In the second quarter of 2024, as a result of substantial digital advertising revenue declines and continued operating losses at WGB, the Company performed an interim review of the goodwill and intangible assets at the WGB reporting unit. As a result of the impairment review, the Company recorded goodwill and amortized intangible asset impairment charges totaling $26.3 million. The Company estimated the fair value of the reporting unit and amortized intangible asset by utilizing a discounted cash flow model. The carrying value of the reporting unit and amortized intangible asset exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair values. WGB is included in other businesses.

Amortization of intangible assets for the three months ended June 30, 2025 and 2024, was $7.2 million and $10.1 million, respectively. Amortization of intangible assets for the six months ended June 30, 2025 and 2024, was $15.1 million and $20.8 million, respectively. Amortization of intangible assets is estimated to be approximately $12 million for the remainder of 2025, $19 million in 2026, $4 million in 2027, $1 million in 2028 and $1 million in 2029.


(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Other Businesses		Total
Balance as of December 31, 2024
Goodwill	$	1,146,335	$	190,815	$	234,993	$	135,038	$	129,280	$	251,216	$	2,087,677
Accumulated impairment losses	(331,151)		—		(82,062)		—		—		(174,428)		(587,641)
	815,184		190,815		152,931		135,038		129,280		76,788		1,500,036


Acquisitions	1,167		—		—		—		—		—		1,167

Dispositions	(1,204)		—		—		—		—		—		(1,204)

Foreign currency exchange rate changes	35,562		—		—		—		—		—		35,562
Balance as of June 30, 2025
Goodwill	1,181,860		190,815		234,993		135,038		129,280		251,216		2,123,202
Accumulated impairment losses	(331,151)		—		(82,062)		—		—		(174,428)		(587,641)
	$	850,709	$	190,815	$	152,931	$	135,038	$	129,280	$	76,788	$	1,535,561


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total
Balance as of December 31, 2024
Goodwill	$	580,495	$	174,564	$	391,276	$	1,146,335
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	580,495		63,240		171,449		815,184


Acquisitions	—		—		1,167		1,167

Dispositions	(1,204)		—		—		(1,204)

Foreign currency exchange rate changes	35,474		—		88		35,562
Balance as of June 30, 2025
Goodwill	614,765		174,564		392,531		1,181,860
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	$	614,765	$	63,240	$	172,704	$	850,709


		As of June 30, 2025						As of December 31, 2024
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	279,276	$	258,303	$	20,973	$	281,140	$	252,969	$	28,171
Trade names and trademarks	2–10 years	110,497		98,945		11,552		116,081		94,408		21,673
Network affiliation agreements	10 years	17,400		14,717		2,683		17,400		13,848		3,552
Databases and technology	3–6 years	29,852		29,852		—		33,290		33,290		—

Other	1–8 years	36,814		34,991		1,823		41,514		38,214		3,300
		$	473,839	$	436,808	$	37,031	$	489,425	$	432,729	$	56,696
Indefinite-Lived Intangible Assets
Franchise agreements		$	92,158					$	92,158
Trade names and trademarks		63,066						60,994
FCC licenses		11,000						11,000

Other		150						171
		$	166,374					$	164,323