Broadcast Licenses, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Broadcast Licenses, Goodwill and Other Intangible Assets

Schedule of changes to broadcast licenses

	Total
	(in thousands)
Balance at January 1, 2024	$	90,240
Acquisitions		2,150
Disposals		(893)
Balance at December 31, 2024	$	91,497
Impairment Charge		(1,168)
Disposals		(18)
Balance at December 31, 2025	$	90,311

Schedule of changes to goodwill

	Total
	(in thousands)
Balance at January 1, 2024	$	19,236
Acquisitions		76
Disposals		(83)
Balance at December 31, 2024	$	19,229
Impairment Charge		(19,229)
Balance at December 31, 2025	$	—

Schedule of amortizable intangible assets

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,706		259
Customer relationships		5,560		5,160		400
Other intangibles		2,013		1,918		95
Total amortizable intangible assets	$	17,399	$	16,645	$	754

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,679		286
Customer relationships		5,560		4,860		700
Other intangibles		2,001		1,857		144
Total amortizable intangible assets	$	17,387	$	16,257	$	1,130

Licensing Agreements

Broadcast Licenses, Goodwill and Other Intangible Assets

Schedule of key estimates and assumptions used in the impairment tests

	Fourth		Fourth
	Quarter		Quarter
	2025		2024
Discount rates	8.5	%	9.0	%
Operating profit margin ranges	21.6%-24.8	%	17.8% - 36.4	%
Market long-term revenue growth rates	-0.5	%	0.5% - 1.5	%

Goodwill

Broadcast Licenses, Goodwill and Other Intangible Assets

Schedule of key estimates and assumptions used in the impairment tests

Discount rate	8.5	%
Operating profit margin ranges	13.4 %-19.5	%
Long-term revenue growth rate	0.2%-1.1	%

Discount rate	9.0	%
Operating profit margin ranges	19.7 % - 27.0	%
Long-term revenue growth rate	1.2	%