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Goodwill and intangible assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and intangible assets | NOTE 7 — Goodwill and intangible assets Goodwill and intangible assets consisted of the following:
| December 31, 2025 |  | December 31, 2024
In thousands | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Advertiser relationships | $434,928 |  | $317,104 |  | $117,824 |  | $445,356 |  | $279,176 |  | $166,180
Other customer relationships | 88,609 |  | 67,427 |  | 21,182 |  | 89,106 |  | 59,198 |  | 29,908
Subscriber relationships | 240,272 |  | 205,602 |  | 34,670 |  | 250,820 |  | 183,895 |  | 66,925
Other intangible assets | 66,870 |  | 66,837 |  | 33 |  | 66,870 |  | 66,212 |  | 658
Sub-total | $830,679 |  | $656,970 |  | $173,709 |  | $852,152 |  | $588,481 |  | $263,671
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Mastheads |  |  |  |  | 164,136 |  |  |  |  |  | 166,703
Total intangible assets |  |  |  |  | $337,845 |  |  |  |  |  | $430,374
Goodwill |  |  |  |  | $518,762 |  |  |  |  |  | $530,028
As of December 31, 2025, the weighted average amortization periods for amortizable intangible assets were 11.0 years for advertiser relationships, 10.0 years for other customer relationships, 10.1 years for subscriber relationships, and 3.9 years for other intangible assets. The weighted average amortization period in total for all amortizable intangible assets is 10.1 years. For the years ended December 31, 2025, 2024, and 2023, amortization expense was $79.4 million, $88.1 million, and $90.0 million, respectively. As of December 31, 2025, the estimated future amortization expense for each of the five fiscal years was as follows: 2026 - $60.5 million; 2027 - $59.5 million; 2028 - $24.4 million; 2029 - $18.8 million; and 2030 and thereafter - $10.5 million. Changes in the carrying amount of Goodwill by segment are as follows:
In thousands | USA TODAY Media |  | Newsquest |  | LocaliQ |  | Total
Balance at December 31, 2023 | $401,057 |  | $15,348 |  | $117,471 |  | $533,876
Divestitures | (3,662) |  | — |  | — |  | (3,662)
Foreign exchange | 13 |  | (199) |  | — |  | (186)
Balance at December 31, 2024 | $397,408 |  | $15,149 |  | $117,471 |  | $530,028
Divestitures | (12,375) |  | — |  | — |  | (12,375)
Foreign exchange | (7) |  | 1,116 |  | — |  | 1,109
Balance at December 31, 2025 | $385,026 |  | $16,265 |  | $117,471 |  | $518,762
As of both December 31, 2025 and 2024, the carrying amount of goodwill reflected accumulated impairment losses of $340.8 million, $70.5 million and $44.1 million related to impairments at the USA TODAY Media, Newsquest and LocaliQ segments, respectively. Annual impairment assessment The Company performed its goodwill and indefinite-lived intangible impairment assessment in the fourth quarter of 2025 with the assistance of third-party valuation specialists. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, company earnings multiples and relevant comparable transactions, as applicable, and the amount and timing of expected future cash flows. The cash flows employed in the analysis are based on the Company's internal forecasts, which considered the current and expected future economic and market conditions for each reporting unit. The long-term growth rates are dependent on various factors and could be adversely impacted by a sustained decrease in overall market growth rates, the competitive environment, relative currency exchange rates and a sustained increase in inflation, all of which the Company considered in determining the long-term growth rates used in the 2025 analysis, which ranged from 0% to 3.0%. The discount rates for each reporting unit are determined based on the inherent risks of each reporting unit's underlying operations and may be impacted by adverse changes in the macroeconomic environment and volatility in the equity and debt markets. The Company considered these factors in determining the discount rates used in the 2025 analysis, which ranged from 13.0% to 20.0%. For goodwill, the Company determined the fair value of each reporting unit using a combination of a discounted cash flow analysis and a market-based approach. During the fourth quarter of 2025, t he Company compared the fair value of each reporting unit to its carrying amount, which resulted in the fair value of all the reporting units being in excess of their carrying values. For mastheads, the Company applied a "relief from royalty" approach, a discounted cash flow model, reflecting current assumptions, to determine the fair value of indefinite-lived intangible assets. During the fourth quarter of 2025, the Company compared the fair value of each indefinite-lived intangible asset to its carrying amount, which resulted in the fair value of each indefinite-lived intangible asset being in excess of its carrying value. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred under ASC 360, "Property, Plant and Equipment ("ASC 360"), which would require interim impairment testing. As of December 31, 2025, the Company performed a review of potential indicators for its long-lived asset groups under ASC 360 and it was determined that no indicators of impairment were present. During 2024 and 2023, there were no impairments of goodwill and indefinite-lived intangible assets. While the Company believes its judgments represent reasonably possible outcomes based on available facts and circumstances, adverse changes to the assumptions, including those related to macroeconomic factors, comparable public company trading values and prevailing conditions in the capital markets, could lead to future declines in the fair value of a reporting unit. The Company continually evaluates whether current factors or indicators, such as prevailing conditions in the business environment, capital markets or the economy generally, and actual or projected operating results, require the performance of an interim impairment assessment of goodwill, as well as other long-lived assets. For example, any significant shortfall, now or in the future, in advertising revenues or subscribers and/or consumer acceptance of our products could lead to a downward revision in the fair value of certain reporting units.

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