Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities and Non-Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Fair values as of December 31, 2015 and 2014 were as follows (dollars in thousands):
 
Fair Value Measurements at December 31, 2015 Using
 
Total Fair
Value
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Financial liabilities:
 
 
 
 
 
 
 
Other current liabilities
 
 
 
 
 
 
 
Contingent consideration (1)
$
(181
)
 
$
—

 
$
—

 
$
(181
)
Total liabilities
$
(181
)
 
$
—

 
$
—

 
$
(181
)
 
 
 
 
 
 
 
 
 
Fair Value Measurements at December 31, 2014 Using
 
Total Fair
Value
 
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Financial assets:
 
 
 
 
 
 
 
Equity interest in Pulser Media (2)
$
17,339


$
—


$
—


$
17,339

Total assets
$
17,339

 
$
—

 
$
—

 
$
17,339

Financial liabilities:
 
 
 
 
 
 
 
Other current liabilities
 
 
 
 
 
 
 
Contingent consideration (1)
$
(181
)
 
$
—

 
$
—

 
$
(181
)
Total liabilities
$
(181
)
 
$
—

 
$
—

 
$
(181
)

(1)
Contingent consideration represents the fair value of the additional cash consideration potentially payable as part of the Wise Brothers Acquisition and the Company's 2013 asset exchange with Family Stations, Inc. (the "WFME Asset Exchange"). The fair value of the contingent consideration was determined using inputs that are supported by little or no market activity (a Level 3 measurement).
(2)
The fair value of the equity interest in Pulser Media, Inc. (the parent company of Rdio) ("Pulser") was determined using inputs that are supported by little or no market activity (a Level 3 measurement). Due to the volatility in market conditions that have an impact on Pulser's operations, during the year ended December 31, 2015, the Company recognized an impairment charge of $19.4 million related to the decline in the fair value of the equity interest in Pulser. There were no similar charges in 2014.
Schedule of Components of Change in Fair Value Associated With Green Bay Option
The reconciliation below contains the components of the change in fair value associated with the equity interest in Pulser for the year ended December 31, 2015 (dollars in thousands):
Description
Equity Interest in Pulser
Fair value balance at January 1, 2015
$
17,339

Add: Additions to equity interest in Pulser
2,025

Less: Impairment charge
(19,364
)
Fair value balance at December 31, 2015
$
—

The reconciliation below contains the components of the change in fair value associated with the contingent consideration for the year ended December 31, 2015 (dollars in thousands):
Description
Contingent Consideration
Fair value balance at January 1, 2015
$
(181
)
Add: Additions to contingent consideration
—

Fair value balance at December 31, 2015
$
(181
)
Quantitative Information Regarding Significant Unobservable Inputs
Quantitative information regarding the significant unobservable inputs related to the WFME Asset Exchange contingent consideration as of December 31, 2015 was as follows (dollars in thousands):
Fair Value
 
Valuation Technique
 
Unobservable Inputs
$
31

 
Income Approach
 
Total term
5 years

 
 
 
 
Conditions
3

 
 
 
 
Bond equivalent yield discount rate
0.1
%
Significant increases (decreases) in any of the inputs in isolation would result in a lower (higher) fair value measurement.
Quantitative information regarding the significant unobservable inputs related to the Wise Brothers Acquisition contingent consideration as of December 31, 2015 was as follows (dollars in thousands):
Fair Value
 
Valuation Technique
 
Unobservable Inputs
$
150

 
Income Approach
 
Total term
2 years

 
 
 
 
Conditions
4
Schedule of Gross Amounts and Fair Value of Company's First Lien Term Loan, Second Lien Term Loan, Revolving Credit Facility and 7.75% Senior Notes
The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands):
 
December 31, 2015
 
December 31, 2014
Term Loan:
 
 
 
Carrying value
$
1,838,940

 
$
1,903,875

Fair value — Level 2
1,360,816

 
1,856,278

7.75% Senior Notes:

 
 
Carrying value
$
610,000

 
$
610,000

Fair value — Level 2
204,350

 
617,625