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FCC Licenses | 12 Months Ended
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Dec. 31, 2019
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FCC Licenses |
(5) | FCC Licenses
Changes in the carrying amount of FCC licenses for the years ended December 31, 2018 and 2019 are as follows:
Balance as of January 1, 2018 |  | $ | 489,186,679 |
Acquisitions of translator licenses |  |  | 202,675 |
Business acquisition (see Note 3) |  |  | 27,346,200 |
Balance as of December 31, 2018 |  |  | 516,735,554 |
Asset acquisition (see Note 3) |  |  | 13,155,601 |
Impairment losses |  |  | (12,361,988 | )
Balance as of December 31, 2019 |  | $ | 517,529,167 |
The Company performed its annual impairment test for its FCC licenses as of November 30, 2019. As a result of the impairment test, the Company recorded impairment losses of $12.4 million related to the FCC licenses in its Atlanta, GA and West Palm Beach-Boca Raton, FL market clusters for the year ended December 31, 2019. The impairment losses were primarily due to a reduced share of projected revenue in these markets. The Company believes the impairment losses are indicative of trends in the industry and are not unique to the Company or its operations. The fair value of the FCC license in Atlanta, GA and in West Palm Beach-Boca Raton, FL market clusters was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected radio market revenues, projected growth rate for radio market revenues, projected radio market revenue share, projected radio station operating income margins, and a discount rate appropriate for the radio broadcasting industry. The key assumptions used in the discounted cash flow analyses are as follows:
Revenue growth rates |  | 0.5% - 1.4%
Market revenue shares at maturity |  | 0.6% - 1.1%
Operating income margins at maturity |  | 27.5% - 29.8%
Discount rate |  | 9.0%

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