INTANGIBLE ASSETS AND GOODWILL (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents the changes in the carrying value of broadcasting licenses:


	Broadcasting Licenses Carrying Amount
	December 31, 2019		December 31, 2018
	(amounts in thousands)
Broadcasting licenses balance as of January 1,	$	2,516,625	$	2,649,959
Disposition of radio stations (see Notes 3, 21)	(17,940)		(24,901)
Acquisitions (see Note 3)	19,576		40,131
Loss on impairment	—		(148,564)
Assets held for sale (see Note 21)	(10,140)		—
Ending period balance	$	2,508,121	$	2,516,625

The following table presents the changes in goodwill.


	Goodwill Carrying Amount
	December 31, 2019		December 31, 2018
	(amounts in thousands)
Goodwill balance before cumulative loss on impairment as of January 1,	$	982,663	$	988,056
Accumulated loss on impairment as of January 1,	(443,194)		(126,056)
Goodwill beginning balance after cumulative loss on impairment as of January 1,	539,469		862,000
Loss on impairment	(537,353)		(317,138)
Dispositions (see Note 3)	(4,862)		(8,623)
Acquisitions (see Note 3)	46,666		24,728
Measurement period adjustments to acquired goodwill	—		(21,498)
Ending period balance	$	43,920	$	539,469
Goodwill balance before cumulative loss on impairment as of December 31,	$	1,024,467	$	982,663
Accumulated loss on impairment as of December 31,	(980,547)		(443,194)
Goodwill ending balance as of December 31,	$	43,920	$	539,469

The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year.

Estimates And Assumptions

Fourth
Quarter
2019

Fourth
Quarter
2018

Second
Quarter
2018

Second
Quarter
2017

Second
Quarter
2016

Discount rate

8.50

9.00

9.25

9.5

Operating profit margin ranges expected for average stations in the markets where the Company operates

18% to 36%

22% to 37%

19% to 40%

14% to 40%

Forecasted growth rate (including long-term growth rate) range of the Company's markets

0.0% to 0.8%

0.0% to 0.9%

0.5% to 1.0%

1.0% to 2.0%

The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year: