Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

The gross carrying amount and accumulated amortization of the Company’s intangible assets as of June 30, 2020 and December 31, 2019 are as follows (dollars in thousands):

	Indefinite-Lived						Definite-Lived												Total
Gross Carrying Amount	FCC licenses			Trademarks			Affiliate and producer relationships			Broadcast advertising			Tower income contracts			Other
Balance as of December 31, 2019	$	830,490		$	19,921		$	130,000		$	32,000		$	13,721		$	11,191		$	1,037,323
Impairment charges	(4,509		)	—			—			—			—			—			(4,509		)
Assets held for sale (see Note 1)	(263		)	(16		)	—			—			(16		)	(11		)	(306		)
Dispositions	(52		)	(2		)	—			—			(1		)	(45		)	(100		)
Balance as of June 30, 2020	$	825,666		$	19,903		$	130,000		$	32,000		$	13,704		$	11,135		$	1,032,408
Accumulated Amortization
Balance as of December 31, 2019	$	—		$	—		$	(18,712	)	$	(10,133	)	$	(2,414	)	$	(11,191	)	$	(42,450	)
Amortization Expense	—			—			(5,909		)	(3,200		)	(762		)	—			(9,871		)
Assets held for sale (see Note 1)	—			—			—			—			3			11			14
Dispositions	—			—			—			—			—			45			45
Balance as of June 30, 2020	$	—		$	—		$	(24,621	)	$	(13,333	)	$	(3,173	)	$	(11,135	)	$	(52,262	)
Net Book Value as of June 30, 2020	$	825,666		$	19,903		$	105,379		$	18,667		$	10,531		$	—		$	980,146

Schedule of Finite-Lived Intangible Assets

The gross carrying amount and accumulated amortization of the Company’s intangible assets as of June 30, 2020 and December 31, 2019 are as follows (dollars in thousands):

	Indefinite-Lived						Definite-Lived												Total
Gross Carrying Amount	FCC licenses			Trademarks			Affiliate and producer relationships			Broadcast advertising			Tower income contracts			Other
Balance as of December 31, 2019	$	830,490		$	19,921		$	130,000		$	32,000		$	13,721		$	11,191		$	1,037,323
Impairment charges	(4,509		)	—			—			—			—			—			(4,509		)
Assets held for sale (see Note 1)	(263		)	(16		)	—			—			(16		)	(11		)	(306		)
Dispositions	(52		)	(2		)	—			—			(1		)	(45		)	(100		)
Balance as of June 30, 2020	$	825,666		$	19,903		$	130,000		$	32,000		$	13,704		$	11,135		$	1,032,408
Accumulated Amortization
Balance as of December 31, 2019	$	—		$	—		$	(18,712	)	$	(10,133	)	$	(2,414	)	$	(11,191	)	$	(42,450	)
Amortization Expense	—			—			(5,909		)	(3,200		)	(762		)	—			(9,871		)
Assets held for sale (see Note 1)	—			—			—			—			3			11			14
Dispositions	—			—			—			—			—			45			45
Balance as of June 30, 2020	$	—		$	—		$	(24,621	)	$	(13,333	)	$	(3,173	)	$	(11,135	)	$	(52,262	)
Net Book Value as of June 30, 2020	$	825,666		$	19,903		$	105,379		$	18,667		$	10,531		$	—		$	980,146

Fair Value Measurement Inputs and Valuation Techniques

Below are the key assumptions used in our interim impairment assessment:

	June 30, 2020
Discount rate	8.0	%
Long-term revenue growth rate	(0.75	)%
Mature operating profit margin for average stations in the markets where the Company operates	20% – 30%