INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and certain intangible assets are not amortized for book purposes. They may, however, be amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of the reporting unit, then a charge is recorded to the results of operations.

The following table presents the changes in the carrying value of broadcasting licenses. Refer to Note 2, Business Combinations, and Note 14, Assets Held For Sale, for additional information.


	Broadcasting Licenses Carrying Amount
	March 31, 2023		December 31, 2022
	(amounts in thousands)
Broadcasting licenses balance as of January 1,	$	2,089,226	$	2,251,546
Disposition of radio stations (See Note 2)	—		(4,377)
Acquisitions (See Note 2)	—		2,002
Loss on impairment	—		(159,089)
Assets held for sale (See Note 14)	(4,957)		(856)
Ending period balance	$	2,084,269	$	2,089,226

The following table presents the changes in goodwill. Refer to Note 2, Business Combinations, for additional information.


	Goodwill Carrying Amount
	March 31, 2023		December 31, 2022
	(amounts in thousands)
Goodwill balance before cumulative loss on impairment as of January 1,	$	1,062,588	$	1,062,723
Accumulated loss on impairment as of January 1,	(998,673)		(980,547)
Goodwill beginning balance after cumulative loss on impairment as of January 1,	63,915		82,176
Loss on impairment	$	—	(18,126)


Measurement period adjustments to acquired goodwill (See Note 2)	—		(135)
Ending period balance	$	63,915	$	63,915

Broadcasting Licenses Impairment Test

The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for its FCC broadcasting licenses, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was not warranted.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods.

There were no events or changes in circumstances since the previous annual impairment assessment conducted that indicated an interim review of broadcasting licenses was required.

Goodwill Impairment Test

The Company evaluated whether the facts and circumstances and available information result in the need for an impairment assessment for any goodwill, particularly the results of operations, increase in interest rates and related impact on the weighted average cost of capital and changes in stock price, and concluded an interim impairment assessment was not warranted.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the condensed consolidated balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods.

There were no events or changes in circumstances since the previous annual impairment assessment conducted that indicated an interim review of goodwill was required.