Company: EVC
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034661
Chunk: 218

Company: ENTRAVISION COMMUNICATIONS CORP
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 218
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2024, there was a tax benefit in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) benefit related to disposal, and (iii) permanent items to the disposition. For the years ended December 31, 2023 and 2022, there was a tax expense in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) benefit related to disposal, (iii) permanent items, (iv) change in the fair value of the contingent consideration and (v) and non-taxable non-territorial income related to the Disposition.As a result of the EGP disposition during the second quarter of 2024, the Company was required to repay $4.9 million of the outstanding principal under the 2023 Credit Facility, which represented approximately 2.5% of the total outstanding principal under the 2023 Credit Facility. The prepayment, which was made in June 2024, resulted in a de minimis amount of loss on debt extinguishment that was attributed to the discontinued operation. All historical interest expense associated with this prepayment was allocated to the discontinued operation. 

F-19

Details of the assets and liabilities of discontinued operations were as follows:

        December 31,

        2023

        ASSETS OF DISCONTINUED OPERATIONS

        Current assets

        Cash and cash equivalents
         
        $
        38,341

        Trade receivables

        165,755

        Prepaid expenses and other current assets

        13,173

        Total current assets of discontinued operations

        217,269

        Property and equipment, net

        4,543

        Intangible assets subject to amortization, net

        44,684

        Goodwill

        39,998

        Deferred income taxes

        4,726

        Operating leases right of use asset

        1,073

        Other assets

        831

        Noncurrent assets of discontinued operations

        95,855

        Total assets of discontinued operations
         
        $
        313,124

        LIABILITIES OF DISCONTINUED OPERATIONS

        Current liabilities

        Current maturities of long-term debt
         
        $
        1,219

        Accounts payable and accrued expenses

        207,026

        Operating lease liabilities

        534

        Total current liabilities of discontinued operations