Business Combinations (Tables)

9 Months Ended

Nov. 30, 2014

WBLS-FM and WLIB-AM

Business Acquisition

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimates of fair values of the identifiable assets acquired and liabilities assumed in the acquisition of the Stations as of June 10, 2014. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions until management's appraisals and estimates are finalized, which may result in adjustments to the preliminary values presented below (in thousands).

Other current assets	$	36
Property and equipment	4,054
Indefinite-lived intangibles	69,019
Goodwill	58,946
Other intangibles	2,469
Other current liabilities	(512		)
Total purchase price, including assumed liabilities	$	134,012
Cash paid at first closing on June 10, 2014	$	55,000
Present value of second closing and LMA related liabilities as of June 10, 2014	79,012
Total purchase price	$	134,012

Schedule of Pro Forma Information

The following table presents unaudited pro forma consolidated financial information as if the closing of our acquisition of the Stations had occurred on March 1, 2013 (in thousands, except per share data):

	Three Months Ended November 30,				Nine Months Ended  November 30,
	2013		2014		2013		2014
	(in 000’s, except per share data)
Net revenues	$	60,567	$	62,960	$	181,270	$	184,508
Net income attributable to common shareholders	$	9,112	$	3,442	$	18,104	$	8,416
Net income per common share attributable to common shareholders:
Basic	$	0.23	$	0.08	$	0.45	$	0.20
Diluted	$	0.20	$	0.07	$	0.39	$	0.18

Digonex

Business Acquisition

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions until management's appraisals and estimates are finalized, which may result in adjustments to the preliminary values presented below (in thousands).

Cash	$	456
Other current and noncurrent assets	10
Goodwill	2,752
Other intangibles	6,180
Accounts payable and accrued expenses	(462		)
Other current liabilities and noncurrent liabilities	(1,139		)
Long-term debt	(3,600		)
Noncontrolling interests	(1,197		)
Total purchase price, including assumed liabilities	3,000
Less: Cash acquired	(456		)
Total purchase price, net of cash acquired	$	2,544