Federal Communications Commission ("FCC") licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the FCC licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its FCC licenses are impaired. If the Company determines it is more likely than not that its FCC licenses are impaired, then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the FCC licenses with the carrying amounts of such licenses. If the carrying amounts of the FCC licenses exceed the fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing FCC licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. The FCC license valuations are Level 3 non-recurring fair value measurements.

Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues, the Company tested its FCC
licenses for impairment during the third quarter of 2023. As a result of the quantitative impairment tests performed as of September
30, 2023, the Company recorded impairment losses of $78.2 million related to the FCC licenses in each of its market clusters. The
impairment losses were primarily due to an increase in the discount rate due to certain risks associated with the U.S. economy and a
decrease in the projected revenues in each market cluster used in the discounted cash flow analyses to estimate the fair values of the
FCC licenses.

The fair values of the FCC licenses in each of the market clusters were 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 shares, 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		(1.2)% - 1.8%
Market revenue shares at maturity		0.4% - 44.7%
Operating income margins at maturity		19.7% - 30.4%
Discount rate		10.0%

During the second quarter of 2023, due to the potential sale of substantially all of the assets used in the operations of WJBR-FM
in Wilmington, DE, the Company recorded an impairment loss of $10.0 million related to the FCC license. The Company completed the sale of WJBR-FM on October 5, 2023.