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Goodwill and other intangible assets | 6 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangible assets | Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2021 and December 31, 2020 (in thousands):
| June 30, 2021 |  | Dec. 31, 2020
| Gross |  | Accumulated Amortization |  | Gross |  | Accumulated Amortization
Goodwill | $ | 2,981,587 |  |  | $ | — |  |  | $ | 2,968,693 |  |  | $ | — |
Indefinite-lived intangibles: |  |  |  |  |  |  |
Television and radio station FCC broadcast licenses | 2,123,898 |  |  | — |  |  | 2,123,898 |  |  | — |
Amortizable intangible assets: |  |  |  |  |  |  |
Retransmission agreements | 235,215 |  |  | (153,684) |  |  | 235,215 |  |  | (138,928) |
Network affiliation agreements | 309,503 |  |  | (84,945) |  |  | 309,503 |  |  | (72,694) |
Other | 71,465 |  |  | (28,486) |  |  | 70,610 |  |  | (23,960) |
Total indefinite-lived and amortizable intangible assets | $ | 2,740,081 |  |  | $ | (267,115) |  |  | $ | 2,739,226 |  |  | $ | (235,582) |
Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition, which are also amortized on a straight-line basis over their useful lives. On January 27, 2021, we acquired Locked On Podcast Network LLC for $13.3 million, which consisted of a base purchase price of $13.8 million and a working capital adjustment of $0.5 million. Locked On produces daily podcasts for every team across the four major professional sports leagues, as well as major college sports teams. In connection with this acquisition, we recorded initial values for goodwill and a tradename of $12.9 million and $0.9 million, respectively. These amounts are based on preliminary valuations, and therefore, these assets are subject to change as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The goodwill is calculated as the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate. The goodwill recognized is expected to be deductible for tax purposes. Interim impairment assessment We review our goodwill and intangible assets for impairment at least annually and also when events or changes in circumstances occur that indicate the fair value may be below its carrying amount. As discussed in our 2020 Form 10-K, after completing our annual impairment test in the fourth quarter of 2020, we had one television station FCC license and one radio station FCC license, with a combined carrying value of $67.2 million and individual impairment headroom of less than 5%. As a result, these two FCC licenses are deemed to be heightened risk of future impairment. Given the ongoing COVID-19 impacts of AMS revenue and operating cash flows, we conducted an impairment assessment of these two FCC licenses at the end of the second quarter. In performing these assessments, we analyzed factors which impact the fair value determination of FCC license assets. This included reviewing the trends in U.S. gross domestic product, the stock market, unemployment trends, discount rates and individual station performance. Based on the analysis performed, we concluded that neither of these FCC licenses were impaired as of June 30, 2021. However, a sustained economic decline, including one resulting from the COVID-19 pandemic, could result in future non-cash impairment charges of our FCC licenses, and any related impairment could have a material adverse impact on our results of operations.

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