Quarterly report pursuant to Section 13 or 15(d)

Broadcast Licenses

v3.19.2
Broadcast Licenses
6 Months Ended
Jun. 30, 2019
Text Block [Abstract]  
Broadcast Licenses
NOTE 9. BROADCAST LICENSES
We account for broadcast licenses in accordance with FASB ASC Topic 350
Intangibles—Goodwill and Other
. We do not amortize broadcast licenses, but rather test for impairment annually or more frequently if events or circumstances indicate that the value may be impaired. In the case of our broadcast radio stations, we would not be able to operate the properties without the related broadcast license for each property. Broadcast licenses are renewed with the Federal Communications Commission (“FCC”) every eight years for a nominal fee that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements that are necessary for the FCC renewal and all of our broadcast licenses have been renewed at the end of their respective periods. We expect all of our broadcast licenses to be renewed in the future and therefore, we consider our broadcast licenses to be indefinite-lived intangible assets. We are not aware of any legal, competitive, economic or other factors that materially limit the useful life of our broadcast licenses. There were no indications of impairment during the period ended June 30, 2019.
 
 
The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators.
 

Broadcast Licenses
  Twelve Months Ended
December 31, 2018
   
Six Months Ended

June 30, 2019
 
   
(Dollars in thousands)
 
Balance before cumulative loss on impairment, beginning of period
  $ 486,455    
$
484,691
 
Accumulated loss on impairment, beginning of period
    (105,541    
(108,375
   
 
 
   
 
 
 
Balance after cumulative loss on impairment, beginning of period
    380,914      
376,316
 
   
 
 
   
 
 
 
Acquisitions of radio stations
    6,270      
—  
 
Acquisitions of FM translators and construction permits
    19      
300
 
Abandoned capital projects
    (40    
—  
 
Dispositions of radio stations
    (8,013    
(4,291
Impairments based on the estimated fair value of broadcast licenses
    (2,834    
—  
 
   
 
 
   
 
 
 
Balance before cumulative loss on impairment, end of period
    484,691      
480,700
 
   
 
 
   
 
 
 
Accumulated loss on impairment, end of period
    (108,375    
(108,375
   
 
 
   
 
 
 
Balance after cumulative loss on impairment, end of period
  $ 376,316    
$
372,325