Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and other intangible assets

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2022 and 2021 shown below (in thousands):

	Goodwill
Balance as of Dec. 31, 2020	$	2,968,693
Business acquisition	12,894
Balance as of Dec. 31, 2021	2,981,587
Adjustments	—
Balance as of Dec. 31, 2022	$	2,981,587

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2022 and 2021 (in thousands):

	Gross		Accumulated Amortization		Net
Dec. 31, 2022
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	224,827		(184,796)		40,031
Network affiliation agreements	309,503		(121,664)		187,839
Other	71,465		(41,627)		29,838
Total indefinite-lived and amortizable intangible assets	$	2,729,693	$	(348,087)	$	2,381,606
Dec. 31, 2021
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(168,439)		66,776
Network affiliation agreements	309,503		(97,195)		212,308
Other	71,465		(32,959)		38,506
Total indefinite-lived and amortizable intangible assets	$	2,740,081	$	(298,593)	$	2,441,488

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition and brand names which are also amortized on a straight-line basis over their useful lives. In 2022, gross retransmission agreement intangible assets and associated accumulated amortization decreased by $10.4 million due to certain retransmission intangible assets reaching the end of their useful lives.

On January 27, 2021, we acquired Locked On Podcast Network LLC for $13.3 million, which consisted of a base purchase price of $13.8 million and a working capital adjustment of $0.5 million. Locked On produces daily podcasts for every team across the four major professional sports leagues, as well as for major college sports teams. In connection with this acquisition, we recorded goodwill and trade name assets of $12.9 million and $0.9 million, respectively. The goodwill is calculated as the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate. The goodwill recognized is deductible for tax purposes.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2022 (in thousands):

2023	$	53,467
2024	47,293
2025	28,468
2026	24,431
2027	14,577
Thereafter	89,472
Total	$	257,708