Quarterly report pursuant to Section 13 or 15(d)

Goodwill (Tables)

v3.23.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2022		    
Nine Months Ended
September 30, 2023
  
                  
    
(Dollars in thousands)
  
Balance, beginning of period before cumulative loss on impairment
    $ 28,749    
$
28,975
 
Accumulated loss on impairment
      (4,763 )   
 
(4,890
) 
    
 
 
    
 
 
  
Balance, beginning of period after cumulative loss on impairment
      23,986    
 
24,085
 
    
 
 
    
 
 
  
Acquisitions of radio stations
      —     
 
80
 
Acquisitions of digital media entities
      226    
 
1,181
 
Loss on impairment
      (127 )   
 
(2,580
) 
    
 
 
    
 
 
  
Ending period balance
    $ 24,085    
$
22,766
 
    
 
 
    
 
 
  
Balance, end of period before cumulative loss on impairment
      28,975    
 
30,236
 
Accumulated loss on impairment
      (4,890 )   
 
(7,470
) 
    
 
 
    
 
 
  
Ending period balance
    $ 24,085    
$
22,766
 
    
 
 
     
 
 
  
Schedule of Assumptions Used
The key estimates and assumptions used for our enterprise valuations were as follows:
 
Digital Media Enterprise Valuations
  
December 31, 2022
  
June 30, 2023
  
September 30, 2023
Risk-adjusted discount rate
    10.5%   10.5%  
11.0%
Operating profit margin ranges
    0.9% –5.3%   (1.5)% – 3.0%  
(13.6)% 
–
 
21%
Long-term revenue growth rates
    0.6%   0.6%  
0.5%

Publishing Enterprise Valuations
  
December 31, 2022
  
September 30, 2023
Risk-adjusted discount rate
    10.5%  
11.0%
Operating profit margin ranges
   
(9.0)% -
 
4.9%
  
(17.9)% 
–
 2.4%
Long-term revenue growth rates
    0.5%  
0.5%