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FCC Licenses (Tables)
 9 Months Ended
Sep. 30, 2020
Text Block [Abstract]  
Carrying Amount of Broadcasting Licenses
Changes in the carrying amount of Federal Communications Commission (“FCC”) licenses for the nine months ended September 30, 2020 are as follows:
 
Balance as of January 1, 2020
  $517,529,167 
Impairment losses
   (6,804,412) 
  
 
 
 
Balance as of September 30, 2020
  $510,724,755 
  
 
 
 
Discounted Cash Flow Analyses
The key assumptions used in the discounted cash flow analyses are as follows:
 
Revenue growth rates
  
(14.1)% - 7.9%
Market revenue shares at maturity
  0.6% - 39.0%
Operating income margins at maturity
  26.5% - 35.4%
Discount rate
  9.5%
The key assumptions used in the discounted cash flow analyses are as follows: 
 
Revenue growth rates
  
0.5% - 18.8%
Market revenue shares at maturity
  0.6% - 44.4%
Operating income margins at maturity
  
19.5% - 33.3%
Discount rate
  9.0%