Quarterly report pursuant to Section 13 or 15(d)

Goodwill (Tables)

v3.20.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2020
Schedule of Changes in Goodwill
The following table presents the changes in goodwill including business acquisitions and dispositions as discussed in Note 3 of our Condensed Consolidated Financial Statements.
 
Goodwill
  
Twelve Months Ended
December 31, 2019
 
  
Six Months Ended
June 30, 2020
 
 
  
(Dollars in thousands)
 
Balance, beginning of period before cumulative loss on impairment,
  
$
28,818
 
  
$
28,454
 
Accumulated loss on impairment
  
 
(2,029
) 
  
 
(4,456
) 
 
  
 
 
 
  
 
 
 
Balance, beginning of period after cumulative loss on impairment
  
 
26,789
 
  
 
23,998
 
 
  
 
 
 
  
 
 
 
Acquisitions of radio stations
  
 
—  
 
  
 
—  
 
Acquisitions of digital media entities
  
 
6
 
  
 
—  
 
Disposition of radio stations
  
 
(29
) 
  
 
—  
 
Disposition of digital media entities
  
 
(341
) 
  
 
—  
 
Impairments based on the estimated fair value goodwill
  
 
(2,427
) 
  
 
(307
) 
 
  
 
 
 
  
 
 
 
Ending period balance
  
$
23,998
 
  
$
23,691
 
 
  
 
 
 
  
 
 
 
Balance, end of period before cumulative loss on impairment
  
 
28,454
 
  
 
28,454
 
Accumulated loss on impairment
  
 
(4,456
) 
  
 
(4,763
) 
 
  
 
 
 
  
 
 
 
Ending period balance
  
$
23,998
 
  
$
23,691
 
 
  
 
 
 
  
 
 
 
Schedule of Assumptions Used The key estimates and assumptions used for our enterprise valuations for the reporting units subject to testing are as follows:
Publishing Enterprise Valuations
    December 31, 2019  
March 31, 2020
Risk adjusted discount rate
    10.0%  
10.5%
Operating margin ranges
    1.5% – 3.9%  
0.0% – 3.9%
Long-term revenue growth rates
    0.5%  
0.5%