iHeartMedia 2000 Annual Report Download - page 66

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66
(In thousands, except per share data)
Pro Forma (Unaudited)
Year Ended December 31,
1999 1998
Net revenue $ 3,082,640 $ 2,629,290
Net loss $ (65,728) $ (125,633)
Net loss per common share:
Basic and Diluted $ (.20) $ (.41)
The pro forma information above is presented in response to applicable accounting rules relating to
business acquisitions and is not necessarily indicative of the actual results that would have been achieved
had the acquisitions occurred at the beginning of 1998, nor is it indicative of future results of operations.
The Company made other acquisitions during 1999, the effects of which, individually and in aggregate,
were not material to the Company’ s consolidated financial position or results of operations.
The following is a summary of the assets acquired and the consideration given for acquisitions:
(In thousands)
2000 1999
Property, plant and equipment $ 1,703,871 $ 654,430
Accounts receivable 826,426 329,999
Goodwill and FCC licenses 29,705,197 7,465,495
Investments 1,316,241 20,210
Other assets 1,611,338 672,330
35,163,073 9,142,464
Long-term debt (4,999,900) (1,942,185)
Other liabilities (2,016,676) (511,407)
Deferred tax (5,223,905) (789,186)
SFX shares held prior to merger (84,881)
Common stock issued (20,283,157) (4,673,138)
(32,608,519) (7,915,916)
Total cash consideration 2,554,424 1,226,548
Less: Restricted cash used 670,228 246,228
Cash paid for acquisitions $ 1,884,196 $ 980,320
Restructuring
Due to the AMFM and SFX mergers, the Company forma lized a plan to restructure the AMFM and SFX
operations. The Company communicated to all effected employees that the AMFM corporate offices in
Dallas and Austin, Texas would close by March 31, 2001 and that the SFX corporate office in New York
would close by June 30, 2001. Other operations of AMFM have or will be either discontinued or
integrated into existing similar operations. As of December 31, 2000, the restructuring has resulted in the
actual termination of 361 employees and the pending termination of approximately 100 more employees.
It is expected that the majority of the restructuring will be completed by June 30, 2001. The Company
has recorded a liability in purchase accounting primarily related to severance for terminated employees as
follows: