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FCC Licenses (Tables) | 12 Months Ended
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Dec. 31, 2025
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Carrying Amount of Broadcasting Licenses | Changes in the carrying amount of FCC licenses for the years ended December 31, 2024 and 2025 are as follows:
Balance as of January 1, 2024 |  | $ | 393,006,900 |
License terminations |  |  | (747,069 | )
Balance as of December 31, 2024 |  |  | 392,259,831 |
Dispositions (see Note 3) |  |  | (7,185,620 | )
Assets held for sale reclassification (see Note 3) |  |  | (5,191,700 | )
License terminations |  |  | (356,162 | )
Impairment losses |  |  | (224,815,149 | )
Balance as of December 31, 2025 |  | $ | 154,711,200 |
Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows:
Revenue growth rates |  | (9.0)% - 3.5%
Market revenue shares at maturity |  | 15.2% - 45.8%
Operating cash flow margins at maturity |  | 12.0% - 23.3%
Discount rate |  | 12.0%
The key assumptions used in the discounted cash flow analyses are as follows:
Revenue growth rates |  | (10.7)% - 6.1%
Market revenue shares at maturity |  | 0.4% - 45.4%
Operating cash flow margins at maturity |  | 19.7% - 28.6%
Discount rate |  | 9.0%

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