Broadcast Licenses (Tables)

12 Months Ended

Dec. 31, 2020

Indefinite-lived Intangible Assets [Line Items]

Schedule of Changes in Broadcasting Licenses

The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators as described in Note 3 – Recent Transactions.

	Year Ended December 31,
	2019			2020
	(Dollars in thousands)
Balance, beginning of period before cumulative loss on impairment	$	484,691		$	441,143
Accumulated loss on impairment		(108,375	)		(103,285	)
Balance, beginning of period after cumulative loss on impairment		376,316			337,858
Acquisitions of radio stations		617			—
Acquisitions of FM translators and construction permits		35			—
Capital Projects		300			—
Disposition of radio stations and FM translators		(36,502	)		(1,091	)
Impairments based on the estimated fair value of broadcast licenses		(2,908	)		(16,994	)
Balance, end of period after cumulative loss on impairment	$	337,858		$	319,773
Balance, end of period before cumulative loss on impairment	$	441,143		$	440,052
Accumulated loss on impairment		(103,285	)		(120,279	)
Balance, end of period after cumulative loss on impairment	$	337,858		$	319,773

Schedule Of Carrying Value and Fair Value of Broadcast Licenses

The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeds the current year carrying value of our broadcasting licenses:

	Geographic Market Clusters as of December 31, 2020
	Percentage Range By Which 2019 Estimated Fair Value Exceeds 2020 Carrying Value
	£ 25%		>26%-50%		>51% to 75%		> +than 76%
Number of accounting units		4		8		2		1
Broadcast license carrying value (in thousands)	$	92,983	$	44,670	$	27,465	$	6,092

	Geographic Market Clusters as December 31, 2020
	Percentage Range By Which March 2020 Estimated Fair Value Exceeds 2020 Carrying Value
	£ 25%		>26%-50%		>51% to 75%		> +than 76%
Number of accounting units		11		—		—		—
Broadcast license carrying value (in thousands)	$	188,858	$	—	$	—	$	—

The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these 13 market clusters:

	Geographic Market Clusters as of December 31, 2020
	Tested due to SOI Multiple and length of time from prior valuation – Percentage Range by Which Prior Valuation Exceeded 2020 Carrying Value
	£ 25%		>26%-50%		>51% to 75%		> +than 76%
Number of accounting units		—		3		2		8
Broadcast license carrying value (in thousands)	$	—		13,373		8,150		63,869

Schedule of Estimates and Assumptions Used in the Start - Up Income Valuation for Broadcast Licenses

The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. The key estimates and assumptions used in the start-up income valuation for the broadcast licenses tested in each period were as follows:

Broadcast Licenses	December 31, 2019	March 31, 2020	September 30, 2020	December 31, 2020
Risk-adjusted discount rate	9.0%	9.5%	8.5%	8.5%
Operating profit margin ranges	4.0% - 33.8%	4.6% - 33.8%	4.3% - 33.3%	4.2% - 31.0%
Long-term revenue growth rates	0.7% - 1.1%	0.8% - 1.1%	0.2% - 1.1%	0.4% - 0.9%

Schedule of Interim Impairment Testing Under Start-Up Income Approach

The results of our interim impairment reviews were as follows:

Market Cluster	Excess Fair Value March 31, 2020 Estimate			Excess Fair Value September 30, 2020 Estimate
Boston, MA		4.8	%		5.6	%
Chicago, IL		(9.0	%)		8.5	%
Cleveland, OH		(18.4	%)		6.5	%
Dallas, TX		8.5	%		11.8	%
Louisville, KY		(21.8	%)		13.8	%
New York, NY		7.3	%		15.9	%
Philadelphia, PA		(13.1	%)		5.1	%
Portland, OR		(14.8	%)		10.1	%
Sacramento, CA		(9.6	%)		4.6	%
San Francisco, CA		1.2	%		7.0	%
Tampa, FL		(28.0	%)		20.5	%