Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Radio Divestiture

In the fourth quarter of 2017, we began the process to divest our radio business. We have classified the radio segment as held for sale in our Condensed Consolidated Balance Sheets and reported its results as discontinued operations in our Condensed Consolidated Statements of Operations.

Operating results of our discontinued radio operations were as follows:



	Three Months Ended March 31,
(in thousands)	2018			2017

Operating revenues	$	13,299		$	14,429
Total costs and expenses	(11,516		)	(12,190		)
Depreciation and amortization of intangibles	—			(863		)
Impairment of goodwill	(20,000		)	—
Other, net	(148		)	(40		)
Income (loss) from discontinued operations before income taxes	(18,365		)	1,336
Provision (benefit) for income taxes	139			542
Net income (loss) from discontinued operations	$	(18,504	)	$	794

During the first quarter of 2018, we recorded a $20 million non-cash impairment charge to write-down the goodwill of our radio business to fair value.

The following table presents a summary of the radio assets held for sale included in our Condensed Consolidated Balance Sheets.



(in thousands)	As of March 31, 2018		As of December 31, 2017

Assets:
Total current assets	$	10,437	$	12,891
Property and equipment	35,699		35,470
Goodwill and intangible assets	67,462		87,462
Other assets	181		181
Total assets included in the disposal group	113,779		136,004
Liabilities:
Total current liabilities	2,525		3,248
Deferred income taxes	16,592		16,288
Other liabilities	—		—
Total liabilities included in the disposal group	19,117		19,536
Net assets included in the disposal group	$	94,662	$	116,468