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FCC Licenses (Tables) | 12 Months Ended
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Dec. 31, 2021
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Carrying Amount of Broadcasting Licenses | Changes in the carrying amount of FCC licenses for the years ended December 31, 2020 and 2021 are as follows:
Balance as of January 1, 2020 |  | $ | 517,529,167 |
Impairment losses |  |  | (8,970,812 | )
Balance as of December 31, 2020 |  |  | 508,558,355 |
Disposition |  |  | (144,442 | )
Balance as of December 31, 2021 |  | $ | 508,413,913 |
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%

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