Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the
Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is necessary to perform a
quantitative assessment for each reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value
of each reporting unit. If the fair value of any reporting unit is less than the carrying amount, the Company will recognize an
impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not
exceed the total amount of goodwill allocated to the reporting unit. For the purpose of testing goodwill for impairment, the Company
has identified its radio market clusters and esports as its reporting units. The goodwill valuation is a Level 3 non-recurring fair value
measurement.

Due to an increase in interest rates in the U.S. economy and a decrease in projected revenues, the Company tested its goodwill for
impairment during the third quarter of 2023. As a result of the quantitative impairment test performed as of September 30, 2023, the
Company recorded an impairment loss of $10.6 million related to the goodwill in its Philadelphia, PA market cluster. The impairment
loss was 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 used in the discounted cash flow analysis to estimate the fair value of the goodwill.

The fair value of the goodwill in the Philadelphia, PA market cluster was estimated using an income approach. The income
approach is based upon a discounted cash flow analysis 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 analysis are as
follows:


Revenue growth rates		(9.3)% - 1.4%
Operating income margin		27.9%
Discount rate		10.0%