Intangible Assets and Goodwill

12 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill [Text Block]

Intangible Assets and Goodwill

Intangible assets consist of the following:



June 30,	2012							2011
(In thousands)	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Intangible assets subject to amortization
National media
Noncompete agreements	$	240	$	(240	)	$	—	$	480	$	(424	)	$	56
Advertiser relationships	28,352		(19,875		)	8,477		18,400		(15,772		)	2,628
Customer lists	14,437		(8,203		)	6,234		11,330		(5,889		)	5,441
Other	10,605		(1,509		)	9,096		4,450		(3,256		)	1,194
Local media
Network affiliation agreements	218,559		(112,641		)	105,918		218,559		(107,750		)	110,809
Total	$	272,193	$	(142,468	)	129,725		$	253,219	$	(133,091	)	120,128
Intangible assets not subject to amortization
National media
Internet domain names						1,916							1,166
Trademarks						155,546							124,731
Local media
FCC licenses						299,076							299,076
Total						456,538							424,973
Intangible assets, net						$	586,263						$	545,101

Amortization expense was $12.3 million in fiscal 2012, $9.9 million in fiscal 2011, and $9.4 million in fiscal 2010. Future amortization expense for intangible assets is expected to be as follows: $12.5 million in fiscal 2013, $11.2 million in fiscal 2014, $8.8 million in fiscal 2015, $7.1 million in fiscal 2016, and $5.7 million in fiscal 2017.

Changes in the carrying amount of national media goodwill were as follows:



(In thousands)
Balance at June 30, 2010	$	489,334
Acquisitions	34,758
Other adjustments	942
Balance at June 30, 2011	525,034
Acquisitions	208,093
Balance at June 30, 2012	$	733,127

For certain acquisitions consummated prior to July 1, 2009, the sellers were entitled to contingent payments should the acquired operations achieve certain financial targets generally based on earnings before interest and taxes, as defined in the respective acquisition agreements. The additional purchase consideration was recorded as additional goodwill on our Consolidated Balance Sheet when the contingencies were resolved. For the years ended June 30, 2012 and 2011, the Company recognized additional consideration of $2.4 million and $18.2 million, respectively, which increased goodwill.

Meredith completed annual impairment reviews of goodwill and intangible assets with indefinite lives as of May 31, 2012, 2011, and 2010. No impairments were recorded as a result of those reviews.

- 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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