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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 is as follows (in thousands):

 

 

 

December 31,

 

 

Purchase Price

 

 

 

 

 

December 31,

 

 

Purchase Price

 

 

Additions From

 

 

December 31,

 

 

 

2020

 

 

Adjustments

 

 

Acquisitions

 

 

2021

 

 

Adjustments

 

 

VIEs

 

 

2022

 

Digital

 

$

17,494

 

 

$

(1,822

)

 

$

15,487

 

 

$

31,159

 

 

$

1,907

 

 

$

13,376

 

 

$

46,442

 

Television

 

 

40,549

 

 

 

 

 

 

 

 

 

40,549

 

 

 

 

 

 

 

 

 

40,549

 

Audio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

58,043

 

 

$

(1,822

)

 

$

15,487

 

 

$

71,708

 

 

$

1,907

 

 

$

13,376

 

 

$

86,991

 

 

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, 2022 and 2021 is as follows (in thousands):

 

 

 

 

 

 

2022

 

 

2021

 

 

 

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

 

 

5

 

 

$

60,043

 

 

$

54,755

 

 

$

5,288

 

 

$

60,043

 

 

$

53,668

 

 

$

6,375

 

Customer base

 

 

7

 

 

 

68,276

 

 

 

17,378

 

 

 

50,898

 

 

 

74,512

 

 

 

20,557

 

 

 

53,955

 

Pre-sold advertising contracts and other

 

 

5

 

 

 

9,484

 

 

 

3,859

 

 

 

5,625

 

 

 

34,166

 

 

 

30,462

 

 

 

3,704

 

Total assets subject to amortization:

 

 

 

 

$

137,803

 

 

$

75,992

 

 

$

61,811

 

 

$

168,721

 

 

$

104,687

 

 

$

64,034

 

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses and spectrum usage rights

 

 

 

 

 

 

 

 

 

 

 

207,453

 

 

 

 

 

 

 

 

 

209,053

 

Total intangible assets

 

 

 

 

 

 

 

 

 

 

$

269,264

 

 

 

 

 

 

 

 

$

273,087

 

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

 

Estimated Amortization Expense

 

Amount

 

2023

 

$

11,014

 

2024

 

 

10,841

 

2025

 

 

9,791

 

2026

 

 

8,705

 

2027

 

 

5,820

 

Thereafter

 

 

15,640

 

Total

 

$

61,811