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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill

The carrying amount of goodwill for each of the Company’s operating segments for the years ended December 31, 2021 and 2020 is as follows (in thousands):

 

 

 

December 31,

 

 

 

 

 

 

 

 

December 31,

 

 

Purchase Price

 

 

 

 

 

December 31,

 

 

 

2019

 

 

Acquisitions

 

 

Impairment

 

 

2020

 

 

Adjustments

 

 

Acquisitions

 

 

2021

 

Digital

 

$

5,962

 

 

$

12,332

 

 

$

(800

)

 

$

17,494

 

 

$

(1,822

)

 

$

15,487

 

 

$

31,159

 

Television

 

 

40,549

 

 

 

 

 

 

 

 

 

40,549

 

 

 

 

 

 

 

 

 

40,549

 

Audio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

46,511

 

 

$

12,332

 

 

$

(800

)

 

$

58,043

 

 

$

(1,822

)

 

$

15,487

 

 

$

71,708

 

 

Composition of Company's Acquired Intangible Assets and Associated Accumulated Amortization

The composition of the Company’s acquired intangible assets and the associated accumulated amortization as of December 31, 2021 and 2020 is as follows (in thousands):

 

 

 

 

 

 

2021

 

 

2020

 

 

 

Weighted average remaining life in years

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Television network affiliation agreements

 

 

6

 

 

$

60,043

 

 

$

53,668

 

 

$

6,375

 

 

$

67,488

 

 

$

59,726

 

 

$

7,762

 

Customer base

 

 

8

 

 

 

74,512

 

 

 

20,557

 

 

 

53,955

 

 

 

47,052

 

 

 

7,874

 

 

 

39,178

 

Pre-sold advertising contracts and other

 

 

6

 

 

 

34,166

 

 

 

30,462

 

 

 

3,704

 

 

 

38,624

 

 

 

36,152

 

 

 

2,472

 

Total assets subject to amortization:

 

 

 

 

$

168,721

 

 

$

104,687

 

 

$

64,034

 

 

$

153,164

 

 

$

103,752

 

 

$

49,412

 

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses and spectrum usage rights

 

 

 

 

 

 

 

 

 

 

 

209,053

 

 

 

 

 

 

 

 

 

216,653

 

Total intangible assets

 

 

 

 

 

 

 

 

 

 

$

273,087

 

 

 

 

 

 

 

 

$

266,065

 

Estimated Amortization Expense Estimated amortization expense for the next five years and thereafter is as follows (in thousands):

 

Estimated Amortization Expense

 

Amount

 

2022

 

$

10,180

 

2023

 

 

9,650

 

2024

 

 

8,986

 

2025

 

 

7,531

 

2026

 

 

6,670

 

Thereafter

 

 

21,017

 

Total

 

$

64,034