Quarterly report pursuant to Section 13 or 15(d)

Goodwill (Tables)

v3.22.2.2
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2022
Schedule of Changes in Goodwill
The following table presents the changes in goodwill including business acquisitions discussed in Note 3 of our Condensed Consolidated Financial Statements.
 
 
 
 
 
 
 
 
 
 
Goodwill
    Twelve Months Ended
December 31, 2021		     
Nine Months Ended
September 30, 2022
  
    
(Dollars in thousands)
  
Balance, beginning of period before cumulative loss on impairment,
   
$
28,520
 
   
$
28,749
 
Accumulated loss on impairment
   
 
(4,763
) 
   
 
(4,763
) 
    
 
 
     
 
 
  
Balance, beginning of period after cumulative loss on impairment
   
 
23,757
 
   
 
23,986
 
    
 
 
     
 
 
  
Acquisitions of radio stations
   
 
4
 
   
 
—  
 
Acquisitions of digital media entities
   
 
225
 
   
 
2
 
Loss on impairment
   
 
—  
 
   
 
(127
) 
    
 
 
     
 
 
  
Ending period balance
   
$
23,986
 
   
$
23,861
 
    
 
 
     
 
 
  
Balance, end of period before cumulative loss on impairment
   
 
28,749
 
   
 
28,751
 
Accumulated loss on impairment
   
 
(4,763
) 
   
 
(4,890
) 
    
 
 
     
 
 
  
Ending period balance
   
$
23,986
 
   
$
23,861
 
    
 
 
     
 
 
  
Schedule Of Reporting Unit Fair Value In Excess Of Carrying Amount Based On Impairment Test
The table below presents the percentage by which the estimated fair value exceeded the carrying value, including goodwill, based on the results of our interim impairment testing:
 
 
 
 
 
 
 
 
Excess Fair Value
    December 31, 2021   June 30, 2022  
September 30, 2022
Digital Media Enterprise Valuations
   
122.5%
  
141.7%
  
161.9%
Publishing Enterprise Valuations
   
113.2%
  
4.0%
  
3.2%
Broadcast Markets Enterprise Valuations [Member]  
Schedule of Assumptions Used
The key estimates and assumptions used for our enterprise valuations were as follows:
 
 
 
 
 
Broadcast Markets Enterprise Valuations
    December 31,
2021		  
June 30, 2022
Risk-adjusted discount rate
   
8.5%
  
9.5%
Operating profit margin ranges
   
(1.4%) –15.0%
  
(7.8%) –15.0%
Long-term revenue growth rates
   
0.4%
  
0.4%
Digital Media [Member]  
Schedule of Assumptions Used The key estimates and assumptions used for our enterprise valuations were as follows:
             
Digital Media Enterprise Valuations
    December 31, 2021   June 30, 2022  
September 30, 2022
Risk adjusted discount rate
   
9.5%
  
10.5%
  
10.5%
Operating profit margin ranges
   
25.3% – 28.5%
  
28.5% – 32.9%
  
29.0% – 33.55
Long-term revenue growth rates
   
0.5%
  
0.5%
  
0.5%
Publishing [Member]  
Schedule of Assumptions Used The key estimates and assumptions used for our enterprise valuations were as follows:
 
 
 
 
 
 
 
Publishing Enterprise Valuations
    December 31, 2021   June 30, 2022  
September 30, 2022
Risk adjusted discount rate
   
9.5%
  
10.5%
  
10.5%
Operating margin ranges
   
2.4% – 5.2%
  
0.5% – 3.0%
  
0.5% – 2.7%
Long-term revenue growth rates
   
0.5%
  
0.5%
  
0.5%