Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

3) GOODWILL AND OTHER INTANGIBLE ASSETS

The Company's intangible assets were as follows:

				Accumulated
At June 30, 2012			Gross	Amortization			Net
Intangible assets subject to amortization:
Leasehold agreements		$	887	$	(613)	$	274
Franchise agreements			487		(305)		182
Other intangible assets			314		(202)		112
	Total intangible assets subject to amortization		1,688		(1,120)		568
FCC licenses			5,771		—		5,771
Trade names			169		—		169
	Total intangible assets	$	7,628	$	(1,120)	$	6,508


				Accumulated
At December 31, 2011			Gross	Amortization			Net
Intangible assets subject to amortization:
Leasehold agreements		$	882	$	(590)	$	292
Franchise agreements			487		(292)		195
Other intangible assets			376		(244)		132
	Total intangible assets subject to amortization		1,745		(1,126)		619
FCC licenses			5,738		—		5,738
Trade names			169		—		169
	Total intangible assets	$	7,652	$	(1,126)	$	6,526

Amortization expense was $28 million and $32 million for the three months ended June 30, 2012 and 2011, respectively, and $55 million and $63 million for the six months ended June 30, 2012 and 2011, respectively.

The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2012 through 2016, to be as follows:

			2012			2013			2014			2015			2016
	Amortization expense	$	102		$	91		$	80		$	70		$	60

In April 2012, the Company signed an agreement for the sale of its five owned radio stations in West Palm Beach for $50 million. During the first quarter of 2012, in connection with the sale, the Company recorded a pre-tax noncash impairment charge of $11 million to reduce the carrying value of the allocated goodwill.

- 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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