Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

11.

Goodwill and Intangible Assets

During the nine-months ended September 30, 2025, we recorded a non-cash impairment charge of $28 million related to the changes to the network affiliation at one station. As a result of this change, our finite-lived intangible assets decreased during that period. The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions):

	Net Balance at		Acquistitions									Net Balance at
	December 31,		and									September 30,
	2024		Adjustments, Net			Impairments			Amortization			2025

Goodwill	$	2,642	$	-		$	-		$	-		$	2,642
Broadcast licenses		5,311		(1	)		-			-			5,310
Finite-lived intangible assets		290		(2	)		(28	)		(80	)		180
Total intangible assets net of accumulated amortization	$	8,243	$	(3	)	$	(28	)	$	(80	)	$	8,132

As of September 30, 2025 and December 31, 2024, our intangible assets and related accumulated amortization expense consisted of the following (in millions):

	As of September 30, 2025							As of December 31, 2024
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,364	$	(54	)	$	5,310	$	5,365	$	(54	)	$	5,311
Goodwill		2,642		-			2,642		2,642		-			2,642
	$	8,006	$	(54	)	$	7,952	$	8,007	$	(54	)	$	7,953

Intangible assets subject to amortization:
Network affiliation agreements	$	170	$	(146	)	$	24	$	216	$	(160	)	$	56
Other finite lived intangible assets		947		(791	)		156		992		(758	)		234
	$	1,117	$	(937	)	$	180	$	1,208	$	(918	)	$	290

Total intangibles	$	9,123	$	(991	)	$	8,132	$	9,215	$	(972	)	$	8,243

Amortization expense for the nine-month periods ended September 30, 2025 and 2024 was $80 million and $94 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2025, we expect that amortization expense for the remainder of 2025 would be approximately $23 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2026, $70 million; 2027, $42 million; 2028, $13 million; 2029, $3 million; and 2030, $2 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

GRAY MEDIA, INC 10-Q