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FCC Licenses (Tables) | 12 Months Ended
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Dec. 31, 2020
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Carrying Amount of Broadcasting Licenses | Changes in the carrying amount of FCC licenses for the years ended December 31, 2019 and 2020 are as follows:
Balance as of January 1, 2019 |  | $ | 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 |
Impairment losses |  |  | (8,970,812 | )
Balance as of December 31, 2020 |  | $ | 508,558,355 |
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%
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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