
(in thousands)	Local Media		Scripps Networks		Other		Total

Gross balance as of December 31, 2025	$	1,064,474	$	2,022,159	$	7,190	$	3,093,823
Accumulated impairment losses	(205,717)		(969,772)		—		(1,175,489)
Net balance as of December 31, 2025	858,757		1,052,387		7,190		1,918,334
Sale of television stations in Gray swap	(26,770)		—		—		(26,770)
Acquired television stations from Gray swap	4,932		—		—		4,932
Impairment charge	—		(966,682)		—		(966,682)
Balance as of June 30, 2026	$	836,919	$	85,705	$	7,190	$	929,814

Gross balance as of June 30, 2026	$	1,036,223	$	2,022,159	$	7,190	$	3,065,572
Accumulated impairment losses	(199,304)		(1,936,454)		—		(2,135,758)
Net balance as of June 30, 2026	$	836,919	$	85,705	$	7,190	$	929,814


(in thousands)	As of June 30, 2026		As of December 31, 2025

Amortizable intangible assets:
Carrying amount:
Television network affiliation relationships	$	714,950	$	1,025,844
Customer lists and advertiser relationships	216,295		216,622
Other	143,254		138,053
Total carrying amount	1,074,499		1,380,519
Accumulated amortization:
Television network affiliation relationships	(259,581)		(362,580)
Customer lists and advertiser relationships	(184,418)		(174,261)
Other	(89,254)		(90,417)
Total accumulated amortization	(533,253)		(627,258)
Net amortizable intangible assets	541,246		753,261
Indefinite-lived intangible assets — FCC licenses	782,416		764,515
Total other intangible assets	$	1,323,662	$	1,517,776

Estimated amortization expense of intangible assets for each of the next five years is $39.1 million for the remainder of 2026, $74.0 million in 2027, $52.6 million in 2028, $47.8 million in 2029, $47.8 million in 2030, $38.2 million in 2031 and $241.7 million in later years.

Upon our acquisition of ION Media in 2021, we simultaneously sold 23 ION television stations to INYO Broadcast Holdings to comply with ownership rules of the FCC. These divested stations became independent affiliates of ION pursuant to long-term affiliation agreements. The purchase price allocation for the ION acquisition attributed $422 million of value to these INYO affiliation agreements and are reflected as an intangible asset within our "Television network affiliation relationship" caption. The INYO affiliation agreements intangible asset was established with a 20 year useful life.

Goodwill and other indefinite-lived intangible assets are tested for impairment annually and any time events occur or changes in circumstances indicate it is more likely than not the fair value of a reporting unit, or respective indefinite-lived intangible asset, is below its carrying value. Such events or changes in circumstances include, but are not limited to, changes in business climate, sustained declines in the price of our stock, or other factors resulting in lower cash flow related to such assets.

If the carrying amount exceeds its fair value, then an impairment loss is recognized. Following completion of our 2025 annual goodwill impairment testing, we concluded that the fair value of our Local Media reporting unit exceeded its carrying value by more than 20% and that the fair value of our Scripps Networks reporting unit exceeded its carrying value by approximately 5%.

The Scripps Networks business has experienced lower than projected financial results reflecting the impact of continued pressure from a weak national advertising market, ratings challenges, including impacts from the Nielsen methodology changes, and broader macroeconomic uncertainty. These factors have negatively impacted expected future growth rates, profitability and the cash flows derived from the business, as well as, the expected period of time over which those cash flows will occur, and provided an indication that the fair value of our Scripps Networks reporting unit may be below its carrying value at June 30, 2026.

The quantitative analysis to measure the extent of any goodwill impairment compares the estimated fair values of our reporting units to their respective carrying values. We determine fair value of our reporting units generally using market data, appraised values and discounted cash flow analyses. The use of a discounted cash flow analysis requires significant judgment to estimate the future cash flows derived from the business and the period of time over which those cash flows will occur, as well as to determine an appropriate discount rate. The determination of the discount rate is based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. These reporting unit valuations are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, market growth rates, competitive activities, cost containment, margin expansion and strategic business plans (inputs of which are categorized as Level 3 under

the fair value hierarchy). Additionally, future changes in these assumptions and estimates with respect to long-term growth rates and discount rates or future cash flow projections, could result in significantly different estimates of the fair values.

Following completion of a second quarter 2026 impairment test, we concluded that the fair value of our Scripps Networks reporting unit did not exceed its carrying value and we recognized a non-cash charge of $967 million to reduce the carrying value of goodwill and $169 million to reduce the value of intangible assets.