Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 29, 2019
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	URBAN ONE, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Trading Symbol	UONE
Common Stock Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,582,717
Common Stock Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,861,843
Common Stock Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,928,906
Common Stock Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		38,700,512

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 121,571	$ 115,206	$ 220,020	$ 214,827
OPERATING EXPENSES:
Programming and technical including stock-based compensation of $27 and $0, and $47 and $0, respectively	30,524	30,375	61,474	62,522
Selling, general and administrative, including stock-based compensation of $86 and $158, and $197 and $416, respectively	44,816	40,648	77,955	75,883
Corporate selling, general and administrative, including stock-based compensation of $87 and $967, and $467 and $2,085, respectively	8,301	11,122	18,270	21,202
Depreciation and amortization	3,584	8,248	11,858	16,536
Impairment of long-lived assets	3,800	0	3,800	6,556
Total operating expenses	91,025	90,393	173,357	182,699
Operating income	30,546	24,813	46,663	32,128
INTEREST INCOME	63	17	86	161
INTEREST EXPENSE	22,003	19,155	44,154	38,436
GAIN ON RETIREMENT OF DEBT	0	(626)	0	(865)
OTHER INCOME, net	(1,649)	(2,014)	(3,370)	(3,915)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries	10,255	8,315	5,965	(1,367)
PROVISION FOR (BENEFIT FROM) INCOME TAXES	3,118	(15,581)	5,366	(2,741)
CONSOLIDATED NET INCOME	7,137	23,896	599	1,374
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	546	306	671	339
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 6,591	$ 23,590	$ (72)	$ 1,035
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 0.15	$ 0.51	$ 0.00	$ 0.02
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 0.14	$ 0.49	$ 0.00	$ 0.02
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	45,061,821	46,033,402	45,175,521	46,321,633
Diluted	45,701,655	48,438,693	45,175,521	48,777,798

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Programming And Technical [Member]
Allocated Share-based Compensation Expense	$ 27		$ 47	$ 0
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	86	$ 158	197	416
Corporate Selling, General and Administrative [Member]
Allocated Share-based Compensation Expense	$ 87	$ 967	$ 467	$ 2,085

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 7,137	$ 23,896	$ 599	$ 1,374
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	546	306	671	339
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 6,591	$ 23,590	$ (72)	$ 1,035

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 14,605	$ 15,255
Restricted cash	726	635
Trade accounts receivable, net of allowance for doubtful accounts of $7,531 and $8,249, respectively	105,925	110,354
Prepaid expenses	8,700	9,775
Current portion of content assets	34,807	33,951
Other current assets	4,606	3,229
Total current assets	169,369	173,199
CONTENT ASSETS, net	77,895	77,266
PROPERTY AND EQUIPMENT, net	24,254	26,088
GOODWILL	245,572	245,572
RIGHT OF USE ASSETS	49,226	0
RADIO BROADCASTING LICENSES	583,697	600,134
OTHER INTANGIBLE ASSETS, net	60,784	70,091
OTHER ASSETS	58,511	45,059
Total assets	1,269,308	1,237,409
CURRENT LIABILITIES:
Accounts payable	7,230	7,331
Accrued interest	7,554	6,887
Accrued compensation and related benefits	7,926	15,033
Current portion of content payables	20,062	18,870
Current portion of lease liabilities	8,457	0
Other current liabilities	27,134	24,451
Current portion of long-term debt	20,097	38,706
Total current liabilities	98,460	111,278
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs	874,499	873,757
CONTENT PAYABLES, net of current portion	16,818	18,381
LONG-TERM LEASE LIABILITIES	45,203	0
OTHER LONG-TERM LIABILITIES	26,508	35,716
DEFERRED TAX LIABILITIES, net	15,446	9,345
Total liabilities	1,076,934	1,048,477
REDEEMABLE NONCONTROLLING INTERESTS	11,168	10,232
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at June 30, 2019 and 2018	0	0
Additional paid-in capital	975,404	978,628
Accumulated deficit	(794,244)	(799,975)
Total stockholders' equity	181,206	178,700
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,269,308	1,237,409
Common Stock Class A [Member]
STOCKHOLDERS' EQUITY:
Common stock value	2	2
Common Stock Class B [Member]
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class C [Member]
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class D [Member]
STOCKHOLDERS' EQUITY:
Common stock value	$ 38	$ 39

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowance for doubtful accounts receivable (in dollars)	$ 7,531	$ 8,249
Convertible Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized	1,000,000	1,000,000
Convertible Preferred stock, shares outstanding	0	0
Common Stock Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	1,588,921	1,637,472
Common stock, shares outstanding	1,588,921	1,637,472
Common Stock Class B [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	2,861,843	2,861,843
Common stock, shares outstanding	2,861,843	2,861,843
Common Stock Class C [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	2,928,906	2,928,906
Common stock, shares outstanding	2,928,906	2,928,906
Common Stock Class D [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,614,366	38,845,917
Common stock, shares outstanding	37,614,366	38,845,917

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Additional Paid-In Capital	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]	Common Stock Class A [Member]	Common Stock Class B [Member]	Common Stock Class C [Member]	Common Stock Class D [Member]	Total
BALANCE at Dec. 31, 2017	$ 983,582	$ (940,976)	$ 0	$ 2	$ 3	$ 3	$ 41	$ 42,655
Consolidated net loss	0	1,035	0	0	0	0	0	1,035
Repurchase of common stock	(4,566)	0	0	0	0	0	(2)	(4,568)
Repurchase of share-based equity awards	(1,077)	0	0	0	0	0	0	(1,077)
Exercise of options for 15,000 and 58,190 shares of common stock	85							85
Adjustment of redeemable noncontrolling interests to estimated redemption value	(622)							(622)
Stock-based compensation expense	2,500	0	0	0	0	0	1	2,501
BALANCE at Jun. 30, 2018	979,902	(939,941)	0	2	3	3	40	40,009
BALANCE at Dec. 31, 2018	978,628	(799,975)	0	2	3	3	39	178,700
Consolidated net loss	0	(72)	0	0	0	0	0	(72)
Repurchase of common stock	(4,308)	0	0	0	0	0	(1)	(4,309)
Exercise of options for 15,000 and 58,190 shares of common stock	29	0	0	0	0	0	0	29
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,265)	0	0	0	0	0	0	(1,265)
Issuance of 755,239 shares of Class D common stock	1,609	0	0	0	0	0	0	1,609
Stock-based compensation expense	711	0	0	0	0	0	0	711
BALANCE at Jun. 30, 2019	975,404	(794,244)	0	2	3	3	38	181,206
Adoption of ASC 842	$ 0	$ 5,803	$ 0	$ 0	$ 0	$ 0	$ 0	$ 5,803

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	15,000
Common Stock Class A [Member]
Stock Repurchased During Period, Shares	48,551
Common Stock Class D [Member]
Stock Repurchased During Period, Shares	2,126,790
Conversion of Stock, Shares Converted	755,239

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 599	$ 1,374
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	11,858	16,536
Amortization of debt financing costs	1,907	1,433
Amortization of content assets	23,067	21,841
Amortization of launch assets	515	211
Deferred income taxes	6,101	(2,674)
Non-cash interest expense	987	0
Impairment of long-lived assets	3,800	6,556
Stock-based compensation	711	2,502
Gain on retirement of debt	0	(865)
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable	4,429	10,613
Prepaid expenses and other current assets	(1,092)	1,585
Other assets	6	(1,547)
Accounts payable	(101)	(231)
Accrued interest	667	(596)
Accrued compensation and related benefits	(7,107)	1,336
Other liabilities	6,775	(1,293)
Payments for content assets	(24,923)	(22,949)
Net cash flows provided by operating activities	28,199	33,832
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,110)	(2,078)
Net cash flows used in investing activities	(2,110)	(2,078)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distribution of contingent consideration	(649)	(506)
Repayment of Comcast Note	(11,872)	0
Proceeds of Asset-backed credit facility, net	9,000	0
Proceeds from exercise of stock options	29	85
Repayment of 2020 Notes	(2,037)	(24,029)
Payment of dividends to noncontrolling interest members of Reach Media	(1,000)	(801)
Repayment of share-based equity awards		(1,077)
Repurchase of common stock	(4,309)	(4,568)
Net cash flows used in financing activities	(26,648)	(32,646)
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(559)	(892)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	15,890	37,811
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	15,331	36,919
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	37,836	37,599
Cash paid for: Income taxes, net of refunds	474	1,241
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Issuance of common stock		0
2018 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	(14,162)	0
2017 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	(1,648)	$ (1,750)
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Issuance of common stock	$ 1,609

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(a)Organization

Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of June 30, 2019, we owned and/or operated 60 broadcast stations (including all HD stations, translator stations and the low power television station we operate) located in 15 of the most populous African-American markets in the United States. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC (“TV One”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. We also have invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.

On January 19, 2019, the Company launched CLEO TV, a lifestyle and entertainment network targeting Millennial and Gen X women of color. CLEO TV offers quality content that defies negative and cultural stereotypes of today’s modern women. The results of CLEO TV’s operations will be reflected in the Company’s cable television segment.

Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.

As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.)

(b)Interim Financial Statements

The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.

Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10‑Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2018 Annual Report on Form 10‑K.

(c)Financial Instruments

Financial instruments as of June 30, 2019 and December 31, 2018, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of June 30, 2019 and December 31, 2018, except for the Company’s long-term debt. The 9.25% Senior Subordinated Notes, which were due in February 2020 (the “2020 Notes”) had a carrying value of approximately $2.0 million and fair value of approximately $2.0 million as of December 31, 2018. On January 17, 2019, the Company announced that it had given the required notice under the indenture governing its 2020 Notes to redeem for cash all outstanding aggregate principal amount of its Notes to the extent outstanding on February 15, 2019. On February 15, 2019, the remaining 2020 Notes were redeemed. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The 7.375% Senior Secured Notes that are due in March 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million and fair value of approximately $351.8 million as of June 30, 2019. The 2022 Notes had a carrying value of approximately $350.0 million and fair value of approximately $332.5 million as of December 31, 2018. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. On April 18, 2017, the Company closed on a $350.0 million senior secured credit facility (the “2017 Credit Facility”) which had a carrying value of approximately $322.3 million and fair value of approximately $309.4 million as of June 30, 2019, and had a carrying value of approximately $323.9 million and fair value of approximately $305.8 million as of December 31, 2018. The fair value of the 2017 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company closed on a new $192.0 million unsecured credit facility (the “2018 Credit Facility”) which had a carrying value of approximately $177.8 million and fair value of approximately $181.4 million as of June 30, 2019, and had a carrying value of approximately $192.0 million and fair value of approximately $195.9 million as of December 31, 2018. The fair value of the 2018 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company also closed on a new $50.0 million secured credit loan (the “MGM National Harbor Loan”) which had a carrying value of approximately $51.1 million and fair value of approximately $57.2 million as of June 30, 2019, and had a carrying value of approximately $50.1 million and fair value of approximately $56.1 million as of December 31, 2018. The fair value of the 2018 MGM National Harbor Loan, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million (the “Comcast Note”) had a fair value and carrying value of approximately $11.9 million as of December 31, 2018. On February 15, 2019, the Comcast Note was paid in full and retired. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. The Company’s asset-backed credit facility (the “ABL Facility”) had a carrying value of approximately $9.0 million and fair value of approximately $9.0 million as of June 30, 2019. There was no balance outstanding on the ABL Facility as of December 31, 2018.

(d)Revenue Recognition

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company elected to use the modified retrospective method, but the adoption of the standard did not have a material impact to our financial statements. In general, our spot advertising (both radio and cable television) as well as our digital advertising continues to be recognized when aired and delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to access its television programming content through the license period, and the Company earns a usage based royalty when the usage occurs, consistent with our previous revenue recognition policy. Finally, for event advertising, the performance obligation is satisfied at a point in time when the activity associated with the event is completed.

Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising at a point in time when a commercial spot runs. The revenue is reported net of agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $6.1 million and $6.4 million for the three months ended June 30, 2019 and 2018, respectively. Agency and outside sales representative commissions were approximately $11.0 million and $11.7 million for the six months ended June 30, 2019 and 2018, respectively.

Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized at a point in time either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise. In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue.

Our cable television segment derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. Advertising revenue is recognized at a point in time when the individual spots run. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. The Company recognizes the affiliate fee revenue at a point in time as its performance obligation to provide the programming is met. The Company has a right of payment each month as the programming services and related obligations have been satisfied. For our cable television segment, agency and outside sales representative commissions were approximately $3.8 million and $3.5 million for the three months ended June 30, 2019 and 2018, respectively. Agency and outside sales representative commissions were approximately $7.5 million and $6.9 million for the six months ended June 30, 2019 and 2018, respectively.

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the three and six months ended June 30, 2019 and 2018:


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands, unaudited)
Net Revenue:
Radio Advertising	$	52,194	$	48,880	$	94,607	$	93,502
Political Advertising		317		1,182		441		1,383
Digital Advertising		7,663		6,559		15,100		14,705
Cable Television Advertising		19,816		18,118		40,009		37,054
Cable Television Affiliate Fees		26,599		28,020		54,074		55,269
Event Revenues & Other		14,982		12,447		15,789		12,914
Net Revenue (as reported)	$	121,571	$	115,206	$	220,020	$	214,827

If economic conditions change, or other adverse factors outside our control arise, our operations could be negatively impacted.

Contract assets and liabilities

Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income) that are not separately stated in our consolidated balance sheets at June 30, 2019, December 31, 2018 and June 30, 2018 were as follows:


	June 30, 2019		December 31, 2018		June 30, 2018
	(Unaudited)				(Unaudited)
			(In thousands)

Contract assets:
Unbilled receivables	$	3,530	$	3,425	$	7,226

Contract liabilities:
Customer advances and unearned income	$	3,634	$	3,766	$	4,681
Unearned event income		3,848		3,864		2,368

Unbilled receivables consists of earned revenue on behalf of customers that have not yet been billed. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term. Unearned event income represents payments by customers for upcoming events.

For customer advances and unearned income as of January 1, 2019, $613,000 and approximately $2.0 million, respectively, was recognized as revenue during the three and six months ended June 30, 2019. For customer advances and unearned income as of January 1, 2018, $288,000 and approximately $1.7 million was recognized as revenue during the three and six months ended June 30, 2018. For unearned event income as of January 1, 2019, approximately $3.9 million was recognized during the three and six months ended June 30, 2019, as the event took place during the second quarter of 2019. For unearned event income as of January 1, 2018, approximately $4.1 million was recognized as revenue during the three and six months ended June 30, 2018, as the event took place during the second quarter of 2018.

Practical expedients and exemptions

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

(e)Launch Support

The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. The Company did not pay any launch support for carriage initiation during the three and six months ended June 30, 2019 and 2018. The weighted-average amortization period for launch support is approximately 7.8 years as of June 30, 2019, and approximately 7.8 years as of December 31, 2018. The remaining weighted-average amortization period for launch support is 5.6 years and 6.1 years as of June 30, 2019 and December 31, 2018, respectively. Amortization is recorded as a reduction to revenue to the extent that revenue is recognized from the vendor, and any excess amortization is recorded as launch support amortization expense. For the three months ended June 30, 2019 and 2018, launch support asset amortization of $105,000 and $106,000, respectively, was recorded as a reduction of revenue, and $153,000 and $0, respectively, was recorded as an operating expense in selling, general and administrative expenses. For the six months ended June 30, 2019 and 2018, launch support asset amortization of $211,000 and $211,000, respectively, was recorded as a reduction of revenue, and $304,000 and $0, respectively, was recorded as an operating expense in selling, general and administrative expenses. Launch assets are included in other intangible assets on the consolidated balance sheets, except for the portion of the unamortized balance that is expected to be amortized within one year which is included in other current assets.

(f)Barter Transactions

For barter transactions, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended June 30, 2019 and 2018, barter transaction revenues were $572,000 and $711,000, respectively. Additionally, for the three months ended June 30, 2019 and 2018, barter transaction costs were reflected in programming and technical expenses of $422,000 and $670,000, respectively, and selling, general and administrative expenses of $150,000 and $41,000, respectively. For the six months ended June 30, 2019 and 2018, barter transaction revenues were approximately $1.1 million and $1.5 million, respectively. Additionally, for the six months ended June 30, 2019 and 2018, barter transaction costs were reflected in programming and technical expenses of $837,000 and approximately $1.4 million, respectively, and selling, general and administrative expenses of $301,000 and $81,000, respectively. The Company reached an agreement with a cable television provider related to an adjustment of previously estimated affiliate fees in the amount of approximately $1.7 million and $2.0 million for the three and six months ended June 30, 2018, respectively, as final reporting became available. As settlement of this agreement, the Company will receive approximately $2.0 million in marketing services that will be utilized in future periods.

(g)Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Unaudited)
	(In Thousands)

Numerator:
Net income (loss) attributable to common stockholders	$	6,591	$	23,590	$	(72)	$	1,035
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		45,061,821		46,033,402		45,175,521		46,321,633
Effect of dilutive securities:
Stock options and restricted stock		639,834		2,405,291		—		2,456,165
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		45,701,655		48,438,693		45,175,521		48,777,798

Net income (loss) attributable to common stockholders per share – basic	$	0.15	$	0.51	$	(0.00)	$	0.02
Net income (loss) attributable to common stockholders per share –diluted	$	0.14	$	0.49	$	(0.00)	$	0.02

All stock options and restricted stock awards were excluded from the diluted calculation for the six months ended June 30, 2019, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation.


		Six Months Ended June 30,
		2019
		(Unaudited)
		(In thousands)

Stock options		3,544
Restricted stock awards		809

(h)Fair Value Measurements

We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at the measurement date.

Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets).

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

As of June 30, 2019, and December 31, 2018, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:


	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,349		—		—	$	2,349
Employment agreement award (b)		26,406		—		—		26,406
Total	$	28,755	$	—	$	—	$	28,755

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	11,168	$	—	$	—	$	11,168

As of December 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,831		—		—	$	2,831
Employment agreement award (b)		25,660		—		—		25,660
Total	$	28,491	$	—	$	—	$	28,491

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,232	$	—	$	—	$	10,232

(a)This balance is measured based on the income approach to valuation in the form of a Monte Carlo simulation. The Monte Carlo simulation method is suited to instances such as this where there is non-diversifiable risk. It is also well-suited to multi-year, path dependent scenarios. Significant inputs to the Monte Carlo method include forecasted net revenues, discount rate and expected volatility. A third-party valuation firm assisted the Company in estimating the contingent consideration.

(b)Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s aggregate investment in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company’s Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability.

(c)The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.

There were no transfers in or out of Level 1, 2, or 3 during the six months ended June 30, 2019. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2019:


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)

Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to noncontrolling interests		—		—		671
Distribution		(649)		(1,969)		—
Dividends paid to noncontrolling interests		—		—		(1,000)
Change in fair value		167		2,715		1,265
Balance at June 30, 2019	$	2,349	$	26,406	$	11,168

The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$	(167)	$	(2,715)	$	—

Losses and income included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award for the three and six months ended June 30, 2019 and 2018. Losses included in earnings were recorded in the consolidated statements of operations as selling, general and administrative expenses for contingent consideration for the three and six months ended June 30, 2019 and 2018.


					As of
			As of		December 31,
		Significant	June 30, 2019		2018
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility	23.0	%	34.6	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	11.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.5	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	10.5	%	10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	1.0	%	1.0	%

Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.

Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. For the three and six months ended June 30, 2019, the Company recorded an impairment charge of approximately $3.8 million related to its Detroit market radio broadcasting licenses. For the six months ended June 30, 2018, the Company recorded an impairment charge of approximately $2.7 million related to its Charlotte market goodwill and a charge of approximately $3.8 million associated with our Detroit market radio broadcasting licenses.

(i)Leases

As of January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases, using the modification retrospective transition method. Prior comparative periods will be not be restated under this new standard and therefore those amounts are not presented below. The Company adopted a package of practical expedients as allowed by the transition guidance which permits the Company to carry forward the historical assessment of whether contracts contain or are leases, classification of leases and the remaining lease terms. The Company has also made an accounting policy election to exclude leases with an initial term of twelve months or less from recognition on the consolidated balance sheet. Short-term leases will be expensed over the lease term. The Company also elected to separate the consideration in the lease contracts between the lease and non-lease components. All variable non-lease components are expensed as incurred.

ASC 842 results in significant changes to the balance sheets of lessees, most significantly by requiring the recognition of right of use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. Upon adoption of ASC 842, deferred rent balances, which were historically presented separately, were combined and presented net within the ROU asset. The adoption of this standard resulted in the Company recording an increase in ROU assets of approximately $49.8 million and an increase in lease liabilities of approximately $54.1 million. Approximately $4.3 million in deferred rent was also reclassified from liabilities to offset the applicable ROU asset. The tax impact of ASC 842, which primarily consisted of deferred gains related to previous transactions that were historically accounted for as sale and operating leasebacks in accordance with ASC Topic 840 were recognized as part of the cumulative-effect adjustment to retained earnings, resulting in an increase to retained earnings, net of tax, of approximately $5.8 million.

Many of the Company’s leases provide for renewal terms and escalation clauses, which are factored into calculating the lease liabilities when appropriate. The implicit rate within the Company’s lease agreements is generally not determinable and as such the Company’s collateralized borrowing rate is used.

The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases as of June 30, 2019, dollars in thousands:


Operating Lease Cost (Cost resulting from lease payments)	$	6,438
Variable Lease Cost (Cost excluded from lease payments)		76
Total Lease Cost	$	6,514

Operating Lease - Operating Cash Flows (Fixed Payments)	$	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$	3,960

Weighted Average Lease Term - Operating Leases		6.01	years
Weighted Average Discount Rate - Operating Leases		11.00	%

As of June 30, 2019, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(Dollars in thousands)
For the remaining six months ending December 31, 2019	$	13,734
2020		13,031
2021		12,286
2022		11,231
2023		8,275
Thereafter		14,674
Total future lease payments		73,231
Imputed interest		(19,571)
Total	$	53,660

(j)Impact of Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016‑13”). ASU 2016‑13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods beginning after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

In August 2016, the FASB issued ASU 2016‑15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)” (“ASU 2016‑15”). ASU 2016‑15 is intended to reduce differences in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company adopted the new standard during the first quarter of 2018 and its adoption did not have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017‑04, “Intangibles – Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017‑04”). ASU 2017‑04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests beginning after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company adopted the new standard during the first quarter of 2018 and its adoption did not have a material impact on its consolidated financial statements.

(k)Redeemable noncontrolling interest

Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.

(l)Investments – Cost Method

On April 10, 2015, the Company made a $5 million investment in MGM’s world-class casino property, MGM National Harbor, located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. This investment further diversified our platform in the entertainment industry while still focusing on our core demographic. We accounted for this investment on a cost basis. Our MGM National Harbor investment entitles us to an annual cash distribution based on net gaming revenue. Our MGM investment is included in other assets on the consolidated balance sheets and its income in the amount of approximately $1.6 million and $1.8 million, for the three months ended June 30, 2019 and 2018, respectively, and approximately $3.4 million and $3.4 million, for the six months ended June 30, 2019 and 2018, respectively, is recorded in other income on the consolidated statements of operations. The cost method investment is subject to a periodic impairment review in the normal course. The Company reviewed the investment and concluded that no impairment to the carrying value was required. As of December 4, 2018, the Company’s interest in the MGM National Harbor Casino secures the MGM National Harbor Loan (as defined in Note 4 – Long-Term Debt.)

(m)Content Assets

Our cable television segment has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line basis over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage. Amortization of content assets is recorded in the consolidated statement of operations as programming and technical expenses.

The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). In accordance with ASC 926, content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues as of the beginning of the current period. Management regularly reviews, and revises when necessary, its total revenue estimates, which may result in a change in the rate of amortization and/or a write-down of the asset to fair value.

Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the six months ended June 30, 2019 and 2018. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.

Tax incentives that state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.

(n)Derivatives

The Company recognizes all derivatives at fair value on the consolidated balance sheets as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.

The Company accounts for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company estimated the fair value of the award at June 30, 2019, and December 31, 2018, to be approximately $26.4 million and $25.7 million, respectively, and accordingly adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was $806,000 and approximately $1.6 million for the three months ended June 30, 2019, and 2018, respectively, and was approximately $2.7 million and $2.8 million for the six months ended June 30, 2019 and 2018, respectively.

The Company’s obligation to pay the Employment Agreement Award was triggered after the Company recovered the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s aggregate investment in TV One. The CEO was fully vested in the award upon execution of the employment agreement, and the award lapses if the CEO voluntarily leaves the Company, or is terminated for cause. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior employment agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company’s Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability.

(o)Related Party Transactions

Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage®”), a fund raising event, on behalf of the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The agreements under which the Fantastic Voyage® operates provide that Reach Media provide all necessary operations of the cruise and that Reach Media will be reimbursed its expenditures and receive a fee plus a performance bonus for the cruise. Distributions from operating income or operating revenues, depending upon the year, are in the following order until the funds are depleted: up to $250,000 to the Foundation, reimbursement of Reach’s expenditures, up to $1.0 million fee to Reach, a performance bonus of up to 50% of remaining operating income to Reach, with the balance remaining with the Foundation. For years 2020 through 2022, $250,000 to the Foundation is guaranteed. Reach Media’s earnings for the Fantastic Voyage® may not exceed $1.7 million in 2018 and 2019, nor $1.75 million in 2020 and thereafter. The Foundation’s remittances to Reach Media under the agreements are limited to its Fantastic Voyage®-related cash revenues. Reach Media bears the risk should the Fantastic Voyage® sustain a loss and bears all credit risk associated with the related customer cabin sales. The agreement between Reach and the Foundation automatically renews annually unless termination is mutually agreed or unless a party’s financial requirements are not met, in which case that party not in breach of their obligations has the right, but not the obligation, to terminate unilaterally. As of June 30, 2019 and December 31, 2018, the Foundation owed Reach Media $869,000 and $208,000, respectively, under the agreements for the operations on the cruises.

Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media-related events. Under these arrangements, as of June 30, 2019, the Foundation and Limited owed $34,000 and $2,000 to Reach Media, respectively. As of December 31, 2018, the Foundation and Limited owed $34,000 and $2,000 to Reach Media, respectively.

For the three and six months ended June 30, 2019, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $10.4 million, $8.7 million, and $1.7 million, respectively, and for the three and six months ended June 30, 2018, approximately $9.3 million, $7.6 million, and $1.7 million, respectively. The Fantastic Voyage took place during the second quarters of both 2019 and 2018.

Karen Wishart is employed as an Executive Vice President, Chief Administrative Officer of the Company and as a Vice President of each of the Company’s subsidiaries. Ms. Wishart owns a controlling interest in a temporary staffing and recruiting services firm. During the three months ended June 30, 2019 and 2018, the Company paid the staffing and recruiting services firm $0 and $3,000, respectively, and during the six months ended June 30, 2019 and 2018, the Company paid the staffing and recruiting services firm $0 and $25,000, respectively. Subsequent to Ms. Wishart’s hiring on October 2, 2017, on a limited basis, the staffing firm can continue to provide new staffing and/or recruiting services to the Company. However, the staffing firm will only be reimbursed for direct expenses actually incurred.

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2019
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	2. ACQUISITIONS AND DISPOSITIONS: On October 20, 2011, we entered into a time brokerage agreement (“TBA”) with WGPR, Inc. (“WGPR”). Pursuant to the TBA, beginning October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR’s Detroit radio station, WGPR-FM. We pay a monthly fee as well as certain operating costs of WGPR-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019. Under the terms of the TBA, WGPR has also granted us certain rights of first negotiation and first refusal with respect to the sale of WGPR-FM by WGPR and with respect to any potential time brokerage agreement for WGPR-FM covering any time period subsequent to the term of the TBA. On June 10, 2019, the Company announced it signed a definitive agreement to sell its Detroit, Michigan radio station, WDMK-FM and three translators W228CJ, W252BX, and W260CB for approximately $13.5 million to Beasley Broadcast Group, Inc. The deal is subject to Federal Communications Commission ("FCC") approval and other customary closing conditions and the transaction is expected to close during the fourth quarter of 2019. The identified assets, with a combined carrying value of approximately $13.5 million, have been classified as held for sale and included in long-term other assets in the consolidated balance sheet at June 30, 2019. The Company will continue to operate WGPR-FM under its current TBA. On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $25 million. On May 2, 2017, the Company closed on its previously announced sale, and is leasing certain assets back from the buyer as a part of its normal operations. The Company received proceeds of approximately $25.0 million, resulting in an overall net gain on sale of approximately $22.5 million, of which approximately $14.4 million was recognized immediately during the second quarter of 2017, and approximately $8.1 million which was deferred and was recognized into income ratably over the lease term of ten years. Upon adoption of ASC 842 on January 1, 2019, the unamortized portion of this deferred gain, net of tax, was recognized as a cumulative adjustment to equity. On August 8, 2018, the Company closed on its previously announced sale of the assets of one of its Detroit, Michigan radio stations, WPZR-FM (102.7 FM), to Educational Media Foundation, of California, for total consideration of approximately $12.7 million, of which approximately $12.2 million was received in cash. As part of the deal, the Company received 3 FM translators that service the Detroit metropolitan area. These signals were combined with the existing FM translator to multicast the Detroit Praise Network. The Company recognized an immaterial loss on the sale of the station during the year ended December 31, 2018. On August 9, 2018, the Company closed on its previously announced acquisition of the assets of the radio station The Team 980 (WTEM 980 AM) from Red Zebra Broadcasting. Upon closing, the Company also entered into an agreement with the Washington Redskins to ensure that all Redskins games, as well as pregame and postgame programming, will remain on The Team 980. The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $2.0 million to radio broadcasting licenses, $1.1 million to land and land improvements, $512,000 to towers, $91,000 to goodwill, $206,000 to advertiser agreements, and $254,000 to other property and equipment assets.

GOODWILL AND RADIO BROADCASTING LICENSES

6 Months Ended

Jun. 30, 2019

GOODWILL AND RADIO BROADCASTING LICENSES

GOODWILL AND RADIO BROADCASTING LICENSES

3. GOODWILL AND RADIO BROADCASTING LICENSES:

Impairment Testing

In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our indefinite-lived radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. We evaluate all events and circumstances on an interim basis to determine if an interim indicator is present.

Valuation of Broadcasting Licenses

During the quarter ended June 30, 2019, the Company recorded a non-cash impairment charge of approximately $3.8 million associated with our Detroit market radio broadcasting licenses. During the quarter ended March 31, 2018, the Company recorded a non-cash impairment charge of approximately $3.8 million associated with our Detroit market radio broadcasting licenses.

Valuation of Goodwill

We did not identify any impairment indicators at any of our reportable segments for the three months ended June 30, 2019. During the quarter ended March 31, 2018, the Company recorded a non-cash impairment charge of approximately $2.7 million to reduce the carrying value of our Charlotte goodwill balance.

Goodwill Valuation Results

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments.


	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(101,848)		(16,114)		(14,545)		—		(132,507)
Net goodwill at June 30, 2019	$	53,152	$	14,354	$	13,022	$	165,044	$	245,572

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2019

LONG-TERM DEBT

LONG-TERM DEBT

4. LONG-TERM DEBT:

Long-term debt consists of the following:


	June 30, 2019		December 31, 2018
	(Unaudited)
	(In thousands)
2018 Credit Facility	$	177,838	$	192,000
MGM National Harbor Loan		51,053		50,066
2017 Credit Facility		322,277		323,926
9.25% Senior Subordinated Notes due February 2020		—		2,037
7.375% Senior Secured Notes due April 2022		350,000		350,000
Asset-backed credit facility		9,000		—
Comcast Note due April 2019		—		11,872
Total debt		910,168		929,901
Less: current portion of long-term debt		20,097		38,706
Less: original issue discount and issuance costs		15,572		17,438
Long-term debt, net	$	874,499	$	873,757

2018 Credit Facility

On December 4, 2018, the Company and certain of its subsidiaries entered into a credit agreement ("2018 Credit Facility"), among the Company, the lenders party thereto from time to time, Wilmington Trust, National Association, as administrative agent, and TCG Senior Funding L.L.C, as sole lead arranger and sole bookrunner. The 2018 Credit Facility provided $192.0 million in term loan borrowings, which was funded on December 20, 2018. The net proceeds of term loan borrowings under the 2018 Credit Facility were used to refinance, repurchase, redeem or otherwise repay the Company’s outstanding 9.25% Senior Subordinated Notes due 2020.

Borrowings under the 2018 Credit Facility are subject to customary conditions precedent, as well as a requirement under the 2018 Credit Facility that (i) the Company’s total gross leverage ratio on a pro forma basis be not greater than 8:00 to 1:00 (this total gross leverage ratio test steps down as described below), (ii) neither of the administrative agents under the Company’s existing credit facilities nor the trustee under the Company’s existing senior secured notes due 2022 have objected to the terms of the new credit documents and (iii) certification by the Company that the terms and conditions of the 2018 Credit Facility satisfy the requirements of the definition of "Permitted Refinancing" (as defined in the agreements governing the Company’s existing credit facilities) and neither of the administrative agents under the Company’s existing credit facilities notifies the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees).

The 2018 Credit Facility matures on December 31, 2022 (the "Maturity Date"). Interest rates on borrowings under the 2018 Credit Facility will be either (i) from the Funding Date to the Maturity Date, 12.875% per annum, (ii) 11.875% per annum, once 50% of the term loan borrowings have been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings have been repaid. Interest payments begin on the last day of the 3-month period commencing on the Funding Date.

The Company’s obligations under the 2018 Credit Facility are not secured. The 2018 Credit Facility is guaranteed on an unsecured basis by each entity that guarantees the Company’s outstanding $350.0 million 2017 Credit Facility (as defined below).

The loans under the 2018 Credit Facility may be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company is required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company is also required to use 75% of excess cash flow (as defined in the 2018 Credit Facility, which exclude any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor) to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding terms loans at par. During the three and six months June 30, 2019, the Company repaid approximately $3.6 million and $14.2 million, respectively, under the 2018 Credit Facility.

The 2018 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021 and 6.75 to 1.00 in 2022. As of June 30, 2019, the Company was in compliance with all of its financial covenants under the 2018 Credit Facility.

As of June 30, 2019, the Company had outstanding approximately $177.8 million on its 2018 Credit Facility. The original issue discount in the amount of approximately $3.8 million and associated debt issuance costs in the amount of $875,000 is being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for all instruments, for the three months ended June 30, 2019 and 2018, was $964,000 and $718,000, respectively. The amount of deferred financing costs included in interest expense for all instruments, for the six months ended June 30, 2019 and 2018, was approximately $1.9 million and $1.4 million, respectively.

MGM National Harbor Loan

Concurrently, on December 4, 2018, Urban One Entertainment SPV, LLC ("UONESPV") and its immediate parent, Radio One Entertainment Holdings, LLC ("ROEH"), each of which is a wholly owned subsidiary of the Company, entered into a credit agreement, providing $50.0 million in term loan borrowings (the "MGM National Harbor Loan") which was funded on December 20, 2018.

The MGM National Harbor Loan matures on December 31, 2022 and bears interest at 7.0% per annum in cash plus 4.0% per annum paid-in kind. The loan has limited ability to be prepaid in the first two years. The loan is secured on a first priority basis by the assets of UONESPV and ROEH, including all of UONESPV’s shares held by ROEH, all of UONESPV’s interests in MGM National Harbor, its rights under the joint venture operating agreement governing the MGM National Harbor and UONESPV’s obligation to exercise its put right under the joint venture operating agreement in the event of a UONESPV payment default or bankruptcy event, in each case, subject to applicable Maryland gaming laws and approvals. Exercise by UONESPV of its put right under the joint venture operating agreement is subject to required lender consent unless the proceeds are used to retire the MGM National Harbor Loan and any remaining excess is used to repay borrowings, if any, under the 2018 Credit Facility. The MGM National Harbor Loan also contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications).

As of June 30, 2019, the Company had outstanding approximately $51.1 million on its MGM National Harbor Loan. The original issue discount in the amount of approximately $1.0 million and associated debt issuance costs in the amount of approximately $1.7 million is being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the obligation using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented.

2017 Credit Facilities

On April 18, 2017, the Company closed on a senior secured credit facility (the “2017 Credit Facility”). The 2017 Credit Facility is governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent, and Guggenheim Securities, LLC as sole lead arranger and sole book running manager. The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction.

The 2017 Credit Facility matures on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company’s 2022 Notes. At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 6.49% for 2019 and was 5.82% for 2018.

The 2017 Credit Facility is (i) guaranteed by each entity that guarantees the Company’s 2022 Notes on a pari passu basis with the guarantees of the Notes and (ii) secured on a pari passu basis with the Company’s 2022 Notes. The Company’s obligations under the 2017 Credit Facility are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral, and (ii) on a second priority basis by collateral for the Company’s asset-backed line of credit.

In addition to any mandatory or optional prepayments, the Company is required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months will require an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal, to the extent then outstanding, equal to 1∕4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility. On December 19, 2018, upon drawing under the 2018 Credit Facility and MGM National Harbor Loan, the Company voluntarily prepaid approximately $20.0 million in principal on the 2017 Credit Facility. During the three and six months ended June 30, 2019, the Company repaid $824,000 and approximately $1.6 million, respectively, under the 2017 Credit Facility. During the three and six months ended June 30, 2018, the Company repaid $875,000 and approximately $1.8 million, respectively, under the 2017 Credit Facility.

The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.

The net proceeds from the 2017 Credit Facility were used to prepay in full the Company’s previous senior secured credit facility and the agreement governing such credit facility.

The 2017 Credit Facility contains affirmative and negative covenants that the Company is required to comply with, including:

(a)maintaining an interest coverage ratio of no less than:

1.25 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter.

(b)maintaining a senior leverage ratio of no greater than:

5.85 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter.

(c)limitations on:

liens;

sale of assets;

payment of dividends; and

mergers.

As of June 30, 2019, the Company was in compliance with all of its financial covenants under the 2017 Credit Facility.

As of June 30, 2019, the Company had outstanding approximately $322.3 million on its 2017 Credit Facility. The original issue discount is being reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented.

2022 Notes

On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022. Interest on the 2022 Notes accrues at the rate of 7.375% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One.

In connection with the closing of the 2022 Notes, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness.

The Company used the net proceeds from the 2022 Notes, to refinance a previous credit agreement, refinance certain TV One indebtedness, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith.

The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2017 Credit Facility and the Company’s 2020 Notes (defined below). The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2017 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also had the Comcast Note (defined below) which was a general but senior unsecured obligation of the Company.

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of June 30, 2019, the Company had letters of credit totaling $828,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash.

Senior Subordinated Notes

On February 10, 2014, the Company closed a private placement offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “2020 Notes”). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes were scheduled to mature on February 15, 2020. Interest accrued at the rate of 9.25% per annum and was payable semiannually in arrears on February 15 and August 15 in the initial amount of approximately $15.5 million, which commenced on August 15, 2014. The 2020 Notes were guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company’s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended December 31, 2018, in conjunction with entering into the 2018 Credit Facility and MGM National Harbor Loan, the Company repurchased approximately $243.0 million of its 2020 Notes at an average price of approximately 100.88% of par. During the quarter ended December 31, 2018, the Company recorded a loss on retirement of debt of approximately $2.8 million. This amount includes a write-off of previously capitalized debt financing costs and original issue discount associated with the 2020 Notes in the amount of $649,000 and also includes approximately $2.1 million associated with the premium paid to the bondholders. During the quarter ended September 30, 2018, the Company repurchased approximately $5.0 million of its 2020 Notes at an average price of approximately 97.25% of par. The Company recorded a net gain on retirement of debt of $120,000 for the quarter ended September 30, 2018. During the quarter ended June 30, 2018, the Company repurchased approximately $14.0 million of its 2020 Notes at an average price of approximately 95.125% of par. The Company recorded a net gain on retirement of debt of $626,000 for the quarter ended June 30, 2018. During the quarter ended March 31, 2018, the Company repurchased approximately $11 million of its 2020 Notes at an average price of approximately 97.375% of par. The Company recorded a net gain on retirement of debt of $239,000 for the quarter ended March 31, 2018. As of June 30, 2019 and December 31, 2018, the Company had approximately $0 and $2.0 million, respectively, of our 2020 Notes outstanding.

On January 17, 2019, the Company announced that it had given the required notice under the indenture governing its 2020 Notes to redeem for cash all outstanding aggregate principal amount of its Notes to the extent outstanding on February 15, 2019 (the "Redemption Date"). The redemption price for the Notes will be 100.0% of the principal amount of the Notes, plus accrued and unpaid interest to the Redemption Date. On February 15, 2019, the remaining 2020 Notes were redeemed in full.

Comcast Note

The Company also had outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million due to Comcast (“Comcast Note”). The Comcast Note bears interest at 10.47%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019. The Company is contractually required to retire the Comcast Note in February 2019 upon redemption of the remaining 2020 Notes. On February 15, 2019, upon redemption of the remaining 2020 Notes, the Comcast Note was paid in full and retired.

Asset-Backed Credit Facility

On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The ABL Facility provides for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. As of June 30, 2019, the Company had approximately $9.0 million in borrowings outstanding on its ABL Facility and as of December 31, 2018, the Company did not have any borrowings outstanding on its ABL Facility.

At the Company’s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.

Advances under the ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.

All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility). The obligations are also secured by all material subsidiaries of the Company.

The ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the ABL Facility and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the "Term Loan Maturity Date" of the Company’s existing term loan, and (ii) the "Stated Maturity" of the Company’s existing notes. As of the effective date of the ABL Facility, the "Term Loan Maturity Date" is December 31, 2018, and the "Stated Maturity" is April 15, 2022. The current ABL Facility maturity date is April 21, 2021.

Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture.

The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2022 Notes, the Company’s obligations under the 2017 Credit Facility, and the obligations under the 2018 Credit Facility. The Company’s interest in the MGM National Harbor Casino fully guarantees the MGM National Harbor Loan.

Future Minimum Principal Payments

Future scheduled minimum principal payments of debt as of June 30, 2019, are as follows:


								7.38%
								Senior
								Secured
	2018		MGM			2017		Notes
	Credit		National		Asset-backed	Credit		due April
	Facility		Harbor Loan		Credit Facility	Facility		2022		Total
	(In thousands)
July - December 2019	$	7,200		—	—	$	1,648	$	—	$	8,848
2020		19,200		—	—		3,297		—		22,497
2021		19,200		—	9,000		3,297		—		31,497
2022		132,238		51,053	—		3,297		350,000		536,588
2023		—		—	—		310,738		—		310,738
2024 and thereafter		—		—	—		—		—		—
Total Debt	$	177,838	$	51,053	9,000	$	322,277	$	350,000	$	910,168

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2019
INCOME TAXES
INCOME TAXES	5. INCOME TAXES: The Company uses the estimated annual effective tax rate method under ASC 740‑270, “Interim Reporting” to calculate the provision for income taxes. The Company recorded a provision for income taxes of approximately $5.4 million on pre-tax income from continuing operations of approximately $6.0 million for the six months ended June 30, 2019, which results in a tax rate of approximately 90.0%. This tax rate is based on an estimated annual effective rate of 30.9%. The Company recorded discrete tax provision expense of approximately $3.5 million primarily due to an adjustment of the state net operating losses estimated at December 31, 2018, for which the Company expects to recognize in future periods. In accordance with ASC 740, “Accounting for Income Taxes”, the Company continues to evaluate the realizability of its net deferred tax assets by assessing the likely future tax consequences of events that have been realized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of June 30, 2019, the Company believes it is more likely than not that these deferred tax assets will be realized. The Company is subject to the continuous examination of our income tax returns by the IRS and other domestic tax authorities. We believe that an adequate provision has been made for any adjustments that may result from tax examinations. The Company does not currently anticipate that the total amounts of unrecognized tax benefits will significantly change within the next twelve months.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2019

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6. STOCKHOLDERS’ EQUITY:

Stock Repurchase Program

From time to time, the Company’s Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. On May 5, 2018, the Company authorized repurchases of up to $5.0 million through December 31, 2018. In addition, on December 20, 2018, the Company authorized repurchases up to $1.0 million through December 31, 2019. On May 10, 2019, the Company authorized repurchases up to $2.0 million through December 31, 2019. As of June 30, 2019, there was no amount remaining under any of these authorizations with respect to the Company’s Class A and Class D common stock. See Note 9 – Subsequent Events. Under open authorizations, repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Shares are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. When in effect, the Company executes upon stock repurchase programs in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended June 30, 2019, the Company repurchased 26,171 shares of Class A common stock in the amount of $56,000 at an average price of $2.14 per share and repurchased 899,765 shares of Class D common stock in the amount of approximately $1.8 million at an average price of $2.01 per share. During the three months ended June 30, 2018, the Company repurchased 232 shares of Class A common stock at an average price of $2.26 per share and repurchased 760,113 shares of Class D common stock in the amount of approximately $1.6 million at an average price of $2.13 per share. During the six months ended June 30, 2019, the Company repurchased 48,551 shares of Class A common stock in the amount of $106,000 at an average price of $2.19 per share and repurchased 1,268,671 shares of Class D common stock in the amount of approximately $2.6 million at an average price of $2.02 per share. During the six months ended June 30, 2018, the Company repurchased 232 shares of Class A common stock at an average price of $2.26 per share and repurchased 1,760,568 shares of Class D common stock in the amount of approximately $3.5 million at an average price of $2.01 per share.

In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan and 2019 Equity and Performance Incentive Plan (as defined below). As of May 21, 2019, the 2019 Equity and Performance Incentive Plan will be used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended June 30, 2019, the Company executed a Stock Vest Tax Repurchase of 6,368 shares of Class D Common Stock in the amount of $13,000 at an average price of $1.98 per share. During the three months ended June 30, 2018, the Company executed a Stock Vest Tax Repurchase of 10,646 shares of Class D Common Stock in the amount of $22,000 at an average price of $2.02 per share. During the six months ended June 30, 2019, the Company executed a Stock Vest Tax Repurchase of 858,119 shares of Class D Common Stock in the amount of approximately $1.7 million at an average price of $1.94 per share. During the six months ended June 30, 2018, the Company executed a Stock Vest Tax Repurchase of 578,437 shares of Class D Common Stock in the amount of approximately $1.0 million at an average price of $1.80 per share.

Stock Option and Restricted Stock Grant Plan

Our 2009 stock option and restricted stock plan ("the 2009 Stock Plan") was originally approved by the stockholders at the Company’s annual meeting on December 16, 2009. The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan. Since its original approval, from time to time, the Board of Directors adopted and, as required, our stockholders approved certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, an amendment that replenished the authorized plan shares, increasing the number of shares of Class D common stock available for grant back up to 8,250,000 shares. Our new stock option and restricted stock plan ("2019 Equity and Performance Incentive Plan"), currently in effect was approved by the stockholders at the Company's annual meeting on May 21, 2019. The Board of Directors adopted, and on May 21, 2019, our stockholders approved, the 2019 Equity and Performance Incentive Plan which is funded with 5,500,000 shares of Class D Common Stock. As of June 30, 2019, 5,400,000 shares of Class D common stock were available for grant under the 2019 Equity and Performance Incentive Plan.

On August 7, 2017, the Compensation Committee awarded Catherine Hughes, Chairperson, 474,609 restricted shares of the Company’s Class D common stock, and stock options to purchase 210,937 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019.

On August 7, 2017, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 791,015 restricted shares of the Company’s Class D common stock, and stock options to purchase 351,562 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019.

On August 7, 2017, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 270,833 restricted shares of the Company’s Class D common stock, and stock options to purchase 120,370 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019.

On August 7, 2017, the Compensation Committee awarded 575,262 shares of restricted stock and 470,000 stock options to certain employees pursuant to the Company’s long-term incentive plan. The grants were effective August 7, 2017. 470,000 shares of restricted stock and 470,000 stock options will vest in three installments, with the first installment of 33% vesting on January 5, 2018, and the second installment vesting on January 5, 2019, and the remaining installment vesting on January 5, 2020. 105,262 shares of restricted stock immediately vested on August 7, 2017.

On October 2, 2017, Karen Wishart, our Chief Administrative Officer, as part of her employment agreement, received an equity grant of 37,500 shares of the Company’s Class D common stock as well as a grant of options to purchase 37,500 shares of the Company’s Class D common stock. The grants vest in equal increments on each of October 2, 2018, October 2, 2019 and October 2, 2020.

Pursuant to the terms of the 2019 Equity and Performance Incentive Plan and subject to the Company's insider trading policy, a portion of each recipient's vested shares may be sold in the open market for tax purposes on or about the vesting dates.

Stock-based compensation expense for the three months ended June 30, 2019 and 2018, was $200,000 and approximately $1.1 million, respectively, and for the six months ended June 30, 2019 and 2018, was $711,000 and approximately $2.5 million, respectively.

The Company did not grant stock options during the three and six months ended June 30, 2019. The Company did not grant stock options during the three months ended June 30, 2018 and granted 732,869 stock options during the six months ended June 30, 2018.

Transactions and other information relating to stock options for the six months ended June 30, 2019, are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term (In	Intrinsic
	Options	Exercise Price		Years)	Value
Outstanding at December 31, 2018	3,569,000	$	2.12	7.19	$	130,000
Grants	—	$	—
Exercised	15,000	$	1.90
Forfeited/cancelled/expired/settled	10,000	$	1.90
Balance as of June 30, 2019	3,544,000	$	2.12	6.68	$	378,000
Vested and expected to vest at June 30, 2019	3,518,000	$	2.12	6.67	$	377,000
Unvested at June 30, 2019	182,000	$	1.90	8.17	$	11,000
Exercisable at June 30, 2019	3,362,000	$	2.13	6.60	$	368,000

The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 2019, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on June 30, 2019. This amount changes based on the fair market value of the Company’s stock.

There were no options exercised during the three months ended June 30, 2019 and there were 15,000 options exercised during the six months ended June 30, 2019. There were 58,190 options exercised during the three and six months ended June 30, 2018. No options vested during the three months ended June 30, 2019 and 834,530 options vested during the six months ended June 30, 2019. No options vested during the three months ended June 30, 2018 and 717,902 options vested during the six months ended June 30, 2018.

As of June 30, 2019, $125,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of seven months. The weighted-average fair value per share of shares underlying stock options was $1.59 at June 30, 2019.

The Company granted 100,000 shares of restricted stock during the three months ended June 30, 2019 and granted 880,239 shares of restricted stock during the six months ended June 30, 2019. Each of the four non-executive directors received 25,000 shares of restricted stock or $50,000 worth of restricted stock based upon the closing price of the Company's Class D common stock on June 17, 2019. The Company granted 93,024 and 1,758,428 shares of restricted stock during the three and six months ended June 30, 2018, respectively. Each of the four non-executive directors received 23,256 shares of restricted stock or $50,000 worth of restricted stock based upon the closing price of the Company's Class D common stock on June 15, 2018.

Transactions and other information relating to restricted stock grants for the six months ended June 30, 2019, are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2018	2,124,000	$	1.85
Grants	880,000	$	2.12
Vested	(2,565,000)	$	1.92
Forfeited/cancelled/expired	(37,000)	$	2.34
Unvested at June 30, 2019	402,000	$	1.99

Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of June 30, 2019, $561,000 of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of 10 months.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

7. SEGMENT INFORMATION:

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of other syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including TV One’s and CLEO TV’s results of operations. Corporate/Eliminations represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.

Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.

The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the three months ended June 30, 2019 and 2018, is presented in the following tables:


	Three Months Ended
	June 30,
	2019		2018
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	49,312	$	46,452
Reach Media		18,770		16,380
Digital		7,673		6,559
Cable Television		46,430		46,828
Corporate/Eliminations*		(614)		(1,013)
Consolidated	$	121,571	$	115,206

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	30,765	$	28,975
Reach Media		15,439		14,458
Digital		7,094		9,023
Cable Television		24,886		22,610
Corporate/Eliminations		5,457		7,079
Consolidated	$	83,641	$	82,145

Depreciation and Amortization:
Radio Broadcasting	$	851	$	848
Reach Media		59		63
Digital		460		477
Cable Television		1,901		6,556
Corporate/Eliminations		313		304
Consolidated	$	3,584	$	8,248

Impairment of Long-Lived Assets:
Radio Broadcasting	$	3,800	$	—
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	3,800	$	—

Operating income (loss):
Radio Broadcasting	$	13,896	$	16,629
Reach Media		3,272		1,859
Digital		119		(2,941)
Cable Television		19,643		17,662
Corporate/Eliminations		(6,384)		(8,396)
Consolidated	$	30,546	$	24,813

* Intercompany revenue included in net revenue above is as follows:


Radio Broadcasting		$	(614)		$	(1,013)

Capital expenditures by segment are as follows:


Radio Broadcasting	$	642	$	152
Reach Media		47		12
Digital		400		380
Cable Television		62		57
Corporate/Eliminations		252		563
Consolidated	$	1,403	$	1,164


	Six Months Ended
	June 30,
	2019		2018
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	86,061	$	85,965
Reach Media		25,743		22,899
Digital		15,110		14,705
Cable Television		94,253		93,014
Corporate/Eliminations*		(1,147)		(1,756)
Consolidated	$	220,020	$	214,827

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	57,652	$	56,216
Reach Media		21,791		20,959
Digital		14,638		19,467
Cable Television		50,863		49,276
Corporate/Eliminations		12,755		13,689
Consolidated	$	157,699	$	159,607

Depreciation and Amortization:
Radio Broadcasting	$	1,719	$	1,718
Reach Media		118		126
Digital		921		953
Cable Television		8,477		13,113
Corporate/Eliminations		623		626
Consolidated	$	11,858	$	16,536

Impairment of Long-Lived Assets:
Radio Broadcasting	$	3,800	$	6,556
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	3,800	$	6,556

Operating income (loss):
Radio Broadcasting	$	22,890	$	21,475
Reach Media		3,834		1,814
Digital		(449)		(5,715)
Cable Television		34,913		30,625
Corporate/Eliminations		(14,525)		(16,071)
Consolidated	$	46,663	$	32,128

 Intercompany revenue included in net revenue above is as follows:


Radio Broadcasting		$	(1,147)		$	(1,756)

Capital expenditures by segment are as follows:


Radio Broadcasting	$	863	$	569
Reach Media		66		46
Digital		718		760
Cable Television		158		99
Corporate/Eliminations		305		604
Consolidated	$	2,110	$	2,078


	June 30, 2019		December 31, 2018
	(Unaudited)
	(In thousands)
Total Assets:
Radio Broadcasting	$	736,859	$	717,400
Reach Media		34,877		34,388
Digital		27,012		24,389
Cable Television		409,403		402,511
Corporate/Eliminations		61,157		58,721
Consolidated	$	1,269,308	$	1,237,409

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES: Royalty Agreements Musical works rights holders, generally songwriters and music publishers, have been traditionally represented by performing rights organizations, such as the American Society of Composers, Authors and Publishers (“ASCAP”), Broadcast Music, Inc. (“BMI”) and SESAC, Inc. (“SESAC”). The market for rights relating to musical works is changing rapidly. Songwriters and music publishers have withdrawn from the traditional performing rights organizations, particularly ASCAP and BMI, and new entities, such as Global Music Rights LLC (“GMR”), have been formed to represent rights holders. These organizations negotiate fees with copyright users, collect royalties and distribute them to the rights holders. We have arrangements with ASCAP, SESAC and GMR, and are in negotiations with BMI for a new agreement. If we are unable to reach an agreement with BMI, a court will determine the royalty we will be required to pay BMI. The changing market for musical works may have an adverse effect on us, including increasing our costs or limiting the musical works available to us. Other Contingencies The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations. Off-Balance Sheet Arrangements On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of June 30, 2019, the Company had letters of credit totaling $828,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. Noncontrolling Interest Shareholders’ Put Rights Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30‑day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One. The noncontrolling interest shareholders of Reach Media did not exercise their Put Right for the 30‑day period ending January 30, 2019. Management, at this time, cannot reasonably determine the period when and if, the put right will be exercised by the noncontrolling interest shareholders.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS: On July 1, 2019, the Company authorized repurchases up to $800,000 through December 31, 2019. Since July 1, 2019 and through July 29, 2019, the Company repurchased 291,077 shares of Class D common stock in the amount of $644,000 at an average price of $2.21 per share and repurchased 6,204 shares of Class A common stock in the amount of $14,000 at an average price of $2.20 per share. On June 12, 2019, the Compensation Committee awarded Catherine Hughes, Chairperson, 393,685 restricted shares of the Company’s Class D common stock, and stock options to purchase 174,971 shares of the Company’s Class D common stock. The grants were effective July 5, 2019 and will vest on January 6, 2020. On June 12, 2019, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 656,142 restricted shares of the Company’s Class D common stock, and stock options to purchase 291,619 shares of the Company’s Class D common stock. The grants were effective July 5, 2019 and will vest on January 6, 2020. On June 12, 2019, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 224,654 restricted shares of the Company’s Class D common stock, and stock options to purchase 99,846 shares of the Company’s Class D common stock. The grants were effective July 5, 2019 and will vest on January 6, 2020. On June 12, 2019, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 195,242 restricted shares of the Company’s Class D common stock, and stock options to purchase 86,774 shares of the Company’s Class D common stock. The grants were effective July 5, 2019 and will vest on January 6, 2020.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

(a)Organization

Interim Financial Statements

(b)Interim Financial Statements

Financial Instruments

(c)Financial Instruments

Revenue Recognition

(d)Revenue Recognition

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the three and six months ended June 30, 2019 and 2018:


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands, unaudited)
Net Revenue:
Radio Advertising	$	52,194	$	48,880	$	94,607	$	93,502
Political Advertising		317		1,182		441		1,383
Digital Advertising		7,663		6,559		15,100		14,705
Cable Television Advertising		19,816		18,118		40,009		37,054
Cable Television Affiliate Fees		26,599		28,020		54,074		55,269
Event Revenues & Other		14,982		12,447		15,789		12,914
Net Revenue (as reported)	$	121,571	$	115,206	$	220,020	$	214,827

If economic conditions change, or other adverse factors outside our control arise, our operations could be negatively impacted.

Contract assets and liabilities


	June 30, 2019		December 31, 2018		June 30, 2018
	(Unaudited)				(Unaudited)
			(In thousands)

Contract assets:
Unbilled receivables	$	3,530	$	3,425	$	7,226

Contract liabilities:
Customer advances and unearned income	$	3,634	$	3,766	$	4,681
Unearned event income		3,848		3,864		2,368

Practical expedients and exemptions

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses.

Launch Support

(e)Launch Support

Barter Transactions

(f)Barter Transactions

Earnings Per Share

(g)Earnings Per Share

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Unaudited)
	(In Thousands)

Numerator:
Net income (loss) attributable to common stockholders	$	6,591	$	23,590	$	(72)	$	1,035
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		45,061,821		46,033,402		45,175,521		46,321,633
Effect of dilutive securities:
Stock options and restricted stock		639,834		2,405,291		—		2,456,165
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		45,701,655		48,438,693		45,175,521		48,777,798

Net income (loss) attributable to common stockholders per share – basic	$	0.15	$	0.51	$	(0.00)	$	0.02
Net income (loss) attributable to common stockholders per share –diluted	$	0.14	$	0.49	$	(0.00)	$	0.02


		Six Months Ended June 30,
		2019
		(Unaudited)
		(In thousands)

Stock options		3,544
Restricted stock awards		809

Fair Value Measurements

(h)Fair Value Measurements

Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at the measurement date.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

As of June 30, 2019, and December 31, 2018, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:


	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,349		—		—	$	2,349
Employment agreement award (b)		26,406		—		—		26,406
Total	$	28,755	$	—	$	—	$	28,755

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	11,168	$	—	$	—	$	11,168

As of December 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,831		—		—	$	2,831
Employment agreement award (b)		25,660		—		—		25,660
Total	$	28,491	$	—	$	—	$	28,491

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,232	$	—	$	—	$	10,232


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)

Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to noncontrolling interests		—		—		671
Distribution		(649)		(1,969)		—
Dividends paid to noncontrolling interests		—		—		(1,000)
Change in fair value		167		2,715		1,265
Balance at June 30, 2019	$	2,349	$	26,406	$	11,168

The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$	(167)	$	(2,715)	$	—


					As of
			As of		December 31,
		Significant	June 30, 2019		2018
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility	23.0	%	34.6	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	11.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.5	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	10.5	%	10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	1.0	%	1.0	%

Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.

Leases

(i)Leases


Operating Lease Cost (Cost resulting from lease payments)	$	6,438
Variable Lease Cost (Cost excluded from lease payments)		76
Total Lease Cost	$	6,514

Operating Lease - Operating Cash Flows (Fixed Payments)	$	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$	3,960

Weighted Average Lease Term - Operating Leases		6.01	years
Weighted Average Discount Rate - Operating Leases		11.00	%

As of June 30, 2019, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(Dollars in thousands)
For the remaining six months ending December 31, 2019	$	13,734
2020		13,031
2021		12,286
2022		11,231
2023		8,275
Thereafter		14,674
Total future lease payments		73,231
Imputed interest		(19,571)
Total	$	53,660

Impact of Recently Issued Accounting Pronouncements

(j)Impact of Recently Issued Accounting Pronouncements

Redeemable noncontrolling interest

(k)Redeemable noncontrolling interest

Investments - Cost Method

(l)Investments – Cost Method

Content Assets

(m)Content Assets

Tax incentives that state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.

Derivatives

(n)Derivatives

Related Party Transactions

(o)Related Party Transactions

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of net revenue (and sources)


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(In thousands, unaudited)
Net Revenue:
Radio Advertising	$	52,194	$	48,880	$	94,607	$	93,502
Political Advertising		317		1,182		441		1,383
Digital Advertising		7,663		6,559		15,100		14,705
Cable Television Advertising		19,816		18,118		40,009		37,054
Cable Television Affiliate Fees		26,599		28,020		54,074		55,269
Event Revenues & Other		14,982		12,447		15,789		12,914
Net Revenue (as reported)	$	121,571	$	115,206	$	220,020	$	214,827

Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income)


	June 30, 2019		December 31, 2018		June 30, 2018
	(Unaudited)				(Unaudited)
			(In thousands)

Contract assets:
Unbilled receivables	$	3,530	$	3,425	$	7,226

Contract liabilities:
Customer advances and unearned income	$	3,634	$	3,766	$	4,681
Unearned event income		3,848		3,864		2,368

Schedule of calculation of basic and diluted earnings per share from continuing operations

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(Unaudited)
	(In Thousands)

Numerator:
Net income (loss) attributable to common stockholders	$	6,591	$	23,590	$	(72)	$	1,035
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		45,061,821		46,033,402		45,175,521		46,321,633
Effect of dilutive securities:
Stock options and restricted stock		639,834		2,405,291		—		2,456,165
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		45,701,655		48,438,693		45,175,521		48,777,798

Net income (loss) attributable to common stockholders per share – basic	$	0.15	$	0.51	$	(0.00)	$	0.02
Net income (loss) attributable to common stockholders per share –diluted	$	0.14	$	0.49	$	(0.00)	$	0.02

Schedule of potential common shares excluded from the diluted calculation


		Six Months Ended June 30,
		2019
		(Unaudited)
		(In thousands)

Stock options		3,544
Restricted stock awards		809

Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis


	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,349		—		—	$	2,349
Employment agreement award (b)		26,406		—		—		26,406
Total	$	28,755	$	—	$	—	$	28,755

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	11,168	$	—	$	—	$	11,168

As of December 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,831		—		—	$	2,831
Employment agreement award (b)		25,660		—		—		25,660
Total	$	28,491	$	—	$	—	$	28,491

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,232	$	—	$	—	$	10,232

Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)

Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to noncontrolling interests		—		—		671
Distribution		(649)		(1,969)		—
Dividends paid to noncontrolling interests		—		—		(1,000)
Change in fair value		167		2,715		1,265
Balance at June 30, 2019	$	2,349	$	26,406	$	11,168

The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$	(167)	$	(2,715)	$	—

Schedule of significant unobservable input value


					As of
			As of		December 31,
		Significant	June 30, 2019		2018
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility	23.0	%	34.6	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	11.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.5	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	10.5	%	10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	1.0	%	1.0	%

Schedule of the components of lease expense and the weighted average remaining lease term and the weighted average discount rate


Operating Lease Cost (Cost resulting from lease payments)	$	6,438
Variable Lease Cost (Cost excluded from lease payments)		76
Total Lease Cost	$	6,514

Operating Lease - Operating Cash Flows (Fixed Payments)	$	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$	3,960

Weighted Average Lease Term - Operating Leases		6.01	years
Weighted Average Discount Rate - Operating Leases		11.00	%

Schedule of maturities of lease liabilities


For the Year Ended December 31,	(Dollars in thousands)
For the remaining six months ending December 31, 2019	$	13,734
2020		13,031
2021		12,286
2022		11,231
2023		8,275
Thereafter		14,674
Total future lease payments		73,231
Imputed interest		(19,571)
Total	$	53,660

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2019

LONG-TERM DEBT

Schedule of long-term debt


	June 30, 2019		December 31, 2018
	(Unaudited)
	(In thousands)
2018 Credit Facility	$	177,838	$	192,000
MGM National Harbor Loan		51,053		50,066
2017 Credit Facility		322,277		323,926
9.25% Senior Subordinated Notes due February 2020		—		2,037
7.375% Senior Secured Notes due April 2022		350,000		350,000
Asset-backed credit facility		9,000		—
Comcast Note due April 2019		—		11,872
Total debt		910,168		929,901
Less: current portion of long-term debt		20,097		38,706
Less: original issue discount and issuance costs		15,572		17,438
Long-term debt, net	$	874,499	$	873,757

Schedule of future scheduled minimum principal payments


								7.38%
								Senior
								Secured
	2018		MGM			2017		Notes
	Credit		National		Asset-backed	Credit		due April
	Facility		Harbor Loan		Credit Facility	Facility		2022		Total
	(In thousands)
July - December 2019	$	7,200		—	—	$	1,648	$	—	$	8,848
2020		19,200		—	—		3,297		—		22,497
2021		19,200		—	9,000		3,297		—		31,497
2022		132,238		51,053	—		3,297		350,000		536,588
2023		—		—	—		310,738		—		310,738
2024 and thereafter		—		—	—		—		—		—
Total Debt	$	177,838	$	51,053	9,000	$	322,277	$	350,000	$	910,168

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2019

STOCKHOLDERS' EQUITY

Schedule of Share-based Compensation, Stock Options, Activity


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term (In	Intrinsic
	Options	Exercise Price		Years)	Value
Outstanding at December 31, 2018	3,569,000	$	2.12	7.19	$	130,000
Grants	—	$	—
Exercised	15,000	$	1.90
Forfeited/cancelled/expired/settled	10,000	$	1.90
Balance as of June 30, 2019	3,544,000	$	2.12	6.68	$	378,000
Vested and expected to vest at June 30, 2019	3,518,000	$	2.12	6.67	$	377,000
Unvested at June 30, 2019	182,000	$	1.90	8.17	$	11,000
Exercisable at June 30, 2019	3,362,000	$	2.13	6.60	$	368,000

Schedule of Share-based Compensation, Restricted Stock Units Award Activity


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2018	2,124,000	$	1.85
Grants	880,000	$	2.12
Vested	(2,565,000)	$	1.92
Forfeited/cancelled/expired	(37,000)	$	2.34
Unvested at June 30, 2019	402,000	$	1.99

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

SEGMENT INFORMATION

Schedule of Segment Reporting Information, by Segment


	Three Months Ended
	June 30,
	2019		2018
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	49,312	$	46,452
Reach Media		18,770		16,380
Digital		7,673		6,559
Cable Television		46,430		46,828
Corporate/Eliminations*		(614)		(1,013)
Consolidated	$	121,571	$	115,206

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	30,765	$	28,975
Reach Media		15,439		14,458
Digital		7,094		9,023
Cable Television		24,886		22,610
Corporate/Eliminations		5,457		7,079
Consolidated	$	83,641	$	82,145

Depreciation and Amortization:
Radio Broadcasting	$	851	$	848
Reach Media		59		63
Digital		460		477
Cable Television		1,901		6,556
Corporate/Eliminations		313		304
Consolidated	$	3,584	$	8,248

Impairment of Long-Lived Assets:
Radio Broadcasting	$	3,800	$	—
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	3,800	$	—

Operating income (loss):
Radio Broadcasting	$	13,896	$	16,629
Reach Media		3,272		1,859
Digital		119		(2,941)
Cable Television		19,643		17,662
Corporate/Eliminations		(6,384)		(8,396)
Consolidated	$	30,546	$	24,813

* Intercompany revenue included in net revenue above is as follows:


Radio Broadcasting		$	(614)		$	(1,013)

Capital expenditures by segment are as follows:


Radio Broadcasting	$	642	$	152
Reach Media		47		12
Digital		400		380
Cable Television		62		57
Corporate/Eliminations		252		563
Consolidated	$	1,403	$	1,164


	Six Months Ended
	June 30,
	2019		2018
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	86,061	$	85,965
Reach Media		25,743		22,899
Digital		15,110		14,705
Cable Television		94,253		93,014
Corporate/Eliminations*		(1,147)		(1,756)
Consolidated	$	220,020	$	214,827

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	57,652	$	56,216
Reach Media		21,791		20,959
Digital		14,638		19,467
Cable Television		50,863		49,276
Corporate/Eliminations		12,755		13,689
Consolidated	$	157,699	$	159,607

Depreciation and Amortization:
Radio Broadcasting	$	1,719	$	1,718
Reach Media		118		126
Digital		921		953
Cable Television		8,477		13,113
Corporate/Eliminations		623		626
Consolidated	$	11,858	$	16,536

Impairment of Long-Lived Assets:
Radio Broadcasting	$	3,800	$	6,556
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	3,800	$	6,556

Operating income (loss):
Radio Broadcasting	$	22,890	$	21,475
Reach Media		3,834		1,814
Digital		(449)		(5,715)
Cable Television		34,913		30,625
Corporate/Eliminations		(14,525)		(16,071)
Consolidated	$	46,663	$	32,128

 Intercompany revenue included in net revenue above is as follows:


Radio Broadcasting		$	(1,147)		$	(1,756)

Capital expenditures by segment are as follows:


Radio Broadcasting	$	863	$	569
Reach Media		66		46
Digital		718		760
Cable Television		158		99
Corporate/Eliminations		305		604
Consolidated	$	2,110	$	2,078


	June 30, 2019		December 31, 2018
	(Unaudited)
	(In thousands)
Total Assets:
Radio Broadcasting	$	736,859	$	717,400
Reach Media		34,877		34,388
Digital		27,012		24,389
Cable Television		409,403		402,511
Corporate/Eliminations		61,157		58,721
Consolidated	$	1,269,308	$	1,237,409

GOODWILL AND RADIO BROADCASTING LICENSES (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Radio Broadcasting Licenses [Abstract]

Schedule Of Changes In Carrying Amount Of Goodwill


	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(101,848)		(16,114)		(14,545)		—		(132,507)
Net goodwill at June 30, 2019	$	53,152	$	14,354	$	13,022	$	165,044	$	245,572

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Revenue	$ 121,571	$ 115,206	$ 220,020	$ 214,827
Radio Advertising [Member]
Net Revenue	52,194	48,880	94,607	93,502
Political Advertising [Member]
Net Revenue	317	1,182	441	1,383
Digital Advertising [Member]
Net Revenue	7,663	6,559	15,100	14,705
Cable Television Advertising [Member]
Net Revenue	19,816	18,118	40,009	37,054
Cable Television Affiliate Fees [Member]
Net Revenue	26,599	28,020	54,074	55,269
Event Revenues & Other [Member]
Net Revenue	$ 14,982	$ 12,447	$ 15,789	$ 12,914

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Contract assets:
Unbilled receivables	$ 3,530	$ 3,425	$ 7,226
Contract liabilities:
Customer advances and unearned income	3,634	3,766	4,681
Unearned event income	$ 3,848	$ 3,864	$ 2,368

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 6,591	$ 23,590	$ (72)	$ 1,035
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares	45,061,821	46,033,402	45,175,521	46,321,633
Effect of dilutive securities:
Stock options and restricted stock	639,834	2,405,291	0	2,456,165
Denominator for diluted net income (loss) per share - weighted-average outstanding shares	45,701,655	48,438,693	45,175,521	48,777,798
Net income (loss) attributable to common stockholders per share - basic	$ 0.15	$ 0.51	$ 0.00	$ 0.02
Net income (loss) attributable to common stockholders per share -diluted	$ 0.14	$ 0.49	$ 0.00	$ 0.02

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(20))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868656-224227

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868656-224227

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted stock awards (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019 shares
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,544
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	809

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration	$ 2,349	$ 2,831
Employment agreement award	26,406	25,660
Total	28,755	28,491
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	11,168	10,232
Fair Value, Inputs, Level 1 [Member]
Liabilities subject to fair value measurement:
Contingent consideration	0	0
Employment agreement award	0	0
Total	0	0
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities subject to fair value measurement:
Contingent consideration	0	0
Employment agreement award	0	0
Total	0	0
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities subject to fair value measurement:
Contingent consideration	2,349	2,831
Employment agreement award	26,406	25,660
Total	28,755	28,491
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	$ 11,168	$ 10,232

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 2,831
Net income attributable to noncontrolling interests	0
Distribution	(649)
Change in fair value	167
Balance, end of period	2,349
The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held	(167)
Employment Agreement Award [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,660
Net income attributable to noncontrolling interests	0
Distribution	(1,969)
Change in fair value	2,715
Balance, end of period	26,406
The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held	(2,715)
Redeemable Noncontrolling Interests [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	10,232
Net income attributable to noncontrolling interests	671
Distribution	0
Dividends paid to noncontrolling interests	(1,000)
Change in fair value	1,265
Balance, end of period	11,168
The amount of total income (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held	$ 0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Contingent Consideration [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	23.00%	34.60%
Contingent Consideration [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	14.50%	15.00%
Employment Agreement Award [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.00%	11.00%
Employment Agreement Award [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	2.50%	2.50%
Redeemable Noncontrolling Interests [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	10.50%	10.50%
Redeemable Noncontrolling Interests [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	1.00%	1.00%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	6 Months Ended
	Jun. 30, 2019 USD ($)
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 6,438
Variable Lease Cost (Cost excluded from lease payments)	76
Total Lease Cost	6,514
Operating Lease - Operating Cash Flows (Fixed Payments)	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 3,960
Weighted Average Lease Term - Operating Leases	6 years 4 days
Weighted Average Discount Rate - Operating Leases	11.00%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Jun. 30, 2019 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For the remaining six months ending December 31, 2019	$ 13,734
2020	13,031
2021	12,286
2022	11,231
2023	8,275
Thereafter	14,674
Total future lease payments	73,231
Imputed interest	(19,571)
Total	$ 53,660

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 02, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2019	Dec. 20, 2018	Apr. 18, 2017	Nov. 30, 2016	Apr. 10, 2015
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross						$ 350,000,000
Debt Instrument, Fair Value Disclosure						$ 332,500,000
Debt Instrument, Interest Rate, Stated Percentage						9.25%
Reassessed Estimated Fair Value of Award		$ 26,400,000		$ 26,400,000		$ 25,700,000
Related Party Transaction, Due from (to) Related Party, Total		869,000		869,000		208,000
Revenues		121,571,000	$ 115,206,000	220,020,000	$ 214,827,000
Operating Income (Loss)		30,546,000	24,813,000	46,663,000	32,128,000
Operating Expenses, Total		91,025,000	90,393,000	173,357,000	182,699,000
Unearned Event Income		3,848,000	2,368,000	3,848,000	2,368,000	3,864,000
Selling, General and Administrative Expense, Total		44,816,000	40,648,000	77,955,000	75,883,000
Impairment of Long-Lived Assets Held-for-use		3,800,000	0	3,800,000	6,556,000
Operating Lease, Right-of-Use Asset		49,226,000		49,226,000		$ 0
Operating Lease, Liability		53,660,000		53,660,000
Accounting Standards Update 2016-02 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Lease, Right-of-Use Asset							$ 49,800,000
Operating Lease, Liability							54,100,000
Cumulative Effect on Retained Earnings, Net of Tax	$ 5,800,000
Deferred Rent Credit							$ 4,300,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		572,000	711,000	1,100,000	1,500,000
Cost of Goods and Services Sold		422,000	670,000	837,000	1,400,000
Adjustment in Revenue			1,700,000		2,000,000
Marketing Services Fee Receivable		2,000,000		2,000,000
Selling, General and Administrative Expense, Total		150,000	41,000	301,000	81,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees		6,100,000	6,400,000	11,000,000	11,700,000
Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee Through 2018 and 2019				1,700,000
Operating Income Guarantee Through 2020 and Thereafter				$ 1,750,000
Launch Support Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite Lived Intangible Assets Weighted Average Amortization Period				7 years 9 months 18 days		7 years 9 months 18 days
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period				5 years 7 months 6 days		6 years 1 month 6 days
Amortization of Intangible Assets		105,000	106,000	$ 211,000	211,000
Selling, General and Administrative Expense, Total		153,000	0	304,000	0
Detroit Market Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use		3,800,000		3,800,000	3,800,000
Charlotte Market Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use					2,700,000
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related Party Transaction, Due from (to) Related Party, Total		34,000		34,000		$ 34,000
Reimbursement Expenditure Guarantee				$ 1,000,000
Percentage of Performance Bonus				50.00%
Tom Joyner Foundation Inc [Member] \| Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee				$ 250,000
Tom Joyner Limited [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related Party Transaction, Due from (to) Related Party, Total		2,000		2,000		$ 2,000
Chief Executive Officer [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage Of Award Amount						4.00%
9.25% Senior Subordinated Notes due February 2020 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 0		$ 0		$ 2,000,000
Debt Instrument, Fair Value Disclosure						2,000,000
Debt Instrument, Interest Rate, Stated Percentage		9.25%		9.25%
Senior Subordinated Notes due March 2022 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 350,000,000		$ 350,000,000
Debt Instrument, Fair Value Disclosure		$ 351,800,000		$ 351,800,000
Debt Instrument, Interest Rate, Stated Percentage		7.375%		7.375%
MGM National Harbor Loan [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 51,100,000		$ 51,100,000
Debt Instrument, Face Amount		50,000,000		50,000,000
Other Income				3,400,000	3,400,000
ABL Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		9,000,000		9,000,000		0
Debt Instrument, Fair Value Disclosure		9,000,000		9,000,000
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees		$ 3,800,000	3,500,000	$ 7,500,000	6,900,000
Reach Media Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		80.00%		80.00%
Reach Media Inc [Member] \| Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenues		$ 10,400,000	9,300,000	$ 10,400,000	9,300,000
Operating Income (Loss)				1,700,000	1,700,000
Operating Expenses, Total				8,700,000	7,600,000
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenues		613,000	288,000	613,000	288,000
Unearned Event Income			4,100,000		4,100,000
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenues		2,000,000	1,700,000	2,000,000	1,700,000
2017 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		322,300,000		322,300,000		323,900,000			$ 350,000,000
Debt Instrument, Fair Value Disclosure		309,400,000		309,400,000		305,800,000
Debt Instrument, Interest Rate, Stated Percentage									2.00%
Debt Instrument, Face Amount									$ 350,000,000
2018 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		177,800,000		177,800,000		192,000,000
Debt Instrument, Fair Value Disclosure		181,400,000		181,400,000		$ 195,900,000
Debt Instrument, Interest Rate, Stated Percentage						12.875%
Debt Instrument, Face Amount								$ 192,000,000
Staffing And Recruiting Services [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related Party Transaction, Amounts of Transaction		$ 0	3,000	$ 0	25,000
Comcast Note [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross						$ 11,900,000
Debt Instrument, Fair Value Disclosure						11,900,000
Debt Instrument, Interest Rate, Stated Percentage		10.47%		10.47%
Debt Instrument, Face Amount		$ 11,900,000		$ 11,900,000
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		51,100,000		51,100,000		50,100,000
Debt Instrument, Fair Value Disclosure		57,200,000		57,200,000		$ 56,100,000
Investment Owned, at Cost										$ 35,000,000	$ 5,000,000
Other Income		1,600,000	1,800,000
Employment Agreement Award [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Selling, General and Administrative Expense, Total		$ 806,000	$ 1,600,000	$ 2,700,000	$ 2,800,000

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) - USD ($)		1 Months Ended		6 Months Ended
	Aug. 08, 2018	May 02, 2017	Jan. 30, 2017	Jun. 30, 2017	Jun. 10, 2019	Aug. 09, 2018
ACQUISITIONS AND DISPOSITIONS
Carrying value					$ 13,500,000
Proceeds from Divestiture of Businesses			$ 25,000,000
Sale Leaseback Transaction, Net Proceeds, Investing Activities		$ 25,000,000
Sale And Leaseback Transaction Gain		$ 22,500,000
Sale and Leaseback Transaction, Gain (Loss), Net				$ 14,400,000
Sale Leaseback Transaction, Deferred Gain, Net				$ 8,100,000
Business Acquisition Purchase Price Allocation Indefinite Live Intangible Assets Land And Land Improvements						$ 1,100,000
Business Acquisition Purchase Price Allocation Indefinite Live Intangible Assets Towers						512,000
Proceeds from Property Plant and Equipment Received in Cash	$ 12,200,000
Red Zebra Broadcasting [Member]
ACQUISITIONS AND DISPOSITIONS
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets, Radio Broadcasting Licenses						2,000,000
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets Including Goodwill						91,000
Business Acquisition Purchase Price Allocation Indefinite Live Intangible Assets Advertiser Agreements						206,000
Business Acquisition Purchase Price Allocation Indefinite Live Intangible Assets Other Property And Equipment						$ 254,000
Detroit radio station [Member]
ACQUISITIONS AND DISPOSITIONS
Proceeds from Sale of Property Held-for-sale	$ 12,700,000

GOODWILL AND RADIO BROADCASTING LICENSES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2018	Jun. 30, 2019
GOODWILL AND RADIO BROADCASTING LICENSES
Impairment of Intangible Assets, Finite-lived	$ 3,800
Goodwill, Impairment Loss			$ 0
Charlotte Goodwill [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Goodwill, Impairment Loss		$ 2,700
Radio Broadcasting Licenses [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Impairment of Intangible Assets, Finite-lived		$ 3,800

GOODWILL AND RADIO BROADCASTING LICENSES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,079
Additions	0
Impairments	0
Accumulated impairment losses	(132,507)
Net goodwill at June 30, 2019	245,572	$ 245,572
Radio Broadcasting Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	155,000
Additions	0
Impairments	0
Accumulated impairment losses	(101,848)
Net goodwill at June 30, 2019	53,152
Reach Media Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	30,468
Additions	0
Impairments	0
Accumulated impairment losses	(16,114)
Net goodwill at June 30, 2019	14,354
Digital Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	27,567
Additions	0
Impairments	0
Accumulated impairment losses	(14,545)
Net goodwill at June 30, 2019	13,022
Cable Television Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	165,044
Additions	0
Impairments	0
Accumulated impairment losses	0
Net goodwill at June 30, 2019	$ 165,044

LONG-TERM DEBT - Rollforward (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
LONG-TERM DEBT
Total debt	$ 910,168	$ 929,901
Less: current portion of long-term debt	20,097	38,706
Less: original issue discount and issuance costs	15,572	17,438
Long-term debt, net	874,499	873,757
2017 Credit Facility [Member]
LONG-TERM DEBT
Total debt	322,277	323,926
2018 Credit Facility [Member]
LONG-TERM DEBT
Total debt	177,838	192,000
Asset Backed Credit Facility [Member]
LONG-TERM DEBT
Total debt	9,000	0
9.25% Senior Subordinated Notes due February 2020 [Member]
LONG-TERM DEBT
Total debt	0	2,037
7.375% Senior Secured Notes due April 2022 [Member]
LONG-TERM DEBT
Total debt	350,000	350,000
Comcast Note due April 2019 [Member]
LONG-TERM DEBT
Total debt	0	11,872
MGM National Harbor Loan [Member]
LONG-TERM DEBT
Total debt	$ 51,053	$ 50,066

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
LONG-TERM DEBT
July - December 2019	$ 8,848
2020	22,497
2021	31,497
2022	536,588
2023	310,738
2024 and thereafter	0
Total Debt	910,168	$ 929,901
2018 Credit Facility [Member]
LONG-TERM DEBT
July - December 2019	7,200
2020	19,200
2021	19,200
2022	132,238
2023	0
2024 and thereafter	0
Total Debt	177,838
MGM National Harbor Loan [Member]
LONG-TERM DEBT
July - December 2019	0
2020	0
2021	0
2022	51,053
2023	0
2024 and thereafter	0
Total Debt	51,053	50,066
Asset Backed Credit Facility [Member]
LONG-TERM DEBT
July - December 2019	0
2020	0
2021	9,000
2022	0
2023	0
2024 and thereafter	0
Total Debt	9,000
2017 Credit Facility [Member]
LONG-TERM DEBT
July - December 2019	1,648
2020	3,297
2021	3,297
2022	3,297
2023	310,738
2024 and thereafter	0
Total Debt	322,277
7.375% Senior Secured Notes due April 2022 [Member]
LONG-TERM DEBT
July - December 2019	0
2020	0
2021	0
2022	350,000
2023	0
2024 and thereafter	0
Total Debt	$ 350,000	$ 350,000

LONG-TERM DEBT - Additional Information (Details) - USD ($)			1 Months Ended				3 Months Ended					6 Months Ended		12 Months Ended
	Apr. 21, 2016	Feb. 10, 2014	Dec. 19, 2018	Jun. 30, 2017	Apr. 18, 2017	Apr. 21, 2016	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 20, 2018	Apr. 17, 2015
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount							$ 828,000					$ 828,000
Long-term Debt, Gross								$ 350,000,000						$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage								9.25%						9.25%
Gain Losses on Extinguishment of Debt							0			$ 626,000		0	$ 865,000
Debt Instrument, Interest Rate Terms					The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company's interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.									The 2018 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company's total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021 and 6.75 to 1.00 in 2022.
Interest Expense, Total							22,003,000			19,155,000		44,154,000	38,436,000
Comcast Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 11,900,000					$ 11,900,000
Long-term Debt, Gross								$ 11,900,000						$ 11,900,000
Debt Instrument, Interest Rate, Stated Percentage							10.47%					10.47%
Senior Secured Notes Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross																$ 350,000,000
9.25% Senior Subordinated Notes due February 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 0	2,000,000				$ 0		2,000,000
Debt Instrument, Interest Rate, Stated Percentage							9.25%					9.25%
Gain Losses on Extinguishment of Debt								2,800,000
Debt Instrument, Repurchase Amount								$ 243,000,000						$ 243,000,000
Debt Instrument, Redemption Price, Percentage								100.88%
Write off of Deferred Debt Issuance Cost								$ 649,000
Premium Paid to the Bondholders								$ 2,100,000
9.25% Senior Subordinated Notes due February 2020 [Member] \| Private Offering [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 335,000,000
Debt Instrument, Periodic Payment		$ 15,500,000
MGM National Harbor Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 50,000,000					$ 50,000,000
Long-term Debt, Gross							51,100,000					51,100,000
Debt Instrument, Unamortized Discount (Premium), Net							1,000,000					1,000,000
Long Term Debt Percentage Paid In Kind														4.00%
Debt Issuance Costs, Net							1,700,000					1,700,000
Asset Backed Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Long-term Debt, Gross							9,000,000					9,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000,000					$ 25,000,000
Percentage Borrowing Of Eligible Accounts						(85.00%)
2017 Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 350,000,000
Repayments of Long-term Debt, Total			$ 20,000,000				$ 824,000			875,000		$ 1,600,000	1,800,000
Debt, Weighted Average Interest Rate							6.49%	5.82%				6.49%		5.82%
Percentage of Outstanding Principal Amount				0.25%
Long-term Debt, Gross					$ 350,000,000		$ 322,300,000	$ 323,900,000				$ 322,300,000		$ 323,900,000
Debt Instrument, Interest Rate, Stated Percentage					2.00%
Debt Instrument, Description					The 2017 Credit Facility matures on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company's 2022 Notes. At the Company's election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 6.49% for 2019 and was 5.82% for 2018.
2018 Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount															$ 192,000,000
Number of Days to Notify the Changes														5 days
Debt Instrument, Interest Rate, Stated Percentage, If 50% of Term Repaid														11.875%
Debt Instrument, Interest Rate, Stated Percentage, If 75% of Term Repaid														10.875%
Excess Cash Flows														75.00%
Percentage of Distributions														100.00%
Repayments of Long-term Debt, Total							3,600,000					14,200,000
Long-term Debt, Gross							177,800,000	$ 192,000,000				177,800,000		$ 192,000,000
Debt Instrument, Interest Rate, Stated Percentage								12.875%						12.875%
Interest Expense, Total							964,000			718,000		1,900,000	1,400,000
Debt Instrument Additional Interest Payment Term On Prepayment														The loans under the 2018 Credit Facility may be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company is required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company is also required to use 75% of excess cash flow (as defined in the 2018 Credit Facility, which exclude any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor) to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding terms loans at par.
Debt Instrument, Unamortized Discount (Premium), Net							3,800,000					3,800,000
2018 Credit Facility [Member] \| Debt Financing Cost [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net							$ 875,000					$ 875,000
Senior Subordinated Notes Due From 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																7.375%
Gain Losses on Extinguishment of Debt									$ 120,000	626,000	$ 239,000
Debt Instrument, Repurchase Amount									$ 5,000,000	$ 14,000,000	$ 11,000,000		$ 14,000,000
Debt Instrument, Redemption Price, Percentage									97.25%	95.125%	97.375%

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INCOME TAXES
Income Tax Expense (Benefit)	$ 3,118	$ (15,581)	$ 5,366	$ (2,741)
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest, Total	$ 10,255	$ 8,315	$ 5,965	$ (1,367)
Effective Income Tax Rate Reconciliation, Percent	90.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent			30.90%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount			$ 3,500

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Number of Options, Grants		732,869
Number of Options, Exercised	15,000	58,190
Employee Stock Option [Member]
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year	3,569,000
Number of Options, Grants	0
Number of Options, Exercised	15,000
Number of Option, Forfeited/cancelled/expired/settled	10,000
Number of Options, Balance at End of Year	3,544,000		3,569,000
Number of Options, Vested and expected to vest	3,518,000
Number of Options, Unvested	182,000
Number of Options, Exercisable	3,362,000
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)	$ 2.12
Weighted-Average Exercise Price, Grants (in dollars per share)	0
Weighted-Average Exercise Price, Exercised (in dollars per share)	1.90
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)	1.90
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)	2.12		$ 2.12
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)	2.12
Weighted-Average Exercise Price, Unvested (in dollars per share)	1.90
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 2.13
Weighted-Average Remaining Contractual Term, Outstanding (in years)	6 years 8 months 5 days		7 years 2 months 9 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)	6 years 8 months 1 day
Weighted-Average Remaining Contractual Term, Unvested (in years)	8 years 2 months 1 day
Weighted-Average Remaining Contractual Term, Exercisable (in years)			6 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 378,000		$ 130,000
Aggregate Intrinsic Value, Vested and expected to vest	377,000
Aggregate Intrinsic Value, Unvested	11,000
Aggregate Intrinsic Value, Exercisable	$ 368,000

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2019 $ / shares shares
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year \| shares	2,124,000
Shares, Grants \| shares	880,000
Shares, Vested \| shares	(2,565,000)
Shares, Forfeited/cancelled/expired \| shares	(37,000)
Shares, Unvested at end of year \| shares	402,000
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) \| $ / shares	$ 1.85
Average Fair Value at Grant Date, Grants (in dollars per share) \| $ / shares	2.12
Average Fair Value at Grant Date, Vested (in dollars per share) \| $ / shares	1.92
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share) \| $ / shares	2.34
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share) \| $ / shares	$ 1.99

STOCKHOLDERS' EQUITY - Additional Information (Details)					1 Months Ended	3 Months Ended			6 Months Ended
STOCKHOLDERS' EQUITY - Additional Information (Details)	Jun. 17, 2019 USD ($) shares	Jun. 15, 2018 USD ($) shares	Aug. 07, 2017 shares	Aug. 07, 2017 installment shares	Oct. 30, 2017 shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares shares	Mar. 31, 2018 shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares shares	May 21, 2019 shares	May 10, 2019 USD ($)	Dec. 20, 2018 USD ($)	May 05, 2018 USD ($)	Dec. 31, 2009 shares
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Value \| $									$ 4,309,000	$ 4,568,000
Share-based Compensation, Total \| $						$ 200,000	$ 1,100,000		$ 711,000	$ 2,502,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares						0	0		834,530	717,902
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross										732,869
Stock Repurchase Program, Authorized Amount \| $												$ 2,000,000	$ 1,000,000	$ 5,000,000
Sharebased Compensation Arrangement by Sharebased Payment Award Options exercised Number of Shares						0	58,190		15,000	58,190
Restricted Stock [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $						$ 561,000			$ 561,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						100,000		93,024	880,239	1,758,428
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									880,000
Employee [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			470,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $						$ 125,000			$ 125,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition									7 months
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			575,262
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares									$ 1.59
Share based Compensation Arrangement By Share based Payment Award Restricted Stock Vested Number Of Shares			105,262
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				470,000
Number of Installments \| installment				3
Employee [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				33.00%
Employee [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				33.00%
Employee [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				33.00%
Non-Executive Directors \| Restricted Stock [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		23,256
Common Class D [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares						899,765	760,113		1,268,671	1,760,568
Stock Repurchased During Period, Value \| $						$ 1,800,000	$ 1,600,000		$ 2,600,000	$ 3,500,000
Repurchase Of Common Stock Price Per Share \| $ / shares						$ 2.01	$ 2.13		$ 2.02	$ 2.01
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						8,250,000			8,250,000
Common Class D [Member] \| Stock Plan 2009 [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized															8,250,000
Common Class D [Member] \| Stock Vest Tax Repurchase [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares						6,368	10,646		858,119	578,437
Stock Repurchased During Period, Value \| $						$ 13,000	$ 22,000		$ 1,700,000	$ 1,000,000
Repurchase Of Common Stock Price Per Share \| $ / shares						$ 1.98	$ 2.02		$ 1.94	$ 1.80
Common Class D [Member] \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						5,400,000			5,400,000		5,500,000
Common Class D [Member] \| Chief Administrative Officer [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares					37,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					37,500
Common Class D [Member] \| Chairperson [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			474,609
Common Class D [Member] \| Chairperson [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			210,937
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			791,015
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			270,833
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			351,562
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			120,370
Common Class D [Member] \| Non-Executive Directors \| Restricted Stock [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	25,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $	$ 50,000	$ 50,000
Common Class A [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares						26,171	232		48,551	232
Stock Repurchased During Period, Value \| $						$ 56,000			$ 106,000
Repurchase Of Common Stock Price Per Share \| $ / shares						$ 2.14	$ 2.26		$ 2.19	$ 2.26

SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dec. 31, 2018

SEGMENT INFORMATION

Net Revenue:

$ 121,571

$ 115,206

$ 220,020

$ 214,827

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

83,641

82,145

157,699

159,607

Depreciation and Amortization:

3,584

8,248

11,858

16,536

Impairment of Long-Lived Assets:

3,800

6,556

Operating income (loss):

30,546

24,813

46,663

32,128

Capital expenditures by segment are as follows:

1,403

1,164

2,110

2,078

Total Assets:

1,269,308

$ 1,237,409

Radio Broadcasting

SEGMENT INFORMATION

Net Revenue:

49,312

46,452

86,061

85,965

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

30,765

28,975

57,652

56,216

Depreciation and Amortization:

851

848

1,719

1,718

Impairment of Long-Lived Assets:

3,800

6,556

Operating income (loss):

13,896

16,629

22,890

21,475

Capital expenditures by segment are as follows:

642

152

863

569

Total Assets:

736,859

717,400

Radio Broadcasting | Intersegment Eliminations [Member]

SEGMENT INFORMATION

Net Revenue:

(614)

(1,013)

(1,147)

(1,756)

Reach Media

SEGMENT INFORMATION

Net Revenue:

18,770

16,380

25,743

22,899

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

15,439

14,458

21,791

20,959

Depreciation and Amortization:

118

126

Impairment of Long-Lived Assets:

Operating income (loss):

3,272

1,859

3,834

1,814

Capital expenditures by segment are as follows:

Total Assets:

34,877

34,388

Digital

SEGMENT INFORMATION

Net Revenue:

7,673

6,559

15,110

14,705

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

7,094

9,023

14,638

19,467

Depreciation and Amortization:

460

477

921

953

Impairment of Long-Lived Assets:

Operating income (loss):

119

(2,941)

(449)

(5,715)

Capital expenditures by segment are as follows:

400

380

718

760

Total Assets:

27,012

24,389

Cable Television

SEGMENT INFORMATION

Net Revenue:

46,430

46,828

94,253

93,014

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

24,886

22,610

50,863

49,276

Depreciation and Amortization:

1,901

6,556

8,477

13,113

Impairment of Long-Lived Assets:

Operating income (loss):

19,643

17,662

34,913

30,625

Capital expenditures by segment are as follows:

158

Total Assets:

409,403

402,511

Corporate/Eliminations

SEGMENT INFORMATION

Net Revenue:

^[1]

(614)

(1,013)

(1,147)

(1,756)

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):

5,457

7,079

12,755

13,689

Depreciation and Amortization:

313

304

623

626

Impairment of Long-Lived Assets:

Operating income (loss):

(6,384)

(8,396)

(14,525)

(16,071)

Capital expenditures by segment are as follows:

252

$ 563

305

$ 604

Total Assets:

$ 61,157

$ 58,721

[1]	Intercompany revenue included in net revenue above is as follows:

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 12, 2019	Jul. 29, 2019	Jun. 30, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 01, 2019	May 10, 2019	Dec. 20, 2018	May 05, 2018
SUBSEQUENT EVENTS
Stock Repurchase Program, Authorized Amount								$ 2,000,000	$ 1,000,000	$ 5,000,000
Stock Repurchased During Period, Value					$ 4,309,000	$ 4,568,000
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross						732,869
Restricted Stock [Member]
SUBSEQUENT EVENTS
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			100,000	93,024	880,239	1,758,428
Common Stock Class D [Member]
SUBSEQUENT EVENTS
Stock Repurchased During Period, Shares					2,126,790	2,339,005
Stock Repurchased During Period, Value					$ 1,000	$ 2,000
Common Stock Class D [Member] \| Chairperson [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche Two [Member]
SUBSEQUENT EVENTS
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	393,685
Common Stock Class D [Member] \| Chairperson [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Two [Member]
SUBSEQUENT EVENTS
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	174,971
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche One [Member]
SUBSEQUENT EVENTS
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	656,142
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche Two [Member]
SUBSEQUENT EVENTS
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	224,654
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted Stock [Member] \| Share-based Compensation Award, Tranche Three [Member]
SUBSEQUENT EVENTS
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	195,242
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
SUBSEQUENT EVENTS
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	291,619
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Two [Member]
SUBSEQUENT EVENTS
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	99,846
Common Stock Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Three [Member]
SUBSEQUENT EVENTS
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	86,774
Common Stock Class A [Member]
SUBSEQUENT EVENTS
Stock Repurchased During Period, Shares					48,551	232
Stock Repurchased During Period, Value					$ 0	$ 0
Subsequent Event [Member]
SUBSEQUENT EVENTS
Stock Repurchase Program, Authorized Amount							$ 800,000
Subsequent Event [Member] \| Common Stock Class D [Member]
SUBSEQUENT EVENTS
Stock Repurchased During Period, Shares		291,077
Stock Repurchased During Period, Value		$ 644,000
Repurchase Of Common Stock Price Per Share		$ 2.21
Subsequent Event [Member] \| Common Stock Class A [Member]
SUBSEQUENT EVENTS
Stock Repurchased During Period, Shares		6,204
Stock Repurchased During Period, Value		$ 14,000
Repurchase Of Common Stock Price Per Share		$ 2.20

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Standby Letters Of Credit [Member]
COMMITMENTS AND CONTINGENCIES
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 828,000