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

12 Months Ended

Dec. 31, 2022

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of broadcasting licenses carrying value

As restated, the table below presents the changes in the Company’s radio broadcasting licenses during 2022 and 2021:

	Total
	(In thousands)
Balance at January 1, 2021 (As Restated)	$	482,442
Acquisitions		21,082
Impairment charges		(2,104)
Balance at December 31, 2021 (As Restated)	$	501,420
Acquisitions		23,642
Disposals		(3,200)
Impairment charges		(33,443)
Balance at December 31, 2022	$	488,419

Schedule of Radio Broadcasting licenses impairment test

Radio Broadcasting	October 1,			September 30,				June 30,		October 1,
Licenses	2022			2022 (a)				2022 (a)		2021
					(As Restated)			(As Restated)			(As Restated)
Impairment charge (in millions)	$	7.4		$	15.5		$	10.6	(*)	$	2.1
Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		0.0% – 1.7	%		0.3% – 1.6	%		0.7% – 2.4	%		0.7% – 8.0	%
Terminal growth rate range		0.3% – 0.8	%		0.3% – 0.8	%		0.7% – 1.0	%		0.7% – 1.0	%
Mature market share range		6.8% – 27.6	%		6.8% – 27.6	%		6.9% – 25.6	%		6.2% – 23.2	%
Mature operating profit margin range		27.2% – 34.6	%		28.3% – 36.1	%		28.3% – 36.1	%		26.9% – 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 changes in carrying amount of goodwill

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2022 and 2021:

	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill at January 1, 2021	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		437		—		—		—		437
Impairments		(7,240)		—		—		—		(7,240)
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2022	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

Schedule of goodwill impairment Radio Markets Reporting Units

Goodwill (Radio Market	October 1,			September 30,			June 30,			October 1,
Reporting Units)	2022 (a)			2022 (a)			2022 (a)			2021 (a)
Impairment charge (in millions)	$	2.9		$	—		$	4.3		$	—
Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		(10.3)% – 72.0	%		(0.3)% – 1.7	%		(2.5)% – 2.5	%		(10.7)% – 27.1	%
Terminal growth rate range		0.5% – 0.8	%		1.0	%		0.7% – 1.0	%		0.7% – 1.0	%
Operating profit margin range		16.6% – 46.0	%		33.4	%		19.5% – 32.9	%		21.2% – 47.3	%

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

Schedule of other intangible assets

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

														Remaining
														Weighted-
														Average
	As of December 31,												Period of	Period of
	2022						2021						Amortization	Amortization
							(As Restated)
	(In thousands)
		Gross Carrying		Accumulated		Net		Gross Carrying		Accumulated		Net
		Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	17,431	$	(17,418)	$	13	$	17,425	$	(17,405)	$	20	1‑5 Years	1.6 Years
Intellectual property		6,878		(6,878)		—		6,878		(6,878)		—	4‑10 Years	0.0 Years
Advertiser agreements		46,669		(45,728)		941		46,582		(42,276)		4,306	1‑12 Years	0.2 Years
Brand names		4,413		(3,732)		681		4,413		(3,558)		855	10 Years	4.8 Years
Brand names - unamortized		39,690		—		39,690		39,690		—		39,690	Indefinite	—
Launch assets, net of current portion		22,791		(9,104)		13,687		7,597		(4,724)		2,873	Contract length	3.8 Years
Other intangibles		849		(668)		181		842		(665)		177	1‑15 Years	3.3 Years
Total other intangible assets	$	138,721	$	(83,528)	$	55,193	$	123,427	$	(75,506)	$	47,921		3.1 Years

Schedule of estimated amortization expense

The following table presents the Company’s estimate of amortization expense for the years 2023 through 2027 for intangible assets as of December 31, 2022:

	(In thousands)
2023	$	1,232
2024		172
2025		141
2026		140
2027		74