Note 8 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Text Block]

8. Goodwill and Intangible Assets

During the six-month period ended June 30, 2016, we acquired and disposed of various television broadcast stations and broadcast licenses. See Note 2 “Acquisitions and Dispositions” for more information regarding these transactions. As a result of these transactions, our goodwill and other intangible asset balances changed. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-month period ended June 30, 2016 is as follows (in thousands):

	Net Balance at												Net Balance at
	December 31,												June 30,
	2015		Additions		Dispositions			Impairments		Amortization			2016

Goodwill	$	423,236	$	72,575	$	(10,214	)	$	-	$	-		$	485,597
Broadcast licenses		1,114,626		249,591		(25,356	)		-		-			1,338,861
Definite lived intangible assets		53,280		19,525		-			-		(8,130	)		64,675
Total intangible assets net of accumulated amortization	$	1,591,142	$	341,691	$	(35,570	)	$	-	$	(8,130	)	$	1,889,133

As of June 30, 2016 and December 31, 2015, our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of June 30, 2016							As of December 31, 2015
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	1,392,561	$	(53,700	)	$	1,338,861	$	1,168,325	$	(53,699	)	$	1,114,626
Goodwill		485,597		-			485,597		423,236		-			423,236
	$	1,878,158	$	(53,700	)	$	1,824,458	$	1,591,561	$	(53,699	)	$	1,537,862

Intangible assets subject to amortization:
Network affiliation agreements		1,264	$	(1,264	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		105,750		(41,075	)		64,675		86,696		(33,416	)		53,280
	$	107,014	$	(42,339	)	$	64,675	$	87,960	$	(34,680	)	$	53,280

Total intangible assets	$	1,985,172	$	(96,039	)	$	1,889,133	$	1,679,521	$	(88,379	)	$	1,591,142

Amortization expense for the six months ended June 30, 2016 and 2015 was $8.1 million and $5.5 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: 2017, $16.3 million; 2018, $11.5 million; 2019, $9.0 million; 2020, $6.1 million; and 2021, $3.2 million. If and when acquisitions or dispositions occur in the future, actual amounts may vary from these estimates.

Impairment of goodwill and broadcast licenses

Our intangible assets are primarily comprised of broadcast licenses. There were no triggering events that required a test of our goodwill or intangible assets for impairment during the six-month periods ended June 30, 2016 or 2015.

- 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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