9. Goodwill

Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As of December 31, 2016, the balance of goodwill includes $5,227 as a result of the acquisition of Interactive Data effective on October 2, 2014, $155,645 as a result of the Fluent Acquisition effective on December 8, 2015, and $5,384 as a result of the Q Interactive Acquisition effective on June 8, 2016. The following table presents the changes in the amount of goodwill for the years ended December 31, 2016 and 2015.

(In thousands)
Balance as of January 1, 2015	$	5,227
Addition as a result of TBO Merger with Tiger Media		35,472
Write-off of goodwill resulted from the disposal of the Advertising Business		(35,472	)
Addition as a result of Fluent acquisition		156,526
Balance as of December 31, 2015		161,753
Decrease as a result of adjustments to the Fluent Acquisition		(881	)
Addition as a result of the Q Interactive Acquisition		5,384
Balance as of December 31, 2016	$	166,256

In accordance with ASC Topic 350, “Intangibles - Goodwill and Other,” goodwill is tested at least annually for impairment, or when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that its fair value exceeds the carrying value. We performed our annual goodwill impairment test on October 1, 2016 which resulted in no impairment of goodwill.

As of December 31, 2016, there are no events or changes in circumstances to indicate that goodwill is impaired.