Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Changes in Goodwill

The following table presents the changes in goodwill including business acquisitions 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,	$	28,818		$	28,454
Accumulated loss on impairment		(2,029	)		(4,456	)
Balance, beginning of period after cumulative loss on impairment		26,789			23,998
Acquisitions of digital media entities		6			66
Disposition of radio stations		(29	)		—
Disposition of digital media entities		(341	)		—
Impairments based on the estimated fair value goodwill		(2,427	)		(307	)
Ending period balance	$	23,998		$	23,757
Balance, end of period before cumulative loss on impairment		28,454			28,520
Accumulated loss on impairment		(4,456	)		(4,763	)
Ending period balance	$	23,998		$	23,757

Broadcast Markets Enterprise Valuations [Member]

Carrying Value and Fair Value of Financial Instrument Disclosure

The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill:

	Broadcast Market Clusters as of December 31, 2020
	Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill
	< 10%		>11% to 20%		>21% to 50%		> than 51%
Number of accounting units		1		—		—		3
Carrying value including goodwill (in thousands)		8,386		—		—		43,617

Schedule of Assumptions Used

The key estimates and assumptions used for our enterprise valuations were as follows:

Broadcast Markets Enterprise Valuations	December 31, 2019	December 31, 2020
Risk-adjusted discount rate	9.0%	8.5%
Operating profit margin ranges	(31.1%) - 38.7%	(11.4%) - 41.5%
Long-term revenue growth rates	0.7% -0.9%	0.5% - 0.8%

Digital Media [Member]

Carrying Value and Fair Value of Financial Instrument Disclosure

The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of the digital media entities, including goodwill.

	Digital Media Entities as of December 31, 2020
	Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill
	< 10%	>10% to 20%		>21% to 50%		> than 51%
Number of accounting units	—		—		1		—
Carrying value including goodwill (in thousands)	—		—		3,164		—

Schedule of Assumptions Used

The key estimates and assumptions used for our enterprise valuations were as follows:

Digital Media Enterprise Valuations	December 31, 2019	December 31, 2020
Risk adjusted discount rate	10.0%	9.5%
Operating profit margin ranges	3.7% - 28.8%	3.4% - 6.8%
Long-term revenue growth rates	0.5% -1.0%	1.0%

Publishing [Member]

Carrying Value and Fair Value of Financial Instrument Disclosure

The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our remaining accounting units, including goodwill.

	Publishing Entities as of December 31, 2020
	Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill
	< 10%		>11% to 20%		>21% to 50%		> than 51%
Number of accounting units		1		—		—		1
Carrying value including goodwill (in thousands)		2,282		—		—		391

Schedule of Assumptions Used

The key estimates and assumptions used for our enterprise valuations were as follows:

Publishing Enterprise Valuations	December 31, 2019	March 31, 2020	December 31, 2020
Risk adjusted discount rate	10.0%	10.5%	9.5%
Operating margin ranges	1.5% - 3.9%	0.0% - 3.9%	1.5% - 4.4%
Long-term revenue growth rates	0.5%	0.5%	0.5% - 1.0%