GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

8. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table presents the changes in the Company's goodwill carrying values for its reportable segments during 2025:


	Radio Broadcasting		Reach Media		Digital (1)		Cable Television (1)		Total
	(in thousands)
As of December 31, 2024
Gross goodwill	$	154,967	$	30,468	$	27,567	$	165,044	$	378,046
Accumulated impairment losses	(124,988)		(16,114)		(20,345)		(20,174)		(181,621)
Net goodwill at December 31, 2024	$	29,979	$	14,354	$	7,222	$	144,870	$	196,425

Additions	—		—		—		—		—
Impairments	(3,858)		—		(4,891)		—		(8,749)
Intersegment transfers (out) in (1)	—		—		(655)		655		—

As of September 30, 2025
Gross goodwill	$	154,967	$	30,468	$	26,912	$	165,699	$	378,046
Accumulated impairment losses	(128,846)		(16,114)		(25,236)		(20,174)		(190,370)
Net goodwill at September 30, 2025	$	26,121	$	14,354	$	1,676	$	145,525	$	187,676

(1) Includes the allocation of goodwill relating to the reclassification of the portion of the Company's CTV offering previously within the Digital reportable segment to our Cable Television reportable segment. See Note 12 - Segment Information for information on this segment reclassification.

As of May 31, 2025, an overall decline in revenue and operating profit margin created a triggering event indicating the fair value of the Company's Radio Broadcasting, Reach Media and Digital reportable units were more likely than not to be less than its carrying value. Therefore, the Company performed interim quantitative assessments at ten of the reporting units containing goodwill. During the three months ended June 30, 2025, the Company recorded impairment losses of approximately $4.9 million and $3.9 million to reduce the carrying value of our Digital and Radio Broadcasting goodwill balances, respectively.

On July 1, 2025, the Company determined the components of our Radio Broadcasting operating segment represent a single reporting unit. See further information in Note 2 - Summary of Significant Accounting Policies.

Radio Broadcasting Licenses

As of May 31, 2025, the Company's projected gross market revenues and operating profit margin declined within the Radio Broadcasting segment creating a triggering event indicating that the fair value of certain of the Company’s radio broadcasting licenses were more likely than not to be less than its carrying value.

To determine the fair value of the broadcasting licenses, the Company utilized the income approach which values a license by calculating the value of a hypothetical startup company that initially has no assets except the asset to be valued (the broadcasting license). The Company performed a discounted cash flow analysis for broadcasting licenses across relevant radio markets. The key assumptions used in the discounted cash flow analysis for broadcasting licenses include market revenue and projected revenue growth by market, market share, operating profit margin, and discount rate.

Based on this analysis, the Company recognized an impairment loss of approximately $121.3 million associated with twelve radio markets within the Radio Broadcasting segment, included in impairment of goodwill and intangible assets, on the unaudited condensed consolidated statement of operations during the three months ended June 30, 2025.

During the nine months ended September 30, 2025, the Company recognized impairment loss of approximately $127.8 million within the Radio Broadcasting segment, included in impairment of goodwill and intangible assets, on the unaudited condensed consolidated statement of operations.

Below are the key assumptions used in the income approach model for estimating the fair value of the broadcasting licenses for the twelve radio markets in the most recent interim impairment assessment performed as of May 31, 2025.


Radio Broadcasting Licenses			As of May 31, 2025
Discount rate			9.5%
Revenue growth rate range			(3.2)% - 0.3%
Market share range			0.8% - 33.0%
Operating profit margin range			0.8% - 30.0%

Due to industry and macro-economic conditions along with ongoing declines in national and local radio listenership, and forecasted cash flows for Radio Broadcasting, the Company reassessed the useful life for the broadcasting licenses. As a result of the reassessment, the Company concluded that the useful life should change from indefinite-lived to finite-lived intangible assets effective June 1, 2025. The Company has adopted an accelerated amortization method and will amortize the assets with a carrying value of approximately $130.0 million as of June 1, 2025 over a 9 to 18-year period This was considered a change in estimate, was accounted for prospectively, and resulted in amortization expense of approximately $3.8 million and $5.1 million included in depreciation and amortization, on the unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2025, respectively.

The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the nine months ended September 30, 2025.



	(In thousands)
Balance as of January 1, 2025	$	257,759
Impairment charges	(127,772)
Amortization expense	(5,128)
Balance as of September 30, 2025	$	124,859

Future estimated amortization expense related to the broadcasting licenses for the years 2025 through 2030, and thereafter, is as follows:


	(In thousands)
Remainder of 2025	$	3,845
2026	14,785
2027	13,762
2028	12,740
2029	11,717
2030	10,695
Thereafter	57,315

TV One Trade Name

Due to industry and macro-economic conditions along with ongoing subscriber churn, and forecasted cash flows for TV One, the Company reassessed the useful life for the trade name TV One (the “TV One Trade Name”). As a result of the reassessment, the Company concluded that the useful life should change from indefinite-lived to a finite-lived intangible asset effective January 1, 2025. The Company has adopted an accelerated amortization method and started to amortize this asset with a carrying value of approximately $26.6 million as of January 1, 2025 over a 20-year period. This was considered a change in estimate, was accounted for prospectively, and resulted in amortization expense of approximately $0.6 million and $1.9 million included in depreciation and amortization, on the unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2025, respectively.

Future estimated amortization expense related to the TV One Trade Name for the years 2025 through 2030 and thereafter is as follows:


	(In thousands)
Remainder of 2025	$	633
2026	2,407
2027	2,280
2028	2,153
2029	2,027
2030	1,900
Thereafter	13,300