iHeartMedia 2003 Annual Report Download - page 71
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The following table summarizes the estimated fair value of Ackerley’s assets acquired and liabilities assumed at the date of merger.
Included in intangible assets is approximately $229.4 million and $194.8 million, for FCC licenses and billboard permits, respectively, which
are not subject to amortization and $.5 million of definite-lived intangibles. Also included in intangible assets is $361.0 million of goodwill, of
which $.4 million, $358.9 million, and $1.7 million were assigned to the radio, outdoor and other reporting segments, respectively.
The results of operations for the year ended December 31, 2002 include the operations of Ackerley from June 14, 2002. Unaudited pro forma
consolidated results of operations, assuming the Ackerley acquisition had occurred on January 1, 2001 would have been as follows:
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 merger occurred at the beginning of 2001, nor is it indicative of future
results of operations.
Other
In addition to the acquisition discussed above, during 2002 the Company acquired substantially all of the assets of 27 radio stations, 9,275
outdoor display faces and certain music, racing events promotional and exhibition related assets. The aggregate cash and restricted cash paid
for these acquisitions was approximately $241.2 million.
71
(In thousands) June 14, 2002
Current assets $53,645
Property, plant and equipment 142,736
Intangible assets 785,724
Other assets 16,318
Total Assets Acquired $998,423
Current liabilities (67,485)
Long-term debt (318,970)
Deferred income taxes (94,525)
Other long-term liabilities (24,443)
Total Liabilities Assumed (505,423)
Net Assets Acquire
d
$493,000
(In thousands, except per share data) For the Year Ended December 31,
2002 2001
Revenue $8,501,064 $8,168,680
Income (loss) before cumulative effect of a change in
accounting principle $ 720,324 $(1,160,541)
Net income (loss) $(16,058,202) $(1,160,541)
Income (loss) before cumulative effect of a change in
accounting principle per common share — Basic $ 1.18 $ (1.92)
Net income (loss) per common share
—
Basic $(26.23) $ (1.92)
Income (loss) before cumulative effect of a change in
accounting principle per common share
—
Dilute
d
$ 1.16 $ (1.92)
Net income (loss) per common share
—
Dilute
d
$(25.35) $ (1.92)