
	December 31, 2025		December 31, 2024
Goodwill	$	8,403	$	28,338

Indefinite-lived intangible assets:
FCC Licenses	$	162,800	$	165,964

Definite-lived intangible assets:
Customer relationships	9,083		11,675
Software	791		1,138
Other	45		112
Total	$	181,121	$	207,227

In accordance with ASC Topic 350, Intangibles—Goodwill and Other, the Company reviews intangible assets at least annually for impairment. In connection with any such review, if the recorded value of intangible assets is greater than its fair value, they are written down and charged to results of operations. FCC licenses are renewed every eight years at a nominal cost, and historically our FCC licenses have been renewed at the end of their respective eight-year periods. Since we expect that our FCC licenses will continue to be renewed in the future, we believe they have indefinite lives.

When indicators of impairment are present, the Company will perform an interim impairment test. We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. During the years ended December 31, 2025 and 2024, the Company recognized an impairment losses for Goodwill of $19.9 million and zero, and $3.2 million and zero related to intangible assets, respectively.

Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine the fair value of our FCC licenses, the Company uses both the income approach and the market approach method in its impairment testing. Under the income method, the Company projects cash flows that would be generated by its unit of accounting assuming the unit of accounting was commencing operations in its market at the beginning of the valuation period. This cash flow stream is discounted to arrive at a value for the FCC license. The Company assumes the competitive situation that exists in its market remains unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license.

Major assumptions involved in this analysis include market revenue, market revenue growth rates, EBITDA margin, unit of accounting audience share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. The projections incorporated into our license valuations take into consideration the current economic conditions. Under the market method, the Company uses recent sales of comparable radio and television stations for which the sales value appeared to be concentrated entirely in the value of the license, to arrive at an indication of fair value. The market method is only utilized by the Company when it is determined that recent sales of comparable stations provide an accurate market comparison. When evaluating our radio and television broadcasting licenses for impairment, the testing is performed at the unit of accounting level as determined by ASC Topic 350-30.

Below are some of the key assumption ranges used in our income method annual impairment assessments for our FCC licenses. The long-term growth rates in the markets in which we operate are based on recent industry trends and our expectations for the market going forward.


	December 31, 2025	October 1, 2025	October 1, 2024
Discount Rate	8.9% - 10.5%	9.1% - 10.9%	12.5%
Long-term Revenue Growth Rate	0.4% - 1.2%	(0.1)% - 1.2%	0.5%
Mature Market Share	0.2% - 10.0%	0.2% - 10.0%	11.3%
Operating Profit Margin	10.0% - 26.7%	15.9% - 27.0%	23.2% - 29.2%

As of December 31, 2025 the carrying amount of the Company’s Goodwill was $8.4 million; allocated to our Video Segment and zero allocated to our Audio Segment. As of December 31, 2024, $8.4 million was allocated to our Video Segment and $19.9 million was allocated to our Audio Segment.

Goodwill is tested for impairment at least annually in accordance with ASC Topic 350, Intangibles—Goodwill and Other, and more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company performs its annual goodwill impairment test as of October 1. Goodwill is tested for impairment at the reporting unit level, which is defined as our business segment or a level below the business segment when discrete financial information is available and segment management regularly reviews the operating results.

During the current period, the Company performed a quantitative goodwill impairment assessment for each reporting unit. The quantitative assessment compares the fair value of each reporting unit to its respective carrying value. Fair value was estimated using an income and market based approach on a going concern basis in the context of a potential asset sale transaction. Under the income approach, fair value was determined by projecting net free cash flows of the reporting unit and discounting those cash flows to present value. Under the market approach, fair value was estimated by applying selected market multiples to the reporting unit’s cash flows. The market multiples used were derived from peer company comparisons, analyst reports, and recent market transactions.

If the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge is recognized for the amount of the excess in the statement of operations. As of October 1, 2025, the Company performed a qualitative assessment for its audio and video reporting units and concluded that it was more likely than not that the fair value of each reporting unit exceeded its carrying amount. Due to a significant decline in the Company’s stock price during the fourth quarter of 2025, the Company identified a triggering event and performed quantitative impairment tests as of December 31, 2025 for both reporting units. Based on the quantitative impairment analysis performed as of December 31, it was determined that the audio segment goodwill was impaired by $19.9 million, while the video segment was not impaired.

The following table presents the weighted-average remaining useful life at December 31, 2025 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2025 and 2024:


		December 31, 2025						December 31, 2024
	Weighted Average Remaining Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	13.3	$	13,704	$	4,621	$	9,083	$	13,704	$	2,029	$	11,675
Software	2.4	1,733		942		791		1,733		595		1,138
Other	0.9	256		211		45		256		144		112
Total		$	15,693	$	5,774	$	9,919	$	15,693	$	2,768	$	12,925

The software was developed internally by our radio operations and represents our updated websites and mobile applications, which offer increased functionality and opportunities to grow and interact with our audience. They cost $1.7 million to develop and useful lives of five years and seven years were assigned to the application and website, respectively. The customer relationships and time brokerage agreements (Other) were acquired as part of the Estrella Acquisition. In accordance with ASC 360, the Company evaluated its property and equipment and definite-lived intangible assets for recoverability by comparing the projected undiscounted cash flows expected to be generated by the related asset groups to their carrying values. Based on this assessment, the projected undiscounted cash flows exceeded the carrying values of the respective asset groups, and therefore no impairment charges were recognized for these assets.

Total amortization expense from definite-lived intangibles for the years ended December 31, 2025 and 2024, was $3.0 million and $2.5 million, respectively. The Company estimates amortization expense each of the next five years as follows: