Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

12. Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability.

We measure the fair value of time deposits based on quoted market prices of similar assets and other significant inputs derived from or corroborated by observable market data.

Interest on the Credit Facility is at a variable rate, and as such the debt obligation outstanding approximates fair value.

Non-Recurring Fair Value Measurements

The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 2 — Broadcast Licenses and Other Intangibles, and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered a level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. (See Note 2 for the disclosure of certain key assumptions used to develop the unobservable inputs.)

In 2011 and 2010 the Company reviewed the fair value of its broadcasting licenses, net property and equipment and other intangibles, and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values.

The following table represents the fair value of the Company’s non-financial assets measured at fair value on a non-recurring basis as of December 31, 2009 (in thousands):

	Total  Fair Value		Fair Value Measurements  at Reporting Date Using
			Level 1		Level 2		Level 3
Non-financial assets:
Broadcast licenses	$	61,625		—		—	$	61,625
Total	$	61,625	$	—	$	—	$	61,625

During the fourth quarter of 2009, the Company wrote down broadcast licenses with a carrying value of $78,911,000 to their fair value of $61,625,000, resulting in a non-cash impairment charge of $17,286,000, which is included in the net loss for the year ended December 31, 2009.