iHeartMedia 2000 Annual Report Download - page 67

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67
(In thousands)
December 31,
2000 1999
Severance costs:
Severance accrual at January 1 $ 1,882 $ 975
Estimated costs charged to restructuring
accrual in purchase accounting 147,525 13,000
Adjustments to purchase accounting (1,735)
Payments charged against restructuring
accrual (37,407) (12,093)
Remaining severance accrual $ 110,265 $ 1,882
Lease termination and other restructuring costs:
Lease accrual at January 1 $ 2,466 $ 5,000
Estimated costs charged to restructuring
accrual in purchase accounting 46,473
Adjustments to purchase accounting (2,466)
Payments charged against restructuring
accrual (3,447) (2,534)
Remaining lease and other restructuring cost accrual $ 43,026 $ 2,466
NOTE C – INVESTMENTS
The Company’ s most significant investments in non-consolidated affiliates are listed below:
Australian Radio Network
The Company owns a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian
company that owns and operates radio stations, a narrowcast radio broadcast service and a radio
representation company in Australia.
Hispanic Broadcasting Corporation
The Company owns 26% of the total number of shares of Hispanic Broadcasting Corporation (“HBC”), a
leading domestic Spanish-language radio broadcaster. At December 31, 2000, the fair market value of the
Company’ s shares of HBC was $2.1 billion.
Grupo ACIR Comunicaciones
In April 1998 the Company purchased a forty-percent (40%) interest in Grupo ACIR Comunicaciones
(“ACIR”), a Mexican radio broadcasting company. ACIR owns and operates 157 radio stations
throughout Mexico.