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Note 8 - Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
8.
     Goodwill and Intangible Assets
 
During the
three
-month period ended
March
31,
2017,
we acquired various television broadcast stations and broadcast licenses. As a result of these acquisitions, our goodwill and intangible balances increased. See Note
2
“Acquisitions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the
three
-month period ended
March
31,
2017
is as follows (in thousands):
 
 
 
Net Balance at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Balance at
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
 
 
2016
 
 
Additions
 
 
Dispositions
 
 
Impairments
 
 
Amortization
 
 
2017
 
                                                 
Goodwill
  $
485,318
    $
86,390
    $
-
    $
-
    $
-
    $
571,708
 
Broadcast licenses
   
1,340,305
     
152,074
     
-
     
-
     
-
     
1,492,379
 
Finite-lived intangible
assets
   
56,250
     
20,101
     
-
     
-
     
(5,567
)    
70,784
 
Total intangible assets
net of accumulated
amortization
  $
1,881,873
    $
258,565
    $
-
    $
-
    $
(5,567
)   $
2,134,871
 
 
As of
March
31,
2017
and
December
31,
2016,
our intangible assets and related accumulated amortization consisted of the following (in thousands):
 
 
 
As of March 31, 2017
 
 
As of December 31, 2016
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Gross
 
 
Amortization
 
 
Net
 
 
Gross
 
 
Amortization
 
 
Net
 
Intangible assets not currently
subject to amortization:
                                               
Broadcast licenses
  $
1,546,078
    $
(53,699
)   $
1,492,379
    $
1,394,004
    $
(53,699
)   $
1,340,305
 
Goodwill
   
571,708
     
-
     
571,708
     
485,318
     
-
     
485,318
 
    $
2,117,786
    $
(53,699
)   $
2,064,087
    $
1,879,322
    $
(53,699
)   $
1,825,623
 
                                                 
Intangible assets subject
to amortization:
                                               
Network affiliation
agreements
  $
5,264
    $
(1,612
)   $
3,652
     
1,264
    $
(1,264
)   $
-
 
Other finite-lived
intangible assets
   
121,892
     
(54,760
)    
67,132
     
105,792
     
(49,542
)    
56,250
 
    $
127,156
    $
(56,372
)   $
70,784
    $
107,056
    $
(50,806
)   $
56,250
 
                                                 
Total intangibles
  $
2,244,942
    $
(110,071
)   $
2,134,871
    $
1,986,378
    $
(104,505
)   $
1,881,873
 
 
Amortization expense for the
three
-months ended
March
31,
2017
and
2016
was
$5.6
million and
$3.9
million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the succeeding
five
years will be as follows:
2018,
$14.5
million;
2019,
$12.0
million;
2020,
$9.0
million;
2021,
$5.3
million; and
2022,
$3.1
million. If and when acquisitions and dispositions occur in the future, actual amounts
may
vary from these estimates.
 
Impairment of goodwill and broadcast license
s
 
Our intangible assets are primarily comprised of broadcast licenses. There were no triggering events that required a test of our goodwill or intangible assets for impairment during the
three
-month periods ended
March
31,
2017
or
2016.