Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 4. Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following as of September 30, 2020 and December 31, 2019 (amounts in thousands):

	September 30,		December 31,
	2020		2019
Broadcast license	$	41,356	$	41,356
Goodwill		167,322		167,322
Other intangibles		27,435		32,587
Total intangible assets	$	236,113	$	241,265

A summary of changes in the Company’s goodwill and other indefinite-lived intangible assets, on a net basis, for the nine months ended September 30, 2020 is as follows (amounts in thousands):

	Net Balance at						Net Balance at
	December 31, 2019		Additions		Impairment		September 30, 2020
Broadcast license	$	41,356	$	—	$	—	$	41,356
Goodwill		167,322		—		—		167,322
Brands		15,986		—		—		15,986
Other intangibles		700		—		—		700
Total indefinite-lived intangibles	$	225,364	$	—	$	—	$	225,364

A summary of the changes in the Company’s other amortizable intangible assets for the nine months ended September 30, 2020 is as follows (amounts in thousands):

	Net Balance at						Net Balance at
	December 31, 2019		Additions		Amortization		September 30, 2020
Affiliate relationships	$	14,352	$	—	$	(4,492)	$	9,860
Advertiser relationships		138		—		(138)		—
Non-compete agreement		826		—		(407)		419
Other intangibles		68		—		(48)		20
Programming contracts		517		—		(67)		450
Total finite-lived intangibles	$	15,901	$	—	$	(5,152)	$	10,749

The aggregate amortization expense of the Company’s amortizable intangible assets was $1.6 million and $1.8 million for the three months ended September 30, 2020 and 2019, respectively, and $5.2 million and $6.8 million for the nine months ended September 30, 2020 and 2019, respectively. The weighted average remaining amortization period is 2.1 years at September 30, 2020.

Future estimated amortization expense is as follows (amounts in thousands):

Year Ending December 31,	Amount
Remainder of 2020	$	1,616
2021		6,424
2022		1,766
2023		328
2024 and thereafter		615
Total	$	10,749

The Company evaluated whether there has been a change in circumstances as of September 30, 2020 and as of the date of this filing in response to the economic impacts seen globally from COVID-19. The valuation methodology to determine the fair value of our goodwill and intangible assets is sensitive to management's forecasts of future profitability and market conditions. Based on the analysis it was concluded that the fair value of our goodwill and intangible assets was more likely than not in excess of the carrying

value as of September 30, 2020. At this time, the impact of COVID-19 on our forecasts is uncertain and, as a result, we will continue to evaluate the potential impact on our Business.