GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of Radio Broadcasting licenses impairment test

Radio Broadcasting	October 1,			October 1,				September 30,		March 31,
Licenses	2021			2020				2020 (a)		2020 (a)
Impairment charge (in millions)	$	—		$	1.7*		$	19.1		$	47.7
Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		6.1% – 8.0	%		(10.7)% – (16.0)	%		(10.7)% – (16.8)	%		(13.3)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.7% – 1.1	%		0.7% – 1.1	%
Mature Market Share Range		6.2% – 23.2	%		6.7% – 23.9	%		6.7% – 23.9	%		6.9% – 25.0	%
Mature Operating Profit Margin Range		26.9% – 36.1	%		27.7% – 37.1	%		27.7% – 37.1	%		27.6% – 39.7	%

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

(*)  License fair value based on estimated asset sale consideration.

Schedule of broadcasting licenses carrying value

The Company’s total broadcasting licenses carrying value is approximately $505.2 million as of December 31, 2021.  The units of accounting reflected in the table below are not disclosed on a specific market basis so as to not make sensitive information publicly available that could be competitively harmful to the Company.

	Radio Broadcasting Licenses
	Carrying Balances
	As of		Net		As of
	December 31,		Increase		December 31,
Unit of Accounting	2020		(Decrease)		2021
	(In thousands)
Unit of Accounting 2	$	3,086		—		3,086
Unit of Accounting 5		13,525		—		13,525
Unit of Accounting 7		15,223		—		15,223
Unit of Accounting 11		15,560		—		15,560
Unit of Accounting 4		16,142		21,082		37,224
Unit of Accounting 14		19,070		—		19,070
Unit of Accounting 6		22,642		—		22,642
Unit of Accounting 12		32,968		—		32,968
Unit of Accounting 13		39,646		—		39,646
Unit of Accounting 8		52,515		—		52,515
Unit of Accounting 16		54,670		—		54,670
Unit of Accounting 1		84,369		—		84,369
Unit of Accounting 10		114,650		—		114,650
Total	$	484,066	$	21,082	$	505,148

Schedule of Radio Media Goodwill

		October 1,			October 1,
Reach Media Segment Goodwill		2021			2020
Impairment charge (in millions)	$	—		$	—
Discount Rate		11.5	%		11.0	%
Year 1 Revenue Growth Rate		(15.7)	%		22.1	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		24.1 – 26.2	%		18.0% - 19.1	%

Schedule of Cable Television Segment Goodwill

	October 1,			October 1,
Cable Television Segment Goodwill	2021			2020
Impairment charge (in millions)	$	—		$	—
Discount Rate		9.5	%		10.5	%
Year 1 Revenue Growth Rate		11.6	%		4.5	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		0.4% - 0.6	%		0.6% - 1.5	%
Operating Profit Margin Range		34.9% - 46.4	%		37.2% - 46.1	%

Schedule of Digital Segment Goodwill

	October 1,			October 1,
Digital Segment Goodwill	2021			2020
Impairment charge (in millions)	$	—		$	—
Discount Rate		14.0	%		14.0	%
Year 1 Revenue Growth Rate		(20.4)	%		(5.4)	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.5% - 6.8	%		3.4% - 6.0	%
Operating Profit Margin Range		(5.2)% - 14.3	%		(12.5)% - 13.1	%

Schedule of goodwill impairment Radio Markets Reporting Units

Goodwill (Radio Market	October 1,			October 1,			September 30,			March 31,
Reporting Units)	2021 (a)			2020 (a)			2020 (a)			2020(a)
Impairment charge (in millions)	$	—		$	—		$	10.0		$	5.9
Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		(10.7)% – 25.4	%		(12.9)% – 25.9	%		(26.6)% – 34.7	%		(14.5)% – (12.9)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.9% – 1.1	%		0.9% – 1.1	%
Mature Market Share Range		6.2% – 16.0	%		6.8% – 16.8	%		8.4% – 12.7	%		11.1% – 13.0	%
Mature Operating Profit Margin Range		21.2% – 47.3	%		27.7% – 49.1	%		27.7% – 48.1	%		29.4% – 39.0	%

(a)  Reflects the key assumptions for testing only those radio markets with remaining goodwill.

Schedule of changes in carrying amount of goodwill

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments during 2021 and 2020:

	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		(15,900)		—		—		—		(15,900)
Accumulated impairment losses		(101,848)		(16,114)		(20,345)		—		(138,307)
Assets held for sale		(470)		—		—		—		(470)
Net goodwill at December 31, 2020	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402

Schedule of other intangible assets

Other intangible assets, excluding goodwill, radio broadcasting licenses and the unamortized brand name, are being amortized on a straight-line basis over various periods. Other intangible assets consist of the following:

						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period  of
	2021		2020		Amortization	Amortization
	(In thousands)
Trade names	$	17,425	$	17,425	1‑5 Years	1.8 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	9.1 Years
Advertiser agreements		46,582		46,789	1‑12 Years	1.3 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	38.3 Years
Brand names		4,413		4,413	10 Years	5.9 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
Debt cost		1,267		2,053	Debt term	4.1 Years
Launch assets		9,021		9,021	Contract length	3.3 Years
Other intangibles		715		675	1‑5 Years	1.0 Years
		130,868		131,821
Less: Accumulated amortization		(80,709)		(75,768)
Other intangible assets, net	$	50,159	$	56,053		4.3 Years

Schedule of estimated amortization expense

The following table presents the Company’s estimate of amortization expense for the years 2022 through 2026 for intangible assets:

	(In thousands)
2022	$	3,651
2023	$	1,225
2024	$	222
2025	$	185
2026	$	165