the publicly available information from Gray Television's Q4 2023 earnings release or other official sources doesn't explicitly detail which specific assets contributed to the $134 million impairment charge. Companies often avoid disclosing specific details about impaired assets to protect sensitive information and avoid impacting future negotiations or transactions.

However, based on past instances and industry practices, we can make some educated guesses:

• Broadcast licenses: The impairment charge could potentially be related to a decrease in the estimated value of Gray Television's broadcast licenses. The media landscape is evolving, and factors like cord-cutting and changes in advertising trends can impact the value of these licenses.
• Goodwill: Another possibility is an impairment to goodwill, which represents the intangible value of a company beyond its identifiable assets. Changes in market conditions or industry outlook could lead to a reassessment of goodwill value.

It's important to note that these are just possibilities, and the actual reason for the impairment charge might be different.

Here are some resources you can explore for further insights:

• Gray Television's Investor Relations website: They might provide additional information or answer investor questions during their next earnings call.
• Financial news articles: Look for articles from reputable financial news sources that analyze Gray Television's earnings report and potentially discuss the impairment charge in more detail.
• Industry reports: Research reports from media and broadcasting industry analysts might offer insights into the factors impacting the valuation of broadcast licenses and other assets in the sector.