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Intangible Assets and Goodwill (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

As of December 31, 2021 and 2020, intangible assets consisted of the following:

 

 

December 31, 2021

 

 

December 31, 2020

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

    FCC Licenses

 

$

63,266

 

 

$

63,266

 

    Trade Name

 

 

733

 

 

 

733

 

    Goodwill

 

 

13,102

 

 

 

13,102

 

Definite-lived intangible assets:

 

 

 

 

 

 

 

 

    Programming Contract

 

 

 

 

 

220

 

    Customer List

 

 

929

 

 

 

1,896

 

Total

 

$

78,030

 

 

$

79,217

 

Summary of Methodology Used in Valuation of FCC Licenses

 

 

October 1, 2021

 

 

October 1, 2020

 

Discount Rate

 

12.1%

 

 

12.4%

 

Long-term Revenue Growth Rate

 

1.3%

 

 

1.0%

 

Mature Market Share

 

9.2%

 

 

9.4%

 

Operating Profit Margin

 

24.2-29.0%

 

 

26.6-29.5%

 

 

Schedule of Definite-Lived Intangible Assets

The following table presents the weighted-average remaining useful life at December 31, 2021 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2021 and 2020:

 

 

 

 

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Weighted

Average

Remaining

Useful Life

(in years)

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Programming Contract

 

 

 

 

$

2,154

 

 

$

2,154

 

 

$

 

 

$

2,154

 

 

$

1,934

 

 

$

220

 

Customer List

 

 

1.0

 

 

 

2,906

 

 

 

1,977

 

 

 

929

 

 

 

2,906

 

 

 

1,010

 

 

 

1,896

 

Total

 

 

 

 

 

$

5,060

 

 

$

4,131

 

 

$

929

 

 

$

5,060

 

 

$

2,944

 

 

$

2,116