Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2013

Note 4. Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following as June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Broadcast licenses	$	41,355,700	$	41,355,700
Goodwill	124,803,456		10,982,586
Other intangibles	24,416,071		1,677,500
	$	190,575,227	$	54,015,786

A summary of changes in the Company’s goodwill and other indefinite lived intangible assets, on a net basis, for the six months ended June 30, 2013 and the year ended December 31, 2012 is as follows:

	Net Balance at						Net Balance at
	December 31, 2012		Additions		Impairment		June 30, 2013
Broadcast licenses	$	41,355,700	$	—	$	—	$	41,355,700
Goodwill	10,982,586		113,820,870		—		124,803,456
Other Intangibles	700,000		—		—		700,000
Total indefinite lived intangibles	$	53,038,286	$	113,820,870	$	—	$	166,859,156

	Net Balance at						Net Balance at
	December 31, 2011		Additions		Impairment		December 31, 2012
Broadcast licenses	$	41,355,700	$	—	$	—	$	41,355,700
Goodwill	10,982,586		—		—		10,982,586
Other Intangibles	700,000		—		—		700,000
Total indefinite lived intangibles	$	53,038,286	$	—	$	—	$	53,038,286

As of June 30, 2013 and December 31, 2012, the Company has the following net amounts related to other amortizable intangible assets:

	Amortization	June 30,		December 31,
	Term (Years)	2013		2012
Affiliate relationships	7 - 10	$	23,716,071	$	977,500

The aggregate amortization expense of the Company’s amortizable intangible assets were $903,929 and $57,500 for the three months ended June 30, 2013 and 2012, respectively, and $961,429 and $115,000 for the six months ended June 30, 2013 and 2012, respectively. The weighted average remaining amortization period is 3.4 years as of June 30, 2013.

Future estimated amortization expense is as follows:

Year Ending
December 31,
Remainder of 2013	$	1,807,857
2014	3,615,714
2015	3,615,714
2016	3,615,714
2017	3,443,214
2018	3,385,714
2019	3,385,714
2020	846,429
	$	23,716,071

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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