iHeartMedia 2007 Annual Report Download - page 78

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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.
Acquisition Summary
The following is a summary of the assets and liabilities acquired and the consideration given for all acquisitions made during 2007 and 2006:
The Company has entered into certain agreements relating to acquisitions that provide for purchase price adjustments and other future
contingent payments based on the financial performance of the acquired company. The Company will continue to accrue additional amounts
related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate
of these contingent payments, if performance targets were met, would not significantly impact the Company’s financial position or results of
operations.
NOTE E — INVESTMENTS
The Company’s most significant investments in nonconsolidated 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 in Australia and New Zealand.
Grupo ACIR Comunicaciones
The Company owns a forty-percent (40%) interest in Grupo ACIR Comunicaciones (“ACIR”), a Mexican radio broadcasting company. ACIR
owns and operates radio stations throughout Mexico.
77
(In thousands) 2007 2006
Property, plant and equipment $ 28,002 $ 49,641
Accounts receivable —18,636
Definite lived intangibles 55,017 177,554
Indefinite-lived intangible assets 15,023 32,862
Goodwill 41,696 253,411
Other assets 3,453 6,006
143,191 538,110
Other liabilities (13,081) (64,303)
Minority interests — (15,293)
Deferred tax —(21,361)
Subsidiary common stock issued, net of minority interests — (67,873)
(13,081) (168,830)
Less: fair value of net assets exchanged in swap (8,000)(28,074)
Cash paid for acquisitions $122,110 $ 341,206