Note 9 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Text Block]

. Goodwill and Intangible Assets

During the nine-month period ended September 30, 2015, we acquired and disposed of various television broadcast stations and broadcast licenses. As a net result of these transactions, our goodwill and intangible balances changed during the nine-month period ended September 30, 2015. See Note 2 “Acquisitions and Dispositions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-month period ended September 30, 2015 is as follows (in thousands):

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							September 30,
	2014		Adjustments		Impairments		Amortization			2015

Goodwill	$	374,390	$	23,845	$	-	$	-		$	398,235
Broadcast licenses		1,023,580		34,670		-		-			1,058,250
Definite lived intangible assets		47,802		11,997		-		(8,715	)		51,084
Total intangible assets net of accumulated amortization	$	1,445,772	$	70,512	$	-	$	(8,715	)	$	1,507,569

As of September 30, 2015 and December 31, 2014, our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of September 30, 2015							As of December 31, 2014
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,111,948	$	(53,698	)	$	1,058,250	$	1,077,279	$	(53,699	)	$	1,023,580
Goodwill		398,235		-			398,235		374,390		-			374,390
	$	1,510,183	$	(53,698	)	$	1,456,485	$	1,451,669	$	(53,699	)	$	1,397,970

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		81,277		(30,193	)		51,084		69,281		(21,479	)		47,802
	$	82,541	$	(31,457	)	$	51,084	$	70,545	$	(22,743	)	$	47,802

Total intangibles	$	1,592,724	$	(85,155	)	$	1,507,569	$	1,522,214	$	(76,442	)	$	1,445,772

Upon renewal of intangible assets such as network affiliations and broadcast licenses, we expense all related fees as incurred.

Amortization expense for the nine-month periods ended September 30, 2015 and 2014 was

$8.7

million and

$5.3

million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the succeeding five years will be as follows: 2016, $11.9 million; 2017, $11.3 million; 2018, $6.7 million; 2019, $4.5 million; and 2020, $3.0 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.

- 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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