GOODWILL AND RADIO BROADCASTING LICENSES (Tables)

9 Months Ended

Sep. 30, 2018

Radio Broadcasting	September 30,			September 30,
Licenses	2018 (a)			2017 (a)

Pre-tax impairment charge (in millions)	$	—		$	16.4

Discount Rate		9.0	%		9.0	%
Year 1 Market Revenue Growth Rate Range		0.5	%		(5.0)% – 2.0	%
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.5% – 1.5	%		0.5% – 1.5	%
Mature Market Share Range		6.8% – 14.3	%		6.9% – 25.8	%
Operating Profit Margin Range		29.8% – 35.1	%		31.0% – 47.0	%

(a)

Reflects changes only to the key assumptions used in the interim testing for certain units of accounting.

Goodwill (Radio Market	September 30,			September 30,
Reporting Units)	2018 (a)			2017 (a)

Pre-tax impairment charge (in millions)	$	–		$	–

Discount Rate		9.0	%		9.0	%
Year 1 Market Revenue Growth Rate Range		1.2% – 35.2	%		(5.9)% – 30.0	%
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		1.0% – 1.5	%		1.0% – 1.5	%
Mature Market Share Range		9.0% – 15.6	%		9.0% – 14.8	%
Operating Profit Margin Range		21.7% – 31.8	%		26.6% – 52.6	%

(a)

Reflects changes only to the key assumptions used in the interim testing for certain units of accounting.

	September 30,
Reach Media Segment Goodwill	2017

Pre-tax impairment charge (in millions)	$	—

Discount Rate		10.5	%
Year 1 Revenue Growth Rate		(11.3	)%
Long-term Revenue Growth Rate		1.0	%
Operating Profit Margin Range		13.5% – 15.9	%

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments.

	Radio Broadcasting Segment			Reach Media Segment			Digital Segment			Cable Television Segment		Total
	(In thousands)
Gross goodwill	$	154,910		$	30,468		$	27,567		$	165,044	$	377,989
Additions		117			—			—			—		117
Impairments		(2,712	)		—			—			—		(2,712	)
Accumulated impairment losses		(84,436	)		(16,114	)		(14,545	)		—		(115,095	)
Net goodwill at September 30, 2018	$	67,879		$	14,354		$	13,022		$	165,044	$	260,299