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

6 Months Ended

Jun. 30, 2022

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of Radio Broadcasting licenses impairment test

Below are some of the key assumptions used in the income approach model for estimating broadcasting licenses fair values for the interim impairment assessments for the quarter ended June 30, 2022. 

Radio Broadcasting	June 30,
Licenses	2022 (a)
Impairment charge (in millions)	$	12.6	(*)
Discount Rate		9.5	%
Year 1 Market Revenue Growth Rate Range		1.4% – 1.8	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%
Mature Market Share Range		6.2% – 23.2	%
Mature Operating Profit Margin Range		28.3% – 36.1	%

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

(*)Includes an impairment charge whereby the license fair value is based on estimated asset sale consideration.

Schedule of goodwill impairment Radio Markets Reporting Units

Goodwill (Radio Market	June 30,
Reporting Units)	2022 (a)
Impairment charge (in millions)	$	4.3
Discount Rate		9.5	%
Year 1 Market Revenue Growth Rate Range		(2.5)% - 1.5	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%
Mature Market Share Range		10.4% – 15.5	%
Mature Operating Profit Margin Range		19.5% – 32.9	%

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

Schedule of changes in carrying amount of goodwill

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments.

	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		(4,325)		—		—		—		(4,325)
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at June 30, 2022	$	32,457	$	14,354	$	7,222	$	165,044	$	219,077