v3.26.1
GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET
12. GOODWILL, NET AND OTHER INTANGIBLE ASSETS, NET
Impairment Assessment
The Company performs an annual impairment assessment as of October 1 of each year. The Company identified interim triggering events which led to performing interim impairment assessments during the year, including the most recent qualitative interim testing performed as of December 31, 2025.
Goodwill, Net
The Company’s total goodwill carrying value is approximately $132.4 million as of December 31, 2025. The table below presents the changes in the Company’s goodwill carrying values for its reportable segments during 2025 and 2024:
Radio
Broadcasting		Reach
Media
Digital(1)
Cable Television(1)
Total
(in thousands)
As of December 31, 2023
Gross goodwill$154,967 $30,468 $27,567 $165,044 $378,046 
Accumulated impairment losses(124,988)(16,114)(20,345)— (161,447)
Net goodwill at December 31, 2023$29,979 $14,354 $7,222 $165,044 $216,599 
Additions— — — — — 
Impairments— — — (20,174)(20,174)
As of December 31, 2024
Gross goodwill$154,967 $30,468 $27,567 $165,044 $378,046 
Accumulated impairment losses(124,988)(16,114)(20,345)(20,174)(181,621)
Net goodwill at December 31, 2024$29,979 $14,354 $7,222 $144,870 $196,425 
Additions— — — — — 
Impairments(3,858)(502)(6,567)(53,115)(64,043)
Intersegment transfers (out) in(1)
— — (655)655 — 
As of December 31, 2025
Gross goodwill$154,967 $30,468 $26,912 $165,699 $378,046 
Accumulated impairment losses(128,846)(16,616)(26,912)(73,289)(245,664)
Net goodwill at December 31, 2025$26,121 $13,852 $— $92,410 $132,382 
(1) Includes the allocation of goodwill relating to the reclassification of the portion of the Company's connected TV offering previously within the Digital reportable segment to our Cable Television reportable segment. See Note 18 - Segment Information for information on this segment reclassification.
As of May 31, 2025, an overall decline in revenues and operating profit margins created a triggering event indicating the fair value of each of the Company's Radio Broadcasting, Reach Media and Digital reporting units were more likely than not to be less than its carrying value. Therefore, the Company performed interim quantitative assessments at ten of the reporting units containing goodwill. During the three months ended June 30, 2025, the Company recorded impairment losses of approximately $4.9 million and $3.9 million to reduce the carrying value of our Digital and Radio Broadcasting goodwill balances, respectively.
On July 1, 2025, the Company determined the components of our Radio Broadcasting operating segment represent a single reporting unit. See further information in Note 2 - Summary Of Significant Accounting Policies.
The Company performed an annual impairment assessment as of October 1, 2025 for all reporting units. Based on the impairment assessment performed, the Company recorded impairment losses of approximately $1.7 million to reduce the carrying value of our Digital goodwill balances. For the remaining reporting units no goodwill impairment losses were recognized.
As of December 31, 2025, an overall decline in revenue, forecasted revenue and operating profit margin brought on by declining industry and macro-economic conditions created a triggering event indicating the fair value of each of the Cable Television and Reach Media reporting units were more likely than not to be less than its’ carrying value. As a result, the Company performed an interim quantitative impairment assessment for the Cable Television and Reach Media reporting units to determine whether they were impaired. The Company estimated the fair value of the reporting units by utilizing a discounted cash flow model. The key assumptions used in the discounted cash flow model for goodwill include projected revenues, operating profit margins, terminal rate and discount rate. For Cable Television, the Company utilized a market value approach to supplement the discounted cash flow model. The market value approach utilized average EBITDA multiples from guideline public companies. See Note 6 - Fair Value Measurements of the Company's consolidated financial statements for key inputs in the Cable Television and Reach Media reporting units. Based on the assessment, the Company recognized impairment losses of approximately $53.1 million, and $0.5 million to reduce the carrying value of our Cable Television and Reach Media goodwill balances, respectively, for the year ended December 31, 2025.
Radio Broadcasting Licenses, Net
As of March 31, 2025 and May 31, 2025, the Company's projected market revenues and operating profit margins declined within the Radio Broadcasting segment creating a triggering event indicating that the fair value of certain of the Company’s radio broadcasting licenses were more likely than not to be less than their carrying value.
To determine the fair value of the radio broadcasting licenses, the Company utilized the income approach which values a license by calculating the value of a hypothetical startup company that initially has no assets except the asset to be valued (“the broadcasting license”). The Company performed a discounted cash flow model for broadcasting licenses across relevant radio markets. The key assumptions used in the discounted cash flow model for broadcasting licenses include market revenues, projected revenues by markets, market shares, operating profit margins, and discount rates.
The Company recognized an impairment loss of approximately $6.4 million associated with five radio markets within the Radio Broadcasting segment, included in impairment of goodwill and intangible assets, on the consolidated statement of operations during the three months ended March 31, 2025.
The Company recognized an impairment loss of approximately $121.3 million associated with twelve radio markets within the Radio Broadcasting segment, included in impairment of goodwill and intangible assets, on the consolidated statement of operations during the three months ended June 30, 2025.
For the years ended December 31, 2025 and 2024, the Company recorded impairment losses against radio broadcasting licenses, of approximately $127.8 million and $118.5 million, respectively, which are included within the impairment of goodwill and intangible assets in the consolidated statements of operations.
The Company’s licenses expire at various dates beginning October 1, 2027 through August 1, 2030. The FCC grants radio broadcast station licenses for specific periods of time and, upon application, may renew them for additional terms. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application is pending. Under the Communications Act, radio broadcast station licenses may be granted for a maximum term of 8 years. The FCC may grant the license renewal application with or without conditions, including renewal for a term less than the maximum otherwise permitted. Historically, the Company’s licenses have been renewed for a full 8-year terms without any conditions or sanctions; however, there can be no assurance that the licenses of each of the Company’s stations will be renewed for a full term without conditions or sanctions.
Below are the key assumptions used in the income approach for estimating the broadcasting licenses in the most recent interim impairments performed during the years-ended December 31, 2025 and 2024, respectively.
Radio Broadcasting
Licenses		May 31,
2025		March 31,
2025		September 30, 2024**
June 30,
2024 (*)
Impairment charge (in millions)$121.3$6.4$37.7$80.8
Discount rates9.5%
9.5% – 10.0%
10.5%10.0%
Projected revenues assumption rate range
(3.2)% – 0.3%
(1.9)% – 1.0%
(4.0)% – 0.3%
(3.2)% – 0.2%
Market shares range
0.8% – 33.0%
0.8% – 30.0%
1.1% – 30.5%
1.0% – 28.5%
Operating profit margins range
0.8% – 30.0%
2.8% – 30.0%
1.3% – 30.0%
2.5% – 30.0%
(*) Key assumptions presented on the table for these periods relate to certain markets that were quantitatively assessed as part of the interim impairment assessments.
(**) Annual impairment testing assumptions were consistent with the interim impairment testing.
Due to industry and macro-economic conditions along with ongoing declines in national and local radio listenership, and forecasted cash flows for the Radio Broadcasting segment, the Company reassessed the useful life for the broadcasting licenses. As a result of the reassessment, the Company concluded that the useful life should change from indefinite-lived to finite-lived intangible assets effective June 1, 2025. The Company has adopted an accelerated amortization method and will amortize the assets with a carrying value of approximately $130.0 million as of June 1, 2025 over a 9 to 18 year period This was considered a change in estimate, was accounted for prospectively, and resulted in amortization expense of approximately $9.0 million included in depreciation and amortization, on the consolidated statements of operations for the year ended December 31, 2025.
The following table presents the changes in the Company’s radio broadcasting licenses carrying value during 2025 and 2024:
Total
(in thousands)
Balance at January 1, 2024$375,296 
Acquisitions(a)
955 
Impairment charges(118,492)
Balance at December 31, 2024$257,759 
Amortization expense(8,973)
Impairment charges(127,772)
Balance at December 31, 2025$121,014 
(a) Measurement period adjustment primarily related to the addition from the La Mega transaction as defined in Note 10 - Acquisitions And Dispositions of the Company's consolidated financial statements.
Future estimated amortization expense related to the broadcasting licenses for the years 2026 through 2030, and thereafter, is as follows:
(In thousands)
2026$14,785 
202713,762 
202812,740 
202911,717 
203010,695 
Thereafter57,315 
TV One Trade Name, Net
Due to industry and macro-economic conditions along with ongoing subscriber churn, and forecasted cash flows for the Cable Television segment, the Company reassessed the useful life for the trade name TV One (the “TV One Trade Name”). As a result of the reassessment, the Company concluded that the useful life should change from indefinite-lived to a finite-lived intangible asset effective January 1, 2025. The Company has adopted an accelerated amortization method and started to amortize this asset with a carrying value of approximately $26.6 million as of January 1, 2025 over a 20-year period. This was considered a change in estimate, was accounted for prospectively, and resulted in amortization expense of approximately $2.5 million included in depreciation and amortization, on the consolidated statement of operations for the year ended December 31, 2025.
The following table presents the changes in the Company’s trade name carrying value during the year ended December 31, 2025:
TV One Trade Name
(in thousands)
Net trade name at December 31, 2023$39,690 
Impairments(13,089)
Net trade name at December 31, 2024$26,601 
Amortization expense(2,533)
Net trade name at December 31, 2025
$24,068 

Future estimated amortization expense related to the TV One Trade Name for the years 2026 through 2030, and thereafter is as follows:

(In thousands)
2026$2,407 
20272,280 
20282,154 
20292,027 
20301,900 
Thereafter13,300 
Intangible Assets Excluding Goodwill, Net and Radio Broadcasting Licenses, Net
Other intangible assets, net excluding goodwill, net and radio broadcasting licenses, net are amortized using a straight-line amortization method over various periods. Other intangible assets consist of the following:
As of December 31,Period of
Amortization		Remaining
Weighted-
Average
Period of
Amortization
20252024
(in thousands)
Gross Carrying
Amount		Accumulated
Amortization		Net
Amount		Gross Carrying
Amount		Accumulated
Amortization		Net
Amount
Brand names$4,161 $(3,935)$226 $4,161 $(3,803)$358 
5‑10 Years
2.1 Years
TV One Trade Name, net(1)
26,601 (2,533)24,068 26,601 — 26,601 
20 Years
19 Years
Launch assets, net of current portion22,634 (22,472)162 22,798 (19,071)3,727 Contract length2.3 Years
Other302 (131)171 302 (128)174 
1‑15 Years
3.2 Years
Other intangible assets, net$53,698 $(29,071)$24,627 $53,862 $(23,002)$30,860 
(1) The Company has adopted an accelerated amortization method and started to amortize this asset over its useful life.
Amortization expense of intangible assets for each of the years ended December 31, 2025 and 2024 was approximately $11.6 million and $0.2 million, respectively. The table above excludes launch asset amortization as it is recorded as a reduction to revenue. Actual amortization expenses may vary as a result of future acquisitions and dispositions.