Fair Value Measurement

12 Months Ended

Dec. 31, 2011

Fair Value Measurement [Abstract]

Fair Value Measurement

4. Fair Value Measurement

Fair value is the price that market participants would pay or receive to sell an asset or would 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 assets 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 December 31, 2011 and 2010 that were adjusted to fair value and the impairment charges recorded for those assets in the years ended December 31, 2011 and 2010 (in thousands).

Non-Recurring Fair Value Measurements

	As of December 31, 2011								Impairment Loss   For The Year Ended
	Level 1		Level 2		Level 3		Total		December 31, 2011
Assets:
Program broadcast rights	$	-	$	-	$	8,133	$	8,133	$	250

	As of December 31, 2010								Impairment Loss   For The Year Ended
	Level 1		Level 2		Level 3		Total		December 31, 2010
Assets:
Program broadcast rights	$	-	$	-	$	10,721	$	10,721	$	430

We have historically tested our program broadcast rights for impairment each quarter. Program broadcast rights impairment charges were recorded as an 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 or methodologies 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 $832.2 million and $826.7 million, respectively, and the fair value was $801.0 million and $822.4 million, respectively, as of December 31, 2011 and 2010. Fair value of our long-term debt is based on estimates provided by third-party financial professionals as of December 31, 2011 and 2010.