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70
NOTE D - BUSINESS ACQUISITIONS
2005 Acquisitions
During 2005 the Company acquired radio stations for $12.5 million in cash. The Company also acquired Americas
outdoor display faces for $113.2 million in cash. The Company’s international outdoor segment acquired display
faces for $17.1 million and increased its investment to a controlling majority interest in Clear Media Limited for
$8.9 million. Clear Media is a Chinese outdoor advertising company and as a result of consolidating its operations
during the third quarter of 2005, the acquisition resulted in an increase in the Company’s cash of $39.7 million.
Also, the Company’s national representation business acquired new contracts for a total of $47.7 million and the
Company’s television business acquired a television station for $5.5 million.
2004 Acquisitions:
Medallion Merger
On September 3, 2004, the Company closed its merger with Medallion Taxi Media, Inc., (“Medallion”). Pursuant
to the terms of the agreement, the Company exchanged approximately .9 million shares of its common stock for
100% of the outstanding stock of Medallion, valuing this merger at approximately $33.6 million. Medallion’s
operations include advertising displays placed on the top of taxi cabs. The Company began consolidating the results
of operations on September 3, 2004.
In addition to the above, during 2004 the Company acquired radio stations for $59.4 million in cash and $38.9
million in restricted cash. The Company also acquired outdoor display faces for $60.9 million in cash and acquired
equity interest in international outdoor companies for $2.5 million in cash. Also, the Company acquired two
television stations for $10.0 million in cash and $8.7 million in restricted cash and our national representation
business acquired new contracts for a total of $32.4 million in cash during the year ended December 31, 2004.
Finally, the Company exchanged outdoor advertising assets, valued at $23.7 million for other outdoor advertising
assets valued at $32.3 million. As a result of this exchange, the Company recorded a gain of $8.6 million in “Gain
on disposition of assets – net”.
2003 Acquisitions:
During 2003 the Company acquired radio stations for $45.9 million in cash. The Company also acquired Americas
outdoor display faces for $28.3 million in cash. The Company acquired outdoor investments in nonconsolidated
affiliates for $10.7 million in cash and acquired an additional 10% interest in a subsidiary for $5.1 million in cash.
Also, the Company’s national representation business acquired new contracts for a total of $42.6 million, of which
$12.6 million was paid in cash during the year ended December 31, 2003 and $30.0 million was recorded as a
liability at December 31, 2003.
Acquisition Summary
The following is a summary of the assets and liabilities acquired and the consideration given for all acquisitions
made during 2005 and 2004:
(In thousands)
2005 2004
Property, plant and equipment $ 157,082 $ 24,031
Accounts receivable 30,301 ―
Definite lived intangibles 70,182 30,384
Indefinite-lived intangible assets 9,402 131,537
Goodwill 16,365 58,650
Investments 805 2,512
Other assets 49,651 3,732
333,788 250,846