Goodwill and other intangible assets

9 Months Ended

Sep. 25, 2011

NOTE 4 – Goodwill and other intangible assets

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets at September 25, 2011 and December 26, 2010.


*(in thousands of dollars)*
	Sept. 25, 2011				Dec. 26, 2010
	Gross		Accumulated Amortization		Gross		Accumulated Amortization
Goodwill	$	2,862,019	$	—	$	2,836,960	$	—
Indefinite-lived intangibles:
Mastheads and trade names		93,083		—		92,673		—
Television station FCC licenses		255,304		—		255,304		—
Amortizable intangible assets:
Customer relationships		314,060		181,868		311,646		166,068
Other		57,123		30,742		56,628		31,386

Amortization expense was $7.7 million in the quarter ended September 25, 2011 and $23.9 million year-to-date. For the third quarter and year-to-date period of 2010, amortization expense was $7.7 million and $23.7 million, respectively. Customer relationships, which include subscriber lists and advertiser relationships, are amortized on a straight-line basis over five to 25 years. Other intangibles primarily include commercial internally developed technology, patents and amortizable trade names. These assets were assigned lives of between four and 21 years and are amortized on a straight-line basis.

The following table summarizes the changes in the Company’s net goodwill balance through September 25, 2011.


*(in thousands of dollars)*
	Publishing			Digital			Broadcasting			Total
Balance at Dec. 26, 2010
Goodwill	$	7,599,030		$	675,527		$	1,618,563		$	9,893,120
Accumulated impairment losses		(7,019,557	)		(36,603	)		—			(7,056,160	)

Net balance at Dec. 26, 2010		579,473			638,924			1,618,563			2,836,960

Activity during the period
Acquisitions and adjustments		14,893			8,383			—			23,276
Foreign currency exchange rate changes		192			1,656			(65	)		1,783

Total		15,085			10,039			(65	)		25,059

Balance at Sept. 25, 2011
Goodwill		7,626,393			675,566			1,618,498			9,920,457
Accumulated impairment losses		(7,031,835	)		(26,603	)		—			(7,058,438	)

Net balance at Sept. 25, 2011	$	594,558		$	648,963		$	1,618,498		$	2,862,019

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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