Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

We operate as one operating and reportable segment which includes a goodwill balance of $2.98 billion as of both December 31, 2023 and 2022. There were no adjustments to our goodwill balance during 2023 or 2022.

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2023 and 2022 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2023
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,124,731	$	—	$	2,124,731
Amortizable intangible assets:
Retransmission agreements	113,621		(95,619)		18,002
Network affiliation agreements	309,502		(144,834)		164,668
Other	71,067		(49,496)		21,571
Total indefinite-lived and amortizable intangible assets	$	2,618,921	$	(289,949)	$	2,328,972

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

In 2023, we acquired low-power television stations WYSJ and WJHJ which resulted in the recognition of $0.8 million of indefinite-lived intangible assets for acquired FCC licenses.

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 2023, gross amortizable intangible assets and associated accumulated amortization decreased by $111.6 million, due to certain intangible assets reaching the end of their useful lives.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2023 (in thousands):


2024	$	47,293
2025	28,468
2026	24,431
2027	14,577
2028	13,644
Thereafter	75,828
Total	$	204,241