NOTE 7. BROADCAST LICENSES
The following table presents the changes in broadcasting licenses that include capital projects and acquisitions of radio stations and FM translators as discussed in Note 4 of our Condensed Consolidated financial statements.
| | | Twelve Months Ended | | Nine Months Ended | | | Broadcast Licenses | | December 31, 2016 | | September 30, 2017 | | | | | (Dollars in thousands) | | | Balance, beginning of period before cumulative loss on impairment | | $ | 492,032 | | $ | 494,058 | | | Accumulated loss on impairment | | | (99,001) | | | (105,541) | | | Balance, beginning of period after cumulative loss on impairment | | | 393,031 | | | 388,517 | | | Acquisitions of radio stations | | | 74 | | | | | | Acquisitions of FM translators and construction permits | | | 1,645 | | | 198 | | | Capital projects to improve broadcast signal and strength | | | 307 | | | 5 | | | Impairments based on estimated fair value of broadcast licenses | | | (6,540) | | | | | | Balance, end of period before cumulative loss on impairment | | | 494,058 | | | 494,261 | | | Accumulated loss on impairment | | | (105,541) | | | (105,541) | | | Balance, end of period after cumulative loss on impairment | | $ | 388,517 | | $ | 388,720 | |
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