ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Delaware | 36-4159663 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
3280 Peachtree Road, NW Suite 2300, Atlanta, GA | 30305 | |
(Address of Principal Executive Offices) | (ZIP Code) |
Large accelerated filer | ¨ | Accelerated filer | ý | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 46,216 | $ | 88,050 | |||
Restricted cash | 3,729 | 5,921 | |||||
Accounts receivable, less allowance for doubtful accounts of $3,779 and $4,131 at June 30, 2013 and December 31, 2012, respectively | 203,469 | 207,563 | |||||
Trade receivable | 7,344 | 6,104 | |||||
Deferred income taxes | 29,658 | 25,145 | |||||
Prepaid expenses and other current assets | 21,952 | 20,336 | |||||
Total current assets | 312,368 | 353,119 | |||||
Property and equipment, net | 246,528 | 255,903 | |||||
Broadcast licenses | 1,640,882 | 1,602,373 | |||||
Other intangible assets, net | 215,386 | 258,761 | |||||
Goodwill | 1,204,953 | 1,195,594 | |||||
Other assets | 70,067 | 77,825 | |||||
Total assets | $ | 3,690,184 | $ | 3,743,575 | |||
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 75,872 | $ | 102,586 | |||
Trade payable | 6,620 | 4,803 | |||||
Current portion of long-term debt | 13,250 | 76,468 | |||||
Other current liabilities | 8,542 | 11,386 | |||||
Total current liabilities | 104,284 | 195,243 | |||||
Long-term debt, excluding 7.75% senior notes | 2,040,359 | 2,014,599 | |||||
7.75% senior notes | 610,000 | 610,000 | |||||
Other liabilities | 41,122 | 45,313 | |||||
Deferred income taxes | 558,621 | 559,918 | |||||
Total liabilities | 3,354,386 | 3,425,073 | |||||
Redeemable preferred stock: | |||||||
Series A cumulative redeemable preferred stock, par value $0.01 per share; stated value of $1,000 per share; 100,000,000 shares authorized; 75,767 shares issued and outstanding at both June 30, 2013 and December 31, 2012 | 72,871 | 71,869 | |||||
Total redeemable preferred stock | 72,871 | 71,869 | |||||
Stockholders’ equity: | |||||||
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 186,456,601 and 182,682,073 shares issued, and 162,326,226 and 158,519,394 shares outstanding, at June 30, 2013 and December 31, 2012, respectively | 1,864 | 1,827 | |||||
Class B common stock, par value $0.01 per share; 600,000,000 shares authorized; 15,424,944 shares issued and outstanding at both June 30, 2013 and December 31, 2012 | 154 | 154 | |||||
Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding at both June 30, 2013 and December 31, 2012 | 6 | 6 | |||||
Treasury stock, at cost, 24,130,375 and 24,162,676 shares at June 30, 2013 and December 31, 2012, respectively | (250,697 | ) | (252,001 | ) | |||
Additional paid-in-capital | 1,511,689 | 1,514,849 | |||||
Accumulated deficit | (1,000,089 | ) | (1,018,202 | ) | |||
Total stockholders’ equity | 262,927 | 246,633 | |||||
Total liabilities, redeemable preferred stock and stockholders’ equity | $ | 3,690,184 | $ | 3,743,575 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Broadcast revenues | $ | 289,676 | $ | 280,745 | 522,548 | $ | 516,710 | ||||||||
Management fees | — | 296 | — | 326 | |||||||||||
Net revenues | 289,676 | 281,041 | 522,548 | 517,036 | |||||||||||
Operating expenses: | |||||||||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | 171,762 | 168,746 | 335,934 | 322,442 | |||||||||||
Depreciation and amortization | 28,935 | 36,200 | 57,866 | 71,007 | |||||||||||
LMA fees | 759 | 885 | 1,728 | 1,724 | |||||||||||
Corporate, general and administrative expenses (including stock-based compensation expense of $2,470, $5,928, $5,134 and $12,906, respectively) | 7,760 | 16,802 | 21,626 | 33,494 | |||||||||||
Loss on sale of stations | 91 | — | 1,400 | — | |||||||||||
(Gain) loss on derivative instrument | (2,106 | ) | 841 | (2,844 | ) | 753 | |||||||||
Impairment of intangible assets | — | 12,435 | — | 12,435 | |||||||||||
Total operating expenses | 207,201 | 235,909 | 415,710 | 441,855 | |||||||||||
Operating income | 82,475 | 45,132 | 106,838 | 75,181 | |||||||||||
Non-operating (expense) income: | |||||||||||||||
Interest expense, net | (43,833 | ) | (49,619 | ) | (88,085 | ) | (100,422 | ) | |||||||
Loss on early extinguishment of debt | (4,539 | ) | — | (4,539 | ) | — | |||||||||
Other (expense) income, net | (511 | ) | (74 | ) | (378 | ) | 190 | ||||||||
Total non-operating expense, net | (48,883 | ) | (49,693 | ) | (93,002 | ) | (100,232 | ) | |||||||
Income (loss) from continuing operations before income taxes | 33,592 | (4,561 | ) | 13,836 | (25,051 | ) | |||||||||
Income tax (expense) benefit | (6,491 | ) | 2,798 | 4,276 | 10,689 | ||||||||||
Income (loss) from continuing operations | 27,101 | (1,763 | ) | 18,112 | (14,362 | ) | |||||||||
Income from discontinued operations, net of taxes | — | 9,906 | — | 10,375 | |||||||||||
Net income (loss) | 27,101 | 8,143 | 18,112 | (3,987 | ) | ||||||||||
Less: dividends declared and accretion of redeemable preferred stock | 3,155 | 6,791 | 6,307 | 12,491 | |||||||||||
Income (loss) attributable to common shareholders | $ | 23,946 | $ | 1,352 | $ | 11,805 | $ | (16,478 | ) | ||||||
Basic and diluted income (loss) per common share (see Note 12, “Earnings Per Share”): | |||||||||||||||
Basic: Income (loss) from continuing operations per share | $ | 0.11 | $ | (0.05 | ) | $ | 0.05 | $ | (0.17 | ) | |||||
Income from discontinued operations per share | $ | — | $ | 0.06 | $ | — | $ | 0.07 | |||||||
Income (loss) per share | $ | 0.11 | $ | 0.01 | $ | 0.05 | $ | (0.11 | ) | ||||||
Diluted: Income (loss) from continuing operations per share | $ | 0.11 | $ | (0.05 | ) | $ | 0.05 | $ | (0.17 | ) | |||||
Income from discontinued operations per share | $ | — | $ | 0.06 | $ | — | $ | 0.07 | |||||||
Income (loss) per share | $ | 0.11 | $ | 0.01 | $ | 0.05 | $ | (0.11 | ) | ||||||
Weighted average basic common shares outstanding | 176,481,592 | 157,710,861 | 175,619,586 | 153,540,006 | |||||||||||
Weighted average diluted common shares outstanding | 179,553,341 | 157,710,861 | 178,678,090 | 153,540,006 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 18,112 | $ | (3,987 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 57,866 | 72,242 | |||||
Amortization of debt issuance costs/discounts | 5,164 | 5,061 | |||||
Provision for doubtful accounts | 1,046 | 1,598 | |||||
Loss (gain) on sale of assets or stations | 1,537 | (183 | ) | ||||
Impairment of intangible assets | — | 12,435 | |||||
Loss on early extinguishment of debt | 4,539 | — | |||||
Fair value adjustment of derivative instruments | (2,871 | ) | 1,003 | ||||
Deferred income taxes | (5,809 | ) | (14,302 | ) | |||
Stock-based compensation expense | 5,134 | 12,906 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 3,045 | 4,789 | |||||
Trade receivable | (1,240 | ) | (1,211 | ) | |||
Prepaid expenses and other current assets | (1,664 | ) | (1,217 | ) | |||
Other assets | 1,044 | (715 | ) | ||||
Accounts payable and accrued expenses | (26,724 | ) | (31,407 | ) | |||
Trade payable | 1,817 | 393 | |||||
Other liabilities | (4,222 | ) | (2,215 | ) | |||
Net cash provided by operating activities | 56,774 | 55,190 | |||||
Cash flows from investing activities: | |||||||
Proceeds from sale of assets or stations | 692 | 426 | |||||
Acquisitions less cash acquired | (52,066 | ) | — | ||||
Restricted cash | 2,192 | — | |||||
Capital expenditures | (4,830 | ) | (1,919 | ) | |||
Net cash used in investing activities | (54,012 | ) | (1,493 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of borrowings under term loans and revolving credit facilities | (38,931 | ) | (57,000 | ) | |||
Tax withholding payments on behalf of employees for stock based compensation | (337 | ) | (1,909 | ) | |||
Preferred stock dividends | (5,304 | ) | (6,458 | ) | |||
Proceeds from exercise of warrants | 34 | 161 | |||||
Deferred financing costs | (58 | ) | — | ||||
Net cash used in financing activities | (44,596 | ) | (65,206 | ) | |||
Decrease in cash and cash equivalents | (41,834 | ) | (11,509 | ) | |||
Cash and cash equivalents at beginning of period | 88,050 | 30,592 | |||||
Cash and cash equivalents at end of period | $ | 46,216 | $ | 19,083 | |||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 82,208 | $ | 97,441 | |||
Income taxes paid | $ | 1,561 | $ | 2,909 | |||
Supplemental disclosures of non-cash flow information: | |||||||
Compensation held in trust | $ | — | $ | 24,807 | |||
Trade revenue | $ | 12,458 | $ | 13,642 | |||
Trade expense | $ | 12,577 | $ | 12,705 |
Allocation | Amount | ||
Other assets | $ | 1,460 | |
Goodwill | 11,461 | ||
Broadcast licenses | 27,100 | ||
Plant, property, and equipment, net | 62 | ||
Total purchase price | 40,083 | ||
Less: Cash consideration | (40,000 | ) | |
Less: Carrying value of station transferred | (52 | ) | |
Less: Contingent consideration | (31 | ) | |
Gain on asset exchange | $ | — |
Allocation | Amount | ||
Plant, property, and equipment, net | $ | 783 | |
Broadcast licenses | 5,700 | ||
Total purchase price | $ | 6,483 |
Allocation | Amount | ||
Current assets | $ | 149 | |
Property and equipment | 4,690 | ||
Broadcast licenses | 11,900 | ||
Goodwill | 3,014 | ||
Other intangibles | 200 | ||
Current liabilities | (207 | ) | |
Total purchase price | 19,746 | ||
Less: Carrying value of stations transferred | (71,697 | ) | |
Add: Cash received | 114,918 | ||
Gain on asset exchange | $ | 62,967 |
Description | Estimated Useful Life in Years | Fair Value | |||
Advertising relationships | 6 | $ | 200 |
Allocation | Amount | ||
Current assets | $ | 93 | |
Plant, property, and equipment, net | 1,256 | ||
Other assets | 23 | ||
Broadcast licenses | 16,850 | ||
Current liabilities | (152 | ) | |
Total purchase price | $ | 18,070 |
Unaudited Supplemental Pro Forma Data | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||
Description | 2012 | 2012 | ||||
Net revenue | $ | 283,988 | $ | 522,515 | ||
Net income (loss) | 8,582 | (4,172 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2012 | 2012 | ||||||
Discontinued operations: | |||||||
Net revenue | $ | 11,000 | $ | 20,321 | |||
Operating income | 4,382 | 6,769 | |||||
Non-operating expenses | (5 | ) | (7 | ) | |||
Income from discontinued operations before taxes | 4,377 | 6,762 | |||||
Income tax benefit | 5,529 | 3,613 | |||||
Income from discontinued operations | $ | 9,906 | $ | 10,375 |
Indefinite-Lived | Definite-Lived | Total | |||||||||
Intangible Assets: | |||||||||||
Balance as of January 1, 2012 | $ | 1,625,415 | $ | 390,509 | $ | 2,015,924 | |||||
Purchase price allocation adjustments | — | (1,027 | ) | (1,027 | ) | ||||||
Acquisition | 22,253 | 376 | 22,629 | ||||||||
Impairment | (14,706 | ) | (12,435 | ) | (27,141 | ) | |||||
Disposition | (30,589 | ) | (6,880 | ) | (37,469 | ) | |||||
Amortization | — | (112,240 | ) | (112,240 | ) | ||||||
Balance as of December 31, 2012 | 1,602,373 | 258,303 | 1,860,676 | ||||||||
Acquisition | 44,038 | — | 44,038 | ||||||||
Disposition | (5,529 | ) | — | (5,529 | ) | ||||||
Amortization | — | (42,917 | ) | (42,917 | ) | ||||||
Balance as of June 30, 2013 | $ | 1,640,882 | $ | 215,386 | $ | 1,856,268 |
Goodwill: | 2013 | 2012 | |||||
Balance as of January 1: | |||||||
Goodwill | $ | 1,525,335 | $ | 1,564,253 | |||
Accumulated impairment losses | (329,741 | ) | (229,741 | ) | |||
Subtotal | 1,195,594 | 1,334,512 | |||||
Acquisition | 11,461 | — | |||||
Current assets held for sale | — | (32,132 | ) | ||||
Purchase price allocation adjustments | — | (9,550 | ) | ||||
Finalization of purchase accounting for fourth quarter 2012 acquisitions | (1,889 | ) | — | ||||
Disposition | (213 | ) | (105 | ) | |||
Balance as of June 30: | |||||||
Goodwill | 1,534,694 | 1,522,466 | |||||
Accumulated impairment losses | (329,741 | ) | (229,741 | ) | |||
Total | $ | 1,204,953 | $ | 1,292,725 |
Fair Value | |||||||||
Derivative Instruments | Balance Sheet Location | June 30, 2013 | December 31, 2012 | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Interest rate cap | Other long-term assets | $ | 72 | $ | 44 | ||||
Green Bay Option | Other current liabilities | (8,542 | ) | (11,386 | ) | ||||
Total | $ | (8,470 | ) | $ | (11,342 | ) |
Recognized on Derivatives | |||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
Derivative Instruments | Statement of Operations Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest rate cap | Interest (income) expense | $ | (32 | ) | $ | 165 | $ | (27 | ) | $ | 250 | ||||||
Green Bay Option | (Gain) loss on derivative instrument | (2,106 | ) | 841 | (2,844 | ) | 753 | ||||||||||
Total | $ | (2,138 | ) | $ | 1,006 | $ | (2,871 | ) | $ | 1,003 |
June 30, 2013 | December 31, 2012 | ||||||
Term Loan and Revolving Credit Facilities: | |||||||
First Lien Term Loan | $ | 1,287,260 | $ | 1,321,687 | |||
Second Lien Term Loan | 785,496 | 790,000 | |||||
Revolving Credit Facility | — | — | |||||
Less: Term Loan discount | (19,147 | ) | (20,620 | ) | |||
Total Term Loan and Revolving Credit Facilities | 2,053,609 | 2,091,067 | |||||
7.75% Senior Notes | 610,000 | 610,000 | |||||
Less: Current portion of long-term debt | (13,250 | ) | (76,468 | ) | |||
Long-term debt, net | $ | 2,650,359 | $ | 2,624,599 | |||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||
Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial assets: | |||||||||||||||
Interest Rate Cap (1) | $ | 72 | $ | — | $ | 72 | $ | — | |||||||
Total assets | $ | 72 | $ | — | $ | 72 | $ | — | |||||||
Financial liabilities: | |||||||||||||||
Other current liabilities | |||||||||||||||
Green Bay Option (2) | $ | (8,542 | ) | $ | — | $ | — | $ | (8,542 | ) | |||||
Contingent consideration (3) | (31 | ) | — | — | (31 | ) | |||||||||
Total liabilities | $ | (8,573 | ) | $ | — | $ | — | $ | (8,573 | ) |
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||
Total Fair Value | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Financial assets: | |||||||||||||||
Interest Rate Cap (1) | $ | 44 | $ | — | $ | 44 | $ | — | |||||||
Total assets | $ | 44 | $ | — | $ | 44 | $ | — | |||||||
Financial liabilities: | |||||||||||||||
Other current liabilities | |||||||||||||||
Green Bay Option (2) | $ | (11,386 | ) | $ | — | $ | — | $ | (11,386 | ) | |||||
Total liabilities | $ | (11,386 | ) | $ | — | $ | — | $ | (11,386 | ) |
(1) | On the Interest Rate Cap the Company pays a fixed interest rate on a $71.3 million notional amount of its term loans. The fair value of the Interest Rate Cap is determined based on discounted cash flow analysis on the expected future cash flows using observable inputs, including interest rates and yield curves. Derivative valuations incorporate adjustments that are necessary to reflect the credit risk. |
(2) | The fair value of the Green Bay Option was determined using inputs that are supported by little or no market activity (a Level 3 measurement). The fair value represents an estimate of the net amount that the Company would pay if the option was transferred to another party as of the date of the valuation. The option valuation incorporates a credit risk adjustment to reflect the probability of default by the Company. |
(3) | The fair value of the contingent consideration was determined using inputs that are supported by little or no market activity (a Level 3 measurement). Contingent consideration represents the fair value of the additional cash consideration to be paid to the sellers of the assets purchased as part of the WFME Asset Exchange if certain future conditions are met as detailed in the purchase agreement. See Note 2 “Acquisitions and Dispositions”. |
Description | Green Bay Option | ||
Fair value balance at January 1, 2013 | $ | (11,386 | ) |
Add: Mark to market fair value adjustment | 2,844 | ||
Fair value balance at June 30, 2013 | $ | (8,542 | ) |
Description | Contingent Consideration | ||
Fair value balance at January 1, 2013 | $ | — | |
Add: Acquisition of WFME | (31 | ) | |
Fair value balance at June 30, 2013 | $ | (31 | ) |
Fair Value | Valuation Technique | Unobservable Inputs | ||||||
$ | (8,542 | ) | Black-Scholes Model | Risk adjusted discount rate | 6.6 | % | ||
Total term | less than 1 year | |||||||
Volatility rate | 25 | % | ||||||
Annual dividend rate | — | % | ||||||
Bond equivalent yield discount rate | — | % |
Fair Value | Valuation Technique | Unobservable Inputs | ||||||
$ | 31 | Income Approach | Total term | 5 years | ||||
Conditions | 3 | |||||||
Bond equivalent yield discount rate | 0.1 | % |
June 30, 2013 | December 31, 2012 | ||||||
First Lien Term Loan: | |||||||
Carrying value | $ | 1,287,260 | $ | 1,321,687 | |||
Fair value - Level 2 | 1,287,260 | 1,331,600 | |||||
Second Lien Term Loan: | |||||||
Carrying value | $ | 785,497 | $ | 790,000 | |||
Fair value - Level 2 | 801,207 | 811,725 | |||||
7.75% Senior Notes: | |||||||
Carrying value | $ | 610,000 | $ | 610,000 | |||
Fair value - Level 2 | 596,275 | 599,325 |
• | 14.0% through September 15, 2013; |
• | 17.0% plus the increase in the 90-day LIBOR from September 16, 2011 to September 16, 2013 for the period commencing on September 16, 2013 and ending on September 15, 2015; and |
• | 20.0% plus the increase in the 90-day LIBOR from September 16, 2011 to September 16, 2015 for all periods commencing on or after September 16, 2015, with an adjustment to the rate every two years thereafter. |
• | Voting Rights. The holders of shares of Class A common stock are entitled to one vote per share on any matter submitted to a vote of the stockholders of the Company, and the holders of shares of Class C common stock are entitled to ten votes for each share of Class C common stock held. Generally, the holders of shares of Class B common stock are not entitled to vote on any matter. However, holders of Class B common stock and Class C common stock are entitled to a separate class vote on any amendment or modification of any specific rights or obligations of the holders of Class B common stock or Class C common stock, respectively, that does not similarly affect the rights or obligations of the holders of Class A common stock. The holders of Class A common stock and of Class C common stock vote together, as a single class, on all matters submitted to a vote to the stockholders of the Company. |
• | Conversion. Each holder of Class B common stock and Class C common stock is entitled to convert at any time all or any part of such holder’s shares into an equal number of shares of Class A common stock; provided, however, that to the extent that such conversion would result in the holder holding more than 4.99% of the Class A common stock following such conversion, the holder will first be required to deliver to the Company an ownership certification to enable the Company to (a) to determine that such holder does not have an attributable interest in another entity that would cause the Company to violate applicable FCC rules and regulations and (b) obtain any necessary approvals from the FCC or the Department of Justice. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Basic Income (Loss) Per Share | |||||||||||||||
Numerator: | |||||||||||||||
Undistributed net income (loss) from continuing operations | $ | 27,101 | $ | (1,763 | ) | $ | 18,112 | $ | (14,362 | ) | |||||
Less: | |||||||||||||||
Dividends declared on redeemable preferred stock | 2,652 | 4,375 | 5,304 | 7,708 | |||||||||||
Accretion of redeemable preferred stock | 1,007 | 1,852 | 1,989 | 4,620 | |||||||||||
Participation rights of the Company Warrants in undistributed earnings | 3,890 | — | 1,833 | — | |||||||||||
Participation rights of unvested restricted stock in undistributed earnings | 39 | — | 23 | — | |||||||||||
Basic undistributed net income (loss) from continuing operations attributable to common shares | $ | 19,513 | $ | (7,990 | ) | $ | 8,963 | $ | (26,690 | ) | |||||
Denominator: | |||||||||||||||
Basic weighted average shares outstanding | 176,482 | 157,711 | 175,620 | 153,540 | |||||||||||
Basic undistributed net income (loss) from continuing operations per share--attributable to common shares | $ | 0.11 | $ | (0.05 | ) | $ | 0.05 | $ | (0.17 | ) | |||||
Diluted Income (Loss) Per Share: | |||||||||||||||
Numerator: | |||||||||||||||
Undistributed net income (loss) from continuing operations | $ | 27,101 | $ | (1,763 | ) | $ | 18,112 | $ | (14,362 | ) | |||||
Less: | |||||||||||||||
Dividends declared on redeemable preferred stock | 2,652 | 4,375 | 5,304 | 7,708 | |||||||||||
Accretion of redeemable preferred stock | 1,007 | 1,852 | 1,989 | 4,620 | |||||||||||
Participation rights of the Company Warrants in undistributed net income | 3,834 | — | 1,807 | — | |||||||||||
Participation rights of unvested restricted stock in undistributed earnings | 38 | — | 23 | — | |||||||||||
Basic undistributed net income (loss) from continuing operations attributable to common shares | $ | 19,570 | $ | (7,990 | ) | $ | 8,989 | $ | (26,690 | ) | |||||
Denominator: | |||||||||||||||
Basic weighted average shares outstanding | 176,482 | 157,711 | 175,620 | 153,540 | |||||||||||
Effect of dilutive options and warrants | 3,072 | — | 3,059 | — | |||||||||||
Diluted weighted average shares outstanding | 179,554 | 157,711 | 178,679 | 153,540 | |||||||||||
Diluted undistributed net income (loss) from continuing operations attributable to common shares | $ | 0.11 | $ | (0.05 | ) | $ | 0.05 | $ | (0.17 | ) |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Broadcast revenues | $ | — | $ | — | $ | 289,676 | $ | — | $ | — | $ | 289,676 | |||||||||||
Management fees | — | — | — | — | — | — | |||||||||||||||||
Net revenues | — | — | 289,676 | — | — | 289,676 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | — | — | 171,143 | 619 | — | 171,762 | |||||||||||||||||
Depreciation and amortization | — | 484 | 28,451 | — | — | 28,935 | |||||||||||||||||
LMA fees | — | — | 759 | — | — | 759 | |||||||||||||||||
Corporate general and administrative expenses (including stock-based compensation expense of $2,470) | — | 7,760 | — | — | — | 7,760 | |||||||||||||||||
Loss on sale of stations | — | — | 91 | — | — | 91 | |||||||||||||||||
Gain on derivative instrument | — | — | (2,106 | ) | — | — | (2,106 | ) | |||||||||||||||
Total operating expenses | — | 8,244 | 198,338 | 619 | — | 207,201 | |||||||||||||||||
Operating (loss) income | — | (8,244 | ) | 91,338 | (619 | ) | — | 82,475 | |||||||||||||||
Non-operating (expense) income: | |||||||||||||||||||||||
Interest expense, net | (2,378 | ) | (41,532 | ) | 77 | — | — | (43,833 | ) | ||||||||||||||
Loss on early extinguishment of debt | — | (4,539 | ) | — | — | — | (4,539 | ) | |||||||||||||||
Other expense, net | — | — | (511 | ) | — | — | (511 | ) | |||||||||||||||
Total non-operating expense, net | (2,378 | ) | (46,071 | ) | (434 | ) | — | — | (48,883 | ) | |||||||||||||
(Loss) income before income taxes | (2,378 | ) | (54,315 | ) | 90,904 | (619 | ) | — | 33,592 | ||||||||||||||
Income tax benefit (expense) | — | — | 11,520 | (18,011 | ) | — | (6,491 | ) | |||||||||||||||
Earnings (loss) from consolidated subsidiaries | 29,479 | 83,794 | (18,630 | ) | — | (94,643 | ) | — | |||||||||||||||
Net income (loss) | $ | 27,101 | $ | 29,479 | $ | 83,794 | $ | (18,630 | ) | $ | (94,643 | ) | $ | 27,101 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | |||||||||||||||||||
Broadcast revenues | $ | — | $ | — | $ | 522,548 | $ | — | $ | — | $ | 522,548 | ||||||||||||
Management fees | — | — | — | — | — | — | ||||||||||||||||||
Net revenues | — | — | 522,548 | — | — | 522,548 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | — | — | 334,825 | 1,109 | — | 335,934 | ||||||||||||||||||
Depreciation and amortization | — | 981 | 56,885 | — | — | 57,866 | ||||||||||||||||||
LMA fees | — | — | 1,728 | — | — | 1,728 | ||||||||||||||||||
Corporate general and administrative expenses (including stock-based compensation expense of $5,134) | — | 21,626 | — | — | — | 21,626 | ||||||||||||||||||
Loss on sale of stations | — | — | 1,400 | — | — | — | 1,400 | |||||||||||||||||
Gain on derivative instrument | — | — | (2,844 | ) | — | — | (2,844 | ) | ||||||||||||||||
Total operating expenses | — | 22,607 | 391,994 | 1,109 | — | 415,710 | ||||||||||||||||||
Operating (loss) income | — | (22,607 | ) | 130,554 | (1,109 | ) | — | 106,838 | ||||||||||||||||
Non-operating (expense) income: | ||||||||||||||||||||||||
Interest (expense) income, net | (4,689 | ) | (83,474 | ) | 78 | — | — | (88,085 | ) | |||||||||||||||
Loss on early extinguishment of debt | — | (4,539 | ) | — | — | — | (4,539 | ) | ||||||||||||||||
Other expense, net | — | — | (378 | ) | — | — | (378 | ) | ||||||||||||||||
Total non-operating expense, net | (4,689 | ) | (88,013 | ) | (300 | ) | — | — | (93,002 | ) | ||||||||||||||
(Loss) income before income taxes | (4,689 | ) | (110,620 | ) | 130,254 | (1,109 | ) | — | 13,836 | |||||||||||||||
Income tax benefit (expense) | — | — | 12,715 | (8,439 | ) | — | 4,276 | |||||||||||||||||
Earnings (loss) from consolidated subsidiaries | 22,801 | 133,421 | (9,548 | ) | — | (146,674 | ) | — | ||||||||||||||||
Net income (loss) | $ | 18,112 | $ | 22,801 | $ | 133,421 | $ | (9,548 | ) | $ | (146,674 | ) | $ | 18,112 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Broadcast revenues | $ | — | $ | — | $ | 280,745 | $ | — | $ | — | $ | 280,745 | |||||||||||
Management fees | 296 | — | — | — | — | 296 | |||||||||||||||||
Net revenues | 296 | — | 280,745 | — | — | 281,041 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | — | — | 168,222 | 524 | — | 168,746 | |||||||||||||||||
Depreciation and amortization | 345 | — | 35,855 | — | — | 36,200 | |||||||||||||||||
LMA fees | — | — | 885 | — | — | 885 | |||||||||||||||||
Corporate general and administrative expenses (including stock-based compensation expense of $5,928) | 16,802 | — | — | — | — | 16,802 | |||||||||||||||||
Loss on derivative instrument | — | — | 841 | — | — | 841 | |||||||||||||||||
Impairment of intangible assets | — | — | 12,435 | — | — | 12,435 | |||||||||||||||||
Total operating expenses | 17,147 | — | 218,238 | 524 | — | 235,909 | |||||||||||||||||
Operating (loss) income | (16,851 | ) | — | 62,507 | (524 | ) | — | 45,132 | |||||||||||||||
Non-operating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | (227 | ) | (49,694 | ) | 302 | — | — | (49,619 | ) | ||||||||||||||
Other expense, net | — | — | (74 | ) | — | — | (74 | ) | |||||||||||||||
Total non-operating (expense) income, net | (227 | ) | (49,694 | ) | 228 | — | — | (49,693 | ) | ||||||||||||||
(Loss) income before income taxes | (17,078 | ) | (49,694 | ) | 62,735 | (524 | ) | — | (4,561 | ) | |||||||||||||
Income tax benefit | — | — | 340 | 2,458 | — | 2,798 | |||||||||||||||||
(Loss) income from continuing operations | (17,078 | ) | (49,694 | ) | 63,075 | 1,934 | — | (1,763 | ) | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | 11,341 | (1,435 | ) | — | 9,906 | ||||||||||||||||
Earnings (loss) from consolidated subsidiaries | 25,221 | 74,915 | 499 | — | (100,635 | ) | — | ||||||||||||||||
Net income (loss) | $ | 8,143 | $ | 25,221 | $ | 74,915 | $ | 499 | $ | (100,635 | ) | 8,143 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Broadcast revenues | $ | — | $ | — | $ | 516,710 | $ | — | $ | — | $ | 516,710 | |||||||||||
Management fees | 326 | — | — | — | — | 326 | |||||||||||||||||
Net revenues | 326 | — | 516,710 | — | — | 517,036 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | — | — | 321,396 | 1,046 | — | 322,442 | |||||||||||||||||
Depreciation and amortization | 566 | — | 70,441 | — | — | 71,007 | |||||||||||||||||
LMA fees | — | — | 1,724 | — | — | 1,724 | |||||||||||||||||
Corporate general and administrative expenses (including stock-based compensation expense of $12,906) | 33,494 | — | — | — | — | 33,494 | |||||||||||||||||
Realized loss on derivative instrument | — | — | 753 | — | — | 753 | |||||||||||||||||
Impairment of intangible assets | — | — | 12,435 | — | — | 12,435 | |||||||||||||||||
Total operating expenses | 34,060 | — | 406,749 | 1,046 | — | 441,855 | |||||||||||||||||
Operating (loss) income | (33,734 | ) | — | 109,961 | (1,046 | ) | — | 75,181 | |||||||||||||||
Non-operating (expense) income: | |||||||||||||||||||||||
Interest (expense) income, net | (322 | ) | (100,698 | ) | 598 | — | — | (100,422 | ) | ||||||||||||||
Other income, net | — | — | 190 | — | — | 190 | |||||||||||||||||
Total non-operating (expense) income, net | (322 | ) | (100,698 | ) | 788 | — | — | (100,232 | ) | ||||||||||||||
(Loss) income before income taxes | (34,056 | ) | (100,698 | ) | 110,749 | (1,046 | ) | — | (25,051 | ) | |||||||||||||
Income tax benefit | — | — | 1,268 | 9,421 | — | 10,689 | |||||||||||||||||
(Loss) income from continuing operations | (34,056 | ) | (100,698 | ) | 112,017 | 8,375 | — | (14,362 | ) | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | — | 13,490 | (3,115 | ) | — | 10,375 | ||||||||||||||||
Earnings (loss) from consolidated subsidiaries | 30,069 | 130,767 | 5,260 | — | (166,096 | ) | — | ||||||||||||||||
Net (loss) income | $ | (3,987 | ) | $ | 30,069 | $ | 130,767 | $ | 5,260 | $ | (166,096 | ) | $ | (3,987 | ) |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 45,724 | $ | 492 | $ | — | $ | — | $ | 46,216 | |||||||||||
Restricted cash | — | 3,729 | — | — | — | 3,729 | |||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $3,779 | — | — | 203,469 | — | — | 203,469 | |||||||||||||||||
Trade receivable | — | — | 7,344 | — | — | 7,344 | |||||||||||||||||
Deferred income taxes | — | — | 29,658 | 29,658 | |||||||||||||||||||
Prepaid expenses and other current assets | — | 2,036 | 19,916 | — | — | 21,952 | |||||||||||||||||
Total current assets | — | 51,489 | 260,879 | — | — | 312,368 | |||||||||||||||||
Property and equipment, net | — | 3,821 | 242,707 | — | — | 246,528 | |||||||||||||||||
Broadcast licenses | — | — | — | 1,640,882 | — | 1,640,882 | |||||||||||||||||
Other intangible assets, net | — | — | 215,386 | — | — | 215,386 | |||||||||||||||||
Goodwill | — | — | 1,204,953 | — | — | 1,204,953 | |||||||||||||||||
Investment in consolidated subsidiaries | 413,711 | 3,536,643 | 1,157,165 | — | (5,107,519 | ) | — | ||||||||||||||||
Intercompany receivables | — | 77,913 | 617,941 | — | (695,854 | ) | — | ||||||||||||||||
Other assets | — | 52,349 | 17,718 | — | — | 70,067 | |||||||||||||||||
Total assets | $ | 413,711 | $ | 3,722,215 | $ | 3,716,749 | $ | 1,640,882 | $ | (5,803,373 | ) | $ | 3,690,184 | ||||||||||
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | 22,988 | $ | 52,884 | $ | — | $ | — | $ | 75,872 | |||||||||||
Trade payable | — | — | 6,620 | — | — | 6,620 | |||||||||||||||||
Current portion of long-term debt | — | 13,250 | — | — | — | 13,250 | |||||||||||||||||
Other current liabilities | — | — | 8,542 | — | — | 8,542 | |||||||||||||||||
Total current liabilities | — | 36,238 | 68,046 | — | — | 104,284 | |||||||||||||||||
Long-term debt, excluding 7.75% Senior Notes | — | 2,040,359 | — | — | — | 2,040,359 | |||||||||||||||||
7.75% Senior Notes | — | 610,000 | — | — | — | 610,000 | |||||||||||||||||
Other liabilities | — | 3,966 | 37,156 | — | — | 41,122 | |||||||||||||||||
Intercompany payables | 77,913 | 617,941 | — | (695,854 | ) | — | |||||||||||||||||
Deferred income taxes | — | — | 74,904 | 483,717 | — | 558,621 | |||||||||||||||||
Total liabilities | 77,913 | 3,308,504 | 180,106 | 483,717 | (695,854 | ) | 3,354,386 | ||||||||||||||||
Redeemable preferred stock: | |||||||||||||||||||||||
Series A cumulative redeemable preferred stock, par value $0.01 per share; stated value of $1,000 per share; 100,000,000 shares authorized; 75,767 shares issued and outstanding | 72,871 | — | — | — | — | 72,871 | |||||||||||||||||
Total redeemable preferred stock | 72,871 | — | — | — | — | 72,871 | |||||||||||||||||
Stockholders’ equity (deficit): | |||||||||||||||||||||||
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 186,456,601 and 182,682,073 shares issued, and 162,326,226 and 158,519,394 shares outstanding, at June 30, 2013 and December 31, 2012, respectively | 1,864 | — | — | — | — | 1,864 |
Class B common stock, par value $0.01 per share; 600,000,000 shares authorized; 15,424,944 shares issued and outstanding at both June 30, 2013 and December 31, 2012 | 154 | — | — | — | — | 154 | |||||||||||||||||
Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding at both June 30, 2013 and December 31, 2012 | 6 | — | — | — | — | 6 | |||||||||||||||||
Treasury stock, at cost, 24,130,375 and 24,162,676 shares at June 30, 2013 and December 31, 2012, respectively | (250,697 | ) | — | — | — | — | (250,697 | ) | |||||||||||||||
Additional paid-in-capital | 1,511,689 | 208,301 | 3,901,332 | 2,139,092 | (6,248,725 | ) | 1,511,689 | ||||||||||||||||
Accumulated (deficit) equity | (1,000,089 | ) | 205,410 | (364,689 | ) | (981,927 | ) | 1,141,206 | (1,000,089 | ) | |||||||||||||
Total stockholders’ equity (deficit) | 262,927 | 413,711 | 3,536,643 | 1,157,165 | (5,107,519 | ) | 262,927 | ||||||||||||||||
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit) | $ | 413,711 | $ | 3,722,215 | $ | 3,716,749 | $ | 1,640,882 | $ | (5,803,373 | ) | $ | 3,690,184 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 81,599 | $ | — | $ | 6,451 | $ | — | $ | — | $ | 88,050 | |||||||||||
Restricted cash | 5,921 | — | — | — | — | 5,921 | |||||||||||||||||
Accounts receivable, less allowance for doubtful accounts of $4,131 | — | — | 207,563 | — | — | 207,563 | |||||||||||||||||
Trade receivable | — | — | 6,104 | — | — | 6,104 | |||||||||||||||||
Deferred income Tax | — | — | 25,145 | — | — | 25,145 | |||||||||||||||||
Prepaid expenses and other current assets | 6,928 | — | 13,408 | — | — | 20,336 | |||||||||||||||||
Total current assets | 94,448 | — | 258,671 | — | — | 353,119 | |||||||||||||||||
Property and equipment, net | 4,690 | — | 251,213 | — | — | 255,903 | |||||||||||||||||
Broadcast licenses | — | — | — | 1,602,373 | — | 1,602,373 | |||||||||||||||||
Other intangible assets, net | — | — | 258,761 | — | — | 258,761 | |||||||||||||||||
Goodwill | — | — | 1,195,594 | — | — | 1,195,594 | |||||||||||||||||
Investment in consolidated subsidiaries | 415,573 | 3,354,891 | 1,127,135 | — | (4,897,599 | ) | — | ||||||||||||||||
Intercompany receivables | — | — | 471,329 | — | (471,329 | ) | — | ||||||||||||||||
Other assets | 11,605 | 47,818 | 18,402 | — | — | 77,825 | |||||||||||||||||
Total assets | $ | 526,316 | $ | 3,402,709 | $ | 3,581,105 | $ | 1,602,373 | $ | (5,368,928 | ) | $ | 3,743,575 | ||||||||||
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 10,690 | $ | 8,213 | $ | 83,683 | $ | — | $ | — | $ | 102,586 | |||||||||||
Trade payable | — | — | 4,803 | — | — | 4,803 | |||||||||||||||||
Current portion of long-term debt | — | 76,468 | — | — | — | 76,468 | |||||||||||||||||
Other current liabilities | — | — | 11,386 | — | — | 11,386 | |||||||||||||||||
Total current liabilities | 10,690 | 84,681 | 99,872 | — | — | 195,243 | |||||||||||||||||
Long-term debt, excluding 7.75% Senior Notes | — | 2,014,599 | — | — | — | 2,014,599 | |||||||||||||||||
7.75% Senior Notes | — | 610,000 | — | — | — | 610,000 | |||||||||||||||||
Other liabilities | 3,651 | — | 41,662 | — | — | 45,313 | |||||||||||||||||
Intercompany payables | 193,473 | 277,856 | — | — | (471,329 | ) | — | ||||||||||||||||
Deferred income taxes | — | — | 84,680 | 475,238 | — | 559,918 | |||||||||||||||||
Total liabilities | 207,814 | 2,987,136 | 226,214 | 475,238 | (471,329 | ) | 3,425,073 | ||||||||||||||||
Redeemable preferred stock: | |||||||||||||||||||||||
Series A cumulative redeemable preferred stock, par value $0.01 per share; stated value of $1,000 per share; 100,000,000 shares authorized; 75,767 shares issued and outstanding | 71,869 | — | — | — | — | 71,869 | |||||||||||||||||
Total redeemable preferred stock | 71,869 | — | — | — | — | 71,869 | |||||||||||||||||
Stockholders’ equity (deficit): |
Class A common stock, par value $0.01 per share; 750,000,000 shares authorized; 186,456,601 and 182,682,073 shares issued, and 162,326,226 and 158,519,394 shares outstanding, at June 30, 2013 and December 31, 2012, respectively | 1,827 | — | — | — | — | 1,827 | |||||||||||||||||
Class B common stock, par value $0.01 per share; 600,000,000 shares authorized; 15,424,944 shares issued and outstanding at both June 30, 2013 and December 31, 2012 | 154 | — | — | — | — | 154 | |||||||||||||||||
Class C common stock, par value $0.01 per share; 644,871 shares authorized, issued and outstanding at both June 30, 2013 and December 31, 2012 | 6 | — | — | — | — | 6 | |||||||||||||||||
Treasury stock, at cost, 24,130,375 and 24,162,676 shares at June 30, 2013 and December 31, 2012, respectively | (252,001 | ) | — | — | — | — | (252,001 | ) | |||||||||||||||
Additional paid-in-capital | 1,514,849 | 232,964 | 3,853,001 | 2,099,514 | (6,185,479 | ) | 1,514,849 | ||||||||||||||||
Accumulated (deficit) equity | (1,018,202 | ) | 182,609 | (498,110 | ) | (972,379 | ) | 1,287,880 | (1,018,202 | ) | |||||||||||||
Total stockholders’ equity (deficit) | 246,633 | 415,573 | 3,354,891 | 1,127,135 | (4,897,599 | ) | 246,633 | ||||||||||||||||
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit) | $ | 526,316 | $ | 3,402,709 | $ | 3,581,105 | $ | 1,602,373 | $ | (5,368,928 | ) | $ | 3,743,575 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 18,112 | $ | 22,801 | $ | 133,421 | $ | (9,548 | ) | $ | (146,674 | ) | $ | 18,112 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | — | 981 | 56,885 | — | — | 57,866 | |||||||||||||||||
Amortization of debt issuance costs/discounts | — | 5,164 | — | — | — | 5,164 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1,046 | — | — | 1,046 | |||||||||||||||||
Loss on sale of assets or stations | — | — | 1,537 | — | — | 1,537 | |||||||||||||||||
Loss on early extinguishment of debt | — | 4,539 | — | — | — | 4,539 | |||||||||||||||||
Fair value adjustment of derivative instruments | — | (27 | ) | (2,844 | ) | — | — | (2,871 | ) | ||||||||||||||
Deferred income taxes | — | — | (14,248 | ) | 8,439 | — | (5,809 | ) | |||||||||||||||
Stock-based compensation expense | — | 5,134 | — | — | — | 5,134 | |||||||||||||||||
(Loss) earnings from consolidated subsidiaries | (22,801 | ) | (133,421 | ) | 9,548 | — | 146,674 | — | |||||||||||||||
Changes in assets and liabilities | (81,633 | ) | 41,180 | 11,400 | 1,109 | — | (27,944 | ) | |||||||||||||||
Net cash (used in) provided by operating activities | (86,322 | ) | (53,649 | ) | 196,745 | — | — | 56,774 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Proceeds from sale of assets or stations | — | — | 692 | — | — | 692 | |||||||||||||||||
Restricted cash | — | 2,192 | — | — | — | 2,192 | |||||||||||||||||
Acquisition less cash required | — | — | (52,066 | ) | — | — | (52,066 | ) | |||||||||||||||
Capital expenditures | — | (112 | ) | (4,718 | ) | — | — | (4,830 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | — | 2,080 | (56,092 | ) | — | — | (54,012 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Intercompany transactions, net | 9,993 | 136,619 | (146,612 | ) | — | — | — | ||||||||||||||||
Repayments of borrowings under term loans and revolving credit facilities | — | (38,931 | ) | — | — | — | (38,931 | ) | |||||||||||||||
Tax withholding payments on behalf of employees for stock-based compensation | — | (337 | ) | — | — | — | (337 | ) | |||||||||||||||
Preferred stock dividends | (5,304 | ) | — | — | — | — | (5,304 | ) | |||||||||||||||
Proceeds from exercise of warrants | 34 | — | — | — | — | 34 | |||||||||||||||||
Deferred financing costs | — | (58 | ) | — | — | — | (58 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 4,723 | 97,293 | (146,612 | ) | — | — | (44,596 | ) | |||||||||||||||
(Decrease) increase in cash and cash equivalents | (81,599 | ) | 45,724 | (5,959 | ) | — | — | (41,834 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 81,599 | — | 6,451 | — | — | 88,050 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 45,724 | $ | 492 | $ | — | $ | — | $ | 46,216 |
Cumulus Media Inc. (Parent Guarantor) | Cumulus Media Holdings Inc. (Subsidiary Issuer) | Subsidiary Guarantors | Subsidiary Non-guarantors | Eliminations | Total Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net (loss) income | $ | (3,987 | ) | $ | 30,069 | $ | 130,767 | $ | 5,260 | $ | (166,096 | ) | $ | (3,987 | ) | ||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 566 | — | 71,676 | — | — | 72,242 | |||||||||||||||||
Amortization of debt issuance costs/discount | — | 5,061 | — | — | — | 5,061 | |||||||||||||||||
Provision for doubtful accounts | — | — | 1,598 | — | — | 1,598 | |||||||||||||||||
Gain on sale of assets or stations | — | — | (183 | ) | — | — | (183 | ) | |||||||||||||||
Impairment of intangible assets | — | 12,435 | 12,435 | ||||||||||||||||||||
Fair value adjustment of derivative instruments | 250 | — | 753 | — | — | 1,003 | |||||||||||||||||
Deferred income taxes | — | — | (7,991 | ) | (6,311 | ) | — | (14,302 | ) | ||||||||||||||
Stock-based compensation expense | 12,906 | — | — | — | — | 12,906 | |||||||||||||||||
Earnings from consolidated subsidiaries | 30,069 | 130,767 | 5,260 | — | (166,096 | ) | — | ||||||||||||||||
Changes in assets and liabilities | (68,243 | ) | (266,595 | ) | (29,988 | ) | 1,051 | 332,192 | (31,583 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (28,439 | ) | (100,698 | ) | 184,327 | — | — | 55,190 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Proceeds from sale of assets or stations | 426 | — | — | — | — | 426 | |||||||||||||||||
Capital expenditures | (676 | ) | — | (1,243 | ) | — | — | (1,919 | ) | ||||||||||||||
Net cash used in investing activities | (250 | ) | — | (1,243 | ) | — | — | (1,493 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Intercompany transactions, net | 40,274 | 157,698 | (197,972 | ) | — | — | — | ||||||||||||||||
Repayments of borrowings under term loans and revolving credit facilities | — | (57,000 | ) | — | — | — | (57,000 | ) | |||||||||||||||
Tax withholding payments on behalf of employees for stock-based compensation | (1,909 | ) | — | — | — | — | (1,909 | ) | |||||||||||||||
Preferred stock dividends | (6,458 | ) | — | — | — | — | (6,458 | ) | |||||||||||||||
Proceeds from exercise of warrants | 161 | — | — | — | — | 161 | |||||||||||||||||
Net cash provided by (used in) financing activities | 32,068 | 100,698 | (197,972 | ) | — | — | (65,206 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 3,379 | — | (14,888 | ) | — | — | (11,509 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 11,714 | — | 18,878 | — | — | 30,592 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 15,093 | $ | — | $ | 3,990 | $ | — | $ | — | $ | 19,083 |
Three Months Ended June 30, | Six Months Ended June 30, | % Change Three Months Ended | % Change Six Months Ended | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
STATEMENT OF OPERATIONS DATA: | |||||||||||||||||||||
Net revenues | $ | 289,676 | $ | 281,041 | $ | 522,548 | $ | 517,036 | 3.1 | % | 1.1 | % | |||||||||
Direct operating expenses (excluding depreciation, amortization and LMA fees) | 171,762 | 168,746 | 335,934 | 322,442 | 1.8 | % | 4.2 | % | |||||||||||||
Depreciation and amortization | 28,935 | 36,200 | 57,866 | 71,007 | (20.2 | )% | (18.5 | )% | |||||||||||||
LMA fees | 759 | 885 | 1,728 | 1,724 | (14.2 | )% | 0.2 | % | |||||||||||||
Corporate, general and administrative expenses (including stock-based compensation expense) | 7,760 | 16,802 | 21,626 | 33,494 | (53.8 | )% | (35.5 | )% | |||||||||||||
Loss on sale of stations | 91 | — | 1,400 | — | ** | ** | |||||||||||||||
(Gain) loss on derivative instrument | (2,106) | 841 | (2,844 | ) | 753 | ** | ** | ||||||||||||||
Impairment of intangible assets | — | 12,435 | — | 12,435 | ** | ** | |||||||||||||||
Operating income | 82,475 | 45,132 | 106,838 | 75,181 | 82.7 | % | 42.1 | % | |||||||||||||
Interest expense, net | (43,833 | ) | (49,619 | ) | (88,085 | ) | (100,422 | ) | (11.7 | )% | (12.3 | )% | |||||||||
Loss on early extinguishment of debt | (4,539 | ) | — | (4,539 | ) | — | ** | ** | |||||||||||||
Other (loss) income, net | (511 | ) | (74 | ) | (378 | ) | 190 | 590.5 | % | (298.9 | )% | ||||||||||
Income (loss) from continuing operations before income taxes | 33,592 | (4,561) | 13,836 | (25,051 | ) | ** | ** | ||||||||||||||
Income tax (expense) benefit | (6,491 | ) | 2,798 | 4,276 | 10,689 | ** | ** | ||||||||||||||
Income (loss) from continuing operations | 27,101 | (1,763) | 18,112 | (14,362 | ) | ** | ** | ||||||||||||||
Income from discontinued operations, net of taxes | — | 9,906 | — | 10,375 | ** | ** | |||||||||||||||
Net income (loss) | $ | 27,101 | $ | 8,143 | $ | 18,112 | $ | (3,987 | ) | ** | ** | ||||||||||
OTHER DATA: | |||||||||||||||||||||
Adjusted EBITDA | $ | 112,800 | $ | 106,129 | $ | 172,688 | $ | 179,736 | 6.3 | % | (3.9 | )% |
Three Months Ended June 30, | 2013 vs 2012 | |||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||
7.75% Senior Notes | $ | 11,819 | $ | 11,819 | $ | — | — | % | ||||||
Bank borrowings – term loans and revolving credit facilities | 29,534 | 35,848 | (6,314 | ) | (17.6 | )% | ||||||||
Other interest expense | 2,876 | 2,089 | 787 | 37.7 | % | |||||||||
Change in fair value of interest rate cap and swap | (32 | ) | 165 | (197 | ) | (119.4 | )% | |||||||
Interest income | (364 | ) | (302 | ) | (62 | ) | 20.5 | % | ||||||
Interest expense, net | $ | 43,833 | $ | 49,619 | $ | (5,786 | ) | (11.7 | )% |
Three Months Ended June 30, | Six Months Ended June 30, | % Change Three Months Ended | % Change Six Months Ended | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Net income (loss) | $ | 27,101 | $ | 8,143 | $ | 18,112 | $ | (3,987 | ) | ** | ** | ||||||||||
Income tax expense (benefit) | 6,491 | (2,798 | ) | (4,276 | ) | (10,689 | ) | ** | ** | ||||||||||||
Non-operating expenses, including net interest expense | 48,883 | 49,693 | 93,002 | 100,232 | (1.6 | )% | (7.2 | )% | |||||||||||||
LMA fees | 759 | 885 | 1,728 | 1,724 | (14.2 | )% | 0.2 | % | |||||||||||||
Depreciation and amortization | 28,935 | 36,200 | 57,866 | 71,007 | (20.1 | )% | (18.5 | )% | |||||||||||||
Stock-based compensation expense | 2,470 | 5,928 | 5,134 | 12,906 | (58.3 | )% | (60.2 | )% | |||||||||||||
Loss on sale of stations | 91 | — | 1,400 | — | ** | ** | |||||||||||||||
(Gain) loss on derivative instrument | (2,106 | ) | 841 | (2,844 | ) | 753 | ** | ** | |||||||||||||
Impairment of intangible assets | — | 12,435 | — | 12,435 | ** | ** | |||||||||||||||
Acquisition-related costs | — | 4,443 | 2,214 | 5,465 | ** | (59.5 | )% | ||||||||||||||
Franchise taxes | 176 | 265 | 352 | 265 | (33.6 | )% | 32.8 | % | |||||||||||||
Discontinued operations | — | (9,906 | ) | — | (10,375 | ) | ** | ** | |||||||||||||
Adjusted EBITDA | $ | 112,800 | $ | 106,129 | $ | 172,688 | $ | 179,736 | 6.3 | % | (3.9 | )% |
Six Months Ended June 30, | 2013 vs 2012 | |||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||
7.75% Senior Notes | $ | 23,638 | $ | 23,638 | $ | — | — | % | ||||||
Bank borrowings – term loans and revolving credit facilities | 59,214 | 72,067 | (12,853 | ) | (17.8 | )% | ||||||||
Other interest expense | 5,894 | 5,065 | 829 | 16.4 | % | |||||||||
Change in fair value of interest rate cap and swap | (27 | ) | 250 | (277 | ) | (110.8 | )% | |||||||
Interest income | (634 | ) | (598 | ) | (36 | ) | 6.0 | % | ||||||
Interest expense, net | $ | 88,085 | $ | 100,422 | $ | (12,337 | ) | (12.3 | )% |
Six Months Ended June 30, | ||||||
2013 | 2012 | |||||
(Dollars in thousands) | ||||||
Net cash provided by operating activities | 56,774 | $ | 55,190 |
Six Months Ended June 30, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Net cash used in investing activities | (54,012 | ) | $ | (1,493 | ) |
Six Months Ended June 30, | ||||||
(Dollars in thousands) | 2013 | 2012 | ||||
Net cash used in financing activities | (44,596 | ) | $ | (65,206 | ) |
10.1 — | Amendment, dated May 31, 2013, to the First Lien Credit Agreement, dated as of September 16, 2011, as amended and restated as of December 20, 2012, among the Company, Cumulus Media Holdings, Inc., as borrower, and the agents and lenders thereto. |
31.1 — | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 — | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 — | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
101 — | The following materials from Cumulus Media Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Statement of Operations for the three months and six months ended June 30, 2013 and 2012, (ii) Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012, (iii) Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2013 and 2012, and (iv) Notes to Condensed Consolidated Financial Statements***. |
*** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files submitted as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections. |
CUMULUS MEDIA INC. | |||
Date: July 30, 2013 | By: | /s/ Joseph P. Hannan | |
Joseph P. Hannan | |||
Senior Vice President, Treasurer and Chief Financial Officer |
10.1 — | Amendment, dated May 31, 2013, to the First Lien Credit Agreement, dated as of September 16, 2011, as amended and restated as of December 20, 2012, among the Company, Cumulus Media Holdings, Inc., as borrower, and the agents and lenders thereto. |
31.1 — | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 — | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 — | Certification of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 — | The following materials from Cumulus Media Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, formatted in XBRL (extensible Business Reporting Language): (i) Condensed Consolidated Statement of Operations for the three months and six months ended June 30, 2013 and 2012, (ii) Condensed Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012, (iii) Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2013 and 2012, and (iv) Notes to Condensed Consolidated Financial Statements***. |
*** | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files submitted as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections. |
Period | Consolidated First Lien Net Leverage Ratio |
June 30, 2013 | 4.50 to 1.00 |
September 30, 2013 | 4.50 to 1.00 |
December 31, 2013 | 4.25 to 1.00 |
March 31, 2014 | 4.25 to 1.00 |
June 30, 2014 | 4.00 to 1.00 |
September 30, 2014 | 4.00 to 1.00 |
December 31, 2014 and thereafter | 3.75 to 1.00 |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: July 30, 2013 | By: | /s/ Lewis W. Dickey, Jr. | |
Lewis W. Dickey, Jr. | |||
Chairman, President and Chief Executive Officer |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: July 30, 2013 | By: | /s/ Joseph P. Hannan | |
Joseph P. Hannan | |||
Senior Vice President, Treasurer and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ Lewis W. Dickey, Jr. | |||
Name: | Lewis W. Dickey, Jr. | ||
Title: | Chairman, President and | ||
Chief Executive Officer | |||
/s/ Joseph P. Hannan | |||
Name: | Joseph P. Hannan | ||
Title: | Senior Vice President, Treasurer and Chief | ||
Financial Officer |
Period | Consolidated First Lien Net Leverage Ratio |
June 30, 2013 | 4.50 to 1.00 |
September 30, 2013 | 4.50 to 1.00 |
December 31, 2013 | 4.25 to 1.00 |
March 31, 2014 | 4.25 to 1.00 |
June 30, 2014 | 4.00 to 1.00 |
September 30, 2014 | 4.00 to 1.00 |
December 31, 2014 and thereafter | 3.75 to 1.00 |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 30, 2013 | By: | /s/ Lewis W. Dickey, Jr. | |
Lewis W. Dickey, Jr. | |||
Chairman, President and Chief Executive Officer |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 30, 2013 | By: | /s/ Joseph P. Hannan | |
Joseph P. Hannan | |||
Senior Vice President, Treasurer and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report. |
/s/ Lewis W. Dickey, Jr. | |||
Name: | Lewis W. Dickey, Jr. | ||
Title: | Chairman, President and | ||
Chief Executive Officer | |||
/s/ Joseph P. Hannan | |||
Name: | Joseph P. Hannan | ||
Title: | Senior Vice President, Treasurer and Chief Financial Officer |
Stock-Based Compensation Expense
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense | Stock-Based Compensation Expense On February 16, 2012, the Company granted 161,724 shares of time-vesting restricted Class A common stock, with an aggregate grant date fair value of $0.6 million, to the non-employee directors of the Company with a cliff vesting term of one year. In addition, on February 16, 2012, the Company granted time-vesting stock options to purchase 1,357,500 shares of Class A common stock to certain Company employees under the Cumulus Media Inc. 2011 Equity Incentive Plan, with an aggregate grant date fair value of $3.3 million. The options have an exercise price of $4.34 per share, with 30% of the awards having vested on each of September 16, 2012 and February 16, 2013, and with 20% vesting on each of February 16, 2014 and 2015. On May 9, 2013, the Company granted 168,540 shares of time-vesting restricted Class A common stock, with an aggregate grant fair value of $0.6 million, to the non-employee directors of the Company with a cliff vesting term of one year. For the three and six months ended June 30, 2013 and 2012, the Company recognized approximately $2.5 million, $5.1 million, $3.2 million and $6.0 million, respectively, in stock-based compensation expense related to equity awards. The Company previously had certain liability classified awards related to the cash consideration portion of the Citadel Merger (“Liability Awards”). These Liability Awards were fully expensed during the second of quarter of 2012 and as such, the Company had no stock based compensation expense related to the Liability Awards in any period in 2013. For the three and six months ended June 30, 2012, the Company recognized approximately $2.7 million and $6.9 million, respectively, in stock-based compensation expense related to Liability Awards. As of June 30, 2013, unrecognized stock-based compensation expense of approximately $14.6 million related to equity awards is expected to be recognized over a weighted average remaining life of 2.2 years. Unrecognized stock-based compensation expense for the equity awards will be adjusted for future changes in estimated forfeitures. The total fair value of restricted stock awards that vested during the six months ended June 30, 2013 was $1.6 million. The total fair value of restricted stock awards that vested during the six months ended June 30, 2012 was $19.1 million, of which $13.2 million related to the Liability Awards and was paid in cash. No options were exercised during either of the six months ended June 30, 2012 or 2013. |
Stock-Based Compensation Expense - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Feb. 16, 2012
2011 Equity Incentive Plan
|
Jun. 30, 2013
2011 Equity Incentive Plan
|
Jun. 30, 2013
Restricted Stock
|
Jun. 30, 2012
Restricted Stock
|
Jun. 30, 2013
Equity Awards
|
Jun. 30, 2012
Equity Awards
|
Jun. 30, 2013
Equity Awards
|
Jun. 30, 2012
Equity Awards
|
Jun. 30, 2012
Liability Awards
|
Jun. 30, 2013
Liability Awards
|
Jun. 30, 2012
Liability Awards
|
May 09, 2013
Non Employee Directors
|
Feb. 16, 2012
Non Employee Directors
|
May 09, 2013
Non Employee Directors
Restricted Class A Common Stock
|
Feb. 16, 2012
Non Employee Directors
Restricted Class A Common Stock
|
|
Share Based Compensation [Line Items] | |||||||||||||||||||
Shares of time-vesting restricted Class A common stock | 168,540 | 161,724 | |||||||||||||||||
Grant date fair value | $ 3,300,000 | $ 600,000 | $ 600,000 | ||||||||||||||||
Cliff vesting term | 1 year | 1 year | |||||||||||||||||
Time-vesting stock options to purchase | 1,357,500 | ||||||||||||||||||
Exercise price | $ 4.34 | ||||||||||||||||||
Percentage of vesting stock based compensation | 30.00% | 20.00% | |||||||||||||||||
Vesting stock based compensation related to awards | 2,470,000 | 5,928,000 | 5,134,000 | 12,906,000 | 2,500,000 | 3,200,000 | 5,100,000 | 6,000,000 | 2,700,000 | 0 | 6,900,000 | ||||||||
Unrecognized stock-based compensation expense | 14,600,000 | 14,600,000 | |||||||||||||||||
Weighted average remaining life for recognition of unrecognized compensation expense | 2 years 2 months 12 days | ||||||||||||||||||
Total Fair value of restricted stock awards vested | 1,600,000 | 19,100,000 | |||||||||||||||||
Total Fair value of restricted stock awards vested Paid in cash | $ 13,200,000 | ||||||||||||||||||
Options exercised | 0 | 0 |
Restricted Cash
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Receivables [Abstract] | |
Restricted Cash | Restricted Cash As of June 30, 2013 and December 31, 2012, the Company’s balance sheet included approximately $3.7 million and $5.9 million in restricted cash, of which $2.3 million related to a cash reserve from the Company’s previously completed acquisition of Citadel Broadcasting Company (“Citadel”) (the “Citadel Merger”). The reserve is expected to be used to satisfy the remaining allowed, disputed or not reconciled unsecured claims related to Citadel’s prior bankruptcy proceedings. At June 30, 2013 and December 31, 2012, $0.6 million of the restricted cash balance relates to securing the maximum exposure generated by automated clearing house transactions in the Company’s operating bank accounts and as dictated by the Company’s bank’s internal policies with respect to cash. At June 30, 2013 and December 31, 2012, $0.8 million and $0.7 million, respectively, of the restricted cash balance relates to collateral on the Company’s letters of credit. At December 31, 2012, the Company held $2.3 million in escrow related to pending acquisitions. |
Discontinued Operations (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from Discontinued Operations | For the three and six months ended June 30, 2012, income from discontinued operations was as follows (dollars in thousands):
|
Income Taxes - Additional Information (Detail)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Income Tax Disclosure [Abstract] | |
Federal statutory income tax rate | 35.00% |
Earnings Per Share ("EPS")
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) For all periods presented, the Company has disclosed basic and diluted earnings per common share utilizing the two-class method. Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. The Company allocates undistributed net income (loss) from continuing operations after any allocation for preferred stock dividends between each class of common stock on an equal basis as the Company's certificate of incorporation provides that the holders of each class of common stock have equal rights and privileges, except with respect to voting on certain matters. Non-vested restricted shares of Class A common stock and the Company Warrants, and the CMP Restated Warrants prior to their expiration were considered participating securities for purposes of calculating basic weighted average common shares outstanding in periods in which the Company records net income. Diluted earnings per share is computed in the same manner as basic earnings per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain other warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income is allocated to common stock and participating securities to the extent that each security may share in earnings, as if all of the earnings for the period had been distributed. Earnings are allocated to each participating security and common shares equally, after deducting dividends declared or accretion on preferred stock. The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2013 and 2012 (amounts in thousands, except per share data):
For each of the three and six months ended June 30, 2013, the Company had 20.0 million stock options and 7.8 million warrants that were antidilutive, respectively, due to having higher exercise prices than the Company's average stock price during the period. For each of the three and six months ended June 30, 2012, the Company had 19.9 million stock options and 58.1 warrants which were potentially dilutive and therefore excluded from the diluted EPS calculation. |
Components of Change in Fair Value Associated With Green Bay Option (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
Green Bay Option
|
Jun. 30, 2013
Contingent Consideration
|
Dec. 31, 2012
Contingent Consideration
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value balance at January 1, 2013 | $ (11,386) | $ (31) | $ 0 |
Add: Acquisition of WFME | 2,844 | ||
Fair value balance at June 30, 2013 | $ (8,542) | $ (31) | $ 0 |
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2013
|
Jul. 19, 2013
Clear Channel Communications Inc
Subsequent Event
|
Jun. 30, 2013
Arbitron
|
|
Supply Commitment [Line Items] | |||
Industry fee to be credited in equal annual installments | $ 75.0 | ||
Industry fee refund for fees previously paid | 70.5 | ||
Remaining aggregate obligation under the agreements with Arbitron | 177.1 | ||
Pending Business Combination, Consideration Transferred | $ 17.6 |
Long-Term Debt (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Long-term Debt | The Company’s long-term debt consisted of the following as of June 30, 2013 and December 31, 2012 (dollars in thousands):
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Derivative Financial Instruments (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location and Fair Value Amounts of Derivatives in Consolidated Balance Sheets | The location and fair value amounts of derivatives in the unaudited condensed consolidated balance sheets are shown in the following table (dollars in thousands):
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Location and Effect of Derivatives in Statements Of Operations | The location and effect of derivatives in the unaudited condensed consolidated statements of operations are shown in the following table (dollars in thousands):
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Financial Assets and Liabilities and Non-Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Significant Other Observable Inputs (Level 2)
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Significant Other Observable Inputs (Level 2)
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Significant Unobservable Inputs (Level 3)
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Significant Unobservable Inputs (Level 3)
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Interest rate cap
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Interest rate cap
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Interest rate cap
Significant Other Observable Inputs (Level 2)
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Interest rate cap
Significant Other Observable Inputs (Level 2)
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Green Bay Option
|
Dec. 31, 2012
Green Bay Option
|
Jun. 30, 2012
Green Bay Option
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Green Bay Option
Significant Unobservable Inputs (Level 3)
Fair Value, Measurements, Recurring
|
Jun. 30, 2012
Green Bay Option
Significant Unobservable Inputs (Level 3)
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Contingent Consideration
|
Dec. 31, 2012
Contingent Consideration
|
Jun. 30, 2013
Contingent Consideration
Fair Value, Measurements, Recurring
|
Jun. 30, 2013
Contingent Consideration
Significant Unobservable Inputs (Level 3)
Fair Value, Measurements, Recurring
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||||||||||||||||
Assets | $ 72 | $ 44 | $ 72 | $ 44 | $ 0 | $ 72 | [1] | $ 44 | [1] | $ 72 | [1] | $ 44 | [1] | |||||||||||||||||||||
Financial Liabilities | (8,573) | (11,386) | (8,573) | (11,386) | (8,542) | (11,386) | (11,386) | [2] | (8,542) | [2] | (11,386) | [2] | (31) | 0 | ||||||||||||||||||||
Less: Contingent consideration | $ (31) | [3] | $ (31) | [3] | ||||||||||||||||||||||||||||||
|
Amortization of Definite Lived Intangible Assets in Asset Exchange, in Relation to Expected Economic Benefits of Such Assets (Detail) (Advertising relationships, USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Advertising relationships
|
|
Component of Operating Other Cost and Expense [Line Items] | |
Estimated Useful Life in Years | 6 years |
Fair Value | $ 200 |
Derivative Financial Instruments - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
Interest rate cap
|
Jun. 30, 2013
Interest rate cap
J P Morgan
|
Jun. 30, 2012
Interest rate cap
J P Morgan
|
Jun. 30, 2013
Interest rate cap
J P Morgan
|
Jun. 30, 2012
Interest rate cap
J P Morgan
|
Dec. 31, 2012
Interest rate cap
J P Morgan
|
Dec. 08, 2011
Interest rate cap
J P Morgan
|
Jun. 30, 2013
Green Bay Option
|
Jun. 30, 2013
Green Bay Option
|
Dec. 31, 2012
Green Bay Option
|
Apr. 10, 2009
Green Bay Option
Clear Channel and the Company
Market
|
|
Derivatives, Fair Value [Line Items] | ||||||||||||||||
Interest rate cap aggregate notional amount | $ 71,300,000 | $ 71,300,000 | ||||||||||||||
LIBOR-based variable interest rate component of long-term debt | 3.00% | 3.00% | 3.00% | |||||||||||||
Long-term assets attributable to the fair value of the interest rate cap | 100,000 | 100,000 | 100,000 | |||||||||||||
Interest expense | 100,000 | 200,000 | 100,000 | 300,000 | ||||||||||||
Swap agreement, Date of maturity | Dec. 08, 2015 | |||||||||||||||
Number of Green Bay radio stations to be purchased due to Clear channel's Put option | 5 | |||||||||||||||
Monthly fee for operation | 200,000 | |||||||||||||||
Term of payment | 5 years | |||||||||||||||
Put option amount | 17,600,000 | |||||||||||||||
Other current liabilities | (8,542,000) | (8,542,000) | (11,386,000) | (8,500,000) | (8,500,000) | (11,400,000) | ||||||||||
Amount of Expense (Income) Recognized on Derivatives | $ (2,138,000) | $ 1,006,000 | $ (2,871,000) | $ 1,003,000 | $ (2,100,000) | $ (2,800,000) |
Quantitative Information Regarding Significant Unobservable Inputs (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Green Bay Option
|
||
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ||
Fair Value | $ (8,542) | $ (11,386) |
Valuation Technique | Black-Scholes Model | |
Risk adjusted discount rate | 6.60% | |
Volatility rate | 25.00% | |
Annual dividend rate | 0.00% | |
Bond equivalent yield discount rate | 0.00% | |
Green Bay Option | Maximum
|
||
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ||
Total term | 1 year | |
Contingent Consideration
|
||
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items] | ||
Fair Value | $ (31) | $ 0 |
Valuation Technique | Income Approach | |
Total term | 5 years | |
Bond equivalent yield discount rate | 0.10% | |
Conditions | 3 |
Description of Business, Interim Financial Data and Basis of Presentation Description of Business, Interim Financial Data and Basis of Presentation: Additional Information (Detail)
|
Jun. 30, 2013
Market
|
---|---|
Accounting Policies [Abstract] | |
Number of radio stations owned or operated by Cumulus Media | 520 |
Number of U S Media markets | 108 |
Stations served by a nationwide radio network | 5,000 |
Long term debt (Detail) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Term Loan and Revolving Credit Facilities:
|
Dec. 31, 2012
Term Loan and Revolving Credit Facilities:
|
Jun. 30, 2013
7.75% Senior Notes
|
Dec. 31, 2012
7.75% Senior Notes
|
Sep. 16, 2011
First Lien Term Loan
|
Jun. 30, 2013
First Lien Term Loan
Term Loan and Revolving Credit Facilities:
|
Dec. 31, 2012
First Lien Term Loan
Term Loan and Revolving Credit Facilities:
|
Sep. 16, 2011
Second Lien Term Loan
|
Jun. 30, 2013
Second Lien Term Loan
Term Loan and Revolving Credit Facilities:
|
Dec. 31, 2012
Second Lien Term Loan
Term Loan and Revolving Credit Facilities:
|
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Debt Instrument [Line Items] | ||||||||||||
Term Loan and Revolving Credit Facilities: | $ 1,287,260,000 | $ 1,321,687,000 | $ 785,496,000 | $ 790,000,000 | ||||||||
Less: Term Loan discount | (19,147,000) | (20,620,000) | (13,500,000) | (12,000,000.0) | ||||||||
Total Term Loan and Revolving Credit Facilities | 2,053,609,000 | 2,091,067,000 | 1,325,000,000.000 | 790,000,000.0 | ||||||||
7.75% senior notes | 610,000,000 | 610,000,000 | 610,000,000 | 610,000,000 | ||||||||
Less: Current portion of long-term debt | (13,250,000) | (76,468,000) | ||||||||||
Long-term debt, net | $ 2,650,359,000 | $ 2,624,599,000 |
Intangible Assets and Goodwill (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Intangible Assets Other Than Goodwill | The following table presents the changes in intangible assets, other than goodwill, during the periods from January 1, 2012 to December 31, 2012 and January 1, 2013 to June 30, 2013, and balances as of such dates (dollars in thousands):
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Schedule of changes in goodwill and accumulated impairment losses | The following table presents the changes in goodwill and accumulated impairment losses during the periods from January 1, 2013 to June 30, 2013 and January 1, 2012 to June 30, 2012, and balances as of such dates (dollars in thousands):
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Acquisitions and Dispositions
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | Acquisitions and Dispositions 2013 Acquisitions WFME Asset Exchange On January 8, 2013 the Company completed its previously announced asset exchange (the “WFME Asset Exchange”) with Family Stations, Inc., pursuant to which it exchanged its WDVY station in New York plus $40.0 million in cash for Family Stations’ WFME station in Newark, New Jersey. The total purchase price is subject to increase of up to $10 million payable to the sellers if certain future conditions are met as detailed in the purchase agreement. The Company has estimated the fair value of the contingent consideration to be less than $0.1 million as of June 30, 2013. Any future change in the estimated fair value of the contingent consideration will be recorded in the Company’s results of operations in the period of such change. This acquisition provided Cumulus with a radio station in the United States’ largest media market, for the national NASH entertainment brand based on the country music lifestyle. The table below summarizes the preliminary purchase price allocation among the tangible and intangible assets acquired and liabilities assumed in the WFME Asset Exchange (dollars in thousands):
The material assumptions utilized in the valuation of intangible assets included overall future market revenue growth rates for the residual year of approximately 2.0% and a weighted average cost of capital of 10.0%. Goodwill was equal to the difference between the purchase price and the value assigned to tangible and intangible assets acquired and liabilities. All of the goodwill is deductible for tax purposes. Pamal Broadcasting Asset Purchase On January 17, 2013, the Company completed the acquisition of WMEZ-FM and WXBM-FM from Pamal Broadcasting Ltd. for a purchase price of $6.5 million (the "Pamal Broadcasting Asset Purchase"). The transaction was part of the Company’s ongoing efforts to focus on radio stations in larger markets and geographically strategic regional clusters. Revenues of $0.5 million and $0.9 million attributable to the Pamal Broadcasting Asset Purchase were included in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2013, respectively. The table below summarizes the preliminary purchase price allocation among the tangible and intangible assets acquired in the Pamal Broadcasting Asset Purchase (dollars in thousands):
2012 Acquisitions On July 31, 2012, the Company completed its sale of 55 stations in eleven non-strategic markets to Townsquare Media, LLC (“Townsquare Asset Exchange”) in exchange for ten of Townsquare's radio stations in Bloomington, IL and Peoria, IL, plus approximately $114.9 million in cash. The transaction was part of the Company's ongoing efforts to focus on radio stations in larger markets and geographically strategic regional clusters. The stations sold by the Company operated in the following markets: Augusta, ME; Bangor, ME; Binghamton, NY; Bismarck, ND; Grand Junction, CO; Killeen-Temple, TX; New Bedford, MA; Odessa-Midland, TX; Presque Isle, ME; Sioux Falls, SD and Tuscaloosa, AL. The table below summarizes the final purchase price allocation for the Townsquare Asset Exchange (dollars in thousands):
The material assumptions utilized in the valuation of intangible assets acquired and liabilities assumed included overall future market revenue growth rates for the residual year of approximately 2.0% and a weighted average cost of capital of 10%. Goodwill was equal to the difference between the purchase price and the value assigned to the tangible and intangible assets acquired and liabilities assumed. $1.1 million of the acquired goodwill is deductible for tax purposes. The definite-lived intangible assets acquired in the Townsquare Asset Exchange are being amortized in relation to the expected economic benefits of such assets over their estimated useful lives and consist of the following (dollars in thousands):
AR Broadcasting Asset Purchase On September 25, 2012, the Company, through its subsidiaries, entered into an asset purchase agreement with AR Broadcasting, LLC, AR Licensing, LLC, CMP KC Corp. and CMP Houston-KC, LLC to acquire the KCHZ-FM and KMJK-FM radio stations operated in the Kansas City market for an aggregate purchase price of $18.1 million (the "AR Broadcasting Asset Purchase"). The transaction was part of the Company’s ongoing efforts to focus on radio stations in larger markets and geographically strategic regional clusters. On December 6, 2012, the Company completed the acquisition of KCHZ-FM for a purchase price of $11.2 million. The Company paid $10.0 million in cash at closing with the remaining $1.2 million paid in January 2013 upon the closing of the acquisition of KMJK-FM. On January 28, 2013, the Company completed the AR Broadcasting Asset Purchase, acquiring KMJK-FM for a purchase price of $6.9 million. Revenues of $1.5 million and $2.6 million attributable to the AR Broadcasting Asset Purchase were included in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2013, respectively. The table below summarizes the preliminary purchase price allocation among the tangible and intangible assets acquired and liabilities assumed in the AR Broadcasting Asset Purchase (dollars in thousands):
The following pro forma information assumes the Townsquare Asset Exchange occurred as of January 1, 2011. This pro forma financial information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of the consolidated financial position or results of operations that Cumulus would have achieved had the Townsquare Asset Exchange actually occurred on January 1, 2011 or on any other historical dates, nor is it reflective of the Company’s expected actual financial position or results of operations for any future period (dollars in thousands):
The pro forma financial information set forth above for the three and six months ended June 30, 2012 includes adjustments to reflect: (i) depreciation and amortization expense based on the fair value of long-lived assets acquired in the Townsquare Asset Exchange; (ii) certain other pro forma adjustments that would be required to be made to prepare pro forma financial information under ASC Topic 805, Business Combinations. Pro forma financial information for the WFME Asset Exchange, AR Broadcasting Asset Purchase and the Pamal Broadcasting Purchase is not required, as such information is not material to the Company's financial statements. Completed Dispositions The Company did not complete any material dispositions during the three or six months ended June 30, 2013 or 2012. |
Intangible Assets and Goodwill
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill The following table presents the changes in intangible assets, other than goodwill, during the periods from January 1, 2012 to December 31, 2012 and January 1, 2013 to June 30, 2013, and balances as of such dates (dollars in thousands):
The following table presents the changes in goodwill and accumulated impairment losses during the periods from January 1, 2013 to June 30, 2013 and January 1, 2012 to June 30, 2012, and balances as of such dates (dollars in thousands):
The Company has significant intangible assets recorded comprised primarily of broadcast licenses and goodwill acquired through the acquisition of radio stations. The Company reviews the carrying value of its indefinite lived intangible assets and goodwill at least annually for impairment. If the carrying value exceeds the estimate of fair value, the Company calculates impairment as the excess of the carrying value of goodwill over its estimated fair value and charges the impairment to results of operations in the period in which the impairment occurred. The Company reviews the carrying value of its definite-lived intangible assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In connection with each of the WFME Asset Exchange, the Pamal Broadcasting Asset Purchase, and the AR Broadcasting Asset Purchase, the Company made certain allocations of the purchase price paid therein among each of the tangible and intangible assets and liabilities assumed, including goodwill. Such purchase price allocations are preliminary and subject to change during the respective measurement periods. Any such changes could be material and could result in significantly different allocations from those contained in the tables above. |
Discontinued Operations
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On July 31, 2012, the Company completed the Townsquare Asset Exchange. The results of operations associated with the stations have been or are separately reported within discontinued operations, net of the related tax impact, in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2012. Components of Results of Discontinued Operations For the three and six months ended June 30, 2012, income from discontinued operations was as follows (dollars in thousands):
During the three and six months ended June 30, 2012 the Company recognized a $7.2 million deferred tax benefit related to settlement of deferred tax liabilities associated with the sale of indefinite lived intangibles. The deferred tax benefit is reflected in income tax expense for discontinued operations for those periods. |
Location and Fair Value Amounts of Derivatives in Consolidated Balance Sheets (Detail) (Derivatives not designated as hedging instruments:, USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Derivatives, Fair Value [Line Items] | ||
Total | $ (8,470) | $ (11,342) |
Interest rate cap | Other long-term assets
|
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Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | 72 | 44 |
Green Bay Option | Other current liabilities
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Derivatives, Fair Value [Line Items] | ||
Fair value, Liabilities | $ (8,542) | $ (11,386) |
Fair Value Measurements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities and Non-Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair values as of June 30, 2013 and December 31, 2012 were as follows (dollars in thousands):
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Quantitative Information Regarding Significant Unobservable Inputs | Quantitative information regarding the significant unobservable inputs related to the contingent consideration as of June 30, 2013 was as follows (dollars in thousands):
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Schedule of Gross Amounts and Fair Value of Company's First Lien Term Loan, Second Lien Term Loan, Revolving Credit Facility and 7.75% Senior Notes | The following table shows the gross amount and fair value of the Company’s term loans and 7.75% Senior Notes (dollars in thousands):
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Green Bay Options
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Change in Fair Value Associated With Green Bay Option | The reconciliation below contains the components of the change in fair value associated with the Green Bay Option from January 1, 2013 to June 30, 2013 (dollars in thousands):
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Quantitative Information Regarding Significant Unobservable Inputs | Quantitative information regarding the significant unobservable inputs related to the Green Bay Option as of June 30, 2013 was as follows (dollars in thousands):
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Contingent Consideration
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Change in Fair Value Associated With Green Bay Option | The reconciliation below contains the components of the change in continuing contingency associated with the contingent consideration from January 1, 2013 to June 30, 2013 (dollars in thousands):
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Acquisitions and Dispositions - Additional Information (Detail) (USD $)
|
0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
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Sep. 25, 2012
|
Jan. 08, 2013
WFME Asset Exchange
|
Jun. 30, 2013
WFME Asset Exchange
|
Jun. 30, 2013
WFME Asset Exchange
Maximum
|
Jun. 30, 2013
Pamal Broadcasting Asset Purchase
|
Jun. 30, 2013
Pamal Broadcasting Asset Purchase
|
Jan. 17, 2013
Pamal Broadcasting Asset Purchase
|
Jul. 31, 2012
Townsquare Media, LLC
Entity
|
Jul. 31, 2012
2012 Acquisitions
|
Jan. 31, 2013
KCHZ Acquisition
|
Dec. 06, 2012
KCHZ Acquisition
|
Jun. 30, 2013
KMJK Acquisition
|
Jun. 30, 2013
KMJK Acquisition
|
Jan. 28, 2013
KMJK Acquisition
|
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Business Acquisition [Line Items] | ||||||||||||||
Acquisition purchase price paid in cash | $ 40,000,000 | $ 114,900,000 | $ 1,200,000 | $ 10,000,000 | ||||||||||
Add: Acquisition of WFME | 31,000 | 10,000,000 | 100,000 | |||||||||||
Future market revenue growth rates for residual year | 2.00% | 2.00% | ||||||||||||
Weighted average cost of capital | 10.00% | 10.00% | ||||||||||||
Acquired entity purchase price | 18,100,000 | 40,083,000 | 6,483,000 | 11,200,000 | 6,900,000 | |||||||||
Revenue | 500,000 | 900,000 | 1,500,000 | 2,600,000 | ||||||||||
Disposal of stations | 55 | |||||||||||||
Number of radio stations acquired | 10 | |||||||||||||
Acquired goodwill deductible for tax purposes | $ 1,100,000 |
Restricted Cash - Additional Information (Detail) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 3,729,000 | $ 5,921,000 |
Amount released from escrow | 2,300,000 | |
Citadel Acquisition
|
||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,300,000 | 2,300,000 |
Restricted cash for internal polices
|
||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 600,000 | 600,000 |
Collateral on letters of credit
|
||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 800,000 | $ 700,000 |
Earnings Per Share ("EPS") - Additional Information (Detail)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
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Stock Options
|
||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive equivalent shares outstanding | 20.0 | 19.9 | 20.0 | 19.9 |
Warrant
|
||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive equivalent shares outstanding | 7.8 | 58.1 | 7.8 | 58.1 |