Acquisitions

9 Months Ended

Sep. 30, 2012

Acquisitions [Abstract]

Acquisitions

4. Acquisitions

Travel Channel International - On April 30, 2012, we acquired Travel Channel International, Ltd. ("TCI") for consideration of approximately $107 million.  Assets acquired in the transaction included approximately $7.6 million of cash.  TCI is an independent company headquartered in the United Kingdom that broadcasts in 21 languages to 128 countries across Europe, the Middle East, Africa, and Asia-Pacific.

The following table summarizes the estimated fair values of the TCI assets acquired and liabilities assumed as of the date of acquisition.  The allocation of the TCI purchase price is based upon preliminary appraisals and estimates, and is therefore subject to change.

( in thousands )	Travel
	Channel
	International
Accounts receivable	$	6,545
Other current assets		1,406
Programs and program licenses		9,164
Property and equipment		475
Amortizable intangible assets		59,977
Current liabilities		(4,456	)
Deferred income taxes		(15,243	)
Total identifiable net assets		57,868
Goodwill		41,599
Net purchase price	$	99,467

RealGravity, Inc. - In January 2012, we acquired RealGravity, Inc.  RealGravity is a California-based company that specializes in online video publishing technologies.  The purchase price, which comprised both cash of $20 million and contingent consideration, has been allocated to the assets and liabilities of Real Gravity based upon preliminary estimates and are therefore subject to change.  As of September 30, 2012, we have allocated $21.6 million of the purchase price to goodwill.  The contingent consideration payable was estimated using probability-weighted discounted cash flow models and was valued at $8.3 million on the date of acquisition.

Pro forma results are not presented for any of the acquisitions completed during 2012 because the condensed consolidated results of operations would not be significantly different from reported amounts.