Quarterly report pursuant to Section 13 or 15(d)

Goodwill (Tables)

v3.23.2
Goodwill (Tables)
 6 Months Ended
Jun. 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
 
  
Six Months Ended
June 30, 2023
 
  
 
 
  
 
 
  
(Dollars in thousands)
 
Balance, beginning of period before cumulative loss on impairment,
  
$
28,749
 
  
$
28,976
 
Accumulated loss on impairment
  
 
(4,763
) 
  
 
(4,891
) 
    
 
 
     
 
 
  
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
) 
  
 
(1,847
) 
    
 
 
     
 
 
  
Ending period balance
  
$
24,085
 
  
$
23,499
 
    
 
 
     
 
 
  
Balance, end of period before cumulative loss on impairment
  
 
28,976
 
  
 
30,237
 
Accumulated loss on impairment
  
 
(4,891
) 
  
 
(6,738
) 
    
 
 
     
 
 
  
Ending period balance
  
$
24,085
 
  
$
23,499
 
    
 
 
     
 
 
  
Schedule of Assumptions Used
The key estimates and assumptions used for our enterprise valuations were as follows:
 
Broadcast Markets Enterprise Valuations
  
December 31, 2022
  
June 30, 2023
Risk-adjusted discount rate
    10.5%  
10.5%
Operating profit margin ranges
    0.9% – 5.3%  
(1.5)% – 3.0%
Long-term revenue growth rates
    0.6%  
0.6%