Assets Held for Sale and Discontinued Operations

6 Months Ended

Jun. 30, 2019

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. Our radio business consisted of 34 radio stations in eight markets. We closed on the sale of our Tulsa radio stations on October 1, 2018, closed on the sales of our Milwaukee, Knoxville, Omaha, Springfield and Wichita radio stations on November 1, 2018 and closed on the sales of our Boise and Tucson radio stations on December 12, 2018.

Operating results of our discontinued radio operations were as follows:



(in thousands)	Three Months Ended June 30, 2018			Six months ended June 30, 2018

Operating revenues	$	17,386		$	30,685
Total costs and expenses	(13,421		)	(24,937		)
Impairment of goodwill and intangible assets	(5,900		)	(25,900		)
Other, net	(9		)	(157		)
Loss from discontinued operations before income taxes	(1,944		)	(20,309		)
Provision (benefit) for income taxes	998			1,137
Net loss from discontinued operations	$	(2,942	)	$	(21,446	)

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. For the second quarter of 2018, operating results of our discontinued radio operations included a $5.9 million charge to adjust the carrying value of our radio business assets to sale prices agreed to with buyers for our Tulsa and Milwaukee stations and estimated values of the remaining stations.