Fair Value Measurement

6 Months Ended

Jun. 30, 2011

Fair Value Measurement [Abstract]

Fair Value Measurement

4. Fair Value Measurement

     Fair value is the price that a market participant would pay or receive to sell an asset or pay to transfer a liability in an orderly transaction. Fair value is also considered the exit price. We utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”).

Non-Recurring Fair Value Measurements

     We have certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values exceed their fair values. Included in the following table are the significant categories of assets measured at fair value on a non-recurring basis as of June 30, 2011 and December 31, 2010 and any impairment charges recorded for those assets in the six-month periods ended June 30, 2011 and 2010 (in thousands).

Non-Recurring Fair Value Measurements

									Impairment Loss
									for the Six Months Ended
	As of June 30, 2011								June 30,
	Level 1		Level 2		Level 3		Total		2011		2010
Assets:
Property and equipment, net	$	—	$	—	$	139,641	$	139,641	$	—	$	—
Program broadcast rights		—		—		3,611		3,611		193		172
Investment in broadcasting company		—		—		13,599		13,599		—		—
Broadcast licenses		—		—		818,981		818,981		—		—
Goodwill		—		—		170,522		170,522		—		—
Other intangible assets, net		—		—		769		769		—		—
Total	$	—	$	—	$	1,147,123	$	1,147,123	$	193	$	172

	As of December 31, 2010
	Level 1		Level 2		Level 3		Total
Assets:
Property and equipment, net	$	—	$	—	$	137,148	$	137,148
Program broadcast rights		—		—		10,721		10,721
Investment in broadcasting company		—		—		13,599		13,599
Broadcast licenses		—		—		818,981		818,981
Goodwill		—		—		170,522		170,522
Other intangible assets, net		—		—		837		837
Total	$	—	$	—	$	1,151,808	$	1,151,808

     Fair value of our property and equipment is estimated to be at least equal to our recorded cost net of accumulated depreciation and these values are reviewed by our engineers for impairment annually. Fair values of our investment in broadcasting company, broadcast licenses, goodwill and other intangible assets, net, are estimated to be at least equal to our recorded cost and are subjected to impairment testing as of December 31 of each year unless a triggering event occurs during an interim reporting period. No such triggering events occurred in the current reporting period. We test our program broadcast rights for impairment each quarter. Our program broadcast rights impairment charges were recorded as a broadcast operating expense in the respective periods.

Fair Value of Other Financial Instruments

     The estimated fair value of other financial instruments is determined using the best available market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition.

     The carrying amounts of the following instruments approximate fair value, due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue.

     The carrying amount of our long-term debt was $825.0 million and $826.7 million, respectively, and the fair value was $833.8 million and $822.4 million, respectively as of June 30, 2011 and December 31, 2010. Fair value of our long-term debt is based on estimates provided by third party financial professionals as of June 30, 2011 and December 31, 2010.