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FCC Licenses (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

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%