Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Financial Assets and Liabilities and Non-Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

 Fair values as of December 31, 2012 were as follows (dollars in thousands):

	Fair Value Measurements at Reporting Date Using
	Total Fair Value			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)
Financial asset:	$	44		$	—	$	44	$	—
Interest Rate Cap (1)
Non-financial assets:
Goodwill (2)		131,997			—		—		131,997
Broadcast licenses (3)		384,350			—		—		384,350
Total assets	$	516,391		$	—	$	44	$	516,347
Financial liabilities:
Other current liabilities
Green Bay Option (4)	$	(11,386	)	$	—	$	—	$	(11,386	)
Total liabilities	$	(11,386	)	$	—	$	—	$	(11,386	)
	Fair Value Measurements at December 31, 2011 Using
	Total Fair Value			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs  (Level 3)
Financial assets:
Interest rate cap (1)	$	376		$	—	$	376	$	—
Total assets	$	376		$	—	$	376	$	—
Financial liabilities:
Other current liabilities
Green Bay Option (4)	$	(11,398	)	$	—	$	—	$	(11,398	)
Total liabilities	$	(11,398	)	$	—	$	—	$	(11,398	)

(1) The Company’s only derivative financial instrument is the Interest Rate Cap pursuant to which the Company pays a fixed interest rate on a $71.3 million notional amount of its term loans. The fair value of the Interest Rate Cap is determined based on discounted cash flow analysis on the expected future cash flows using observable inputs, including interest rates and yield curves. Derivative valuations incorporate adjustments that are necessary to reflect the credit risk.

(2) As disclosed in Note 6, in accordance with the provisions of ASC 350, goodwill with a carrying amount of $232.0 million was written down to its implied fair value of $132.0 million, resulting in an impairment charge of $100.0 million, which was included in earnings for the period.

(3) As disclosed in Note 6, in accordance with the provisions of ASC 350, FCC licenses with a carrying amount of $399.1 million was written down to its fair value of $384.4 million, resulting in an impairment charge of $14.7 million, which has been included in earnings for the twelve month period ended December 31, 2012.

(4) The fair value of the Green Bay Option was determined using inputs that are supported by little or no market activity (a Level 3 measurement). The fair value represents an estimate of the net amount that the Company would pay if the option was transferred to another party as of the date of the valuation. The option valuation incorporates a credit risk adjustment to reflect the probability of default by the Company.

Schedule of Components of Change in Fair Value Associated With Green Bay Option

The reconciliation below contains the components of the change in fair value associated with the Green Bay Option for the years ended December 31, 2012 and 2011 (dollars in thousands):

Description	Green Bay Option
Fair value balance at January 1, 2012	$	(11,398	)
Add: Mark to market fair value adjustment		12
Fair value balance at December 31, 2012	$	(11,386	)

The reconciliation below contains the components of the change in fair value associated with the Green Bay Option for the year ended December 31, 2011 (dollars in thousands):

Description	Green Bay Option
Fair value balance at January 1, 2011	$	(8,030	)
Add: Mark to market fair value adjustment		(3,368	)
Fair value balance at December 31, 2011	$	(11,398	)

Quantitative Information Regarding Significant Unobservable Inputs

Quantitative information regarding the significant unobservable inputs related to the Green Bay Option as of December 31, 2012 were as follows (dollars in thousands):

Fair Value		Valuation Technique	Unobservable Inputs
$	(11,386)	Black-Scholes Model	Risk adjusted discount rate	7.1%
			Total term	less than 1 year
			Volatility rate	35.0%
			Annual dividend rate	0.0%
			Bond equivalent yield discount rate	0.1%

Schedule of Gross Amounts and Fair Value of Company's First Lien Term Loan, Second Lien Term Loan, Revolving Credit Facility and 7.75% Senior Notes

The following table shows the gross amount and fair value of the Company’s term loan and revolving credit facilities and 7.75% Senior Notes (dollars in thousands):

	December 31, 2012		December 31, 2011
First Lien Term Loan:
Carrying value	$	1,321,687	$	1,325,000
Fair value — Level 2		1,331,600		1,305,125
Second Lien Term Loan:
Carrying value	$	790,000	$	790,000
Fair value — Level 2		811,725		770,250
Revolving Credit Facility:
Carrying value	$	—	$	150,000
Fair value — Level 2		—		150,000
7.75% Senior Notes:
Carrying value	$	610,000	$	610,000
Fair value — Level 2		599,325		541,680