ASSETS HELD FOR SALE

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

Assets Held for Sale

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. This is considered a Level 3 measurement.

During the fourth quarter of 2022, the Company entered into an agreement to sell its license and assets of a station in Palm Desert, California. During the first quarter of 2023, the Company entered into an agreement with a third party to sell licenses and assets in Memphis, Tennessee and Buffalo, New York as well as certain intellectual property. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at March 31, 2023. In aggregate, these assets had a carrying value of approximately $5.8 million. The transactions are expected to close within one year.

The major categories of these assets held for sale are as follows as of the dates indicated:

	Assets Held for Sale
	March 31, 2023		December 31, 2022
	(amounts in thousands)
Net property and equipment	30		4,618
Radio broadcasting licenses	5,812		856
Net assets held for sale	$	5,842	$	5,474