Related Pary Transactions

9 Months Ended

Sep. 30, 2011

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Related Party Transactions

Gores Radio Holdings

We have a related party relationship with Gores Radio Holdings, LLC (who was our ultimate parent until the closing of the Merger on October 21, 2011) (together with certain related entities “Gores”). As a result of the refinancing of substantially all of our outstanding long-term indebtedness (approximately $241,000 in principal amount) and a recapitalization of our equity that closed on April 23, 2009 (the “Refinancing”), Gores, our ultimate parent company, created a holding company which owned approximately 76.1% of our equity as of September 30, 2011. As of September 30, 2011, Gores held $10,610 (including PIK interest of $1,321) of our Senior Notes, which they purchased from certain of our former debt holders who did not wish to participate in the 2009 Refinancing. As described above, the Senior Notes held by Gores were not part of the debt paid off in connection with the Metro Sale Transaction, but were paid on October 21, 2011 as part of the Merger. This debt is classified as Due to Gores on our balance sheet.

We recorded interest expense and fees related to consultancy and advisory services rendered by, and incurred on behalf of, Gores and Glendon Partners, an operating group affiliated with Gores, as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Gores and Glendon fees (1)	$	400	$	176	$	1,056	$	617
Reimbursement of legal fees	—		—		—		8
Reimbursement of letter-of-credit fees (2)	63		62		189		188
Interest on loan	393		376		1,164		1,195
	$	856	$	614	$	2,409	$	2,008

(1) These fees consist of payments for professional services rendered by various members of Gores and Glendon to us in the areas of operational improvement, tax, finance, transactions, accounting, legal and insurance/risk management.

(2) Reimbursement of a standby letter-of-credit fee incurred and paid by Gores in connection with its guarantee of the $20,000 revolving credit facility with Wells Fargo Capital Finance, LLC (previously Wells Fargo Foothill, LLC, “Wells Fargo”).

POP Radio

We also have a related party relationship, including a sales representation agreement, with our 20% owned investee, POP Radio, L.P. We recorded fees in connection with this relationship as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Program commission expense	$	272	$	366	$	1,099	$	1,093

A summary of related-party expense by expense category is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Operating costs	$	272	$	366	$	1,099	$	1,093
Special charges	400		176		1,056		625
Interest expense	456		438		1,353		1,383
	$	1,128	$	980	$	3,508	$	3,101