327,400 $ 322,982 Depreciation and Amortization: Radio Broadcasting $ 4,910 $ 5,039 $ 6,071 Reach Media 185 1,146 1,242 Internet 1,997 2,422 2,490 Cable Television 26,152 26,115 26,324 Corporate/Eliminations/Other 2,111 2,100 1,743 Consolidated $ 35,355 $ 36,822 $ 37,870 Impairment of Long-Lived Assets: Radio Broadcasting $ 26,666 $ — $ 14,880 Reach Media — — — Internet 14,545 — — Cable Television — — — Corporate/Eliminations/Other — — — Consolidated $ 41,211 $ — $ 14,880 Operating income (loss): Radio Broadcasting $ 41,065 $ 81,156 $ 73,592 Reach Media 8,810 548 4,666 Internet (17,064) (1,083) (2,170) Cable Television 40,339 26,761 23,031 Corporate/Eliminations/Other (36,983) (30,217) (26,151) Consolidated $ 36,167 $ 77,165 $ 72,968 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (3,470) $ (3,159) $ (3,162) Reach Media (1,595) (1,246) (1,235) Internet (3,527) (3,693) (3,812) Capital expenditures by segment are as follows: Radio Broadcasting $ 5,021 $ 2,226 $ 4,641 Reach Media 209 176 163 Internet 1,337 1,323 1,797 Cable Television 281 301 282 Corporate/Eliminations/Other 491 1,511 2,311 Consolidated $ 7,339 $ 5,537 9,194 As of December 31, December 31, (In thousands) Total Assets: Radio Broadcasting $ 781,022 $ 807,760 Reach Media 36,989 36,376 Internet 18,427 33,375 Cable Television 445,660 464,661 Corporate/Eliminations/Other 64,426 49,522 Consolidated $ 1,346,524 $ 1,391,694 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Since January 1, 2016, and through the date of this filing, the Company repurchased 382,123 636,134 1.66 On February 3, 2016, the Company paid approximately $2.0 million to complete the acquisition of WZOH-FM and WHOK-FM in Columbus, Ohio. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | RADIO ONE, INC. AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2015, 2014 and 2013 Description Balance Additions Acquired Deductions Balance (In thousands) Allowance for Doubtful Accounts: 2015 $ 3,975 $ 4,980 $ — $ 2,056 $ 6,899 2014 4,393 1,921 — 2,339 3,975 2013 3,631 2,124 — 1,362 4,393 Description Balance Additions Acquired Deductions Balance (In thousands) Valuation Allowance for 2015 $ 358,416 $ 24,762 $ — $ 1,592 $ 381,586 2014 322,465 36,107 — 156 358,416 2013 279,620 42,845 — — 322,465 |
ORGANIZATION AND SUMMARY OF S27
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 financial interest, which is generally determined when the Company holds a majority voting interest. 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. |
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 Indefinite-Lived Intangible Assets (Primarily 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 Accounting Standards Codification (“ASC”) 350, “ Intangibles - Goodwill and Other,” “Business Combinations |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (g) Impairment of Long-Lived Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets The Company accounts for the impairment of long-lived intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (h) Financial Instruments Financial instruments as of December 31, 2015 and 2014, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2015 and 2014, except for the Company’s outstanding senior subordinated notes and secured notes. The 9.25 335.0 258.0 294.8 10 7.375 350.0 311.5 350.0 348.3 353.0 The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. As a part of our acquisition of Comcast’s membership interest in TV One, we issued a new senior unsecured promissory note in the aggregate principal amount of 11.9 The fair value of the Comcast Note was approximately $ 11.9 Long-Term Debt |
Derivatives, Policy [Policy Text Block] | (i) Derivative Financial Instruments The Company recognizes all derivatives at fair value in the consolidated 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. (See Note 8 – Derivative Instruments |
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 the revenue is reported net of agency and outside sales representative commissions, in accordance with 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 segment, agency and outside sales representative commissions were approximately $ 27.5 30.8 32.4 Interactive One generates the majority of the Company’s internet revenue, and derives such revenue from advertising services on non-radio station branded but Company owned websites. 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 ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise. In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue. TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. For our cable television segment, agency and outside sales representative commissions were approximately $ 15.1 14.4 13.9 |
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 assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One paid $ 670 10.9 8.9 0.9 2.6 9.9 As of December 31, 2015 2014 (In thousands) Launch assets $ 726 $ 37,746 Less: Accumulated amortization (61) (35,106) Launch assets, net $ 665 $ 2,640 (In thousands) 2016 $ 81 2017 $ 81 2018 $ 70 2019 $ 70 2020 $ 70 |
Advertising Barter Transactions, Policy [Policy Text Block] | (l) Barter Transactions For 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 2.3 3.2 2.6 2.2 3.1 2.4 197,000 162,000 169,000 |
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. (See Note 4 — 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, 2015, 2014 and 2013, were approximately $ 19.7 16.9 17.4 |
Income Tax, Policy [Policy Text Block] | (o) Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | (p) Stock-Based Compensation The Company accounts for stock-based compensation for stock options and restricted stock grants in accordance with ASC 718, “Compensation - Stock Compensation.” Stockholders’ Equity. |
Segment Reporting And Major Customers Policy [Policy Text Block] | In accordance with ASC 280, “ Segment Reporting The radio broadcasting segment consists of all radio 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 other syndicated radio shows including the Rickey Smiley Morning Show, the Yolanda Adams Morning Show, the Russ Parr Morning Show and the DL Hughley Show. The internet segment includes the results of our online business, which includes websites from all of our business divisions. 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 |
Earnings Per Share, Policy [Policy Text Block] | 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. All stock options and restricted stock awards were excluded from the diluted calculation for the years ended December 31, 2015, 2014 and 2013, respectively, as their inclusion would have been anti-dilutive. Year ended Year ended Year ended Stock options 3,712 3,737 4,300 Restricted stock awards 2,064 2,575 160 |
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, 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.” 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 Level 2 Level 3 A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2015 Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,506 $ — $ — $ 1,506 Employment agreement award (b) 20,915 — — 20,915 Total $ 22,421 $ — $ — $ 22,421 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 11,286 $ — $ — $ 11,286 As of December 31, 2014 Assets subject to fair value measurement: Corporate debt securities (d) $ 805 $ 805 $ — $ — Government sponsored enterprise mortgage-backed securities (d) 102 — 102 — Mutual funds (d) 2,004 2,004 — — Total $ 2,911 $ 2,809 $ 102 $ — Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,044 $ — $ — $ 1,044 Employment agreement award (b) 17,993 — — 17,993 Total $ 19,037 $ — $ — $ 19,037 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,836 $ — $ — $ 10,836 (a) Balance is measured based on the estimated enterprise fair value of TV One as determined by a combination of a discounted cash flow analysis and the value used in connection with the Comcast Buyout (as defined in Note 2 – Acquisitions and Dispositions (b) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to 4 Acquisitions and Dispositions (c) 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. (d) 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. Incentive Employment Redeemable (In thousands) Balance at December 31, 2013 $ 2,114 $ 13,688 $ 11,999 Net income attributable to redeemable noncontrolling interests — — 639 Distribution (1,370) — — Change in fair value 300 4,305 (1,802) Balance at December 31, 2014 $ 1,044 $ 17,993 $ 10,836 Dividends paid to redeemable noncontrolling interests — — (2,001) Net income attributable to redeemable noncontrolling interests — — 1,739 Distribution — (1,500) — Change in fair value 462 4,422 712 Balance at December 31, 2015 $ 1,506 $ 20,915 $ 11,286 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 December 31, 2015 $ (462) $ (4,422) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2014 $ (300) $ (4,305) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2013 $ 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, 2015 and 2014. Significant As of As of Level 3 liabilities Valuation Technique Unobservable Inputs Significant Unobservable Input Value Incentive award plan Discounted Cash Flow Discount Rate 10.8 % 10.4 % Incentive award plan Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Employment agreement award Discounted Cash Flow Discount Rate 10.8 % 10.4 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.8 % 12.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.5 % 1.5 % 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 recorded an impairment charge of approximately $41.2 million for the year ended December 31, 2015, related to goodwill and radio broadcasting licenses. The Company concluded that these assets were not impaired at December 31, 2014, and, therefore, were reported at carrying value as opposed to fair value. As of December 31, 2015, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $ 258.3 643.2 Intangibles – Goodwill and Other 41.2 14.9 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.” . Website Development Costs |
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 consisted 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. |
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 license periods granted in these contracts generally run from one year to ten years. 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. Acquired content is generally amortized based on the greater of usage of the program or term of license. The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues. Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company recorded additional amortization expense of $ 804,000 58,000 Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs. |
New Accounting Pronouncements, Policy [Policy Text Block] | y) Impact of Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers In April 2015, the FASB issued ASU 2015-03, “ Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 7.4 6.9 In November 2015, the FASB issued ASU 2015-17, “ Balance Sheet Classification of Deferred Taxes In February 2015, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements. |
Related Party Transactions [Policy Text Block] | (z) Related Party Transactions Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Under these arrangements, as of December 31, 2015, the Foundation and Limited owed $ 3,000 11,000 3,000 113,000 Reach Media operates the Tom Joyner Fantastic Voyage, a fund raising event for the Foundation. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to to Reach Media. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. For the year ended December 31, 2015, Reach Media’s revenues, expenses, and operating income for the Fantastic Voyage were approximately $ 8.7 7.5 1.2 6.6 5.7 900,000 7.2 6.0 1.2 1.2 0 |
ORGANIZATION AND SUMMARY OF S28
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (In thousands) Launch assets $ 726 $ 37,746 Less: Accumulated amortization (61) (35,106) Launch assets, net $ 665 $ 2,640 |
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 2016 through 2020 is as follows: (In thousands) 2016 $ 81 2017 $ 81 2018 $ 70 2019 $ 70 2020 $ 70 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes the potential common shares excluded from the diluted calculation. Year ended Year ended Year ended Stock options 3,712 3,737 4,300 Restricted stock awards 2,064 2,575 160 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Total Level 1 Level 2 Level 3 (In thousands) As of December 31, 2015 Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,506 $ — $ — $ 1,506 Employment agreement award (b) 20,915 — — 20,915 Total $ 22,421 $ — $ — $ 22,421 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 11,286 $ — $ — $ 11,286 As of December 31, 2014 Assets subject to fair value measurement: Corporate debt securities (d) $ 805 $ 805 $ — $ — Government sponsored enterprise mortgage-backed securities (d) 102 — 102 — Mutual funds (d) 2,004 2,004 — — Total $ 2,911 $ 2,809 $ 102 $ — Liabilities subject to fair value measurement: Incentive award plan (a) $ 1,044 $ — $ — $ 1,044 Employment agreement award (b) 17,993 — — 17,993 Total $ 19,037 $ — $ — $ 19,037 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,836 $ — $ — $ 10,836 (a) Balance is measured based on the estimated enterprise fair value of TV One as determined by a combination of a discounted cash flow analysis and the value used in connection with the Comcast Buyout (as defined in Note 2 – Acquisitions and Dispositions (b) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to 4 Acquisitions and Dispositions (c) 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. (d) 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. |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | There were no transfers in or out of Level 1, 2, or 3 during the year ended December 31, 2015. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2014 and 2015: Incentive Employment Redeemable (In thousands) Balance at December 31, 2013 $ 2,114 $ 13,688 $ 11,999 Net income attributable to redeemable noncontrolling interests — — 639 Distribution (1,370) — — Change in fair value 300 4,305 (1,802) Balance at December 31, 2014 $ 1,044 $ 17,993 $ 10,836 Dividends paid to redeemable noncontrolling interests — — (2,001) Net income attributable to redeemable noncontrolling interests — — 1,739 Distribution — (1,500) — Change in fair value 462 4,422 712 Balance at December 31, 2015 $ 1,506 $ 20,915 $ 11,286 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 December 31, 2015 $ (462) $ (4,422) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2014 $ (300) $ (4,305) $ — The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities held at December 31, 2013 $ 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: Significant As of As of Level 3 liabilities Valuation Technique Unobservable Inputs Significant Unobservable Input Value Incentive award plan Discounted Cash Flow Discount Rate 10.8 % 10.4 % Incentive award plan Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Employment agreement award Discounted Cash Flow Discount Rate 10.8 % 10.4 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 3.0 % 3.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.8 % 12.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.5 % 1.5 % |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Useful Lives (In thousands) Land and improvements $ 3,777 $ 3,777 — Buildings 1,554 1,554 31 years Transmitters and towers 41,317 39,837 7-15 years Equipment 55,767 54,034 3-7 years Furniture and fixtures 9,369 8,997 6 years Software and web development 22,411 20,918 3 years Leasehold improvements 24,133 23,228 Lease Term Construction-in-progress 152 919 — 158,480 153,264 Less: Accumulated depreciation and amortization (129,202) (122,287) Property and equipment, net $ 29,278 $ 30,977 |
GOODWILL, RADIO BROADCASTING 30
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Radio Broadcasting Licenses [Abstract] | |
Schedule Of Radio Broadcasting Licenses Impairment [Table Text Block] | Radio Broadcasting October 1, October 1, October 1, Licenses 2015 2014 2013 Impairment charge (in millions) $ 23.6 $ — $ — Discount Rate 9.5 % 9.5 % 10.0 % Year 1 Market Revenue Growth Rate Range 0.7% – 2.2 % 0.3% – 1.0 % 0.0% – 2.0 % Long-term Market Revenue Growth Rate Range (Years 6 – 10) 0.5% – 1.5 % 1.0% – 2.0 % 1.0% – 2.0 % Mature Market Share Range 7.0% – 25.8 % 6.9% – 25.2 % 6.4% – 26.9 % Mature Operating Profit Margin Range 30.5% – 50.4 % 30.0% – 48.4 % 30.8% – 47.8 % |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Radio Broadcasting Licenses As of As of Unit of Accounting December Increase December (In thousands ) Unit of Accounting 2 $ 3,086 $ – $ 3,086 Unit of Accounting 4 16,142 – 16,142 Unit of Accounting 5 16,687 (587) 16,100 Unit of Accounting 7 16,165 (294) 15,871 Unit of Accounting 14 20,434 – 20,434 Unit of Accounting 15 20,886 (150) 20,736 Unit of Accounting 11 21,135 – 21,135 Unit of Accounting 9 34,270 – 34,270 Unit of Accounting 6 22,642 – 22,642 Unit of Accounting 16 52,965 – 52,965 Unit of Accounting 13 52,556 (4,710) 47,846 Unit of Accounting 8 66,715 (4,700) 62,015 Unit of Accounting 12 50,179 (516) 49,663 Unit of Accounting 1 93,394 – 93,394 Unit of Accounting 10 179,541 (12,601) 166,940 Total $ 666,797 $ (23,558) $ 643,239 |
Schedule Of Good Will Impairment Test Radio Marketing Unit [Table Text Block] | Goodwill (Radio Market October 1, October 1, October 1, Reporting Units) 2015 (a) 2014 (a) 2013 (a) Impairment charge (in millions) $ 3.1 $ — $ — Discount Rate 9.5 % 9.5 % 10.0 % Year 1 Market Revenue Growth Rate Range (9.0)% – 23.3 % 0.3% – 1.0 % 0.0% -2.0 % Long-term Market Revenue Growth Rate Range (Years 6 – 10) 0.5% – 1.5 % 1.0% - 2.0 % 1.0% - 2.0 % Mature Market Share Range 8.0% - 19.1 % 7.2% - 19.5 % 7.1% - 19.8 % Mature Operating Profit Margin Range 25.6% - 53.3 % 26.4% - 52.2 % 28.4% - 56.4 % 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 1, October 1, October 1, Reach Media Segment Goodwill 2015 2014 2013 Impairment charge (in millions) $ — $ — $ — Discount Rate 11.5 % 12.0 % 13.0 % Year 1 Revenue Growth Rate (0.6) % 1.5 % 1.5 % Long-term Revenue Growth Rate (Year 5) 1.5 % 1.9 % 2.1 % Operating Profit Margin Range 14.0% – 15.7 % 10.0% – 14.9 % 11.5% - 21.5 % |
Schedule Of Goodwill Impairment Test Goodwill Internet Segment [Table Text Block] | October 1, September 30, October 1, October 1, Internet Segment Goodwill 2015 2015 2014 2013 Impairment charge (in millions) $ — $ 14.5 $ — $ — Discount Rate 14.0 % 14.0 % 13.5 % 14.5 % Year 1 Revenue Growth Rate 5.3 % 5.3 % 11.8 % 10.0 % Long-term Revenue Growth Rate (Years 6 - 10) 2.6 - 4.4 % 2.6 - 4.4 % 2.7% - 6.5 % 2.8% - 6.2 % Operating Profit Margin Range 4.5% - 23.9 % 4.5% - 23.9 % 9.1% - 25.6 % 5.4% - 24.8 % |
Schedule Of Goodwill Impairment Test Cable Television Goodwill [Table Text Block] | October 1, October 1, October 1, Cable Television Segment Goodwill 2015 2014 2013 Impairment charge (in millions) $ — $ — $ — Discount Rate 10.8 % 10.4 % 10.8 % Year 1 Revenue Growth Rate 7.1 % 11.5 % 12.1 % Long-term Revenue Growth Rate Range (Years 6 – 10) 2.7% - 4.2 % 2.7% - 4.7 % 2.8% - 4.7 % Operating Profit Margin Range 37.6% - 38.7 % 29.8% - 36.1 % 30.6% - 35.7 % |
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block] | Radio Broadcasting Segment Reach Media Segment Internet Segment Cable Television Segment Total (In thousands) Gross goodwill $ 152,151 $ 30,468 $ 21,816 $ 165,044 $ 369,479 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions — — — — — Impairments — — — — — Net goodwill at December 31, 2013 $ 70,823 $ 14,354 $ 21,816 $ 165,044 $ 272,037 Gross goodwill $ 152,151 $ 30,468 $ 21,816 $ 165,044 $ 369,479 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions 2,712 — 606 — 3,318 Impairments — — — — — Net goodwill at December 31, 2014 $ 73,535 $ 14,354 $ 22,422 $ 165,044 $ 275,355 Gross goodwill $ 154,862 $ 30,468 $ 22,422 $ 165,044 $ 372,797 Accumulated impairment losses (81,328) (16,114) — — (97,442) Additions — — 582 — 582 Impairments (3,108) — (14,545) — (17,653) Net goodwill at December 31, 2015 $ 70,427 $ 14,354 $ 8,459 $ 165,044 $ 258,284 |
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, Remaining 2015 2014 Period of Amortization Amortization (In thousands) Trade names $ 17,344 $ 17,344 2-5 Years 3.2 Years Intellectual property 9,531 9,531 4-10 Years 1.9 Years Affiliate agreements 178,986 178,986 8 Years 3.3 Years Acquired income leases 44 44 3-9 Years 2.7 Years Advertiser agreements 44,871 44,871 2-12 Years 7.3 Years Favorable office and transmitter leases 2,097 2,097 2-60 Years 41.1 Years Brand names 2,853 2,983 10 Years 9.1 Years Brand names - unamortized 39,690 39,690 Indefinite — Other intangibles 606 1,053 1-5 Years 1.5 Years 296,022 296,599 Less: Accumulated amortization (155,254) (128,948) Other intangible assets, net $ 140,768 $ 167,651 3.8 Years |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents the Company’s estimate of amortization expense for the years 2016 through 2020 for intangible assets: (In thousands) 2016 $ 26,147 2017 $ 26,013 2018 $ 25,904 2019 $ 10,045 2020 $ 3,519 |
CONTENT ASSETS (Tables)
CONTENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Content Assets [Abstract] | |
Schedule Of Finite Lived Content Assets [Table Text Block] | As of December 31, 2015 2014 Period of Amortization (In thousands) Produced content assets: Completed $ 194,035 $ 144,151 In-production 14,897 10,862 Licensed content assets acquired: Acquired 65,799 82,216 Content assets, at cost 274,731 237,229 1-5 Years Less: Accumulated amortization (197,849) (168,899) Content assets, net 76,882 68,330 Current portion (28,638) (25,615) Noncurrent portion $ 48,244 $ 42,715 |
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, 2015, for years 2016 through 2020 is as follows: (In thousands) 2016 $ 28,638 2017 $ 18,484 2018 $ 10,276 2019 $ 3,707 2020 $ 661 |
Content Payments Fiscal Year Maturity Schedule [Table Text Block] | Future minimum content payments required under agreements entered into as of December 31, 2015, are as follows: (In thousands) 2016 $ 33,339 2017 $ 15,734 2018 $ 8,052 2019 $ 2,385 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Available-for-sale Securities [Table Text Block] | The company liquidated its investment portfolio during 2015. As of December 31, 2014, the Company’s investments (short-term and long-term) consist of the following: Amortized Cost Gross Gross Fair (In thousands) December 31, 2014 Corporate debt securities $ 789 $ (1) $ 17 $ 805 Government-sponsored enterprise mortgage-backed securities 102 — — 102 Mutual funds 2,135 (131) — 2,004 Total investments $ 3,026 $ (132) $ 17 $ 2,911 |
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 (In thousands) December 31, 2014 Corporate debt securities $ 374 $ (1) $ — $ — $ (1) Mutual funds — — 2,004 (131) (131) Total investments $ 374 $ (1) $ 2,004 $ (131) $ (132) |
Schedule Of Available For Sale Securities [Table Text Block] | Available-for-sale securities were sold as follows: Year Ended December 31, 2015 2014 (In thousands) Proceeds from sales $ 3,524 $ 482 Gross realized gains 19 — Gross realized losses 133 4 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: As of December 31, 2015 2014 (In thousands) Deferred revenue $ 7,491 $ 5,957 Deferred barter revenue 1,049 1,471 Deferred rent 646 643 Employment Agreement Award 1,898 1,458 Incentive award plan 1,506 — Accrued national representative fees 708 718 Accrued miscellaneous taxes 428 563 Income taxes payable 642 475 Tenant allowance 230 346 Other current liabilities 11,551 4,493 Other current liabilities $ 26,149 $ 16,124 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Long Term Debt [Table Text Block] | Long-term debt consists of the following: As of December 31, 2015 2014 (In thousands) Senior bank term debt (2011 Credit Facilities) $ — $ 368,532 2015 Credit Facility 348,250 — 9.25% Senior Subordinated Notes due February 2020 335,000 335,000 7.375% Senior Secured Notes due April 2022 350,000 — Comcast Note due April 2019 11,872 — 10% Senior Secured TV One Notes due March 2016 — 119,000 Total debt 1,045,122 822,532 Less: current portion of long-term debt 3,500 3,829 Less: original issue discount and issuance costs 20,785 9,088 Long-term debt, net $ 1,020,837 $ 809,615 |
Schedule of Ratios Calculated in Accordance with Credit Agreement [Table Text Block] | As of December 31, 2015, ratios calculated in accordance with the 2015 Credit Facility were as follows: As of Covenant Excess Pro Forma Last Twelve Months Covenant EBITDA (In millions) $ 126.6 Pro Forma Last Twelve Months Interest Expense (In millions) $ 74.7 Senior Debt (In millions) $ 632.3 Interest Coverage Covenant EBITDA / Interest Expense 1.69 x 1.25 x 0.44 x Senior Secured Leverage Senior Secured Debt / Covenant EBITDA 4.99 x 5.85 x 0.86 x Covenant EBITDA – Earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for certain other adjustments, as defined in the 2015 Credit Facility |
Schedule of Maturities of Long-term Debt [Table Text Block] | Future scheduled minimum principal payments of debt as of December 31, 2015, are as follows: Comcast 2015 9.25% Senior 7.375% Senior Total (In thousands) 2016 $ — $ 3,500 $ — $ — $ 3,500 2017 — 3,500 — — 3,500 2018 — 341,250 — — 341,250 2019 11,872 — — — 11,872 2020 — — 335,000 — 335,000 2021 and thereafter — — — 350,000 350,000 Total Debt $ 11,872 $ 348,250 $ 335,000 $ 350,000 $ 1,045,122 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 (In thousands) Statutory tax ( 35% rate) $ (17,877 ) $ (2,775 ) $ (5,486 ) Effect of state taxes, net of federal benefit (3,437 ) (719 ) (189 ) Effect of state rate and tax law changes 4,791 600 145 Other permanent items 198 206 214 Impairment of long-lived assets 6,103 — — Disallowed interest — 799 5,632 Non-deductible officer’s compensation 3,021 2,369 1,453 Valuation allowance 23,170 35,951 42,845 Noncontrolling interest (2,152 ) (6,752 ) (16,229 ) NOL adjustments — 4,724 — Expiring NOLs and charitable carryovers 1,592 156 64 Forfeiture of stock-based compensation 189 61 512 Uncertain tax positions (772 ) 153 — Other 232 41 (242 ) Provision for income taxes $ 15,058 $ 34,814 $ 28,719 |
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 2015 2014 2013 (In thousands) Federal: Current $ — $ — $ 92 Deferred 15,161 31,402 21,084 State: Current 572 558 1,319 Deferred (675) 2,854 6,224 Provision for income taxes $ 15,058 $ 34,814 $ 28,719 |
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, 2015 2014 (In thousands) Deferred tax assets/(liabilities): Allowance for doubtful accounts $ 1,831 $ 1,315 Accruals 1,903 1,974 Fixed assets 734 901 Stock-based compensation 1,213 1,200 Net operating loss carryforwards 354,545 336,020 Charitable contribution carryforward 586 563 Prepaid expenses (150) (122) Intangible assets (223,576) (209,278) Partnership interests (22,051) (26,039) Other (349) (531) Valuation allowance (381,586) (358,416) Net deferred tax liability $ (266,900) $ (252,413) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2015 2014 2013 (In thousands) Balance as of January 1 $ 5,224 $ 5,071 $ 5,071 (Deductions) additions for tax positions related to current years — 153 — (Deductions) additions for tax positions related to prior years (1,188) — — Balance as of December 31 $ 4,036 $ 5,224 $ 5,071 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Average risk-free interest rate 1.89 % 1.94 % — Expected dividend yield 0.00 % 0.00 % — Expected lives 6.38 years 6.00 years — Expected volatility 85.9 % 121.1 % — |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Transactions and other information relating to stock options for the years December 31, 2015, 2014 and 2013 are summarized below: Number Weighted- Weighted- Aggregate 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 — — Grants 1,105,000 $ 2.75 Exercised (92,000) $ 1.36 Forfeited/cancelled/expired (1,576,000) $ 14.81 Outstanding at December 31, 2014 3,737,000 $ 3.12 5.18 $ 629,440 Grants 350,000 $ 2.10 Exercised — $ — Forfeited/cancelled/expired (375,000) $ 12.63 Outstanding at December 31, 2015 3,712,000 $ 2.06 5.20 $ 733,000 Vested and expected to vest at December 31, 2015 3,602,000 $ 2.05 5.08 $ 733,000 Unvested at December 31, 2015 756,000 $ 2.45 9.25 $ — Exercisable at December 31, 2015 2,956,000 $ 1.96 4.16 $ 733,000 |
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, 2015, 2014 and 2013 are summarized below: Shares Average 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 Grants 2,480,000 $ 2.79 Vested (75,000) $ 1.99 Forfeited/cancelled/expired — $ — Unvested at December 31, 2014 2,535,000 $ 2.78 Grants 194,000 $ 2.66 Vested (1,707,000) $ 2.76 Forfeited/cancelled/expired (69,000) $ 3.06 Unvested at December 31, 2015 953,000 $ 2.76 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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. Operating Other (In thousands) Years ending December 31: 2016 $ 10,904 $ 71,845 2017 10,068 29,533 2018 6,277 9,233 2019 5,355 2,903 2020 4,615 280 2021 and thereafter 14,775 20,829 Total $ 51,994 $ 134,623 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarters Ended March 31 June 30 September 30(a) December 31 (a) (In thousands, except share data) 2015: Net revenue $ 105,763 $ 119,821 $ 115,893 $ 109,384 Operating income (loss) 15,593 24,787 7,092 (11,305) Net loss (12,023) (12,674) (17,631) (23,806) Consolidated net loss attributable to common stockholders (18,489) (13,039) (18,145) (24,349) BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS Net (loss) income per share $ (0.39) $ (0.27) $ (0.38) $ (0.50) Consolidated net (loss) income per share attributable to common stockholders $ (0.39) $ (0.27) $ (0.38) $ (0.50) DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS Net (loss) income per share $ (0.39) $ (0.27) $ (0.38) $ (0.50) Consolidated net (loss) income per share attributable to common stockholders $ (0.39) $ (0.27) $ (0.38) $ (0.50) WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average shares outstanding — basic and diluted 47,608,038 48,062,991 48,220,262 48,220,262 (a) The net loss from continuing operations for the quarters ended September 30, 2015 and December 31, 2015, includes approximately $14.5 million and $26.7 million, respectively of impairment charges. Quarters Ended March 31 June 30 September 30 December 31 (In thousands, except share data) 2014: Net revenue $ 111,072 $ 108,414 $ 112,171 $ 109,730 Operating income 15,831 22,350 19,560 19,424 Net loss (20,302) (5,408) (8,758) (8,272) Consolidated net loss attributable to common stockholders (25,183) (10,816) (13,220) (13,451) BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss per share $ (0.53) $ (0.23) $ (0.28) $ (0.28) Consolidated net loss per share attributable to common stockholders $ (0.53) $ (0.23) $ (0.28) $ (0.28) DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss per share $ (0.53) $ (0.23) $ (0.28) $ (0.28) Consolidated net loss per share attributable to common stockholders $ (0.53) $ (0.23) $ (0.28) $ (0.28) WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average shares outstanding — basic and diluted 47,441,175 47,465,653 47,601,371 47,608,038 Quarters Ended March 31 (a) June 30 (a) September 30(a) December 31 (In thousands, except share data) 2013: 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 0.00 — (0.00) 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 0.00 — (0.00) 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 and 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 impairment charges. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Detailed segment data for the years ended December 31, 2015, 2014 and 2013 is presented in the following table: For the Years Ended December 31, 2015 2014 2013 (In thousands) Net Revenue: Radio Broadcasting $ 197,396 $ 213,037 $ 222,544 Reach Media 54,779 52,543 56,741 Internet 21,177 24,337 25,639 Cable Television 183,623 157,086 149,472 Corporate/Eliminations/Other * (6,114) (5,616) (5,696) Consolidated $ 450,861 $ 441,387 $ 448,700 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 124,755 $ 126,842 $ 128,001 Reach Media 45,784 50,849 50,833 Internet 21,699 22,998 25,319 Cable Television 117,132 104,210 100,117 Corporate/Eliminations/Other 28,758 22,501 18,712 Consolidated $ 338,128 $ 327,400 $ 322,982 Depreciation and Amortization: Radio Broadcasting $ 4,910 $ 5,039 $ 6,071 Reach Media 185 1,146 1,242 Internet 1,997 2,422 2,490 Cable Television 26,152 26,115 26,324 Corporate/Eliminations/Other 2,111 2,100 1,743 Consolidated $ 35,355 $ 36,822 $ 37,870 Impairment of Long-Lived Assets: Radio Broadcasting $ 26,666 $ — $ 14,880 Reach Media — — — Internet 14,545 — — Cable Television — — — Corporate/Eliminations/Other — — — Consolidated $ 41,211 $ — $ 14,880 Operating income (loss): Radio Broadcasting $ 41,065 $ 81,156 $ 73,592 Reach Media 8,810 548 4,666 Internet (17,064) (1,083) (2,170) Cable Television 40,339 26,761 23,031 Corporate/Eliminations/Other (36,983) (30,217) (26,151) Consolidated $ 36,167 $ 77,165 $ 72,968 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (3,470) $ (3,159) $ (3,162) Reach Media (1,595) (1,246) (1,235) Internet (3,527) (3,693) (3,812) Capital expenditures by segment are as follows: Radio Broadcasting $ 5,021 $ 2,226 $ 4,641 Reach Media 209 176 163 Internet 1,337 1,323 1,797 Cable Television 281 301 282 Corporate/Eliminations/Other 491 1,511 2,311 Consolidated $ 7,339 $ 5,537 9,194 As of December 31, December 31, (In thousands) Total Assets: Radio Broadcasting $ 781,022 $ 807,760 Reach Media 36,989 36,376 Internet 18,427 33,375 Cable Television 445,660 464,661 Corporate/Eliminations/Other 64,426 49,522 Consolidated $ 1,346,524 $ 1,391,694 |
ORGANIZATION AND SUMMARY OF S40
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Launch assets | $ 726 | $ 37,746 |
Less: Accumulated amortization | (61) | (35,106) |
Launch assets, net | $ 665 | $ 2,640 |
ORGANIZATION AND SUMMARY OF S41
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
2,016 | $ 81 |
2,017 | 81 |
2,018 | 70 |
2,019 | 70 |
2,020 | $ 70 |
ORGANIZATION AND SUMMARY OF S42
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,064 | 2,575 | 160 |
Employee Stock Option [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,712 | 3,737 | 4,300 |
ORGANIZATION AND SUMMARY OF S43
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets subject to fair value measurement: | |||
Fair Value | $ 2,911 | ||
Liabilities subject to fair value measurement: | |||
Total | $ 22,421 | 19,037 | |
Mezzanine equity subject to fair value measurement: | |||
Redeemable noncontrolling interests | [1] | 11,286 | 10,836 |
Fair Value, Inputs, Level 1 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | 2,809 | ||
Liabilities subject to fair value measurement: | |||
Total | 0 | 0 | |
Mezzanine equity subject to fair value measurement: | |||
Redeemable noncontrolling interests | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | 102 | ||
Liabilities subject to fair value measurement: | |||
Total | 0 | 0 | |
Mezzanine equity subject to fair value measurement: | |||
Redeemable noncontrolling interests | [1] | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | 0 | ||
Liabilities subject to fair value measurement: | |||
Total | 22,421 | 19,037 | |
Mezzanine equity subject to fair value measurement: | |||
Redeemable noncontrolling interests | [1] | 11,286 | 10,836 |
Incentive Award Plan [Member] | |||
Liabilities subject to fair value measurement: | |||
Incentive award plan | [2] | 1,506 | 1,044 |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities subject to fair value measurement: | |||
Incentive award plan | [2] | 0 | 0 |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities subject to fair value measurement: | |||
Incentive award plan | [2] | 0 | 0 |
Incentive Award Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities subject to fair value measurement: | |||
Incentive award plan | [2] | 1,506 | 1,044 |
Employment Agreement Award [Member] | |||
Liabilities subject to fair value measurement: | |||
Employment agreement award | [3] | 20,915 | 17,993 |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Liabilities subject to fair value measurement: | |||
Employment agreement award | [3] | 0 | 0 |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Liabilities subject to fair value measurement: | |||
Employment agreement award | [3] | 0 | 0 |
Employment Agreement Award [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Liabilities subject to fair value measurement: | |||
Employment agreement award | [3] | $ 20,915 | 17,993 |
Corporate Debt Securities [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 805 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 805 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 0 | |
Government sponsored enterprise mortgage-backed securities [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 102 | |
Government sponsored enterprise mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 0 | |
Government sponsored enterprise mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 102 | |
Government sponsored enterprise mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 0 | |
Mutual Funds [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 2,004 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 2,004 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | 0 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets subject to fair value measurement: | |||
Fair Value | [4] | $ 0 | |
[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] | Balance is measured based on the estimated enterprise fair value of TV One as determined by a combination of a discounted cash flow analysis and the value used in connection with the Comcast Buyout (as defined in Note 2 – Acquisitions and Dispositions). Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. | ||
[3] | Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to 4% 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 (based on the estimated enterprise fair value of TV One as determined by a combination of a discounted cash flow analysis and the value used in connection with the Comcast Buyout, as defined in Note 2 – Acquisitions and Dispositions), and an assessment of the probability that the Employment Agreement will be renewed and contain the award. 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 was triggered only after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout 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 such invested amount. 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 using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. As noted in our current report on Form 8-K filed October 6, 2014, the Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee. | ||
[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 S44
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Incentive Award Plan [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, beginning of period | $ 1,044 | $ 2,114 | |
Dividends paid to redeemable noncontrolling interests | 0 | ||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | |
Distribution | 0 | (1,370) | |
Change in fair value | 462 | 300 | |
Balance, end of period | 1,506 | 1,044 | $ 2,114 |
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities | (462) | (300) | 12 |
Employment Agreement Award [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, beginning of period | 17,993 | 13,688 | |
Dividends paid to redeemable noncontrolling interests | 0 | ||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | |
Distribution | (1,500) | 0 | |
Change in fair value | 4,422 | 4,305 | |
Balance, end of period | 20,915 | 17,993 | 13,688 |
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities | (4,422) | (4,305) | (2,314) |
Redeemable Noncontrolling Interests [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, beginning of period | 10,836 | 11,999 | |
Dividends paid to redeemable noncontrolling interests | (2,001) | ||
Net income attributable to redeemable noncontrolling interests | 1,739 | 639 | |
Distribution | 0 | 0 | |
Change in fair value | 712 | (1,802) | |
Balance, end of period | 11,286 | 10,836 | 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 | $ 0 | $ 0 | $ 0 |
ORGANIZATION AND SUMMARY OF S45
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Incentive Award Plan [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.80% | 10.40% |
Fair Value Inputs, Long-term Growth Rate | 3.00% | 3.00% |
Fair Value Measurements, Valuation Technique | Discounted Cash Flow | |
Employment Agreement Award [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.80% | 10.40% |
Fair Value Inputs, Long-term Growth Rate | 3.00% | 3.00% |
Fair Value Measurements, Valuation Technique | Discounted Cash Flow | |
Redeemable Noncontrolling Interest [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs, Discount Rate | 11.80% | 12.00% |
Fair Value Inputs, Long-term Growth Rate | 1.50% | 1.50% |
Fair Value Measurements, Valuation Technique | Discounted Cash Flow |
ORGANIZATION AND SUMMARY OF S46
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | [2] | Jun. 30, 2013 | [2] | Mar. 31, 2013 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2015 | Apr. 10, 2015 | May. 31, 2014 | Feb. 25, 2011 | ||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Cost of Goods and Services Sold, Total | $ 134,410,000 | $ 141,689,000 | $ 138,021,000 | |||||||||||||||||||||
Selling, General and Administrative Expense, Total | 149,811,000 | 142,454,000 | 145,261,000 | |||||||||||||||||||||
Impairment Of Long-Lived Assets Held-For-Use | 41,211,000 | 0 | 14,880,000 | |||||||||||||||||||||
Goodwill | $ 258,284,000 | $ 275,355,000 | $ 272,037,000 | 258,284,000 | 275,355,000 | $ 272,037,000 | ||||||||||||||||||
Indefinite-Lived License Agreements | $ 643,239,000 | $ 666,797,000 | $ 643,239,000 | $ 666,797,000 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 7.375% | |||||||||||||||||
Amortization of Intangible Assets | $ 26,300,000 | $ 27,100,000 | $ 27,700,000 | |||||||||||||||||||||
Increase Decrease of launch support | (670,000) | 0 | 0 | |||||||||||||||||||||
Revenues | $ 109,384,000 | [1] | $ 115,893,000 | $ 119,821,000 | $ 105,763,000 | $ 109,730,000 | $ 112,171,000 | $ 108,414,000 | $ 111,072,000 | $ 111,595,000 | $ 118,391,000 | $ 119,602,000 | $ 99,112,000 | 450,861,000 | 441,387,000 | 448,700,000 | ||||||||
Operating Expenses, Total | 414,694,000 | 364,222,000 | 375,732,000 | |||||||||||||||||||||
Operating Income (Loss) | (11,305,000) | [1] | $ 7,092,000 | $ 24,787,000 | $ 15,593,000 | 19,424,000 | $ 19,560,000 | $ 22,350,000 | $ 15,831,000 | $ 17,388,000 | $ 21,795,000 | $ 18,330,000 | $ 15,455,000 | 36,167,000 | 77,165,000 | 72,968,000 | ||||||||
Accounting Standards Update 2015-03 [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Debt Issuance Cost | 7,400,000 | 6,900,000 | ||||||||||||||||||||||
Comcast Note [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | 11,900,000 | 11,900,000 | ||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 11,900,000 | $ 11,900,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.47% | 10.47% | ||||||||||||||||||||||
MGM National Harbor [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Investment Owned, at Cost | $ 5,000,000 | |||||||||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Marketing and Advertising Expense | $ 19,700,000 | 16,900,000 | 17,400,000 | |||||||||||||||||||||
Barter Transactions [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Advertising Barter Transactions, Advertising Barter Revenue | 2,300,000 | 3,200,000 | 2,600,000 | |||||||||||||||||||||
Cost of Goods and Services Sold, Total | 2,200,000 | 3,100,000 | 2,400,000 | |||||||||||||||||||||
Selling, General and Administrative Expense, Total | 197,000 | 162,000 | 169,000 | |||||||||||||||||||||
Radio broadcasting and Reach Media segments [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Sales Commissions and Fees | $ 27,500,000 | $ 30,800,000 | 32,400,000 | |||||||||||||||||||||
Maximum [Member] | MGM National Harbor [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Investment Owned, Face Amount | $ 40,000,000 | |||||||||||||||||||||||
Minimum [Member] | MGM National Harbor [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Investment Owned, Face Amount | $ 5,000,000 | |||||||||||||||||||||||
Launch Support Assets [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Finite Lived Intangible Assets Weighted Average Amortization Period | 10 years 10 months 24 days | 10 years 10 months 24 days | ||||||||||||||||||||||
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period | 8 years 10 months 24 days | 10 months 24 days | ||||||||||||||||||||||
Amortization of Intangible Assets | $ 2,600,000 | $ 9,900,000 | ||||||||||||||||||||||
Content Assets [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Amortization of Intangible Assets | $ 804,000 | 58,000 | ||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Percentage Of Award Amount | 4.00% | 4.00% | ||||||||||||||||||||||
Tom Joyner Foundation Inc [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Related Party Transaction, Due from (to) Related Party, Total | $ 3,000 | 3,000 | $ 3,000 | 3,000 | ||||||||||||||||||||
Related Party Transaction, Terms and Manner of Settlement | The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. | |||||||||||||||||||||||
Tom Joyner Limited [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Related Party Transaction, Due from (to) Related Party, Total | 11,000 | 113,000 | $ 11,000 | 113,000 | ||||||||||||||||||||
Senior Subordinated Notes due February 2020 [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | 335,000,000 | 335,000,000 | ||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 258,000,000 | 294,800,000 | $ 258,000,000 | 294,800,000 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | 9.25% | ||||||||||||||||||||||
Debt Issuance Cost | 4,500,000 | |||||||||||||||||||||||
Senior Secured TV One Notes due March 2016 [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 119,000,000 | |||||||||||||||||||||||
Senior Subordinated Notes due March 2022 [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 350,000,000 | $ 350,000,000 | ||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | $ 311,500,000 | $ 311,500,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | ||||||||||||||||||||||
Senior Secured Credit Facility [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Long-term Debt, Gross | $ 348,300,000 | $ 348,300,000 | ||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | 353,000,000 | 353,000,000 | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 350,000,000 | 350,000,000 | ||||||||||||||||||||||
Tv One Llc [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Sales Commissions and Fees | $ 15,100,000 | 14,400,000 | 13,900,000 | |||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.60% | 99.60% | ||||||||||||||||||||||
Reach Media Inc [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | 80.00% | ||||||||||||||||||||||
Related Party Transaction, Due from (to) Related Party, Total | $ 1,200,000 | $ 0 | $ 1,200,000 | 0 | ||||||||||||||||||||
Reach Media Inc [Member] | Fantastic Voyage [Member] | ||||||||||||||||||||||||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||||||||||||||||||||||||
Revenues | 8,700,000 | 6,600,000 | 7,200,000 | |||||||||||||||||||||
Operating Expenses, Total | 7,500,000 | 5,700,000 | 6,000,000 | |||||||||||||||||||||
Operating Income (Loss) | $ 1,200,000 | $ 900,000 | $ 1,200,000 | |||||||||||||||||||||
[1] | The net loss from continuing operations for the quarters ended September 30, 2015 and December 31, 2015, includes approximately $14.5 million and $26.7 million, respectively of impairment charges. | |||||||||||||||||||||||
[2] | 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 $3.7 million, respectively of impairment charges. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 17, 2015 | Dec. 17, 2014 | Feb. 27, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 0 | $ 9,140,000 | $ 0 | ||||
Proceeds from Divestiture of Businesses | $ 0 | $ 0 | 4,000,000 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 893,000 | ||||||
TV One [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 211,100,000 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.60% | ||||||
Payments to Acquire Businesses, Gross | $ 221,700,000 | ||||||
Working Capital Adjustment | 1,300,000 | ||||||
Long-term Debt, Gross | $ 11,900,000 | ||||||
Gaffney [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 7,700,000 | ||||||
Gaffney [Member] | AM Station [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 225,000 | $ 225,000 | |||||
Gaffney [Member] | FM Station [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 426,000 | ||||||
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets, Radio Broadcasting Licenses | 7,000,000 | ||||||
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets Including Goodwill | 2,700,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2,700,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 44,000 | ||||||
GG Digital, Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 2,000,000 | ||||||
GG Digital, Inc [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 314,000 | ||||||
GG Digital, Inc [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 10,000 | ||||||
GG Digital, Inc [Member] | Goodwill [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,200,000 | ||||||
GG Digital, Inc [Member] | Media Content [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 440,000 | ||||||
GG Digital, Inc [Member] | Computer Software, Intangible Asset [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 38,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 158,480 | $ 153,264 |
Less: Accumulated depreciation and amortization | (129,202) | (122,287) |
Property and equipment, net | 29,278 | 30,977 |
Land and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,777 | 3,777 |
Property, Plant and Equipment, Estimated Useful Lives | 0 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,554 | 1,554 |
Property, Plant and Equipment, Estimated Useful Lives | 31 years | |
Transmitters and towers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 41,317 | 39,837 |
Transmitters and towers [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years | |
Transmitters and towers [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 55,767 | 54,034 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 7 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,369 | 8,997 |
Property, Plant and Equipment, Estimated Useful Lives | 6 years | |
Software and web development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 22,411 | 20,918 |
Property, Plant and Equipment, Estimated Useful Lives | 3 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 24,133 | 23,228 |
Property, Plant and Equipment, Estimated Useful Lives | Lease Term | |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 152 | $ 919 |
Property, Plant and Equipment, Estimated Useful Lives | 0 years |
GOODWILL, RADIO BROADCASTING 49
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details) - Radio Broadcasting Licenses [Member] - USD ($) $ in Millions | Oct. 01, 2015 | Oct. 01, 2014 | Oct. 01, 2013 |
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||
Impairment charge (in millions) | $ 23.6 | $ 0 | $ 0 |
Discount Rate | 9.50% | 9.50% | 10.00% |
Minimum [Member] | |||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||
Year 1 Market Revenue Growth Rate Range | 0.70% | 0.30% | 0.00% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 0.50% | 1.00% | 1.00% |
Mature Market Share Range | 7.00% | 6.90% | 6.40% |
Mature Operating Profit Margin Range | 30.50% | 30.00% | 30.80% |
Maximum [Member] | |||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | |||
Year 1 Market Revenue Growth Rate Range | 2.20% | 1.00% | 2.00% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | 1.50% | 2.00% | 2.00% |
Mature Market Share Range | 25.80% | 25.20% | 26.90% |
Mature Operating Profit Margin Range | 50.40% | 48.40% | 47.80% |
GOODWILL, RADIO BROADCASTING 50
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | $ 643,239 | $ 666,797 |
Radio Broadcasting Licenses Increase (Decrease) | (23,558) | |
Unit Of Accounting 2 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 3,086 | 3,086 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 4 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 16,142 | 16,142 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 5 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 16,100 | 16,687 |
Radio Broadcasting Licenses Increase (Decrease) | (587) | |
Unit Of Accounting 7 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 15,871 | 16,165 |
Radio Broadcasting Licenses Increase (Decrease) | (294) | |
Unit Of Accounting 14 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 20,434 | 20,434 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 15 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 20,736 | 20,886 |
Radio Broadcasting Licenses Increase (Decrease) | (150) | |
Unit Of Accounting 11 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 21,135 | 21,135 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 9 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 34,270 | 34,270 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 6 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 22,642 | 22,642 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 16 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 52,965 | 52,965 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 13 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 47,846 | 52,556 |
Radio Broadcasting Licenses Increase (Decrease) | (4,710) | |
Unit Of Accounting 8 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 62,015 | 66,715 |
Radio Broadcasting Licenses Increase (Decrease) | (4,700) | |
Unit Of Accounting 12 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 49,663 | 50,179 |
Radio Broadcasting Licenses Increase (Decrease) | (516) | |
Unit Of Accounting 1 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 93,394 | 93,394 |
Radio Broadcasting Licenses Increase (Decrease) | 0 | |
Unit Of Accounting 10 [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Radio Broadcasting Licenses | 166,940 | $ 179,541 |
Radio Broadcasting Licenses Increase (Decrease) | $ (12,601) |
GOODWILL, RADIO BROADCASTING 51
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 2) - Radio Marketing Units [Member] - USD ($) $ in Millions | Oct. 01, 2015 | Oct. 01, 2014 | Oct. 01, 2013 | |
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||
Impairment charge (in millions) | [1] | $ 3.1 | $ 0 | $ 0 |
Discount Rate | [1] | 9.50% | 9.50% | 10.00% |
Minimum [Member] | ||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||
Year 1 Market Revenue Growth Rate Range | [1] | (9.00%) | 0.30% | 0.00% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | [1] | 0.50% | 1.00% | 1.00% |
Mature Market Share Range | [1] | 8.00% | 7.20% | 7.10% |
Mature Operating Profit Margin Range | 25.60% | 26.40% | 28.40% | |
Maximum [Member] | ||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||
Year 1 Market Revenue Growth Rate Range | [1] | 23.30% | 1.00% | 2.00% |
Long-term Market Revenue Growth Rate Range (Years 6 - 10) | [1] | 1.50% | 2.00% | 2.00% |
Mature Market Share Range | [1] | 19.10% | 19.50% | 19.80% |
Mature Operating Profit Margin Range | 53.30% | 52.20% | 56.40% | |
[1] | Reflects the key assumptions for testing only those radio markets with remaining goodwill. |
GOODWILL, RADIO BROADCASTING 52
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 3) - Reach Media Segment Goodwill [Member] - USD ($) $ in Millions | Oct. 01, 2015 | Oct. 01, 2014 | Oct. 01, 2013 |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Impairment charge (in millions) | $ 0 | $ 0 | $ 0 |
Discount Rate | 11.50% | 12.00% | 13.00% |
Year 1 Revenue Growth Rate | (0.60%) | 1.50% | 1.50% |
Long-term Revenue Growth Rate (Year 5) | 1.50% | 1.90% | 2.10% |
Minimum [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Long-term Revenue Growth Rate (Year 5) | 1.00% | 0.10% | (4.50%) |
Operating Profit Margin Range | 14.00% | 10.00% | 11.50% |
Maximum [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Long-term Revenue Growth Rate (Year 5) | 1.90% | 2.00% | 2.60% |
Operating Profit Margin Range | 15.70% | 14.90% | 21.50% |
GOODWILL, RADIO BROADCASTING 53
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 4) - Internet Segment Goodwill [Member] - USD ($) $ in Millions | Oct. 01, 2015 | Sep. 30, 2015 | Oct. 01, 2014 | Oct. 01, 2013 |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||||
Impairment charge (in millions) | $ 0 | $ 14.5 | $ 0 | $ 0 |
Discount Rate | 14.00% | 14.00% | 13.50% | 14.50% |
Year 1 Revenue Growth Rate | 5.30% | 5.30% | 11.80% | 10.00% |
Minimum [Member] | ||||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||||
Long-term Revenue Growth Rate (Years 6 - 10) | 2.60% | 2.60% | 2.70% | 2.80% |
Operating Profit Margin Range | 4.50% | 4.50% | 9.10% | 5.40% |
Maximum [Member] | ||||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||||
Long-term Revenue Growth Rate (Years 6 - 10) | 4.40% | 4.40% | 6.50% | 6.20% |
Operating Profit Margin Range | 23.90% | 23.90% | 25.60% | 24.80% |
GOODWILL, RADIO BROADCASTING 54
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 5) - Cable Television Segment Goodwill [Member] - USD ($) $ in Millions | Oct. 01, 2015 | Oct. 01, 2014 | Oct. 01, 2013 |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Impairment charge (in millions) | $ 0 | $ 0 | $ 0 |
Discount Rate | 10.80% | 10.40% | 10.80% |
Year 1 Revenue Growth Rate | 7.10% | 11.50% | 12.10% |
Maximum [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Long-term Revenue Growth Rate Range (Years 6 - 10) | 4.20% | 4.70% | 4.70% |
Operating Profit Margin Range | 38.70% | 36.10% | 35.70% |
Minimum [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Long-term Revenue Growth Rate Range (Years 6 - 10) | 2.70% | 2.70% | 2.80% |
Operating Profit Margin Range | 37.60% | 29.80% | 30.60% |
GOODWILL, RADIO BROADCASTING 55
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Gross goodwill | $ 372,797 | $ 369,479 | $ 369,479 |
Accumulated impairment losses | (97,442) | (97,442) | (97,442) |
Additions | 582 | 3,318 | 0 |
Impairments | (17,653) | 0 | 0 |
Net goodwill | 258,284 | 275,355 | 272,037 |
Radio Broadcasting Segment [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Gross goodwill | 154,862 | 152,151 | 152,151 |
Accumulated impairment losses | (81,328) | (81,328) | (81,328) |
Additions | 0 | 2,712 | 0 |
Impairments | (3,108) | 0 | 0 |
Net goodwill | 70,427 | 73,535 | 70,823 |
Reach Media Segment [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Gross goodwill | 30,468 | 30,468 | 30,468 |
Accumulated impairment losses | (16,114) | (16,114) | (16,114) |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Net goodwill | 14,354 | 14,354 | 14,354 |
Internet Segment [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Gross goodwill | 22,422 | 21,816 | 21,816 |
Accumulated impairment losses | 0 | 0 | 0 |
Additions | 582 | 606 | 0 |
Impairments | (14,545) | 0 | 0 |
Net goodwill | 8,459 | 22,422 | 21,816 |
Cable Television Segment [Member] | |||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |||
Gross goodwill | 165,044 | 165,044 | 165,044 |
Accumulated impairment losses | 0 | 0 | 0 |
Additions | 0 | 0 | 0 |
Impairments | 0 | 0 | 0 |
Net goodwill | $ 165,044 | $ 165,044 | $ 165,044 |
GOODWILL, RADIO BROADCASTING 56
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 296,022 | $ 296,599 |
Less: Accumulated amortization | (155,254) | (128,948) |
Other intangible assets, net | $ 140,768 | 167,651 |
Remaining Weighted-Average Period of Amortization | 3 years 9 months 18 days | |
Trade Names [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 17,344 | 17,344 |
Remaining Weighted-Average Period of Amortization | 3 years 2 months 12 days | |
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 | |
Intellectual Property [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 9,531 | 9,531 |
Remaining Weighted-Average Period of Amortization | 1 year 10 months 24 days | |
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 | $ 178,986 | 178,986 |
Finite-Lived Intangible Asset, Useful Life | 8 years | |
Remaining Weighted-Average Period of Amortization | 3 years 3 months 18 days | |
Acquired Income Leases [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 44 | 44 |
Remaining Weighted-Average Period of Amortization | 2 years 8 months 12 days | |
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 | |
Advertiser Agreements [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 44,871 | 44,871 |
Remaining Weighted-Average Period of Amortization | 7 years 3 months 18 days | |
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 | 12 years | |
Favorable Office And Transmitter Leases [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 2,097 | 2,097 |
Remaining Weighted-Average Period of Amortization | 41 years 1 month 6 days | |
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 | $ 2,853 | 2,983 |
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Remaining Weighted-Average Period of Amortization | 9 years 1 month 6 days | |
Brand Names [Member] | Minimum [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Remaining Weighted-Average Period of Amortization | 1 year | |
Brand Names Unamortized [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 39,690 | 39,690 |
Finite-Lived Intangible Asset, Period of Amortization | Indefinite | |
Other Intangibles Asset [Member] | ||
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 606 | $ 1,053 |
Remaining Weighted-Average Period of Amortization | 1 year 6 months | |
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 |
GOODWILL, RADIO BROADCASTING 57
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details 8) - Finite-Lived Intangible Assets [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items] | |
2,016 | $ 26,147 |
2,017 | 26,013 |
2,018 | 25,904 |
2,019 | 10,045 |
2,020 | $ 3,519 |
GOODWILL, RADIO BROADCASTING 58
GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2015 | Sep. 30, 2015 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Indefinite-Lived License Agreements | $ 643,239 | $ 666,797 | ||||||
Amortization of Intangible Assets | 26,300 | 27,100 | $ 27,700 | |||||
Cincinnati Market Goodwill [Member] | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Pre Tax Impairment Charges | $ 3,100 | |||||||
Impairment Testing [Member] | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 41,200 | $ 0 | 14,900 | |||||
2013 Interim Impairment Testing [Member] | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Pre Tax Impairment Charges | $ 3,700 | $ 9,800 | $ 1,400 | |||||
2015 Interim Impairment Testing [Member] | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Pre Tax Impairment Charges | $ 14,900 | $ 14,500 | ||||||
2015 Interim Impairment Testing [Member] | Cincinnati, Columbus, Dallas, Houston, Philadelphia, Raleigh and St. Louis radio broadcasting licenses [Member] | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Pre Tax Impairment Charges | $ 23,600 | |||||||
2015 Annual Impairment Testing | ||||||||
Schedule Of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items] | ||||||||
Pre Tax Impairment Charges | $ 23,600 |
CONTENT ASSETS (Details)
CONTENT ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Produced content assets: | ||
Completed | $ 194,035 | $ 144,151 |
In-production | 14,897 | 10,862 |
Licensed content assets acquired: | ||
Acquired | 65,799 | 82,216 |
Content assets, at cost | 274,731 | 237,229 |
Less: Accumulated amortization | (197,849) | (168,899) |
Content assets, net | 76,882 | 68,330 |
Current portion | (28,638) | (25,615) |
Noncurrent portion | $ 48,244 | $ 42,715 |
Period of Amortization (in years) | 3 years 9 months 18 days | |
Content Assets [Member] | Minimum [Member] | ||
Licensed content assets acquired: | ||
Period of Amortization (in years) | 1 year | |
Content Assets [Member] | Maximum [Member] | ||
Licensed content assets acquired: | ||
Period of Amortization (in years) | 5 years |
CONTENT ASSETS (Details 1)
CONTENT ASSETS (Details 1) - Content Assets [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Content Assets [Line Items] | |
2,016 | $ 28,638 |
2,017 | 18,484 |
2,018 | 10,276 |
2,019 | 3,707 |
2,020 | $ 661 |
CONTENT ASSETS (Details 2)
CONTENT ASSETS (Details 2) - Content Assets [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Content Assets [Line Items] | |
2,016 | $ 33,339 |
2,017 | 15,734 |
2,018 | 8,052 |
2,019 | $ 2,385 |
CONTENT ASSETS (Details Textual
CONTENT ASSETS (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Unamortized Contents Assets Percentage | 80.00% |
Unamortized Contents Assets Cost | $ 10.9 |
Amortized Content Assets Percentage | 74.50% |
INVESTMENTS (Details)
INVESTMENTS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost Basis | $ 3,026 |
Gross Unrealized Losses | (132) |
Gross Unrealized Gains | 17 |
Fair Value | 2,911 |
Corporate debt securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost Basis | 789 |
Gross Unrealized Losses | (1) |
Gross Unrealized Gains | 17 |
Fair Value | 805 |
Government sponsored enterprise mortgage-backed securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost Basis | 102 |
Gross Unrealized Losses | 0 |
Gross Unrealized Gains | 0 |
Fair Value | 102 |
Mutual funds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost Basis | 2,135 |
Gross Unrealized Losses | (131) |
Gross Unrealized Gains | 0 |
Fair Value | $ 2,004 |
INVESTMENTS (Details 1)
INVESTMENTS (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Fair Value less than 1 Year | $ 374 |
Available-for-sale Securities, Unrealized Losses less than 1 Year | (1) |
Available-for-sale Securities, Fair Value greater than 1 Year | 2,004 |
Available-for-sale Securities, Unrealized Losses greater than 1 Year | (131) |
Available For Sale Securities, Total Unrealized Losses | (132) |
Corporate debt securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Fair Value less than 1 Year | 374 |
Available-for-sale Securities, Unrealized Losses less than 1 Year | (1) |
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 | (1) |
Mutual funds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Fair Value less than 1 Year | 0 |
Available-for-sale Securities, Unrealized Losses less than 1 Year | 0 |
Available-for-sale Securities, Fair Value greater than 1 Year | 2,004 |
Available-for-sale Securities, Unrealized Losses greater than 1 Year | (131) |
Available For Sale Securities, Total Unrealized Losses | $ (131) |
INVESTMENTS (Details 2)
INVESTMENTS (Details 2) - Fixed Maturities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales | $ 3,524 | $ 482 |
Gross realized gains | 19 | 0 |
Gross realized losses | $ 133 | $ 4 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Liabilities [Line Items] | ||
Deferred revenue | $ 7,491 | $ 5,957 |
Deferred barter revenue | 1,049 | 1,471 |
Deferred rent | 646 | 643 |
Employment Agreement Award | 1,898 | 1,458 |
Incentive award plan | 1,506 | |
Accrued national representative fees | 708 | 718 |
Accrued miscellaneous taxes | 428 | 563 |
Income taxes payable | 642 | 475 |
Tenant allowance | 230 | 346 |
Other current liabilities | 11,551 | 4,493 |
Other current liabilities | $ 26,149 | $ 16,124 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details Textual) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Reassessed Estimated Fair Value of Award | $ 20.9 | $ 18 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,045,122 | $ 822,532 |
Less: current portion of long-term debt | 3,500 | 3,829 |
Less: original issue discount and issuance costs | 20,785 | 9,088 |
Long-term debt, net | 1,020,837 | 809,615 |
2015 Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 348,250 | 0 |
Senior bank term debt (2011 Credit Facilities) [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 368,532 |
9.25% Senior Subordinated Notes due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 335,000 | 335,000 |
10% Senior Secured TV One Notes due March 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 119,000 |
7.375% Senior Secured Notes due April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 350,000 | 0 |
Comcast Note due April 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 11,872 | $ 0 |
LONG-TERM DEBT (Details 1)
LONG-TERM DEBT (Details 1) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)Decimal | |
Debt Instrument [Line Items] | |
Pro Forma Last Twelve Months Covenant EBITDA | $ | $ 126.6 |
Pro Forma Last Twelve Months Interest Expense | $ | 74.7 |
Senior Debt | $ | $ 632.3 |
Interest Coverage | 1.69 |
Senior Secured Leverage | 4.99 |
Covenant Limit [Member] | |
Debt Instrument [Line Items] | |
Interest Coverage | 1.25 |
Senior Secured Leverage | 5.85 |
Excess Coverage [Member] | |
Debt Instrument [Line Items] | |
Interest Coverage | 0.44 |
Senior Secured Leverage | 0.86 |
LONG-TERM DEBT (Details 2)
LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 3,500 | |
2,017 | 3,500 | |
2,018 | 341,250 | |
2,019 | 11,872 | |
2,020 | 335,000 | |
2021 and thereafter | 350,000 | |
Total Debt | 1,045,122 | $ 822,532 |
Comcast Note due April 2019 [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 11,872 | |
2,020 | 0 | |
2021 and thereafter | 0 | |
Total Debt | 11,872 | 0 |
2015 Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 3,500 | |
2,017 | 3,500 | |
2,018 | 341,250 | |
2,019 | 0 | |
2,020 | 0 | |
2021 and thereafter | 0 | |
Total Debt | 348,250 | |
9.25% Senior Subordinated Notes due February 2020 [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 335,000 | |
2021 and thereafter | 0 | |
Total Debt | 335,000 | 335,000 |
7.375% Senior Secured Notes due April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2021 and thereafter | 350,000 | |
Total Debt | $ 350,000 | $ 0 |
LONG-TERM DEBT (Details Textual
LONG-TERM DEBT (Details Textual) - USD ($) | Feb. 10, 2014 | Apr. 17, 2015 | Apr. 30, 2014 | Mar. 31, 2011 | Feb. 25, 2011 | Nov. 24, 2010 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 10.00% | 10.00% | 10.00% | ||||||
Gains (Losses) on Extinguishment of Debt, Total | $ (7,091,000) | $ (5,679,000) | $ 0 | |||||||
Debt Instrument, Interest Rate Terms | At the Companys election, the interest rate on borrowings under the 2015 Credit Facility is based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time and (c) the one-month LIBOR rate commencing on such day plus 1.00%), or (ii) the then applicable LIBOR rate plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 4.80% for 2015. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan are payable on the last day of each March, June, September and December beginning on September 30, 2015. During the year ended December 31, 2015, the Company repaid approximately $1.8 million under the 2015 Credit Facility. | |||||||||
Original Issue Discount [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 844,000 | |||||||||
Call Premium To Refinance [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt, Total | 827,000 | |||||||||
Consent to Existing Holders [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt, Total | 106,000 | |||||||||
Costs Associated with Financing Transactions [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt, Total | 4,000,000 | |||||||||
Comcast Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 11,900,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.47% | |||||||||
Debt Financing Cost [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 1,300,000 | |||||||||
Private Offering [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 350,000,000 | |||||||||
Debt Instrument, Description | an original issue price of 100.0% plus accrued interest | |||||||||
Debt Instrument, Maturity Date | Apr. 15, 2022 | |||||||||
Second Amendment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Call Premium Of Credit Agreement Description | The Second Amendment provided a call premium of 101.5% if the 2011 Credit Agreement were refinanced with proceeds from a notes offering and 100.5% if the 2011 Credit Agreement was refinanced with proceeds from any otherrepayment, including proceeds from a new term loan. | |||||||||
Credit Agreement 2011 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | Under the terms of the 2011 Credit Agreement, as amended, interest on base rate loans was payable quarterly and interest on LIBOR loans was payable monthly or quarterly. The base rate was 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 was 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. | |||||||||
Credit Agreement 2011 [Member] | Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 386,000,000 | |||||||||
Debt Instrument, Maturity Date | Mar. 31, 2016 | |||||||||
Credit Agreement 2011 [Member] | Second Amendment [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate During Period | 7.50% | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 957,000 | |||||||||
Debt Instrument Periodic Payment Percentage Of Principal | 0.25% | |||||||||
Credit Agreement 2011 Amended [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Debt | $ 1,100,000 | $ 368,500,000 | 4,900,000 | |||||||
Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage Of Debt Instrument, Description | 12.5%/15% | |||||||||
Percentage Of Cash Paid For Interest | 12.50% | |||||||||
Debt Issuance Cost | $ 4,100,000 | |||||||||
Gains (Losses) on Extinguishment of Debt, Total | 5,700,000 | |||||||||
Debt Instrument, Unamortized Premium | $ 1,600,000 | |||||||||
9.25% Senior Subordinated Notes due February 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 335,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |||||||||
Debt Instrument, Description | The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014 | |||||||||
Debt Instrument, Frequency of Periodic Payment | semiannually | |||||||||
Debt Issuance Cost | 4,500,000 | |||||||||
9.25% Senior Subordinated Notes due February 2020 [Member] | Private Offering [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 335,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |||||||||
Debt Instrument, Maturity Date | Feb. 15, 2020 | |||||||||
Debt Instrument, Periodic Payment | $ 15,500,000 | |||||||||
Debt Instrument, Date of First Required Payment | Aug. 15, 2014 | |||||||||
TV One Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 119,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||
Debt Instrument, Maturity Date | Mar. 15, 2016 | |||||||||
7.375% Senior Subordinated Notes due April 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | |||||||||
Revolving Credit Facility [Member] | Credit Agreement 2011 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 25,000,000 | |||||||||
Debt Instrument, Maturity Date | Mar. 31, 2015 | |||||||||
2015 Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Compliance Description For Maintaining Senior Secured Leverage Ratio | maintaining a senior leverage ratio of no greater than: 5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. | |||||||||
Covenant Compliance Description For Maintaining Interest Coverage Ratio | maintaining an interest coverage ratio of no less than: 1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. | |||||||||
Long-term Debt, Gross | $ 350,000,000 | $ 348,300,000 | ||||||||
Debt Issuance Cost | 7,400,000 | 6,900,000 | ||||||||
Deferred Finance Costs, Net | 4,900,000 | $ 4,600,000 | $ 5,300,000 | |||||||
Line Of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of Credit Outstanding, Amount | $ 908,000 | |||||||||
Line Of Credit [Member] | Credit Agreement 2011 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 411,000,000 | |||||||||
Notes 2011 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Cancellation Of Debt, Amount | $ 97,000,000 | |||||||||
Notes 2011 [Member] | Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 101,500,000 | |||||||||
Percentage Of Debt Instrument, Description | 8 7/8% | |||||||||
Notes 2013 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Cancellation Of Debt, Amount | $ 199,300,000 | |||||||||
Notes 2013 [Member] | Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 200,000,000 | |||||||||
May 2016 [Member] | Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 286,800,000 | |||||||||
February 2013 [Member] | Senior Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage Of Debt Instrument, Description | 6 3/8% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Statutory tax (@ 35% rate) | $ (17,877) | $ (2,775) | $ (5,486) |
Effect of state taxes, net of federal benefit | (3,437) | (719) | (189) |
Effect of state rate and tax law changes | 4,791 | 600 | 145 |
Other permanent items | 198 | 206 | 214 |
Impairment of long-lived assets | 6,103 | 0 | 0 |
Disallowed interest | 0 | 799 | 5,632 |
Non-deductible officer’s compensation | 3,021 | 2,369 | 1,453 |
Valuation allowance | 23,170 | 35,951 | 42,845 |
Noncontrolling interest | (2,152) | (6,752) | (16,229) |
NOL adjustments | 0 | 4,724 | 0 |
Expiring NOLs and charitable carryovers | 1,592 | 156 | 64 |
Forfeiture of stock-based compensation | 189 | 61 | 512 |
Uncertain tax positions | (772) | 153 | 0 |
Other | 232 | 41 | (242) |
Provision for income taxes | $ 15,058 | $ 34,814 | $ 28,719 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | |||
Current | $ 0 | $ 0 | $ 92 |
Deferred | 15,161 | 31,402 | 21,084 |
State: | |||
Current | 572 | 558 | 1,319 |
Deferred | (675) | 2,854 | 6,224 |
Provision for income taxes | $ 15,058 | $ 34,814 | $ 28,719 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets/(liabilities): | ||
Allowance for doubtful accounts | $ 1,831 | $ 1,315 |
Accruals | 1,903 | 1,974 |
Fixed assets | 734 | 901 |
Stock-based compensation | 1,213 | 1,200 |
Net operating loss carryforwards | 354,545 | 336,020 |
Charitable contribution carryforward | 586 | 563 |
Prepaid expenses | (150) | (122) |
Intangible assets | (223,576) | (209,278) |
Partnership interests | (22,051) | (26,039) |
Other | (349) | (531) |
Valuation allowance | (381,586) | (358,416) |
Total deferred tax (liabilities) assets | $ (266,900) | $ (252,413) |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Balance as of January 1 | $ 5,224 | $ 5,071 | $ 5,071 |
(Deductions) additions for tax positions related to current years | 0 | 153 | 0 |
(Deductions) additions for tax positions related to prior years | (1,188) | 0 | 0 |
Balance as of December 31 | $ 4,036 | $ 5,224 | $ 5,071 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 381,600,000 | $ 358,400,000 | ||
Income Tax Examination, Penalties and Interest Expense | 22,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,600,000 | |||
Unrecognized Tax Benefits | 4,036,000 | $ 5,224,000 | $ 5,071,000 | $ 5,071,000 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 1,200,000 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 923,200,000 | |||
Open Tax Year | 2,016 | |||
Unrecognized Tax Benefits | $ 3,800,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 713,900,000 | |||
Open Tax Year | 2,035 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 52,000,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average risk-free interest rate | 1.89% | 1.94% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives | 6 years 4 months 17 days | 6 years | 0 years |
Expected volatility | 85.90% | 121.10% | 0.00% |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Grants | 350,000 | 1,105,000 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Outstanding at Beginning of Year | 3,737,000 | 4,300,000 | 4,630,000 | |
Number of Options, Grants | 350,000 | 1,105,000 | 0 | |
Number of Options, Exercised | 0 | (92,000) | 0 | |
Number Of Option, Forfeited/cancelled/expired | (375,000) | (1,576,000) | (330,000) | |
Number of Options, Balance at End of Year | 3,712,000 | 3,737,000 | 4,300,000 | 4,630,000 |
Number of Options, Vested and expected to vest | 3,602,000 | |||
Number of Options, Unvested | 756,000 | |||
Number of Options, Exercisable | 2,956,000 | |||
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share) | $ 3.12 | $ 7.46 | $ 8.17 | |
Weighted-Average Exercise Price, Grants (in dollars per share) | 2.10 | 2.75 | 0 | |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 0 | 1.36 | 0 | |
Weighted-Average Exercise Price, Forfeited/cancelled/expired (in dollars per share) | 12.63 | 14.81 | 17.43 | |
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share) | 2.06 | $ 3.12 | $ 7.46 | $ 8.17 |
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | 2.05 | |||
Weighted-Average Exercise Price, Unvested (in dollars per share) | 2.45 | |||
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ 1.96 | |||
Weighted-Average Remaining Contractual Term, Outstanding (in years) | 5 years 2 months 12 days | 5 years 2 months 5 days | 0 years | 0 years |
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years) | 5 years 29 days | |||
Weighted-Average Remaining Contractual Term, Unvested (in years) | 9 years 3 months | |||
Weighted-Average Remaining Contractual Term, Exercisable (in years) | 4 years 1 month 28 days | |||
Aggregate Intrinsic Value, Outstanding at Beginning of Year | $ 629,440 | $ 0 | $ 0 | |
Aggregate Intrinsic Value, Outstanding at End of Year | 733,000 | $ 629,440 | $ 0 | $ 0 |
Aggregate Intrinsic Value, Vested and expected to vest | 733,000 | |||
Aggregate Intrinsic Value, Unvested | 0 | |||
Aggregate Intrinsic Value, Exercisable | $ 733,000 |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Unvested at beginning of year | 2,535,000 | 130,000 | 82,000 |
Shares, Grants | 194,000 | 2,480,000 | 110,000 |
Shares, Vested | (1,707,000) | (75,000) | (62,000) |
Shares, Forfeited/cancelled/expired | (69,000) | 0 | 0 |
Shares, Unvested at end of year | 953,000 | 2,535,000 | 130,000 |
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) | $ 2.78 | $ 2.11 | $ 1.11 |
Average Fair Value at Grant Date, Grants (in dollars per share) | 2.66 | 2.79 | 2.28 |
Average Fair Value at Grant Date, Vested (in dollars per share) | 2.76 | 1.99 | 1.09 |
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share) | 3.06 | 0 | 0 |
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share) | $ 2.76 | $ 2.78 | $ 2.11 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Oct. 06, 2014 | Jun. 14, 2014 | Oct. 26, 2015 | Jun. 16, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 20, 2015 | Dec. 31, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation, Total | $ 5,107,000 | $ 1,594,000 | $ 191,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 699,169 | 75,300 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 1.51 | $ 2.40 | ||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 350,000 | 1,105,000 | ||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 3,400,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 193,680 | 2,480,050 | ||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 350,000 | 1,105,000 | 0 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 1,900,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.41 | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 0 | 92,000 | 0 | |||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Number | 3,602,000 | |||||||||
Long Tern Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 410,000 | |||||||||
Long Term Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The grants were effective October 6, 2014, and will vest in three installments, with the first installment of 33% vesting on April 6, 2015, and the second installment vesting on December 31, 2015. The remaining installment will vest on December 31, 2016. | |||||||||
Repurchase Program 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 3.5 | |||||||||
Non Executive Directors [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 68,680 | 56,050 | ||||||||
Cathy Hughes [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in approximately equal 1/3 tranches on April 20, 2015, December 31, 2015 and December 31, 2016, | |||||||||
Alfred C. Liggins [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in approximately equal 1/3 tranches on April 20, 2015, December 31, 2015 and December 31, 2016 | |||||||||
Peter Thompson [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock with 200,000 shares vesting on April 20, 2015, and with the remaining shares vesting in equal 75,000 share tranches on December 31, 2015 and December 31, 2016, | |||||||||
Christopher Wegmann [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in approximately equal 1/3 tranches on April 20, 2015, December 31, 2015 and December 31 | |||||||||
Executives and LTIP Participants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 2,424,000 | |||||||||
Founder and Executive Chairperson [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock, vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. | |||||||||
President and Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock, vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016 | |||||||||
Executive Vice President and Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in equal 112,500 share tranches on December 31, 2015 and December 31, 2016 | |||||||||
President Radio Division [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in approximately equal 1/3 tranches on April 20, 2015, December 31, 2015 and December 31, 2016. | |||||||||
Linda Vilardo [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in equal 75,000 share tranches on April 20, 2015, December 31, 2015 and December 31, 2016. | |||||||||
Executive Vice President and Chief Administrative Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Class D common stock vesting in equal 75,000 share tranches on April 20, 2015, December 31, 2015 and December 31, 2016 | |||||||||
Common Class A [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Repurchased During Period, Shares | 32,669 | |||||||||
Stock Repurchased During Period, Value | $ 71,000 | |||||||||
Repurchase Of Common Stock Price Per Share | $ 2.17 | |||||||||
Common Class A [Member] | Stock Option and Restricted Stock Grant Plan 1999 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,408,099 | |||||||||
Common Class D [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Repurchased During Period, Shares | 345,293 | 2,630,574 | ||||||||
Stock Repurchased During Period, Value | $ 1,400,000 | $ 5,400,000 | ||||||||
Repurchase Of Common Stock Price Per Share | $ 4.12 | $ 2.05 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,250,000 | |||||||||
Common Class D [Member] | Stock Option and Restricted Stock Grant Plan 1999 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,816,198 | |||||||||
Common Class D [Member] | Stock Plan 2009 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,250,000 | |||||||||
Common Class D [Member] | Amended and Restated 2009 Stock Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 8,125,661 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 1,000,000 | |||||||||
Common Class D [Member] | CEO, Radio Division [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 100,000 | |||||||||
Common Class D [Member] | CEO, Radio Division [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 300,000 | |||||||||
Common Class D [Member] | Non Executive Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 13,736 | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 50,000 | |||||||||
Common Class D [Member] | Non Executive Directors [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 11,210 | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 50,000 | |||||||||
Common Class D [Member] | Cathy Hughes [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 456,000 | |||||||||
Common Class D [Member] | Cathy Hughes [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 293,000 | |||||||||
Common Class D [Member] | Alfred C. Liggins [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 913,000 | |||||||||
Common Class D [Member] | Alfred C. Liggins [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 587,000 | |||||||||
Common Class D [Member] | Peter Thompson [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Number | 200,000 | |||||||||
Common Class D [Member] | Peter Thompson [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Number | 75,000 | |||||||||
Common Class D [Member] | Peter Thompson [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Number | 112,500 | |||||||||
Common Class D [Member] | Peter Thompson [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 350,000 | |||||||||
Common Class D [Member] | Peter Thompson [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 225,000 | |||||||||
Common Class D [Member] | President Radio Division [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 70,000 | |||||||||
Common Class D [Member] | Linda Vilardo [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested and Expected To Vest, Outstanding, Number | 75,000 | |||||||||
Common Class D [Member] | Linda Vilardo [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 225,000 | |||||||||
Class A and D Common Stock [Member] | Repurchase Program 2015 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 3.5 |
COMMITMENTS AND CONTINGENCIES81
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Lease Payments, Years ending December 31: | |
2,016 | $ 10,904 |
2,017 | 10,068 |
2,018 | 6,277 |
2,019 | 5,355 |
2,020 | 4,615 |
2021 and thereafter | 14,775 |
Total | 51,994 |
Other Operating Contracts and Agreements,Years ending December 31: | |
2,016 | 71,845 |
2,017 | 29,533 |
2,018 | 9,233 |
2,019 | 2,903 |
2,020 | 280 |
2021 and thereafter | 20,829 |
Total | $ 134,623 |
COMMITMENTS AND CONTINGENCIES82
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Federal Communications Commission Maximum Term Licenses | 8 years | ||
Rent Expenses Continuing Operations | $ 11,400,000 | $ 10,900,000 | $ 10,300,000 |
Contractual Obligation | 134,623,000 | ||
Other Operating Contracts [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Contractual Obligation | 87,900,000 | ||
Television Segment (Certain Content Agreements) [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Contractual Obligation | 37,600,000 | ||
Employment Agreements [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Contractual Obligation | 29,700,000 | ||
Music License Agreements [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
License Costs | 10,300,000 | $ 9,200,000 | $ 9,200,000 |
Standby Letters Of Credit [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 908,000 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | [2] | Jun. 30, 2013 | [2] | Mar. 31, 2013 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenue | $ 109,384 | $ 115,893 | $ 119,821 | $ 105,763 | $ 109,730 | $ 112,171 | $ 108,414 | $ 111,072 | $ 111,595 | $ 118,391 | $ 119,602 | $ 99,112 | $ 450,861 | $ 441,387 | $ 448,700 | |||||
Operating income (loss) | (11,305) | 7,092 | 24,787 | 15,593 | 19,424 | 19,560 | 22,350 | 15,831 | 17,388 | 21,795 | 18,330 | 15,455 | 36,167 | 77,165 | 72,968 | |||||
Net (loss) income from continuing operations | (23,806) | (17,631) | (12,674) | (12,023) | (8,272) | (8,758) | (5,408) | (20,302) | (13,631) | (8,904) | (8,555) | (13,305) | (66,134) | (42,740) | (44,395) | |||||
Income (loss) from discontinued operations | (8) | 0 | 3 | 890 | 0 | 0 | 885 | |||||||||||||
Consolidated net loss attributable to common stockholders | $ (24,349) | $ (18,145) | $ (13,039) | $ (18,489) | $ (13,451) | $ (13,220) | $ (10,816) | $ (25,183) | $ (16,440) | $ (13,221) | $ (14,214) | $ (18,106) | $ (74,022) | $ (62,670) | $ (61,981) | |||||
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||||||
Net (loss) income from continuing operations per share (in dollars per share) | $ (0.50) | $ (0.38) | $ (0.27) | $ (0.39) | $ (0.28) | $ (0.28) | $ (0.23) | $ (0.53) | $ (0.35) | $ (0.28) | $ (0.29) | $ (0.38) | $ (1.54) | $ (1.32) | $ (1.30) | |||||
Net (loss) income from discontinued operations per share (in dollars per share) | 0 | 0 | 0 | 0.02 | 0 | 0 | 0.02 | |||||||||||||
Consolidated net (loss) income per share attributable to common stockholders (in dollars per share) | (0.50) | (0.38) | (0.27) | (0.39) | (0.28) | (0.28) | (0.23) | (0.53) | (0.35) | (0.28) | (0.29) | (0.36) | $ (1.54) | $ (1.32) | $ (1.28) | |||||
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||||||
Net (loss) income from continuing operations per share (in dollars per share) | (0.50) | (0.38) | (0.27) | (0.39) | (0.28) | (0.28) | (0.23) | (0.53) | (0.35) | (0.28) | (0.29) | (0.38) | ||||||||
Net (loss) income from discontinued operations per share (in dollars per share) | 0 | 0 | 0 | 0.02 | ||||||||||||||||
Consolidated net (loss) income per share attributable to common stockholders (in dollars per share) | $ (0.50) | $ (0.38) | $ (0.27) | $ (0.39) | $ (0.28) | $ (0.28) | $ (0.23) | $ (0.53) | $ (0.35) | $ (0.28) | $ (0.29) | $ (0.36) | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||||||||||||||
Weighted average shares outstanding - basic and diluted (in shares) | 48,220,262 | 48,220,262 | 48,062,991 | 47,608,038 | 47,608,038 | 47,601,371 | 47,465,653 | 47,441,175 | 47,441,175 | 47,443,031 | 48,737,941 | 49,861,964 | 48,027,888 | 47,525,726 | 48,370,195 | |||||
[1] | The net loss from continuing operations for the quarters ended September 30, 2015 and December 31, 2015, includes approximately $14.5 million and $26.7 million, respectively of impairment charges. | |||||||||||||||||||
[2] | 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 $3.7 million, respectively of impairment charges. |
QUARTERLY FINANCIAL DATA (Det84
QUARTERLY FINANCIAL DATA (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Asset Impairment Charges | $ 26.7 | $ 14.5 | $ 3.7 | $ 9.8 | $ 1.4 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | [2] | Jun. 30, 2013 | [2] | Mar. 31, 2013 | [2] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | $ 109,384 | [1] | $ 115,893 | $ 119,821 | $ 105,763 | $ 109,730 | $ 112,171 | $ 108,414 | $ 111,072 | $ 111,595 | $ 118,391 | $ 119,602 | $ 99,112 | $ 450,861 | $ 441,387 | $ 448,700 | |||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 338,128 | 327,400 | 322,982 | ||||||||||||||||||
Depreciation and Amortization | 35,355 | 36,822 | 37,870 | ||||||||||||||||||
Impairment of Long-Lived Assets | 41,211 | 0 | 14,880 | ||||||||||||||||||
Operating income (loss) | (11,305) | [1] | $ 7,092 | $ 24,787 | $ 15,593 | 19,424 | $ 19,560 | $ 22,350 | $ 15,831 | $ 17,388 | $ 21,795 | $ 18,330 | $ 15,455 | 36,167 | 77,165 | 72,968 | |||||
Total Assets | 1,346,524 | 1,391,694 | 1,346,524 | 1,391,694 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 7,339 | 5,537 | 9,194 | ||||||||||||||||||
Radio Broadcasting [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | 197,396 | 213,037 | 222,544 | ||||||||||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 124,755 | 126,842 | 128,001 | ||||||||||||||||||
Depreciation and Amortization | 4,910 | 5,039 | 6,071 | ||||||||||||||||||
Impairment of Long-Lived Assets | 26,666 | 0 | 14,880 | ||||||||||||||||||
Operating income (loss) | 41,065 | 81,156 | 73,592 | ||||||||||||||||||
Total Assets | 781,022 | 807,760 | 781,022 | 807,760 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 5,021 | 2,226 | 4,641 | ||||||||||||||||||
Radio Broadcasting [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | (3,470) | (3,159) | (3,162) | ||||||||||||||||||
Reach Media [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | 54,779 | 52,543 | 56,741 | ||||||||||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 45,784 | 50,849 | 50,833 | ||||||||||||||||||
Depreciation and Amortization | 185 | 1,146 | 1,242 | ||||||||||||||||||
Impairment of Long-Lived Assets | 0 | 0 | 0 | ||||||||||||||||||
Operating income (loss) | 8,810 | 548 | 4,666 | ||||||||||||||||||
Total Assets | 36,989 | 36,376 | 36,989 | 36,376 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 209 | 176 | 163 | ||||||||||||||||||
Reach Media [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | (1,595) | (1,246) | (1,235) | ||||||||||||||||||
Internet [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | 21,177 | 24,337 | 25,639 | ||||||||||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 21,699 | 22,998 | 25,319 | ||||||||||||||||||
Depreciation and Amortization | 1,997 | 2,422 | 2,490 | ||||||||||||||||||
Impairment of Long-Lived Assets | 14,545 | 0 | 0 | ||||||||||||||||||
Operating income (loss) | (17,064) | (1,083) | (2,170) | ||||||||||||||||||
Total Assets | 18,427 | 33,375 | 18,427 | 33,375 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 1,337 | 1,323 | 1,797 | ||||||||||||||||||
Internet [Member] | Intersegment Eliminations [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | (3,527) | (3,693) | (3,812) | ||||||||||||||||||
Cable Television [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | 183,623 | 157,086 | 149,472 | ||||||||||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 117,132 | 104,210 | 100,117 | ||||||||||||||||||
Depreciation and Amortization | 26,152 | 26,115 | 26,324 | ||||||||||||||||||
Impairment of Long-Lived Assets | 0 | 0 | 0 | ||||||||||||||||||
Operating income (loss) | 40,339 | 26,761 | 23,031 | ||||||||||||||||||
Total Assets | 445,660 | 464,661 | 445,660 | 464,661 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 281 | 301 | 282 | ||||||||||||||||||
Corporate/Eliminations/Other [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Net Revenue | [3] | (6,114) | (5,616) | (5,696) | |||||||||||||||||
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) | 28,758 | 22,501 | 18,712 | ||||||||||||||||||
Depreciation and Amortization | 2,111 | 2,100 | 1,743 | ||||||||||||||||||
Impairment of Long-Lived Assets | 0 | 0 | 0 | ||||||||||||||||||
Operating income (loss) | (36,983) | (30,217) | (26,151) | ||||||||||||||||||
Total Assets | $ 64,426 | $ 49,522 | 64,426 | 49,522 | |||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 491 | $ 1,511 | $ 2,311 | ||||||||||||||||||
[1] | The net loss from continuing operations for the quarters ended September 30, 2015 and December 31, 2015, includes approximately $14.5 million and $26.7 million, respectively of impairment charges. | ||||||||||||||||||||
[2] | 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 $3.7 million, respectively of impairment charges. | ||||||||||||||||||||
[3] | Intercompany revenue included in net revenue above is as follows: |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 03, 2016 | Mar. 09, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 04, 2016 |
Subsequent Event [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 0 | $ 9,140 | $ 0 | |||
Repurchase Of Common Stock Value | $ 1,423 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 2,000 | |||||
Common Stock Available For Repurchase | $ 3,400 | |||||
Subsequent Event [Member] | Class D Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase Of Common Stock Shares | 382,123 | |||||
Repurchase Of Common Stock Price Per Share | $ 1.66 | |||||
Repurchase Of Common Stock Value | $ 636,134 |
SCHEDULE II - VALUATION AND Q87
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 3,975 | $ 4,393 | $ 3,631 |
Additions Charged to Expense | 4,980 | 1,921 | 2,124 |
Acquired from Acquisitions | 0 | 0 | 0 |
Deductions | 2,056 | 2,339 | 1,362 |
Balance at End of Year | 6,899 | 3,975 | 4,393 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 358,416 | 322,465 | 279,620 |
Additions Charged to Expense | 24,762 | 36,107 | 42,845 |
Acquired from Acquisitions | 0 | 0 | 0 |
Deductions | 1,592 | 156 | 0 |
Balance at End of Year | $ 381,586 | $ 358,416 | $ 322,465 |