Note 9 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Text Block]

9.	Goodwill and Intangible Assets

During the

six

-month period ended

June 30, 2017,

we acquired and disposed of various television broadcast stations and broadcast licenses. See Note

“Basis of Presentation” and Note

“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, 2017

is as follows (in thousands):

	Net Balance at December 31,												Net Balance at June 30,
	2016		Additions		Dispositions			Impairments		Amortization			2017

Goodwill	$	485,318	$	125,176	$	-		$	-	$	-		$	610,494
Broadcast licenses		1,340,305		195,332		(13,105	)		-		-			1,522,532
Finite-lived intangible assets		56,250		34,338		-			-		(12,224	)		78,364
Total intangible assets net of accumulated amortization	$	1,881,873	$	354,846	$	(13,105	)	$	-	$	(12,224	)	$	2,211,390

As of

June 30, 2017

and

December 31, 2016,

our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of June 30, 2017							As of December 31, 2016
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,576,231	$	(53,699	)	$	1,522,532	$	1,394,004	$	(53,699	)	$	1,340,305
Goodwill		610,494		-			610,494		485,318		-			485,318
	$	2,186,725	$	(53,699	)	$	2,133,026	$	1,879,322	$	(53,699	)	$	1,825,623

Intangible assets subject to amortization:
Network affiliation agreements	$	6,216	$	(2,341	)	$	3,875	$	1,264	$	(1,264	)	$	-
Other definite lived intangible assets		135,096		(60,607	)		74,489		105,792		(49,542	)		56,250
	$	141,312	$	(62,948	)	$	78,364	$	107,056	$	(50,806	)	$	56,250

Total intangibles	$	2,328,037	$	(116,647	)	$	2,211,390	$	1,986,378	$	(104,505	)	$	1,881,873

Amortization expense for the

six

-months ended

June 30, 2017

and

2016

was

$12.2

million and

$8.1

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:

2018,

$16.4

million;

2019,

$13.8

million;

2020,

$10.8

million;

2021,

$7.1

million; and

2022,

$4.9

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

triggering events that required a test of our goodwill or intangible assets for impairment during the

six

-month period ended

June 30, 2017.

- 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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