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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Mar. 16, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	URBAN ONE, INC.
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 43.8
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-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	FY
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		1,582,359
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		38,204,964

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 33,073	$ 15,255
Restricted cash	473	635
Trade accounts receivable, net of allowance for doubtful accounts of $7,416 and $8,249, respectively	106,148	110,354
Prepaid expenses	11,261	9,775
Current portion of content assets	30,642	33,951
Other current assets	4,442	3,229
Total current assets	186,039	173,199
CONTENT ASSETS, net	70,121	77,266
PROPERTY AND EQUIPMENT, net	24,393	26,088
GOODWILL	239,772	245,572
RIGHT OF USE ASSETS	44,922
RADIO BROADCASTING LICENSES	582,697	600,134
OTHER INTANGIBLE ASSETS, net	58,212	70,091
OTHER ASSETS	43,763	45,059
Total assets	1,249,919	1,237,409
CURRENT LIABILITIES:
Accounts payable	5,919	7,331
Accrued interest	9,094	6,887
Accrued compensation and related benefits	10,903	15,033
Current portion of content payables	14,804	18,870
Current portion of lease liabilities	8,980
Other current liabilities	25,393	24,451
Current portion of long-term debt	25,945	38,706
Total current liabilities	101,038	111,278
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs	850,308	873,757
CONTENT PAYABLES, net of current portion	14,826	18,381
LONG-TERM LEASE LIABILITIES	40,494
OTHER LONG-TERM LIABILITIES	25,054	35,716
DEFERRED TAX LIABILITIES, net	24,560	12,904
Total liabilities	1,056,280	1,052,036
REDEEMABLE NONCONTROLLING INTERESTS	10,564	10,232
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2019 and 2018	0	0
Additional paid-in capital	979,834	978,628
Accumulated deficit	(796,806)	(803,534)
Total stockholders' equity	183,075	175,141
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,249,919	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	$ 39	$ 39

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts receivable (in dollars)	$ 7,416	$ 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	1,582,375	1,637,472
Common stock, shares outstanding	1,582,375	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	38,752,749	38,845,917
Common stock, shares outstanding	38,752,749	38,845,917

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 436,929	$ 439,098
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $78 and $48, respectively	128,804	125,364
Selling, general and administrative, including stock-based compensation of $759 and $743, respectively	152,550	149,710
Corporate selling, general and administrative, including stock-based compensation of $3,947 and $3,920, respectively	40,894	35,939
Depreciation and amortization	16,985	33,189
Impairment of long-lived assets	10,600	21,256
Total operating expenses	349,833	365,458
Operating income	87,096	73,640
INTEREST INCOME	150	240
INTEREST EXPENSE	81,400	76,667
LOSS ON RETIREMENT OF DEBT	0	1,809
OTHER INCOME, net	(7,075)	(8,002)
Income before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries	12,921	3,406
PROVISION FOR (BENEFIT FROM) INCOME TAXES	10,864	(135,199)
CONSOLIDATED NET INCOME	2,057	138,605
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,132	1,163
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 925	$ 137,442
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.02	$ 3.01
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.02	$ 2.86
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	44,699,586	45,647,696
Diluted	47,921,671	48,000,957

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Programming And Technical [Member]
Allocated Share-based Compensation Expense	$ 78	$ 48
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	759	743
Corporate Selling, General and Administrative [Member]
Allocated Share-based Compensation Expense	$ 3,947	$ 3,920

- Definition

Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	$ 2,057	$ 138,605
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,132	1,163
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 925	$ 137,442

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Additional Paid-In Capital [Member]	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 income	0	137,442	0	0	0	0	0	137,442
Repurchase of common stock	(8,164)	0	0	0	0	0	(4)	(8,168)
Repurchase of share-based equity awards	(1,077)	0	0	0	0	0	0	(1,077)
Exercise of options for common stock	94	0	0	0	0	0	0	94
Adjustment of redeemable noncontrolling interests to estimated redemption value	(516)	0	0	0	0	0	0	(516)
Stock-based compensation expense	4,709	0	0	0	0	0	2	4,711
BALANCE at Dec. 31, 2018	978,628	(803,534)	0	2	3	3	39	175,141
Consolidated net income	0	925	0	0	0	0	0	925
Repurchase of common stock	(5,513)	0	0	0	0	0	(2)	(5,515)
Exercise of options for common stock	29	0	0	0	0	0	0	29
Adjustment of redeemable noncontrolling interests to estimated redemption value	(200)	0	0	0	0	0	0	(200)
Issuance of 978,844 shares of Class D common stock	2,108	0	0	0	0	0	0	2,108
Stock-based compensation expense	4,782	0	0	0	0	0	2	4,784
BALANCE at Dec. 31, 2019	979,834	(796,806)	0	2	3	3	39	183,075
Adoption of ASC 842	$ 0	$ 5,803	$ 0	$ 0	$ 0	$ 0	$ 0	$ 5,803

- Definition

Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.

+ References + Details

- Definition

Change in noncontrolling interest during the period as a result of a change in the redemption value of redeemable noncontrolling interest.

+ References + Details

- Definition

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

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Value of stock issued as a result of the exercise of stock options.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	15,000	63,190
Common Stock Class A [Member]
Stock Repurchased During Period, Shares	54,896	4,160
Common Stock Class D [Member]
Stock Repurchased During Period, Shares	2,667,210	3,989,822
Stock Issued During Period, Shares, New Issues	978,844

- Definition

Number of new stock issued during the period.

+ References + Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References

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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income	$ 2,057	$ 138,605
Adjustments to reconcile consolidated net income to net cash from operating activities:
Depreciation and amortization	16,985	33,189
Amortization of debt financing costs	3,895	2,885
Amortization of content assets	48,283	43,796
Amortization of launch assets	1,027	422
Amortization of right of use assets	6,991	0
Deferred income taxes	10,269	(135,688)
Non-cash interest expense	2,033	0
Non-cash lease liability expense	5,682	0
Impairment of long-lived assets	10,600	21,256
Stock-based compensation	4,784	4,711
Loss on retirement of debt	0	1,809
Effect of change in operating assets and liabilities, net of assets acquired and disposed of:
Trade accounts receivable	4,206	(1,411)
Prepaid expenses and other current assets	(4,280)	(1,806)
Other assets	(5,695)	788
Accounts payable	(1,412)	(796)
Accrued interest	2,207	(8,541)
Accrued compensation and related benefits	(4,130)	6,385
Other liabilities	453	(9,900)
Payments for content assets	(45,450)	(45,475)
Payment of launch support	0	0
Net cash flows provided by operating activities	58,505	50,229
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(5,145)	(4,428)
Proceeds from sale of radio station	13,500	12,791
Purchases of intangible assets	0	(400)
Acquisition of station and broadcasting assets	0	(4,763)
Net cash flows provided by investing activities	8,355	3,200
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from MGM National Harbor Loan	0	50,000
Repayment of Comcast Note	(11,872)	0
Debt refinancing costs and original issue discount	0	(7,387)
Distribution of contingent consideration	(658)	(1,148)
Proceeds from exercise of stock options	29	94
Premium paid on repayment of long-term debt	0	(2,133)
Repayment of 2020 Notes	(2,037)	(271,855)
Payment of dividends to noncontrolling interest members of Reach Media	(1,000)	(2,227)
Repayment of share-based equity awards	0	(1,077)
Repurchase of common stock	(5,515)	(8,168)
Net cash flows used in financing activities	(49,204)	(75,350)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	17,656	(21,921)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year	15,890	37,811
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year	33,546	15,890
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	73,255	82,258
Cash paid for: Income taxes, net of refunds	136	1,158
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Right of use asset additions upon adoption of ASC 842	49,803	0
Lease liability additions upon adoption of ASC 842	54,113	0
Right of use asset and lease liability additions	1,300	0
Issuance of common stock	2,108	0
Purchases of property and equipment	0	329
2018 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from 2018 Credit Facility	0	192,000
Repayment of Credit Facility	(24,854)	0
2017 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Credit Facility	$ (3,297)	$ (23,449)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

URBAN ONE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2019 and 2018

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(a) Organization

Urban One, Inc., a Delaware corporation, and its subsidiaries, (collectively, “Urban One,” the “Company”, “we”, “our” and/or “us”) 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 December 31, 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 Rickey Smiley Morning Show and our other syndicated programming assets, including 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 and Bossip, HipHopWired and MadameNoire digital platforms and brands. We also hold 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 15 – Segment Information.)

(b) Basis of Presentation

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make certain estimates and assumptions. These estimates and assumptions may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. The Company bases these estimates on historical experience, current economic environment or various other assumptions that are believed to be reasonable under the circumstances. However, continuing economic uncertainty and any disruption in financial markets increase the possibility that actual results may differ from these estimates.

The Company previously recorded a tax provision adjustment related to deferred tax assets of approximately $3.4 million during the three month period ended March 31, 2019 relating to the fourth quarter of 2018. The Company determined that correcting the error in the three month period ended March 31, 2019 and six month period ended June 30, 2019 materially misstated the statement of operations for those periods and therefore restated its previously reported March 31, 2019 and June 30, 2019 consolidated financial statements to correct this error. We revised retained earnings and long-term deferred tax liabilities as of December 31, 2018 by approximately $3.6 million ($3.4 million adjustment discussed above in addition to a $200,000 adjustment identified during the third quarter of 2019 relating to the December 31, 2018 period) to correct the prior period financial statements. The financial statements as of and for the year ended December 31, 2018 were not restated as management determined that the impact of this error is immaterial to the 2018 consolidated financial statements filed in our 2018 Form 10-K. However, the December 31, 2018 balance sheet, statement of operations, statement of comprehensive income and statement of cash flows for the year ended December 31, 2018 presented in these consolidated financial statements has been revised to give effect to the correction of the immaterial error.

During the fourth quarter of 2019, the Company revised the interest expense component of operating leases accounted for under ASC 842 from interest expense into operating expenses. Operating income for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 have been reclassified in the amounts of approximately $1.3 million, $1.4 million and $1.4 million, respectively, to reflect the interest expense component of operating leases from interest expense into operating expenses. The financial statements for the quarterly periods ended March 31, June 30 and September 30, 2019 were not restated as management determined that the impact of this error is immaterial to the interim consolidated financial statements filed for each quarterly period in 2019. These revisions had no effect on any other previously reported or consolidated net income or loss or any other statement of operations, balance sheet or cash flow amounts. (See Note 14 – Quarterly Financial Data).

The consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity.

(d) Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds at various commercial banks that have original maturities of 90 days or less. Investments with contractual maturities of 90 days or less from the date of original purchase are classified as cash and cash equivalents. For cash and cash equivalents, cost approximates fair value.

(e) Trade Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s estimate of the amount of probable losses in the Company’s existing accounts receivable portfolio. The Company determines the allowance based on the aging of the receivables, the impact of economic conditions on the advertisers’ ability to pay and other factors. Inactive delinquent accounts that are past due beyond a certain amount of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts.

(f) Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses)

In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles - Goodwill and Other,” goodwill and other indefinite-lived intangible assets are not amortized, but are tested annually for impairment at the reporting unit level and unit of accounting level, respectively. We test for impairment annually, on October 1 of each year, or more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. Radio broadcasting license impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to operations as an impairment charge. With the assistance of a third-party valuation firm, we test for radio broadcasting license impairment at the unit of accounting level using the income approach, which involves, but is not limited to, judgmental estimates and assumptions about projected revenue growth, future operating margins, discount rates and terminal values. In testing for goodwill impairment, we also rely primarily on the income approach that estimates the fair value of the reporting unit. We then perform a market-based analysis by comparing the average implied multiple arrived at based on our cash flow projections and estimated fair values to multiples for actual recently completed sale transactions and by comparing the total of the estimated fair values of our reporting units to the market capitalization of the Company. We recognize an impairment charge to operations in the amount that the reporting unit’s carrying value exceeds its fair value. The impairment charge recognized cannot exceed the total amount of goodwill allocated to the reporting unit.

(g) Impairment of Long-Lived Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets

The Company accounts for the impairment of long-lived intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment .” Long-lived intangible assets, excluding goodwill and other indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include a significant deterioration in operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the asset or group of assets to future undiscounted net cash flows expected to be generated by the asset or group of assets. Assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the fair value of the asset or group of assets. Fair value is generally determined by estimates of discounted future cash flows. The discount rate used in any estimate of discounted cash flows would be the rate of return for a similar investment of like risk. The Company reviewed these long-lived assets during 2019 and 2018 and concluded that no impairment to the carrying value of these assets was required.

(h) Financial Instruments

Financial instruments as of December 31, 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 December 31, 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 April 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million and fair value of approximately $344.8 million as of December 31, 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 $320.6 million and fair value of approximately $309.1 million as of December 31, 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 $192.0 million unsecured credit facility (the “2018 Credit Facility”) which had a carrying value of approximately $167.1 million and fair value of approximately $170.5 million as of December 31, 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 $50.0 million secured credit loan (the “MGM National Harbor Loan”) which had a carrying value of approximately $52.1 million and fair value of approximately $58.4 million as of December 31, 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. There was no balance outstanding on the Company’s asset-backed credit facility (the “ABL Facility”) as of December 31, 2019 and December 31, 2018.

(i) Derivative Financial Instruments

The Company recognizes all derivatives at fair value in the consolidated balance sheet 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. (See Note 8 – Derivative Instruments .)

(j) Revenue Recognition

On January 1, 2018, the Company adopted 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 $21.4 million and $25.5 million for the years ended December 31, 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 $14.1 million and $13.6 million for the years ended December 31, 2019 and 2018, respectively.

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the years ended December 31, 2019 and 2018:


	Year Ended December 31,
	2019		2018

Net Revenue:
Radio Advertising	$	193,318	$	197,594
Political Advertising		1,445		6,590
Digital Advertising		31,912		31,510
Cable Television Advertising		79,776		76,429
Cable Television Affiliate Fees		105,071		107,277
Event Revenues & Other		25,407		19,698
Net Revenue (as reported)	$	436,929	$	439,098

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 December 31, 2019 and 2018 were as follows:


	December 31, 2019		December 31, 2018
	(In thousands)
Contract assets:
Unbilled receivables	$	3,763	$	3,425

Contract liabilities:
Customer advances and unearned income	$	3,048	$	3,766
Unearned event income		6,645		3,864

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, approximately $2.7 million was recognized as revenue during the year ended December 31, 2019. For unearned event income as of January 1, 2019, approximately $3.9 million was recognized during the year ended December 31, 2019, as the event took place during the second quarter of 2019. For customer advances and unearned income as of January 1, 2018, approximately $2.1 million was recognized as revenue during the year ended December 31, 2018. For unearned event income as of January 1, 2018, approximately $4.1 million was recognized during the year ended December 31, 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.

(k) 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 year ended December 31, 2019 and for the year ended December 31, 2018, there was a non-cash launch support addition of approximately $3.7 million for carriage initiation. The weighted-average amortization period for launch support was approximately 7.8 years as of December 31, 2019, and approximately 7.8 years as of December 31, 2018. The remaining weightedaverage amortization period for launch support was 5.1 years and 6.1 years as of December 31, 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 years ended December 31, 2019 and 2018, launch support asset amortization of $422,000 and $422,000, respectively, was recorded as a reduction of revenue, and $605,000 and $3,000, 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.

The gross value and accumulated amortization of the launch assets is as follows:


	As of December 31,
	2019		2018
	(In thousands)
Launch assets	$	7,259	$	7,259
Less: Accumulated amortization		(2,038)		(1,011)
Launch assets, net	$	5,221	$	6,248

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2020 through 2024 is as follows:


	(In thousands)
2020	$	1,027
2021	$	1,027
2022	$	1,027
2023	$	1,027
2024	$	1,027

(l) 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 station 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 years ended December 31, 2019 and 2018, barter transaction revenues were approximately $2.1 million and $1.5 million, respectively. Additionally, for the years ended December 31, 2019 and 2018, barter transaction costs were reflected in programming and technical expenses of approximately $1.5 million and $1.3 million, respectively, and selling, general and administrative expenses of approximately $596,000 and $161,000, 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 $2.0 million for the year ended December 31, 2018, as final reporting became available. Upon settlement of this agreement, the Company will receive approximately $2.0 million in marketing services that will be utilized in future periods.

(m) Network Affiliation Agreements

The Company has network affiliation agreements classified as Other Intangible Assets. These agreements are amortized over their useful lives. (See Note 4 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.)

(n) Advertising and Promotions

The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2019 and 2018, were approximately $24.8 million and $19.4 million, respectively.

(o) Income Taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). Under ASC 740, deferred tax assets or liabilities are computed based upon the difference between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized into income in the period of enactment. Deferred income tax expense or benefits are based upon the changes in the net deferred tax asset or liability from period to period.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Conversely, if management determines that the Company would not be able to realize the recorded amount of deferred tax assets in the future, the Company would make an adjustment to the deferred tax asset valuation allowance, which would increase the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included in other current liabilities on the consolidated balance sheets.

(p) Stock-Based Compensation

The Company accounts for stock-based compensation for stock options and restricted stock grants in accordance with ASC 718, “Compensation - Stock Compensation.” Under the provisions of ASC 718, stock-based compensation cost for stock options is estimated at the grant date based on the award’s fair value as calculated by the Black-Scholes valuation option-pricing model (“BSM”) and is recognized as expense ratably over the requisite service period. The BSM incorporates various highly subjective assumptions including expected stock price volatility, for which historical data is heavily relied upon, expected life of options granted, forfeiture rates and interest rates. Compensation expense for restricted stock grants is measured based on the fair value on the date of grant less estimated forfeitures. Compensation expense for restricted stock grants is recognized ratably during the vesting period. (See Note 11 – Stockholders’ Equity. )

(q) Segment Reporting and Major Customers

In accordance with ASC 280, “Segment Reporting ,” and given its diversification strategy, the Company has determined it has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These four 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 related activities and operations of our 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.

No single customer accounted for over 10% of our consolidated net revenues during any of the years ended December 31, 2019 and 2018.

(r) Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock 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 potential dilutive 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.

(s) 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 December 31, 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
	(In thousands)

As of December 31, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	1,921		—		—	$	1,921
Employment agreement award (b)		27,017		—		—		27,017
Total	$	28,938	$	—	$	—	$	28,938

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,564	$	—	$	—	$	10,564

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 certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. The revised methodology resulted in a credit adjustment of approximately $6.6 million during the quarter ended September 30, 2018 to reflect this change in estimate. The liability was further reduced during the quarter ended December 31, 2018 using the simplified methodology, due primarily to an overall lower valuation. During 2019, there was an increase in the overall enterprise valuation and an increase in the overall working capital contributing to an increase in expense recognized throughout the year.

(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 years ended December 31, 2019 and 2018. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2018 and 2019:


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)
Balance at December 31, 2017	$	1,580	$	32,323	$	10,780
Net income attributable to redeemable noncontrolling interests		—		—		1,163
Dividends paid to redeemable noncontrolling interests		—		—		(2,227)
Distribution		(1,148)		(1,530)		—
Change in fair value		2,399		(5,133)		516
Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to redeemable noncontrolling interests		—		—		1,132
Dividends paid to redeemable noncontrolling interests		—		—		(1,000)
Distribution		(1,207)		(3,591)		—
Change in fair value		297		4,948		200
Balance at December 31, 2019	$	1,921	$	27,017	$	10,564

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 at December 31, 2019	$	(297)	$	(4,948)	$	—
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 at December 31, 2018	$	(2,399)	$	5,133	$	—

Losses and gains included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award and included as selling, general and administrative expenses for contingent consideration for the years ended December 31, 2019 and 2018.

For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:


			As of		As of
		Significant	December 31, 2019		December 31, 2018
Level 3 liabilities	Valuation Technique	Unobservable Inputs	Significant Unobservable Input Value
Contingent consideration	Monte Carol Simulation	Expected volatility	20.8	%	34.6	%
Contingent consideration	Monte Carol Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	10.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.0	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.0	%	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. The Company recorded an impairment charge of approximately $10.6 million and $21.3 million for the years ended December 31, 2019 and 2018, respectively, related to goodwill and radio broadcasting licenses.

As of December 31, 2019, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $239.8 million and $582.7 million, respectively. Pursuant to ASC 350, “Intangibles – Goodwill and Other ,” for the year ended December 31, 2019, the Company recorded impairment charges totaling approximately $4.8 million related to our Indianapolis and Detroit radio broadcasting licenses and totaling approximately $5.8 million goodwill balances in our digital segment. For the year ended December 31, 2018, the Company recorded impairment charges totaling approximately $21.3 million related to our Detroit radio broadcasting licenses and goodwill balances in our Atlanta and Charlotte markets. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 4 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.

(t) Software and Web Development Costs

The Company capitalizes direct internal and external costs incurred to develop internal-use computer software during the application development stage pursuant to ASC 350‑40, “Intangibles – Goodwill and Other.” Internal-use software is amortized under the straight-line method using an estimated life of three years. All web development costs incurred in connection with operating our websites are accounted for under the provisions of ASC 350‑40 and ASC 350‑50, “Website Development Costs” , unless a plan exists or is being developed to market the software externally. The Company has no plans to market software externally.

(u) Redeemable noncontrolling interests

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.

(v) 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 account 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 $6.9 million and $7.0 million, for the years ended December 31, 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 during 2019 and 2018 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 $50 million MGM National Harbor Loan (as defined in Note 9 - Long-Term Debt.)

(w) 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 recorded an impairment and recorded additional amortization expense of approximately $4.9 million and $1.6 million, as a result of evaluating its contracts for recoverability for the years ended December 31, 2019 and 2018, respectively. 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.

(x) 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. In November 2019, the FASB issued ASU 2019-10, “ Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. ” ASU 2019-10 defers the effective date of credit loss standard ASU 2016-13 by two years for smaller reporting companies and permits early adoption. ASU 2016-13 is effective for the Company beginning January 1, 2023. The Company is evaluating the impact of the adoption of ASU 2016-13 on its financial statements, but does not expect such implementation to have a material impact.

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.

(y) 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 collections. 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 December 31, 2019 and December 31, 2018, the Foundation owed Reach Media $24,000 and $208,000, respectively, under the agreements for the operation of the cruises.

For the year ended December 31, 2019, Reach Media’s revenues, expenses, and operating income for the Fantastic Voyage ® were approximately $10.2 million, $8.5 million, and $1.7 million, respectively, and for the year ended December 31, 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.

Additionally, Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation. Such services are provided to the Foundation on a pass-through basis at cost. Additionally, from time to time, the Foundation reimburses Reach Media for expenditures paid on its behalf at Reach Media-related events. Under these arrangements, as of December 31, 2019, and December 31, 2018, the Foundation owed $32,000 and $34,000, respectively, to Reach Media.

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. 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. During the year ended December 31, 2019, the Company did not pay any amount to the staffing and recruiting services firm. During the year ended December 31, 2018, the Company paid the staffing and recruiting services firm $31,000.

(z) Leases

As of January 1, 2019, the Company adopted ASC 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 December 31, 2019, dollars in thousands:


Operating Lease Cost (Cost resulting from lease payments)	$	12,673
Variable Lease Cost (Cost excluded from lease payments)		160
Total Lease Cost	$	12,833

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,023
Operating Lease - Operating Cash Flows (Liability Reduction)	$	7,752

Weighted Average Lease Term - Operating Leases		5.63	years
Weighted Average Discount Rate - Operating Leases		11.00	%

As of December 31, 2019, maturities of lease liabilities were as follows:


	(Dollars in
For the Year Ended December 31,	thousands)
2020	$	13,337
2021		12,053
2022		11,389
2023		9,742
2024		8,658
Thereafter		11,232
Total future lease payments		66,411
Imputed interest		(16,937)
Total	$	49,474

(aa) Going Concern Assessment

As part of its internal control framework, the Company routinely performs a going concern assessment. As further described in Note 16 – Subsequent Events, we have concluded that the Company has sufficient capacity to meet its financing obligations, has additional capacity to access ABL Facility funds to finance working capital needs should the need arise, that cash flows from operations are sufficient to meet the liquidity needs, and is projecting compliance with all debt covenants through the one year period following the financial statement issuance date.

- Definition

The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.

+ References + Details

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
ACQUISITIONS AND DISPOSITIONS	Dec. 31, 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, on October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR’s Detroit radio station, WGPR-FM. We paid a monthly fee as well as certain operating costs of WGPR-FM, and in exchange we retained all revenues from the sale of the advertising within the programming we provided. 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 on which date we ceased operation of the station on our behalf. While we ceased operations of the station on December 31, 2019, the Company continues to provide management services to the current owner and operator of WGPR. On August 31, 2019, the Company closed on its previously announced sale of assets of 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 Company recognized an immaterial loss on the sale of the station during the year ended December 31, 2019. 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 of the 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, WPZRFM (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. On December 19, 2019, we entered into both an asset purchase agreement ("APA") and a TBA with Guardian Enterprise Group, Inc. and certain of its affiliates (collectively, "GEG") with respect to the acquisition and interim operation of low power television station WQMC-LD in Columbus, Ohio. Pursuant to the TBA, in January 2020, we began to operate WQMC-LD until such time as the purchase transaction can close under the APA. Under the terms of the TBA, we pay a monthly fee as well as certain operating costs of WQMC-LD, and, in exchange, we will retain all revenues from the sale of the advertising within the programming. After receipt of FCC approval, we closed the transactions under the APA and took ownership of WQMC-LD on February 24, 2020.

- Definition

The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.

+ References + Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

3. PROPERTY AND EQUIPMENT:

Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the related estimated useful lives. Property and equipment consists of the following:


	As of December 31,				Estimated
	2019		2018		Useful Lives
	(In thousands)
Land and improvements	$	4,652	$	3,491	—
Buildings		2,756		2,754	31 years
Transmitters and towers		40,705		41,854	7‑15 years
Equipment		60,391		60,872	3‑7 years
Furniture and fixtures		9,322		9,699	6 years
Software and web development		28,789		27,330	3 years
Leasehold improvements		24,957		25,407	Lease Term
Construction-in-progress		226		275	—
		171,798		171,682
Less: Accumulated depreciation and amortization		(147,405)		(145,594)
Property and equipment, net	$	24,393	$	26,088

Repairs and maintenance costs are expensed as incurred.

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

GOODWILL AND RADIO BROADCASTING LICENSES

GOODWILL AND RADIO BROADCASTING LICENSES

4. GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS:

Impairment Testing

We have historically made acquisitions whereby a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our 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. For the years ended December 31, 2019 and 2018, we recorded impairment charges against radio broadcasting licenses and goodwill collectively, of approximately $10.6 million and $21.3 million, respectively.

Beginning in March 2020, the Company noted that the COVID-19 pandemic and the resulting government stay at home order were dramatically impacting certain of the Company's revenues. Most notably, a number of advertisers across significant advertising categories have reduced or ceased advertising spend due to the outbreak and stay at home orders which effectively shut many businesses down. This was particularly true within our radio segment which derives substantial revenue from local advertisers who have been particularly hard hit due to social distancing and government interventions. The COVID-19 impact is considered a non-recognized subsequent event. The Company will perform certain interim impairment testing during the quarter ended March 31, 2020 which could result in the Company recording additional non-cash impairment charges related to its broadcasting licenses and goodwill balances during 2020.

2019 Interim Impairment Testing

During the second quarter of 2019, the Company recorded a non-cash impairment charge of approximately $3.8 million associated with our Detroit market radio broadcasting licenses.

2019 Annual Impairment Testing

We completed our 2019 annual impairment assessment as of October 1, 2019. During the fourth quarter of 2019, the Company recorded a non-cash impairment charge of approximately $1.0 million associated with our Indianapolis market radio broadcasting licenses and approximately $5.8 million to reduce the carrying value of our Interactive One goodwill balance. Our 2019 annual impairment testing indicated the carrying values for our goodwill attributable to Reach Media, TV One, and our other radio broadcasting reporting units were not impaired.

2018 Interim Impairment Testing

During the second and third quarters of 2018, the total market revenue growth for certain markets in which we operate was below that used in our annual impairment testing. In each quarter, we deemed that to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, which we performed as of June 30, 2018 and September 30, 2018. During the first quarter of 2018, the Company recorded a non-cash impairment charge of approximately $3.9 million associated with our Detroit market radio broadcasting licenses. During the second and third quarters of 2018, we identified an impairment indicator at certain of our radio markets, and, as such, we performed an interim analysis for certain radio market goodwill as of June 30, 2018 and September 30, 2018. During the first quarter of 2018, the Company recorded a non-cash impairment charge of approximately $2.7 million to reduce the carrying value of our Charlotte goodwill balance.

2018 Annual Impairment Testing

We completed our 2018 annual impairment assessment as of October 1, 2018. During the fourth quarter of 2018, the Company recorded a non-cash impairment charge of approximately $14.7 million to reduce the carrying value of our Atlanta goodwill balance. Our 2018 annual impairment testing indicated the carrying values for our goodwill attributable to Reach Media, TV One, digital and our other radio broadcasting reporting units were not impaired.

Valuation of Broadcasting Licenses

We utilize the services of a third-party valuation firm to assist us in estimating the fair value of our radio broadcasting licenses and reporting units. Fair value is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the income approach to test for impairment of radio broadcasting licenses. A projection period of 10 years is used, as that is the time horizon in which operators and investors generally expect to recover their investments. When evaluating our radio broadcasting licenses for impairment, the testing is done at the unit of accounting level as determined by ASC 350, “Intangibles - Goodwill and Other.” In our case, each unit of accounting is a cluster of radio stations into one of our geographical markets. Broadcasting license fair values are based on the discounted future cash flows of the applicable unit of accounting assuming an initial hypothetical start-up operation which possesses FCC licenses as the only asset. Over time, it is assumed the operation acquires other tangible assets such as advertising and programming contracts, employment agreements and going concern value, and matures into an average performing operation in a specific radio market. The income approach model incorporates several variables, including, but not limited to: (i) radio market revenue estimates and growth projections; (ii) estimated market share and revenue for the hypothetical participant; (iii) likely media competition within the market; (iv) estimated start-up costs and losses incurred in the early years; (v) estimated profit margins and cash flows based on market size and station type; (vi) anticipated capital expenditures; (vii) estimated future terminal values; (viii) an effective tax rate assumption; and (ix) a discount rate based on the weighted-average cost of capital for the radio broadcast industry. In calculating the discount rate, we considered: (i) the cost of equity, which includes estimates of the risk-free return, the long-term market return, small stock risk premiums and industry beta; (ii) the cost of debt, which includes estimates for corporate borrowing rates and tax rates; and (iii) estimated average percentages of equity and debt in capital structures.

Our methodology for valuing broadcasting licenses has been consistent for all periods presented. Below are some of the key assumptions used in the income approach model for estimating the broadcasting license and goodwill fair values for the annual impairment testing performed and interim impairment testing where an impairment charge was recorded since January 1, 2018. During the year ended December 31, 2019, the Company recorded a non-cash impairment charge of approximately $4.8 million associated with our Indianapolis and Detroit market radio broadcasting licenses. The Company recorded an impairment charge of approximately $3.9 million associated with our Detroit market radio broadcasting licenses during the year ended December 31, 2018.


Radio Broadcasting	October 1,			June 30,			October 1,		March 31,
Licenses	2019			2019(*)			2018		2018(*)

Impairment charge (in millions)	$	1.0		$	3.8	$	—		$	3.9
Discount Rate		9.0	%		*		9.0	%		*
Year 1 Market Revenue Growth Rate Range		0.9% – 1.8	%		*		(1.2)% – (0.6)	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		*		0.7% – 1.1	%		*
Mature Market Share Range		6.9% – 25.0	%		*		5.3% – 25.0	%		*
Mature Operating Profit Margin Range		27.6% – 39.7	%		*		28.3% – 41.1	%		*

(a) Reflects changes only to the key assumptions used in the interim testing for certain units of accounting.

(*) License fair value based on estimated asset sale consideration.

Broadcasting Licenses Valuation Results

The Company’s total broadcasting licenses carrying value is approximately $582.7 million as of December 31, 2019. The units of accounting reflected in the table below are not disclosed on a specific market basis so as to not make sensitive information publicly available that could be competitively harmful to the Company.


	Radio Broadcasting Licenses
	Carrying Balances
	As of		Net			As of
	December 31,		Increase			December 31,
Unit of Accounting	2018		(Decrease)			2019
	(In thousands)
Unit of Accounting 2	$	3,086	$	—		$	3,086
Unit of Accounting 7		14,748		—			14,748
Unit of Accounting 5		16,100		—			16,100
Unit of Accounting 4		16,142		—			16,142
Unit of Accounting 9		16,437		(16,437)			—
Unit of Accounting 15		20,736		—			20,736
Unit of Accounting 14		20,770		—			20,770
Unit of Accounting 11		21,135		(1,000)			20,135
Unit of Accounting 6		22,642		—			22,642
Unit of Accounting 13		47,846		—			47,846
Unit of Accounting 12		49,663		—			49,663
Unit of Accounting 16		56,295		—			56,295
Unit of Accounting 8		62,015		—			62,015
Unit of Accounting 1		93,394		—			93,394
Unit of Accounting 10		139,125		—			139,125
Total	$	600,134	$	(17,437)	*	$	582,697

* The amount listed is net of additions, dispositions and impairment charges.

Our licenses expire at various dates through December 1, 2027.

Valuation of Goodwill

The impairment testing of goodwill is performed at the reporting unit level. We had 17 reporting units as of our October 2019 annual impairment assessment, consisting of each of the 14 radio markets within the radio division (our license in Detroit was sold during the third quarter of 2019) and each of the other three business divisions. In testing for the impairment of goodwill, we primarily rely on the income approach. The approach involves a 10‑year model with similar variables as described above for broadcasting licenses, except that the discounted cash flows are based on the Company’s estimated and projected market revenue, market share and operating performance for its reporting units, instead of those for a hypothetical participant. We use a 5‑year model for our Reach Media reporting unit. We evaluate all events and circumstances on an interim basis to determine if an impairment indicator is present and also perform annual testing by comparing the fair value of the reporting unit with its carrying amount. We recognize an impairment charge to operations in the amount that the reporting unit’s carrying value exceeds its fair value. The impairment charge recognized cannot exceed the total amount of goodwill allocated to the reporting unit.

We have not made any changes to the methodology for valuing or allocating goodwill when determining the fair values of the reporting units. During the fourth quarter of 2019, the Company performed its annual impairment testing on the valuation of goodwill associated with our digital segment. Our digital segment's net revenues and cash flow internal projections were revised downward and as a result of our annual assessment, the Company recorded a goodwill impairment charge of approximately $5.8 million. During the first quarter of 2018, the Company recorded a non-cash impairment charge of approximately $2.7 million to reduce the carrying value of our Charlotte goodwill balance and during the fourth quarter of 2018, the Company recorded a non-cash impairment charge of approximately $14.7 million to reduce the carrying value of our Atlanta goodwill balance.

Below are some of the key assumptions used in the income approach model for estimating reporting unit fair values for the annual impairment assessments performed and interim impairment testing where an impairment charge was recorded since January 1, 2018.


Goodwill (Radio Market	October 1,			October 1,			March 31,
Reporting Units)	2019(a)			2018(a)			2018(*)

Impairment charge (in millions)	$	—		$	14.7		$	2.7

Discount Rate		9.0	%		9.0	%		*
Year 1 Market Revenue Growth Rate Range		(7.6)% – 49.3	%		(8.0)% – 27.5	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		0.7% – 1.1	%		*
Mature Market Share Range		7.1% - 17.0	%		7.6% - 17.8	%		*
Mature Operating Profit Margin Range		26.8% - 47.6	%		26.8% - 46.9	%		*

(a) Reflects the key assumptions for testing only those radio markets with remaining goodwill.

(*) Goodwill fair value based on estimated asset sale consideration.

Below are some of the key assumptions used in the income approach model for estimating the fair value for Reach Media for the annual and interim impairment assessments performed since October 2018. When compared to the discount rates used for assessing radio market reporting units, the higher discount rates used in these assessments reflect a premium for a riskier and broader media business, with a heavier concentration and significantly higher amount of programming content assets that are highly dependent on a single on-air personality. As a result of our impairment assessments, the Company concluded that the goodwill was not impaired.


		October 1,			October 1,
Reach Media Segment Goodwill		2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.5	%		10.5	%
Year 1 Revenue Growth Rate		(9.7)	%		2.3	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		13.3% - 14.3	%		14.6% - 15.8	%

During the fourth quarter of 2019, the Company performed its annual impairment testing on the valuation of goodwill associated with our digital segment. Our digital segment's net revenues and cash flow internal projections were revised downward and as a result of our annual assessment, the Company recorded a goodwill impairment charge of approximately $5.8 million. Below are some of the key assumptions used in the income approach model for determining the fair value of our digital reporting unit since October 2018. When compared to discount rates for the radio reporting units, the higher discount rate used to value the reporting unit is reflective of discount rates applicable to internet media businesses. The Company concluded no impairment to the carrying value of goodwill had occurred as a result of the annual testing performed in 2018.


	October 1,			October 1,
Digital Segment Goodwill	2019			2018

Impairment charge (in millions)	$	5.8		$	—

Discount Rate		12.0	%		13.5	%
Year 1 Revenue Growth Rate		12.2	%		12.6	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.8% - 7.7	%		3.1% - 3.7	%
Operating Profit Margin Range		(4.7)% - 11.7	%		(1.1)% - 15.7	%

Below are some of the key assumptions used in the income approach model for determining the fair value of our cable television segment since October 2018. As a result of the testing performed in 2019 and 2018, the Company concluded no impairment to the carrying value of goodwill had occurred.


	October 1,			October 1,
Cable Television Segment Goodwill	2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.0	%		11.0	%
Year 1 Revenue Growth Rate		1.0	%		1.8	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		1.9% -2.3	%		2.0% - 3.0	%
Operating Profit Margin Range		33.0% - 45.5	%		36.9% - 42.5	%

The above goodwill tables reflect some of the key valuation assumptions used for 11 of our 17 reporting units. The other six remaining reporting units had no goodwill carrying value balances as of December 31, 2019.

Goodwill Valuation Results

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments during 2019 and 2018:


	Radio						Cable
	Broadcasting		Reach Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	154,910	$	30,468	$	27,567	$	165,044	$	377,989
Accumulated impairment losses		(84,436)		(16,114)		(14,545)		—		(115,095)
Additions		90		—		—		—		90
Impairments		(17,412)		—		—		—		(17,412)
Net goodwill at December 31, 2018	$	53,152	$	14,354	$	13,022	$	165,044	$	245,572
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Accumulated impairment losses		(101,848)		(16,114)		(14,545)		—		(132,507)
Additions		—		—		—		—		—
Impairments		—		—		(5,800)		—		(5,800)
Net goodwill at December 31, 2019	$	53,152	$	14,354	$	7,222	$	165,044	$	239,772

In arriving at the estimated fair values for radio broadcasting licenses and goodwill, we also performed an analysis by comparing our overall average implied multiple based on our cash flow projections and fair values to recently completed sales transactions, and by comparing our estimated fair values to the market capitalization of the Company. The results of these comparisons confirmed that the fair value estimates resulting from our annual assessments in 2019 were reasonable.

Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses

Other intangible assets, excluding goodwill, radio broadcasting licenses and the unamortized brand name, are being amortized on a straightline basis over various periods. Other intangible assets consist of the following:


						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period of
	2019		2018		Amortization	Amortization
	(In thousands)
Trade names	$	17,413	$	17,391	1‑5 Years	5.0 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Affiliate agreements		178,986		178,986	8 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	11.1 Years
Advertiser agreements		46,789		46,789	1‑12 Years	3.2 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	39.1 Years
Brand names		4,413		4,413	10 Years	7.2 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
ABL facility debt costs		510		421	Debt term	1.3 Years
Launch assets		6,284		6,284	Contract length	5.6 Years
Other intangibles		675		675	1‑5 Years	1.4 Years
		306,515		306,404
Less: Accumulated amortization		(248,303)		(236,313)
Other intangible assets, net	$	58,212	$	70,091		4.4 Years

Amortization expense of intangible assets for the years ended December 31, 2019 and 2018 was approximately $10.9 million and $26.7 million, respectively.

The Company’s affiliation agreements have expiration dates ranging from September 2020 to June 2026.

The following table presents the Company’s estimate of amortization expense for the years 2020 through 2024 for intangible assets:


	(In thousands)
2020	$	5,000
2021	$	4,684
2022	$	4,637
2023	$	2,212
2024	$	1,208

The table above excludes launch asset amortization as it is recorded as a reduction to revenue. Actual amortization expense may vary as a result of future acquisitions and dispositions.

CONTENT ASSETS

12 Months Ended

Dec. 31, 2019

CONTENT ASSETS

CONTENT ASSETS

5. CONTENT ASSETS:

The gross cost and accumulated amortization of content assets is as follows:


	As of December 31,				Period of
	2019		2018		Amortization
	(In thousands)
Produced content assets:
Completed	$	349,521	$	318,234
In-production		9,472		13,578
Licensed content assets acquired:
Acquired		46,515		35,866
Content assets, at cost		405,508		367,678	1‑10 Years
Less: Accumulated amortization		(304,745)		(256,461)
Content assets, net		100,763		111,217
Current portion		(30,642)		(33,951)
Noncurrent portion	$	70,121	$	77,266

Produced content assets include certain unamortized costs that will not be 80% amortized within three years from December 31, 2019, totaling approximately $13.0 million. Approximately 41.5% of these unamortized costs are expected to be amortized within three years from December 31, 2019. The remaining balance of these costs will be amortized through the year ending December 31, 2029.

Future estimated content amortization expense related to agreements entered into as of December 31, 2019, for years 2020 through 2024 is as follows:


	(In thousands)
2020	$	30,642
2021	$	22,089
2022	$	14,268
2023	$	5,976
2024	$	1,380

Future estimated content amortization expense is not included for in-production content assets in the table above.

Future minimum content payments required under agreements entered into as of December 31, 2019, are as follows:


	(In thousands)
2020	$	14,804
2021	$	8,727
2022	$	5,338
2023	$	761

INVESTMENTS	12 Months Ended
INVESTMENTS	Dec. 31, 2019
INVESTMENTS
INVESTMENTS	6. 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 account 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 $6.9 million and $7.0 million, for the years ended December 31, 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 during 2019 and 2018 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 $50 million MGM National Harbor Loan (as defined in Note 9 - Long-Term Debt.)

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2019

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

7. OTHER CURRENT LIABILITIES:

Other current liabilities consist of the following:


	As of December 31,
	2019		2018
	(In thousands)
Deferred revenue	$	10,879	$	9,211
Deferred barter revenue		1,599		346
Deferred rent		—		861
Employment Agreement Award		3,208		2,520
Accrued national representative fees		662		1,025
Accrued miscellaneous taxes		366		290
Income taxes payable		590		426
Tenant allowance		305		367
Deferred gain on sale-leaseback		—		809
Contingent consideration		1,526		1,433
Reserve for audience deficiency		3,005		3,332
Other current liabilities		3,253		3,831
Other current liabilities	$	25,393	$	24,451

DERIVATIVE INSTRUMENTS	12 Months Ended
DERIVATIVE INSTRUMENTS	Dec. 31, 2019
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	8. DERIVATIVE INSTRUMENTS: The Company accounts for an award called for in the CEO’s employment agreement (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 December 31, 2019 and 2018, to be approximately $27.0 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/(benefit) associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $4.9 million and $(5.1) million for the years ended December 31, 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. The revised methodology resulted in a credit adjustment of approximately $6.6 million during the quarter ended September 30, 2018 to reflect this change in estimate. The liability was further reduced during the quarter ended December 31, 2018 using the simplified methodology, due primarily to an overall lower valuation. During 2019, there was an increase in the overall enterprise valuation and an increase in the overall working capital contributing to an increase in expense recognized throughout the year.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT

LONG-TERM DEBT

9. LONG-TERM DEBT:

Long-term debt consists of the following:


	As of December 31,
	2019		2018
	(In thousands)
2018 Credit Facility	$	167,145	$	192,000
MGM National Harbor Loan		52,099		50,066
2017 Credit Facility		320,629		323,926
9.25% Senior Subordinated Notes due February 2020		—		2,037
7.375% Senior Secured Notes due April 2022		350,000		350,000
Comcast Note due April 2019		—		11,872
Total debt		889,873		929,901
Less: current portion of long-term debt		25,945		38,706
Less: original issue discount and issuance costs		13,620		17,438
Long-term debt, net	$	850,308	$	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 term loans could have been 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 (“ECF payment”) 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 year ended December 31, 2019, the Company repaid approximately $24.9 million, under the 2018 Credit Facility. Included in the repayments made during the year ended December 31, 2019 was approximately $3.5 million in ECF payments in accordance with the agreement.

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 December 31, 2019, the Company was in compliance with all of its financial covenants under the 2018 Credit Facility.

As of December 31, 2019, the Company had outstanding approximately $167.1 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 years ended December 31, 2019 and 2018, was approximately $3.9 million and $2.9 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 paidin 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 December 31, 2019, the Company had outstanding approximately $52.1 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 (as defined below). 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 6.27% for 2019 and was 6.07% 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 2022 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 years ended December 31, 2019 and 2018, the Company repaid approximately $3.3 million and $23.4 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 2022 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.

liens;

sale of assets;

payment of dividends; and

mergers.

As of December 31, 2019, the Company was in compliance with all of its financial covenants under the 2017 Credit Facility.

As of December 31, 2019, the Company had outstanding approximately $320.6 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.

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 December 31, 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 was 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 December 31, 2019 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.

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.

On November 13, 2019, the Company entered into an amendment to the ABL Facility, (the "ABL Amendment"), which increases the borrowing capacity from $25 million in revolving loan borrowings to $37.5 million in order to provide for the working capital needs and general corporate requirements of the Company and provides for a letter of credit facility up to $7.5 million as a part of the overall $37.5 million in capacity. The ABL Amendment also redefines the "Maturity Date" to read as follows: "Maturity Date" shall mean the earlier to occur of (a) April 21, 2021 and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the Term Loan Maturity Date (as defined in the Term Loan Credit Agreement as in effect on the Effective Date or as the same may be extended in accordance with the terms of the Term Loan Credit Agreement), and (ii) the Stated Maturity (as defined in the Senior Secured Notes Indenture (as defined in the Term Loan Credit Agreement)) of the Notes (as defined in the Senior Secured Notes Indenture as in effect on the Effective Date or as the same may be extended in accordance with the terms of the Senior Secured Notes Indenture)."

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. On October 8, 2019, the Company entered into an amendment to its letter of credit reimbursement and security agreement and extended the term to October 8, 2024. As of December 31, 2019, the Company had letters of credit totaling $848,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.

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 December 31, 2019, are as follows:


									7.38%
									Senior
	2018		MGM				2017		Secured
	Credit		National		Asset-backed		Credit		Notes
	Facility		Harbor Loan		Credit Facility		Facility		due April 2022		Total
	(In thousands)
2020	$	22,648	$	—	$	—	$	3,297	$	—	$	25,945
2021		19,200		—		—		3,297		—		22,497
2022		125,297		52,099		—		3,297		350,000		530,693
2023		—		—		—		310,738		—		310,738
2024 and thereafter		—		—		—		—		—		—
Total Debt	$	167,145	$	52,099	$	—	$	320,629	$	350,000	$	889,873

INCOME TAXES

12 Months Ended

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

10. INCOME TAXES:

A reconciliation of the statutory federal income taxes to the recorded benefit from income taxes from continuing operations is as follows:


	For the Years Ended December 31,
	2019		2018
	(In thousands)
Statutory federal tax expense	$	2,714	$	716
Effect of state taxes, net of federal benefit		1,904		383
Effect of state rate and tax law changes		578		(1,423)
Return to provision adjustments		(110)		659
Other permanent items		75		100
Non-deductible meals and entertainment		226		253
Impairment of long-lived intangible assets		1,218		3,087
Non-deductible officer’s compensation		1,781		(561)
Change in valuation allowance		24		(125,635)
IRC Section 382 adjustments		573		(13,547)
NOL expirations		1,815		—
Stock-based compensation forfeitures and adjustments		178		1,677
Uncertain tax positions		(172)		(829)
Other		60		(79)
Provision for (benefit from) income taxes	$	10,864	$	(135,199)

The statutory federal tax rate used for the years ended December 31, 2019 and December 31, 2018 is 21%. Major components of the effective tax rate for the year ended December 31, 2019 are related to the limitation of officer's compensation under IRC Section 162(m), and state income taxes. A major component of the effective tax rate during the year ended December 31, 2018 was due to the release of valuation allowance of approximately $125.6 million related to federal and state net operating losses (“NOLs”), and a reduction of IRC Section 382 limitations by approximately $13.5 million on these NOLs.

The components of the provision for (benefit from) income taxes from continuing operations are as follows:


	For the Years Ended
	December 31,
	2019		2018
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		5,973		(116,316)
State:
Current		595		604
Deferred		4,296		(19,487)
Provision for (benefit from) income taxes	$	10,864	$	(135,199)

Deferred Income Taxes

Deferred income taxes reflect the impact of temporary differences between the assets and liabilities recognized for financial reporting purposes and amounts recognized for tax purposes. Deferred taxes are based on tax laws as currently enacted. Deferred tax assets are reduced by a valuation allowance if, based upon the weight of available evidence, it is not more likely than not that we will realize some portion or all of the deferred tax assets. The significant components of the Company’s deferred tax assets and liabilities are as follows:


	As of December 31,
	2019		2018
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	1,804	$	2,001
Accruals		528		1,685
Fixed assets		418		970
Stock-based compensation		499		543
Net operating loss carryforwards		103,700		121,562
Lease liability		12,094		—
Interest expense carryforward		16,224		6,519
Alternative minimum tax credit		428		856
Other		(324)		1,192
Total deferred tax assets		135,371		135,328
Valuation allowance for deferred tax assets		(249)		(235)
Total deferred tax asset, net of valuation allowance		135,122		135,093

Deferred tax liabilities:
Intangible assets		(147,350)		(145,072)
Right of use asset		(10,100)		—
Partnership interests		(1,813)		(1,795)
Qualified film expenditures		(419)		(1,130)
Total deferred tax liabilities		(159,682)		(147,997)
Net deferred tax liability	$	(24,560)	$	(12,904)

As of December 31, 2019, the Company had federal and state NOL carryforward amounts of approximately $733.3 million and $472.5 million, respectively. The state NOLs are applied separately from the federal NOL as the Company generally files separate state returns for each subsidiary. Additionally, the amount of the state NOLs may change if future apportionment factors differ from current factors. During 2016, the Company performed an Internal Revenue Code (“IRC”) Section 382 study (“the study”) and concluded that there was an ownership shift during calendar year 2009 that resulted in an estimated limitation on our federal and state NOLs for approximately $361.1 million and $262.7 million, respectively. During 2018, the Company updated the study for additional information based on additional technical insight into the application of the tax law, which resulted in a decrease to the initial estimated limitation. In 2018, the Company identified certain assets with net unrealized built-in gain that reduced the estimated federal and state limitation by approximately $65.6 million and $52.9 million, respectively. The Company continues to assess potential tax strategies (which could include seeking a ruling from the IRS) which, if successful, may reduce the impact of the annual limitations and potentially recover NOLs that otherwise would expire before being applied to reduce future income tax liabilities. If successful, the Company may be able to recover additional federal and state NOLs in future periods, which could be material. If we conclude that it is more likely than not that we will be able to realize additional federal and state NOLs, the tax benefit could materially impact future quarterly and annual periods. The federal and state NOLs expire in various years from 2020 to 2038.

As of December 31, 2019, the gross deferred tax assets of approximately $135.4 million were primarily the result of federal and state net operating losses, and the IRC Section 163(j) interest expense carryforward. A valuation allowance of $249,000 and $235,000 was recorded against our gross deferred tax asset balance as of December 31, 2019 and December 31, 2018, respectively and is related to state jurisdictions where it is not more likely than not the deferred tax assets will be realized.

The assessment to determine the value of the deferred tax assets to be realized under ASC 740 is highly judgmental and requires the consideration of all available positive and negative evidence in evaluating the likelihood of realizing the tax benefit of the deferred tax assets in a future period. Circumstances may change over time such that previous negative evidence no longer exists, and new conditions should be evaluated as positive or negative evidence that could affect the realization of the deferred tax assets. Since the evaluation requires consideration of events that may occur in some years in the future, significant judgment is required, and our conclusion could be materially different if certain expectations do not materialize.

In the assessment of all available evidence, an important piece of objective verifiable evidence is evaluating a cumulative pre-tax income or loss position over the most recent three-year period. Historically, the Company has maintained a full valuation against the net deferred tax assets, principally due to a cumulative pre-tax loss over the most recent three-year period. During the quarter ended December 31, 2018, the Company achieved three years of cumulative pre-tax income, which removed the most heavily weighed piece of objective verifiable negative evidence from our evaluation of the realizability of deferred tax assets. The Company continues to maintain three years of rolling cumulative pre-tax income as of December 31, 2019.

Additionally, the Company is projecting forecasts of taxable income to utilize our federal and state NOLs as part of our evaluation of positive evidence. As part of the 2017 Tax Act, IRC Section 163(j) limited the deduction of interest expense. In conjunction with evaluating and weighing our cumulative three-year pre-tax income, we also evaluated the impact that interest expense has had on our cumulative three-year pre-tax income. A material component of the Company’s expenses is interest, and has been the primary driver of historical pre-tax losses. Adjusting for the IRC Section 163(j) interest expense limitation on projected taxable income, we estimate utilization of federal and state net operating losses that are not subject to annual limitations as a result of the 2009 ownership shift as defined under IRC Section 382.

Realization of the Company’s federal and state net operating losses is dependent on generating sufficient taxable income in future periods, and although the Company believes it is more likely than not future taxable income will be sufficient to utilize the net operating losses, realization is not assured and future events may cause a change to the judgment of the realizability of these deferred tax assets. If a future event causes the Company to re-evaluate and conclude that it is not more likely than not, that all or a portion of the deferred tax assets are realizable, the Company would be required to establish a valuation allowance against the assets at that time which would result in a charge to income tax expense and a decrease to net income in the period which the change of judgment is concluded.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2019		2018
	(In thousands)

Balance as of January 1	$	4,637	$	5,758
Additions for tax positions related to current years		—		157
Additions (deductions) for tax positions related to prior years		96		(1,113)
Deductions for tax positions as a result of tax settlements		—		(165)
Balance as of December 31	$	4,733	$	4,637

The nature of the uncertainties pertaining to the Company’s income taxes is primarily due to various state income tax positions that affect the amount of state NOLs available to be applied to reduce future state income tax liabilities. The unrecognized tax benefits liability accrued on our balance sheet increased by $96,000 and decreased by approximately $1.1 million during the years ended December 31, 2019 and December 31, 2018, respectively, primarily as a result of applicable tax rate changes. During the year ended December 31, 2018, the Company increased the unrecognized tax benefits liability by $157,000 related to the potential state income tax effects due to South Dakota v. Wayfair, Inc . As of December 31, 2019, the Company had unrecognized tax benefits of approximately $4.7 million, which if recognized, would impact the effective tax rate.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. There is no material amount of interest and penalties recognized in the statement of operations and the balance sheet for the year ended December 31, 2019. The Company does not anticipate any significant increases or decreases to the total unrecognized tax benefits within the next twelve months subsequent to December 31, 2019.

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and is subject to examination by the various taxing authorities. The Company’s open tax years for federal income tax examinations include the tax years ended December 31, 2016 through 2019. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2015 through 2019. To the extent that net operating losses are utilized, the year of the loss is open to examination.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

11. STOCKHOLDERS’ EQUITY:

Common Stock

The Company has four classes of common stock, Class A, Class B, Class C and Class D. Generally, the shares of each class are identical in all respects and entitle the holders thereof to the same rights and privileges. However, with respect to voting rights, each share of Class A common stock entitles its holder to one vote and each share of Class B common stock entitles its holder to ten votes. The holders of Class C and Class D common stock are not entitled to vote on any matters. The holders of Class A common stock can convert such shares into shares of Class C or Class D common stock. Subject to certain limitations, the holders of Class B common stock can convert such shares into shares of Class A common stock. The holders of Class C common stock can convert such shares into shares of Class A common stock. The holders of Class D common stock have no such conversion rights.

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. As of December 31, 2019, except that the Company has limited but ongoing authority to purchase shares under the Company’s stock plans as described below, there was no open authorizations with respect to its Class A and Class D common stock. 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 the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the year ended December 31, 2019, the Company repurchased 54,896 shares of Class A Common Stock in the amount of $120,000 at an average of $2.19 per share and repurchased 1,709,315 shares of Class D Common Stock in the amount of approximately $3.5 million at an average of $2.06 per share. During the year ended December 31, 2018, the Company repurchased 4,160 shares of Class A Common Stock in the amount of $9,000 at an average of $2.26 per share and repurchased 3,377,436 shares of Class D Common Stock in the amount of approximately $7.0 million at an average of $2.10 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 (both 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 year ended December 31, 2019, the Company executed a Stock Vest Tax Repurchase of 957,895 shares of Class D Common Stock in the amount of approximately $1.9 million at an average price of $1.96 per share. During the year ended December 31, 2018, the Company executed a Stock Vest Tax Repurchase of 612,386 shares of Class D Common Stock in the amount of approximately $1.1 million at an average price of $1.78 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. The Company uses an average life for all option awards. The Company settles stock options upon exercise by issuing stock. As of December 31, 2019, 3,023,462 shares of Class D common stock were available for grant under the 2019 Equity and Performance Incentive Plan.

On October 26, 2015, the Compensation Committee (“Compensation Committee”) of the Board of Directors of the Company awarded David Kantor, Chief Executive Officer, Radio Division, 100,000 restricted shares of the Company’s Class D common stock, and stock options to purchase 300,000 shares of the Company’s Class D common stock. The grants were effective November 5, 2015, and vested in approximately equal 1/3 tranches on each of November 5, 2016, November 5, 2017, and November 5, 2018.

On August 7, 2017, the Compensation Committee awarded Catherine Hughes, Chairperson, 449,630 restricted shares of the Company’s Class D common stock, and stock options to purchase 199,836 shares of the Company’s Class D common stock. The grants were effective August 7, 2017, and vested on January 5, 2018.

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 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 vested on January 6, 2020.

On August 7, 2017, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 749,383 restricted shares of the Company’s Class D common stock, and stock options to purchase 333,059 shares of the Company’s Class D common stock. The grants were effective August 7, 2017, and vested on January 5, 2018.

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 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 vested on January 6, 2020.

On August 7, 2017, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 256,579 restricted shares of the Company’s Class D common stock, and stock options to purchase 114,035 shares of the Company’s Class D common stock. The grants were effective August 7, 2017, and vested on January 5, 2018.

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 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 vested on January 6, 2020.

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 current 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.

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 vested on January 6, 2020.

Pursuant to the terms of each of our stock plans 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.

The Company measures compensation cost for all stock-based awards at fair value on date of grant and recognizes the related expense over the service period for awards expected to vest. The restricted stock-based awards do not participate in dividends until fully vested. The fair value of stock options is determined using the BSM. Such fair value is recognized as an expense over the service period, net of estimated forfeitures, using the straight-line method. Estimating the number of stock awards that will ultimately vest requires judgment, and to the extent actual forfeitures differ substantially from our current estimates, amounts will be recorded as a cumulative adjustment in the period the estimated number of stock awards are revised. We consider many factors when estimating expected forfeitures, including the types of awards, employee classification and historical experience. Actual forfeitures may differ substantially from our current estimate.

The Company’s use of the BSM to calculate the fair value of stock-based awards incorporates various assumptions including volatility, expected life, and interest rates. For options granted, the BSM determines: (i) the term by using the simplified “plain-vanilla” method as allowed under SAB No. 110; (ii) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; and (iii) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant.

Stock-based compensation expense for the years ended December 31, 2019 and 2018, was approximately $4.8 million and $4.7 million, respectively.

The Company granted 653,210 stock options during the year ended December 31, 2019 and granted 732,869 stock options during the year ended December 31, 2018. The per share weighted-average fair value of options granted during the years ended December 31, 2019 and 2018, was $2.17 and $1.81, respectively.

These fair values were derived using the BSM with the following weighted-average assumptions:


	For the Years Ended December 31,
	2019		2018

Average risk-free interest rate	1.84	%	2.42	%
Expected dividend yield	0.00	%	0.00	%
Expected lives	5.25 years		6.00 years
Expected volatility	68.0	%	65.1	%

Transactions and other information relating to stock options for the years December 31, 2019 and 2018 are summarized below:


				Weighted-
				Average
		Weighted-		Remaining
	Number	Average		Contractual	Aggregate
	of	Exercise		Term	Intrinsic
	Options	Price		(In Years)	Value
Outstanding at December 31, 2017	4,804,000	$	1.89	4.90	$	795,000
Grants	733,000	$	1.81
Exercised	63,000	$	1.41
Forfeited/cancelled/expired/settled	(1,905,000)	$	1.43
Outstanding at December 31, 2018	3,569,000	$	2.12	7.19	$	130,000
Grants	653,000	$	2.17
Exercised	15,000	$	1.90
Forfeited/cancelled/expired/settled	(10,000)	$	1.90
Outstanding at December 31, 2019	4,197,000	$	2.13	6.70	$	255,000
Vested and expected to vest at December 31, 2019	4,145,000	$	2.13	6.68	$	255,000
Unvested at December 31, 2019	822,000	$	2.11	9.13	$	—
Exercisable at December 31, 2019	3,375,000	$	2.13	6.11	$	255,000

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 year ended December 31, 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 in-the-money options on December 31, 2019. This amount changes based on the fair market value of the Company’s stock.

There were 15,000 options exercised during the year ended December 31, 2019 and there were 63,190 options exercised during the year ended December 31, 2018. The number of options that vested during the year ended December 31, 2019 was 847,030 and the number of options that vested during the year ended December 31, 2018 was 269,173.

As of December 31, 2019, $95,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 0.4 months. The weighted-average fair value per share of shares underlying stock options was $1.54 at December 31, 2019.

The Company granted 2,603,567and 1,758,428 shares, respectively, of restricted stock during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, 25,000 shares and 23,256 shares, respectively, of restricted stock were issued to the Company’s non-executive directors as a part of their compensation packages. 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 $2.00 of the Company's Class D common stock on June 17, 2019. 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 $2.15 of the Company’s Class D common stock on June 15, 2018. The restricted stock grants for the non-executive directors vest over a two-year period in equal 50% installments.

Transactions and other information relating to restricted stock grants for the years ended December 31, 2019 and 2018 are summarized below:


		Average
		Fair
		Value at
		Grant
	Shares	Date
Unvested at December 31, 2017	2,303,000	$	1.94
Grants	1,758,000	$	1.83
Vested	(1,904,000)	$	1.93
Forfeited/cancelled/expired	(33,000)	$	1.90
Unvested at December 31, 2018	2,124,000	$	1.85
Grants	2,604,000	$	2.16
Vested	(2,840,000)	$	1.94
Forfeited/cancelled/expired	(74,000)	$	2.19
Unvested at December 31, 2019	1,814,000	$	2.14

Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2019, $528,000 of total unrecognized compensation cost related to restricted stock grants was expected to be recognized over a weighted-average period of 1.32 months.

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN	12 Months Ended
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN	Dec. 31, 2019
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN
PROFIT SHARING AND EMPLOYEE SAVINGS PLAN	12. PROFIT SHARING AND EMPLOYEE SAVINGS PLAN: The Company maintains a profit sharing and employee savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer allowable portions of their compensation on a pre-tax basis through contributions to the savings plan. The Company may contribute to the plan at the discretion of its Board of Directors. The Company does not match employee contributions. The Company did not make any contributions to the plan during the years ended December 31, 2019 and 2018.

- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES:

Radio Broadcasting Licenses

Each of the Company’s radio stations operates pursuant to one or more licenses issued by the Federal Communications Commission that have a maximum term of eight years prior to renewal. The Company’s radio broadcasting licenses expire at various times beginning in April 2020 through December 1, 2027. Although the Company may apply to renew its radio broadcasting licenses, third parties may challenge the Company’s renewal applications. The Company is not aware of any facts or circumstances that would prevent the Company from having its current licenses renewed.

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, Inc. (“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.

Leases and Other Operating Contracts and Agreements

The Company has noncancelable operating leases for office space, studio space, broadcast towers and transmitter facilities that expire over the next 12 years. The Company’s leases for broadcast facilities generally provide for a base rent plus real estate taxes and certain operating expenses related to the leases. Certain of the Company’s leases contain renewal options, escalating payments over the life of the lease and rent concessions. The future rentals under non-cancelable leases as of December 31, 2019, are shown below.

The Company has other operating contracts and agreements including employment contracts, on-air talent contracts, severance obligations, retention bonuses, consulting agreements, equipment rental agreements, programming related agreements, and other general operating agreements that expire over the next six years. The amounts the Company is obligated to pay for these agreements are shown below.


			Other
			Operating
	Operating		Contracts
	Lease		and
	Agreements		Agreements
	(In thousands)
Years ending December 31:
2020	$	66,515	$	12,845
2021		30,054		11,234
2022		17,093		10,278
2023		11,171		8,750
2024		10,213		7,578
2025 and thereafter		34,171		8,490
Total	$	169,217	$	59,175

Of the total amount of other operating contracts and agreements included in the table above, approximately $110.1 million has not been recorded on the balance sheet as of December 31, 2019, as it does not meet recognition criteria. Approximately $14.7 million relates to certain commitments for content agreements for our cable television segment, approximately $18.7 million relates to employment agreements, and the remainder relates to other programming, network and operating agreements.

Reach Media Redeemable 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, 2020. Management, at this time, cannot reasonably determine the period when and if the put right will be exercised by the noncontrolling interest shareholders.

Letters of Credit

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.

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

14. QUARTERLY FINANCIAL DATA (UNAUDITED):


	Quarters Ended
	March 31		June 30 (a)		September 30		December 31 (a)
	(In thousands, except share data)
	(As Revised) (b)
2019:
Net revenue	$	98,449	$	121,571	$	111,055	$	105,854
Operating income		14,796		29,121		31,117		12,062
Net (loss) income		(2,979)		7,137		5,687		(7,788)

Consolidated net (loss) income attributable to common stockholders		(3,104)		6,591		5,359		(7,921)
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.07)	$	0.15	$	0.12	$	(0.18)
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.07)	$	0.14	$	0.12	$	(0.18)
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		45,001,767		45,061,821		44,315,077		44,172,147
Weighted average shares outstanding —diluted		45,001,767		45,701,655		46,118,702		44,172,147

(a)

The net income (loss) from continuing operations for the quarters ended June 30, 2019 and December 31, 2019, includes approximately $3.8 million and $6.8 million, respectively of impairment charges.

(b)

Operating income for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 have been revised in the amounts of approximately $1.3 million, $1.4 million and $1.4 million, respectively, to reflect the interest expense component of operating leases from interest expense into operating expenses.


	Quarters Ended
	March 31 (a)		June 30		September 30		December 31 (a)
	(In thousands, except share data)
2018:
Net revenue	$	99,621	$	115,206	$	110,730	$	113,541
Operating income		7,315		24,813		32,101		9,411
Net (loss) income		(22,522)		23,896		23,375		113,856

Consolidated net (loss) income attributable to common stockholders		(22,555)		23,590		23,044		113,363
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.48)	$	0.51	$	0.51	$	2.54
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.48)	$	0.49	$	0.49	$	2.42
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		46,757,386		46,033,402		45,128,341		44,663,033
Weighted average shares outstanding —diluted		46,757,386		48,438,693		47,462,358		46,874,741

(a)

The net (loss) income from continuing operations for the quarters ended March 31, 2018 and December 31, 2018, includes approximately $6.6 million and $14.7 million, respectively of impairment charges. The net income for the quarter ended December 31, 2018 includes a benefit from income taxes of approximately $124.3 million.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

15. 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.

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 years ended December 31, 2019 and 2018 is presented in the following table:


	For the Years Ended December 31,
	2019		2018
	(In thousands)
Net Revenue:
Radio Broadcasting	$	177,478	$	182,765
Reach Media		44,691		42,984
Digital		31,922		31,577
Cable Television		185,027		184,298
Corporate/Eliminations*		(2,189)		(2,526)
Consolidated	$	436,929	$	439,098

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	119,878	$	117,427
Reach Media		38,150		36,064
Digital		31,775		37,617
Cable Television		103,195		99,104
Corporate/Eliminations		29,250		20,801
Consolidated	$	322,248	$	311,013

Depreciation and Amortization:
Radio Broadcasting	$	3,248	$	3,484
Reach Media		235		250
Digital		1,877		1,907
Cable Television		10,376		26,259
Corporate/Eliminations		1,249		1,289
Consolidated	$	16,985	$	33,189

Impairment of Long-Lived Assets:
Radio Broadcasting	$	4,800	$	21,256
Reach Media		—		—
Digital		5,800		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	10,600	$	21,256

Operating income (loss):
Radio Broadcasting	$	49,552	$	40,598
Reach Media		6,306		6,670
Digital		(7,530)		(7,947)
Cable Television		71,456		58,935
Corporate/Eliminations		(32,688)		(24,616)
Consolidated	$	87,096	$	73,640

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


Radio Broadcasting	$	(2,189)	$	(2,526)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,778	$	3,876
Reach Media		179		114
Digital		1,390		1,197
Cable Television		207		570
Corporate/Eliminations		591		1,429
Consolidated	$	5,145	$	7,186


	As of
	December 31,		December 31,
	2019		2018
	(In thousands)
Total Assets:
Radio Broadcasting	$	721,295	$	717,400
Reach Media		41,892		34,388
Digital		22,223		24,389
Cable Television		388,465		402,511
Corporate/Eliminations		76,044		58,721
Consolidated	$	1,249,919	$	1,237,409

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS: As noted above, 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 the Company’s 2019 Equity and Performance Incentive Plan. On March 13, 2020, the Company's Board authorized a new repurchase plan of up to $2.6 million of the Company's Class A and D shares through December 31, 2020. Since January 1, 2020 and through the date of filing of this report, the Company has repurchased 697,801 shares of Class D common stock in the amount of approximately $1.1 million at an average price of $1.65 per share. While the Company ceased operations of WGPR on December 31, 2019, the Company continues to provide management services to the current owner and operator of WGPR. Pursuant to the TBA with GEG, in January 2020, we began to operate WQMC-LD until such time as the purchase transaction can close under the APA. Under the terms of the TBA, we pay a monthly fee as well as certain operating costs of WQMC-LD, and, in exchange, we will retain all revenues from the sale of the advertising within the programming. After receipt of FCC approval, we closed the transactions under the APA and took ownership of WQMC-LD on February 24, 2020. Beginning in March 2020, the Company noted that the COVID-19 pandemic and the resulting government stay at home order were dramatically impacting certain of the Company's revenues. Most notably, a number of advertisers across significant advertising categories have reduced or ceased advertising spend due to the outbreak and stay at home orders which effectively shut many businesses down. This was particularly true within our radio segment which derives substantial revenue from local advertisers who have been particularly hard hit due to social distancing and government interventions. Further, the COVID-19 outbreak has caused the postponement of our 2020 Tom Joyner Foundation Fantastic Voyage cruise and was impairing ticket sales of other tent pole special events. We do not carry business interruption insurance to compensate us for losses that may occur as a result of any of these interruptions and continued impacts from the COVID-19 outbreak. Outbreaks in the markets in which we operate could have material impacts on our liquidity, operations including potential impairment of assets, and our financial results. Given the expected decreases in revenues caused by the COVID-19 pandemic, we assessed a variety of factors, including but not limited to, media industry financial forecasts for the remainder of 2020, expected operating results, forecasted net cash flows from operations, future obligations and liquidity, capital expenditure commitments and forecasted debt covenant compliance. If the Company were unable to meet its financial covenants, an event of default would occur and the Company’s debt would have to be classified as current, which the Company would be unable to repay if lenders were to call the debt. We concluded that the potential that the Company could incur considerable decreases in operating profits and the resulting impact on the Company’s ability to meet its debt service obligations and debt covenants were probable conditions which gave rise to a need for an assessment of whether substantial doubt existed of the Company’s ability to continue as a going concern. As a result, the Company performed a complete reforecast of its 2020 anticipated results extending through April 2021. In reforecasting its results, the Company included the impact of certain of cost-cutting measures including furloughs, layoffs, salary reductions, eliminating travel and entertainment expenses, eliminating discretionary bonus expenses and merit raises, reducing or deferring marketing spend, deferring programming/production costs, reducing special events costs, and implementing a hiring freeze on open positions. Out of an abundance of caution and to provide for further liquidity given the uncertainty around the pandemic, the Company drew approximately $27.5 million on its ABL Facility on March 19, 2020. As of March 31, 2020, the amount remained on the Company’s balance sheet and improved our cash on hand balance to approximately $66.4 million. On April 15, 2020, the Company paid interest expense of approximately $12.9 million on its 7.375% Senior Secured Notes, and as of April 27, 2020 our cash on hand balance is approximately $54.7 million. As a result of the cost reduction and other measures that the Company has taken in response to COVID-19, the Company anticipates meeting its debt service requirements and is projecting compliance with all debt covenants through April 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted and signed into law to provide emergency assistance to qualifying businesses and individuals. The CARES Act provides a number of key provisions that include unemployment benefits, deferral of employer payroll taxes, tax benefits designed to aid businesses impacted by COVID-19, low interest business loans, and a Paycheck Protection Program. The Company may qualify for certain provisions of the CARES Act, however we continue to evaluate the impact for any potential benefit that the provisions may provide.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2019

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

URBAN ONE, INC. AND SUBSIDIARIES
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
For the Years Ended December 31, 2019 and 2018


	Balance		Additions
	at		Charged		Acquired				Balance
	Beginning		to		from				at End
Description	of Year		Expense		Acquisitions		Deductions		of Year
	(In thousands)
Allowance for Doubtful Accounts:
2019	$	8,249	$	1,370	$	—	$	2,203	$	7,416
2018		8,071	$	1,034	$	—	$	856	$	8,249


	Balance		Additions
	at		Charged		Acquired				Balance
	Beginning		to		from				at End
Description	of Year		Expense		Acquisitions		Deductions		of Year
	(In thousands)
Valuation Allowance for Deferred Tax Assets:
2019	$	235	$	14	$	—	$	—	$	249
2018		125,870	$	—	$	—	$	125,635	$	235

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

(a) Organization

Basis of Presentation

(b) Basis of Presentation

Principles of Consolidation

Cash and Cash Equivalents

(d) Cash and Cash Equivalents

Trade Accounts Receivable

(e) Trade Accounts Receivable

Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses)

(f) Goodwill and Indefinite-Lived Intangible Assets (Primarily Radio Broadcasting Licenses)

Impairment of Long-Lived Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets

(g) Impairment of Long-Lived Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets

Financial Instruments

(h) Financial Instruments

Derivative Financial Instruments

(i) Derivative Financial Instruments

Revenue Recognition

(j) Revenue Recognition

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the years ended December 31, 2019 and 2018:


	Year Ended December 31,
	2019		2018

Net Revenue:
Radio Advertising	$	193,318	$	197,594
Political Advertising		1,445		6,590
Digital Advertising		31,912		31,510
Cable Television Advertising		79,776		76,429
Cable Television Affiliate Fees		105,071		107,277
Event Revenues & Other		25,407		19,698
Net Revenue (as reported)	$	436,929	$	439,098

Contract assets and liabilities


	December 31, 2019		December 31, 2018
	(In thousands)
Contract assets:
Unbilled receivables	$	3,763	$	3,425

Contract liabilities:
Customer advances and unearned income	$	3,048	$	3,766
Unearned event income		6,645		3,864

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

(k) Launch Support

The gross value and accumulated amortization of the launch assets is as follows:


	As of December 31,
	2019		2018
	(In thousands)
Launch assets	$	7,259	$	7,259
Less: Accumulated amortization		(2,038)		(1,011)
Launch assets, net	$	5,221	$	6,248

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2020 through 2024 is as follows:


	(In thousands)
2020	$	1,027
2021	$	1,027
2022	$	1,027
2023	$	1,027
2024	$	1,027

Barter Transactions

(l) Barter Transactions

Network Affiliation Agreements

(m) Network Affiliation Agreements

Advertising and Promotions

(n) Advertising and Promotions

Income Taxes

(o) Income Taxes

Stock-Based Compensation

(p) Stock-Based Compensation

Segment Reporting and Major Customers

(q) Segment Reporting and Major Customers

No single customer accounted for over 10% of our consolidated net revenues during any of the years ended December 31, 2019 and 2018.

Earnings Per Share

(r) Earnings Per Share

Fair Value Measurements

(s) 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 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 December 31, 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
	(In thousands)

As of December 31, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	1,921		—		—	$	1,921
Employment agreement award (b)		27,017		—		—		27,017
Total	$	28,938	$	—	$	—	$	28,938

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,564	$	—	$	—	$	10,564

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)

(b)

(c)


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests
	(In thousands)
Balance at December 31, 2017	$	1,580	$	32,323	$	10,780
Net income attributable to redeemable noncontrolling interests		—		—		1,163
Dividends paid to redeemable noncontrolling interests		—		—		(2,227)
Distribution		(1,148)		(1,530)		—
Change in fair value		2,399		(5,133)		516
Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to redeemable noncontrolling interests		—		—		1,132
Dividends paid to redeemable noncontrolling interests		—		—		(1,000)
Distribution		(1,207)		(3,591)		—
Change in fair value		297		4,948		200
Balance at December 31, 2019	$	1,921	$	27,017	$	10,564

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 at December 31, 2019	$	(297)	$	(4,948)	$	—
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 at December 31, 2018	$	(2,399)	$	5,133	$	—

For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:


			As of		As of
		Significant	December 31, 2019		December 31, 2018
Level 3 liabilities	Valuation Technique	Unobservable Inputs	Significant Unobservable Input Value
Contingent consideration	Monte Carol Simulation	Expected volatility	20.8	%	34.6	%
Contingent consideration	Monte Carol Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	10.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.0	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.0	%	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.

Software and Web Development Costs

(t) Software and Web Development Costs

Redeemable noncontrolling interest

(u) Redeemable noncontrolling interests

Investments

(v) Investments

Cost Method

Content Assets

(w) 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.

Impact of Recently Issued Accounting Pronouncements

(x) Impact of Recently Issued Accounting Pronouncements

Related Party Transactions

(y) Related Party Transactions

Leases

(z) Leases


Operating Lease Cost (Cost resulting from lease payments)	$	12,673
Variable Lease Cost (Cost excluded from lease payments)		160
Total Lease Cost	$	12,833

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,023
Operating Lease - Operating Cash Flows (Liability Reduction)	$	7,752

Weighted Average Lease Term - Operating Leases		5.63	years
Weighted Average Discount Rate - Operating Leases		11.00	%

As of December 31, 2019, maturities of lease liabilities were as follows:


	(Dollars in
For the Year Ended December 31,	thousands)
2020	$	13,337
2021		12,053
2022		11,389
2023		9,742
2024		8,658
Thereafter		11,232
Total future lease payments		66,411
Imputed interest		(16,937)
Total	$	49,474

Going Concern Assessment

(aa) Going Concern Assessment

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of net revenue (and sources)

The following chart shows our net revenue (and sources) for the years ended December 31, 2019 and 2018:


	Year Ended December 31,
	2019		2018

Net Revenue:
Radio Advertising	$	193,318	$	197,594
Political Advertising		1,445		6,590
Digital Advertising		31,912		31,510
Cable Television Advertising		79,776		76,429
Cable Television Affiliate Fees		105,071		107,277
Event Revenues & Other		25,407		19,698
Net Revenue (as reported)	$	436,929	$	439,098

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


	December 31, 2019		December 31, 2018
	(In thousands)
Contract assets:
Unbilled receivables	$	3,763	$	3,425

Contract liabilities:
Customer advances and unearned income	$	3,048	$	3,766
Unearned event income		6,645		3,864

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

As of December 31, 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
	(In thousands)

As of December 31, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	1,921		—		—	$	1,921
Employment agreement award (b)		27,017		—		—		27,017
Total	$	28,938	$	—	$	—	$	28,938

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,564	$	—	$	—	$	10,564

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)

(b)

(c)

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, 2017	$	1,580	$	32,323	$	10,780
Net income attributable to redeemable noncontrolling interests		—		—		1,163
Dividends paid to redeemable noncontrolling interests		—		—		(2,227)
Distribution		(1,148)		(1,530)		—
Change in fair value		2,399		(5,133)		516
Balance at December 31, 2018	$	2,831	$	25,660	$	10,232
Net income attributable to redeemable noncontrolling interests		—		—		1,132
Dividends paid to redeemable noncontrolling interests		—		—		(1,000)
Distribution		(1,207)		(3,591)		—
Change in fair value		297		4,948		200
Balance at December 31, 2019	$	1,921	$	27,017	$	10,564

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 at December 31, 2019	$	(297)	$	(4,948)	$	—
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 at December 31, 2018	$	(2,399)	$	5,133	$	—

Schedule of significant unobservable input value

For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:


			As of		As of
		Significant	December 31, 2019		December 31, 2018
Level 3 liabilities	Valuation Technique	Unobservable Inputs	Significant Unobservable Input Value
Contingent consideration	Monte Carol Simulation	Expected volatility	20.8	%	34.6	%
Contingent consideration	Monte Carol Simulation	Discount Rate	14.5	%	15.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate	10.0	%	11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	2.0	%	2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.0	%	10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	1.0	%	1.0	%

Schedule of gross value and accumulated amortization of the launch assets

The gross value and accumulated amortization of the launch assets is as follows:


	As of December 31,
	2019		2018
	(In thousands)
Launch assets	$	7,259	$	7,259
Less: Accumulated amortization		(2,038)		(1,011)
Launch assets, net	$	5,221	$	6,248

Schedule of future estimated launch support amortization expense

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2020 through 2024 is as follows:


	(In thousands)
2020	$	1,027
2021	$	1,027
2022	$	1,027
2023	$	1,027
2024	$	1,027

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)	$	12,673
Variable Lease Cost (Cost excluded from lease payments)		160
Total Lease Cost	$	12,833

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,023
Operating Lease - Operating Cash Flows (Liability Reduction)	$	7,752

Weighted Average Lease Term - Operating Leases		5.63	years
Weighted Average Discount Rate - Operating Leases		11.00	%

Schedule of maturities of lease liabilities


	(Dollars in
For the Year Ended December 31,	thousands)
2020	$	13,337
2021		12,053
2022		11,389
2023		9,742
2024		8,658
Thereafter		11,232
Total future lease payments		66,411
Imputed interest		(16,937)
Total	$	49,474

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2019

PROPERTY AND EQUIPMENT

Schedule Of Property and Equipment


	As of December 31,				Estimated
	2019		2018		Useful Lives
	(In thousands)
Land and improvements	$	4,652	$	3,491	—
Buildings		2,756		2,754	31 years
Transmitters and towers		40,705		41,854	7‑15 years
Equipment		60,391		60,872	3‑7 years
Furniture and fixtures		9,322		9,699	6 years
Software and web development		28,789		27,330	3 years
Leasehold improvements		24,957		25,407	Lease Term
Construction-in-progress		226		275	—
		171,798		171,682
Less: Accumulated depreciation and amortization		(147,405)		(145,594)
Property and equipment, net	$	24,393	$	26,088

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References + Details

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule Of Radio Broadcasting Licenses Impairment


Radio Broadcasting	October 1,			June 30,			October 1,		March 31,
Licenses	2019			2019(*)			2018		2018(*)

Impairment charge (in millions)	$	1.0		$	3.8	$	—		$	3.9
Discount Rate		9.0	%		*		9.0	%		*
Year 1 Market Revenue Growth Rate Range		0.9% – 1.8	%		*		(1.2)% – (0.6)	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		*		0.7% – 1.1	%		*
Mature Market Share Range		6.9% – 25.0	%		*		5.3% – 25.0	%		*
Mature Operating Profit Margin Range		27.6% – 39.7	%		*		28.3% – 41.1	%		*

(a) Reflects changes only to the key assumptions used in the interim testing for certain units of accounting.

(*) License fair value based on estimated asset sale consideration.

Schedule of Broadcasting Licenses Valuation Results


	Radio Broadcasting Licenses
	Carrying Balances
	As of		Net			As of
	December 31,		Increase			December 31,
Unit of Accounting	2018		(Decrease)			2019
	(In thousands)
Unit of Accounting 2	$	3,086	$	—		$	3,086
Unit of Accounting 7		14,748		—			14,748
Unit of Accounting 5		16,100		—			16,100
Unit of Accounting 4		16,142		—			16,142
Unit of Accounting 9		16,437		(16,437)			—
Unit of Accounting 15		20,736		—			20,736
Unit of Accounting 14		20,770		—			20,770
Unit of Accounting 11		21,135		(1,000)			20,135
Unit of Accounting 6		22,642		—			22,642
Unit of Accounting 13		47,846		—			47,846
Unit of Accounting 12		49,663		—			49,663
Unit of Accounting 16		56,295		—			56,295
Unit of Accounting 8		62,015		—			62,015
Unit of Accounting 1		93,394		—			93,394
Unit of Accounting 10		139,125		—			139,125
Total	$	600,134	$	(17,437)	*	$	582,697

* The amount listed is net of additions, dispositions and impairment charges.

Schedule Of Goodwill Impairment Test Radio Market Unit


Goodwill (Radio Market	October 1,			October 1,			March 31,
Reporting Units)	2019(a)			2018(a)			2018(*)

Impairment charge (in millions)	$	—		$	14.7		$	2.7

Discount Rate		9.0	%		9.0	%		*
Year 1 Market Revenue Growth Rate Range		(7.6)% – 49.3	%		(8.0)% – 27.5	%		*
Long-term Market Revenue Growth Rate Range (Years 6 – 10)		0.7% – 1.1	%		0.7% – 1.1	%		*
Mature Market Share Range		7.1% - 17.0	%		7.6% - 17.8	%		*
Mature Operating Profit Margin Range		26.8% - 47.6	%		26.8% - 46.9	%		*

(a) Reflects the key assumptions for testing only those radio markets with remaining goodwill.

(*) Goodwill fair value based on estimated asset sale consideration.

Schedule Of Goodwill Impairment Test Reach Media Goodwill


		October 1,			October 1,
Reach Media Segment Goodwill		2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.5	%		10.5	%
Year 1 Revenue Growth Rate		(9.7)	%		2.3	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		13.3% - 14.3	%		14.6% - 15.8	%

Schedule Of Goodwill Impairment Test Goodwill Digital Segment


	October 1,			October 1,
Digital Segment Goodwill	2019			2018

Impairment charge (in millions)	$	5.8		$	—

Discount Rate		12.0	%		13.5	%
Year 1 Revenue Growth Rate		12.2	%		12.6	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.8% - 7.7	%		3.1% - 3.7	%
Operating Profit Margin Range		(4.7)% - 11.7	%		(1.1)% - 15.7	%

Schedule Of Goodwill Impairment Test Cable Television Goodwill


	October 1,			October 1,
Cable Television Segment Goodwill	2019			2018

Impairment charge (in millions)	$	—		$	—

Discount Rate		10.0	%		11.0	%
Year 1 Revenue Growth Rate		1.0	%		1.8	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		1.9% -2.3	%		2.0% - 3.0	%
Operating Profit Margin Range		33.0% - 45.5	%		36.9% - 42.5	%

Schedule Of Changes In Carrying Amount Of Goodwill

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments during 2019 and 2018:


	Radio						Cable
	Broadcasting		Reach Media		Digital		Television
	Segment		Segment		Segment		Segment		Total
	(In thousands)
Gross goodwill	$	154,910	$	30,468	$	27,567	$	165,044	$	377,989
Accumulated impairment losses		(84,436)		(16,114)		(14,545)		—		(115,095)
Additions		90		—		—		—		90
Impairments		(17,412)		—		—		—		(17,412)
Net goodwill at December 31, 2018	$	53,152	$	14,354	$	13,022	$	165,044	$	245,572
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Accumulated impairment losses		(101,848)		(16,114)		(14,545)		—		(132,507)
Additions		—		—		—		—		—
Impairments		—		—		(5,800)		—		(5,800)
Net goodwill at December 31, 2019	$	53,152	$	14,354	$	7,222	$	165,044	$	239,772

Schedule of Finite-Lived Intangible Assets


						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period of
	2019		2018		Amortization	Amortization
	(In thousands)
Trade names	$	17,413	$	17,391	1‑5 Years	5.0 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Affiliate agreements		178,986		178,986	8 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	11.1 Years
Advertiser agreements		46,789		46,789	1‑12 Years	3.2 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	39.1 Years
Brand names		4,413		4,413	10 Years	7.2 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
ABL facility debt costs		510		421	Debt term	1.3 Years
Launch assets		6,284		6,284	Contract length	5.6 Years
Other intangibles		675		675	1‑5 Years	1.4 Years
		306,515		306,404
Less: Accumulated amortization		(248,303)		(236,313)
Other intangible assets, net	$	58,212	$	70,091		4.4 Years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents the Company’s estimate of amortization expense for the years 2020 through 2024 for intangible assets:


	(In thousands)
2020	$	5,000
2021	$	4,684
2022	$	4,637
2023	$	2,212
2024	$	1,208

CONTENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

CONTENT ASSETS

Schedule Of Finite Lived Content Assets

The gross cost and accumulated amortization of content assets is as follows:


	As of December 31,				Period of
	2019		2018		Amortization
	(In thousands)
Produced content assets:
Completed	$	349,521	$	318,234
In-production		9,472		13,578
Licensed content assets acquired:
Acquired		46,515		35,866
Content assets, at cost		405,508		367,678	1‑10 Years
Less: Accumulated amortization		(304,745)		(256,461)
Content assets, net		100,763		111,217
Current portion		(30,642)		(33,951)
Noncurrent portion	$	70,121	$	77,266

Schedule Of Finite Lived Content Assets Future Amortization Expense

Future estimated content amortization expense related to agreements entered into as of December 31, 2019, for years 2020 through 2024 is as follows:


	(In thousands)
2020	$	30,642
2021	$	22,089
2022	$	14,268
2023	$	5,976
2024	$	1,380

Content Payments Fiscal Year Maturity Schedule

Future minimum content payments required under agreements entered into as of December 31, 2019, are as follows:


	(In thousands)
2020	$	14,804
2021	$	8,727
2022	$	5,338
2023	$	761

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

OTHER CURRENT LIABILITIES

Schedule Of Other Current Liabilities

Other current liabilities consist of the following:


	As of December 31,
	2019		2018
	(In thousands)
Deferred revenue	$	10,879	$	9,211
Deferred barter revenue		1,599		346
Deferred rent		—		861
Employment Agreement Award		3,208		2,520
Accrued national representative fees		662		1,025
Accrued miscellaneous taxes		366		290
Income taxes payable		590		426
Tenant allowance		305		367
Deferred gain on sale-leaseback		—		809
Contingent consideration		1,526		1,433
Reserve for audience deficiency		3,005		3,332
Other current liabilities		3,253		3,831
Other current liabilities	$	25,393	$	24,451

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT

Schedule of long-term debt

Long-term debt consists of the following:


	As of December 31,
	2019		2018
	(In thousands)
2018 Credit Facility	$	167,145	$	192,000
MGM National Harbor Loan		52,099		50,066
2017 Credit Facility		320,629		323,926
9.25% Senior Subordinated Notes due February 2020		—		2,037
7.375% Senior Secured Notes due April 2022		350,000		350,000
Comcast Note due April 2019		—		11,872
Total debt		889,873		929,901
Less: current portion of long-term debt		25,945		38,706
Less: original issue discount and issuance costs		13,620		17,438
Long-term debt, net	$	850,308	$	873,757

Schedule of future scheduled minimum principal payments

Future scheduled minimum principal payments of debt as of December 31, 2019, are as follows:


									7.38%
									Senior
	2018		MGM				2017		Secured
	Credit		National		Asset-backed		Credit		Notes
	Facility		Harbor Loan		Credit Facility		Facility		due April 2022		Total
	(In thousands)
2020	$	22,648	$	—	$	—	$	3,297	$	—	$	25,945
2021		19,200		—		—		3,297		—		22,497
2022		125,297		52,099		—		3,297		350,000		530,693
2023		—		—		—		310,738		—		310,738
2024 and thereafter		—		—		—		—		—		—
Total Debt	$	167,145	$	52,099	$	—	$	320,629	$	350,000	$	889,873

- 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)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-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
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-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
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-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
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-Name Accounting Standards Codification
-Topic 835
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-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
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-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
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-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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of reconciliation of statutory federal income tax

A reconciliation of the statutory federal income taxes to the recorded benefit from income taxes from continuing operations is as follows:


	For the Years Ended December 31,
	2019		2018
	(In thousands)
Statutory federal tax expense	$	2,714	$	716
Effect of state taxes, net of federal benefit		1,904		383
Effect of state rate and tax law changes		578		(1,423)
Return to provision adjustments		(110)		659
Other permanent items		75		100
Non-deductible meals and entertainment		226		253
Impairment of long-lived intangible assets		1,218		3,087
Non-deductible officer’s compensation		1,781		(561)
Change in valuation allowance		24		(125,635)
IRC Section 382 adjustments		573		(13,547)
NOL expirations		1,815		—
Stock-based compensation forfeitures and adjustments		178		1,677
Uncertain tax positions		(172)		(829)
Other		60		(79)
Provision for (benefit from) income taxes	$	10,864	$	(135,199)

Schedule of components of provision (benefit) from income taxes

The components of the provision for (benefit from) income taxes from continuing operations are as follows:


	For the Years Ended
	December 31,
	2019		2018
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		5,973		(116,316)
State:
Current		595		604
Deferred		4,296		(19,487)
Provision for (benefit from) income taxes	$	10,864	$	(135,199)

Schedule of components of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:


	As of December 31,
	2019		2018
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	1,804	$	2,001
Accruals		528		1,685
Fixed assets		418		970
Stock-based compensation		499		543
Net operating loss carryforwards		103,700		121,562
Lease liability		12,094		—
Interest expense carryforward		16,224		6,519
Alternative minimum tax credit		428		856
Other		(324)		1,192
Total deferred tax assets		135,371		135,328
Valuation allowance for deferred tax assets		(249)		(235)
Total deferred tax asset, net of valuation allowance		135,122		135,093

Deferred tax liabilities:
Intangible assets		(147,350)		(145,072)
Right of use asset		(10,100)		—
Partnership interests		(1,813)		(1,795)
Qualified film expenditures		(419)		(1,130)
Total deferred tax liabilities		(159,682)		(147,997)
Net deferred tax liability	$	(24,560)	$	(12,904)

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2019		2018
	(In thousands)

Balance as of January 1	$	4,637	$	5,758
Additions for tax positions related to current years		—		157
Additions (deductions) for tax positions related to prior years		96		(1,113)
Deductions for tax positions as a result of tax settlements		—		(165)
Balance as of December 31	$	4,733	$	4,637

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References + Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY

Schedule of BSM using weighted-average assumptions

These fair values were derived using the BSM with the following weighted-average assumptions:


	For the Years Ended December 31,
	2019		2018

Average risk-free interest rate	1.84	%	2.42	%
Expected dividend yield	0.00	%	0.00	%
Expected lives	5.25 years		6.00 years
Expected volatility	68.0	%	65.1	%

Schedule of Share-based Compensation, Stock Options, Activity

Transactions and other information relating to stock options for the years December 31, 2019 and 2018 are summarized below:


				Weighted-
				Average
		Weighted-		Remaining
	Number	Average		Contractual	Aggregate
	of	Exercise		Term	Intrinsic
	Options	Price		(In Years)	Value
Outstanding at December 31, 2017	4,804,000	$	1.89	4.90	$	795,000
Grants	733,000	$	1.81
Exercised	63,000	$	1.41
Forfeited/cancelled/expired/settled	(1,905,000)	$	1.43
Outstanding at December 31, 2018	3,569,000	$	2.12	7.19	$	130,000
Grants	653,000	$	2.17
Exercised	15,000	$	1.90
Forfeited/cancelled/expired/settled	(10,000)	$	1.90
Outstanding at December 31, 2019	4,197,000	$	2.13	6.70	$	255,000
Vested and expected to vest at December 31, 2019	4,145,000	$	2.13	6.68	$	255,000
Unvested at December 31, 2019	822,000	$	2.11	9.13	$	—
Exercisable at December 31, 2019	3,375,000	$	2.13	6.11	$	255,000

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

Transactions and other information relating to restricted stock grants for the years ended December 31, 2019 and 2018 are summarized below:


		Average
		Fair
		Value at
		Grant
	Shares	Date
Unvested at December 31, 2017	2,303,000	$	1.94
Grants	1,758,000	$	1.83
Vested	(1,904,000)	$	1.93
Forfeited/cancelled/expired	(33,000)	$	1.90
Unvested at December 31, 2018	2,124,000	$	1.85
Grants	2,604,000	$	2.16
Vested	(2,840,000)	$	1.94
Forfeited/cancelled/expired	(74,000)	$	2.19
Unvested at December 31, 2019	1,814,000	$	2.14

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCIES

Schedule of operating lease and other operating contract obligations

The amounts the Company is obligated to pay for these agreements are shown below.


			Other
			Operating
	Operating		Contracts
	Lease		and
	Agreements		Agreements
	(In thousands)
Years ending December 31:
2020	$	66,515	$	12,845
2021		30,054		11,234
2022		17,093		10,278
2023		11,171		8,750
2024		10,213		7,578
2025 and thereafter		34,171		8,490
Total	$	169,217	$	59,175

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly Financial Information


	Quarters Ended
	March 31		June 30 (a)		September 30		December 31 (a)
	(In thousands, except share data)
	(As Revised) (b)
2019:
Net revenue	$	98,449	$	121,571	$	111,055	$	105,854
Operating income		14,796		29,121		31,117		12,062
Net (loss) income		(2,979)		7,137		5,687		(7,788)

Consolidated net (loss) income attributable to common stockholders		(3,104)		6,591		5,359		(7,921)
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.07)	$	0.15	$	0.12	$	(0.18)
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.07)	$	0.14	$	0.12	$	(0.18)
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		45,001,767		45,061,821		44,315,077		44,172,147
Weighted average shares outstanding —diluted		45,001,767		45,701,655		46,118,702		44,172,147

(a)

The net income (loss) from continuing operations for the quarters ended June 30, 2019 and December 31, 2019, includes approximately $3.8 million and $6.8 million, respectively of impairment charges.

(b)


	Quarters Ended
	March 31 (a)		June 30		September 30		December 31 (a)
	(In thousands, except share data)
2018:
Net revenue	$	99,621	$	115,206	$	110,730	$	113,541
Operating income		7,315		24,813		32,101		9,411
Net (loss) income		(22,522)		23,896		23,375		113,856

Consolidated net (loss) income attributable to common stockholders		(22,555)		23,590		23,044		113,363
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.48)	$	0.51	$	0.51	$	2.54
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.48)	$	0.49	$	0.49	$	2.42
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		46,757,386		46,033,402		45,128,341		44,663,033
Weighted average shares outstanding —diluted		46,757,386		48,438,693		47,462,358		46,874,741

(a)

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

Schedule of Segment Reporting Information, by Segment

Detailed segment data for the years ended December 31, 2019 and 2018 is presented in the following table:


	For the Years Ended December 31,
	2019		2018
	(In thousands)
Net Revenue:
Radio Broadcasting	$	177,478	$	182,765
Reach Media		44,691		42,984
Digital		31,922		31,577
Cable Television		185,027		184,298
Corporate/Eliminations*		(2,189)		(2,526)
Consolidated	$	436,929	$	439,098

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	119,878	$	117,427
Reach Media		38,150		36,064
Digital		31,775		37,617
Cable Television		103,195		99,104
Corporate/Eliminations		29,250		20,801
Consolidated	$	322,248	$	311,013

Depreciation and Amortization:
Radio Broadcasting	$	3,248	$	3,484
Reach Media		235		250
Digital		1,877		1,907
Cable Television		10,376		26,259
Corporate/Eliminations		1,249		1,289
Consolidated	$	16,985	$	33,189

Impairment of Long-Lived Assets:
Radio Broadcasting	$	4,800	$	21,256
Reach Media		—		—
Digital		5,800		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	10,600	$	21,256

Operating income (loss):
Radio Broadcasting	$	49,552	$	40,598
Reach Media		6,306		6,670
Digital		(7,530)		(7,947)
Cable Television		71,456		58,935
Corporate/Eliminations		(32,688)		(24,616)
Consolidated	$	87,096	$	73,640

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


Radio Broadcasting	$	(2,189)	$	(2,526)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,778	$	3,876
Reach Media		179		114
Digital		1,390		1,197
Cable Television		207		570
Corporate/Eliminations		591		1,429
Consolidated	$	5,145	$	7,186


	As of
	December 31,		December 31,
	2019		2018
	(In thousands)
Total Assets:
Radio Broadcasting	$	721,295	$	717,400
Reach Media		41,892		34,388
Digital		22,223		24,389
Cable Television		388,465		402,511
Corporate/Eliminations		76,044		58,721
Consolidated	$	1,249,919	$	1,237,409

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Operating lease interest expense	$ 1.4	$ 1.4	$ 1.3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net Revenue	$ 105,854	$ 111,055	$ 121,571	$ 98,449	$ 113,541	$ 110,730	$ 115,206	$ 99,621	$ 436,929	$ 439,098
Radio Advertising [Member]
Net Revenue									193,318	197,594
Political Advertising [Member]
Net Revenue									1,445	6,590
Digital Advertising [Member]
Net Revenue									31,912	31,510
Cable Television Advertising [Member]
Net Revenue									79,776	76,429
Cable Television Affiliate Fees [Member]
Net Revenue									105,071	107,277
Event Revenues & Other [Member]
Net Revenue									$ 25,407	$ 19,698

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract assets:
Unbilled receivables	$ 3,763	$ 3,425
Contract liabilities:
Customer advances and unearned income	3,048	3,766
Unearned event income	$ 6,645	$ 3,864

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Launch assets	$ 7,259	$ 7,259
Less: Accumulated amortization	(2,038)	(1,011)
Launch assets, net	$ 5,221	$ 6,248

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch support amortization expense (Details) $ in Thousands	Dec. 31, 2019 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2020	$ 1,027
2021	1,027
2022	1,027
2023	1,027
2024	$ 1,027

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Liabilities subject to fair value measurement:

Contingent consideration

^[1]

$ 1,921

$ 2,831

Employment agreement award

^[2]

27,017

25,660

Total

28,938

28,491

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

^[3]

10,564

10,232

Fair Value, Inputs, Level 1 [Member]

Liabilities subject to fair value measurement:

Contingent consideration

^[1]

Employment agreement award

^[2]

Total

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

^[3]

Fair Value, Inputs, Level 2 [Member]

Liabilities subject to fair value measurement:

Contingent consideration

^[1]

Employment agreement award

^[2]

Total

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

^[3]

Fair Value, Inputs, Level 3 [Member]

Liabilities subject to fair value measurement:

Contingent consideration

^[1]

1,921

2,831

Employment agreement award

^[2]

27,017

25,660

Total

28,938

28,491

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

^[3]

$ 10,564

$ 10,232

[1]	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.
[2]	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 certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. The revised methodology resulted in a credit adjustment of approximately $6.6 million during the quarter ended September 30, 2018 to reflect this change in estimate. The liability was further reduced during the quarter ended December 31, 2018 using the simplified methodology, due primarily to an overall lower valuation.
[3]	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.

- Definition

Fair value, after offset of derivative asset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, elected not to be and before offset against a right to receive collateral under a master netting arrangement. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

- Definition

The aggregate fair value as of the reporting date of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 2,831	$ 1,580
Net income attributable to noncontrolling interests	0	0
Dividends paid to noncontrolling interests	0	0
Distribution	(1,207)	(1,148)
Change in fair value	297	2,399
Balance, end of period	1,921	2,831
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	(297)	(2,399)
Employment Agreement Award [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,660	32,323
Net income attributable to noncontrolling interests	0	0
Dividends paid to noncontrolling interests	0	0
Distribution	(3,591)	(1,530)
Change in fair value	4,948	(5,133)
Balance, end of period	27,017	25,660
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	(4,948)	5,133
Redeemable Noncontrolling Interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	10,232	10,780
Net income attributable to noncontrolling interests	1,132	1,163
Dividends paid to noncontrolling interests	(1,000)	(2,227)
Distribution	0	0
Change in fair value	200	516
Balance, end of period	10,564	10,232
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	$ 0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	12 Months Ended
	Dec. 31, 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	20.80%	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	10.00%	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	2.00%	2.50%
Redeemable Noncontrolling Interest [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.00%	10.50%
Redeemable Noncontrolling Interest [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) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 12,673
Variable Lease Cost (Cost excluded from lease payments)	160
Total Lease Cost	12,833
Operating Lease - Operating Cash Flows (Fixed Payments)	13,023
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 7,752
Weighted Average Lease Term - Operating Leases	5 years 7 months 17 days
Weighted Average Discount Rate - Operating Leases	11.00%

- Definition

Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.

+ References + Details

- Definition

Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Dec. 31, 2019 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2020	$ 13,337
2021	12,053
2022	11,389
2023	9,742
2024	8,658
Thereafter	11,232
Total future lease payments	66,411
Imputed interest	(16,937)
Total	$ 49,474

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)		3 Months Ended								12 Months Ended
	Jan. 01, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Apr. 17, 2019	Dec. 20, 2018	Dec. 04, 2018	Apr. 18, 2017	Nov. 30, 2016	Apr. 10, 2015
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 0				$ 2,000,000				$ 0	$ 2,000,000
Selling, General and Administrative Expense, Total										152,550,000	$ 149,710,000
Debt Instrument, Interest Rate, Stated Percentage						9.25%					9.25%
Amortization of Intangible Assets										10,900,000	$ 26,700,000
Related Party Transaction, Due from (to) Related Party, Total		24,000				$ 208,000				$ 24,000	208,000
Related Party Transaction, Terms and Manner of Settlement										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
Revenue from Contract with Customer, Including Assessed Tax		105,854,000	$ 111,055,000	$ 121,571,000	$ 98,449,000	113,541,000	$ 110,730,000	$ 115,206,000	$ 99,621,000	$ 436,929,000	439,098,000
Operating Income (Loss)		12,062,000	$ 31,117,000	$ 29,121,000	$ 14,796,000	9,411,000	32,101,000	$ 24,813,000	$ 7,315,000	87,096,000	73,640,000
Operating Expenses, Total										349,833,000	365,458,000
Unearned Event Income										6,645,000	3,864,000
Derivative Instruments Credit Adjustment Liability							$ 6,600,000
Impairment of Long-Lived Assets Held-for-use										10,600,000	21,256,000
Goodwill		239,772,000				245,572,000				239,772,000	245,572,000
Indefinite-Lived License Agreements		582,697,000				600,134,000				582,697,000	600,134,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		1,000,000				14,700,000				4,800,000	3,900,000
Long-term Debt.		889,873,000				929,901,000				$ 889,873,000	929,901,000
long-term deferred tax liabilities						3,400,000					3,400,000
Related Party Transaction Revenue Terms and Manner of Settlement										For years 2020 through 2022, $250,000 to the Foundation is guaranteed. Reach Media's earnings for the Fantastic Voyage(R) may not exceed $1.7 million in 2018 and 2019, nor $1.75 million in 2020 and thereafter.
Operating Lease, Right-of-Use Asset		44,922,000								$ 44,922,000
Operating Lease, Liability		49,474,000								49,474,000
Cumulative Effect on Retained Earnings, Net of Tax											3,600,000
Restatement of Prior Year Income, Net of Tax											200,000
Accounting Standards Update 2016-02 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Lease, Practical Expedients, Package [true false]	true
Operating Lease, Right-of-Use Asset	$ 49,800,000
Operating Lease, Liability	54,100,000
Deferred Rent Credit	$ 4,300,000
Cumulative Effect on Retained Earnings, Net of Tax										5,800,000
Continuing Operations [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Marketing and Advertising Expense										24,800,000	19,400,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Cost of Goods and Services Sold										1,500,000	1,300,000
Selling, General and Administrative Expense, Total										596,000	161,000
Revenue from Contract with Customer, Including Assessed Tax										2,100,000	1,500,000
Adjustment in Revenue										2,000,000	2,000,000
Marketing Services Fee Receivable		2,000,000								2,000,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees										21,400,000	25,500,000
Digital Segment [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use										5,800,000
Goodwill		7,222,000				13,022,000				7,222,000	13,022,000
Launch Support Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Additional Non-cash Launch Support for Carriage Initiation											3,700,000
Selling, General and Administrative Expense, Total										$ 605,000	$ 3,000
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 1 month 6 days	6 years 1 month 6 days
Amortization of Intangible Assets										$ 422,000	$ 422,000
Detroit Radio Broadcasting licenses And Goodwill [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use											21,300,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)										4,800,000
Content Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Amortization of Intangible Assets										4,900,000	1,600,000
Goodwill and Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use										10,600,000	21,300,000
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related Party Transaction, Due from (to) Related Party, Total		$ 32,000				34,000				$ 32,000	34,000
Chief Executive Officer [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage Of Award Amount		4.00%								4.00%
9.25% Senior Subordinated Notes due February 2020 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross						2,000,000					2,000,000
Debt Instrument, Fair Value Disclosure						2,000,000					2,000,000
Debt Instrument, Interest Rate, Stated Percentage		9.25%								9.25%
Long-term Debt.						2,037,000					2,037,000
Senior Subordinated Notes due March 2022 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 350,000,000				350,000,000				$ 350,000,000	350,000,000
Debt Instrument, Fair Value Disclosure		$ 344,800,000				332,500,000				$ 344,800,000	332,500,000
Debt Instrument, Interest Rate, Stated Percentage		7.375%								7.375%
Senior Secured Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 320,600,000				323,900,000				$ 320,600,000	323,900,000
Debt Instrument, Fair Value Disclosure		309,100,000				305,800,000				309,100,000	305,800,000
Debt Instrument, Face Amount															$ 350,000,000
MGM National Harbor Loan [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		52,100,000				50,100,000				52,100,000	50,100,000
Debt Instrument, Fair Value Disclosure		$ 58,400,000				56,100,000				$ 58,400,000	56,100,000
Debt Instrument, Interest Rate, Stated Percentage		7.00%								7.00%
Debt Instrument, Face Amount													$ 50,000,000
Long-term Debt.		$ 52,099,000				$ 50,066,000				$ 52,099,000	50,066,000			$ 50,000,000
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees										$ 14,100,000	13,600,000
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]
Revenue from Contract with Customer, Including Assessed Tax										$ 10,200,000	9,300,000
Operating Income (Loss)										1,700,000	1,700,000
Operating Expenses, Total										8,500,000	$ 7,600,000
Urban One [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent						100.00%					100.00%
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax										2,700,000	$ 2,100,000
Unearned Event Income										3,900,000	4,100,000
2017 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		$ 320,600,000								320,600,000					$ 350,000,000
Long-term Debt.		320,629,000				$ 323,926,000				320,629,000	323,926,000
2018 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross		167,100,000				192,000,000				167,100,000	192,000,000			$ 192,000,000
Debt Instrument, Fair Value Disclosure		170,500,000				195,900,000				170,500,000	195,900,000
Debt Instrument, Face Amount													$ 192,000,000
Long-term Debt.		$ 167,145,000				192,000,000				$ 167,145,000	192,000,000
Staffing And Recruiting Services [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related Party Transaction, Amounts of Transaction											31,000
Comcast Note [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross						11,900,000					11,900,000
Debt Instrument, Fair Value Disclosure						11,900,000					11,900,000
Debt Instrument, Interest Rate, Stated Percentage		10.47%								10.47%
Debt Instrument, Face Amount						$ 11,900,000					11,900,000	$ 11,900,000
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Investment Owned, at Cost																$ 35,000,000	$ 5,000,000
Other Income										$ 6,900,000	$ 7,000,000

ACQUISITIONS AND DISPOSITIONS (Details) - USD ($)			1 Months Ended		6 Months Ended	12 Months Ended
ACQUISITIONS AND DISPOSITIONS (Details) - USD ($)	Aug. 31, 2019	Aug. 08, 2018	May 02, 2017	Jan. 30, 2017	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Aug. 09, 2018
ACQUISITIONS AND DISPOSITIONS
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	$ 0	$ 809,000
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 Sale of Property Held-for-sale						$ 13,500,000	$ 12,791,000
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	$ 13,500,000	$ 12,700,000

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 171,798	$ 171,682
Less: Accumulated depreciation and amortization	(147,405)	(145,594)
Property, Plant and Equipment, Net, Total	24,393	26,088
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,652	3,491
Property, Plant and Equipment, Estimated Useful Lives	0 years
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,756	2,754
Property, Plant and Equipment, Estimated Useful Lives	31 years
Transmitters and towers [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 40,705	41,854
Transmitters and towers [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	15 years
Transmitters and towers [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 60,391	60,872
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3 years
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 9,322	9,699
Property, Plant and Equipment, Estimated Useful Lives	6 years
Software and web development [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 28,789	27,330
Property, Plant and Equipment, Estimated Useful Lives	3 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 24,957	25,407
Property, Plant and Equipment, Estimated Useful Lives	Lease Term
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 226	$ 275
Property, Plant and Equipment, Estimated Useful Lives	0 years

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Valuation of Broadcasting Licenses (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Jun. 30, 2019	Dec. 31, 2018	Oct. 01, 2018	Mar. 31, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)	$ 10.6			$ 21.3
Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)		$ 1.0	$ 3.8			$ 3.9
Discount Rate		9.00%			9.00%
Radio Broadcasting Licenses [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range		1.80%			(0.60%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)		1.10%			1.10%
Mature Market Share Range		25.00%			25.00%
Mature Operating Profit Margin Range		39.70%			41.10%
Radio Broadcasting Licenses [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range		0.90%			(1.20%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)		0.70%			0.70%
Mature Market Share Range		6.90%			5.30%
Mature Operating Profit Margin Range		27.60%			28.30%

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Carrying Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	$ 582,697	$ 600,134
Radio Broadcasting Licenses Increase (Decrease)	(17,437)
Unit Of Accounting 2 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	3,086	3,086
Radio Broadcasting Licenses Increase (Decrease)	0
Unit Of Accounting 7 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	14,748	14,748
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 5 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	16,100	16,100
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 4 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	16,142	16,142
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 9 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses		16,437
Radio Broadcasting Licenses Increase (Decrease)	(16,437)
Unit of Accounting 15 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	20,736	20,736
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 14 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	20,770	20,770
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 11 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	20,135	21,135
Radio Broadcasting Licenses Increase (Decrease)	(1,000)
Unit of Accounting 6 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	22,642	22,642
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 13 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	47,846	47,846
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 12 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	49,663	49,663
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 16 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	56,295	56,295
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 8 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	62,015	62,015
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 1 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	93,394	93,394
Radio Broadcasting Licenses Increase (Decrease)	0
Unit of Accounting 10 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	139,125	$ 139,125
Radio Broadcasting Licenses Increase (Decrease)	$ 0

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Market Reporting Units (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Dec. 31, 2018	Oct. 01, 2018	Mar. 31, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)	$ 10.6		$ 21.3
Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)		$ 0.0		$ 14.7	$ 2.7
Discount Rate		9.00%		9.00%
Radio Market Reporting Units [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range		(7.60%)		(8.00%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)		0.70%		0.70%
Mature Market Share Range		7.10%		7.60%
Mature Operating Profit Margin Range		26.80%		26.80%
Radio Market Reporting Units [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range		49.30%		27.50%
Long-term Market Revenue Growth Rate Range (Years 6 - 10)		1.10%		1.10%
Mature Market Share Range		17.00%		17.80%
Mature Operating Profit Margin Range		47.60%		46.90%

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Reach Media Segment Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Dec. 31, 2018	Oct. 01, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)	$ 10.6		$ 21.3
Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)		$ 0.0		$ 0.0
Discount Rate		10.50%		10.50%
Year 1 Revenue Growth Rate		(9.70%)		2.30%
Long-term Revenue Growth Rate (Year 5)		1.00%		1.00%
Minimum [Member] \| Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Operating Profit Margin Range		13.30%		14.60%
Maximum [Member] \| Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Operating Profit Margin Range		14.30%		15.80%

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Digital Segment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Dec. 31, 2018	Oct. 01, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)	$ 10.6		$ 21.3
Digital Segment [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)		$ 5.8
Discount Rate		12.00%		13.50%
Year 1 Revenue Growth Rate		12.20%		12.60%
Digital Segment [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate (Years 6 - 10)		7.70%		3.70%
Operating Profit Margin Range		11.70%		15.70%
Digital Segment [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate (Years 6 - 10)		2.80%		3.10%
Operating Profit Margin Range		(4.70%)		(1.10%)

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Cable Television Segment Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Dec. 31, 2018	Oct. 01, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)	$ 10.6		$ 21.3
Cable Television Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment charge (in millions)		$ 0.0		$ 0.0
Discount Rate		10.00%		11.00%
Year 1 Revenue Growth Rate		1.00%		1.80%
Cable Television Segment Goodwill [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate Range (Years 6 - 10)		2.30%		3.00%
Operating Profit Margin Range		45.50%		42.50%
Cable Television Segment Goodwill [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate Range (Years 6 - 10)		1.90%		2.00%
Operating Profit Margin Range		33.00%		36.90%

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Goodwill Valuation Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,079	$ 377,989
Accumulated impairment losses	(132,507)	(115,095)
Additions		90
Impairments	(5,800)	(17,412)
Net goodwill	239,772	245,572
Radio Broadcasting Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	155,000	154,910
Accumulated impairment losses	(101,848)	(84,436)
Additions	0	90
Impairments	0	(17,412)
Net goodwill	53,152	53,152
Reach Media Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	30,468	30,468
Accumulated impairment losses	(16,114)	(16,114)
Additions	0	0
Impairments	0	0
Net goodwill	14,354	14,354
Digital Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	27,567	27,567
Accumulated impairment losses	(14,545)	(14,545)
Additions	0	0
Impairments	(5,800)	0
Net goodwill	7,222	13,022
Cable Television Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	165,044	165,044
Accumulated impairment losses	0	0
Additions	0	0
Impairments	0	0
Net goodwill	$ 165,044	$ 165,044

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 306,515	$ 306,404
Less: Accumulated amortization	(248,303)	(236,313)
Other intangible assets, net	$ 58,212	70,091
Remaining Weighted-Average Period of Amortization	4 years 4 months 24 days
Trade names [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 17,413	17,391
Remaining Weighted-Average Period of Amortization	5 years
Trade names [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	5 years
Trade names [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year
Intellectual property [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 9,531	9,531
Remaining Weighted-Average Period of Amortization	0 years
Intellectual property [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	10 years
Intellectual property [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	4 years
Affiliate agreements [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 178,986	178,986
Finite-Lived Intangible Asset, Period of Amortization	8 years
Remaining Weighted-Average Period of Amortization	0 years
Acquired income leases [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 127	127
Remaining Weighted-Average Period of Amortization	11 years 1 month 6 days
Acquired income leases [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	15 years
Acquired income leases [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	3 years
Advertiser agreements [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 46,789	46,789
Remaining Weighted-Average Period of Amortization	3 years 2 months 12 days
Advertiser agreements [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	12 years
Advertiser agreements [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year
Favorable office and transmitter leases [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 2,097	2,097
Remaining Weighted-Average Period of Amortization	39 years 1 month 6 days
Favorable office and transmitter leases [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	60 years
Favorable office and transmitter leases [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	2 years
Brand names [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 4,413	4,413
Finite-Lived Intangible Asset, Period of Amortization	10 years
Remaining Weighted-Average Period of Amortization	7 years 2 months 12 days
Brand names - unamortized [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 39,690	39,690
Remaining Weighted-Average Period of Amortization	0 years
ABL facility debt costs [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 510	421
Remaining Weighted-Average Period of Amortization	1 year 3 months 18 days
Launch assets [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 6,284	6,284
Remaining Weighted-Average Period of Amortization	5 years 7 months 6 days
Other intangibles [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 675	$ 675
Remaining Weighted-Average Period of Amortization	1 year 4 months 24 days
Other intangibles [Member] \| Maximum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	5 years
Other intangibles [Member] \| Minimum [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Estimate of Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands	Dec. 31, 2019 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
2020	$ 5,000
2021	4,684
2022	4,637
2023	2,212
2024	$ 1,208

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2019
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss					$ 5,800	$ 17,412
Pre Tax Impairment Charges	$ 10,600		$ 21,300		10,600	21,300
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	1,000		14,700		4,800	3,900
Indefinite-Lived License Agreements	$ 582,697		$ 600,134		582,697	600,134
Amortization of Intangible Assets					10,900	26,700
Digital Segment [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss					$ 5,800	0
Pre Tax Impairment Charges							$ 5,800
Atlanta [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss						$ 14,700
Charlotte Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss				$ 2,700
2018 Interim Impairment Testing [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)				3,900
2018 Interim Impairment Testing [Member] \| Charlotte Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, Impairment Loss				$ 2,700
2019 Interim Impairment Testing [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 3,800

CONTENT ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
CONTENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Content Assets [Line Items]
Period of Amortization (in years)	4 years 4 months 24 days
Produced content assets:
Completed	$ 349,521	$ 318,234
In-production	9,472	13,578
Licensed content assets acquired:
Acquired	46,515	35,866
Content assets, at cost	405,508	367,678
Less: Accumulated amortization	(304,745)	(256,461)
Content assets, net	100,763	111,217
Current portion	(30,642)	(33,951)
Noncurrent portion	$ 70,121	$ 77,266
Content Assets [Member] \| Maximum [Member]
Content Assets [Line Items]
Period of Amortization (in years)	10 years
Content Assets [Member] \| Minimum [Member]
Content Assets [Line Items]
Period of Amortization (in years)	1 year

CONTENT ASSETS - Amortization Expense (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2019 USD ($)
Content Assets [Line Items]
2020	$ 30,642
2021	22,089
2022	14,268
2023	5,976
2024	$ 1,380

CONTENT ASSETS - Future Minimum Content Payments (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2019 USD ($)
Content Assets [Line Items]
2020	$ 14,804
2021	8,727
2022	5,338
2023	$ 761

CONTENT ASSETS - Additional Information (Details) $ in Millions	Dec. 31, 2019 USD ($)
CONTENT ASSETS
Percentage of Unamortized Value In Content Assets For Next Three Years	80.00%
Produced Content Assets Unamortized Value For Next Three Years	$ 13.0
Percentage Expected To Be Amortized Within Three Years	41.50%

INVESTMENTS (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Apr. 10, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 04, 2018
Schedule of Investments [Line Items]
Long-term Debt.			$ 889,873	$ 929,901
MGM National Harbor Loan [Member]
Schedule of Investments [Line Items]
Long-term Debt.			52,099	50,066	$ 50,000
MGM National Harbor [Member]
Schedule of Investments [Line Items]
Payments to Acquire Investments	$ 35,000	$ 5,000
Other Income			$ 6,900	$ 7,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2017
OTHER CURRENT LIABILITIES
Deferred revenue	$ 10,879	$ 9,211
Deferred barter revenue	1,599	346
Deferred rent	0	861
Employment Agreement Award	3,208	2,520
Accrued national representative fees	662	1,025
Accrued miscellaneous taxes	366	290
Income taxes payable	590	426
Tenant allowance	305	367
Deferred gain on sale-leaseback	0	809	$ 8,100
Contingent consideration	1,526	1,433
Reserve for audience deficiency	3,005	3,332
Other current liabilities	3,253	3,831
Other current liabilities	$ 25,393	$ 24,451

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reassessed Estimated Fair Value of Award	$ 27,000				$ 25,700				$ 27,000	$ 25,700
Operating Income (Loss)	$ 12,062	$ 31,117	$ 29,121	$ 14,796	$ 9,411	$ 32,101	$ 24,813	$ 7,315	87,096	73,640
Derivative Instruments Credit Adjustment Liability						$ 6,600
Selling, General and Administrative Expenses [Member] \| Employment Agreement Award [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Operating Income (Loss)									$ 4,900	$ (5,100)

LONG-TERM DEBT - Rollforward (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 04, 2018
LONG-TERM DEBT
Total debt	$ 889,873	$ 929,901
Less: current portion of long-term debt	25,945	38,706
Less: original issue discount and issuance costs	13,620	17,438
Long-term debt, net	850,308	873,757
2017 Credit Facility [Member]
LONG-TERM DEBT
Total debt	320,629	323,926
2018 Credit Facility [Member]
LONG-TERM DEBT
Total debt	167,145	192,000
9.25% Senior Subordinated Notes due February 2020 [Member]
LONG-TERM DEBT
Total debt		2,037
7.375% Senior Secured Notes due April 2022 [Member]
LONG-TERM DEBT
Total debt	350,000	350,000
MGM National Harbor Loan [Member]
LONG-TERM DEBT
Total debt	$ 52,099	50,066	$ 50,000
Comcast Note due April 2019 [Member]
LONG-TERM DEBT
Total debt		$ 11,872

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 04, 2018
LONG-TERM DEBT
2020	$ 25,945
2021	22,497
2022	530,693
2023	310,738
2024 and thereafter	0
Total Debt	889,873	$ 929,901
2018 Credit Facility [Member]
LONG-TERM DEBT
2020	22,648
2021	19,200
2022	125,297
2023	0
2024 and thereafter	0
Total Debt	167,145
MGM National Harbor Loan [Member]
LONG-TERM DEBT
2020	0
2021	0
2022	52,099
2023	0
2024 and thereafter	0
Total Debt	52,099	50,066	$ 50,000
9.25% Senior Subordinated Notes due February 2020 [Member]
LONG-TERM DEBT
Total Debt		2,037
Asset Backed Credit Facility [Member]
LONG-TERM DEBT
2020	0
2021	0
2022	0
2023	0
2024 and thereafter	0
Total Debt	0
2017 Credit Facility [Member]
LONG-TERM DEBT
2020	3,297
2021	3,297
2022	3,297
2023	310,738
2024 and thereafter	0
Total Debt	320,629
7.375% Senior Secured Notes due April 2022 [Member]
LONG-TERM DEBT
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				12 Months Ended
	Jan. 17, 2019	Feb. 10, 2014	Dec. 19, 2018	Apr. 18, 2017	Apr. 21, 2016	Apr. 17, 2015	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Nov. 13, 2019	Apr. 17, 2019	Dec. 20, 2018	Dec. 04, 2018
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 2,000,000				$ 0	$ 2,000,000
Debt Instrument, Interest Rate, Stated Percentage							9.25%					9.25%
Gain Losses on Extinguishment of Debt											$ 0	$ (1,809,000)
Debt Instrument, Interest Rate Terms											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 December 31, 2019, the Company was in compliance with all of its financial covenants under the 2018 Credit Facility.
Interest Expense, Total											$ 81,400,000	$ 76,667,000
Debt Instrument Additional Interest Payment Term On Prepayment				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
Long-term Debt, Maturity Date							Dec. 31, 2022					Dec. 31, 2022
Comcast Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 11,900,000					$ 11,900,000		$ 11,900,000
Long-term Debt, Gross							11,900,000					11,900,000
Debt Instrument, Interest Rate, Stated Percentage											10.47%
Senior Secured Notes Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 350,000,000
Debt Instrument, Description						an original issue price of 100.0% plus accrued interest
9.25% Senior Subordinated Notes due February 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross							2,000,000					2,000,000
Debt Instrument, Interest Rate, Stated Percentage											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
Debt Instrument, Redemption Period, Start Date											Feb. 15, 2019
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
Senior Subordinated Notes due April 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Description						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.
MGM National Harbor Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount															$ 50,000,000
Long-term Debt, Gross							50,100,000				$ 52,100,000	$ 50,100,000
Debt Instrument, Interest Rate, Stated Percentage											7.00%
Debt Instrument, Unamortized Discount (Premium), Net											$ 1,000,000
Long Term Debt Percentage Paid In Kind											4.00%
Debt Issuance Costs, Net											$ 1,700,000
Asset Backed Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount													$ 37,500,000
Letters of Credit											848,000		7,500,000
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]
Covenant Compliance Description For Maintaining Interest Coverage Ratio												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.
Covenant Compliance Description For Maintaining Total Leverage Ratio												) 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.
Repayments of Long-term Debt, Total			$ 20,000,000								3,300,000	$ 23,400,000
Long-term Debt, Gross				$ 350,000,000							320,600,000
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 (as defined below). 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 6.27% for 2019 and was 6.07% 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 2022 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.
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 2022 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.
2018 Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount															$ 192,000,000
Long-term Debt, Gross							$ 192,000,000				$ 167,100,000	192,000,000				$ 192,000,000
Debt Instrument, Description											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.
Debt Instrument, Interest Rate Terms											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).
Interest Expense, Total											$ 3,900,000	$ 2,900,000
Debt Instrument Additional Interest Payment Term On Prepayment											The term loans could have been 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 ("ECF payment") 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 year ended December 31, 2019, the Company repaid approximately $24.9 million, under the 2018 Credit Facility. Included in the repayments made during the year ended December 31, 2019 was approximately $3.5 million in ECF payments in accordance with the agreement.
Debt Instrument, Unamortized Discount (Premium), Net											$ 3,800,000
2018 Credit Facility [Member] \| Debt Financing Cost [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net											$ 875,000
Senior Subordinated Notes Due From 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		100.00%				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
Debt Instrument, Redemption Price, Percentage	100.00%							97.25%	95.125%	97.375%

INCOME TAXES - Reconciliation of federal income tax (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Statutory federal tax expense		$ 2,714	$ 716
Effect of state taxes, net of federal benefit		1,904	383
Effect of state rate and tax law changes		578	(1,423)
Return to provision adjustments		(110)	659
Other permanent items		75	100
Non-deductible meals and entertainment		226	253
Impairment of long-lived intangible assets		1,218	3,087
Non-deductible officer's compensation		1,781	(561)
Change in valuation allowance		24	(125,635)
IRC Section 382 adjustments		573	(13,547)
NOL expirations		1,815	0
Stock-based compensation forfeitures and adjustments		178	1,677
Uncertain tax positions		(172)	(829)
Other		60	(79)
Income Tax Expense (Benefit), Total	$ (124,300)	$ 10,864	$ (135,199)

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Federal:
Current		$ 0	$ 0
Deferred		5,973	(116,316)
State:
Current		595	604
Deferred		4,296	(19,487)
Income Tax Expense (Benefit), Total	$ (124,300)	$ 10,864	$ (135,199)

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References + Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References + Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References + Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for doubtful accounts	$ 1,804,000	$ 2,001,000
Accruals	528,000	1,685,000
Fixed assets	418,000	970,000
Stock-based compensation	499,000	543,000
Net operating loss carryforwards	103,700,000	121,562,000
Lease liability	12,094,000
Interest expense carryforward	16,224,000	6,519,000
Alternative minimum tax credit	428,000	856,000
Other	(324,000)	1,192,000
Total deferred tax assets	135,371,000	135,328,000
Valuation allowance for deferred tax assets	(249,000)	(235,000)
Total deferred tax asset, net of valuation allowance	135,122,000	135,093,000
Deferred tax liabilities:
Intangible assets	(147,350,000)	(145,072,000)
Right of use asset	(10,100,000)
Partnership interests	(1,813,000)	(1,795,000)
Qualified film expenditures	(419,000)	(1,130,000)
Total deferred tax liabilities	(159,682,000)	(147,997,000)
Net deferred tax liability	$ (24,560,000)	$ (12,904,000)

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Balance as of January 1	$ 4,637	$ 5,758
Additions for tax positions related to current years	0	157
Additions (deductions) for tax positions related to prior years	96	(1,113)
Deductions for tax positions as a result of tax settlements	0	(165)
Balance as of December 31	$ 4,733	$ 4,637

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Deferred Tax Assets, Valuation Allowance	$ 249,000	$ 235,000
Deferred Tax Assets, Gross	135,371,000	135,328,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4,700,000
Unrecognized tax benefits increases resulting from tax rate changes and payments under state voluntary filing agreements	96,000
Unrecognized Tax Benefits Decreases Resulting From Tax Rate Changes And Payments Under State Voluntary Filing Agreements		1,100,000
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	0	157,000
Deferred Tax Assets Amount of Valuation Allowance Released		125,600,000
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	472,500,000
Decrease in Operating Loss Carryforwards		52,900,000
Federal [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	733,300,000
Deferred Tax Assets, Valuation Allowance		235,000
Deferred Tax Assets, Gross	$ 135,400,000
Decrease in Operating Loss Carryforwards		65,600,000
Results Of Section 382 [Member] \| State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards			$ 262,700,000
Results Of Section 382 [Member] \| Federal [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards		$ 13,500,000	$ 361,100,000

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)				12 Months Ended
	Aug. 07, 2019	Oct. 02, 2017	Aug. 07, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
STOCKHOLDERS' EQUITY
Number of Options, Grants		37,500		653,210	732,869
Number of Options, Exercised				15,000	63,190
Stock options [Member]
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year				3,569,000	4,804,000
Number of Options, Grants				653,000	733,000
Number of Options, Exercised				15,000	63,000
Number of Option, Forfeited/cancelled/expired/settled				10,000	1,905,000
Number of Options, Balance at End of Year				4,197,000	3,569,000	4,804,000
Number of Options, Vested and expected to vest				4,145,000
Number of Options, Unvested				822,000
Number of Options, Exercisable				3,375,000
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)				$ 2.12	$ 1.89
Weighted-Average Exercise Price, Grants (in dollars per share)				2.17	1.81
Weighted-Average Exercise Price, Exercised (in dollars per share)				1.90	1.41
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)				1.90	1.43
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)				2.13	$ 2.12	$ 1.89
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)				2.13
Weighted-Average Exercise Price, Unvested (in dollars per share)				2.11
Weighted-Average Exercise Price, Exercisable (in dollars per share)				$ 2.13
Weighted-Average Remaining Contractual Term, Outstanding (in years)				6 years 8 months 12 days	7 years 2 months 9 days	4 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)				6 years 8 months 5 days
Weighted-Average Remaining Contractual Term, Unvested (in years)				9 years 1 month 17 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)				6 years 1 month 10 days
Aggregate Intrinsic Value, Outstanding				$ 255,000	$ 130,000	$ 795,000
Aggregate Intrinsic Value, Vested and expected to vest				255,000
Aggregate Intrinsic Value, Unvested				0
Aggregate Intrinsic Value, Exercisable				$ 255,000
Common Class D [Member] \| Stock options [Member] \| Chairperson [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants			199,836
Common Class D [Member] \| Stock options [Member] \| Chairperson [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants			210,937
Common Class D [Member] \| Stock options [Member] \| Chief Executive Officer and President [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants	333,059
Common Class D [Member] \| Stock options [Member] \| Chief Executive Officer and President [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants	351,562
Common Class D [Member] \| Stock options [Member] \| Chief Financial Officer [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants			114,035
Common Class D [Member] \| Stock options [Member] \| Chief Financial Officer [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Number of Options, Grants			120,370

STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	12 Months Ended
STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Average risk-free interest rate	1.84%	2.42%
Expected dividend yield	0.00%	0.00%
Expected lives	5 years 3 months	6 years
Expected volatility	68.00%	65.10%

- Definition

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

+ References + Details

- Definition

Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.

+ References + Details

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted stock awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year	2,124,000	2,303,000
Shares, Grants	2,604,000	1,758,000
Shares, Vested	(2,840,000)	(1,904,000)
Shares, Forfeited/cancelled/expired	(74,000)	(33,000)
Shares, Unvested at end of year	1,814,000	2,124,000
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share)	$ 1.85	$ 1.94
Average Fair Value at Grant Date, Grants (in dollars per share)	2.16	1.83
Average Fair Value at Grant Date, Vested (in dollars per share)	1.94	1.93
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share)	2.19	1.90
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share)	$ 2.14	$ 1.85

STOCKHOLDERS' EQUITY - Additional Information (Details)										12 Months Ended
STOCKHOLDERS' EQUITY - Additional Information (Details)	Aug. 07, 2019 shares	Jun. 17, 2019 USD ($) shares	Jun. 12, 2019 shares	Jun. 15, 2018 USD ($) $ / shares shares	Oct. 02, 2017 shares	Aug. 07, 2017 installment shares	Aug. 07, 2017 shares	Oct. 26, 2015	Oct. 26, 2015 shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 shares	May 21, 2019 shares	Dec. 31, 2009 shares
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Value \| $										$ 5,515,000	$ 8,168,000
Share-based Compensation, Total \| $										$ 4,784,000	$ 4,711,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares										847,030	269,173
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross					37,500					653,210	732,869
Sharebased Compensation Arrangement by Sharebased Payment Award Options exercised Number of Shares										15,000	63,190
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value \| $ / shares										$ 2.17	$ 1.81
Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $										$ 528,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition										1 month 10 days
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures										2,603,567	1,758,428
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period										2,604,000	1,758,000
Shares Issued, Price Per Share \| $ / shares				$ 2.15
Stock options [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross										653,000	733,000
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 \| $										$ 95,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition										12 days
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										$ 1.54
Share based Compensation Arrangement By Share based Payment Award Restricted Stock Vested Number Of Shares						105,262
Number of Installments \| installment						3
Employee [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%
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%
Non-Executive Directors \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures											23,256	23,256
Non-Executive Directors \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage										50.00%
Non-Executive Directors \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage										50.00%
Common Class D [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares										1,709,315	3,377,436
Stock Repurchased During Period, Value \| $										$ 3,500,000	$ 7,000,000
Repurchase Of Common Stock Price Per Share \| $ / shares										$ 2.06	$ 2.10
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant										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										957,895	612,386
Stock Repurchased During Period, Value \| $										$ 1,900,000	$ 1,100,000
Repurchase Of Common Stock Price Per Share \| $ / shares										$ 1.96	$ 1.78
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										3,023,462			5,500,000
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						256,579
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			99,846
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			224,654			270,833
Common Class D [Member] \| Chief Financial Officer [Member] \| Stock options [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross						114,035
Common Class D [Member] \| Chief Financial Officer [Member] \| Stock options [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] \| Chief Administrative Officer [Member]
STOCKHOLDERS' EQUITY
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 awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						449,630
Common Class D [Member] \| Chairperson [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			174,971
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			393,685			474,609
Common Class D [Member] \| Chairperson [Member] \| Stock options [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross						199,836
Common Class D [Member] \| Chairperson [Member] \| Stock options [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 awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	749,383
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [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] \| 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			291,619
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			656,142
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Stock options [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	333,059
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Stock options [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross	351,562
Common Class D [Member] \| Non-Executive Directors \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		25,000		23,256
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $		$ 50,000		$ 50,000
Common Class D [Member] \| David Kantor [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			195,242
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			86,774
Common Class D [Member] \| David Kantor [Member] \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross									100,000
Common Class D [Member] \| David Kantor [Member] \| Restricted stock awards [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%
Common Class D [Member] \| David Kantor [Member] \| Restricted stock awards [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%
Common Class D [Member] \| David Kantor [Member] \| Restricted stock awards [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%
Common Class D [Member] \| David Kantor [Member] \| Employees Stock Option [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross									300,000
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares										54,896	4,160
Stock Repurchased During Period, Value \| $										$ 120,000	$ 9,000
Repurchase Of Common Stock Price Per Share \| $ / shares										$ 2.19	$ 2.26

COMMITMENTS AND CONTINGENCIES - Operating lease and other operating contracts and agreements obligations (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Lease Agreements, Years ending December 31:
2020	$ 66,515
2021	30,054
2022	17,093
2023	11,171
2024	10,213
2025 and thereafter	34,171
Total	169,217
Other Operating Contracts and Agreement, Years ending December 31:
2020	12,845
2021	11,234
2022	10,278
2023	8,750
2024	7,578
2025 and thereafter	8,490
Total	$ 59,175

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Noncancelable operating lease term	12 years
Other operating contracts and agreements expiry term	6 years
Contractual Obligation	$ 59,175,000
Other Operating Contracts [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	110,100,000
Television Segment Certain Content Agreement [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	14,700,000
Employment Agreements [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	18,700,000
Standby Letters Of Credit [Member]
COMMITMENTS AND CONTINGENCIES
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 848,000

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
QUARTERLY FINANCIAL DATA (UNAUDITED)
Net revenue	$ 105,854	$ 111,055	$ 121,571	$ 98,449	$ 113,541	$ 110,730	$ 115,206	$ 99,621	$ 436,929	$ 439,098
Operating income	12,062	31,117	29,121	14,796	9,411	32,101	24,813	7,315	87,096	73,640
Net (loss) income	(7,788)	5,687	7,137	(2,979)	113,856	23,375	23,896	(22,522)
Consolidated net (loss) income attributable to common stockholders	$ (7,921)	$ 5,359	$ 6,591	$ (3,104)	$ 113,363	$ 23,044	$ 23,590	$ (22,555)	$ 925	$ 137,442
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$ (0.18)	$ 0.12	$ 0.15	$ (0.07)	$ 2.54	$ 0.51	$ 0.51	$ (0.48)	$ 0.02	$ 3.01
Consolidated net (loss) income per share attributable to common stockholders - diluted	$ (0.18)	$ 0.12	$ 0.14	$ (0.07)	$ 2.42	$ 0.49	$ 0.49	$ (0.48)	$ 0.02	$ 2.86
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding - basic	44,172,147	44,315,077	45,061,821	45,001,767	44,663,033	45,128,341	46,033,402	46,757,386	44,699,586	45,647,696
Weighted average shares outstanding -diluted	44,172,147	46,118,702	45,701,655	45,001,767	46,874,741	47,462,358	48,438,693	46,757,386	47,921,671	48,000,957

QUARTERLY FINANCIAL DATA (UNAUDITED) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
QUARTERLY FINANCIAL DATA (UNAUDITED)
Asset Impairment Charges	$ 6,800		$ 3,800		$ 14,700	$ 6,600
Operating lease interest expense		$ 1,400	$ 1,400	$ 1,300
Income Tax Expense (Benefit)					$ (124,300)		$ 10,864	$ (135,199)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
SEGMENT INFORMATION
Net Revenue:	$ 105,854	$ 111,055	$ 121,571	$ 98,449	$ 113,541	$ 110,730	$ 115,206	$ 99,621	$ 436,929	$ 439,098
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									322,248	311,013
Depreciation and Amortization:									16,985	33,189
Impairment of Long-Lived Assets:									10,600	21,256
Operating income (loss):	12,062	$ 31,117	$ 29,121	$ 14,796	9,411	$ 32,101	$ 24,813	$ 7,315	87,096	73,640
Capital expenditures by segment are as follows:									5,145	7,186
Total Assets:	1,249,919				1,237,409				1,249,919	1,237,409
Radio Broadcasting
SEGMENT INFORMATION
Net Revenue:									177,478	182,765
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									119,878	117,427
Depreciation and Amortization:									3,248	3,484
Impairment of Long-Lived Assets:									4,800	21,256
Operating income (loss):									49,552	40,598
Capital expenditures by segment are as follows:									2,778	3,876
Total Assets:	721,295				717,400				721,295	717,400
Radio Broadcasting \| Intersegment Eliminations [Member]
SEGMENT INFORMATION
Net Revenue:									(2,189)	(2,526)
Reach Media
SEGMENT INFORMATION
Net Revenue:									44,691	42,984
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									38,150	36,064
Depreciation and Amortization:									235	250
Impairment of Long-Lived Assets:									0	0
Operating income (loss):									6,306	6,670
Capital expenditures by segment are as follows:									179	114
Total Assets:	41,892				34,388				41,892	34,388
Digital
SEGMENT INFORMATION
Net Revenue:									31,922	31,577
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									31,775	37,617
Depreciation and Amortization:									1,877	1,907
Impairment of Long-Lived Assets:									5,800	0
Operating income (loss):									(7,530)	(7,947)
Capital expenditures by segment are as follows:									1,390	1,197
Total Assets:	22,223				24,389				22,223	24,389
Cable Television
SEGMENT INFORMATION
Net Revenue:									185,027	184,298
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									103,195	99,104
Depreciation and Amortization:									10,376	26,259
Impairment of Long-Lived Assets:									0	0
Operating income (loss):									71,456	58,935
Capital expenditures by segment are as follows:									207	570
Total Assets:	388,465				402,511				388,465	402,511
Corporate/Eliminations
SEGMENT INFORMATION
Net Revenue:									(2,189)	(2,526)
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									29,250	20,801
Depreciation and Amortization:									1,249	1,289
Impairment of Long-Lived Assets:									0	0
Operating income (loss):									(32,688)	(24,616)
Capital expenditures by segment are as follows:									591	1,429
Total Assets:	$ 76,044				$ 58,721				$ 76,044	$ 58,721

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands			4 Months Ended	12 Months Ended
	Apr. 15, 2020	Mar. 13, 2020	Apr. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 27, 2020	Mar. 31, 2020	Mar. 19, 2020
Subsequent Event [Line Items]
Interest expense paid				$ 81,400	$ 76,667
Debt Instrument, Interest Rate, Stated Percentage					9.25%
Subsequent Event [Member]
Subsequent Event [Line Items]
Interest expense paid	$ 12,900
Cash on hand						$ 54,700	$ 66,400
Subsequent Event [Member] \| Common Class A and D [Member]
Subsequent Event [Line Items]
Repurchase Of Common Stock Authorized Value		$ 2,600
Subsequent Event [Member] \| Common Stock Class D [Member]
Subsequent Event [Line Items]
Repurchase Of Common Stock Value			$ 1,100
Repurchase Of Common Stock Shares			697,801
Repurchase Of Common Stock Price Per Share			$ 1.65
Subsequent Event [Member] \| Asset Backed Credit Facility [Member]
Subsequent Event [Line Items]
Amount borrowed on our asset backed credit facility								$ 27,500
Subsequent Event [Member] \| 7.375% Senior Secured Notes due April 2022 [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.375%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 8,249	$ 8,071
Additions Charged to Expense	1,370	1,034
Acquired from Acquisitions	0	0
Deductions	2,203	856
Balance at End of Year	7,416	8,249
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	235	125,870
Additions Charged to Expense	14	0
Acquired from Acquisitions	0	0
Deductions	0	125,635
Balance at End of Year	$ 249	$ 235