GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule Of Radio Broadcasting Licenses Impairment


Radio Broadcasting	October 1,			June 30,			October 1,		March 31,
Licenses	2019			2019(*)			2018		2018(*)

Impairment charge (in millions)	$	1.0		$	3.8	$	—		$	3.9
Discount Rate		9.0	%		*		9.0	%		*
Year 1 Market Revenue Growth Rate Range		0.9% – 1.8	%		*		(1.2)% – (0.6)	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		*		0.7% – 1.1	%		*
Mature Market Share Range		6.9% – 25.0	%		*		5.3% – 25.0	%		*
Mature Operating Profit Margin Range		27.6% – 39.7	%		*		28.3% – 41.1	%		*

(a) Reflects changes only to the key assumptions used in the interim testing for certain units of accounting.

(*) License fair value based on estimated asset sale consideration.

Schedule of Broadcasting Licenses Valuation Results

The Company’s total broadcasting licenses carrying value is approximately $582.7 million as of December 31, 2019. The units of accounting reflected in the table below are not disclosed on a specific market basis so as to not make sensitive information publicly available that could be competitively harmful to the Company.


	Radio Broadcasting Licenses
	Carrying Balances
	As of		Net			As of
	December 31,		Increase			December 31,
Unit of Accounting	2018		(Decrease)			2019
	(In thousands)
Unit of Accounting 2	$	3,086	$	—		$	3,086
Unit of Accounting 7		14,748		—			14,748
Unit of Accounting 5		16,100		—			16,100
Unit of Accounting 4		16,142		—			16,142
Unit of Accounting 9		16,437		(16,437)			—
Unit of Accounting 15		20,736		—			20,736
Unit of Accounting 14		20,770		—			20,770
Unit of Accounting 11		21,135		(1,000)			20,135
Unit of Accounting 6		22,642		—			22,642
Unit of Accounting 13		47,846		—			47,846
Unit of Accounting 12		49,663		—			49,663
Unit of Accounting 16		56,295		—			56,295
Unit of Accounting 8		62,015		—			62,015
Unit of Accounting 1		93,394		—			93,394
Unit of Accounting 10		139,125		—			139,125
Total	$	600,134	$	(17,437)	*	$	582,697

* The amount listed is net of additions, dispositions and impairment charges.

Schedule Of Goodwill Impairment Test Radio Market Unit


Goodwill (Radio Market	October 1,			October 1,			March 31,
Reporting Units)	2019(a)			2018(a)			2018(*)

Impairment charge (in millions)	$	—		$	14.7		$	2.7

Discount Rate		9.0	%		9.0	%		*
Year 1 Market Revenue Growth Rate Range		(7.6)% – 49.3	%		(8.0)% – 27.5	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		0.7% – 1.1	%		*
Mature Market Share Range		7.1% - 17.0	%		7.6% - 17.8	%		*
Mature Operating Profit Margin Range		26.8% - 47.6	%		26.8% - 46.9	%		*

(a) Reflects the key assumptions for testing only those radio markets with remaining goodwill.

(*) Goodwill fair value based on estimated asset sale consideration.

Schedule Of Goodwill Impairment Test Reach Media Goodwill


		October 1,			October 1,
Reach Media Segment Goodwill		2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.5	%		10.5	%
Year 1 Revenue Growth Rate		(9.7)	%		2.3	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		13.3% - 14.3	%		14.6% - 15.8	%

Schedule Of Goodwill Impairment Test Goodwill Digital Segment


	October 1,			October 1,
Digital Segment Goodwill	2019			2018

Impairment charge (in millions)	$	5.8		$	—

Discount Rate		12.0	%		13.5	%
Year 1 Revenue Growth Rate		12.2	%		12.6	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.8% - 7.7	%		3.1% - 3.7	%
Operating Profit Margin Range		(4.7)% - 11.7	%		(1.1)% - 15.7	%

Schedule Of Goodwill Impairment Test Cable Television Goodwill


	October 1,			October 1,
Cable Television Segment Goodwill	2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.0	%		11.0	%
Year 1 Revenue Growth Rate		1.0	%		1.8	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		1.9% -2.3	%		2.0% - 3.0	%
Operating Profit Margin Range		33.0% - 45.5	%		36.9% - 42.5	%

Schedule Of Changes In Carrying Amount Of Goodwill

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments during 2019 and 2018:


	Radio						Cable
	Broadcasting		Reach Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	154,910	$	30,468	$	27,567	$	165,044	$	377,989
Accumulated impairment losses		(84,436)		(16,114)		(14,545)		—		(115,095)
Additions		90		—		—		—		90
Impairments		(17,412)		—		—		—		(17,412)
Net goodwill at December 31, 2018	$	53,152	$	14,354	$	13,022	$	165,044	$	245,572
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Accumulated impairment losses		(101,848)		(16,114)		(14,545)		—		(132,507)
Additions		—		—		—		—		—
Impairments		—		—		(5,800)		—		(5,800)
Net goodwill at December 31, 2019	$	53,152	$	14,354	$	7,222	$	165,044	$	239,772

Schedule of Finite-Lived Intangible Assets

Other intangible assets, excluding goodwill, radio broadcasting licenses and the unamortized brand name, are being amortized on a straightline basis over various periods. Other intangible assets consist of the following:


						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period of
	2019		2018		Amortization	Amortization
	(In thousands)
Trade names	$	17,413	$	17,391	1‑5 Years	5.0 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Affiliate agreements		178,986		178,986	8 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	11.1 Years
Advertiser agreements		46,789		46,789	1‑12 Years	3.2 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	39.1 Years
Brand names		4,413		4,413	10 Years	7.2 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
ABL facility debt costs		510		421	Debt term	1.3 Years
Launch assets		6,284		6,284	Contract length	5.6 Years
Other intangibles		675		675	1‑5 Years	1.4 Years
		306,515		306,404
Less: Accumulated amortization		(248,303)		(236,313)
Other intangible assets, net	$	58,212	$	70,091		4.4 Years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents the Company’s estimate of amortization expense for the years 2020 through 2024 for intangible assets:


	(In thousands)
2020	$	5,000
2021	$	4,684
2022	$	4,637
2023	$	2,212
2024	$	1,208