| Schedule of carrying value of assets and liabilities immediately preceding the spin-off and at December 31, 2013 |
The following table presents the carrying value of the assets and liabilities of New Media, immediately preceding the February 13, 2014 spin-off and at December 31, 2013.
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February 13,
2014
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December 31,
2013
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Assets
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Property, plant and equipment, net
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$
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266,385
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$
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270,188
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Intangibles, net
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144,664
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145,400
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Goodwill
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126,686
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126,686
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Cash and cash equivalents
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23,845
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31,811
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Restricted cash
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6,477
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6,477
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Receivables and other assets
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101,940
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110,184
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Total Assets
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$
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669,997
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$
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690,746
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Liabilities
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Credit facilities - media
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$
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177,955
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$
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182,016
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Accounts payable, accrued expenses and other liabilities
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100,695
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113,251
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Total Liabilities
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$
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278,650
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$
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295,267
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Net Assets
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$
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391,347
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$
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395,479
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| Schedule of results of operations from discontinued operations |
Results from discontinued operations were as follows:
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Three Months
Ended
September 30,
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Nine Months
Ended
September 30,
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2014
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2013
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2014
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2013
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Interest Income
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$
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—
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$
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—
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$
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—
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$
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15,095
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Interest Expense
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—
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—
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2,096
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—
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Net interest income (loss)
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—
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—
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(2,096
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)
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15,095
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Media income
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—
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—
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68,213
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—
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Rental income
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527
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542
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1,630
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1,545
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Other income (loss)
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—
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(2,386
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)
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—
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(2,388
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)
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Change in fair value of investments in excess mortgage servicing rights
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—
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—
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—
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3,894
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Change in fair value of investments in equity method investees
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—
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—
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—
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885
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Earnings from investments in equity method investees
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—
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1,045
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—
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19,331
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Total media, rental and other income (loss)
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527
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(799
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)
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69,843
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23,267
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Media operating expenses
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—
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—
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65,826
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—
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Property operating costs
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327
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262
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838
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761
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General and administrative expenses
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9
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6
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1,973
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2,429
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Depreciation and amortization
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64
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54
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4,773
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164
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Income tax (benefit) expense
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—
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—
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(915
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)
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—
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Total expenses
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400
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322
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72,495
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3,354
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Income (loss) from discontinued operations
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$
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127
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$
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(1,121
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)
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$
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(4,748
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)
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$
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35,008
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Net income attributable to noncontrolling interest
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$
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—
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$
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—
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$
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522
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$
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—
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