XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by segment was as follows:
(in thousands) |  | Local Media |  | Scripps Networks |  | Other |  | Total
Gross balance as of December 31, 2021 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | — |  |  | $ | 3,151,298 |
Accumulated impairment losses |  | (216,914) |  |  | (21,000) |  |  | — |  |  | (237,914) |
Net balance as of December 31, 2021 |  | 905,494 |  |  | 2,007,890 |  |  | — |  |  | 2,913,384 |
Nuvyyo acquisition |  | — |  |  | — |  |  | 7,190 |  |  | 7,190 |
Balance as of December 31, 2022 |  | $ | 905,494 |  |  | $ | 2,007,890 |  |  | $ | 7,190 |  |  | $ | 2,920,574 |
Gross balance as of December 31, 2022 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | 7,190 |  |  | $ | 3,158,488 |
Accumulated impairment losses |  | (216,914) |  |  | (21,000) |  |  | — |  |  | (237,914) |
Net balance as of December 31, 2022 |  | 905,494 |  |  | 2,007,890 |  |  | 7,190 |  |  | 2,920,574 |
Impairment charge |  | — |  |  | (952,000) |  |  | — |  |  | (952,000) |
Balance as of December 31, 2023 |  | $ | 905,494 |  |  | $ | 1,055,890 |  |  | $ | 7,190 |  |  | $ | 1,968,574 |
Gross balance as of December 31, 2023 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | 7,190 |  |  | $ | 3,158,488 |
Accumulated impairment losses |  | (216,914) |  |  | (973,000) |  |  | — |  |  | (1,189,914) |
Net balance as of December 31, 2023 |  | $ | 905,494 |  |  | $ | 1,055,890 |  |  | $ | 7,190 |  |  | $ | 1,968,574 |
Gross balance as of December 31, 2024 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | 7,190 |  |  | $ | 3,158,488 |
Accumulated impairment losses |  | (216,914) |  |  | (973,000) |  |  | — |  |  | (1,189,914) |
Net balance as of December 31, 2024 |  | $ | 905,494 |  |  | $ | 1,055,890 |  |  | $ | 7,190 |  |  | $ | 1,968,574 |
Other intangible assets consisted of the following:
|  | As of December 31,
(in thousands) |  | 2024 |  | 2023
Amortizable intangible assets: |  |  |  |
Carrying amount: |  |  |  |
Television network affiliation relationships |  | $ | 1,060,244 |  |  | $ | 1,060,244 |
Customer lists and advertiser relationships |  | 220,997 |  |  | 220,997 |
Other |  | 137,997 |  |  | 136,452 |
Total carrying amount |  | 1,419,238 |  |  | 1,417,693 |
Accumulated amortization: |  |  |  |
Television network affiliation relationships |  | (330,233) |  |  | (276,163) |
Customer lists and advertiser relationships |  | (156,310) |  |  | (132,161) |
Other |  | (76,622) |  |  | (61,606) |
Total accumulated amortization |  | (563,165) |  |  | (469,930) |
Net amortizable intangible assets |  | 856,073 |  |  | 947,763 |
Indefinite-lived intangible assets — FCC licenses |  | 779,415 |  |  | 779,415 |
Total other intangible assets |  | $ | 1,635,488 |  |  | $ | 1,727,178 |
Estimated amortization expense of intangible assets for each of the next five years is $90.4 million in 2025, $86.3 million in 2026, $83.2 million in 2027, $62.0 million in 2028, $62.0 million in 2029 and $472.2 million in later years. Goodwill and other indefinite-lived intangible assets are tested for impairment annually and any time events occur or changes in circumstances indicate it is more likely than not the fair value of a reporting unit, or respective indefinite-lived intangible asset, is below its carrying value. Such events or changes in circumstances include, but are not limited to, changes in business climate, significant declines in the price of our stock, or other factors resulting in lower cash flow related to such assets. The quantitative analysis to measure the extent of any goodwill impairment compares the estimated fair values of our reporting units to their respective carrying values. We determine the fair value of each reporting unit with consideration to the discounted cash flow method of the income approach, the general public company method of the market approach and the guideline transactions method of the market approach. The weighting or prevalence of these methods in each annual impairment test can be impacted by current market conditions or the relevance of current data. Particularly for the discounted cash flow analysis, significant judgment is required to estimate the future cash flows derived from the business and the period of time over which those cash flows will occur, as well as to determine an appropriate discount rate. The determination of the discount rate is based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. These reporting unit valuations are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, market growth rates, competitive activities, cost containment, margin expansion and strategic business plans (inputs of which are categorized as Level 3 under the fair value hierarchy). Additionally, future changes in these assumptions and estimates with respect to long-term growth rates and discount rates or future cash flow projections, could result in significantly different estimates of the fair values. If the fair value of a reporting unit, or respective FCC license, is less than its carrying value, then an impairment exits and an impairment charge is recorded. Upon completing our annual test in the fourth quarter of 2024, we determined that the fair value of our reporting units and FCC licenses exceeded their respective carrying values. The fair value of our Local Media reporting unit exceeded its carrying value by more than 20% and that the fair value of our Scripps Networks reporting unit exceeded its carrying value by 1.3%. Given that the fair value of the Scripps Networks reporting unit currently approximates carrying value, this reporting unit is more sensitive to changes in assumptions regarding its fair value. While we believe the estimates and judgments used in determining the fair values were appropriate, these estimates of fair value assume certain levels of growth for the business, which, if not achieved, could impact the fair value and possibly result in an impairment of the goodwill in future periods. During 2023, the Scripps Networks business continued to experience softness within the national advertising marketplace, as macroeconomic challenges continued to impact advertising budgets. A longer than anticipated television advertising recession and the impact of declining linear television viewership trends negatively impacted expected future growth rates, profitability and the cash flows derived from the business as well as the expected period of time over which those cash flows will occur. These factors, coupled with decreases in our market capitalization, provided an indication that the fair value of our Scripps Networks reporting unit may be below its carrying value. We concluded that the fair value of our Scripps Networks reporting unit did not exceed its carrying value and we recognized $952 million in non-cash goodwill impairment charges during 2023.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration