0001558370-22-003668 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock Convertible Preferred Stock	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Common Stock Common Stock Class C	Common Stock Common Stock Class D	Additional Paid-In Capital	Accumulated Deficit	Total
BALANCE at Dec. 31, 2019	$ 0	$ 2	$ 3	$ 3	$ 39	$ 979,834	$ (796,806)	$ 183,075
Consolidated net loss	0	0	0	0	0	0	(8,113)	(8,113)
Stock-based compensation expense	0	0	0	0	0	2,294	0	2,294
Repurchase of shares of common stock	0	0	0	0	(3)	(3,609)	0	(3,612)
Issuance of shares of Class A common stock	0	2	0	0	0	14,671	0	14,673
Exercise of options for common stock	0	0	0	0	2	1,974	0	1,976
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0	0	0	0	(3,395)	0	(3,395)
BALANCE at Dec. 31, 2020	0	4	3	3	38	991,769	(804,919)	186,898
Consolidated net loss	0	0	0	0	0	0	38,352	38,352
Stock-based compensation expense	0	0	0	0	0	565	0	565
Repurchase of shares of common stock	0	0	0	0	(1)	(969)	0	(970)
Issuance of shares of Class A common stock	0	4	0	0	0	33,273	0	33,277
Exercise of options for common stock	0	0	0	0	0	397	0	397
Conversion of common stock	0	1	0	(1)	0	0	0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0	0	0	0	(4,399)	0	(4,399)
BALANCE at Dec. 31, 2021	$ 0	$ 9	$ 3	$ 2	$ 37	$ 1,020,636	$ (766,567)	$ 254,120

- Definition

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

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+ 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.

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+ Details

CONTENT ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
CONTENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Content Assets [Line Items]
Period of Amortization (in years)	4 years 3 months 18 days
Produced content assets:
Completed	$ 397,174	$ 365,806
In-production	12,124	11,029
Licensed content assets acquired:
Acquired	66,005	56,913
Content assets, at cost	475,303	433,748
Less: Accumulated amortization	(389,265)	(342,139)
Content assets, net	86,038	91,609
Current portion	(25,883)	(28,434)
Noncurrent portion	$ 60,155	$ 63,175
Content Assets [Member] \| Maximum
Content Assets [Line Items]
Period of Amortization (in years)	5 years	5 years
Content Assets [Member] \| Minimum
Content Assets [Line Items]
Period of Amortization (in years)	1 year	1 year

INCOME TAXES - Reconciliation of federal income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Statutory federal tax expense	$ 11,391	$ (8,620)
Effect of state taxes, net of federal benefit	2,131	(1,205)
Effect of state rate and tax law changes	(1,201)	(599)
Return to provision adjustments	47	503
Other permanent items	(27)	(213)
Non-deductible meals and entertainment	65	96
Impairment of long-lived intangible assets		3,339
Non-deductible officer's compensation	2,055	1,002
Change in valuation allowance	(13)	28
IRC Section 382 adjustments	(705)	(30,143)
NOL expirations	610	3,000
Stock-based compensation forfeitures and adjustments		216
Uncertain tax positions	(777)	(1,923)
Other	1	43
(Benefit from) provision for income taxes	$ 13,577	$ (34,476)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS)	$ 40,667	$ (6,569)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,315	1,544
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 38,352	$ (8,113)

- 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 + Details

- Definition

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

INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 2,111,000	$ 1,924,000
Accruals	465,000	2,358,000
Fixed assets	486,000	453,000
Stock-based compensation	163,000	290,000
Deferred financing costs		1,475,000
Net operating loss carryforwards	114,217,000	128,023,000
Lease liability	10,022,000	11,592,000
Interest expense carryforward	15,506,000	11,934,000
Other		(200,000)
Total deferred tax assets	142,970,000	157,849,000
Valuation allowance for deferred tax assets	(264,000)	(277,000)
Total deferred tax asset, net of valuation allowance	142,706,000	157,572,000
Deferred tax liabilities:
Intangible assets	(132,586,000)	(135,848,000)
Right of use asset	(9,232,000)	(10,336,000)
Partnership interests	(1,964,000)	(1,347,000)
Deferred financing costs	(1,196,000)
Other	(201,000)
Total deferred tax liabilities	(145,179,000)	(147,531,000)
Net deferred tax asset (liability)	$ (2,473,000)
Net deferred tax asset (liability)		$ 10,041,000

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2021

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


	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:
2021	$	7,956	$	1,584	$	—	$	797	$	8,743
2020		7,416	$	1,394	$	—	$	854	$	7,956


	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:
2021	$	277	$	—	$	—	$	13	$	264
2020		249	$	28	$	—	$	—	$	277

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Dec. 31, 2021 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2022	$ 13,685
2023	11,750
2024	10,639
2025	5,903
2026	3,712
Thereafter	8,209
Total future lease payments	53,898
Imputed interest	12,598
Total	$ 41,300

CONTENT ASSETS - Future Minimum Content Payments (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2021 USD ($)
Content Assets [Line Items]
2022	$ 18,972
2023	$ 2,865

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Balance as of January 1	$ 2,299	$ 4,733
Additions for tax positions related to current years	0	0
Additions (deductions) for tax positions related to prior years	8	(2,434)
Deductions for tax positions as a result of tax settlements	(992)	0
Balance as of December 31	$ 1,315	$ 2,299

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2021

ACQUISITIONS AND DISPOSITIONS

Schedule of major categories of assets held for sale


	As of December 31,
	2020
		(In thousands)
Property and equipment, net	$	2,144
Goodwill		470
Radio broadcasting licenses		30,606
Right of use assets		1,071
Lease liabilities		(1,630)
Assets held for sale, net	$	32,661

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net Revenue	$ 130,966	$ 111,463	$ 107,593	$ 91,440	$ 113,542	$ 91,912	$ 76,008	$ 94,875	$ 441,462	$ 376,337
Radio Advertising [Member]
Net Revenue									165,244	137,849
Political Advertising [Member]
Net Revenue									3,494	22,484
Digital Advertising [Member]
Net Revenue									59,812	34,131
Cable Television Advertising [Member]
Net Revenue									95,589	79,732
Cable Television Affiliate Fees [Member]
Net Revenue									102,380	99,489
Event Revenues & Other [Member]
Net Revenue									$ 14,943	$ 2,652

- 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.

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+ Details

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Additional Information (Details)					3 Months Ended			12 Months Ended
	Oct. 01, 2021 USD ($)	Oct. 01, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, impairment loss								$ 0	$ 15,900,000
Pre-tax impairment charge								0	84,400,000
Indefinite-Lived License Agreements					$ 484,066,000			$ 505,148,000	484,066,000
Number of reportable segments \| segment								4
Amortization of Intangible Assets								$ 3,700,000	3,900,000
Impairment charge					$ 1,700,000	$ 29,100,000	$ 53,600,000
Term of radio broadcast station license								8 years
Renewal term of radio broadcast station license								8 years
Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge	$ 0	$ 1,700,000	$ 19,100,000	$ 47,700,000		19,100,000	47,700,000		$ 68,500,000
Non Cash Impairment charge		1,700,000
Indefinite-Lived License Agreements								$ 505,200,000
Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge	$ 0	$ 0	$ 10,000,000.0	$ 5,900,000		$ 10,000,000.0	$ 5,900,000

LONG-TERM DEBT - PPP Loan (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from PPP Loan		$ 7,505	$ 0
PPP loan
Debt Instrument [Line Items]
Proceeds from PPP Loan	$ 7,500
Fixed interest rate per year	1.00%

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment									4
NET REVENUE	$ 130,966	$ 111,463	$ 107,593	$ 91,440	$ 113,542	$ 91,912	$ 76,008	$ 94,875	$ 441,462	$ 376,337
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									313,630	250,600
Depreciation and Amortization:									9,289	9,741
Impairment of Long-Lived Assets:									0	84,400
Operating income (loss):	22,391	$ 34,475	$ 37,920	$ 23,757	34,533	$ 3,968	$ 20,382	$ (27,287)	118,543	31,596
Capital expenditures by segment are as follows:									6,286	3,798
Total Assets:	1,261,108				1,195,487				1,261,108	1,195,487
Radio Broadcasting
SEGMENT INFORMATION
NET REVENUE									140,246	130,573
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									98,250	91,052
Depreciation and Amortization:									3,135	3,022
Impairment of Long-Lived Assets:										84,400
Operating income (loss):									38,861	(47,901)
Capital expenditures by segment are as follows:									2,826	2,200
Total Assets:	627,948				630,174				627,948	630,174
Radio Broadcasting \| Intersegment Eliminations [Member]
SEGMENT INFORMATION
NET REVENUE									(3,338)	(2,414)
Reach Media
SEGMENT INFORMATION
NET REVENUE									46,437	30,996
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									32,911	22,376
Depreciation and Amortization:									208	237
Operating income (loss):									13,318	8,383
Capital expenditures by segment are as follows:									160	82
Total Assets:	33,451				38,235				33,451	38,235
Digital
SEGMENT INFORMATION
NET REVENUE									59,937	35,599
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									42,698	29,608
Depreciation and Amortization:									1,264	1,592
Operating income (loss):									15,975	4,399
Capital expenditures by segment are as follows:									1,354	799
Total Assets:	32,915				23,168				32,915	23,168
Cable Television
SEGMENT INFORMATION
NET REVENUE									198,180	181,583
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									103,049	81,546
Depreciation and Amortization:									3,738	3,749
Operating income (loss):									91,393	96,288
Capital expenditures by segment are as follows:									385	92
Total Assets:	367,896				374,046				367,896	374,046
Corporate/Eliminations
SEGMENT INFORMATION
NET REVENUE									(3,338)	(2,414)
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):									36,722	26,018
Depreciation and Amortization:									944	1,141
Operating income (loss):									(41,004)	(29,573)
Capital expenditures by segment are as follows:									1,561	625
Corporate/Eliminations \| Intersegment Eliminations [Member]
SEGMENT INFORMATION
Total Assets:	$ 198,898				$ 129,864				$ 198,898	$ 129,864

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

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.

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.

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, 2021 and 2020 is presented in the following table:


	Year Ended
	December 31,
	2021		2020

	(In thousands)
Net Revenue:
Radio Broadcasting	$	140,246	$	130,573
Reach Media		46,437		30,996
Digital		59,937		35,599
Cable Television		198,180		181,583
Corporate/Eliminations*		(3,338)		(2,414)
Consolidated	$	441,462	$	376,337

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	98,250	$	91,052
Reach Media		32,911		22,376
Digital		42,698		29,608
Cable Television		103,049		81,546
Corporate/Eliminations		36,722		26,018
Consolidated	$	313,630	$	250,600

Depreciation and Amortization:
Radio Broadcasting	$	3,135	$	3,022
Reach Media		208		237
Digital		1,264		1,592
Cable Television		3,738		3,749
Corporate/Eliminations		944		1,141
Consolidated	$	9,289	$	9,741

Impairment of Long-Lived Assets:
Radio Broadcasting	$	—	$	84,400
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	—	$	84,400

Operating income (loss):
Radio Broadcasting	$	38,861	$	(47,901)
Reach Media		13,318		8,383
Digital		15,975		4,399
Cable Television		91,393		96,288
Corporate/Eliminations		(41,004)		(29,573)
Consolidated	$	118,543	$	31,596

* Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,338)	$	(2,414)


Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,826	$	2,200
Reach Media		160		82
Digital		1,354		799
Cable Television		385		92
Corporate/Eliminations		1,561		625
Consolidated	$	6,286	$	3,798


	As of
	December 31,		December 31,
	2021		2020

	(In thousands)
Total Assets:
Radio Broadcasting	$	627,948	$	630,174
Reach Media		33,451		38,235
Digital		32,915		23,168
Cable Television		367,896		374,046
Corporate/Eliminations		198,898		129,864
Consolidated	$	1,261,108	$	1,195,487

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2021

QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly Financial Information


	Quarters Ended
	31-Mar		June 30		September 30		December 31

	(In thousands, except share data)
2021:
Net revenue	$	91,440	$	107,593	$	111,463	$	130,966
Operating income		23,757		37,920		34,475		22,391
Net income		461		18,478		14,455		7,273

Consolidated net income attributable to common stockholders		7		17,866		13,876		6,603
BASIC AND DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net income per share attributable to common stockholders - basic	$	0.00	$	0.36	$	0.27	$	0.13
Consolidated net income per share attributable to common stockholders - diluted	$	0.00	$	0.33	$	0.25	$	0.12
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		48,463,289		49,789,892		51,190,105		51,206,358
Weighted average shares outstanding —diluted		49,053,650		53,780,918		55,080,394		55,084,927


	Quarters Ended
	March 31 (a)		June 30		September 30 (a)		December 31 (a)

	(In thousands, except share data)
2020:
Net revenue	$	94,875	$	76,008	$	91,912	$	113,542
Operating (loss) income		(27,287)		20,382		3,968		34,533
Net (loss) income		(23,058)		1,642		(12,277)		27,124

Consolidated net (loss) income attributable to common stockholders		(23,187)		1,420		(12,772)		26,426
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.51)	$	0.03	$	(0.29)	$	0.58
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.51)	$	0.03	$	(0.29)	$	0.55
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		45,228,164		44,806,219		44,175,385		45,942,818
Weighted average shares outstanding —diluted		45,228,164		48,154,262		44,175,385		48,054,418

(a)	The net income (loss) from continuing operations for the quarters ended March 31, 2020, September 30, 2020, and December 31, 2020 includes approximately $53.6 million, $29.1 million, and $1.7 million, respectively of impairment charges.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of reconciliation of statutory federal income tax

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


	For the Years Ended December 31,
	2021		2020

	(In thousands)
Statutory federal tax expense/(benefit)	$	11,391	$	(8,620)
Effect of state taxes, net of federal benefit		2,131		(1,205)
Effect of state rate and tax law changes		(1,201)		(599)
Return to provision adjustments		47		503
Other permanent items		(27)		(213)
Non-deductible meals and entertainment		65		96
Impairment of long-lived intangible assets		—		3,339
Non-deductible officer’s compensation		2,055		1,002
Change in valuation allowance		(13)		28
IRC Section 382 adjustments		(705)		(30,143)
NOL expirations		610		3,000
Stock-based compensation forfeitures and adjustments		—		216
Uncertain tax positions		(777)		(1,923)
Other		1		43
Provision for (benefit from) income taxes	$	13,577	$	(34,476)

Schedule of components of the (benefit from) provision for income taxes

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


	For the Years Ended
	December 31,
	2021		2020

	(In thousands)
Federal:
Current	$	—	$	—
Deferred		13,395		(27,162)
State:
Current		1,063		552
Deferred		(881)		(7,866)
Provision for (benefit from) income taxes	$	13,577	$	(34,476)

Schedule of components of deferred tax assets and liabilities


	As of December 31,
	2021		2020

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,111	$	1,924
Accruals		465		2,358
Fixed assets		486		453
Stock-based compensation		163		290
Deferred financing costs		—		1,475
Net operating loss carryforwards		114,217		128,023
Lease liability		10,022		11,592
Interest expense carryforward		15,506		11,934
Other		—		(200)
Total deferred tax assets		142,970		157,849
Valuation allowance for deferred tax assets		(264)		(277)
Total deferred tax asset, net of valuation allowance		142,706		157,572

Deferred tax liabilities:
Intangible assets		(132,586)		(135,848)
Right of use asset		(9,232)		(10,336)
Partnership interests		(1,964)		(1,347)
Deferred financing costs		(1,196)		—
Other		(201)		—
Total deferred tax liabilities		(145,179)		(147,531)
Net deferred tax (liability) asset	$	(2,473)	$	10,041

Schedule of unrecognized tax benefits

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


	2021		2020

	(In thousands)

Balance as of January 1	$	2,299	$	4,733
Additions for tax positions related to current years		—		—
Additions (deductions) for tax positions related to prior years		8		(2,434)
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(992)		—
Balance as of December 31	$	1,315	$	2,299

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal:
Current	$ 0	$ 0
Deferred	13,395	(27,162)
State:
Current	1,063	552
Deferred	(881)	(7,866)
(Benefit from) provision for income taxes	$ 13,577	$ (34,476)

- Definition

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

+ References + Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(a) Organization

Urban One, Inc., a Delaware corporation, 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, 2021, we owned and/or operated 64 independently formatted, revenue producing broadcast stations (including 54 FM or AM stations, 8 HD stations, and the 2 low power television stations we operate) located in 13 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 platform 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”), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; 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 Get Up! Mornings with Erica Campbell Show, 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 communicate with 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 are reflected in the Company's cable television segment.

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

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. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation up to $250,000 per account. The Company has amounts held with banks that may exceed the amount of insurance provided on such accounts. Generally, the balances may be redeemed upon demand and are maintained with financial institutions of reputable credit, and therefore, bear minimal credit risk.

On July 29, 2021, RVA Entertainment Holdings, LLC (“RVAEH”), a wholly owned unrestricted subsidiary of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort (the “Project”). The Original HCA imposed certain obligations on RVAEH in connection with the development of the Project, including a $26 million upfront payment (the “Upfront Payment”) due upon successful passage of a citywide referendum permitting development of the Project (the “Referendum”). In connection with the Original HCA, RVAEH and its development partner Pacific Peninsula Entertainment funded the Upfront Payment into escrow to be released to the City upon successful passage of the Referendum or back to RVAEH in the event the Referendum failed. On November 2, 2021, the Referendum was conducted, and the resort project was narrowly defeated. However, on January 24, 2022, the Richmond City Council adopted a new resolution in continued efforts to bring the Project to the City. The new resolution was the first step in pursuit of a second referendum. The City and RVAEH then entered into a new Host Community Agreement (the “New HCA”) which also included an Upfront Payment to be held in escrow and payable upon successful passage of a citywide referendum permitting development of the Project. Upon obtaining precertification for RVAEH, by the Virginia Lottery Board, the City will then pursue an order from the Circuit Court for the City ordering a second referendum. If the City is successful in obtaining the precertification and the Court orders a second referendum, it is currently anticipated the second referendum would occur in November 2022. If the voters approve the referendum then the Commonwealth may issue one license permitting operation of a casino in Richmond. As a result of the efforts to obtain a second referendum, including execution of the New HCA, the Upfront Payment remains in escrow. Therefore, the Company’s portion of the Upfront Payment, approximately $19.5 million is classified as restricted cash on the balance sheet as of December 31, 2021.

(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 and Intangible Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets

The Company accounts for the impairment of long-lived assets and intangible assets, excluding goodwill and other indefinite-lived intangible assets, in accordance with ASC 360, “Property, Plant and Equipment.” Long-lived 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 2021 and 2020 and concluded that no impairment to the carrying value of these assets was required.

(h) Financial Instruments

Financial instruments as of December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, except for the Company’s long-term debt. On June 1, 2021, the Company borrowed approximately $7.5 million on a new PPP loan (as defined in Note 9 – Long-Term Debt). The PPP Loan had a carrying value of approximately $7.5 million and fair value of approximately $7.5 million as of December 31, 2021. The fair value of the PPP Loan, classified as a Level 2 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. On January 25, 2021, the Company borrowed $825 million in aggregate principal amount of senior secured notes due February 2028 (the “2028 Notes”). The 7.375% 2028 Notes had a carrying value of approximately $825.0 million and fair value of approximately $851.8 million as of December 31, 2021. The fair values of the 2028 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 Company used the net proceeds from the 2028 Notes, together with cash on hand, to repay or redeem: (1) the 2017 Credit Facility; (2) the 2018 Credit Facility; (3) the MGM National Harbor Loan; (4) the remaining amounts of our 7.375% Notes; and (5) our 8.75% Notes that were issued in the November 2020 Exchange Offer (all as defined below). Upon settlement of the 2028 Notes Offering, the 2017 Credit Facility, the 2018 Credit Facility and the MGM National Harbor Loan were terminated and the indentures governing the 7.375% Notes and the 8.75% Notes were satisfied and discharged. The 7.375% Senior Secured Notes that are due in April 2022 (the “7.375% Notes”) had a carrying value of approximately $3.0 million and fair value of approximately $2.8 million as of December 31, 2020. The fair values of the 7.375% 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 $317.3 million and fair value of approximately $293.5 million as of December 31, 2020. 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 $129.9 million and fair value of approximately $132.5 million as of December 31, 2020. 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 $57.9 million and fair value of approximately $64.8 million as of December 31, 2020. 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. On November 9, 2020, we completed an exchange (the “November 2020 Exchange Offer”) of 99.15% of our outstanding 7.375% Notes for $347.0 million aggregate principal amount of newly issued 8.75% Senior Secured Notes due December 2022 (the “8.75% Notes”). As of December 31, 2020, the 8.75% Notes had a carrying value of approximately $347.0 million and fair value of approximately $338.0 million. There was no balance outstanding on the Company’s asset-backed credit facility as of December 31, 2021 and December 31, 2020.

(i) Revenue Recognition

In accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. 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 $16.7 million and $17.5 million for the years ended December 31, 2021 and 2020, 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 or when “click through” purchases are made, 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 $16.9 million and $14.6 million for the years ended December 31, 2021 and 2020, respectively.

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020

Net Revenue:
Radio Advertising	$	165,244	$	137,849
Political Advertising		3,494		22,484
Digital Advertising		59,812		34,131
Cable Television Advertising		95,589		79,732
Cable Television Affiliate Fees		102,380		99,489
Event Revenues & Other		14,943		2,652
Net Revenue (as reported)	$	441,462	$	376,337

Contract assets and liabilities

Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income, reserve for audience deficiency and unearned event income) that are not separately stated in our consolidated balance sheets at December 31, 2021 and 2020 were as follows:


	December 31, 2021		December 31, 2020

	(In thousands)
Contract assets:
Unbilled receivables	$	10,735	$	5,798

Contract liabilities:
Customer advances and unearned income	$	7,494	$	4,955
Reserve for audience deficiency		6,020		3,544
Unearned event income		—		5,921

Unbilled receivables consists of earned revenue on behalf of customers that have not yet been billed and are included in accounts receivable on the consolidated balance sheets. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term and are included in other current liabilities on the consolidated balance sheets. The reserve for audience deficiency represents the portion of revenue that is deferred until the shortfall in contracts where the ratings were guaranteed is settled, typically by providing additional advertising units generally within one year of the original airing. Unearned event income represents payments by customers for upcoming events.

For customer advances and unearned income as of January 1, 2021, approximately $3.0 million was recognized as revenue during the year ended December 31, 2021. For unearned event income as of January 1, 2021, approximately $5.9 million was recognized during the year ended December 31, 2021 as the event took place during the fourth quarter of 2021. For customer advances and unearned income as of January 1, 2020, approximately $2.3 million was recognized as revenue during the year ended December 31, 2020. For unearned event income as of January 1, 2020, there was no revenue recognized during the year ended December 31, 2020.

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.

(j) 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. For the year ended December 31, 2021, the Company did not pay any launch support for carriage initiation, however during the year ended December 31, 2020, there was a non-cash launch support addition of approximately $1.7 million for carriage initiation. The weighted-average amortization period for launch support was approximately 7.1 years as of December 31, 2021, and approximately 7.4 years as of December 31, 2020. The remaining weighted-average amortization period for launch support was 3.3 years and 4.5 years as of December 31, 2021 and December 31, 2020, 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, 2021 and 2020, launch support asset amortization of $422,000 and $422,000, respectively, was recorded as a reduction of revenue, and approximately $1.2 million and $664,000, 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,
	2021		2020

	(In thousands)
Launch assets	$	9,021	$	9,021
Less: Accumulated amortization		(4,724)		(3,124)
Launch assets, net	$	4,297	$	5,897

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2022 through 2026 is as follows:


	(In thousands)
2022	$	1,424
2023	$	1,424
2024	$	936
2025	$	358
2026	$	155

(k) 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, 2021 and 2020, barter transaction revenues were approximately $1.8 million and $2.1 million, respectively. Additionally, for the years ended December 31, 2021 and 2020, barter transaction costs were reflected in programming and technical expenses of approximately $1.2 million and $1.5 million, respectively, and selling, general and administrative expenses of $606,000 and $570,000, respectively.

(l) Advertising and Promotions

The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2021 and 2020, were approximately $24.7 million and $15.5 million, respectively.

(m) 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.

(n) 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. The fair value measurement objective for liabilities incurred in a share-based payment transaction is the same as for equity instruments. Awards classified as liabilities are subsequently remeasured to their fair values at the end of each reporting period until the liability is settled. (See Note 8 – Employment Agreement Award and Note 11 – Stockholders’ Equity.)

(o) 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 or accounts receivable during either of the years ended December 31, 2021 or 2020.

(p) Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of 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.

In each of the years ended December 31, 2021 and 2020, the amount of earnings per share would pertain to each of our classes of common stock (Classes A, B, C and D) because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Company’s Amended and Restated Certificate of Incorporation.

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


	Year Ended December 31,
	2021		2020

	(Unaudited)
	(In Thousands)
Numerator:
Net income (loss) attributable to common stockholders	$	38,352	$	(8,113)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		50,163,600		45,041,467
Effect of dilutive securities:
Stock options and restricted stock		3,973,041		—
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		54,136,641		45,041,467

Net income (loss) attributable to common stockholders per share – basic	$	0.76	$	(0.18)
Net income (loss) attributable to common stockholders per share –diluted	$	0.71	$	(0.18)

All stock options and restricted stock awards were excluded from the diluted calculation for the year ended December 31, 2020, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation.


				Year Ended
				December 31, 2020
				(In thousands)
Stock options				4,019
Restricted stock awards				1,879

(q) 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, 2021, and December 31, 2020, 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, 2021
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	28,193		—		—	$	28,193
Total	$	28,193	$	—	$	—	$	28,193

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	17,015	$	—	$	—	$	17,015

As of December 31, 2020
Liabilities subject to fair value measurement:
Contingent consideration (c)	$	780		—		—	$	780
Employment agreement award (a)		25,603		—		—		25,603
Total	$	26,383	$	—	$	—	$	26,383

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	12,701	$	—	$	—	$	12,701

(a)

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). The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of 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 long-term portion of the award is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. 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.

(b)

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.

(c)

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.

There were no transfers in or out of Level 1, 2, or 3 during the years ended December 31, 2021 and 2020. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the years ended December 31, 2021 and 2020:


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests

	(In thousands)
Balance at December 31, 2019	$	1,921	$	27,017	$	10,564
Net income attributable to redeemable noncontrolling interests		—		—		1,544
Dividends paid to redeemable noncontrolling interests		—		—		(2,802)
Distribution		(1,188)		(3,685)		—
Change in fair value		47		2,271		3,395
Balance at December 31, 2020	$	780	$	25,603	$	12,701
Net income attributable to redeemable noncontrolling interests		—		—		2,315
Dividends paid to redeemable noncontrolling interests		—		—		(2,400)
Distribution		(1,060)		(3,573)		—
Change in fair value		280		6,163		4,399
Balance at December 31, 2021	$	—	$	28,193	$	17,015

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, 2021	$	(280)	$	(6,163)	$	—
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, 2020	$	(47)	$	(2,271)	$	—

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, 2021 and 2020.

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
			December 31,		December 31,
		Significant	2021		2020

		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Contingent consideration	Monte Carlo Simulation	Expected volatility	*		29.5	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	*		16.5	%
Employment agreement award	Discounted Cash Flow	Discount Rate	9.5	%	10.5	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	0.5	%	1.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.5	%	11.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	0.4	%	1.0	%

*Contingent consideration liability is fully settled as of December 31, 2021.

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. There was no impairment recorded for the year ended December 31, 2021 and the Company recorded an impairment charge of approximately $84.4 million for the year ended December 31, 2020 related to goodwill and radio broadcasting licenses.

As of December 31, 2021, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $223.4 million and $505.2 million, respectively. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” for the year ended December 31, 2020, the Company recorded an impairment charge of approximately $15.9 million related to its Atlanta market and Indianapolis market goodwill balances and also an impairment charge of approximately $68.5 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis market radio broadcasting licenses. 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.

(r) 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.

(s) 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.

(t) 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. The value of our MGM investment is included in other assets on the consolidated balance sheets and its distribution income in the amount of approximately $7.7 million and $4.9 million, for the years ended December 31, 2021 and 2020, 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 2021 and 2020 and concluded that no impairment to the carrying value was required. There has been no impairment of the investment to date. As of December 31, 2020, the Company’s interest in the MGM National Harbor Casino secured the MGM National Harbor Loan. Upon settlement of the 2028 Notes (which paid off the MGM National Harbor Loan), the Company’s subsidiaries of Radio One Entertainment Holdings, LLC and Urban One Entertainment SPV, LLC became guarantors under the 2028 Notes along with the Company’s other subsidiaries.

(u) 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 five 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. For programming that is predominantly monetized as part of a content group, which includes our acquired and commissioned programs, capitalized costs are amortized based on an estimate of our usage and benefit from such programming. The estimates require management’s judgement and include consideration of factors such as expected revenues to be derived from the programming, the expected number of future airings, and, if applicable, the length of the license period. 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, “Entertainment – Films,” 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.

Content that is predominantly monetized within a film group is assessed for impairment at the film group level and is tested for impairment if circumstances indicate that the fair value of the content within the film group is less than its unamortized costs. A significant decrease in the amount of ultimate revenue expected to be recognized was determined for one of the film groups, and as a result, the Company recorded an impairment and additional amortization expense of $695,000, as a result of evaluating its contracts for impairment for the year ended December 31, 2021. The Company did not record any additional amortization expense for the year ended December 31, 2020. Impairment and amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses. 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.

(v) 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.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 on January 1, 2020, and adoption did not have a material impact on our consolidated financial statements and related disclosures.

(w) 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 agreement under which the Fantastic Voyage^® operates provides 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. Distributions from operating revenues are in the following order until the funds are depleted: up to $250,000 to the Foundation, reimbursement of Reach’s expenditures, up to a $1.0 million fee to Reach, a performance bonus of up to 50% of remaining operating revenues to Reach Media, with the balance remaining to the Foundation. For 2021 and 2022, $250,000 to the Foundation is guaranteed. Reach Media’s earnings for the Fantastic Voyage^® in any given year may not exceed $1.75 million. 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 passenger cruise package 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 the party not in breach of their obligations has the right, but not the obligation, to terminate unilaterally. Due to the pandemic, the 2020 cruise was rescheduled to November 2021 and passengers were given the option to have the majority of their payments refunded. As of December 31, 2021, Reach Media owed the Foundation $41,000 under the agreements for the operation of the cruises and as of December 31, 2020, Reach Media owed the Foundation $244,000 due to passengers’ refunds pending.

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, 2021 and 2020, the Foundation owed $4,000 and $6,000, respectively, to Reach Media.

For the year ended December 31, 2021, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $7.0 million, $6.6 million, and $400,000, respectively. The Fantastic Voyage took place during the fourth quarter of 2021. Due to the aforementioned rescheduling of the Fantastic Voyage resulting from impacts of the COVID pandemic, no cruise was operated in 2020.

Alfred C. Liggins, President and Chief Executive Officer of Urban One, Inc., is a compensated member of the Board of Directors of Broadcast Music, Inc. (“BMI”), a performance rights organization. During the years ended December 31, 2021 and 2020, the Company incurred expense of approximately $4.7 million and $3.2 million, respectively. As of December 31, 2021 and 2020, the Company owed BMI $423,000 and ($398,000), respectively.

(x) Leases

On January 1, 2019, with the adoption of ASC 842, “Leases,” the Company adopted a package of practical expedients as allowed by the transition guidance which permitted 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.

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:


	Year Ended December 31,
	2021			2020

	(Dollars In thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	13,055		$	12,687
Variable Lease Cost (Cost excluded from lease payments)		40			143
Total Lease Cost	$	13,095		$	12,830

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,784		$	13,243
Operating Lease - Operating Cash Flows (Liability Reduction)	$	9,124		$	8,354

Weighted Average Lease Term - Operating Leases		4.94	years		5.37	years
Weighted Average Discount Rate - Operating Leases		11.00	%		11.00	%

As of December 31, 2021, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(Dollars in thousands)
2022	$	13,685
2023		11,750
2024		10,639
2025		5,903
2026		3,712
Thereafter		8,209
Total future lease payments		53,898
Imputed interest		12,598
Total	$	41,300

(y) Going Concern Assessment

As part of its internal control framework, the Company routinely performs a going concern assessment. We have concluded that the Company has sufficient capacity to meet its financing obligations, that cash flows from operations are sufficient to meet the liquidity needs and/or has sufficient capacity to access asset-backed facility funds to finance working capital needs should the need arise.

STOCKHOLDERS' EQUITY - Additional Information (Details)										3 Months Ended		12 Months Ended
STOCKHOLDERS' EQUITY - Additional Information (Details)	Oct. 29, 2021 shares	Jul. 06, 2021 USD ($) director shares	Jun. 23, 2021 shares	Jan. 19, 2021 USD ($) shares	Jul. 16, 2020 USD ($) director shares	Jun. 12, 2019 USD ($) shares	Oct. 02, 2017 shares	Aug. 07, 2017 shares	Aug. 07, 2017 installment shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) Vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	May 17, 2021 USD ($) $ / shares	Jan. 27, 2021 USD ($)	Aug. 18, 2020 USD ($) $ / shares	Jun. 11, 2020 USD ($)	Mar. 13, 2020 USD ($)	Jan. 05, 2020 shares	May 21, 2019 shares	Apr. 13, 2015 shares	Dec. 31, 2009 shares
STOCKHOLDERS' EQUITY
Number of shares issued during period \| $												$ 33,277,000	$ 14,673,000
Stock repurchase , Authorized amount \| $																	$ 2,400,000	$ 2,600,000
Net proceeds after associated fees and expenses \| $												33,277,000	14,673,000
Stock Repurchased During Period, Value \| $												$ 970,000	$ 3,612,000
Stock options to purchase common stock							37,500					40,917	878,643
Number of restricted shares												903,643	637,270
Share-based Compensation, Total \| $												$ 565,000	$ 2,294,000
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares												229,756	1,032,922
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value \| $ / shares												$ 2.77	$ 0.66
Number of non-executive directors, received awards \| director		4			4
Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures												101,057	1,649,394
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition												9 months
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $												$ 233,000
Other than options, granted												101,000	1,649,000
Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock												41,000	879,000
Number of Options, Vested and expected to vest												3,770,000
Employee [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock								470,000	470,000
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												$ 1.45
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition												5 months
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $												$ 75,000
Number of Installments \| installment									3
Number of Options, Vested and expected to vest																			470,000
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												9,671	18,248
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												0.00%
Common Class D [Member]
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares														$ 0.001
Stock Repurchased During Period, Shares												6,715	3,208,288
Stock Repurchased During Period, Value \| $												$ 39,000	$ 2,400,000
Repurchase Of Common Stock Price Per Share \| $ / shares												$ 5.80	$ 0.76
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized																					8,250,000
Additional shares authorized			5,519,575
Common Class D [Member] \| Scenario, Plan [Member] \| Open Market Sale Agreement [Member] \| Maximum
STOCKHOLDERS' EQUITY
Aggregate offering price \| $														$ 25,000,000.0
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												515,162	710,992
Stock Repurchased During Period, Value \| $												$ 931,000	$ 1,200,000
Repurchase Of Common Stock Price Per Share \| $ / shares												$ 1.81	$ 1.64
Common Class D [Member] \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant												5,898,026								5,500,000
Common Class D [Member] \| Chief Financial Officer [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Number of restricted shares						211,838
Other than options, granted						94,150
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						99,846
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						224,654
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						108,333
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $						$ 243,750
Common Class D [Member] \| Chief Administrative Officer [Member]
STOCKHOLDERS' EQUITY
Other than options, granted							37,500
Common Class D [Member] \| Chairperson [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						174,971
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						393,685
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						656,142
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						711,914
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						291,619
Common Class D [Member] \| Chief Executive Officer and President [Member] \| Stock options \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						316,406
Common Class D [Member] \| Non-Executive Directors \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		9,671			25,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $		$ 50,000			$ 50,000
Vesting period		2 years			2 years
Common Class D [Member] \| David Kantor [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Number of restricted shares						195,242
Other than options, granted						86,774
Common Class D [Member] \| Cathy Hughes [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						427,148
Common Class D [Member] \| Cathy Hughes [Member] \| Stock options \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock						189,843
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY
Shares issued and sold	883,890
Number of votes \| Vote												1
Additional shares authorized			2,000,000
Class A Common Stock [Member] \| Current ATM Program
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares																$ 0.001
Aggregate offering price \| $															$ 25,000,000.0	$ 25,000,000
Volume weighted average price \| $ / shares													$ 5.39
Net proceeds after associated fees and expenses \| $				$ 24,000,000.0						$ 21,200,000	$ 2,800,000		$ 14,700,000
Shares issued and sold				4,325,102						1,893,126	420,439		2,859,276
Number of additional shares issued and sold				1,465,825
Gross proceeds \| $				$ 25,000,000.0						$ 22,000,000.0	$ 3,000,000.0
Class A Common Stock [Member] \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant												2,000,000
Common Stock Class B
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares												$ 0.001	$ 0.001
Number of votes \| Vote												10
Common stock, shares issued												2,861,843	2,861,843
Common Stock Class C
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares												$ 0.001	$ 0.001
Shares converted	883,890
Common stock, shares issued												2,045,016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employment Agreement Award [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 25,603	$ 27,017
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	(3,573)	(3,685)
Change in fair value	6,163	2,271
Balance, end of period	28,193	25,603
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	(6,163)	(2,271)
Redeemable Noncontrolling Interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	12,701	10,564
Net income attributable to redeemable noncontrolling interests	2,315	1,544
Dividends paid to redeemable noncontrolling interests	2,400	2,802
Distribution	0	0
Change in fair value	4,399	3,395
Balance, end of period	17,015	12,701
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	0	0
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	780	1,921
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	(1,060)	(1,188)
Change in fair value	280	47
Balance, end of period	0	780
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$ (280)	$ (47)

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted stock awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year	1,724,000	1,814,000
Shares, Grants	101,000	1,649,000
Shares, Vested	(1,749,000)	(1,739,000)
Shares, Unvested at end of year	76,000	1,724,000
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share)	$ 0.83	$ 2.14
Average Fair Value at Grant Date, Grants (in dollars per share)	3.22	0.77
Average Fair Value at Grant Date, Vested (in dollars per share)	0.83	2.14
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share)	$ 3.90	$ 0.83

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Programming And Technical
Allocated Share-based Compensation Expense	$ 20	$ 20
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	31	413
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 514	$ 1,861

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

Schedule of long-term debt

Long-term debt consists of the following:


	As of December 31,
	2021		2020

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	825,000	$	—
PPP Loan		7,505		—
2018 Credit Facility		—		129,935
MGM National Harbor Loan		—		57,889
2017 Credit Facility		—		317,332
8.75% Senior Secured Notes due December 2022		—		347,016
7.375% Senior Secured Notes due April 2022		—		2,984
Total debt		832,505		855,156
Less: current portion of long-term debt		—		23,362
Less: original issue discount and issuance costs		13,889		12,870
Long-term debt, net	$	818,616	$	818,924

Schedule of future scheduled minimum principal payments

Future scheduled minimum principal payments of debt as of December 31, 2021, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028		PPP Loan		Total

	(In thousands)
2022	$	—	$	—	$	—
2023		—		—		—
2024		—		—		—
2025		—		—		—
2026		—		7,505		7,505
2027 and thereafter		825,000		—		825,000
Total Debt	$	825,000	$	7,505	$	832,505

- 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

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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 179,964	$ 167,421
Less: Accumulated depreciation and amortization	(153,673)	(148,229)
Property and equipment, net	26,291	19,192
Depreciation and Amortization:	9,289	9,741
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 4,128	2,372
Property, Plant and Equipment, Estimated Useful Lives	0 years
Buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 3,241	2,654
Property, Plant and Equipment, Estimated Useful Lives	P31Y
Transmitters and towers [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 43,466	39,277
Transmitters and towers [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P15Y
Transmitters and towers [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 63,192	59,537
Equipment [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P7Y
Equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	P3Y
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 9,397	9,019
Property, Plant and Equipment, Estimated Useful Lives	P6Y
Software and web development [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 31,337	29,741
Property, Plant and Equipment, Estimated Useful Lives	P3Y
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 24,727	24,449
Property, Plant and Equipment, Estimated Useful Lives	Lease Term
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 476	$ 372
Property, Plant and Equipment, Estimated Useful Lives	0 years

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

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 and Restricted Cash

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 and Intangible Assets, Excluding Goodwill and Indefinite-Lived Intangible Assets

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

Financial Instruments

(h) Financial Instruments

Revenue Recognition

(i) Revenue Recognition

Revenue by Contract Type

The following chart shows our net revenue (and sources) for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020

Net Revenue:
Radio Advertising	$	165,244	$	137,849
Political Advertising		3,494		22,484
Digital Advertising		59,812		34,131
Cable Television Advertising		95,589		79,732
Cable Television Affiliate Fees		102,380		99,489
Event Revenues & Other		14,943		2,652
Net Revenue (as reported)	$	441,462	$	376,337

Contract assets and liabilities


	December 31, 2021		December 31, 2020

	(In thousands)
Contract assets:
Unbilled receivables	$	10,735	$	5,798

Contract liabilities:
Customer advances and unearned income	$	7,494	$	4,955
Reserve for audience deficiency		6,020		3,544
Unearned event income		—		5,921

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

(j) Launch Support

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,
	2021		2020

	(In thousands)
Launch assets	$	9,021	$	9,021
Less: Accumulated amortization		(4,724)		(3,124)
Launch assets, net	$	4,297	$	5,897

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2022 through 2026 is as follows:


	(In thousands)
2022	$	1,424
2023	$	1,424
2024	$	936
2025	$	358
2026	$	155

Barter Transactions

(k) Barter Transactions

Advertising and Promotions

(l) Advertising and Promotions

Income Taxes

(m) Income Taxes

Stock-Based Compensation

(n) Stock-Based Compensation

Segment Reporting and Major Customers

(o) Segment Reporting and Major Customers

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 or accounts receivable during either of the years ended December 31, 2021 or 2020.

Earnings Per Share

(p) Earnings Per Share

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


	Year Ended December 31,
	2021		2020

	(Unaudited)
	(In Thousands)
Numerator:
Net income (loss) attributable to common stockholders	$	38,352	$	(8,113)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		50,163,600		45,041,467
Effect of dilutive securities:
Stock options and restricted stock		3,973,041		—
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		54,136,641		45,041,467

Net income (loss) attributable to common stockholders per share – basic	$	0.76	$	(0.18)
Net income (loss) attributable to common stockholders per share –diluted	$	0.71	$	(0.18)


				Year Ended
				December 31, 2020
				(In thousands)
Stock options				4,019
Restricted stock awards				1,879

Fair Value Measurements

(q) 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, 2021, and December 31, 2020, 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, 2021
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	28,193		—		—	$	28,193
Total	$	28,193	$	—	$	—	$	28,193

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	17,015	$	—	$	—	$	17,015

As of December 31, 2020
Liabilities subject to fair value measurement:
Contingent consideration (c)	$	780		—		—	$	780
Employment agreement award (a)		25,603		—		—		25,603
Total	$	26,383	$	—	$	—	$	26,383

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	12,701	$	—	$	—	$	12,701

(a)

(b)

(c)


			Employment		Redeemable
	Contingent		Agreement		Noncontrolling
	Consideration		Award		Interests

	(In thousands)
Balance at December 31, 2019	$	1,921	$	27,017	$	10,564
Net income attributable to redeemable noncontrolling interests		—		—		1,544
Dividends paid to redeemable noncontrolling interests		—		—		(2,802)
Distribution		(1,188)		(3,685)		—
Change in fair value		47		2,271		3,395
Balance at December 31, 2020	$	780	$	25,603	$	12,701
Net income attributable to redeemable noncontrolling interests		—		—		2,315
Dividends paid to redeemable noncontrolling interests		—		—		(2,400)
Distribution		(1,060)		(3,573)		—
Change in fair value		280		6,163		4,399
Balance at December 31, 2021	$	—	$	28,193	$	17,015

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, 2021	$	(280)	$	(6,163)	$	—
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, 2020	$	(47)	$	(2,271)	$	—

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
			December 31,		December 31,
		Significant	2021		2020

		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Contingent consideration	Monte Carlo Simulation	Expected volatility	*		29.5	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	*		16.5	%
Employment agreement award	Discounted Cash Flow	Discount Rate	9.5	%	10.5	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	0.5	%	1.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.5	%	11.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	0.4	%	1.0	%

*Contingent consideration liability is fully settled as of December 31, 2021.

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

(r) Software and Web Development Costs

Redeemable noncontrolling interest

(s) Redeemable noncontrolling interests

Investments - Cost Method

(t) Investments

Cost Method

Content Assets

(u) 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

(v) Impact of Recently Issued Accounting Pronouncements

Related Party Transactions

(w) Related Party Transactions

Leases

(x) Leases

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:


	Year Ended December 31,
	2021			2020

	(Dollars In thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	13,055		$	12,687
Variable Lease Cost (Cost excluded from lease payments)		40			143
Total Lease Cost	$	13,095		$	12,830

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,784		$	13,243
Operating Lease - Operating Cash Flows (Liability Reduction)	$	9,124		$	8,354

Weighted Average Lease Term - Operating Leases		4.94	years		5.37	years
Weighted Average Discount Rate - Operating Leases		11.00	%		11.00	%

As of December 31, 2021, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(Dollars in thousands)
2022	$	13,685
2023		11,750
2024		10,639
2025		5,903
2026		3,712
Thereafter		8,209
Total future lease payments		53,898
Imputed interest		12,598
Total	$	41,300

Going Concern Assessment

(y) Going Concern Assessment

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2021

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

14. QUARTERLY FINANCIAL DATA (UNAUDITED):


	Quarters Ended
	31-Mar		June 30		September 30		December 31

	(In thousands, except share data)
2021:
Net revenue	$	91,440	$	107,593	$	111,463	$	130,966
Operating income		23,757		37,920		34,475		22,391
Net income		461		18,478		14,455		7,273

Consolidated net income attributable to common stockholders		7		17,866		13,876		6,603
BASIC AND DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net income per share attributable to common stockholders - basic	$	0.00	$	0.36	$	0.27	$	0.13
Consolidated net income per share attributable to common stockholders - diluted	$	0.00	$	0.33	$	0.25	$	0.12
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		48,463,289		49,789,892		51,190,105		51,206,358
Weighted average shares outstanding —diluted		49,053,650		53,780,918		55,080,394		55,084,927


	Quarters Ended
	March 31 (a)		June 30		September 30 (a)		December 31 (a)

	(In thousands, except share data)
2020:
Net revenue	$	94,875	$	76,008	$	91,912	$	113,542
Operating (loss) income		(27,287)		20,382		3,968		34,533
Net (loss) income		(23,058)		1,642		(12,277)		27,124

Consolidated net (loss) income attributable to common stockholders		(23,187)		1,420		(12,772)		26,426
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$	(0.51)	$	0.03	$	(0.29)	$	0.58
Consolidated net (loss) income per share attributable to common stockholders - diluted	$	(0.51)	$	0.03	$	(0.29)	$	0.55
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		45,228,164		44,806,219		44,175,385		45,942,818
Weighted average shares outstanding —diluted		45,228,164		48,154,262		44,175,385		48,054,418

(a)	The net income (loss) from continuing operations for the quarters ended March 31, 2020, September 30, 2020, and December 31, 2020 includes approximately $53.6 million, $29.1 million, and $1.7 million, respectively of impairment charges.

STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	12 Months Ended
STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	Dec. 31, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Average risk-free interest rate	0.68%	0.40%
Expected dividend yield	0.00%	0.00%
Expected lives	5 years 1 month 28 days	5 years 14 days
Expected volatility	82.04%	79.75%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share
Net income (loss) attributable to common stockholders	$ 6,603	$ 13,876	$ 17,866	$ 7	$ 26,426	$ (12,772)	$ 1,420	$ (23,187)	$ 38,352	$ (8,113)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares	51,206,358	51,190,105	49,789,892	48,463,289	45,942,818	44,175,385	44,806,219	45,228,164	50,163,600	45,041,467
Effect of dilutive securities:
Stock options and restricted stock									3,973,041
Denominator for diluted net income (loss) per share - weighted-average outstanding shares	55,084,927	55,080,394	53,780,918	49,053,650	48,054,418	44,175,385	48,154,262	45,228,164	54,136,641	45,041,467
Net income (loss) attributable to common stockholders per share - basic	$ 0.13	$ 0.27	$ 0.36	$ 0.00	$ 0.58	$ (0.29)	$ 0.03	$ (0.51)	$ 0.76	$ (0.18)
Net income (loss) attributable to common stockholders per share -diluted	$ 0.12	$ 0.25	$ 0.33	$ 0.00	$ 0.55	$ (0.29)	$ 0.03	$ (0.51)	$ 0.71	$ (0.18)

- Definition

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

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

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+ Details

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

Schedule of operating lease and other operating contract obligations


			Other
			Operating
	Operating		Contracts
	Lease		and
	Agreements		Agreements

	(In thousands)
Years ending December 31:
2022	$	13,164	$	69,791
2023		11,333		23,117
2024		10,099		19,386
2025		5,377		19,422
2026		3,070		8,452
2027 and thereafter		5,378		9,408
Total	$	48,421	$	149,576

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 19, 2021	Nov. 13, 2019	Feb. 24, 2015
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Noncancelable operating lease term	10 years
Other operating contracts and agreements expiry term	5 years
Contractual Obligation	$ 149,576,000
Other Operating Contracts [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	100,100,000
Television Segment Certain Content Agreement [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	18,000,000.0
Employment Agreements [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	30,900,000
Standby Letters of Credit
COMMITMENTS AND CONTINGENCIES
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	871,000
ABL Facility
COMMITMENTS AND CONTINGENCIES
Letter of credit facility, maximum capacity	$ 5,000,000	$ 5,000,000	$ 7,500,000	$ 1,200,000

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

10. INCOME TAXES:

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


	For the Years Ended December 31,
	2021		2020

	(In thousands)
Statutory federal tax expense/(benefit)	$	11,391	$	(8,620)
Effect of state taxes, net of federal benefit		2,131		(1,205)
Effect of state rate and tax law changes		(1,201)		(599)
Return to provision adjustments		47		503
Other permanent items		(27)		(213)
Non-deductible meals and entertainment		65		96
Impairment of long-lived intangible assets		—		3,339
Non-deductible officer’s compensation		2,055		1,002
Change in valuation allowance		(13)		28
IRC Section 382 adjustments		(705)		(30,143)
NOL expirations		610		3,000
Stock-based compensation forfeitures and adjustments		—		216
Uncertain tax positions		(777)		(1,923)
Other		1		43
Provision for (benefit from) income taxes	$	13,577	$	(34,476)

The statutory federal tax rate used for the years ended December 31, 2021 and 2020 is 21.0%. Major components of the effective tax rate for the year ended December 31, 2021 and 2020 are related to net operating loss limitations, net operating loss expirations, impairments of long-lived assets, limitation of officer's compensation under IRC Section 162(m), uncertain tax positions and state income taxes.

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


	For the Years Ended
	December 31,
	2021		2020

	(In thousands)
Federal:
Current	$	—	$	—
Deferred		13,395		(27,162)
State:
Current		1,063		552
Deferred		(881)		(7,866)
Provision for (benefit from) income taxes	$	13,577	$	(34,476)

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,
	2021		2020

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,111	$	1,924
Accruals		465		2,358
Fixed assets		486		453
Stock-based compensation		163		290
Deferred financing costs		—		1,475
Net operating loss carryforwards		114,217		128,023
Lease liability		10,022		11,592
Interest expense carryforward		15,506		11,934
Other		—		(200)
Total deferred tax assets		142,970		157,849
Valuation allowance for deferred tax assets		(264)		(277)
Total deferred tax asset, net of valuation allowance		142,706		157,572

Deferred tax liabilities:
Intangible assets		(132,586)		(135,848)
Right of use asset		(9,232)		(10,336)
Partnership interests		(1,964)		(1,347)
Deferred financing costs		(1,196)		—
Other		(201)		—
Total deferred tax liabilities		(145,179)		(147,531)
Net deferred tax (liability) asset	$	(2,473)	$	10,041

As of December 31, 2021, the Company had federal and state NOL carryforward amounts of approximately $637.0 million and $410.2 million, respectively. The state NOLs are applied separately from the federal NOLs 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. During 2020, the Company further reduced the federal and state limitation by approximately $109.2 million and $93.6 million, respectively. The 2020 reductions of the IRC Section 382 limitation were related to receiving approval from the Internal Revenue Service to retroactively apply a consolidated tax return election to the 2009 income tax return and identifying additional assets with net unrealized built-in gains. The Company continues to assess other potential tax strategies, 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 2022 to 2039.

As of December 31, 2021, the gross deferred tax assets of approximately $143.0 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 $264,000 and $277,000 was recorded against our gross deferred tax asset balance as of December 31, 2021 and December 31, 2020, 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 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 loss over the most recent three-year period. During the quarter ended December 31, 2018, the Company achieved three years of cumulative 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 income as of December 31, 2021.

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 the aforementioned negative and positive evidence from the Company’s historical cumulative income or loss position, management also evaluated the impact that interest expense has had on our cumulative income or loss position over the most recent three-year period. 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:


	2021		2020

	(In thousands)

Balance as of January 1	$	2,299	$	4,733
Additions for tax positions related to current years		—		—
Additions (deductions) for tax positions related to prior years		8		(2,434)
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(992)		—
Balance as of December 31	$	1,315	$	2,299

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 decreased by approximately $1.0 million and decreased by approximately $2.4 million during the years ended December 31, 2021 and December 31, 2020, respectively, primarily as a result of state NOL utilizations and expirations, and applicable tax rate changes. As of December 31, 2021, the Company had unrecognized tax benefits of approximately $1.3 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, 2021. The Company believes that it is reasonably possible that a decrease of up to $680,000 of unrecognized tax benefits related to state tax exposures may be necessary within the coming year.

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, 2018 through 2021. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2017 through 2021. To the extent that net operating losses are utilized, the year of the loss may be subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Reach Media Segment Goodwill (Details) - USD ($)			12 Months Ended
	Oct. 01, 2021	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge			$ 0	$ 84,400,000
Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge	$ 0	$ 0
Discount Rate	11.50%	11.00%
Year 1 Revenue Growth Rate	(15.70%)	22.10%
Long-term Revenue Growth Rate (Year 5)	1.00%	1.00%
Long-term market revenue growth rate period	5 years	5 years
Minimum \| Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Operating Profit Margin Range	24.10%	18.00%
Maximum \| Reach Media Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Operating Profit Margin Range	26.20%	19.10%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income (loss)	$ 40,667,000	$ (6,569,000)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	9,289,000	9,741,000
Amortization of debt financing costs	2,267,000	4,465,000
Amortization of content assets	47,126,000	37,394,000
Amortization of launch assets	1,600,000	1,079,000
Bad debt expense	1,584,000	1,394,000
Deferred income taxes	12,514,000	(34,601,000)
Amortization of right of use assets	7,793,000	7,940,000
Non-cash lease liability expense	4,684,000	5,492,000
Non-cash interest expense	158,000	2,191,000
Impairment of long-lived assets	0	84,400,000
Stock-based compensation	565,000	2,294,000
Non-cash fair value adjustment of Employment Agreement Award	6,163,000	2,271,000
Loss on retirement of debt	6,949,000	0
Gain on assets exchange agreement	404,000	0
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable	(22,734,000)	(1,542,000)
Prepaid expenses and other current assets	6,651,000	(255,000)
Other assets	(13,745,000)	(9,846,000)
Accounts payable	3,453,000	5,216,000
Accrued interest	17,441,000	(1,077,000)
Accrued compensation and related benefits	(1,342,000)	1,399,000
Other liabilities	(5,892,000)	(5,378,000)
Payments for content assets	(45,445,000)	(32,141,000)
Net cash flows provided by operating activities	80,150,000	73,867,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(6,286,000)	(3,798,000)
Proceeds from Sale of Property, Plant, and Equipment	0	860,000
Proceeds from sale of broadcasting assets	8,000,000	0
Acquisition of broadcasting assets	0	(475,000)
Net cash flows provided by (used in) investing activities	1,714,000	(3,413,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Class A common stock, net of fees	33,277,000	14,673,000
Proceeds of MGM National Harbor Loan	0	3,600,000
Proceeds from 2028 Notes	825,000,000	0
Proceeds from PPP Loan	7,505,000	0
Debt refinancing costs	(11,157,000)	(3,470,000)
Repayment of MGM National Harbor Loan	(57,889,000)	0
Repayment of 7.375% Notes	(2,984,000)	0
Repayment of 8.75% Notes	(347,016,000)	0
Proceeds from exercise of stock options	397,000	1,976,000
Payment of dividends to noncontrolling interest members of Reach Media	(2,400,000)	(2,802,000)
Repurchase of common stock	(970,000)	(3,612,000)
Net cash flows used in financing activities	(3,504,000)	(30,142,000)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	78,360,000	40,312,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	73,858,000	33,546,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	152,218,000	73,858,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	45,836,000	68,927,000
Cash paid for: Income taxes, net of refunds	1,142,000	115,000
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Assets acquired under Audacy asset exchange	28,193,000	0
Liabilities recognized under Audacy asset exchange	2,669,000	0
Adjustment of redeemable noncontrolling interests to estimated redemption value	4,399,000	3,395,000
Right of use asset additions upon adoption of ASC 842	6,392,000	6,660,000
2018 Credit Facility.
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	(129,935,000)	(37,210,000)
2017 Credit Facility.
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	$ (317,332,000)	$ (3,297,000)

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS:

On July 29, 2021, RVA Entertainment Holdings, LLC (“RVAEH”), a wholly owned unrestricted subsidiary of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort (the “Project”). The Original HCA imposed certain obligations on RVAEH in connection with the development of the Project, including a $26 million upfront payment (the “Upfront Payment”) due upon successful passage of a citywide referendum permitting development of the Project (the “Referendum”). In connection with the Original HCA, RVAEH and its development partner Pacific Peninsula Entertainment funded the Upfront Payment into escrow to be released to the City upon successful passage of the Referendum or back to RVAEH in the event the Referendum failed. On November 2, 2021, the Referendum was conducted, and the resort project was narrowly defeated. However, on January 24, 2022, the Richmond City Council adopted a new resolution in continued efforts to bring the Project to the City. The new resolution was the first of several steps in pursuit of a second referendum. The City and RVAEH then entered into a new Host Community Agreement (the “New HCA”) which also included an Upfront Payment to be held in escrow and payable upon successful passage of a citywide referendum permitting development of the Project. Upon obtaining precertification for RVAEH, by the Virginia Lottery Board, the City will then pursue an order from the Circuit Court for the City ordering a second referendum. If the City is successful in obtaining the precertification and the Court orders a second referendum, it is currently anticipated the second referendum would occur in November 2022. If the voters approve the referendum then the Commonwealth may issue one license permitting operation of a casino in Richmond. As a result of the efforts to obtain a second referendum, including execution of the New HCA, the Upfront Payment remains in escrow. Therefore, the Company’s portion of the Upfront Payment, approximately $19.5 million, is classified as restricted cash on the balance sheet as of December 31, 2021.

On February 7, 2022, the Radio Music License Committee (“RMLC”), an industry group which the Company is a part of, and Global Music Rights, Inc. (“GMR”) reached a settlement and achieved certain conditions which effectuate a four-year license to which the Company is a party for the period April 1, 2022 to March 31, 2026. The license includes an optional three year extended term that the Company may effectuate prior to the end of the initial term.

On March 7, 2022, the Board of the Company authorized and approved a share repurchase program for up to $25 million of the currently outstanding shares of the Company’s Class A and/or Class D common stock over a period of 24 months. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). The Board also approved a repurchase program for up to $50 million of the Company's outstanding 7.375% Senior Secured Notes due 2028.

The Board also authorized the Company to enter into written trading plans under Rule 10b5-1 of the Exchange Act. Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows a company to repurchase its shares/bonds at times when it might otherwise be prevented from doing so due to self-imposed trading blackout periods or pursuant to insider trading laws. Under any Rule 10b5-1 trading plan, the Company’s third-party broker, subject to Securities and Exchange Commission regulations regarding certain price, market, volume and timing constraints, would have authority to purchase the Company’s common stock and/or bonds in accordance with the terms of the plan. The Company may from time to time enter into Rule 10b5-1 trading plans to facilitate the repurchase of its common stock or bonds pursuant to its repurchase programs.

The Company’s share repurchase programs do not obligate it to acquire any specific number of shares or bonds. The Company cannot predict when or if it will repurchase any shares of common stock or bonds as such repurchase programs will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.

ACQUISITIONS AND DISPOSITIONS - Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 0	$ 32,661
Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property and equipment, net		2,144
Goodwill		470
Radio broadcasting licenses		30,606
Right of use assets		1,071
Lease liabilities		(1,630)
Assets held for sale, net		$ 32,661

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of after one year or the normal operating cycle, if longer.

+ References + Details

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

12 Months Ended

Dec. 31, 2021

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of Radio Broadcasting licenses impairment test


Radio Broadcasting	October 1,			October 1,				September 30,		March 31,
Licenses	2021			2020				2020 (a)		2020 (a)

Impairment charge (in millions)	$	—		$	1.7*		$	19.1		$	47.7

Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		6.1% – 8.0	%		(10.7)% – (16.0)	%		(10.7)% – (16.8)	%		(13.3)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.7% – 1.1	%		0.7% – 1.1	%
Mature Market Share Range		6.2% – 23.2	%		6.7% – 23.9	%		6.7% – 23.9	%		6.9% – 25.0	%
Mature Operating Profit Margin Range		26.9% – 36.1	%		27.7% – 37.1	%		27.7% – 37.1	%		27.6% – 39.7	%

(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 carrying value

The Company’s total broadcasting licenses carrying value is approximately $505.2 million as of December 31, 2021. 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	2020		(Decrease)		2021

	(In thousands)
Unit of Accounting 2	$	3,086		—		3,086
Unit of Accounting 5		13,525		—		13,525
Unit of Accounting 7		15,223		—		15,223
Unit of Accounting 11		15,560		—		15,560
Unit of Accounting 4		16,142		21,082		37,224
Unit of Accounting 14		19,070		—		19,070
Unit of Accounting 6		22,642		—		22,642
Unit of Accounting 12		32,968		—		32,968
Unit of Accounting 13		39,646		—		39,646
Unit of Accounting 8		52,515		—		52,515
Unit of Accounting 16		54,670		—		54,670
Unit of Accounting 1		84,369		—		84,369
Unit of Accounting 10		114,650		—		114,650
Total	$	484,066	$	21,082	$	505,148

Schedule of Radio Media Goodwill


		October 1,			October 1,
Reach Media Segment Goodwill		2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		11.5	%		11.0	%
Year 1 Revenue Growth Rate		(15.7)	%		22.1	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		24.1 – 26.2	%		18.0% - 19.1	%

Schedule of Cable Television Segment Goodwill


	October 1,			October 1,
Cable Television Segment Goodwill	2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		9.5	%		10.5	%
Year 1 Revenue Growth Rate		11.6	%		4.5	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		0.4% - 0.6	%		0.6% - 1.5	%
Operating Profit Margin Range		34.9% - 46.4	%		37.2% - 46.1	%

Schedule of Digital Segment Goodwill


	October 1,			October 1,
Digital Segment Goodwill	2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		14.0	%		14.0	%
Year 1 Revenue Growth Rate		(20.4)	%		(5.4)	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.5% - 6.8	%		3.4% - 6.0	%
Operating Profit Margin Range		(5.2)% - 14.3	%		(12.5)% - 13.1	%

Schedule of goodwill impairment Radio Markets Reporting Units


Goodwill (Radio Market	October 1,			October 1,			September 30,			March 31,
Reporting Units)	2021 (a)			2020 (a)			2020 (a)			2020(a)

Impairment charge (in millions)	$	—		$	—		$	10.0		$	5.9

Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		(10.7)% – 25.4	%		(12.9)% – 25.9	%		(26.6)% – 34.7	%		(14.5)% – (12.9)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.9% – 1.1	%		0.9% – 1.1	%
Mature Market Share Range		6.2% – 16.0	%		6.8% – 16.8	%		8.4% – 12.7	%		11.1% – 13.0	%
Mature Operating Profit Margin Range		21.2% – 47.3	%		27.7% – 49.1	%		27.7% – 48.1	%		29.4% – 39.0	%

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

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 2021 and 2020:


	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total

	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		(15,900)		—		—		—		(15,900)
Accumulated impairment losses		(101,848)		(16,114)		(20,345)		—		(138,307)
Assets held for sale		(470)		—		—		—		(470)
Net goodwill at December 31, 2020	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402

Schedule of other intangible assets

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


						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period of
	2021		2020		Amortization	Amortization

	(In thousands)
Trade names	$	17,425	$	17,425	1‑5 Years	1.8 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	9.1 Years
Advertiser agreements		46,582		46,789	1‑12 Years	1.3 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	38.3 Years
Brand names		4,413		4,413	10 Years	5.9 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
Debt cost		1,267		2,053	Debt term	4.1 Years
Launch assets		9,021		9,021	Contract length	3.3 Years
Other intangibles		715		675	1‑5 Years	1.0 Years
		130,868		131,821
Less: Accumulated amortization		(80,709)		(75,768)
Other intangible assets, net	$	50,159	$	56,053		4.3 Years

Schedule of estimated amortization expense

The following table presents the Company’s estimate of amortization expense for the years 2022 through 2026 for intangible assets:


	(In thousands)
2022	$	3,651
2023	$	1,225
2024	$	222
2025	$	185
2026	$	165

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 13,055	$ 12,687
Variable Lease Cost (Cost excluded from lease payments)	40	143
Total Lease Cost	13,095	12,830
Operating Lease - Operating Cash Flows (Fixed Payments)	13,784	13,243
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 9,124	$ 8,354
Weighted Average Lease Term - Operating Leases	4 years 11 months 8 days	5 years 4 months 13 days
Weighted Average Discount Rate - Operating Leases	11.00%	11.00%

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED)
Net revenue	$ 130,966	$ 111,463	$ 107,593	$ 91,440	$ 113,542	$ 91,912	$ 76,008	$ 94,875	$ 441,462	$ 376,337
Operating expense	22,391	34,475	37,920	23,757	34,533	3,968	20,382	(27,287)	118,543	31,596
Net (loss) income	7,273	14,455	18,478	461	27,124	(12,277)	1,642	(23,058)
Consolidated net loss	$ 6,603	$ 13,876	$ 17,866	$ 7	$ 26,426	$ (12,772)	$ 1,420	$ (23,187)	$ 38,352	$ (8,113)
BASIC AND DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Consolidated net (loss) income per share attributable to common stockholders - basic	$ 0.13	$ 0.27	$ 0.36	$ 0.00	$ 0.58	$ (0.29)	$ 0.03	$ (0.51)	$ 0.76	$ (0.18)
Consolidated net (loss) income per share attributable to common stockholders - diluted	$ 0.12	$ 0.25	$ 0.33	$ 0.00	$ 0.55	$ (0.29)	$ 0.03	$ (0.51)	$ 0.71	$ (0.18)
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding - basic	51,206,358	51,190,105	49,789,892	48,463,289	45,942,818	44,175,385	44,806,219	45,228,164	50,163,600	45,041,467
Weighted average shares outstanding -diluted	55,084,927	55,080,394	53,780,918	49,053,650	48,054,418	44,175,385	48,154,262	45,228,164	54,136,641	45,041,467

CONTENT ASSETS

12 Months Ended

Dec. 31, 2021

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
	2021		2020		Amortization

	(In thousands)
Produced content assets:
Completed	$	397,174	$	365,806
In-production		12,124		11,029
Licensed content assets acquired:
Acquired		66,005		56,913
Content assets, at cost		475,303		433,748	1‑5 Years
Less: Accumulated amortization		(389,265)		(342,139)
Content assets, net		86,038		91,609
Current portion		(25,883)		(28,434)
Noncurrent portion	$	60,155	$	63,175

Produced content assets include certain unamortized costs that will not be 80% amortized within three years from December 31, 2021, totaling approximately $18.3 million. Approximately 55.8% of these unamortized costs are expected to be amortized within three years from December 31, 2021. The remaining balance of these costs will be amortized through the year ending December 31, 2027. Amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses.

Future estimated content amortization expense related to agreements entered into as of December 31, 2021, for years 2022 through 2026 is as follows:


	(In thousands)
2022	$	25,883
2023	$	18,724
2024	$	8,505
2025	$	6,600
2026	$	2,297

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, 2021, are as follows:


	(In thousands)
2022	$	18,972
2023	$	2,865

EMPLOYMENT AGREEMENT AWARD

12 Months Ended

Dec. 31, 2021

EMPLOYMENT AGREEMENT AWARD [Abstract]

EMPLOYMENT AGREEMENT AWARD

8. EMPLOYMENT AGREEMENT AWARD:

The Company accounts for an award called for in the CEO’s employment agreement (the “Employment Agreement Award”) at fair value. The Company estimated the fair value of the award at December 31, 2021 and 2020, to be approximately $28.2 million and $25.6 million, respectively, and accordingly adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $6.2 million and $2.3 million for the years ended December 31, 2021 and 2020, 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.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:


	Year Ended December 31,
	2021		2020

Net Revenue:
Radio Advertising	$	165,244	$	137,849
Political Advertising		3,494		22,484
Digital Advertising		59,812		34,131
Cable Television Advertising		95,589		79,732
Cable Television Affiliate Fees		102,380		99,489
Event Revenues & Other		14,943		2,652
Net Revenue (as reported)	$	441,462	$	376,337

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


	December 31, 2021		December 31, 2020

	(In thousands)
Contract assets:
Unbilled receivables	$	10,735	$	5,798

Contract liabilities:
Customer advances and unearned income	$	7,494	$	4,955
Reserve for audience deficiency		6,020		3,544
Unearned event income		—		5,921

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,
	2021		2020

	(In thousands)
Launch assets	$	9,021	$	9,021
Less: Accumulated amortization		(4,724)		(3,124)
Launch assets, net	$	4,297	$	5,897

Schedule of future estimated launch support amortization expense

Future estimated launch support amortization expense or revenue reduction related to launch assets for years 2022 through 2026 is as follows:


	(In thousands)
2022	$	1,424
2023	$	1,424
2024	$	936
2025	$	358
2026	$	155

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

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


	Year Ended December 31,
	2021		2020

	(Unaudited)
	(In Thousands)
Numerator:
Net income (loss) attributable to common stockholders	$	38,352	$	(8,113)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		50,163,600		45,041,467
Effect of dilutive securities:
Stock options and restricted stock		3,973,041		—
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		54,136,641		45,041,467

Net income (loss) attributable to common stockholders per share – basic	$	0.76	$	(0.18)
Net income (loss) attributable to common stockholders per share –diluted	$	0.71	$	(0.18)

Schedule of earning per share by potential common shares


				Year Ended
				December 31, 2020
				(In thousands)
Stock options				4,019
Restricted stock awards				1,879

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

As of December 31, 2021, and December 31, 2020, 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, 2021
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	28,193		—		—	$	28,193
Total	$	28,193	$	—	$	—	$	28,193

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	17,015	$	—	$	—	$	17,015

As of December 31, 2020
Liabilities subject to fair value measurement:
Contingent consideration (c)	$	780		—		—	$	780
Employment agreement award (a)		25,603		—		—		25,603
Total	$	26,383	$	—	$	—	$	26,383

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	12,701	$	—	$	—	$	12,701

(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, 2019	$	1,921	$	27,017	$	10,564
Net income attributable to redeemable noncontrolling interests		—		—		1,544
Dividends paid to redeemable noncontrolling interests		—		—		(2,802)
Distribution		(1,188)		(3,685)		—
Change in fair value		47		2,271		3,395
Balance at December 31, 2020	$	780	$	25,603	$	12,701
Net income attributable to redeemable noncontrolling interests		—		—		2,315
Dividends paid to redeemable noncontrolling interests		—		—		(2,400)
Distribution		(1,060)		(3,573)		—
Change in fair value		280		6,163		4,399
Balance at December 31, 2021	$	—	$	28,193	$	17,015

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, 2021	$	(280)	$	(6,163)	$	—
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, 2020	$	(47)	$	(2,271)	$	—

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
			December 31,		December 31,
		Significant	2021		2020

		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Contingent consideration	Monte Carlo Simulation	Expected volatility	*		29.5	%
Contingent consideration	Monte Carlo Simulation	Discount Rate	*		16.5	%
Employment agreement award	Discounted Cash Flow	Discount Rate	9.5	%	10.5	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate	0.5	%	1.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate	11.5	%	11.0	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate	0.4	%	1.0	%

*Contingent consideration liability is fully settled as of December 31, 2021.

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

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:


	Year Ended December 31,
	2021			2020

	(Dollars In thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	13,055		$	12,687
Variable Lease Cost (Cost excluded from lease payments)		40			143
Total Lease Cost	$	13,095		$	12,830

Operating Lease - Operating Cash Flows (Fixed Payments)	$	13,784		$	13,243
Operating Lease - Operating Cash Flows (Liability Reduction)	$	9,124		$	8,354

Weighted Average Lease Term - Operating Leases		4.94	years		5.37	years
Weighted Average Discount Rate - Operating Leases		11.00	%		11.00	%

Schedule of maturities of lease liabilities


For the Year Ended December 31,	(Dollars in thousands)
2022	$	13,685
2023		11,750
2024		10,639
2025		5,903
2026		3,712
Thereafter		8,209
Total future lease payments		53,898
Imputed interest		12,598
Total	$	41,300

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

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
	2021		2020		Useful Lives

	(In thousands)
Land and improvements	$	4,128	$	2,372	—
Buildings		3,241		2,654	31 years
Transmitters and towers		43,466		39,277	7‑15 years
Equipment		63,192		59,537	3‑7 years
Furniture and fixtures		9,397		9,019	6 years
Software and web development		31,337		29,741	3 years
Leasehold improvements		24,727		24,449	Lease Term
Construction-in-progress		476		372	—
		179,964		167,421
Less: Accumulated depreciation and amortization		(153,673)		(148,229)
Property and equipment, net	$	26,291	$	19,192

Depreciation and amortization expense for the years ended December 31, 2021, and 2020 was approximately $9.3 million and $9.7 million, respectively. Repairs and maintenance costs are expensed as incurred. Property and equipment assets identified as assets held for sale are excluded from the table above.

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

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. There was no impairment recorded for the year ended December 31, 2021 and for the year ended December 31, 2020, we recorded impairment charges against radio broadcasting licenses and goodwill collectively, of approximately $84.4 million.

We did not identify any impairment indicators at any of our reportable segments for the year ended December 31, 2021. We performed our annual impairment testing and no impairment was identified.

Beginning in March 2020, the Company observed that the COVID-19 pandemic and the resulting government stay at home orders were dramatically impacting certain of the Company's revenues. Most notably, a number of advertisers across significant advertising categories had reduced or ceased advertising spend due to the outbreak and stay at home orders which effectively shut many businesses down in the markets in which we operate. This was particularly true within our radio segment which derives substantial revenue from local advertisers who had been particularly hard hit due to social distancing and government interventions.

2021 Annual Impairment Testing

We completed our 2021 annual impairment assessment as of October 1, 2021. Our 2021 annual impairment testing indicated the carrying values for our radio broadcasting licenses and goodwill attributable to Reach Media, TV One, digital and our radio broadcasting reporting units were not impaired.

2020 Interim Impairment Testing

As a result of COVID-19, the total market revenue growth for certain markets in which we operate was below that assumed in our annual impairment testing. During the first quarter of 2020, the Company recorded a non-cash impairment charge of approximately $5.9 million to reduce the carrying value of our Atlanta market and Indianapolis market goodwill balances and the Company recorded a non-cash impairment charge of approximately $47.7 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis radio market broadcasting licenses. We did not identify any impairment indicators for the three months ended June 30, 2020. Based on market data obtained by the Company in the third quarter of 2020, the total anticipated market revenue growth for certain markets in which we operate continued to be below that assumed in our first quarter impairment testing. We deemed that to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, which we performed as of September 30, 2020. As a result of that testing, the Company recorded a non-cash impairment charge of approximately $10.0 million related to its Atlanta market and Indianapolis market goodwill balances and the Company recorded a non-cash impairment charge of approximately $19.1 million for the three months ended September 30, 2020 associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia and Raleigh market radio broadcasting licenses.

2020 Annual Impairment Testing

We completed our 2020 annual impairment assessment as of October 1, 2020. Our 2020 annual impairment testing indicated the carrying values for our radio broadcasting licenses and goodwill attributable to Reach Media, TV One, digital and our radio broadcasting reporting units were not impaired. However we recorded an impairment charge of approximately $1.7 million associated with the estimated asset sale consideration for one of our St. Louis radio broadcasting licenses.

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, 2020. During the year ended December 31, 2020, the Company recorded a non-cash impairment charge of approximately $68.5 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis radio market broadcasting licenses.


Radio Broadcasting	October 1,			October 1,				September 30,		March 31,
Licenses	2021			2020				2020 (a)		2020 (a)

Impairment charge (in millions)	$	—		$	1.7*		$	19.1		$	47.7

Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		6.1% – 8.0	%		(10.7)% – (16.0)	%		(10.7)% – (16.8)	%		(13.3)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.7% – 1.1	%		0.7% – 1.1	%
Mature Market Share Range		6.2% – 23.2	%		6.7% – 23.9	%		6.7% – 23.9	%		6.9% – 25.0	%
Mature Operating Profit Margin Range		26.9% – 36.1	%		27.7% – 37.1	%		27.7% – 37.1	%		27.6% – 39.7	%

(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


	Radio Broadcasting Licenses
	Carrying Balances
	As of		Net		As of
	December 31,		Increase		December 31,
Unit of Accounting	2020		(Decrease)		2021

	(In thousands)
Unit of Accounting 2	$	3,086		—		3,086
Unit of Accounting 5		13,525		—		13,525
Unit of Accounting 7		15,223		—		15,223
Unit of Accounting 11		15,560		—		15,560
Unit of Accounting 4		16,142		21,082		37,224
Unit of Accounting 14		19,070		—		19,070
Unit of Accounting 6		22,642		—		22,642
Unit of Accounting 12		32,968		—		32,968
Unit of Accounting 13		39,646		—		39,646
Unit of Accounting 8		52,515		—		52,515
Unit of Accounting 16		54,670		—		54,670
Unit of Accounting 1		84,369		—		84,369
Unit of Accounting 10		114,650		—		114,650
Total	$	484,066	$	21,082	$	505,148

Our licenses expire at various dates through August 1, 2029. The FCC grants radio broadcast station licenses for specific periods of time and, upon application, may renew them for additional terms. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application is pending. Under the Communications Act, radio broadcast station licenses may be granted for a maximum term of eight years. The FCC may grant the license renewal application with or without conditions, including renewal for a term less than the maximum otherwise permitted. Historically, our licenses have been renewed for full eight-year terms without any conditions or sanctions; however, there can be no assurance that the licenses of each of our stations will be renewed for a full term without conditions or sanctions.

Valuation of Goodwill

The impairment testing of goodwill is performed at the reporting unit level. We had 16 reporting units as of our October 2021 annual impairment assessment, consisting of each of the 13 radio markets within the radio division 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. As noted above, we did not identify any impairment indicators at any of our reportable segments for the year ended December 31, 2021. Also as noted above, during the first and third quarters of 2020 due to the COVID-19 pandemic, we identified impairment indicators at certain of our radio markets, and, as such, we performed an interim analysis for certain radio market goodwill. During the three months ended March 31, 2020, the Company recorded a non-cash impairment charge of approximately $5.9 million to reduce the carrying value of our Atlanta and Indianapolis market goodwill balances. We did not identify any impairment indicators at any of our other reportable segments for the three months ended June 30, 2020. During the three months ended September 30, 2020, the Company recorded a non-cash impairment charge of approximately $10.0 million related to its Atlanta market and Indianapolis market goodwill balances.

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, 2020.


Goodwill (Radio Market	October 1,			October 1,			September 30,			March 31,
Reporting Units)	2021 (a)			2020 (a)			2020 (a)			2020(a)

Impairment charge (in millions)	$	—		$	—		$	10.0		$	5.9

Discount Rate		9.0	%		9.0	%		9.0	%		9.5	%
Year 1 Market Revenue Growth Rate Range		(10.7)% – 25.4	%		(12.9)% – 25.9	%		(26.6)% – 34.7	%		(14.5)% – (12.9)	%
Long-term Market Revenue Growth Rate Range		0.7% – 1.0	%		0.7% – 1.1	%		0.9% – 1.1	%		0.9% – 1.1	%
Mature Market Share Range		6.2% – 16.0	%		6.8% – 16.8	%		8.4% – 12.7	%		11.1% – 13.0	%
Mature Operating Profit Margin Range		21.2% – 47.3	%		27.7% – 49.1	%		27.7% – 48.1	%		29.4% – 39.0	%

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

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 2020. 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		2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		11.5	%		11.0	%
Year 1 Revenue Growth Rate		(15.7)	%		22.1	%
Long-term Revenue Growth Rate (Year 5)		1.0	%		1.0	%
Operating Profit Margin Range		24.1 – 26.2	%		18.0% - 19.1	%

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 2020. 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. As a result of our impairment assessments, the Company concluded that the goodwill was not impaired.


	October 1,			October 1,
Digital Segment Goodwill	2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		14.0	%		14.0	%
Year 1 Revenue Growth Rate		(20.4)	%		(5.4)	%
Long-term Revenue Growth Rate (Years 6 – 10)		2.5% - 6.8	%		3.4% - 6.0	%
Operating Profit Margin Range		(5.2)% - 14.3	%		(12.5)% - 13.1	%

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 2020. As a result of the testing performed, the Company concluded no impairment to the carrying value of goodwill had occurred.


	October 1,			October 1,
Cable Television Segment Goodwill	2021			2020

Impairment charge (in millions)	$	—		$	—

Discount Rate		9.5	%		10.5	%
Year 1 Revenue Growth Rate		11.6	%		4.5	%
Long-term Revenue Growth Rate Range (Years 6 – 10)		0.4% - 0.6	%		0.6% - 1.5	%
Operating Profit Margin Range		34.9% - 46.4	%		37.2% - 46.1	%

The above goodwill tables reflect some of the key valuation assumptions used for 11 of our 16 reporting units. The other five remaining reporting units had no goodwill carrying value balances as of December 31, 2021.

Goodwill Valuation Results

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments during 2021 and 2020:


	Radio		Reach				Cable
	Broadcasting		Media		Digital		Television
	Segment		Segment		Segment		Segment		Total

	(In thousands)
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		(15,900)		—		—		—		(15,900)
Accumulated impairment losses		(101,848)		(16,114)		(20,345)		—		(138,307)
Assets held for sale		(470)		—		—		—		(470)
Net goodwill at December 31, 2020	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402
Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		—		—		—		—		—
Impairments		—		—		—		—		—
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402

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 2021 were reasonable.

Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses


						Remaining
						Weighted-
						Average
	As of December 31,				Period of	Period of
	2021		2020		Amortization	Amortization

	(In thousands)
Trade names	$	17,425	$	17,425	1‑5 Years	1.8 Years
Intellectual property		9,531		9,531	4‑10 Years	0.0 Years
Acquired income leases		127		127	3‑15 Years	9.1 Years
Advertiser agreements		46,582		46,789	1‑12 Years	1.3 Years
Favorable office and transmitter leases		2,097		2,097	2‑60 Years	38.3 Years
Brand names		4,413		4,413	10 Years	5.9 Years
Brand names - unamortized		39,690		39,690	Indefinite	—
Debt cost		1,267		2,053	Debt term	4.1 Years
Launch assets		9,021		9,021	Contract length	3.3 Years
Other intangibles		715		675	1‑5 Years	1.0 Years
		130,868		131,821
Less: Accumulated amortization		(80,709)		(75,768)
Other intangible assets, net	$	50,159	$	56,053		4.3 Years

Amortization expense of intangible assets for the years ended December 31, 2021 and 2020 was approximately $3.7 million and $3.9 million, respectively.

The following table presents the Company’s estimate of amortization expense for the years 2022 through 2026 for intangible assets:


	(In thousands)
2022	$	3,651
2023	$	1,225
2024	$	222
2025	$	185
2026	$	165

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.

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Aug. 01, 2021	Jan. 15, 2021	Dec. 31, 2020	Nov. 09, 2020	Oct. 31, 2020	Dec. 31, 2018	Apr. 18, 2017	Oct. 15, 2015	Apr. 17, 2015
LONG-TERM DEBT
Total debt	$ 832,505			$ 855,156
Less: current portion of long-term debt	0			23,362
Less: original issue discount and issuance costs	13,889			12,870
Long-term debt, net	818,616			818,924
2018 Credit Facility
LONG-TERM DEBT
Total debt	0			129,935
Interest rate							9.25%
2017 Credit Facility
LONG-TERM DEBT
Total debt	$ 0			317,332
Interest rate	8.75%							7.375%
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
Total debt	$ 825,000			0
Interest rate	7.375%
PPP loan
LONG-TERM DEBT
Total debt	$ 7,505			0
MGM National Harbor Loan
LONG-TERM DEBT
Total debt	$ 0			57,889
Interest rate	7.00%
8.75% Senior Secured Notes due December 2022
LONG-TERM DEBT
Total debt	$ 0			347,016
Interest rate	8.75%		8.75%		8.75%	8.75%
7.375% Senior Secured Notes due April 2022
LONG-TERM DEBT
Total debt	$ 0			$ 2,984
Interest rate	7.375%	7.375%			7.375%	7.375%			7.375%	7.375%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 132,245	$ 73,385
Restricted cash	19,973	473
Trade accounts receivable, net of allowance for doubtful accounts of $8,743 and $7,956, respectively	127,446	106,296
Prepaid expenses	2,967	10,154
Current portion of content assets	25,883	28,434
Other current assets	4,760	4,224
Total current assets	313,274	222,966
CONTENT ASSETS, net	60,155	63,175
PROPERTY AND EQUIPMENT, net	26,291	19,192
GOODWILL	223,402	223,402
RIGHT OF USE ASSETS	38,044	40,918
RADIO BROADCASTING LICENSES	505,148	484,066
OTHER INTANGIBLE ASSETS, net	50,159	56,053
DEFERRED TAX ASSETS, net	0	10,041
ASSETS HELD FOR SALE	0	32,661
OTHER ASSETS	44,635	43,013
Total assets	1,261,108	1,195,487
CURRENT LIABILITIES:
Accounts payable	14,588	11,135
Accrued interest	25,458	8,017
Accrued compensation and related benefits	10,960	12,302
Current portion of content payables	18,972	16,248
Current portion of lease liabilities	10,072	8,928
Other current liabilities	26,421	26,917
Current portion of long-term debt	0	23,362
Total current liabilities	106,471	106,909
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs	818,616	818,924
CONTENT PAYABLES, net of current portion	2,865	9,479
LONG-TERM LEASE LIABILITIES	31,228	36,577
OTHER LONG-TERM LIABILITIES	28,320	23,999
DEFERRED TAX LIABILITIES, net	2,473	0
Total liabilities	989,973	995,888
REDEEMABLE NONCONTROLLING INTERESTS	17,015	12,701
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2021 and December 31, 2020	0	0
Additional paid-in capital	1,020,636	991,769
Accumulated deficit	(766,567)	(804,919)
Total stockholders' equity	254,120	186,898
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,261,108	1,195,487
Common Stock Class A
STOCKHOLDERS' EQUITY:
Common stock value	9	4
Common Stock Class B
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class C
STOCKHOLDERS' EQUITY:
Common stock value	2	3
Common Stock Class D
STOCKHOLDERS' EQUITY:
Common stock value	$ 37	$ 38

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
2022	$ 0
2023	0
2024	0
2025	0
2026	7,505
2027 and thereafter	825,000
Total Debt	832,505	$ 855,156
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
2022	0
2023	0
2024	0
2025	0
2026	0
2027 and thereafter	825,000
Total Debt	$ 825,000	0
Interest rate	7.375%
PPP loan
LONG-TERM DEBT
2022	$ 0
2023	0
2024	0
2025	0
2026	7,505
2027 and thereafter	0
Total Debt	$ 7,505	$ 0

ACQUISITIONS AND DISPOSITIONS (Details)	Apr. 20, 2021 USD ($)	Feb. 24, 2020 USD ($)	Dec. 31, 2020 USD ($)	Nov. 06, 2020 item
ACQUISITIONS AND DISPOSITIONS
Carrying value			$ 32,700,000
WFUN FM
ACQUISITIONS AND DISPOSITIONS
Assets, held for sale, tangible and intangible disposed	$ 8,000,000.0
Proceeds from assets sold	$ 8,000,000.0
Number of radio stations transferred \| item				3
WQMC-LD
ACQUISITIONS AND DISPOSITIONS
Total consideration		$ 475,000

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Asset Acquisition [Line Items]
Radio broadcasting licenses	$ 21,100,000
Right of use assets	1,700,000
Advertising credit liability	1,900,000
Operating lease liabilities	921,000
Unfavorable lease liability	812,000
Land and land improvements
Asset Acquisition [Line Items]
Property, plant and equipment	1,800,000
Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment	2,000,000.0
Buildings
Asset Acquisition [Line Items]
Property, plant and equipment	517,000
Transmitters
Asset Acquisition [Line Items]
Property, plant and equipment	1,000,000.0
Studios
Asset Acquisition [Line Items]
Property, plant and equipment	712,000
Vehicles
Asset Acquisition [Line Items]
Property, plant and equipment	53,000
Furniture and fixtures
Asset Acquisition [Line Items]
Property, plant and equipment	200,000
Computer equipment
Asset Acquisition [Line Items]
Property, plant and equipment	67,000
Other equipment
Asset Acquisition [Line Items]
Property, plant and equipment	19,000
Audacy and Gateway
Asset Acquisition [Line Items]
Net gain from transaction	$ 404,000

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Digital Segment (Details) - USD ($)			12 Months Ended
	Oct. 01, 2021	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre Tax Impairment Charges			$ 0	$ 84,400,000
Digital Segment [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre Tax Impairment Charges	$ 0	$ 0
Discount Rate	14.00%	14.00%
Year 1 Revenue Growth Rate	(20.40%)	(5.40%)
Digital Segment [Member] \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate (Years 6 - 10)		6.00%
Operating Profit Margin Range	14.30%	13.10%
Long-term market revenue growth rate period	10 years	10 years
Digital Segment [Member] \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate (Years 6 - 10)		3.40%
Operating Profit Margin Range	(5.20%)	(12.50%)
Long-term market revenue growth rate period	6 years	6 years

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Estimate of Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands	Dec. 31, 2021 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
2022	$ 3,651
2023	1,225
2024	222
2025	185
2026	$ 165

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable (in dollars)	$ 8,743	$ 7,956
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
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	9,104,916	4,441,635
Common stock, shares outstanding	9,104,916	4,441,635
Common Stock Class B
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
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	2,045,016
Common stock, shares outstanding	2,045,016	2,928,906
Common Stock Class D
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,324,737	37,515,801
Common stock, shares outstanding	37,324,737	37,515,801

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER CURRENT LIABILITIES
Deferred revenue	$ 7,494	$ 10,875
Deferred barter revenue	1,271	935
Employment Agreement Award	3,966	3,325
Accrued national representative fees	457	1,087
Accrued miscellaneous taxes	213	562
Income taxes payable	283	600
Tenant allowance	180	242
Contingent consideration	0	780
Reserve for audience deficiency	6,020	3,544
Other current liabilities	6,537	4,967
Other Liabilities, Current, Total	$ 26,421	$ 26,917

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 441,462	$ 376,337
OPERATING EXPENSES:
Programming and technical including stock-based compensation of $20 and $20, respectively	119,092	103,833
Selling, general and administrative, including stock-based compensation of $31 and $413, respectively	143,187	109,046
Corporate selling, general and administrative, including stock-based compensation of $514 and $1,861, respectively	51,351	37,721
Depreciation and amortization	9,289	9,741
Impairment of long-lived assets	0	84,400
Total operating expenses	322,919	344,741
Operating income	118,543	31,596
INTEREST INCOME	218	213
INTEREST EXPENSE	65,702	74,507
LOSS ON RETIREMENT OF DEBT	6,949	2,894
OTHER INCOME, net	(8,134)	(4,547)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries	54,244	(41,045)
PROVISION FOR (BENEFIT FROM) INCOME TAXES	13,577	(34,476)
CONSOLIDATED NET INCOME (LOSS)	40,667	(6,569)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,315	1,544
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 38,352	$ (8,113)
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 0.76	$ (0.18)
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 0.71	$ (0.18)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	50,163,600	45,041,467
Diluted	54,136,641	45,041,467

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

LONG-TERM DEBT

9. LONG-TERM DEBT:

Long-term debt consists of the following:


	As of December 31,
	2021		2020

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	825,000	$	—
PPP Loan		7,505		—
2018 Credit Facility		—		129,935
MGM National Harbor Loan		—		57,889
2017 Credit Facility		—		317,332
8.75% Senior Secured Notes due December 2022		—		347,016
7.375% Senior Secured Notes due April 2022		—		2,984
Total debt		832,505		855,156
Less: current portion of long-term debt		—		23,362
Less: original issue discount and issuance costs		13,889		12,870
Long-term debt, net	$	818,616	$	818,924

2028 Notes

On January 7, 2021, the Company launched an offering (the “2028 Notes Offering”) of $825 million in aggregate principal amount of 7.375% senior secured notes due 2028 (the “2028 Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). On January 8, 2021, the Company entered into a purchase agreement with respect to the 2028 Notes at an issue price of 100% and the 2028 Notes Offering closed on January 25, 2021. The 2028 Notes are general senior secured obligations of the Company and are guaranteed on a senior secured basis by certain of the Company’s direct and indirect restricted subsidiaries. The 2028 Notes mature on February 1, 2028 and interest on the Notes accrues and is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2021 at the rate of 7.375% per annum.

The Company used the net proceeds from the 2028 Notes Offering, together with cash on hand, to repay or redeem: (1) the 2017 Credit Facility; (2) the 2018 Credit Facility; (3) the MGM National Harbor Loan; (4) the remaining amounts of our 7.375% Notes; and (5) our 8.75% Notes that were issued in the November 2020 Exchange Offer (all as defined below). Upon settlement of the 2028 Notes Offering, the 2017 Credit Facility, the 2018 Credit Facility and the MGM National Harbor Loan were terminated and the indentures governing the 7.375% Notes and the 8.75% Notes were satisfied and discharged. There was a net loss on retirement of debt of approximately $6.9 million for the year ended December 31, 2021 associated with the settlement of the 2028 Notes.

The 2028 Notes and the guarantees are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the Guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”)), including the capital stock of each guarantor (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral.

The associated debt issuance costs in the amount of approximately $15.4 million 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.

The amount of deferred financing costs included in interest expense for all instruments, for the years ended December 31, 2021 and 2020, was approximately $2.3 million and $4.5 million, respectively. The Company’s effective interest rate for 2021 was 7.96%.

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 2028 Notes.

PPP Loan

On January 29, 2021, the Company submitted an application for participation in the second round of the Paycheck Protection Program loan program (“PPP”). On June 1, 2021, the Company received proceeds of approximately $7.5 million. The loan bears interest at a fixed rate of 1% per year and will not be changed during the life of the loan. The loan matures June 1, 2026. The Company is in the process of applying for loan forgiveness. While certain of the PPP loans may be forgivable, until they are repaid or forgiven, the loan amount may constitute debt under the 2028 Notes and increase the Company’s leverage.

8.75% Notes

In October 2020, the Company announced an offer to eligible holders of its 7.375% Senior Secured Notes due 2022 (the “7.375% Notes”) to exchange any and all of their 7.375% Notes for newly issued 8.75% Senior Secured Notes due 2022 (the “8.75% Notes”). The exchange offer closed on November 9, 2020 and, therefore, is referred to as the “November 2020 Exchange Offer”. Until their satisfaction and discharge on settlement of the 2028 Notes, the 8.75% Notes were governed by an indenture, dated November 9, 2020 (the “8.75% Notes Indenture”), by and between the Company, the guarantors therein (the “Guarantors”) and Wilmington Trust, National Association, as trustee (in such capacity, the “8.75% Notes Trustee”) and as notes collateral agent (in such capacity, “the 8.75% Notes Collateral Agent”). Interest on the 8.75% Notes accrued at the rate per annum equal to 8.75% and was payable, in cash, quarterly on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2021, to holders of record on the immediately preceding January 1, April 1, July 1 and October 1, respectively.

The 8.75% Notes were general senior obligations and were guaranteed (the “Guarantees”) by the Guarantors. The 8.75% Notes and the Guarantees: (i) ranked equal in right of payment to all of the Company’s and the Guarantor’s existing and future senior indebtedness, (ii) were secured on a first-priority basis by the Notes Priority Collateral (as defined below) and on a second-priority basis by the ABL Priority Collateral (defined below) owned by the Company and the applicable Guarantor, in each case subject to certain liens permitted under the 8.75% Notes Indenture, (iii) were equal in priority to the collateral owned by the Company and the Guarantor with respect to obligations under the credit agreement, dated as of April 18, 2017, by and among the Company, various lenders therein and Guggenheim Securities Credit Partners, LLC, as administrative agent and any other Parity Lien Debt (as described in the 8.75% Notes Indenture), if any, incurred after the date the 8.75% Notes were issued, (iv) ranked senior in right of payment to any existing or future subordinated indebtedness of the Company or Guarantors, (v) were initially guaranteed on a senior basis by each of the Company’s wholly-owned domestic subsidiaries (other than certain immaterial subsidiaries, unrestricted subsidiaries, and other certain exceptions), (vi) were effectively senior to all of the Company’s and the Guarantor’s existing and future unsecured indebtedness to the extent of the value of the collateral owned by the Company or applicable Guarantors and effectively senior to all existing and future ABL Debt Obligations (as defined in the 8.75% Notes Indenture) to the extent of the value of the Notes Priority Collateral (as defined below) owned by the Company or applicable Guarantor, (vii) were effectively subordinated to all of the Company’s and the Guarantor’s existing and future indebtedness that was secured by liens on assets that do not secure the Notes or the Guarantee to the extent of the value of such assets, (viii) were structurally subordinated to all of the Company’s and the Guarantor’s existing and future indebtedness and other claims and liabilities, including preferred stock, of subsidiaries of the Company that are not guarantors, and (ix) were effectively senior to any 7.375% Notes that remain outstanding after the November 2020 Exchange Offer with respect to any collateral proceeds.

The 8.75% Notes and the guarantees were secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the Guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”),

including the capital stock of each Guarantor (which, in the case of foreign subsidiaries, is limited to 65% of the voting stock and 100% of the non-voting stock of each first-tier foreign subsidiary) (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral.

In connection with the November 2020 Exchange Offer, the 8.75% Notes were subject to a new intercreditor agreement, pursuant to which proceeds received by the 7.375% Notes Trustee with respect to collateral proceeds received by the 7.375% Notes Trustee for the 7.375% Notes under an existing parity lien intercreditor agreement were to be paid over to the 8.75% Notes Trustee for the 8.75% Notes to the extent of the amounts owed to the holders of the 8.75% Notes then outstanding.

The Company could redeem the 8.75% Notes in whole or in part, at its option, upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 100% of the principal amount of such 8.75% Notes plus accrued and unpaid interest, if any, to the redemption date.

Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repurchase, repay or redeem $15 million aggregate principal amount of the 8.75% Notes. Separately, within five business days after each Excess Cash Flow Calculation Date (as defined in the 8.75% Notes Indenture), the Company was to redeem an aggregate principal amount of 8.75% Notes equal to 50% of the Excess Cash Flow (as defined in the 8.75% Notes Indenture), provided that repurchases, repayments or redemption of 8.75% Notes with internally generated funds during the applicable calculation period would reduce on a dollar-for-dollar basis the amount of such redemption otherwise required on the applicable calculation date. Any such mandatory redemptions were to be at par (plus accrued and unpaid interest).

During the year ended December 31, 2020, the Company recorded a loss on retirement of debt of approximately $2.9 million associated with the November 2020 Exchange Offer. The premium paid to the bondholders in the amount of approximately $3.5 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.

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 then outstanding 9.25% Senior Subordinated Notes due 2020.

Until its termination on settlement of the 2028 Notes, borrowings under the 2018 Credit Facility were 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 satisfied 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 notified the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagreed with such determination (including a reasonable description of the basis upon which it disagrees).

The 2018 Credit Facility was scheduled to mature on December 31, 2022 (the “Maturity Date”). In connection with the November 2020 Exchange Offer, we also entered into an amendment to certain terms of our 2018 Credit Facility including the extension of the maturity date to March 31, 2023. Interest rates on borrowings under the 2018 Credit Facility were 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 had been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings had been

repaid. Interest payments began on the last day of the 3-month period commencing on the Funding Date. Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repay $10 million of the 2018 Credit Facility. The amendment was accounted for as a modification in accordance with the provisions of ASC 470, “Debt”.

The Company's obligations under the 2018 Credit Facility were not secured. The 2018 Credit Facility was 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 be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company was 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 was also required to use 75% of excess cash flow (“ECF payment”) as defined in the 2018 Credit Facility, which excluded 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 term loans at par. During the year ended December 31, 2020, the Company repaid approximately $37.2 million under the 2018 Credit Facility. Included in the repayments made during the year ended December 31, 2020 was approximately $11.1 million in ECF payments in accordance with the agreement.

The 2018 Credit Facility contained 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, as amended, also contained 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, 6.75 to 1.00 in 2022 and 6.25 to 1.00 in 2023.

The original issue discount in the amount of approximately $3.8 million and associated debt issuance costs in the amount of $875,000 were 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.

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. On June 25, 2020, the Company borrowed an incremental $3.6 million on the MGM National Harbor Loan and used the proceeds to pay down the higher coupon 2018 Credit Facility by the same amount.

Until its termination on settlement of the 2028 Notes, the MGM National Harbor Loan was scheduled to mature on December 31, 2022 and bore interest at 7.0% per annum in cash plus 4.0% per annum paid-in kind. The loan had limited ability to be prepaid in the first two years. The loan was 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 was 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 contained customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications).

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 was 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 was 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 provided for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction.

Until its termination on settlement of the 2028 Notes, the 2017 Credit Facility matured 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 7.375% 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 5.00% for 2021 and was 5.17% for 2020.

The 2017 Credit Facility was (i) guaranteed by each entity that guarantees the Company’s 7.375% Notes on a pari passu basis with the guarantees of the 7.375% Notes and (ii) secured on a pari passu basis with the Company’s 7.375% Notes. The Company’s obligations under the 2017 Credit Facility were 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 was 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 required an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company was 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 year ended December 31, 2020, the Company repaid approximately $3.3 million under the 2017 Credit Facility.

The 2017 Credit Facility contained 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 7.375% Notes. The 2017 Credit Facility also contained 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 contained affirmative and negative covenants that the Company was 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.

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.

7.375% 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 “7.375% Notes”). The 7.375% Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and matured on April 15, 2022. Interest on the 7.375% Notes accrued at the rate of 7.375% per annum and was payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 7.375% Notes were guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One.

The Company used the net proceeds from the 7.375% 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.

Until their satisfaction and discharge on settlement of the 2028 Notes, the 7.375% Notes were the Company’s senior secured obligations and ranked 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 previously existing senior subordinated notes. The 7.375% Notes and related guarantees were 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 7.375% Notes, including any additional notes issued under the Indenture, but were 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 7.375% Notes. Collateral included 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.

On November 9, 2020, we completed the November 2020 Exchange Offer of 99.15% of our outstanding 7.375% Notes for $347 million aggregate principal amount of 8.75% Notes.

Asset-Backed Credit Facilities

On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “2016 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 2016 ABL Facility originally provided for $25

million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. On November 13, 2019, the Company entered into an amendment to the 2016 ABL Facility, (the “2016 ABL Amendment”), which increased 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 2016 ABL Amendment also redefined the “Maturity Date” to be “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).”

At the Company’s election, the interest rate on borrowings under the 2016 ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the 2016 ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the 2016 ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.

Advances under the 2016 ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the 2016 ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the 2016 ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the 2016 ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.

All obligations under the 2016 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 2016 ABL Facility). The obligations are also secured by all material subsidiaries of the Company.

The 2016 ABL Facility was subject to the terms of the Intercreditor Agreement (as defined in the 2016 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.

In connection with the offering of the 2028 Notes, the Company entered into an amendment of its 2016 ABL Facility to facilitate the issuance of the 2028 Notes. The amendments to the 2016 ABL Facility, include, among other things, a consent to the issuance of the 2028 Notes, revisions to terms and exclusions of collateral and addition of certain subsidiaries as guarantors.

On February 19, 2021, the Company closed on a new asset backed credit facility (the “Current 2021 ABL Facility”). The Current 2021 ABL Facility is governed by a credit agreement by and among the Company, the other borrowers party thereto, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. The Current 2021 ABL Facility provides for up to $50 million revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. The Current 2021 ABL Facility also provides for a letter of credit facility up to $5 million as a part of the overall $50 million in capacity. On closing of the Current 2021 ABL Facility, the 2016 ABL Facility was terminated on February 19, 2021. As of December 31, 2021, there is no balance outstanding on the Current 2021 ABL Facility.

At the Company’s election, the interest rate on borrowings under the Current 2021 ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the Current 2021 ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the Current 2021 ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.

Advances under the Current 2021 ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the Current 2021 ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the Current 2021 ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the Current 2021 ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the Current 2021 ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by Administrative Agent.

All obligations under the Current 2021 ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the Current 2021 ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company.

The Current 2021 ABL Facility matures on the earliest of: the earlier to occur of (a) the date that is five (5) years from the effective date of the Current 2021 ABL Facility and (b) 91 days prior to the maturity of the Company’s 2028 Notes.

Finally, the Current 2021 ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current 2021 ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association.

Letter of Credit Facility

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement providing for letter of credit capacity of up to $1.2 million. 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, 2021, the Company had letters of credit totaling $871,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. In addition, the Current 2021 ABL Facility provides for letter of credit capacity of up to $5 million subject to certain limitations on availability.

Future Minimum Principal Payments

Future scheduled minimum principal payments of debt as of December 31, 2021, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028		PPP Loan		Total

	(In thousands)
2022	$	—	$	—	$	—
2023		—		—		—
2024		—		—		—
2025		—		—		—
2026		—		7,505		7,505
2027 and thereafter		825,000		—		825,000
Total Debt	$	825,000	$	7,505	$	832,505

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Launch assets	$ 9,021	$ 9,021
Less: Accumulated amortization	(4,724)	(3,124)
Launch assets, net	$ 4,297	$ 5,897

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

11. STOCKHOLDERS’ EQUITY:

On June 16, 2020, the Company’s Board of Directors authorized an amendment (the “Potential Amendment”) of Urban One's certificate of incorporation to effect a reverse stock split across all classes of common stock by a ratio of not less than one-for-two and not more than one-for-fifty at any time prior to December 31, 2021, with the exact ratio to be set at a whole number within this range as determined by our board of directors in its discretion. The Company’s shareholders approved the Potential Amendment at the annual meeting of the shareholders June 16, 2020. The Company has not acted on the Potential Amendment but may do so as determined by our board of directors in its discretion. On June 23, 2021, the Company’s Board of Directors authorized an amendment of the Urban One 2019 Equity and Performance Incentive Plan to increase the number of shares available for grant and to provide the grant of Class A as well as Class D shares. The amendment was approved by the Company’s shareholders and added 5,519,575 shares of Class D Shares and added 2,000,000 Class A Shares.

On August 18, 2020, the Company entered into an Open Market Sales Agreement with Jefferies LLC (“Jefferies”) under which the Company may offer and sell, from time to time at its sole discretion, shares of its Class A common stock, par value $0.001 per share (the “Class A Shares”) up to an aggregate offering price of $25 million (the “2020 ATM Program”). Jefferies acted as sales agent for the 2020 ATM Program. During the year ended December 31, 2020, the Company issued 2,859,276 shares of its Class A Shares at a weighted average price of $5.39 for approximately $14.7 million of net proceeds after associated fees and expenses.

On January 19, 2021, the Company completed its 2020 ATM Program, sold an additional 1,465,825 shares for an aggregate of 4,325,102 Class A shares sold through the 2020 ATM Program, receiving gross proceeds of approximately $25.0 million and net proceeds of approximately $24.0 million for the program (inclusive of the $14.7 million sold during the year ended December 31, 2020). On January 27, 2021, the Company entered into a new 2021 Open Market Sale Agreement (the “2021 Sale Agreement”) with Jefferies under which the Company could sell up to an additional $25.0 million of Class A Shares, through Jefferies as its sales agent. During the three months ended March 31, 2021, the Company issued and sold an aggregate of 420,439 Class A Shares pursuant to the 2021 Sale Agreement and received gross proceeds of approximately $3.0 million and net proceeds of approximately $2.8 million, after deducting commissions to Jefferies and other offering expenses. During the three months ended June 30, 2021, the Company issued and sold an aggregate of 1,893,126 Class A Shares pursuant to the 2021 Sale Agreement and received gross proceeds of approximately $22.0 million and net proceeds of approximately $21.2 million, after deducting commissions to Jefferies and other offering expenses which completed its 2021 ATM Program.

On May 17, 2021, the Company entered into an Open Market Sale Agreement^SM (the “Class D Sale Agreement”) with Jefferies under which the Company may offer and sell, from time to time at its sole discretion, shares of its Class D common stock, par value $0.001 per share (the “Class D Shares”), through Jefferies as its sales agent. On May 17, 2021, the Company filed a prospectus supplement pursuant to the Class D Sale Agreement for the offer and sale of its Class D

Shares having an aggregate offering price of up to $25.0 million. As of December 31, 2021, the Company has not sold any Class D Shares under the Class D Sale Agreement. The Company may from time to time also enter into new additional ATM programs and issue additional common stock from time to time under those programs.

On October 29, 2021, Alfred C. Liggins, President and Chief Executive Officer of Urban One, Inc. and/or Catherine L. Hughes, Founder and Chairperson of Urban One, Inc., and/or their affiliates converted a total of 883,890 shares of Class C Common Stock into 883,890 shares of Class A Common Stock.

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 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 Class D shares through December 31, 2020. In addition, on June 11, 2020, the Company’s Board authorized a repurchase of $2.4 million of the Company’s Class D shares. As of December 31, 2021, the Company had no capacity remaining under the authorizations as the capacity under the June authorization was used and the March authorization lapsed by its terms on December 31, 2020. Under open authorizations, repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Shares are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. When in effect, the Company executes upon stock repurchase programs in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the year ended December 31, 2021, the Company did not repurchase any shares of Class A common stock and repurchased 6,715 shares of Class D common stock in the amount of $39,000 at an average price of $5.80 per share. During the year ended December 31, 2020, the Company did not repurchase any shares of Class A common stock and repurchased 3,208,288 shares of Class D common stock in the amount of approximately $2.4 million at an average price of $0.76 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 and the 2019 Equity and Performance Incentive 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, 2021, the Company executed a Stock Vest Tax Repurchase of 515,162 shares of Class D Common Stock in the amount of $931,000 at an average price of $1.81 per share. During the year ended December 31, 2020, the Company executed a Stock Vest Tax Repurchase of 710,992 shares of Class D Common Stock in the amount of approximately $1.2 million at an average price of $1.64 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, 2021, 5,898,026 shares of Class D common stock and 2,000,000 shares of Class A common stock were available for grant under the 2019 Equity and Performance Incentive Plan.

On June 12, 2019, the Compensation Committee (“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 June 12, 2019, the Compensation Committee awarded Catherine Hughes, Chairperson, 427,148 restricted shares of the Company’s Class D common stock, and stock options to purchase 189,843 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021.

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 June 12, 2019, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 711,914 restricted shares of the Company’s Class D common stock, and stock options to purchase 316,406 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021.

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 June 12, 2019, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 243,750 restricted shares of the Company’s Class D common stock, and stock options to purchase 108,333 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021.

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 have vested or will vest in three installments, with the first installment of 33% having vested on January 5, 2018, and the second installment having vested on January 5, 2019, and the final installment vested on January 5, 2020.

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 have vested 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.

On June 12, 2019, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 211,838 restricted shares of the Company’s Class D common stock, and stock options to purchase 94,150 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and vested on January 6, 2021.

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, 2021 and 2020, was $565,000 and approximately $2.3 million, respectively.

The Company granted 40,917 stock options during the year ended December 31, 2021 and the Company granted 878,643 stock options during the year ended December 31, 2020. The per share weighted-average fair value of options granted during the years ended December 31, 2021 and 2020, was $2.77 and $0.66, respectively.

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


	For the Years Ended December 31,
	2021		2020

Average risk-free interest rate	0.68	%	0.40	%
Expected dividend yield	—	%	—	%
Expected lives	5.16 years		5.04 years
Expected volatility	82.04	%	79.75	%

Transactions and other information relating to stock options for the years December 31, 2021 and 2020 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
Outstanding at December 31, 2019	4,197,000	$	2.13	6.70	$	255,000
Grants	879,000	$	1.83	—		—
Exercised	(1,033,000)	$	1.91	—		—
Forfeited/cancelled/expired/settled	(24,000)	$	3.17	—		—
Outstanding at December 31, 2020	4,019,000	$	2.11	6.48	$	41,000
Grants	41,000	$	4.32	—		—
Exercised	(230,000)	$	1.70	—		—
Forfeited/cancelled/expired/settled	(59,000)	$	1.27	—		—
Balance as of December 31, 2021	3,771,000	$	2.18	5.68	$	4,660,000
Vested and expected to vest at December 31, 2021	3,770,000	$	2.17	5.68	$	4,660,000
Unvested at December 31, 2021	21,000	$	7.26	9.76	$	—
Exercisable at December 31, 2021	3,750,000	$	2.15	5.66	$	4,660,000

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, 2021, 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, 2021. This amount changes based on the fair market value of the Company’s stock.

There were 229,756 options exercised during the year ended December 31, 2021 and there were 1,032,922 options exercised during the year ended December 31, 2020. The number of options that vested during the year ended December 31, 2021 was 903,643 and the number of options that vested during the year ended December 31, 2020 was 637,270.

As of December 31, 2021, $75,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 5 months. The weighted-average fair value per share of shares underlying stock options was $1.45 at December 31, 2021.

The Company granted 101,057 and 1,649,394 shares, respectively, of restricted stock during the years ended December 31, 2021 and 2020, respectively. During the years ended December 31, 2021 and 2020, 9,671 shares and 18,248 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 9,671 shares of restricted stock, or $50,000 worth, of restricted stock based upon the closing price of the Company’s Class D common stock on July 6, 2021. Each of the four non-executive directors received 25,000 shares of restricted stock, or $50,000 worth, of restricted stock based upon the closing price of the Company’s Class D common stock on June 16, 2020. 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, 2021 and 2020 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2019	1,814,000	$	2.14
Grants	1,649,000	$	0.77
Vested	(1,739,000)	$	2.14
Forfeited/cancelled/expired	—	$	—
Unvested at December 31, 2020	1,724,000	$	0.83
Grants	101,000	$	3.22
Vested	(1,749,000)	$	0.83
Forfeited/cancelled/expired	—	$
Unvested at December 31, 2021	76,000	$	3.90

Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2021, $233,000 of total unrecognized compensation cost related to restricted stock grants was expected to be recognized over a weighted-average period of 9 months.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

OTHER CURRENT LIABILITIES

Schedule Of Other Current Liabilities

Other current liabilities consist of the following:


	As of December 31,
	2021		2020

	(In thousands)
Deferred revenue	$	7,494	$	10,875
Deferred barter revenue		1,271		935
Employment Agreement Award		3,966		3,325
Accrued national representative fees		457		1,087
Accrued miscellaneous taxes		213		562
Income taxes payable		283		600
Tenant allowance		180		242
Contingent consideration		—		780
Reserve for audience deficiency		6,020		3,544
Other current liabilities		6,537		4,967
Other current liabilities	$	26,421	$	26,917

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

Schedule of segment reporting information

Detailed segment data for the years ended December 31, 2021 and 2020 is presented in the following table:


	Year Ended
	December 31,
	2021		2020

	(In thousands)
Net Revenue:
Radio Broadcasting	$	140,246	$	130,573
Reach Media		46,437		30,996
Digital		59,937		35,599
Cable Television		198,180		181,583
Corporate/Eliminations*		(3,338)		(2,414)
Consolidated	$	441,462	$	376,337

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	98,250	$	91,052
Reach Media		32,911		22,376
Digital		42,698		29,608
Cable Television		103,049		81,546
Corporate/Eliminations		36,722		26,018
Consolidated	$	313,630	$	250,600

Depreciation and Amortization:
Radio Broadcasting	$	3,135	$	3,022
Reach Media		208		237
Digital		1,264		1,592
Cable Television		3,738		3,749
Corporate/Eliminations		944		1,141
Consolidated	$	9,289	$	9,741

Impairment of Long-Lived Assets:
Radio Broadcasting	$	—	$	84,400
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	—	$	84,400

Operating income (loss):
Radio Broadcasting	$	38,861	$	(47,901)
Reach Media		13,318		8,383
Digital		15,975		4,399
Cable Television		91,393		96,288
Corporate/Eliminations		(41,004)		(29,573)
Consolidated	$	118,543	$	31,596

* Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,338)	$	(2,414)


Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,826	$	2,200
Reach Media		160		82
Digital		1,354		799
Cable Television		385		92
Corporate/Eliminations		1,561		625
Consolidated	$	6,286	$	3,798


	As of
	December 31,		December 31,
	2021		2020

	(In thousands)
Total Assets:
Radio Broadcasting	$	627,948	$	630,174
Reach Media		33,451		38,235
Digital		32,915		23,168
Cable Television		367,896		374,046
Corporate/Eliminations		198,898		129,864
Consolidated	$	1,261,108	$	1,195,487

INVESTMENTS (Details) - USD ($) $ in Thousands			12 Months Ended
INVESTMENTS (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Apr. 10, 2015	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Long-term Debt.			$ 832,505	$ 855,156
MGM National Harbor Loan
Schedule of Investments [Line Items]
Long-term Debt.			0	57,889
MGM National Harbor [Member]
Schedule of Investments [Line Items]
Payments to Acquire Investments	$ 35,000	$ 5,000
Other Income			$ 7,700	$ 4,900

- 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

LONG-TERM DEBT - Additional Information (Details)								1 Months Ended		12 Months Ended
LONG-TERM DEBT - Additional Information (Details)	Feb. 19, 2021 USD ($)	Jan. 08, 2021	Nov. 09, 2020 USD ($)	Nov. 13, 2019 USD ($)	Dec. 19, 2018 USD ($)	Apr. 18, 2017 USD ($)	Apr. 17, 2015 USD ($)	Apr. 18, 2017 USD ($)	Apr. 21, 2016 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 01, 2021	Jan. 15, 2021	Jan. 07, 2021 USD ($)	Oct. 31, 2020	Jun. 25, 2020 USD ($)	Dec. 31, 2018	Dec. 20, 2018 USD ($)	Oct. 15, 2015	Feb. 24, 2015 USD ($)
Debt Instrument [Line Items]
Deferred financing costs included in interest expense										$ 2,267,000	$ 4,465,000
Repayments of Long-term Debt, Total											37,200,000
Debt Instrument, Description						In addition to any mandatory or optional prepayments, the Company was 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 required an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company was 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 year ended December 31, 2020, the Company repaid approximately $3.3 million under the 2017 Credit Facility.				The 2018 Credit Facility contained 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, as amended, also contained 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, 6.75 to 1.00 in 2022 and 6.25 to 1.00 in 2023.
LOSS ON RETIREMENT OF DEBT										$ 6,949,000	2,894,000
Repayments of Long Term Debt, Excess Cash Flow Payments											11,100,000
Amortization of debt premium											3,500,000
Senior Secured Notes Due 2022
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 350,000,000.0
Debt Instrument, Description							The 7.375% Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and matured on April 15, 2022.
2028 Notes Offering
Debt Instrument [Line Items]
Face amount of debt														$ 825,000,000
Interest rate														7.375%
Percentage of issue price		100
Debt issuance costs										15,400,000
Deferred financing costs included in interest expense										2,300,000	4,500,000
LOSS ON RETIREMENT OF DEBT										$ 6,900,000
Debt instrument effective interest rate										7.96%
MGM National Harbor Loan
Debt Instrument [Line Items]
Face amount of debt																		$ 50,000,000.0
Interest rate										7.00%
Limited ability for prepayment period										2 years
Debt issuance costs										$ 1,700,000
Long-term Debt, Gross											57,900,000
Debt Instrument, Unamortized Discount (Premium), Net										$ 1,000,000.0
Long Term Debt Percentage Paid In Kind										4.00%
7.375% Senior Secured Notes due April 2022
Debt Instrument [Line Items]
Face amount of debt			$ 347,000,000
Interest rate			7.375%				7.375%			7.375%		7.375%			7.375%				7.375%
Percentage of exchange offer			99.15%
8.75% Senior Secured Notes due December 2022
Debt Instrument [Line Items]
Interest rate			8.75%							8.75%			8.75%		8.75%
Percentage of voting stock as lien for secured debt in case of foreign subsidiary			65.00%
Percentage of non-voting stock as lien for secured debt in case of foreign subsidiary			100.00%
Percentage of excess cash flow			50.00%
Debt Instrument, Redemption Price, Percentage										100.00%
Amount redeemable										$ 15,000,000
ABL Facility
Debt Instrument [Line Items]
Face amount of debt				$ 37,500,000
Debt Instrument, Term	5 years
Period prior to maturity of senior secured notes	91 days
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000			37,500,000					$ 25,000,000
Letter of credit facility, maximum capacity	$ 5,000,000			$ 7,500,000						5,000,000										$ 1,200,000
Percentage Borrowing Of Eligible Accounts	85.00%								85.00%
Period prior to the earlier to occur of the term loan maturity or stated maturity				30 days
Borrowings outstanding										$ 0
Line of Credit Facility, Current Borrowing Capacity	$ 50,000,000
ABL Amendment
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 25,000,000
Letter of Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Description										Until its termination on settlement of the 2028 Notes, borrowings under the 2018 Credit Facility were 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 satisfied 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 notified the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagreed with such determination (including a reasonable description of the basis upon which it disagrees).
Standby Letters of Credit
Debt Instrument [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability										$ 871,000
2017 Credit Facility
Debt Instrument [Line Items]
Face amount of debt										$ 350,000,000.0
Interest rate						7.375%		7.375%		8.75%
Covenant Compliance Description For Maintaining Interest Coverage Ratio										greater than or equal to 1.25 to 1.00
Covenant Compliance Description For Maintaining Total Leverage Ratio										less than or equal to 5.85 to 1.00
Repayments of Long-term Debt, Total					$ 20,000,000.0						3,300,000
Long-term Debt, Gross						$ 350,000,000		$ 350,000,000
Debt Instrument, Description								Until its termination on settlement of the 2028 Notes, the 2017 Credit Facility matured 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 7.375% 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 5.00% for 2021 and was 5.17% for 2020.
2018 Credit Facility
Debt Instrument [Line Items]
Face amount of debt											10,000,000					$ 3,600,000		$ 192,000,000.0
Interest rate																	9.25%
Long-term Debt, Gross											$ 129,900,000
Debt Instrument, Description										The 2018 Credit Facility was scheduled to mature on December 31, 2022 (the “Maturity Date”). In connection with the November 2020 Exchange Offer, we also entered into an amendment to certain terms of our 2018 Credit Facility including the extension of the maturity date to March 31, 2023. Interest rates on borrowings under the 2018 Credit Facility were 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 had been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings had been repaid. Interest payments began on the last day of the 3-month period commencing on the Funding Date. Within 90 days following the completion of the November 2020 Exchange Offer, the Company was required to repay $10 million of the 2018 Credit Facility. The amendment was accounted for as a modification in accordance with the provisions of ASC 470, “Debt”.
Debt Instrument Additional Interest Payment Term On Prepayment										The term loans could be voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium. The Company was 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 was also required to use 75% of excess cash flow (“ECF payment”) as defined in the 2018 Credit Facility, which excluded 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 term loans at par. During the year ended December 31, 2020, the Company repaid approximately $37.2 million under the 2018 Credit Facility. Included in the repayments made during the year ended December 31, 2020 was approximately $11.1 million in ECF payments in accordance with the agreement.
Debt Instrument, Unamortized Discount (Premium), Net										$ 3,800,000
2018 Credit Facility \| Debt Financing Cost
Debt Instrument [Line Items]
Debt issuance costs										$ 875,000
Credit Facility 2017 And 2018 \| 7.375% Senior Secured Notes due April 2022
Debt Instrument [Line Items]
Interest rate										7.375%
Credit Facility 2017 And 2018 \| 8.75% Senior Secured Notes due December 2022
Debt Instrument [Line Items]
Interest rate										8.75%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch support amortization expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2022	$ 1,424
2023	1,424
2024	936
2025	358
2026	$ 155

EMPLOYMENT AGREEMENT AWARD (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Reassessed Estimated Fair Value of Award	$ 28,193				$ 25,603				$ 28,193	$ 25,603
Operating expense	$ 22,391	$ 34,475	$ 37,920	$ 23,757	$ 34,533	$ 3,968	$ 20,382	$ (27,287)	118,543	31,596
Selling, general and administrative expenses									143,187	109,046
Employment Agreement Award [Member]
Selling, general and administrative expenses									$ 6,200	$ 2,300

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Measurement Input, Discount Rate [Member] \| Employment Agreement Award [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	9.50%	10.50%
Measurement Input, Discount Rate [Member] \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.50%	11.00%
Measurement Input, Long-term Revenue Growth Rate [Member] \| Employment Agreement Award [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.50%	1.00%
Measurement Input, Long-term Revenue Growth Rate [Member] \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.40%	1.00%
Contingent Consideration [Member] \| Measurement Input, Expected volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate		29.50%
Contingent Consideration [Member] \| Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate		16.50%

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020.

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Valuation of Broadcasting Licenses (Details) - USD ($)					3 Months Ended		12 Months Ended
	Oct. 01, 2021	Oct. 01, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge							$ 0	$ 84,400,000
Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge	$ 0	$ 1,700,000	$ 19,100,000	$ 47,700,000	$ 19,100,000	$ 47,700,000		$ 68,500,000
Discount Rate	9.00%	9.00%	9.00%	9.50%	9.00%	9.50%
Radio Broadcasting Licenses [Member] \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range	6.10%	(10.70%)	(10.70%)	(13.30%)	(10.70%)	(13.30%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%
Mature Market Share Range	6.20%	6.70%	6.70%	6.90%	6.70%	6.90%
Operating Profit Margin Range	26.90%	27.70%	27.70%	27.60%	27.70%	27.60%
Radio Broadcasting Licenses [Member] \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range	8.00%	(16.00%)	(16.80%)		(16.80%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)	1.00%	1.10%	1.10%	1.10%	1.10%	1.10%
Mature Market Share Range	23.20%	23.90%	23.90%	25.00%	23.90%	25.00%
Operating Profit Margin Range	36.10%	37.10%	37.10%	39.70%	37.10%	39.70%

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

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 August 2021 through August 1, 2029. 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 currently have arrangements with ASCAP, SESAC and GMR. On April 22, 2020, the Radio Music License Committee (“RMLC”), an industry group which the Company is a part of, and BMI have reached agreement on the terms of a new license agreement that covers the period January 1, 2017, through December 31, 2021. Upon approval of the court of the BMI/RMLC agreement, the Company automatically became a party to the agreement and to a license with BMI through December 31, 2021.

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 10 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, 2021, 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 five 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:
2022	$	13,164	$	69,791
2023		11,333		23,117
2024		10,099		19,386
2025		5,377		19,422
2026		3,070		8,452
2027 and thereafter		5,378		9,408
Total	$	48,421	$	149,576

Of the total amount of other operating contracts and agreements included in the table above, approximately $100.1 million has not been recorded on the balance sheet as of December 31, 2021, as it does not meet recognition criteria. Approximately $18.0 million relates to certain commitments for content agreements for our cable television segment, approximately $30.9 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 31, 2022. 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.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted stock awards (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2020 shares
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,019
Restricted stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,879

INVESTMENTS

12 Months Ended

Dec. 31, 2021

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. The value of our MGM investment is included in other assets on the consolidated balance sheets and its distribution income in the amount of approximately $7.7 million and $4.9 million, for the years ended December 31, 2021 and 2020, respectively, is recorded in other income on the consolidated statements of operations. The cost method investment is subject to a periodic impairment review in the normal course. The Company reviewed the investment and concluded that no impairment to the carrying value was required. There has been no impairment of the investment to date. As of December 31, 2020, the Company’s interest in the MGM National Harbor Casino secured the MGM National Harbor Loan (as defined in Note 9 - Long-Term Debt.) Upon settlement of the 2028 Notes (which paid off the MGM National Harbor Loan), the Company’s subsidiaries of Radio One Entertainment Holdings, LLC and Urban One Entertainment SPV, LLC became guarantors under the 2028 Notes along with the Company’s other subsidiaries.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Contract assets:
Unbilled receivables	$ 5,798	$ 10,735
Contract liabilities:
Customer advances and unearned income	4,955	7,494
Reserve for audience deficiency	3,544	$ 6,020
Unearned event income	$ 5,921

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT

Schedule Of Property and Equipment


	As of December 31,				Estimated
	2021		2020		Useful Lives

	(In thousands)
Land and improvements	$	4,128	$	2,372	—
Buildings		3,241		2,654	31 years
Transmitters and towers		43,466		39,277	7‑15 years
Equipment		63,192		59,537	3‑7 years
Furniture and fixtures		9,397		9,019	6 years
Software and web development		31,337		29,741	3 years
Leasehold improvements		24,727		24,449	Lease Term
Construction-in-progress		476		372	—
		179,964		167,421
Less: Accumulated depreciation and amortization		(153,673)		(148,229)
Property and equipment, net	$	26,291	$	19,192

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Cable Television Segment Goodwill (Details) - USD ($)			12 Months Ended
	Oct. 01, 2021	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre Tax Impairment Charges			$ 0	$ 84,400,000
Cable Television Segment Goodwill [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre Tax Impairment Charges	$ 0	$ 0
Discount Rate	9.50%	10.50%
Year 1 Revenue Growth Rate	11.60%	4.50%
Cable Television Segment Goodwill [Member] \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate Range (Years 6 - 10)	0.60%	1.50%
Operating Profit Margin Range	46.40%	46.10%
Long-term market revenue growth rate period	10 years	10 years
Cable Television Segment Goodwill [Member] \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Long-term Revenue Growth Rate Range (Years 6 - 10)	0.40%	0.60%
Operating Profit Margin Range	34.90%	37.20%
Long-term market revenue growth rate period	6 years	6 years

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020

Average risk-free interest rate	0.68	%	0.40	%
Expected dividend yield	—	%	—	%
Expected lives	5.16 years		5.04 years
Expected volatility	82.04	%	79.75	%

Schedule of transaction and other information relating to stock options

Transactions and other information relating to stock options for the years December 31, 2021 and 2020 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
Outstanding at December 31, 2019	4,197,000	$	2.13	6.70	$	255,000
Grants	879,000	$	1.83	—		—
Exercised	(1,033,000)	$	1.91	—		—
Forfeited/cancelled/expired/settled	(24,000)	$	3.17	—		—
Outstanding at December 31, 2020	4,019,000	$	2.11	6.48	$	41,000
Grants	41,000	$	4.32	—		—
Exercised	(230,000)	$	1.70	—		—
Forfeited/cancelled/expired/settled	(59,000)	$	1.27	—		—
Balance as of December 31, 2021	3,771,000	$	2.18	5.68	$	4,660,000
Vested and expected to vest at December 31, 2021	3,770,000	$	2.17	5.68	$	4,660,000
Unvested at December 31, 2021	21,000	$	7.26	9.76	$	—
Exercisable at December 31, 2021	3,750,000	$	2.15	5.66	$	4,660,000

Schedule of transaction and other information relating to restricted stock grants

Transactions and other information relating to restricted stock grants for the years ended December 31, 2021 and 2020 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2019	1,814,000	$	2.14
Grants	1,649,000	$	0.77
Vested	(1,739,000)	$	2.14
Forfeited/cancelled/expired	—	$	—
Unvested at December 31, 2020	1,724,000	$	0.83
Grants	101,000	$	3.22
Vested	(1,749,000)	$	0.83
Forfeited/cancelled/expired	—	$
Unvested at December 31, 2021	76,000	$	3.90

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 130,868	$ 131,821
Less: Accumulated amortization	(80,709)	(75,768)
Other intangible assets, net	$ 50,159	56,053
Remaining Weighted-Average Period of Amortization	4 years 3 months 18 days
Trade names [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 17,425	17,425
Remaining Weighted-Average Period of Amortization	1 year 9 months 18 days
Trade names [Member] \| Maximum
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
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
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
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	4 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	9 years 1 month 6 days
Acquired income leases [Member] \| Maximum
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
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	$ 46,582	46,789
Remaining Weighted-Average Period of Amortization	1 year 3 months 18 days
Advertiser agreements [Member] \| Maximum
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
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	38 years 3 months 18 days
Favorable office and transmitter leases [Member] \| Maximum
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
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	5 years 10 months 24 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
Debt costs [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1,267	2,053
Remaining Weighted-Average Period of Amortization	4 years 1 month 6 days
Launch assets [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 9,021	9,021
Remaining Weighted-Average Period of Amortization	3 years 3 months 18 days
Other intangibles [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 715	$ 675
Finite-Lived Intangible Asset, Period of Amortization	1 year
Other intangibles [Member] \| Maximum
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
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2021

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

2. ACQUISITIONS AND DISPOSITIONS:

On December 19, 2019, we entered into both an asset purchase agreement (“APA”) and a time brokerage agreement (“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 for total consideration of $475,000.

On October 30, 2020, we entered into a local marketing agreement (“LMA”) with Southeastern Ohio Broadcasting System for the operation of station WWCD-FM in Columbus, Ohio beginning November 2020. Under the terms of the LMA, we will pay a monthly fee as well as certain operating costs, and, in exchange, we will retain all revenues from the sale of the advertising within the programming.

On November 6, 2020, the Company entered into a definitive asset exchange agreement with Audacy, Inc. (formerly Entercom Communications Corp.) whereby the Company received Charlotte stations: WLNK-FM (Adult Contemporary); WBT-AM & FM (News Talk Radio); and WFNZ-AM & 102.5 FM Translator (Sports Radio). As part of the transaction, the Company transferred three radio stations to Audacy: St. Louis, WHHL-FM (Urban Contemporary); Philadelphia, WPHI-FM (Urban Contemporary); and Washington, DC, WTEM-AM (Sports); as well as the intellectual property to its St. Louis radio station, WFUN-FM (Adult Urban Contemporary). The Company and Audacy began operation of the exchanged stations on or about November 23, 2020 under LMAs until FCC approval was obtained. The deal was subject to FCC approval and other customary closing conditions and, after obtaining the approvals, closed on April 20, 2021. In addition, the Company entered into an asset purchase agreement with Gateway Creative Broadcasting, Inc. (“Gateway”) for the remaining assets of our WFUN station in a separate transaction which also closed on April 20, 2021. The Company received approximately $8.0 million and exchanged approximately $8.0 million in tangible and intangible assets as part of the transaction with Gateway. The identified assets, with a combined carrying value of approximately $32.7 million, have been classified as held for sale in the consolidated balance sheet at December 31, 2020. The major categories of the assets held for sale include the following:


	As of December 31,
	2020
		(In thousands)
Property and equipment, net	$	2,144
Goodwill		470
Radio broadcasting licenses		30,606
Right of use assets		1,071
Lease liabilities		(1,630)
Assets held for sale, net	$	32,661

The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $21.1 million to radio broadcasting licenses, approximately $1.8 million to land and land improvements, approximately $2.0 million to towers and antennas, $517,000 to buildings, approximately $1.0 million to transmitters, $712,000 to studios, $53,000 to vehicles, $200,000 to furniture and fixtures, $67,000 to computer equipment, $19,000 to other equipment, approximately $1.7 million to right of use assets, $1.9 million advertising credit liability, $921,000 to operating lease liabilities, and $812,000 unfavorable lease liability. The fair value of the assets exchanged with Audacy approximate the carrying value of the assets held for sale as of December 31, 2020. The Company recognized a net gain of $404,000 related to the Audacy and Gateway transactions during the year ended December 31, 2021.

CONTENT ASSETS - Additional Information (Details) $ in Millions	Dec. 31, 2021 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	$ 18.3
Percentage Expected To Be Amortized Within Three Years	55.80%

CONTENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

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
	2021		2020		Amortization

	(In thousands)
Produced content assets:
Completed	$	397,174	$	365,806
In-production		12,124		11,029
Licensed content assets acquired:
Acquired		66,005		56,913
Content assets, at cost		475,303		433,748	1‑5 Years
Less: Accumulated amortization		(389,265)		(342,139)
Content assets, net		86,038		91,609
Current portion		(25,883)		(28,434)
Noncurrent portion	$	60,155	$	63,175

Schedule Of Finite Lived Content Assets Future Amortization Expense

Future estimated content amortization expense related to agreements entered into as of December 31, 2021, for years 2022 through 2026 is as follows:


	(In thousands)
2022	$	25,883
2023	$	18,724
2024	$	8,505
2025	$	6,600
2026	$	2,297

Content Payments Fiscal Year Maturity Schedule

Future minimum content payments required under agreements entered into as of December 31, 2021, are as follows:


	(In thousands)
2022	$	18,972
2023	$	2,865

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

Dec. 31, 2021

Dec. 31, 2020

Liabilities subject to fair value measurement:

Contingent consideration

$ 780

Employment agreement award

$ 28,193

25,603

Total

28,193

26,383

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

17,015

^[1]

12,701

Fair Value, Inputs, Level 3 [Member]

Liabilities subject to fair value measurement:

Contingent consideration

780

Employment agreement award

28,193

25,603

Total

28,193

26,383

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

$ 17,015

^[1]

$ 12,701

[1]

COMMITMENTS AND CONTINGENCIES - Operating lease and other operating contracts and agreements obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Lease Agreements, Years ending December 31:
2022	$ 13,164
2023	11,333
2024	10,099
2025	5,377
2026	3,070
2027 and there after	5,378
Total	48,421
Other Operating Contracts and Agreement, Years ending December 31:
2022	69,791
2023	23,117
2024	19,386
2025	19,422
2026	8,452
2027 and thereafter	9,408
Total	$ 149,576

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)			3 Months Ended								12 Months Ended
	Nov. 09, 2020 USD ($)	Jan. 01, 2019	Dec. 31, 2021 USD ($) item	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) item segment	Dec. 31, 2020 USD ($)	Jul. 29, 2021 USD ($)	Jun. 01, 2021 USD ($)	Feb. 19, 2021 USD ($)	Jan. 25, 2021 USD ($)	Jan. 15, 2021	Oct. 31, 2020	Jun. 25, 2020 USD ($)	Nov. 13, 2019 USD ($)	Dec. 31, 2018	Dec. 20, 2018 USD ($)	Apr. 18, 2017 USD ($)	Nov. 30, 2016 USD ($)	Apr. 21, 2016 USD ($)	Apr. 10, 2015 USD ($)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Number of independently formatted, revenue producing broadcast stations \| item			64								64
Number of FM or AM stations owned or operated \| item			54								54
Number of HD stations owned or operated \| item			8								8
Number of low power television stations owned or operated \| item			2								2
Number of most populous market \| item			13								13
Number of reportable segments \| segment											4
Restricted cash			$ 19,973,000				$ 473,000				$ 19,973,000	$ 473,000
Carrying value of debt			832,505,000				855,156,000				832,505,000	855,156,000
Accumulated deficit			(766,567,000)				(804,919,000)				(766,567,000)	(804,919,000)
Revenue from Contract with Customer, Including Assessed Tax			130,966,000	$ 111,463,000	$ 107,593,000	$ 91,440,000	113,542,000	$ 91,912,000	$ 76,008,000	$ 94,875,000	441,462,000	376,337,000
Reassessed Estimated Fair Value of Award			28,193,000				25,603,000				28,193,000	25,603,000
Selling, General and Administrative Expense, Total											143,187,000	109,046,000
Amortization of Intangible Assets											3,700,000	3,900,000
Related Party Transaction, Due from (to) Related Party, Total							244,000					244,000
Operating Income (Loss)			22,391,000	$ 34,475,000	$ 37,920,000	$ 23,757,000	34,533,000	$ 3,968,000	$ 20,382,000	$ (27,287,000)	118,543,000	31,596,000
Goodwill			223,402,000				223,402,000				223,402,000	223,402,000
Operating Expenses, Total											322,919,000	344,741,000
Unearned Event Income												5,921,000
Impairment of Long-Lived Assets Held-for-use											0	84,400,000
Operating Lease, Right-of-Use Asset			38,044,000				40,918,000				38,044,000	40,918,000
Operating Lease, Liability			41,300,000								41,300,000
Retained Earnings (Accumulated Deficit), Total			(766,567,000)				(804,919,000)				(766,567,000)	(804,919,000)
INTEREST EXPENSE											65,702,000	74,507,000
Goodwill, impairment loss											0	15,900,000
Radio Broadcasting Licenses			505,148,000				484,066,000				505,148,000	484,066,000
Related party expenses											4,700,000	3,200,000
Due to Other Related Parties, Current			423,000								$ 423,000
Due from related party							(398,000)					(398,000)
Software and web development [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property, Plant and Equipment, Useful Life											3 years
Property, Plant and Equipment, Estimated Useful Lives											P3Y
Host Community Agreement [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Restricted cash			19,500,000								$ 19,500,000
Upfront Payment													$ 26,000,000
Accounting Standards Update 2016-02
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Lease, Practical Expedients, Package [true false]		true
Reach Media
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Due to Related Parties			41,000								41,000
Continuing Operations [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Marketing and Advertising Expense											24,700,000	15,500,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax											1,800,000	2,100,000
Cost of Goods and Services Sold											1,200,000	1,500,000
Selling, General and Administrative Expense, Total											606,000	570,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees											16,700,000	17,500,000
Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee											1,750,000
Fantastic Voyage [Member] \| Reach Media
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax											7,000,000.0
Operating Income (Loss)											400,000
Operating Expenses, Total											6,600,000
Digital Segment [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill			7,222,000				7,222,000				7,222,000	7,222,000
Goodwill, impairment loss											0	0
Goodwill and Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill			223,400,000								$ 223,400,000
Impairment of Long-Lived Assets Held-for-use												$ 84,400,000
Launch support asset
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite Lived Intangible Assets Weighted Average Amortization Period											7 years 1 month 6 days	7 years 4 months 24 days
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period											3 years 3 months 18 days	4 years 6 months
Additional Non-cash Launch Support for Carriage Initiation												$ 1,700,000
Selling, General and Administrative Expense, Total											$ 1,200,000	664,000
Amortization of Intangible Assets											422,000	422,000
Atlanta Market And Indianapolis Broadcasting Licenses And Goodwill [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill and intangible assets impairment												15,900,000
Atlanta Market And Indianapolis Broadcasting Licenses And Goodwill [Member] \| Goodwill and Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Radio Broadcasting Licenses			505,200,000								505,200,000
Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis market radio broadcasting licenses
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill and intangible assets impairment												68,500,000
Content Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Other Income											7,700,000	4,900,000
Impairment and amortization expense											$ 695,000
Additional amortization expense												0
Licensing Agreements [Member] \| Minimum
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite-lived intangible asset, useful life											1 year
Licensing Agreements [Member] \| Maximum
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite-lived intangible asset, useful life											5 years
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Due to Related Parties			$ 4,000				6,000				$ 4,000	6,000
Reimbursement Expenditure Guarantee											$ 1,000,000.0
Percentage of Performance Bonus											50.00%
Tom Joyner Foundation Inc [Member] \| Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee											$ 250,000
Chief Executive Officer [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage Of Award Amount			4.00%								4.00%
2028 Notes
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross			$ 825,000,000.0								$ 825,000,000.0
Fair value of debt			$ 851,800,000								$ 851,800,000
Debt Instrument, Interest Rate, Stated Percentage			7.375%								7.375%
Face amount of debt																$ 825,000,000
MGM National Harbor Loan
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross							57,900,000					57,900,000
Fair value of debt							64,800,000					64,800,000
Carrying value of debt			$ 0				57,889,000				$ 0	57,889,000
Debt Instrument, Interest Rate, Stated Percentage			7.00%								7.00%
Investment Owned, at Cost																								$ 35,000,000		$ 5,000,000
Face amount of debt																						$ 50,000,000.0
ABL Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross			$ 0				0				$ 0	0
7.375% Senior Secured Notes Are Due In April 2022 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	$ 347,000,000.0						3,000,000.0					3,000,000.0
Fair value of debt							$ 2,800,000					$ 2,800,000
Debt Instrument, Interest Rate, Stated Percentage	7.375%		7.375%				7.375%				7.375%	7.375%
Percentage Of Exchange Of Outstanding Notes	99.15%
8.75% Senior Secured Notes due April 2022
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross							$ 347,000,000.0					$ 347,000,000.0
Fair value of debt							$ 338,000,000.0					$ 338,000,000.0
Debt Instrument, Interest Rate, Stated Percentage							8.75%					8.75%
8.75% Senior Secured Notes due December 2022
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Carrying value of debt			$ 0				$ 347,016,000				$ 0	$ 347,016,000
Debt Instrument, Interest Rate, Stated Percentage	8.75%		8.75%								8.75%						8.75%	8.75%
PPP loan
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Fair value of debt			$ 7,500,000								$ 7,500,000
Carrying value of debt			$ 7,505,000				0				7,505,000	0
Face amount of debt														$ 7,500,000
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees											$ 16,900,000	14,600,000
Reach Media Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			80.00%								80.00%
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]
Unearned Event Income											$ 5,900,000	0
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax											3,000,000.0	2,300,000
2017 Credit Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross																							$ 350,000,000
Carrying value of debt			$ 0				317,332,000				$ 0	317,332,000
Debt Instrument, Interest Rate, Stated Percentage			8.75%								8.75%												7.375%
Face amount of debt			$ 350,000,000.0								$ 350,000,000.0
2017 Credit Facility \| Senior Secured Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross							317,300,000					317,300,000
Fair value of debt							293,500,000					293,500,000											$ 350,000,000.0
2018 Credit Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross							129,900,000					129,900,000
Fair value of debt							132,500,000					132,500,000
Carrying value of debt			$ 0				129,935,000				0	129,935,000
Debt Instrument, Interest Rate, Stated Percentage																					9.25%
Face amount of debt							$ 10,000,000					10,000,000							$ 3,600,000			$ 192,000,000.0
ABL Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Face amount of debt																				$ 37,500,000
Line of Credit Facility, Maximum Borrowing Capacity															$ 50,000,000					$ 37,500,000					$ 25,000,000
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Other Income											$ 7,700,000	$ 4,900,000

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ in Thousands				12 Months Ended
	Mar. 07, 2022	Feb. 07, 2022	Oct. 29, 2021	Dec. 31, 2021	Dec. 31, 2020	Jul. 29, 2021	Feb. 19, 2021	Jun. 11, 2020	Mar. 13, 2020	Nov. 13, 2019	Apr. 21, 2016
Subsequent Event [Line Items]
Restricted cash				$ 19,973	$ 473
Stock repurchase , Authorized amount								$ 2,400	$ 2,600
7.375% Senior Secured Notes due February 2028
Subsequent Event [Line Items]
Interest rate				7.375%
Common Stock Class A
Subsequent Event [Line Items]
Shares issued				3,779,391	2,859,276
Common Stock Class C
Subsequent Event [Line Items]
Shares converted			883,890
Host Community Agreement [Member]
Subsequent Event [Line Items]
Restricted cash				$ 19,500
Upfront Payment						$ 26,000
ABL Facility
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 50,000			$ 37,500	$ 25,000
Subsequent events
Subsequent Event [Line Items]
License agreement, term		4 years
License agreement optional extension, term		3 years
Stock repurchase , Authorized amount	$ 25,000
Stock Repurchase Program, Period in Force	24 months
Subsequent events \| 7.375% Senior Secured Notes due February 2028
Subsequent Event [Line Items]
Interest rate	7.375%
Subsequent events \| Scenario, Plan [Member] \| 7.375% Senior Secured Notes due February 2028
Subsequent Event [Line Items]
Early Repayment of Senior Debt	$ 50,000

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Carrying Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	$ 505,148	$ 484,066
Radio Broadcasting Licenses Increase (Decrease)	21,082
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 5 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	13,525	13,525
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	15,223	15,223
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	15,560	15,560
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	37,224	16,142
Radio Broadcasting Licenses Increase (Decrease)	21,082
Unit of Accounting 14 [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Radio Broadcasting Licenses	19,070	19,070
Radio Broadcasting Licenses Increase (Decrease)	0
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	39,646	39,646
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	32,968	32,968
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	52,515	52,515
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	54,670	54,670
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	84,369	84,369
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	114,650	$ 114,650
Radio Broadcasting Licenses Increase (Decrease)	$ 0

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 7,956	$ 7,416
Additions Charged to Expense	1,584	1,394
Acquired from Acquisitions	0	0
Deductions	797	854
Balance at End of Year	8,743	7,956
Valuation Allowance for Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	277	249
Additions Charged to Expense	0	28
Acquired from Acquisitions	0	0
Deductions	13	0
Balance at End of Year	$ 264	$ 277

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)		12 Months Ended
	Oct. 02, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Number of Options, Grants	37,500	40,917	878,643
Number of Options, Exercised		(229,756)	(1,032,922)
Stock options
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year		4,019,000	4,197,000
Number of Options, Grants		41,000	879,000
Number of Options, Exercised		(230,000)	(1,033,000)
Number of Option, Forfeited/cancelled/expired/settled		(59,000)	(24,000)
Number of Options, Balance at End of Year		3,771,000	4,019,000	4,197,000
Number of Options, Vested and expected to vest		3,770,000
Number of Options, Unvested		21,000
Number of Options, Exercisable		3,750,000
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)		$ 2.11	$ 2.13
Weighted-Average Exercise Price, Grants (in dollars per share)		4.32	1.83
Weighted-Average Exercise Price, Exercised (in dollars per share)		1.70	1.91
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)		1.27	3.17
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)		2.18	$ 2.11	$ 2.13
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)		2.17
Weighted-Average Exercise Price, Unvested (in dollars per share)		7.26
Weighted-Average Exercise Price, Exercisable (in dollars per share)		$ 2.15
Weighted-Average Remaining Contractual Term, Outstanding (in years)		5 years 8 months 4 days	6 years 5 months 23 days	6 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Grants (in years)		0 years	0 years
Weighted-Average Remaining Contractual Term, Exercised (in years)		0 years	0 years
Weighted-Average Remaining Contractual Term, Forfeited/cancelled/expired/settled (in years)		0 years	0 years
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)		5 years 8 months 4 days
Weighted-Average Remaining Contractual Term, Unvested (in years)		9 years 9 months 3 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)		5 years 7 months 28 days
Aggregate Intrinsic Value, Outstanding		$ 4,660,000	$ 41,000	$ 255,000
Aggregate Intrinsic Value, Grants		0	0
Aggregate Intrinsic Value, Exercised		0	0
Aggregate Intrinsic Value, Forfeited/cancelled/expired/settled		0	$ 0
Aggregate Intrinsic Value, Vested and expected to vest		4,660,000
Aggregate Intrinsic Value, Unvested		0
Aggregate Intrinsic Value, Exercisable		$ 4,660,000

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Goodwill Valuation Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,079	$ 378,079
Additions	0	0
Impairments	0	(15,900)
Accumulated impairment losses	(154,207)	(138,307)
Assets held for sale		(470)
Audacy asset exchange	(470)
Net goodwill	223,402	223,402
Radio Broadcasting Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	155,000	155,000
Additions	0	0
Impairments	0	(15,900)
Accumulated impairment losses	(117,748)	(101,848)
Assets held for sale		(470)
Audacy asset exchange	(470)
Net goodwill	36,782	36,782
Reach Media Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	30,468	30,468
Additions	0	0
Impairments	0	0
Accumulated impairment losses	(16,114)	(16,114)
Assets held for sale		0
Audacy asset exchange	0
Net goodwill	14,354	14,354
Digital Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	27,567	27,567
Additions	0	0
Impairments	0	0
Accumulated impairment losses	(20,345)	(20,345)
Assets held for sale		0
Audacy asset exchange	0
Net goodwill	7,222	7,222
Cable Television Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	165,044	165,044
Additions	0	0
Impairments	0	0
Accumulated impairment losses	0	0
Assets held for sale		0
Audacy asset exchange	0
Net goodwill	$ 165,044	$ 165,044

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Market Reporting Units (Details) - USD ($)					3 Months Ended		12 Months Ended
	Oct. 01, 2021	Oct. 01, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge							$ 0	$ 84,400,000
Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Pre-tax impairment charge	$ 0	$ 0	$ 10,000,000.0	$ 5,900,000	$ 10,000,000.0	$ 5,900,000
Discount Rate	9.00%	9.00%	9.00%	9.50%	9.00%	9.50%
Radio Market Reporting Units [Member] \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range	(10.70%)	(12.90%)	(26.60%)	(14.50%)	(26.60%)	(14.50%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)	0.70%	0.70%	0.90%	0.90%	0.90%	0.90%
Mature Market Share Range	6.20%	6.80%	8.40%	11.10%	8.40%	11.10%
Operating Profit Margin Range	21.20%	27.70%	27.70%	29.40%	27.70%	29.40%
Radio Market Reporting Units [Member] \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Year 1 Market Revenue Growth Rate Range	25.40%	25.90%	34.70%	(12.90%)	34.70%	(12.90%)
Long-term Market Revenue Growth Rate Range (Years 6 - 10)	1.00%	1.10%	1.10%	1.10%	1.10%	1.10%
Mature Market Share Range	16.00%	16.80%	12.70%	13.00%	12.70%	13.00%
Operating Profit Margin Range	47.30%	49.10%	48.10%	39.00%	48.10%	39.00%

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares exercised	229,756	1,032,922
Common Stock Class A
Shares issued	3,779,391	2,859,276
Shares converted	883,890
Common Stock Class C
Shares converted	883,890
Common Stock Class D
Shares repurchased	521,877	3,919,280

CONTENT ASSETS - Amortization Expense (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2021 USD ($)
Content Assets [Line Items]
2022	$ 25,883
2023	18,724
2024	8,505
2025	6,600
2026	$ 2,297

QUARTERLY FINANCIAL DATA (UNAUDITED) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED)
Asset Impairment Charges	$ 1.7	$ 29.1	$ 53.6

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Deferred Tax Assets, Gross	$ 142,970,000	$ 157,849,000
Deferred Tax Assets, Valuation Allowance	264,000	277,000
Unrecognized Tax Benefits Decreases Resulting From Tax Rate Changes And Payments Under State Voluntary Filing Agreements	(1,000,000.0)
Unrecognized tax benefits increases resulting from tax rate changes and payments under state voluntary filing agreements		2,400,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,300,000
Decrease unrecognized tax benefits related to state tax	680,000
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	410,200,000			$ 262,700,000
Decrease in Operating Loss Carryforwards		93,600,000	$ 52,900,000
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	637,000,000.0			$ 361,100,000
Decrease in Operating Loss Carryforwards		$ 109,200,000	$ 65,600,000
Deferred Tax Assets, Gross	$ 143,000,000.0

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2021

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

7. OTHER CURRENT LIABILITIES:

Other current liabilities consist of the following:


	As of December 31,
	2021		2020

	(In thousands)
Deferred revenue	$	7,494	$	10,875
Deferred barter revenue		1,271		935
Employment Agreement Award		3,966		3,325
Accrued national representative fees		457		1,087
Accrued miscellaneous taxes		213		562
Income taxes payable		283		600
Tenant allowance		180		242
Contingent consideration		—		780
Reserve for audience deficiency		6,020		3,544
Other current liabilities		6,537		4,967
Other current liabilities	$	26,421	$	26,917