Acquisitions

3 Months Ended

Mar. 31, 2014

Acquisitions [Abstract]

Acquisitions

4. Acquisitions

Asian Food Channel—On April 12, 2013, we acquired the Asian Food Channel (“AFC”) for consideration of approximately $66 million. Assets acquired in the transaction included approximately $1.2 million of cash. AFC, which is based in Singapore, is an independent company which broadcasts 24 hours a day, seven days a week and leverages a substantial library of acquired Asian and international video content as well as a growing number of originally-produced programs and reaches about 8 million subscribers in 11 markets.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the date of the AFC acquisition. The allocation of the purchase price reflects final values assigned and may differ from preliminary values reported in the consolidated financials for prior periods.

( in thousands )	Asian
	Food
	Channel
Accounts receivable	$	1,960
Other current assets		271
Programs and program licenses		4,794
Property and equipment		399
Amortizable intangible assets		24,600
Other assets		160
Current liabilities		(1,941	)
Deferred income taxes		(4,413	)
Total identifiable net assets		25,830
Goodwill		38,582
Net purchase price	$	64,412

The goodwill arising from the AFC acquisition reflects the economic potential of the markets in which the acquired company operates as well as the synergies and economies of scale expected from operating the business as part of SNI. The goodwill recorded as part of the acquisition is not amortizable for tax purposes.

Pro forma results are not presented for our acquisition because the condensed consolidated results of operations would not be significantly different from reported amounts.