v3.24.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) from continuing operations computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) from continuing operations as follows:

			Year Ended December 31,
			2023						2022
			(amounts in thousands)
Federal statutory income tax rate			21		%				21		%
Computed tax expense at federal statutory rates on income before income taxes			$	(312,129)					$	(37,999)
State income tax expense, net of federal benefit			(77,445)						(6,666)
Goodwill impairment			—						3,807
Valuation allowance current year activity			31,722						—
Tax impact of share-based awards			1,290						832
Restructuring and related costs			3,881						—
Nondeductible expenses and other			3,224						(249)
Income tax benefit			$	(349,457)					$	(40,275)

Schedule of Components of Income Tax

Income tax expense (benefit) for each year is summarized in the table below.

						Year Ended December 31,
Income tax expense						2023						2022
Current:						(amounts in thousands)
Current:
Federal						$	—					$	(5,746)
State						914						2,622
Total current						914						(3,124)
Deferred:
Federal						(251,426)						(26,018)
State						(98,945)						(11,133)
Total deferred						(350,371)						(37,151)
Total income taxes (benefit)						$	(349,457)					$	(40,275)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2023 and 2022, are as detailed below.

			As of December 31,
			2023						2022
			(amounts in thousands)
Deferred tax assets:
Federal and state income tax loss carryforwards			$	74,734					$	71,349
Share-based compensation			2,042						2,983
Investments - impairments			752						350
Lease rental obligations			—						3
Deferred compensation			5,696						6,489
Interest Expense Limitation Carryforward			67,750						34,525
Debt fair value adjustment			884						1,156
Reserves			551						551
Lease liability			63,859						63,335
Employee benefits			1,600						2,151
Provision for doubtful accounts			1,826						2,514
Other non-current			—						—
Total deferred tax assets before valuation allowance			219,694						185,406
Valuation allowance			(60,143)						(20,158)
Total deferred tax assets			$	159,551					$	165,248
Deferred tax liabilities:
Lease ROU asset			(53,880)						(56,283)
Property, equipment and certain intangibles			(35,579)						(48,159)
Broadcasting licenses and goodwill			(168,043)						(507,176)
Other non-current			(3,986)						(7,008)
Total deferred tax liabilities			$	(261,488)					$	(618,626)
Total net deferred tax liabilities			$	(101,937)					$	(453,378)

Summary of Valuation Allowance

The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated:

Year Ended						Balance at Beginning of Year						Increase (Decrease) Charged (Credited) to Income Taxes (Benefit)						Increase (Decrease) Charged (Credited) to Balance Sheet						Purchase Accounting						Balance At End Of Year
						(amounts in thousands)
December 31, 2023						$	20,158					$	39,985					$	—					$	—					$	60,143
December 31, 2022						21,249						(1,091)						—						—						20,158

Schedule of Liabilities for Uncertain Tax

The Company’s liabilities for uncertain tax positions are reflected in the following table:

			As of December 31,
			2023						2022
			(amounts in thousands)
Liabilities for uncertain tax positions
Interest and penalties			$	—					$	(297)
Total liabilities for uncertain tax positions			$	—					$	(297)

Schedule of Expense Income for Uncertain Tax Positions

The following table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense:

			Year Ended December 31,
			2023						2022
			(amounts in thousands)
Expense (income) for uncertain tax positions
Interest and penalties (income)			$	—					$	(297)
Total income taxes (benefit) from uncertain tax positions			$	—					$	(297)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

The following table presents the gross amount of changes in unrecognized tax benefits:

			Year Ended December 31,
			2023						2022
			(amounts in thousands)
Beginning of year balance			$	(5,741)					$	(6,204)
Prior year positions
Reductions due to statute lapse			671						463
End of year balance			$	(5,070)					$	(5,741)
Ending liability balance included above that was reflected as an offset to deferred tax assets			$	(5,070)					$	(5,741)

Schedule of Income Tax Payments and Refunds

The following table provides the amount of income tax payments and income tax refunds for the periods indicated:

			Year Ended December 31,
			2023						2022
			(amounts in thousands)
Federal and state income tax payments (refunds)			$	1,728					$	(14,554)

Summary of Operating Loss and Interest Expense Carryforwards

The table below reflects estimates for net operating losses and interest expense carryforwards as the final 2023 returns will not be filed until late 2024:

As of December 31, 2023

Net Operating Losses:

(amounts in thousands)

Expiration Periods (in years)

Federal NOL carryforwards

$

232,114

2032 to indefinite

State NOL carryforwards

$

571,324

2024 to indefinite

Interest Expense Carryforward:

Interest Expense limitation carryforward

$

254,021

Indefinite

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