ASSETS HELD FOR SALE

3 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

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.

As of December 31, 2019, the Company entered into an agreement with a third party to dispose of equipment and a broadcasting license in Boston, Massachusetts. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at December 31, 2019. In aggregate, these assets had a carrying value of approximately $10.2 million. This transaction closed in the second quarter of 2020.

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.

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


	Assets Held for Sale
	March 31, 2020		December 31, 2019
	(amounts in thousands)


Equipment	48		48
Net property and equipment	48		48
Radio broadcasting licenses	10,140		10,140
Total intangibles	10,140		10,140
Net assets held for sale	$	10,188	$	10,188