Assets Held for Sale and Discontinued Operations

Radio Divestiture

In the fourth quarter of 2017, we began the process to divest our radio business. Our radio business consisted of 34 radio stations in eight markets. During the second and third quarters of 2018, we entered into definitive agreements to sell our radio stations. We closed on the sale of our Tulsa radio stations on October 1, 2018, closed on the sales of our Milwaukee, Knoxville, Omaha, Springfield and Wichita radio stations on November 1, 2018 and closed on the sales of our Boise and Tucson radio stations on December 12, 2018. We have reported its results as discontinued operations for all periods presented.

Operating results of our radio operations included in discontinued operations were as follows:



	For the years ended December 31,
(in thousands)	2018			2017			2016

Operating revenues	$	49,243		$	68,630		$	73,069
Total costs and expenses	(42,694		)	(57,061		)	(56,852		)
Depreciation and amortization of intangible assets	—			(2,910		)	(3,377		)
Impairment of goodwill and intangible assets	(25,900		)	(8,000		)	—
Other, net	(179		)	(258		)	(63		)
Income (loss) from operations of discontinued operations	(19,530		)	401			12,777
Pretax loss on disposal of discontinued operations	(18,558		)	—			—
Income (loss) from discontinued operations before income taxes	(38,088		)	401			12,777
Income tax benefit (provision)	1,760			(2,996		)	(5,464		)
Income (loss) from discontinued operations, net of tax	$	(36,328	)	$	(2,595	)	7,313

Results of discontinued operations in 2018 and 2017 included $25.9 million and $8.0 million, respectively, of non-cash impairment charges to write-down the goodwill of our radio business to fair value. The income tax provision for discontinued operations was impacted by non-deductible charges of $30.9 million in 2018 and $8.0 million in 2017.

We also entered into separate Local Marketing Agreements (“LMA”) with the acquirer of the Tulsa radio stations and the acquirer of the Wichita, Springfield, Omaha, and Knoxville radio stations. Under the terms of these agreements, the acquiring entities paid us a monthly LMA fee and also reimbursed us for certain station expenses, as defined in the agreements, in exchange for the right to program and sell advertising from the stations' inventory of broadcast time. The LMA with the acquirer of the Tulsa radio stations was effective from July 30, 2018 until the closing of the transaction. The other LMA was effective from September 1, 2018 until closing of the transactions. Discontinued operating revenues included LMA fees totaling $2.5 million for the year ended December 31, 2018.

The following table presents a summary of the radio assets held for sale included in our Consolidated Balance Sheet as of December 31, 2017:



(in thousands)

Assets:
Total current assets	$	12,891
Property and equipment	35,470
Goodwill and intangible assets	87,462
Other assets	181
Total assets included in the disposal group	136,004
Liabilities:
Total current liabilities	3,248
Deferred income taxes	16,288
Other liabilities	—
Total liabilities included in the disposal group	19,536
Net assets included in the disposal group	$	116,468