0001558370-23-011650 | 10-K | XBRL Viewer

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QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 3,767	$ 17,343	$ 17,194	$ 5,956	$ 14,464	$ 18,225	$ 461	$ 34,537	$ 18,686	$ 38,304	$ 33,150	$ 39,955	$ 39,106
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				5,462				(10)	8,962	6,361	11,682	12,610	14,878	11,971
Impairment of goodwill and broadcasting licenses									14,905		30,355		40,683	2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				13,336				11,339	3,444	2,342	156	(8,645)	(16,930)	(22,807)
Accounts payable				(2,586)				(2,121)	42	1,304	(616)	3,370	1,111	3,606
Other liabilities				(3,491)				(832)	(5,017)	2,303	3,317	5,463	(3,710)	(1,288)
Net cash flows provided by operating activities				15,734				14,293	43,624	51,492	54,067	36,264	67,060	80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value				871				128	1,907	2,641	3,440	4,741	$ 5,616	4,798
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				5,586				(10)	8,597	6,108	11,511	12,366		12,514
Non-cash lease liability expense				1,043				1,154	2,038	2,066	2,994	3,299		4,684
Impairment of goodwill and broadcasting licenses									16,933		31,383
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				13,448				11,380	3,483	2,260	208	(8,574)		(22,734)
Accounts payable				(2,591)				(2,098)	231	1,388	(270)	3,488		3,453
Other liabilities				(4,641)				(2,050)	(7,283)	235	(75)	1,975		(5,892)
Net cash flows provided by operating activities				15,734				14,293	43,624	51,492	54,067	36,264		80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value				39				(420)	1,803	1,425	2,717	3,671		4,399
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		(51)		134	289	$ 9	(265)		134	(265)	83	(256)		33
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				(134)					(134)	265	(83)	256		(33)
Non-cash lease liability expense	$ (4,700)
Effect of change in operating assets and liabilities, net of assets acquired:
Other liabilities	$ 4,700
Other Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ (755)	$ 1,539	(10)	$ (1,606)		$ 12		1,529	12	774	12		(1,594)
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				10					499	(12)	254	(12)		(510)
Non-cash lease liability expense				(1,043)				(1,154)	(2,038)	(2,066)	(2,994)	(3,299)		(4,684)
Impairment of goodwill and broadcasting licenses									(2,028)		(1,028)			2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				(112)				(41)	(39)	82	(52)	(71)		(73)
Accounts payable				5				(23)	(189)	(84)	(346)	(118)		153
Other liabilities				1,150				1,218	2,266	2,068	3,392	3,488		4,604
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of Redeemable Noncontrolling Interests to Estimated Redemption Value				$ 832				$ 548	$ 104	$ 1,216	$ 723	$ 1,070		$ 399

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of reconciliation of statutory federal income tax

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


	For the Years Ended December 31,
	2022		2021
			(As Restated)
	(In thousands)
Statutory federal tax expense	$	11,905	$	10,949
Effect of state taxes, net of federal benefit		3,308		2,062
Effect of state rate and tax law changes		747		(1,232)
Impairment of long-lived intangible assets		908		—
Non-deductible officer’s compensation		1,985		2,055
PPP loan income forgiveness		(1,591)		—
Change in valuation allowance		(234)		(13)
IRC Section 382 adjustments		(334)		(705)
NOL expirations		268		610
Uncertain tax positions		(495)		(777)
Other		254		85
Provision for income taxes	$	16,721	$	13,034

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

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


	For the Years Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		13,269		12,952
State:
Current		1,843		1,063
Deferred		1,609		(981)
Provision for income taxes	$	16,721	$	13,034

Schedule of components of deferred tax assets and liabilities

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


	As of December 31,
	2022		2021
			(As Restated)
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,149	$	2,111
Accruals		304		465
Fixed assets		488		486
Stock-based compensation		328		163
Net operating loss carryforwards		88,813		109,343
Lease liability		8,901		10,022
Interest expense carryforward		23,788		20,380
Total deferred tax assets		124,771		142,970
Valuation allowance for deferred tax assets		(30)		(264)
Total deferred tax asset, net of valuation allowance		124,741		142,706

Deferred tax liabilities:
Intangible assets		(129,026)		(131,682)
Available-for-sale securities		(23,779)		(17,618)
Right of use asset		(8,123)		(8,924)
Partnership interests		(2,412)		(1,964)
Deferred financing costs		(958)		(1,196)
Other		(147)		(199)
Total deferred tax liabilities		(164,445)		(161,583)
Net deferred tax liability	$	(39,704)	$	(18,877)

Schedule of unrecognized tax benefits

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


	2022		2021

	(In thousands)

Balance as of January 1	$	1,315	$	2,299
Additions for tax positions related to current years		—		—
Additions (deductions) for tax positions related to prior years		8		8
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(635)		(992)
Balance as of December 31	$	688	$	1,315

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)

12 Months Ended

Dec. 31, 2022

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)

17. QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED):

The Company is providing restated quarterly and year-to-date unaudited consolidated financial statements for all quarters in 2021 and for the quarters ended March 31, June 30, and September 30, 2022. See Note 2 - Restatement of Financial Statements of our consolidated financial statements for further background concerning the events preceding the restatement of financial information in this Form 10-K.

Consolidated Balance Sheets


	As of March 31, 2022 (unaudited)								As of June 30, 2022 (unaudited)								As of September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,747, $8,314, and $7,925, respectively	$	113,687	$	—	$	425	$	114,112	$	123,998	$	—	$	352	$	124,350	$	127,301	$	—	$	365	$	127,666
Other current assets		8,397		—		(1,263)		7,134		8,037		—		(1,263)		6,774		8,939		—		(1,263)		7,676
Total current assets		326,143		—		(838)		325,305		311,061		—		(911)		310,150		287,088		—		(898)		286,190
RIGHT OF USE ASSETS		36,302		—		(101)		36,201		34,149		—		(114)		34,035		34,258		—		(127)		34,131
RADIO BROADCASTING LICENSES		505,148		—		(3,728)		501,420		489,340		—		(1,700)		487,640		498,532		—		(2,700)		495,832
OTHER INTANGIBLE ASSETS, net		63,727		—		(2,163)		61,564		61,508		—		(2,086)		59,422		59,376		—		(2,009)		57,367
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		123,000		—		123,000		—		123,100		—		123,100		—		115,600		—		115,600
OTHER ASSETS		44,026		(40,000)		2,259		6,285		44,463		(40,000)		2,195		6,658		44,303		(40,000)		2,131		6,434
Total assets	$	1,284,635	$	83,000	$	(4,571)	$	1,363,064	$	1,254,764	$	83,100	$	(2,616)	$	1,335,248	$	1,250,696	$	75,600	$	(3,603)	$	1,322,693
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	11,997	$	—	$	2,309	$	14,306	$	14,819	$	—		2,115	$	16,934	$	14,318	$	—		1,958	$	16,276
Other current liabilities		35,660		—		(1,884)		33,776		31,345		—		(1,763)		29,582		40,217		—		(1,593)		38,624
Total current liabilities		99,737		—		425		100,162		109,645		—		352		109,997		112,634		—		365		112,999
DEFERRED TAX LIABILITIES, net		8,059		19,987		(1,203)		26,843		11,070		20,012		(714)		30,368		13,984		18,259		(959)		31,284
Total liabilities		996,316		19,987		(778)		1,015,525		976,513		20,012		(362)		996,163		964,680		18,259		(594)		982,345
REDEEMABLE NONCONTROLLING INTERESTS		17,755		—		2,472		20,227		18,690		—		1,744		20,434		19,964		—		2,363		22,327
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		62,846		—		62,846		—		62,921		—		62,921		—		57,225		—		57,225
Additional paid-in capital		1,020,711		—		(2,472)		1,018,239		994,678		—		(1,744)		992,934		996,954		—		(2,363)		994,591
Accumulated deficit		(750,198)		167		(3,793)		(753,824)		(735,164)		167		(2,254)		(737,251)		(730,951)		116		(3,009)		(733,844)
Total stockholders’ equity		270,564		63,013		(6,265)		327,312		259,561		63,088		(3,998)		318,651		266,052		57,341		(5,372)		318,021
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,284,635	$	83,000	$	(4,571)	$	1,363,064	$	1,254,764	$	83,100	$	(2,616)	$	1,335,248	$	1,250,696	$	75,600	$	(3,603)	$	1,322,693


	As of March 31, 2021 (unaudited)								As of June 30, 2021 (unaudited)								As of September 30, 2021 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $7,954, $7,307, and $7,937, respectively	$	94,633	$	—	$	281	$	94,914	$	103,902	$	—	$	158	$	104,060	$	114,045	$	—	$	311	$	114,356
Other current assets		4,639		—		(1,263)		3,376		4,260		—		(1,263)		2,997		4,423		—		(1,263)		3,160
Total current assets		203,893		—		(982)		202,911		279,735		—		(1,105)		278,630		271,594		—		(952)		270,642
RIGHT OF USE ASSETS		40,421		—		(49)		40,372		42,202		—		(62)		42,140		39,556		—		(75)		39,481
RADIO BROADCASTING LICENSES		484,066		—		(1,624)		482,442		505,148		—		(1,624)		503,524		505,148		—		(1,624)		503,524
OTHER INTANGIBLE ASSETS, net		54,375		—		(2,387)		51,988		53,059		—		(2,315)		50,744		51,821		—		(2,313)		49,508
DEFERRED TAX ASSETS, net		10,051		(10,051)		—		—		3,933		(3,933)		—		—		—		—		—		—
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		101,900		—		101,900		—		106,400		—		106,400		—		110,800		—		110,800
OTHER ASSETS		43,092		(40,000)		2,431		5,523		43,211		(40,000)		2,372		5,583		62,958		(40,000)		2,383		25,341
Total assets	$	1,168,751	$	51,849	$	(2,611)	$	1,217,989	$	1,239,542	$	62,467	$	(2,734)	$	1,299,275	$	1,237,537	$	70,800	$	(2,581)	$	1,305,756
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,037	$	—	$	2,128	$	11,165	$	12,523	$	—		2,067	$	14,590	$	14,623	$	—		2,033	$	16,656
Other current liabilities		25,022		—		(1,847)		23,175		24,137		—		(1,909)		22,228		29,334		—		(1,722)		27,612
Total current liabilities		77,973		—		281		78,254		99,157		—		158		99,315		87,985		—		311		88,296
DEFERRED TAX LIABILITIES, net		—		5,002		(703)		4,299		—		12,493		(715)		11,778		2,325		17,505		(715)		19,115
Total liabilities		957,185		5,002		(422)		961,765		987,887		12,493		(557)		999,823		972,367		17,505		(404)		989,468
REDEEMABLE NONCONTROLLING INTERESTS		12,735		—		1,789		14,524		15,192		—		2,457		17,649		17,017		—		2,311		19,328
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		46,847		—		46,847		—		50,239		—		50,239		—		53,551		—		53,551
Additional paid-in capital		1,003,694		—		(1,789)		1,001,905		1,023,458		—		(2,457)		1,021,001		1,021,272		—		(2,311)		1,018,961
Accumulated deficit		(804,912)		—		(2,189)		(807,101)		(787,046)		(265)		(2,177)		(789,488)		(773,170)		(256)		(2,177)		(775,603)
Total stockholders’ equity		198,831		46,847		(3,978)		241,700		236,463		49,974		(4,634)		281,803		248,153		53,295		(4,488)		296,960
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,168,751	$	51,849	$	(2,611)	$	1,217,989	$	1,239,542	$	62,467	$	(2,734)	$	1,299,275	$	1,237,537	$	70,800	$	(2,581)	$	1,305,756

Quarterly Consolidated Statements of Operations


	Three Months Ended March 31, 2022 (unaudited)								Three Months Ended June 30, 2022 (unaudited)								Three Months Ended September 30, 2022 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands, except share data)
NET REVENUE	$	112,349	$	—	$	(218)	$	112,131	$	118,810	$	—	$	(153)	$	118,657	$	121,403	$	—	$	(153)	$	121,250
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $0, $0, and $5, respectively		35,428		—		(218)		35,210		35,346		—		(153)		35,193		41,076		—		(153)		40,923
Impairment of long-lived assets		—		—		—	$	—		16,933		—		(2,028)		14,905		14,450		—		1,000		15,450
Total operating expenses		75,811		—		(218)		75,593		94,975		—		(2,181)		92,794		102,429		—		847		103,276
Operating income (loss)		36,538		—		—		36,538		23,835		—		2,028		25,863		18,974		—		(1,000)		17,974
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		22,656		—		—		22,656		19,529		—		2,028		21,557		7,937		—		(1,000)		6,937
PROVISION FOR (BENEFIT FROM) INCOME TAXES		5,586		(134)		10		5,462		3,725		—		489		4,214		3,364		51		(245)		3,170
NET INCOME (LOSS)		17,070		134		(10)		17,194		15,804		—		1,539		17,343		4,573		(51)		(755)		3,767
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	16,369	$	134	$	(10)	$	16,493	$	15,034	$	—	$	1,539	$	16,573	$	4,213	$	(51)	$	(755)	$	3,407
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.32	$	—	$	—	$	0.32	$	0.30	$	—	$	0.03	$	0.33	$	0.09	$	—	$	(0.02)	$	0.07
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.30	$	—	$	—	$	0.30	$	0.28	$	—	$	0.03	$	0.31	$	0.08	$	—	$	(0.02)	$	0.06


	Three Months Ended March 31, 2021 (unaudited)								Three Months Ended June 30, 2021 (unaudited)								Three Months Ended September 30, 2021 (unaudited)								Three Months Ended December 31, 2021 (unaudited)
	As								As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands, except share data)
NET REVENUE	$	91,440	$	—	$	(229)	$	91,211	$	107,593	$	—	$	(228)	$	107,365	$	111,463	$	—	$	(229)	$	111,234	$	130,966	$	—	$	(491)	$	130,475
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31, $0, $0, and $0, respectively		29,987		—		(229)		29,758		31,510		—		(228)		31,282		33,102		—		(229)		32,873		48,588		—		(491)		48,097
Impairment of long-lived assets		—		—		—		—		—		—		—		—		—		—		—		—		—		—		2,104		2,104
Total operating expenses		67,683		—		(229)		67,454		69,673		—		(228)		69,445		76,988		—		(229)		76,759		108,575		—		1,613		110,188
Operating income (loss)		23,757		—		—		23,757		37,920		—		—		37,920		34,475		—		—		34,475		22,391		—		(2,104)		20,287
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		451		—		—		451		24,597		—		—		24,597		20,712		—		—		20,712		8,484		—		(2,104)		6,380
PROVISION FOR (BENEFIT FROM) INCOME TAXES		(10)		—		—		(10)		6,119		265		(12)		6,372		6,257		(9)		—		6,248		1,211		(289)		(498)		424
NET INCOME (LOSS)		461		—		—		461		18,478		(265)		12		18,225		14,455		9		—		14,464		7,273		289		(1,606)		5,956
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	7	$	—	$	—	$	7	$	17,866	$	(265)	$	12	$	17,613	$	13,876	$	9	$	—	$	13,885	$	6,603	$	289	$	(1,606)	$	5,286
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.00	$	—	$	—	$	0.00	$	0.36	$	(0.01)	$	—	$	0.35	$	0.27	$	—	$	—	$	0.27	$	0.13	$	0.01	$	(0.03)	$	0.11
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.00	$	—	$	—	$	0.00	$	0.33	$	—	$	—	$	0.33	$	0.25	$	—	$	—	$	0.25	$	0.12	$	0.01	$	(0.03)	$	0.10

Year to Date Consolidated Statements of Operations


	Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 30, 2022 (unaudited)
	As Previously Reported		Adjustments		Other Adjustments		As Restated		As Previously Reported			Adjustments	Other Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	231,159	$	—	$	(371)	$	230,788	$	352,562	$	—	$	(524)	$	352,038
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $0 and $5, respectively		70,774		—		(371)		70,403		111,850		—		(524)		111,326
Impairment of long-lived assets		16,933		—		(2,028)		14,905		31,383		—		(1,028)		30,355
Total operating expenses		170,786		—		(2,399)		168,387		273,215		—		(1,552)		271,663
Operating income		60,373		—		2,028		62,401		79,347		—		1,028		80,375
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		42,185		—		2,028		44,213		50,122		—		1,028		51,150
PROVISION FOR (BENEFIT FROM) INCOME TAXES		9,311		(134)		499		9,676		12,675		(83)		254		12,846
NET INCOME		32,874		134		1,529		34,537		37,447		83		774		38,304
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	31,403	$	134	$	1,529	$	33,066	$	35,616	$	83	$	774	$	36,473
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.62	$	—	$	0.03	$	0.65	$	0.72	$	—	$	0.02	$	0.74
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.57	$	—	$	0.03	$	0.60	$	0.67	$	—	$	0.01	$	0.68


	Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 30, 2021 (unaudited)
	As Previously Reported		Adjustments		Other Adjustments		As Restated		As Previously Reported		Adjustments		Other Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	199,033	$	—	$	(457)	$	198,576	$	310,496	$	—	$	(686)	$	309,810
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31 and $31, respectively		61,497		—		(457)		61,040		94,599		—		(686)		93,913
Total operating expenses		137,356		—		(457)		136,899		214,344		—		(686)		213,658
PROVISION FOR (BENEFIT FROM) INCOME TAXES		6,109		265		(12)		6,362		12,366		256		(12)		12,610
NET INCOME (LOSS)		18,939		(265)		12		18,686		33,394		(256)		12		33,150
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	17,873	$	(265)	$	12	$	17,620	$	31,749	$	(256)	$	12	$	31,505
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.36	$	(0.01)	$	—	$	0.35	$	0.64	$	(0.01)	$	—	$	0.63

Quarterly Consolidated Statements of Comprehensive Income


	Three Months Ended March 31, 2022 (unaudited)								Three Months Ended June 30, 2022 (unaudited)								Three Months Ended September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX:
Unrealized gain (loss) on available-for-sale securities	$	—	$	10,400	$	—	$	10,400	$	—	$	100	$	—	$	100	$	—	$	(7,500)	$	—	$	(7,500)
Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities		—		(2,504)		—		(2,504)		—		(25)		—		(25)		—		1,804		—		1,804
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		—		7,896		—		7,896		—		75		—		75		—		(5,696)		—		(5,696)
COMPREHENSIVE INCOME (LOSS)	$	17,070	$	8,030	$	(10)	$	25,090	$	15,804	$	75	$	1,539	$	17,418	$	4,573	$	(5,747)	$	(755)	$	(1,929)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	16,369	$	8,030	$	(10)	$	24,389	$	15,034	$	75	$	1,539	$	16,648	$	4,213	$	(5,747)	$	(755)	$	(2,289)


	Three Months Ended March 31,								Three Months Ended June 30,								Three Months Ended September 30,								Three Months Ended December 31,
	2021 (unaudited)								2021 (unaudited)								2021 (unaudited)								2021 (unaudited)
	As								As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX:
Unrealized gain (loss) on available-for-sale securities	$	—	$	(1,200)	$	—	$	(1,200)	$	—	$	4,500	$	—	$	4,500	$	—	$	4,400	$	—	$	4,400	$	—	$	1,800	$	—	$	1,800
Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities		—		292		—		292		—		(1,108)		—		(1,108)		—		(1,088)		—		(1,088)		—		(401)		—		(401)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		—		(908)		—		(908)		—		3,392		—		3,392		—		3,312		—		3,312		—		1,399		—		1,399
COMPREHENSIVE INCOME (LOSS)		461		(908)		—		(447)	$	18,478	$	3,127	$	12	$	21,617	$	14,455	$	3,321	$	—	$	17,776	$	7,273	$	1,688	$	(1,606)	$	7,355
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	7	$	(908)	$	—	$	(901)	$	17,866	$	3,127	$	12	$	21,005	$	13,876	$	3,321	$	—	$	17,197	$	6,603	$	1,688	$	(1,606)	$	6,685

Year to Date Consolidated Statements of Comprehensive Income


	Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	10,500	$	—	$	10,500	$	—	$	3,000	$	—	$	3,000
Income tax expense related to unrealized gain on available-for-sale securities		—		(2,529)		—		(2,529)		—		(725)		—		(725)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		7,971		—		7,971		—		2,275		—		2,275
COMPREHENSIVE INCOME	$	32,874	$	8,105	$	1,529	$	42,508	$	37,447	$	2,358	$	774	$	40,579
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	31,403	$	8,105	$	1,529	$	41,037	$	35,616	$	2,358	$	774	$	38,748


	Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 30, 2021 (unaudited)
	As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	3,300	$	—	$	3,300	$	—	$	7,700	$	—	$	7,700
Income tax expense related to unrealized gain on available-for-sale securities		—		(816)		—		(816)		—		(1,904)		—		(1,904)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		2,484		—		2,484		—		5,796		—		5,796
COMPREHENSIVE INCOME	$	18,939	$	2,219	$	12	$	21,170	$	33,394	$	5,540	$	12	$	38,946
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	17,873	$	2,219	$	12	$	20,104	$	31,749	$	5,540	$	12	$	37,301

Consolidated Statements of Changes in Stockholders’ Equity


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the three months ended March 31, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		16,369		16,369
Stock-based compensation expense		—		—		—		—		—		—		124		—		124
Repurchase of 2,649 shares of Class D common stock		—		—		—		—		—		—		(10)		—		(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(39)		—		(39)
BALANCE, as of March 31, 2022	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,711	$	(750,198)	$	270,564

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		124		124
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(832)		—		(832)
Other comprehensive income, net of tax		—		—		—		—		—		7,896		—		—		7,896
Total Adjustments March 31, 2022	$	—	$	—	$	—	$	—	$	—	$	62,846	$	(2,472)	$	(3,626)	$	56,748

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		16,493		16,493
Stock-based compensation expense		—		—		—		—		—		—		124		—		124
Repurchase of 2,649 shares of Class D common stock		—		—		—		—		—		—		(10)		—		(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(871)		—		(871)
Other comprehensive income, net of tax		—		—		—		—		—		7,896		—		—		7,896
BALANCE, as of March 31, 2022 (Restated)	$	—	$	9	$	3	$	2	$	37	$	62,846	$	1,018,239	$	(753,824)	$	327,312


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the six months ended June 30, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		31,403		31,403
Stock-based compensation expense		—		—		—		—		—		—		460		—		460
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(24,665)		—		(24,669)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,803)		—		(1,803)
BALANCE, as of June 30, 2022	$	—	$	9	$	3	$	2	$	33	$	—	$	994,678	$	(735,164)	$	259,561

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		1,663		1,663
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(104)		—		(104)
Other comprehensive income, net of tax		—		—		—		—		—		7,971		—		—		7,971
Total Adjustments June 30, 2022	$	—	$	—	$	—	$	—	$	—	$	62,921	$	(1,744)	$	(2,087)	$	59,090

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		33,066		33,066
Stock-based compensation expense		—		—		—		—		—		—		460		—		460
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(24,665)		—		(24,669)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,907)		—		(1,907)
Other comprehensive income, net of tax		—		—		—		—		—		7,971		—		—		7,971
BALANCE, as of June 30, 2022 (Restated)	$	—	$	9	$	3	$	2	$	33	$	62,921	$	992,934	$	(737,251)	$	318,651


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the nine months ended September 30, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		35,616		35,616
Stock-based compensation expense		—		1		—		—		1		—		5,467		—		5,469
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(26,482)		—		(26,486)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(2,717)		—		(2,717)
BALANCE, as of September 31, 2022	$	—	$	10	$	3	$	2	$	34	$	—	$	996,954	$	(730,951)	$	266,052

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		857		857
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(723)		—		(723)
Other comprehensive income, net of tax		—		—		—		—		—		2,275		—		—		2,275
Total Adjustments September 31, 2022	$	—	$	—	$	—	$	—	$	—	$	57,225	$	(2,363)	$	(2,893)	$	51,969

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		36,473		36,473
Stock-based compensation expense		—		1		—		—		1		—		5,467		—		5,469
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(26,482)		—		(26,486)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(3,440)		—		(3,440)
Other comprehensive income, net of tax		—		—		—		—		—		2,275		—		—		2,275
BALANCE, as of September 31, 2022 (Restated)	$	—	$	10	$	3	$	2	$	34	$	57,225	$	994,591	$	(733,844)	$	318,021


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the three months ended March 31, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		7		7
Repurchase of 495,296 shares of Class D common stock		—		—		—		—		(1)		—		(871)		—		(872)
Issuance of 1,886,265 shares of Class A common stock		—		2		—		—		—		—		12,123		—		12,125
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		420		—		420
Stock-based compensation expense		—		—		—		—		—		—		253		—		253
BALANCE, as of March 31, 2021	$	—	$	6	$	3	$	3	$	37	$	—	$	1,003,694	$	(804,912)	$	198,831

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(548)		—		(548)
Other comprehensive loss, net of tax		—		—		—		—		—		(908)		—		—		(908)
Total Adjustments March 31, 2021	$	—	$	—	$	—	$	—	$	—	$	46,847	$	(1,789)	$	(2,189)	$	42,869

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		7		7
Repurchase of 495,296 shares of Class D common stock		—		—		—		—		(1)		—		(871)		—		(872)
Issuance of 1,886,265 shares of Class A common stock		—		2		—		—		—		—		12,123		—		12,125
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(128)		—		(128)
Stock-based compensation expense		—		—		—		—		—		—		253		—		253
Other comprehensive loss, net of tax		—		—		—		—		—		(908)		—		—		(908)
BALANCE, as of March 31, 2021 (Restated)	$	—	$	6	$	3	$	3	$	37	$	46,847	$	1,001,905	$	(807,101)	$	241,700


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the six months ended June 30, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		17,873		17,873
Repurchase of 509,347 shares of Class D common stock		—		—		—		—		(1)		—		(904)		—		(905)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,278		—		33,282
Exercise of options for 197,256 shares of Class D common stock		—		—		—		—		—		—		315		—		315
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,425)		—		(1,425)
Stock-based compensation expense		—		—		—		—		—		—		425		—		425
BALANCE, as of June 30, 2021	$	—	$	8	$	3	$	3	$	37	$	—	$	1,023,458	$	(787,046)	$	236,463

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Net income		—		—		—		—		—		—		—		(253)		(253)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,216)		—		(1,216)
Other comprehensive income, net of tax		—		—		—		—		—		2,484		—		—		2,484
Total Adjustments June 30, 2021	$	—	$	—	$	—	$	—	$	—	$	50,239	$	(2,457)	$	(2,442)	$	45,340

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		17,620		17,620
Repurchase of 509,347 shares of Class D common stock		—		—		—		—		(1)		—		(904)		—		(905)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,278		—		33,282
Exercise of options for 197,256 shares of Class D common stock		—		—		—		—		—		—		315		—		315
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(2,641)		—		(2,641)
Stock-based compensation expense		—		—		—		—		—		—		425		—		425
Other comprehensive income, net of tax		—		—		—		—		—		2,484		—		—		2,484
BALANCE, as of June 30, 2021 (Restated)	$	—	$	8	$	3	$	3	$	37	$	50,239	$	1,021,001	$	(789,488)	$	281,803


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the nine months ended September 30, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		31,749		31,749
Repurchase of 519,347 shares of Class D common stock		—		—		—		—		(1)		—		(943)		—		(944)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 219,756 shares of Class D common stock		—		—		—		—		—		—		366		—		366
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(3,671)		—		(3,671)
Stock-based compensation expense		—		—		—		—		—		—		478		—		478
BALANCE, as of September 30, 2021	$	—	$	8	$	3	$	3	$	37	$	—	$	1,021,272	$	(773,170)	$	248,153

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Net income		—		—		—		—		—		—		—		(244)		(244)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,070)		—		(1,070)
Other comprehensive income, net of tax		—		—		—		—		—		5,796		—		—		5,796
Total Adjustments September 30, 2021	$	—	$	—	$	—	$	—	$	—	$	53,551	$	(2,311)	$	(2,433)	$	48,807

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		31,505		31,505
Repurchase of 519,347 shares of Class D common stock		—		—		—		—		(1)		—		(943)		—		(944)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 219,756 shares of Class D common stock		—		—		—		—		—		—		366		—		366
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,741)		—		(4,741)
Stock-based compensation expense		—		—		—		—		—		—		478		—		478
Other comprehensive income, net of tax		—		—		—		—		—		5,796		—		—		5,796
BALANCE, as of September 30, 2021 (Restated)	$	—	$	8	$	3	$	3	$	37	$	53,551	$	1,018,961	$	(775,603)	$	296,960

Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2022 (unaudited)								Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 31, 2022 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17,070	$	134	$	(10)	$	17,194	$	32,874	$	134	$	1,529	$	34,537	$	37,447	$	83	$	774	$	38,304
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes		5,586		(134)		10		5,462		8,597		(134)		499		8,962		11,511		(83)		254		11,682
Non-cash lease liability expense		1,043		—		(1,043)		—		2,038		—		(2,038)		—		2,994		—		(2,994)		—
Impairment of goodwill and broadcasting licenses		—		—		—		—		16,933		—		(2,028)		14,905		31,383		—		(1,028)		30,355
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		13,448		—		(112)		13,336		3,483		—		(39)		3,444		208		—		(52)		156
Accounts payable		(2,591)		—		5		(2,586)		231		—		(189)		42		(270)		—		(346)		(616)
Other liabilities		(4,641)		—		1,150		(3,491)		(7,283)		—		2,266		(5,017)		(75)		—		3,392		3,317
Net cash flows provided by operating activities		15,734		—		—		15,734		43,624		—		—		43,624		54,067		—		—		54,067
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	39	$	—	$	832	$	871	$	1,803	$	—	$	104	$	1,907	$	2,717	$	—	$	723	$	3,440


	Three Months Ended March 31, 2021 (unaudited)								Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 31, 2021 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	461	$	—	$	—	$	461	$	18,939	$	(265)	$	12	$	18,686	$	33,394	$	(256)	$	12	$	33,150
Adjustments to reconcile net income (loss) to net cash from operating activities:
Deferred income taxes		(10)		—		—		(10)		6,108		265		(12)		6,361		12,366		256		(12)		12,610
Non-cash lease liability expense		1,154		—		(1,154)		—		2,066		—		(2,066)		—		3,299		—		(3,299)		—
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		11,380		—		(41)		11,339		2,260		—		82		2,342		(8,574)		—		(71)		(8,645)
Accounts payable		(2,098)		—		(23)		(2,121)		1,388		—		(84)		1,304		3,488		—		(118)		3,370
Other liabilities		(2,050)		—		1,218		(832)		235		—		2,068		2,303		1,975		—		3,488		5,463
Net cash flows provided by operating activities		14,293		—		—		14,293		51,492		—		—		51,492		36,264		—		—		36,264
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	(420)	$	—	$	548	$	128	$	1,425	$	—	$	1,216	$	2,641	$	3,671	$	—	$	1,070	$	4,741

CONTENT ASSETS

12 Months Ended

Dec. 31, 2022

CONTENT ASSETS

CONTENT ASSETS

7. CONTENT ASSETS:

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


	As of December 31,				Period of
	2022		2021		Amortization

	(In thousands)
Produced content assets:
Completed	$	122,660	$	117,058
In-production		23,300		12,961
Licensed content assets acquired:
Acquired		55,751		61,374
Content assets, at cost		201,711		191,393	1‑5 Years
Less: accumulated amortization		(81,330)		(105,355)
Content assets, net		120,381		86,038
Less: current portion		(34,003)		(25,883)
Noncurrent portion	$	86,378	$	60,155

The aggregate amortization expense for content assets for the years ended December 31, 2022 and 2021 is approximately $43.5 million and $47.1 million, respectively. The estimated future amortization expense for completed and released content assets is approximately $17.3 million, $14.6 million, and $13.1 million for the years ending December 31, 2023, 2024 and 2025, respectively. 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, 2022, for years 2023 through 2025 is as follows:


	(In thousands)
2023	$	34,003
2024		23,201
2025		15,964

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, 2022, are as follows:


	(In thousands)
2023	$	26,718
2024		9,371
2025		994

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

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

Impairment Testing

In accordance with ASC 350, we do not amortize our radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units and radio broadcasting licenses, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. We had 16 reporting units as of our October 2022 annual impairment assessment, consisting of each of the 13 radio markets within the radio segment and each of the other three business segments. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value.

We perform our annual impairment test as of October 1 of each year. The Company noted interim triggering events during the current year which resulted in the recording of impairment losses. The Company has not identified any triggering events occurring after the annual testing date that would impact the impairment testing results obtained but will continue to monitor the fair value of the Company.

As discussed in Note 2 – Restatement of Financial Statements, the Company is restating its previously issued financial statements to correct the certain misstatements, one of which is related to the impairment of radio broadcasting licenses. For the years ended December 31, 2022 and 2021, we recorded impairment charges against radio broadcasting licenses and goodwill collectively, of approximately $40.7 million and $2.1 million, respectively, which are included within Impairment of long-lived assets in the consolidated statements of operations.

Broadcasting Licenses

The Company’s total broadcasting licenses carrying value is approximately $488.4 million as of December 31, 2022.

As restated, the table below presents the changes in the Company’s radio broadcasting licenses during 2022 and 2021:


	Total
	(In thousands)
Balance at January 1, 2021 (As Restated)	$	482,442
Acquisitions		21,082
Impairment charges		(2,104)
Balance at December 31, 2021 (As Restated)	$	501,420
Acquisitions		23,642
Disposals		(3,200)
Impairment charges		(33,443)
Balance at December 31, 2022	$	488,419

Our licenses expire at various dates through August 1, 2030. 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.

During the second quarter of 2022, there continued to be slowing in certain general economic conditions and a rising interest rate environment, which we deemed to be an impairment indicator that warranted interim impairment testing of certain markets’ radio broadcasting licenses, as it was determined more likely than not that the fair value was below its carrying value. The Company utilized the income approach to estimate the fair value of the broadcasting licenses. As a result of its impairment test, the Company recorded impairment of approximately $8.7 million during the three months ended June 30, 2022, associated with certain of our radio market broadcasting licenses. In addition, the Company recorded an impairment charge of approximately $1.9 million in the three months ended June 30, 2022, associated with the estimated asset sale consideration for one of our Indianapolis radio broadcasting licenses.

During the third quarter of 2022, economic conditions continued to slow and interest rates continued to rise. The Company performed additional impairment tests, and recorded an impairment of approximately $15.5 million associated with certain of our radio market broadcasting licenses.

We completed our 2022 annual impairment assessment as of October 1, 2022. There was lower than forecasted revenue growth and operating profit margin in certain markets. As a result, the Company recorded an impairment charge of approximately $7.4 million during the three months ended December 31, 2022, associated with certain of our radio market broadcasting licenses.

When evaluating our radio broadcasting licenses for impairment, the testing is done at the unit of accounting level as determined by ASC 350. 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.

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 for estimating the broadcasting license fair values for the annual impairment testing performed and interim impairment testing where an impairment charge was recorded since January 1, 2021.


Radio Broadcasting	October 1,			September 30,				June 30,		October 1,
Licenses	2022			2022 (a)				2022 (a)		2021
					(As Restated)			(As Restated)			(As Restated)

Impairment charge (in millions)	$	7.4		$	15.5		$	10.6	(*)	$	2.1

Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		0.0% – 1.7	%		0.3% – 1.6	%		0.7% – 2.4	%		0.7% – 8.0	%
Terminal growth rate range		0.3% – 0.8	%		0.3% – 0.8	%		0.7% – 1.0	%		0.7% – 1.0	%
Mature market share range		6.8% – 27.6	%		6.8% – 27.6	%		6.9% – 25.6	%		6.2% – 23.2	%
Mature operating profit margin range		27.2% – 34.6	%		28.3% – 36.1	%		28.3% – 36.1	%		26.9% – 36.1	%

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

(*) Includes an impairment charge whereby the license fair value is based on estimated asset sale consideration.

If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. We will continue to monitor potential triggering events and perform the appropriate analysis when deemed necessary.

Goodwill

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2022 and 2021:


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

	(In thousands)
Gross goodwill at January 1, 2021	$	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

Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		437		—		—		—		437
Impairments		(7,240)		—		—		—		(7,240)
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2022	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

As noted above, during the quarters ended June 30, 2022 and September 30, 2022, we identified impairment indicators at certain of our radio markets. As it was determined that it was more likely than not that the fair value of certain radio markets reporting units were below its carrying value, the Company performed interim quantitative impairment tests as of the June 30, 2022 and September 30, 2022 balance sheet dates. During the three months ended June 30, 2022, the Company recorded an impairment of approximately $4.3 million to reduce the carrying value of our Atlanta market goodwill balance. No impairment was identified for the three months ended September 30, 2022 based on the quantitative test performed.

As part of the Company’s annual impairment assessment, the Company recorded an impairment of approximately $2.9 million to reduce the carrying value of goodwill in the Philadelphia market for the quarter ending December 31, 2022 as a result of lower than forecasted revenue growth. There was no impairment for the year ended December 31, 2021.

Below are some of the key assumptions used in the income approach model for estimating the Radio Market goodwill reporting units fair values for the quantitative annual impairment assessments performed and interim quantitative impairment testing where an impairment charge was recorded since January 1, 2021. We used a step zero qualitative analysis for all other reporting units.


Goodwill (Radio Market	October 1,			September 30,			June 30,			October 1,
Reporting Units)	2022 (a)			2022 (a)			2022 (a)			2021 (a)

Impairment charge (in millions)	$	2.9		$	—		$	4.3		$	—

Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		(10.3)% – 72.0	%		(0.3)% – 1.7	%		(2.5)% – 2.5	%		(10.7)% – 27.1	%
Terminal growth rate range		0.5% – 0.8	%		1.0	%		0.7% – 1.0	%		0.7% – 1.0	%
Operating profit margin range		16.6% – 46.0	%		33.4	%		19.5% – 32.9	%		21.2% – 47.3	%

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

Intangible Assets Excluding Goodwill and Radio Broadcasting Licenses

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


														Remaining
														Weighted-
														Average
	As of December 31,												Period of	Period of
	2022						2021						Amortization	Amortization
							(As Restated)
	(In thousands)
		Gross Carrying		Accumulated		Net		Gross Carrying		Accumulated		Net
		Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	17,431	$	(17,418)	$	13	$	17,425	$	(17,405)	$	20	1‑5 Years	1.6 Years
Intellectual property		6,878		(6,878)		—		6,878		(6,878)		—	4‑10 Years	0.0 Years
Advertiser agreements		46,669		(45,728)		941		46,582		(42,276)		4,306	1‑12 Years	0.2 Years
Brand names		4,413		(3,732)		681		4,413		(3,558)		855	10 Years	4.8 Years
Brand names - unamortized		39,690		—		39,690		39,690		—		39,690	Indefinite	—
Launch assets, net of current portion		22,791		(9,104)		13,687		7,597		(4,724)		2,873	Contract length	3.8 Years
Other intangibles		849		(668)		181		842		(665)		177	1‑15 Years	3.3 Years
Total other intangible assets	$	138,721	$	(83,528)	$	55,193	$	123,427	$	(75,506)	$	47,921		3.1 Years

Amortization expense of intangible assets for each of the years ended December 31, 2022 and 2021 was approximately $3.7 million.

The following table presents the Company’s estimate of amortization expense for the years 2023 through 2027 for intangible assets as of December 31, 2022:


	(In thousands)
2023	$	1,232
2024		172
2025		141
2026		140
2027		74

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 - Additional Information (Details)							1 Months Ended		3 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 ($)	Apr. 18, 2017 USD ($)	Apr. 17, 2015 USD ($)	Apr. 18, 2017 USD ($)	Apr. 21, 2016 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 06, 2022 USD ($)	Aug. 01, 2021	Jun. 01, 2021 USD ($)	Jan. 25, 2021 USD ($)	Jan. 07, 2021 USD ($)	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										$ 1,989,000	$ 2,267,000
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.					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.
(GAIN) LOSS ON RETIREMENT OF DEBT										$ (6,718,000)	6,949,000
Amortization of debt premium										3,500,000
Gain (Loss) on Extinguishment of Debt										$ 6,718,000	(6,949,000)
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.
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
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%
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%
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
Debt Instrument, Repurchase Amount										$ 15,000,000
Debt Instrument, Redemption Price, Percentage										100.00%
7.375% Senior Secured Notes due February 2028
Debt Instrument [Line Items]
Face amount of debt															$ 825,000,000
Interest rate										7.375%			7.375%
Long-term Debt, Gross										$ 750,000,000.0	825,000,000.0
(GAIN) LOSS ON RETIREMENT OF DEBT										$ (6,700,000)
Debt Instrument, Redemption Price, Percentage										89.50%
Amount redeemable										$ 75,000,000.0
Debt instrument effective interest rate										7.84%
Debt Instrument, Repurchase Amount										$ 75,000,000.0
Debt Instrument, Redemption Price, Percentage										89.50%
Gain (Loss) on Extinguishment of Debt										$ 6,700,000
7.375% Senior Secured Notes due February 2028 \| Scenario, Plan [Member]
Debt Instrument [Line Items]
Amount redeemable												$ 25,000,000
Debt Instrument, Repurchase Amount												$ 25,000,000
7.375% Senior Secured Notes due February 2028 \| 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										2,000,000.0	2,300,000
(GAIN) LOSS ON RETIREMENT OF DEBT											$ 6,900,000
Debt instrument effective interest rate											7.96%
Gain (Loss) on Extinguishment of Debt											$ (6,900,000)
PPP loan
Debt Instrument [Line Items]
Face amount of debt														$ 7,500,000
Other Income									$ 7,600,000
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
Covenant Compliance Description For Maintaining Fixed Charge Coverage Ratio										The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00.
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%
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
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%
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.
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 \| 8.75% Senior Secured Notes due December 2022
Debt Instrument [Line Items]
Interest rate										8.75%
Credit Facility 2017 And 2018 \| 7.375% Senior Secured Notes due February 2028
Debt Instrument [Line Items]
Interest rate										7.375%

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

Schedule of long-term debt

Long-term debt consists of the following:


	As of December 31,
	2022		2021

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	750,000	$	825,000
PPP Loan		—		7,505
Total debt		750,000		832,505
Less: current portion of long-term debt		—		—
Less: original issue discount and issuance costs		11,000		13,889
Long-term debt, net	$	739,000	$	818,616

Schedule of future scheduled minimum principal payments

Future scheduled minimum principal payments of debt as of December 31, 2022, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028
	(In thousands)
2023	$	—
2024		—
2025		—
2026		—
2027		—
2028 and thereafter		750,000
Total debt	$	750,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

SEGMENT INFORMATION (Details)	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
SEGMENT INFORMATION (Details)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment												4
Related to acquisition of property												$ 6,763,000	$ 6,286,000
Acquisition of broadcasting assets amount												25,000,000	0
Net revenue	$ 121,250,000	$ 118,657,000	$ 112,131,000	$ 130,475,000	$ 111,234,000	$ 107,365,000	$ 91,211,000	$ 230,788,000	$ 198,576,000	$ 352,038,000	$ 309,810,000	484,604,000	440,285,000
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												339,200,000	312,453,000
Depreciation and Amortization:												10,034,000	9,289,000
Impairment of Long-Lived Assets:	15,450,000	14,905,000		2,104,000				14,905,000		30,355,000		40,683,000	2,104,000
Operating income (loss):	17,974,000	25,863,000	36,538,000	20,287,000	34,475,000	37,920,000	23,757,000	62,401,000		80,375,000		94,687,000	116,439,000
Capital expenditures by segment are as follows:												7,598,000	6,286,000
Total assets:	$ 1,322,693,000	$ 1,335,248,000	$ 1,363,064,000	1,329,025,000	$ 1,305,756,000	$ 1,299,275,000	$ 1,217,989,000	$ 1,335,248,000	$ 1,299,275,000	$ 1,322,693,000	$ 1,305,756,000	1,338,487,000	1,329,025,000
Radio broadcasting
SEGMENT INFORMATION
Related to acquisition of property												835,000
Acquisition of broadcasting assets amount												25,000,000.0
Net revenue												156,678,000	140,246,000
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												108,952,000	98,250,000
Depreciation and Amortization:												3,411,000	3,135,000
Impairment of Long-Lived Assets:												40,683,000	2,104,000
Operating income (loss):												3,632,000	36,757,000
Capital expenditures by segment are as follows:												3,750,000	2,826,000
Total assets:				623,265,000								606,199,000	623,265,000
Radio broadcasting \| Intersegment Eliminations [Member]
SEGMENT INFORMATION
Net revenue												(3,588,000)	(3,338,000)
Reach Media
SEGMENT INFORMATION
Net revenue												43,117,000	46,437,000
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												28,244,000	32,911,000
Depreciation and Amortization:												188,000	208,000
Operating income (loss):												14,685,000	13,318,000
Capital expenditures by segment are as follows:												269,000	160,000
Total assets:				33,451,000								49,164,000	33,451,000
Digital
SEGMENT INFORMATION
Net revenue												78,526,000	59,937,000
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												56,760,000	42,698,000
Depreciation and Amortization:												1,323,000	1,264,000
Operating income (loss):												20,443,000	15,975,000
Capital expenditures by segment are as follows:												1,245,000	1,354,000
Total assets:				32,915,000								35,888,000	32,915,000
Cable television
SEGMENT INFORMATION
Net revenue												209,871,000	197,003,000
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												105,420,000	101,872,000
Depreciation and Amortization:												3,847,000	3,738,000
Operating income (loss):												100,604,000	91,393,000
Capital expenditures by segment are as follows:												639,000	385,000
Total assets:				367,896,000								414,697,000	367,896,000
All Other - corporate/eliminations
SEGMENT INFORMATION
Net revenue												(3,588,000)	(3,338,000)
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):												39,824,000	36,722,000
Depreciation and Amortization:												1,265,000	944,000
Operating income (loss):												(44,677,000)	(41,004,000)
Capital expenditures by segment are as follows:												1,695,000	1,561,000
Total assets:				$ 271,498,000								$ 232,539,000	$ 271,498,000

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unrealized gain on available-for-sale securities	$ (7,500)	$ 100	$ 10,400	$ 1,800	$ 4,400	$ 4,500	$ (1,200)	$ 10,500	$ 3,300	$ 3,000	$ 7,700	$ 24,226	$ 9,500
Income tax expense related to unrealized gain on available-for-sale securities	1,804	(25)	(2,504)	(401)	(1,088)	(1,108)	292	(2,529)	(816)	(725)	(1,904)	(5,949)	(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796	18,277	7,195
COMPREHENSIVE INCOME	(1,929)	17,418	25,090	7,355	17,776	21,617	(447)	42,508	21,170	40,579	38,946	58,232	46,301
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(2,289)	16,648	24,389	6,685	17,197	21,005	(901)	41,037	20,104	38,748	37,301	$ 55,606	43,986
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE INCOME	4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	4,213	15,034	16,369	6,603	13,876	17,866	7	31,403	17,873	35,616	31,749		38,352
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Unrealized gain on available-for-sale securities	(7,500)	100	10,400	1,800	4,400	4,500	(1,200)	10,500	3,300	3,000	7,700		9,500
Income tax expense related to unrealized gain on available-for-sale securities	1,804	(25)	(2,504)	(401)	(1,088)	(1,108)	292	(2,529)	(816)	(725)	(1,904)		(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796		7,195
COMPREHENSIVE INCOME	(5,747)	75	8,030	1,688	3,321	3,127	(908)	8,105	2,219	2,358	5,540		7,228
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(5,747)	75	8,030	1,688	$ 3,321	3,127	$ (908)	8,105	2,219	2,358	5,540		7,228
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE INCOME	(755)	1,539	(10)	(1,606)		12		1,529	12	774	12		(1,594)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (755)	$ 1,539	$ (10)	$ (1,606)		$ 12		$ 1,529	$ 12	$ 774	$ 12		$ (1,594)

- 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

ORGANIZATION (Policies)	12 Months Ended
ORGANIZATION (Policies)	Dec. 31, 2022
ORGANIZATION
Basis of Presentation	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.
Principles of Consolidation	Principles of Consolidation 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 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.

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Estimate of Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
2023	$ 1,232
2024	172
2025	141
2026	140
2027	$ 74

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Operations - Additional (Details) - USD ($)	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	$ 5,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 31,000	$ 0	$ 31,000	$ 5,000	$ 31,000	$ 239,000	$ 31,000

STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	12 Months Ended
STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Average risk-free interest rate	2.79%	0.68%
Expected dividend yield	0.00%	0.00%
Expected lives	5 years 8 months 8 days	5 years 1 month 28 days
Expected volatility	79.92%	82.04%

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted stock awards [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year	76,056	1,723,561
Shares, Grants	1,357,687	101,057
Shares, Vested	(999,479)	(1,748,562)
Shares, Unvested at end of year	434,264	76,056
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share)	$ 3.90	$ 0.83
Average Fair Value at Grant Date, Grants (in dollars per share)	4.27	3.22
Average Fair Value at Grant Date, Vested (in dollars per share)	4.25	0.83
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share)	$ 4.27	$ 3.90

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

Schedule of operating lease and other operating contract obligations

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


			Other
			Operating
	Operating		Contracts
	Lease		and
	Agreements		Agreements

	(In thousands)
Years ending December 31:
2023	$	11,697	$	77,445
2024		10,690		36,049
2025		6,834		26,164
2026		4,860		12,893
2027		3,417		3,834
2028 and thereafter		7,140		12,959
Total	$	44,638	$	169,344

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details)			3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($)	Apr. 20, 2021 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 13, 2022 USD ($)	Nov. 06, 2020 item
Asset Acquisition [Line Items]
Assets held for sale																$ 3,200,000
Net Revenue			$ 121,250,000	$ 118,657,000	$ 112,131,000	$ 130,475,000	$ 111,234,000	$ 107,365,000	$ 91,211,000	$ 230,788,000	$ 198,576,000	$ 352,038,000	$ 309,810,000	$ 484,604,000	$ 440,285,000
Operating income (loss)			$ 17,974,000	$ 25,863,000	$ 36,538,000	$ 20,287,000	$ 34,475,000	$ 37,920,000	$ 23,757,000	$ 62,401,000		$ 80,375,000		94,687,000	116,439,000
WFUN FM
Asset Acquisition [Line Items]
Number of radio stations transferred \| item																	3
Proceeds from assets sold		$ 8,000,000.0
Assets, held for sale, tangible and intangible disposed		8,000,000.0
Indiana Radio Cluster Asset Acquisition [Member]
Asset Acquisition [Line Items]
Asset acquisition transaction price	$ 25,000,000
Radio broadcasting licenses	23,600,000
Intangible asset	87,000
Right of use assets	1,200,000
Goodwill, asset acquisition	437,000
Operating lease liabilities	1,200,000
Net Revenue														5,600,000
Operating income (loss)														1,200,000
Indiana Radio Cluster Asset Acquisition [Member] \| WHHH radio broadcasting license and intellectual property related to WNOW \| Disposal group, disposed of by sale, not discontinued operations
Asset Acquisition [Line Items]
Net loss recognized related to disposal transaction														$ 120,000
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal Statement Of Income Extensible List Not Disclosed Flag														true
Indiana Radio Cluster Asset Acquisition [Member] \| Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment	162,000
Indiana Radio Cluster Asset Acquisition [Member] \| Transmitters
Asset Acquisition [Line Items]
Property, plant and equipment	326,000
Indiana Radio Cluster Asset Acquisition [Member] \| Studios
Asset Acquisition [Line Items]
Property, plant and equipment	209,000
Indiana Radio Cluster Asset Acquisition [Member] \| Vehicles
Asset Acquisition [Line Items]
Property, plant and equipment	111,000
Indiana Radio Cluster Asset Acquisition [Member] \| Furniture, fixtures, computer equipment and computer software
Asset Acquisition [Line Items]
Property, plant and equipment	$ 27,000
Audacy and Gateway
Asset Acquisition [Line Items]
Net gain from transaction															$ 404,000
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
Audacy and Gateway \| Land and land improvements
Asset Acquisition [Line Items]
Property, plant and equipment		1,800,000
Audacy and Gateway \| Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment		2,000,000.0
Audacy and Gateway \| Buildings
Asset Acquisition [Line Items]
Property, plant and equipment		517,000
Audacy and Gateway \| Transmitters
Asset Acquisition [Line Items]
Property, plant and equipment		1,000,000.0
Audacy and Gateway \| Studios
Asset Acquisition [Line Items]
Property, plant and equipment		712,000
Audacy and Gateway \| Vehicles
Asset Acquisition [Line Items]
Property, plant and equipment		53,000
Audacy and Gateway \| Furniture and fixtures
Asset Acquisition [Line Items]
Property, plant and equipment		200,000
Audacy and Gateway \| Computer equipment
Asset Acquisition [Line Items]
Property, plant and equipment		67,000
Audacy and Gateway \| Other equipment
Asset Acquisition [Line Items]
Property, plant and equipment		$ 19,000

RESTATEMENT OF FINANCIAL STATEMENTS (Details) - USD ($)					3 Months Ended										6 Months Ended		9 Months Ended		12 Months Ended
RESTATEMENT OF FINANCIAL STATEMENTS (Details) - USD ($)	Oct. 01, 2022	Sep. 30, 2022	Jan. 01, 2022	Oct. 01, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt securities, available-for-sale								$ 112,600,000											$ 136,826,000	$ 112,600,000
Other assets		$ 6,434,000			$ 6,434,000	$ 6,658,000	$ 6,285,000	6,956,000	$ 25,341,000	$ 5,583,000	$ 5,523,000				$ 6,658,000	$ 5,583,000	$ 6,434,000	$ 25,341,000	5,688,000	6,956,000
Deferred tax liabilities, net		31,284,000			31,284,000	30,368,000	26,843,000	18,877,000	19,115,000	11,778,000	4,299,000				30,368,000	11,778,000	31,284,000	19,115,000	39,704,000	18,877,000
Accumulated other comprehensive income		57,225,000			57,225,000	62,921,000	62,846,000	54,950,000	53,551,000	50,239,000	46,847,000				62,921,000	50,239,000	57,225,000	53,551,000	73,227,000	54,950,000
Radio broadcasting licenses		495,832,000			495,832,000	487,640,000	501,420,000	501,420,000	503,524,000	503,524,000	482,442,000				487,640,000	503,524,000	495,832,000	503,524,000	488,419,000	501,420,000
Accumulated deficit		(733,844,000)			(733,844,000)	(737,251,000)	(753,824,000)	(770,317,000)	(775,603,000)	(789,488,000)	(807,101,000)				(737,251,000)	(789,488,000)	(733,844,000)	(775,603,000)	(732,988,000)	(770,317,000)
Impairment of long-lived assets					15,450,000	14,905,000		2,104,000							14,905,000		30,355,000		40,683,000	2,104,000
Provision (benefit) for income taxes					3,170,000	4,214,000	5,462,000	424,000	6,248,000	6,372,000	(10,000)				9,676,000	6,362,000	12,846,000	12,610,000	16,721,000	13,034,000
Comprehensive income					(2,289,000)	16,648,000	24,389,000	6,685,000	17,197,000	21,005,000	(901,000)				41,037,000	20,104,000	38,748,000	37,301,000	55,606,000	43,986,000
Net income (loss) attributable to common stockholders					3,407,000	16,573,000	16,493,000	5,286,000	13,885,000	17,613,000	7,000				33,066,000	17,620,000	36,473,000	31,505,000	37,329,000	36,791,000
Deferred income taxes							5,462,000				(10,000)				8,962,000	6,361,000	11,682,000	12,610,000	14,878,000	11,971,000
Net cash flows provided by operating activities							15,734,000				14,293,000				43,624,000	51,492,000	54,067,000	36,264,000	67,060,000	80,150,000
Net cash flows provided by investing activities																			(28,683,000)	1,714,000
Net cash flows provided by financing activities																			(95,216,000)	(3,504,000)
Deferred rent																						$ 1,300,000
Right of use assets		34,131,000			34,131,000	34,035,000	36,201,000	37,956,000	39,481,000	42,140,000	40,372,000				34,035,000	42,140,000	34,131,000	39,481,000	31,879,000	37,956,000
REDEEMABLE NONCONTROLLING INTERESTS		22,327,000			22,327,000	20,434,000	20,227,000	18,655,000	19,328,000	17,649,000	14,524,000				20,434,000	17,649,000	22,327,000	19,328,000	25,298,000	18,655,000
Additional paid-in capital		994,591,000			994,591,000	992,934,000	1,018,239,000	1,018,996,000	1,018,961,000	1,021,001,000	1,001,905,000				992,934,000	1,021,001,000	994,591,000	1,018,961,000	993,484,000	1,018,996,000
Net Revenue					121,250,000	118,657,000	112,131,000	130,475,000	111,234,000	107,365,000	91,211,000				230,788,000	198,576,000	352,038,000	309,810,000	484,604,000	440,285,000
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively					40,923,000	35,193,000	35,210,000	48,097,000	32,873,000	31,282,000	29,758,000				70,403,000	61,040,000	111,326,000	93,913,000	160,230,000	142,010,000
Net operating loss carryforwards								109,343,000											88,813,000	109,343,000
Interest expense carryforward								20,380,000											23,788,000	20,380,000
Decrease to accumulated amortization of content assets																			(43,533,000)	(47,126,000)
Other liabilities							(3,491,000)				(832,000)				(5,017,000)	2,303,000	3,317,000	5,463,000	(3,710,000)	(1,288,000)
Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Radio broadcasting licenses																			488,400,000
Impairment of indefinite lived intangible assets	$ 7,400,000	15,500,000		$ 2,100,000		3,700,000									10,600,000				$ 33,443,000	2,104,000
Fair value adjustment understated (overstated)												$ (2,300,000)	$ 2,800,000							2,100,000		$ 1,100,000
Radio Broadcasting Licenses [Member] \| Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Fair value adjustment understated (overstated)					1,000,000.0	1,700,000
Radio Broadcasting Licenses [Member] \| INDIANA
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment of indefinite lived intangible assets						1,900,000
Radio broadcast license impairment \| Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment of long-lived assets								(2,100,000)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other assets		(40,000,000)			(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)				(40,000,000)	(40,000,000)	(40,000,000)	(40,000,000)		(40,000,000)
Deferred tax liabilities, net		18,259,000			18,259,000	20,012,000	19,987,000	17,617,000	17,505,000	12,493,000	5,002,000				20,012,000	12,493,000	18,259,000	17,505,000		17,617,000
Deferred income tax assets										(3,933,000)	(10,051,000)					(3,933,000)
Accumulated other comprehensive income		57,225,000			57,225,000	62,921,000	62,846,000	54,950,000	53,551,000	50,239,000	46,847,000				62,921,000	50,239,000	57,225,000	53,551,000		54,950,000
Accumulated deficit		$ 116,000			116,000	167,000	167,000	33,000	(256,000)	(265,000)					167,000	(265,000)	116,000	(256,000)		33,000
Provision (benefit) for income taxes					51,000		(134,000)	(289,000)	(9,000)	265,000					(134,000)	265,000	(83,000)	256,000		(33,000)
Comprehensive income					(5,747,000)	75,000	8,030,000	1,688,000	3,321,000	3,127,000	$ (908,000)				8,105,000	2,219,000	2,358,000	5,540,000		7,228,000
Net income (loss) attributable to common stockholders					(51,000)		134,000	289,000	$ 9,000	$ (265,000)					134,000	(265,000)	83,000	(256,000)		33,000
Deferred income taxes							$ (134,000)								$ (134,000)	$ 265,000	$ (83,000)	$ 256,000		(33,000)
Net operating loss carryforwards								(4,900,000)												(4,900,000)
Interest expense carryforward								4,900,000												4,900,000
Reduction to produced content assets								279,300,000												279,300,000
Increase to produced content assets								837,000												837,000
Decrease to acquired licensed content assets																				4,600,000
Decrease to accumulated amortization of content assets																				283,900,000
Non-cash lease liability expense			$ (4,700,000)
Other liabilities			$ 4,700,000
Adjustments \| Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Radio broadcasting licenses								(3,700,000)												(3,700,000)
Impairment of indefinite lived intangible assets						(3,700,000)							$ (1,600,000)	$ (1,600,000)
Adjustments \| MGM investment classification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Debt securities, available-for-sale								112,600,000												112,600,000
Other assets								40,000,000.0												40,000,000.0
Deferred tax liabilities, net								17,600,000												17,600,000
Accumulated other comprehensive income								(55,000,000.0)												(55,000,000.0)	$ 47,800,000
Unrealized gain (loss) on debt securities, available-for-sale																				7,200,000
Accumulated deficit								100,000												100,000
Adjustments \| Radio broadcast license impairment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred income tax assets								905,000												905,000
Impairment of long-lived assets																				2,100,000
Provision (benefit) for income taxes																				(510,000)
Comprehensive income																				(1,600,000)
Net income (loss) attributable to common stockholders																				1,600,000	1,200,000
Deferred income taxes																				510,000
Net cash flows provided by operating activities																				0
Net cash flows provided by investing activities																				0
Net cash flows provided by financing activities																				0
Adjustments \| Radio broadcast license impairment \| Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit								2,800,000												2,800,000
Adjustments \| Radio broadcast license impairment \| Radio Broadcasting Licenses [Member] \| Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impairment of indefinite lived intangible assets					$ 1,000,000.0	$ 1,700,000
Adjustments \| Right Of Use Asset [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit								(960,000)												(960,000)	$ (960,000)
Deferred income taxes																				(308,000)
Right of use assets								(1,300,000)												(1,300,000)
Adjustments \| Reach Media Redeemable Noncontrolling Interest [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital								(1,200,000)												(1,200,000)
Redeemable noncontrolling interest, equity, redemption value								399,000												399,000
Redeemable noncontrolling interest and additional paid in capital Adjustment amount								$ 1,600,000												1,600,000
Adjustments \| Launch assets [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue																				(1,200,000)
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively																				$ (1,200,000)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch support amortization expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2023	$ 4,980
2024	4,980
2025	4,980
2026	3,410
2027	237
Thereafter	$ 73

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Balance as of January 1	$ 1,315	$ 2,299
Additions for tax positions related to current years	0	0
Additions (deductions) for tax positions related to prior years	8	8
Deductions for tax positions as a result of the lapse of applicable statutes of limitation	(635)	(992)
Balance as of December 31	$ 688	$ 1,315

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	$ 121,250	$ 118,657	$ 112,131	$ 130,475	$ 111,234	$ 107,365	$ 91,211	$ 230,788	$ 198,576	$ 352,038	$ 309,810	$ 484,604	$ 440,285
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively	40,923	35,193	35,210	48,097	32,873	31,282	29,758	70,403	61,040	111,326	93,913	160,230	142,010
Impairment of long-lived assets	15,450	14,905		2,104				14,905		30,355		40,683	2,104
Total operating expenses	103,276	92,794	75,593	110,188	76,759	69,445	67,454	168,387	136,899	271,663	213,658	389,917	323,846
Operating income	17,974	25,863	36,538	20,287	34,475	37,920	23,757	62,401		80,375		94,687	116,439
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	6,937	21,557	22,656	6,380	20,712	24,597	451	44,213		51,150		56,676	52,140
PROVISION FOR INCOME TAXES	3,170	4,214	5,462	424	6,248	6,372	(10)	9,676	6,362	12,846	12,610	16,721	13,034
NET INCOME	3,767	17,343	17,194	5,956	14,464	18,225	461	34,537	18,686	38,304	33,150	39,955	39,106
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 3,407	$ 16,573	$ 16,493	$ 5,286	$ 13,885	$ 17,613	$ 7	$ 33,066	$ 17,620	$ 36,473	$ 31,505	$ 37,329	$ 36,791
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.07	$ 0.33	$ 0.32	$ 0.11	$ 0.27	$ 0.35	$ 0.00	$ 0.65	$ 0.35	$ 0.74	$ 0.63	$ 0.76	$ 0.73
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.06	$ 0.31	$ 0.30	$ 0.10	$ 0.25	$ 0.33	$ 0.00	$ 0.60		$ 0.68		$ 0.72	$ 0.68
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	$ 121,403	$ 118,810	$ 112,349	$ 130,966	$ 111,463	$ 107,593	$ 91,440	$ 231,159	$ 199,033	$ 352,562	$ 310,496		$ 441,462
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively	41,076	35,346	35,428	48,588	33,102	31,510	29,987	70,774	61,497	111,850	94,599		143,187
Impairment of long-lived assets	14,450	16,933						16,933		31,383
Total operating expenses	102,429	94,975	75,811	108,575	76,988	69,673	67,683	170,786	137,356	273,215	214,344		322,919
Operating income	18,974	23,835	36,538	22,391	34,475	37,920	23,757	60,373		79,347			118,543
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	7,937	19,529	22,656	8,484	20,712	24,597	451	42,185		50,122			54,244
PROVISION FOR INCOME TAXES	3,364	3,725	5,586	1,211	6,257	6,119	(10)	9,311	6,109	12,675	12,366		13,577
NET INCOME	4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 4,213	$ 15,034	$ 16,369	$ 6,603	$ 13,876	$ 17,866	$ 7	$ 31,403	$ 17,873	$ 35,616	$ 31,749		$ 38,352
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.09	$ 0.30	$ 0.32	$ 0.13	$ 0.27	$ 0.36	$ 0.00	$ 0.62	$ 0.36	$ 0.72	$ 0.64		$ 0.76
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.08	$ 0.28	$ 0.30	$ 0.12	$ 0.25	$ 0.33	$ 0.00	$ 0.57		$ 0.67			$ 0.71
Adjustments
Operating Expenses [Abstract]
PROVISION FOR INCOME TAXES	$ 51		$ (134)	$ (289)	$ (9)	$ 265		$ (134)	$ 265	$ (83)	$ 256		$ (33)
NET INCOME	(51)		134	289	9	(265)		134	(265)	83	(256)		33
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(51)		134	$ 289	9	$ (265)		134	$ (265)	83	$ (256)		33
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders				$ 0.01		$ (0.01)			$ (0.01)		$ (0.01)
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders				$ 0.01
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	(153)	$ (153)	(218)	$ (491)	(229)	$ (228)	$ (229)	(371)	$ (457)	(524)	$ (686)		(1,177)
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively	(153)	(153)	(218)	(491)	(229)	(228)	(229)	(371)	(457)	(524)	(686)		(1,177)
Impairment of long-lived assets	1,000	(2,028)		2,104				(2,028)		(1,028)			2,104
Total operating expenses	847	(2,181)	(218)	1,613	$ (229)	(228)	$ (229)	(2,399)	(457)	(1,552)	(686)		927
Operating income	(1,000)	2,028		(2,104)				2,028		1,028			(2,104)
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	(1,000)	2,028		(2,104)				2,028		1,028			(2,104)
PROVISION FOR INCOME TAXES	(245)	489	10	(498)		(12)		499	(12)	254	(12)		(510)
NET INCOME	(755)	1,539	(10)	(1,606)		12		1,529	12	774	12		(1,594)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (755)	$ 1,539	$ (10)	$ (1,606)		$ 12		$ 1,529	$ 12	$ 774	$ 12		$ (1,594)
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ (0.02)	$ 0.03		$ (0.03)				$ 0.03		$ 0.02			$ (0.03)
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ (0.02)	$ 0.03		$ (0.03)				$ 0.03		$ 0.01			$ (0.03)

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

12 Months Ended

Dec. 31, 2022

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

14. 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, 2022 and 2021.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Net revenue	$ 121,250	$ 118,657	$ 112,131	$ 130,475	$ 111,234	$ 107,365	$ 91,211	$ 230,788	$ 198,576	$ 352,038	$ 309,810	$ 484,604	$ 440,285
Radio advertising
Net revenue												177,268	165,244
Political advertising
Net revenue												13,226	3,494
Digital advertising
Net revenue												76,730	59,812
Cable television advertising
Net revenue												112,857	95,589
Cable television affiliate fees
Net revenue												96,963	101,203
Event revenues & other
Net revenue												$ 7,560	$ 14,943

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

ACQUISITIONS AND DISPOSITIONS - Asset Acquisition Pro forma (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
ACQUISITIONS AND DISPOSITIONS
Net revenue	$ 496,613	$ 457,935
Operating income	95,365	117,516
Net income	$ 40,439	$ 39,921

CONTENT ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortization expense for content assets	$ 3.7	$ 3.7
Content Assets Completed and Released
2023	17.3
2024	14.6
2025	13.1
Content Assets
Amortization expense for content assets	$ 43.5	$ 47.1

INVESTMENTS (Schedule of available for sale reconciliation) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Amortized Cost Basis	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000
Gross Unrealized Gains	104,326				73,800
Gross Unrealized Losses	(7,500)				(1,200)
Fair Value	136,826				112,600
MGM National Harbor [Member]
Amortized Cost Basis	40,000				40,000
Gross Unrealized Gains	104,326				73,800
Gross Unrealized Losses	(7,500)				(1,200)
Fair Value	$ 136,826				$ 112,600

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents and Restricted Cash

(a) 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. 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 former 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. In November 2021, the required Referendum was conducted and failed to pass. However, on January 24, 2022, the Richmond City Council adopted a new resolution in efforts to bring the ONE Casino + Resort 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. After the City and RVAEH entered into the New HCA, the Virginia General Assembly passed legislation that sought to delay the second referendum that was anticipated to occur in November 2022. While there were some questions as to the applicability of the legislation, RVAEH and the City determined to adhere to the legislation and to seek a second referendum in November 2023. As a result of the efforts to obtain a second referendum, including execution of the New HCA and the determination to seek a second referendum in November 2023, 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 sheets as of December 31, 2022 and 2021.

Trade Accounts Receivable

(b) Trade Accounts Receivable

Trade accounts receivable which consists of both billed and unbilled receivables are recorded at their invoiced amount and are presented net of an allowance for doubtful accounts. 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.

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. 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 market revenue and projected revenue growth by market, mature market share, mature operating profit margin, discount rate and terminal growth rate. In testing for goodwill impairment, we also rely primarily on the income approach that estimates the fair value of the reporting unit, which involves, but is not limited to, judgmental estimates and assumptions about revenue growth rates, future operating profit margins, discount rate and terminal growth rate. 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. Any impairment charge recognized cannot exceed the total amount of goodwill allocated to the reporting unit.

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

(d) 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 2022 and 2021 and concluded no triggering events occurred and that no impairment to the carrying value of these assets was required.

Financial Instruments

(e) Financial Instruments

Financial instruments as of December 31, 2022 and 2021, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2022 and 2021, except for the Company’s long-term debt. 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 $750.0 million and fair value of approximately $646.9 million as of December 31, 2022, and 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. On June 1, 2021, the Company borrowed approximately $7.5 million on a new PPP Loan (as defined in Note 11 – Long-Term Debt). During the three months ended June 30, 2022, the PPP Loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. 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. There were no borrowings outstanding on the Company’s asset-backed credit facility as of December 31, 2022 and 2021.

Revenue Recognition

(f) Revenue Recognition

In accordance with Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), 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 is satisfied over time as advertising spots or impressions are delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to distribute television programming content through the license period, and the Company applies the sales-and usage-based royalty exception to recognize revenue based on the number of subscribers each month. Finally, for event-based revenue, the Company’s events typically occur on one specified date when revenue is recognized. However, there may be performance obligations that are satisfied in the weeks leading up to the event, such as radio and digital advertising, and in such instances revenue is recognized as the underlying performance obligations are satisfied, based on the allocated transaction price and the pattern of delivery to the customer.

Within our radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue is recognized for each performance obligation based on the allocated transaction price and the pattern of transfer to the customer. The Company records as revenue the amount of consideration that it receives. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $18.4 million and $16.7 million for the years ended December 31, 2022 and 2021, respectively.

Within our digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital 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. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized over time. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price, and is equal to the amount receivable from the customer.

Our cable television segment derives advertising revenue from the sale of television airtime to advertisers and revenue is recognized over time when the advertisements are run. In the agreements governing advertising campaigns, the Company may also promise to deliver to its customers a guaranteed minimum number of viewers (“impressions”) on a specific television network within a particular demographic. These advertising campaigns are considered to represent a single, distinct performance obligation. Revenues are recognized based on the guaranteed audience level multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced advertising revenue receivables may exceed the value of the audience delivery. As such, a portion of revenues are deferred until the guaranteed audience level is delivered or the rights associated with the guarantee

lapse, which is typically less than one year. Audience guarantees are initially developed internally, based on planned programming, historical audience levels, and market trends. Actual audience and delivery information is obtained from independent ratings services. For our cable television segment, agency and outside sales representative commissions were approximately $20.1 million and $16.9 million for the years ended December 31, 2022 and 2021, respectively.

Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber royalty payable by the affiliate, in exchange for the right to distribute the Company’s programming. The majority of the Company’s distribution fees are collected monthly throughout the year and distribution revenue is recognized over the term of the contracts based on contracted programming rates and reported subscriber levels. The Company applies the sales- or usage-based royalty exception for its affiliate agreements. The amount of distribution fees due to the Company is reported by distributors based on actual subscriber levels. Such information is generally not received until after the close of the reporting period. In these cases, the Company estimates the number of subscribers receiving the Company’s programming to estimate royalty revenue. Historical adjustments to recorded estimates have not been material. Revenues from the Company’s cable television segment are reduced by the amortization of the Company’s launch support assets.

Some of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the individual performance obligations are separately accounted for if they are distinct. In an arrangement with multiple performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The determination of stand-alone selling price considers market conditions, the size and scope of the contract, customer information, and other factors.

Revenue by Contract Type

The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021:


	Year Ended
	December 31,
	2022		2021
			(As Restated)

Radio advertising	$	177,268	$	165,244
Political advertising		13,226		3,494
Digital advertising		76,730		59,812
Cable television advertising		112,857		95,589
Cable television affiliate fees		96,963		101,203
Event revenues & other		7,560		14,943
Net revenue	$	484,604	$	440,285

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows:


	December 31, 2022		December 31, 2021
			(As Restated)
	(In thousands)
Contract assets:
Unbilled receivables ($5,798 as of January 1, 2021)	$	12,597	$	10,735

Contract liabilities:
Customer advances and unearned income ($3,044 as of January 1, 2021)	$	6,123	$	5,503
Reserve for audience deficiency ($3,544 as of January 1, 2021)		9,629		6,020
Unearned event income ($5,921 as of January 1, 2021)		5,708		—

Unbilled receivables consist of earned revenue that has not yet been billed and is included in trade 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. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the original airing. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events.

For customer advances and unearned income as of January 1, 2022, approximately $2.5 million was recognized as revenue during the year ended December 31, 2022. For unearned event income as of January 1, 2022, there was no revenue recognized during the year ended December 31, 2022. 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.

Practical expedients and exemptions

We generally expense employee 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 variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property.

Launch Support

(g) 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, 2022, the Company paid approximately $9.3 million for carriage initiation, and during the year ended December 31, 2021, the Company did not pay any launch support for carriage initiation. For the year ended December 31, 2022, there was launch support additions of approximately $9.5 million for carriage initiation that will be paid in cash in future periods. The weighted-average amortization period for launch support was approximately 8.1 years and 7.1 years as of December 31, 2022 and 2021, respectively. The remaining weighted-average amortization period for launch support was 3.8 years and 3.3 years as of December 31, 2022 and 2021, respectively. Amortization is recorded as a reduction to revenue as discussed in Note 2 – Restatement of Financial Statements. For the years ended December 31, 2022 and 2021, launch support asset amortization was approximately $4.4 million and $1.6 million, respectively. 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,
	2022		2021

	(In thousands)
Launch assets	$	27,764	$	9,021
Less: accumulated amortization		(9,104)		(4,724)
Launch assets, net	$	18,660	$	4,297

Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows:


	(In thousands)
2023	$	4,980
2024		4,980
2025		4,980
2026		3,410
2027		237
Thereafter		73

Barter Transactions

(h) 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, 2022 and 2021, barter transaction revenues were approximately $2.0 million and $1.8 million, respectively. Additionally, for the years ended December 31, 2022 and 2021, barter transaction costs were reflected in programming and technical expenses of approximately $1.3 million and $1.2 million, respectively, and selling, general and administrative expenses of $679,000 and $606,000, respectively.

Advertising and Promotions

(i) Advertising and Promotions

The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2022 and 2021, were approximately $31.3 million and $24.7 million, respectively.

Income Taxes

(j) 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.

Stock-Based Compensation

(k) 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 10 – Employment Agreement Award of our consolidated financial statements and Note 13 – Stockholders’ Equity.)

Segment Reporting and Major Customers

(l) 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 results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.”

No single customer accounted for over 10% of our consolidated net revenues or accounts receivable as of and during either of the years ended December 31, 2022 or 2021.

Earnings Per Share

(m) Earnings Per Share

Basic earnings per share is computed on the basis of the 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, 2022 and 2021, the amount of earnings per share would pertain to each of our classes of common stock 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,
	2022		2021
			(As Restated)
	(In Thousands)
Numerator:
Net income attributable to common stockholders	$	37,329	$	36,791
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		48,928,063		50,163,600
Effect of dilutive securities:
Stock options and restricted stock		3,246,274		3,973,041
Denominator for diluted net income per share - weighted-average outstanding shares		52,174,337		54,136,641

Net income attributable to common stockholders per share – basic	$	0.76	$	0.73
Net income attributable to common stockholders per share – diluted	$	0.72	$	0.68

Fair Value Measurements

(n) 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 Measurement” (“ASC 820”) which 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, 2022 and 2021, 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, 2022
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	26,283	$	—	$	—	$	26,283

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	25,298	$	—	$	—	$	25,298

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	136,826	$	—	$	—	$	136,826
Cash equivalents - money market funds (d)		39,798		39,798		—		—
Total	$	176,624	$	39,798	$	—	$	136,826

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

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	18,655	$	—	$	—	$	18,655

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	112,600	$	—	$	—	$	112,600

(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”) in an 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 the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). 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. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. Significant inputs to the market approach include publicly held peer companies and associated multiples. In September 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) 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. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate.

(c)

The investment in MGM National Harbor is preferred stock that has a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of December 31, 2022, the investment’s fair value is measured using a contractual valuation approach.

This method relies on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put is based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique are specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. Please refer to Note 18 – Subsequent Events of our consolidated financial statements for further details.

(d)	The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value.

There were no transfers in or out of Level 1, 2, or 3 during the years ended December 31, 2022 and 2021. The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2022 and 2021:


			Employment		Redeemable		Available-
	Contingent		Agreement		Noncontrolling		for-Sale
	Consideration		Award		Interests		Securities
					(As Restated)		(As Restated)
	(In thousands)
Balance at December 31, 2020	$	780	$	25,603	$	13,942	$	103,100
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 included within other comprehensive income		—		—		—		9,500
Change in fair value		280		6,163		4,798		—
Balance at December 31, 2021	$	—	$	28,193	$	18,655	$	112,600
Net income attributable to redeemable noncontrolling interests		—		—		2,626		—
Dividends paid to redeemable noncontrolling interests		—		—		(1,599)		—
Distribution		—		(4,039)		—		—
Change in fair value included within other comprehensive income		—		—		—		24,226
Change in fair value		—		2,129		5,616		—
Balance at December 31, 2022	$	—	$	26,283	$	25,298	$	136,826

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, 2022	$	—	$	(2,129)	$	—	$	—
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)	$	—	$	—

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, 2022 and 2021.

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,
			2022		2021
					(As Restated)
		Significant
		Unobservable	Significant Unobservable
Level 3 assets and liabilities	Valuation Technique	Inputs	Input Value
Employment agreement award	Discounted cash flow	Discount rate	10.5	%	9.5	%
Employment agreement award	Discounted cash flow	Terminal growth rate	0.5	%	0.5	%
Employment agreement award	Discounted cash flow	Operating profit margin range	33.7% - 46.6	%	34.9% - 46.4	%
Employment agreement award	Discounted cash flow	Revenue growth rate range	(4.1)% - 4.2	%	(5.9)% - 11.6	%
Redeemable noncontrolling interest	Discounted cash flow	Discount rate	11.5	%	11.5	%
Redeemable noncontrolling interest	Discounted cash flow	Terminal growth rate	0.3	%	0.4	%
Redeemable noncontrolling interest	Discounted cash flow	Operating profit margin range	25.8% - 29.8	%	24.0% - 32.8	%
Redeemable noncontrolling interest	Discounted cash flow	Revenue growth rate range	0.2% - 32.2	%	(11.8)% - 0.3	%
Available-for-sale securities	Dividend discount model	Revenue growth rate	N/A		8.0	%
Available-for-sale securities	Dividend discount model	Discount rate	N/A		10.5	%
Available-for-sale securities	Dividend discount model	Long-term growth rate	N/A		3.0	%

Any significant increases or decreases in discount rate or terminal 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. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 6 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.

As of December 31, 2022, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $216.6 million and $488.4 million, respectively. Pursuant to ASC 350, “Intangibles – Goodwill and Other,” for the year ended December 31, 2022, the Company recorded an impairment charge of approximately $7.2 million related to certain of our radio market goodwill balances and also an impairment charge of approximately $33.5 million associated with certain of our radio broadcasting licenses. A description of the Level 3 inputs and the information used to develop the inputs is discussed in Note 6 — Goodwill, Radio Broadcasting Licenses and Other Intangible Assets.

Software and Web Development Costs

(o) 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.” 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, “Intangibles – Goodwill and Other – 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.

Redeemable Noncontrolling Interests

(p) 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.

Investments, As Restated

(q) Investments, As Restated

Available-for-sale securities

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. In return for this investment, the Company received preferred stock and a non-transferable put right, which is exercisable for a thirty-day period each year. The price of the put right will be determined based on the “Put Price” definition as defined in the Agreement between the Company and MGM National Harbor. The Company classifies its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available for sale are carried at fair value with unrealized gains and losses, net of deferred taxes, reflected directly in accumulated other comprehensive income. Net realized gains and losses on sales of available for sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the Consolidated Statements of Operations. The investment entitles the Company to an annual cash distribution based on net gaming revenue and the Company recognized distribution income in the amount of approximately $8.8 million and $7.7 million, for the years ended December 31, 2022 and 2021, respectively, which is recorded in other income, net in the Consolidated Statements of Operations. During the quarter ended March 31, 2023, the Company received $8.8 million representing the Company’s annual distribution from MGMNH with respect to fiscal year 2022.

On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), the Company’s wholly-owned subsidiary issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGM National Harbor, LLC (“MGMNH”). On April 21 2023, ROEH closed on the sale of the Put Interest. The Company received approximately $136.8 million at the time of settlement of the Put Interest, representing the put price. Please refer to Note 18 - Subsequent Events within the consolidated financial statements for further information.

Content Assets

(r) Content Assets

The Company’s cable television segment has entered into contracts to license 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 typically made in quarterly installments over the terms of 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. 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). For programming that is predominantly monetized as part of a content group, such as the Company’s 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 and the expected number of future airings, among other factors. The Company’s acquired programs’ capitalized costs are amortized based on projected usage, generally resulting in a straight-line amortization pattern.

The Company utilizes judgment and prepares analysis to determine the amortization patterns of our content assets. Key assumptions include the categorization of content based on shared characteristics and the use of a quantitative model to predict revenue. For each film group, which the Company defines as a genre, this model takes into account projected viewership which is based on (i) estimated household universe; (ii) ratings; and (iii) expected number of airings across different broadcast time slots.

As part of the Company's assessment of its amortization rates, the Company compares the estimated amortization rates to those that have been utilized during the year. 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 The result of the content amortization analysis is either an accelerated method or a straight-line amortization method over the estimated useful lives of generally one to five years.

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. The Company’s film groups for commission programming are generally aligned along genre, while the Company’s licensed content is considered a separate film group. The Company evaluates the fair value of content at the group level by considering expected future revenue generation using a cash flow analysis when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized costs. Estimates of future revenues consider historical airing patterns and future plans for airing content, including any changes in strategy. Given the significant estimates and judgments involved, actual demand or market conditions may be less favorable than those projected, requiring a write-down to fair value. The Company determined there were no impairment indicators evident during the year ended December 31, 2022. For the year ended December 31, 2021, the Company recorded an impairment and additional amortization expense of $695,000, as a result of evaluating its contracts for impairment. Impairment and amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses. All commissioned 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.

Impact of Recently Issued Accounting Pronouncements

(s) Impact of Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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” which 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 consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting to provide optional relief from applying GAAP to contract modifications, hedging relationships, and other transactions affected by the anticipated transition from LIBOR. As a result of the reference rate reform initiative, certain widely used rates such as LIBOR are expected to be discontinued. The Company holds the ABL Facility, which bears interest based on the LIBOR rate. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of the temporary relief in Topic 848 to December 31, 2024. The guidance is effective upon issuance. The Company is currently assessing the impact of the adoption of ASU 2022-06 adoption on its consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combination (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606), rather than adjust them to fair value at the acquisition date. The guidance is effective for the Company beginning January 1, 2023 and applies to acquisitions occurring after the effective date. The Company is currently assessing the impact the new guidance will have on the consolidated financial statements.

Related Party Transactions

(t) 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 2023, $250,000 to the Foundation is guaranteed; the Fantastic Voyage^® did not operate in 2022. 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. As of December 31, 2022, the Foundation owed Reach Media approximately $2.3 million reflecting passenger payments received by the Foundation, but not yet remitted to Reach Media, and as of December 31, 2021, Reach Media owed the Foundation $41,000 under the agreements for the operation of the cruises.

The Fantastic Voyage took place during the fourth quarter of 2021. 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.

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, 2022 and 2021, the Foundation owed an immaterial amount to Reach Media.

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 to which the Company pays license fees in the ordinary course of business. During the years ended December 31, 2022 and 2021, the Company incurred expense of approximately $3.8 million and $4.7 million, respectively. As of December 31, 2022 and 2021, the Company owed BMI approximately $1.5 million and $423,000, respectively.

Leases

(u) Leases

On January 1, 2019, with the adoption of ASC 842, 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 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 assets.

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,
	2022			2021

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,822		$	13,055
Variable lease cost (cost excluded from lease payments)		40			40
Total lease cost	$	12,862		$	13,095

Operating lease - operating cash flows (fixed payments)	$	13,978		$	13,784
Operating lease - operating cash flows (liability reduction)	$	9,935		$	9,124

Weighted average lease term - operating leases		4.85	years		4.94	years
Weighted average discount rate - operating leases		11.00	%		11.00	%

As of December 31, 2022, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(In thousands)
2023	$	11,697
2024		10,690
2025		6,834
2026		4,860
2027		3,417
Thereafter		7,140
Total future lease payments		44,638
Less: imputed interest		(10,403)
Total	$	34,235

Going Concern Assessment

(v) Going Concern Assessment

The accompanying financial statements have been prepared on a going concern basis in accordance with the applicable accounting standard codification. We have concluded that the Company has sufficient capacity over the next twelve months 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.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION

SEGMENT INFORMATION

16. SEGMENT INFORMATION:

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

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

The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2022 and 2021 is presented in the following table:


	Year Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Net revenue:
Radio broadcasting	$	156,678	$	140,246
Reach Media		43,117		46,437
Digital		78,526		59,937
Cable television		209,871		197,003
All other - corporate/eliminations*		(3,588)		(3,338)
Consolidated	$	484,604	$	440,285

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio broadcasting	$	108,952	$	98,250
Reach Media		28,244		32,911
Digital		56,760		42,698
Cable television		105,420		101,872
All other - corporate/eliminations		39,824		36,722
Consolidated	$	339,200	$	312,453

Depreciation and Amortization:
Radio broadcasting	$	3,411	$	3,135
Reach Media		188		208
Digital		1,323		1,264
Cable television		3,847		3,738
All other - corporate/eliminations		1,265		944
Consolidated	$	10,034	$	9,289

Impairment of Long-Lived Assets:
Radio broadcasting	$	40,683	$	2,104
Reach Media		—		—
Digital		—		—
Cable television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	40,683	$	2,104

Operating income (loss):
Radio broadcasting	$	3,632	$	36,757
Reach Media		14,685		13,318
Digital		20,443		15,975
Cable television		100,604		91,393
All other - corporate/eliminations		(44,677)		(41,004)
Consolidated	$	94,687	$	116,439

* Intercompany revenue included in net revenue above is as follows:
Radio broadcasting	$	(3,588)	$	(3,338)


Capital expenditures by segment are as follows:
Radio broadcasting	$	3,750	$	2,826
Reach Media		269		160
Digital		1,245		1,354
Cable television		639		385
All other - corporate/eliminations		1,695		1,561
Consolidated ^(a)	$	7,598	$	6,286
^(a) Consolidated amount includes $835,000 related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $25.0 million in the Consolidated Statements of Cash Flows.


	As of
	December 31,		December 31,
	2022		2021
			(As Restated)
	(In thousands)
Total assets:
Radio broadcasting	$	606,199	$	623,265
Reach Media		49,164		33,451
Digital		35,888		32,915
Cable television		414,697		367,896
All other - corporate/eliminations		232,539		271,498
Consolidated	$	1,338,487	$	1,329,025

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 187,491	$ 179,964
Less: Accumulated depreciation	(159,733)	(153,673)
Property and equipment, net	27,758	26,291
Depreciation and Amortization:	10,034	9,289
Depreciation	6,400	5,600
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 4,128	4,128
Estimated Useful Lives	0 years
Buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 3,299	3,241
Estimated Useful Lives	31 years
Transmitters and towers [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 45,733	43,466
Transmitters and towers [Member] \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Transmitters and towers [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 67,025	63,192
Equipment [Member] \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 9,357	9,397
Estimated Useful Lives	6 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Software and web development [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 32,565	31,337
Estimated Useful Lives	3 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 25,231	24,727
Property, Plant and Equipment, Estimated Useful Lives	Lesser of useful life or lease term
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 153	$ 476
Estimated Useful Lives	0 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 12,822	$ 13,055
Variable Lease Cost (Cost excluded from lease payments)	40	40
Total Lease Cost	12,862	13,095
Operating Lease - Operating Cash Flows (Fixed Payments)	13,978	13,784
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 9,935	$ 9,124
Weighted Average Lease Term - Operating Leases	4 years 10 months 6 days	4 years 11 months 8 days
Weighted Average Discount Rate - Operating Leases	11.00%	11.00%

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENTS

Schedule of available-for-sale securities reconciliation

The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of December 31, 2022 and 2021 is summarized as follows:


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
	Basis		Gains		Losses		Value

	(In thousands)
December 31, 2022
MGM Investment	$	40,000	$	104,326	$	(7,500)	$	136,826
Total available-for-sale securities	$	40,000	$	104,326	$	(7,500)	$	136,826

December 31, 2021 (As Restated)
MGM Investment	$	40,000	$	73,800	$	(1,200)	$	112,600
Total available-for-sale securities	$	40,000	$	73,800	$	(1,200)	$	112,600

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

OTHER CURRENT LIABILITIES

Schedule Of Other Current Liabilities

Other current liabilities consist of the following:


	As of December 31,
	2022		2021
			(As Restated)
	(In thousands)
Deferred revenue	$	11,831	$	5,503
Reserve for audience deficiency		9,629		6,020
Other		6,870		6,537
Employment Agreement Award		2,675		3,966
Launch liability		2,500		—
Deferred barter revenue		1,635		1,271
Accrued national representative fees		947		457
Tenant allowance		117		180
Accrued miscellaneous taxes		79		213
Income taxes payable		37		283
	$	36,320	$	24,430

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Launch assets	$ 27,764	$ 9,021
Less: accumulated amortization	(9,104)	(4,724)
Launch assets, net	$ 18,660	$ 4,297

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION

Schedule of segment reporting information

Detailed segment data for the years ended December 31, 2022 and 2021 is presented in the following table:


	Year Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Net revenue:
Radio broadcasting	$	156,678	$	140,246
Reach Media		43,117		46,437
Digital		78,526		59,937
Cable television		209,871		197,003
All other - corporate/eliminations*		(3,588)		(3,338)
Consolidated	$	484,604	$	440,285

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio broadcasting	$	108,952	$	98,250
Reach Media		28,244		32,911
Digital		56,760		42,698
Cable television		105,420		101,872
All other - corporate/eliminations		39,824		36,722
Consolidated	$	339,200	$	312,453

Depreciation and Amortization:
Radio broadcasting	$	3,411	$	3,135
Reach Media		188		208
Digital		1,323		1,264
Cable television		3,847		3,738
All other - corporate/eliminations		1,265		944
Consolidated	$	10,034	$	9,289

Impairment of Long-Lived Assets:
Radio broadcasting	$	40,683	$	2,104
Reach Media		—		—
Digital		—		—
Cable television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	40,683	$	2,104

Operating income (loss):
Radio broadcasting	$	3,632	$	36,757
Reach Media		14,685		13,318
Digital		20,443		15,975
Cable television		100,604		91,393
All other - corporate/eliminations		(44,677)		(41,004)
Consolidated	$	94,687	$	116,439

* Intercompany revenue included in net revenue above is as follows:
Radio broadcasting	$	(3,588)	$	(3,338)


Capital expenditures by segment are as follows:
Radio broadcasting	$	3,750	$	2,826
Reach Media		269		160
Digital		1,245		1,354
Cable television		639		385
All other - corporate/eliminations		1,695		1,561
Consolidated ^(a)	$	7,598	$	6,286
^(a) Consolidated amount includes $835,000 related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $25.0 million in the Consolidated Statements of Cash Flows.


	As of
	December 31,		December 31,
	2022		2021
			(As Restated)
	(In thousands)
Total assets:
Radio broadcasting	$	606,199	$	623,265
Reach Media		49,164		33,451
Digital		35,888		32,915
Cable television		414,697		367,896
All other - corporate/eliminations		232,539		271,498
Consolidated	$	1,338,487	$	1,329,025

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

13. 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 the 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 in the future as the discretion of the Board of Directors.

In August 2020, the Company entered into an arrangement (the “2020 Open Market Sales Agreement”) to sell shares, from time to time, of its Class A common stock, par value $0.001 per share (the “Class A Shares”). 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. In January 2021, the Company issued and sold an additional 1,465,826 shares for approximately $9.3 million of net proceeds after associated fees and expenses, which completed the 2020 Open Market Sales Agreement. Subsequently, in January 2021, the Company entered into an arrangement (the “2021 Open Market Sale Agreement”) to sell additional Class A Shares from time to time. During the three months ended March 31, 2021, the Company issued and sold 420,439 Class A Shares for approximately $2.8 million of net proceeds after associated fees and expenses. During the three months ended June 30, 2021, the Company issued and sold an additional 1,893,126 Class A Shares for approximately $21.2 million of net proceeds after associated fees and expenses, which completed its 2021 Open Market Sales Agreement.

On May 17, 2021, the Company entered into an Open Market Sale Agreement (the “Class D Sale Agreement”) 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”). 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, that has since expired as of March 14, 2022. As of December 31, 2022, 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., Catherine L. Hughes, Founder and Chairperson of Urban One, Inc., and entities affiliated with one or both of them, converted a total of 883,890 shares of Class C Common Stock from their personal holdings into 883,890 shares of Class A Common Stock, also in their personal holdings.

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 Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. 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”). 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.

On March 7, 2022, the Board of Directors 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. On December 6, 2022, the Board of Directors authorized and approved a share repurchase program for up to an additional $10 million of the currently outstanding shares of the Company’s Class A and/or Class D common stock. During the year ended December 31, 2022, the Company repurchased 4,779,969 shares of Class D common stock in the amount of approximately $25.0 million at an average price of $5.24 per share. The Company did not repurchase any Shares of Class A common stock during the year ended December 31, 2022. As of December 31, 2022, the Company had approximately $10.0 million remaining under its most recent and open authorization with respect to its Class A and Class D common stock. 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.

On September 27, 2022, the Compensation Committee authorized the repurchase up to $500,000 worth of shares in the aggregate from employees who want to sell in connection with the Company’s most recent employee stock grant. During the year ended December 31, 2022, the Company repurchased 13,577 shares of Class D common stock in the amount of $57,000 at an average price of $4.23 per share. Giving effect to the repurchases, the Company has $443,000 remaining under its most recent and open authorization.

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). This limited authority is 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 years ended December 31, 2022 and 2021, the Company executed Stock Vest Tax Repurchases of 344,702 shares of Class D Common Stock in the amount of approximately $1.5 million at an average price of $4.29 per share and 515,162 shares of Class D Common Stock in the amount of $931,000 at an average price of $1.81 per share, respectively.

Stock Option and Restricted Stock Grant Plan

The Company’s 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. In 2015, the Board of Directors adopted, and our stockholders approved 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. The 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 was funded with

5,500,000 shares of Class D Common Stock. 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. As of December 31, 2022, 3,656,278 shares of Class D common stock and 1,250,000 shares of Class A common stock were available for grant under the 2019 Equity and Performance Incentive Plan. The Company uses an average life for all option awards. The Company settles stock options upon exercise by issuing stock.

On September 27, 2022, the Compensation Committee of the Board of Directors of the Company awarded Catherine Hughes, Chairperson, 201,961 restricted shares of the Company’s Class D common stock, and stock options to purchase 101,702 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022.

On September 27, 2022, the Compensation Committee awarded Catherine Hughes, Chairperson, 281,250 restricted shares of the Company’s Class A common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025.

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 September 27, 2022, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer, 336,602 restricted shares of the Company’s Class D common stock, and stock options to purchase 169,503 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022.

On September 27, 2022, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer, 468,750 restricted shares of the Company’s Class A common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025.

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 September 27, 2022, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 115,248 restricted shares of the Company’s Class D common stock, and stock options to purchase 58,036 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022.

On September 27, 2022, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 150,000 restricted shares of the Company’s Class D common stock. The grant was effective September 27, 2022, and cliff vests January 5, 2025.

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 September 27, 2022, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 100,160 restricted shares of the Company’s Class D common stock, and stock options to purchase 50,438 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022.

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.

On September 27, 2022, the Compensation Committee awarded Karen Wishart, Chief Administrative Officer, 39,007 restricted shares of the Company’s Class D common stock, and stock options to purchase 19,643 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022.

On September 27, 2022, the Compensation Committee awarded C. Kristopher Simpson, General Counsel, 23,936 restricted shares of the Company’s Class D common stock, and stock options to purchase 12,054 shares of the Company’s Class D common stock. The grants were effective September 27, 2022, and immediately vested on September 27, 2022

On September 27, 2022, the Compensation Committee awarded 195,032 restricted shares of the Company’s Class D common stock, and stock options to purchase 208,298 shares of the Company’s Class D common stock to certain employees pursuant to the Company’s long-term incentive plan. The grants were effective September 27, 2022 with various vest dates of January 5, 2023, March 31, 2023 and September 29, 2023.

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, 2022 and 2021, was approximately $6.6 million and $565,000, respectively.

The Company granted a total of 884,061 stock options during the year ended December 31, 2022 and granted a total of 40,917 stock options during the year ended December 31, 2021. The per share weighted-average fair value of options granted during the years ended December 31, 2022 and 2021, was $2.82 and $2.77, respectively.

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


	For the Years Ended December 31,
	2022		2021

Average risk-free interest rate	2.79	%	0.68	%
Expected dividend yield	—	%	—	%
Expected lives	5.69 years		5.16 years
Expected volatility	79.92	%	82.04	%

Transactions and other information relating to stock options for the years December 31, 2022 and 2021 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
Outstanding at December 31, 2020	4,018,991	$	2.11	6.48	$	41,000
Grants	40,917		4.32	—		—
Exercised	(229,756)		1.70	—		—
Forfeited/cancelled/expired/settled	(59,239)		1.27	—		—
Outstanding at December 31, 2021	3,770,913	$	2.18	5.68	$	4,659,601
Grants	884,061		4.22	—		—
Exercised	(60,240)		0.83	—		—
Forfeited/cancelled/expired/settled	—		—	—		—
Balance as of December 31, 2022	4,594,734	$	2.59	5.72	$	5,871,492
Vested and expected to vest at December 31, 2022	4,542,266		2.57	5.68		5,871,492
Unvested at December 31, 2022	465,798		4.23	9.74		—
Exercisable at December 31, 2022	4,128,936		2.40	5.24		5,871,492

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, 2022, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on December 31, 2022. This amount changes based on the fair market value of the Company’s stock.

There were 60,240 and 229,756 options exercised during the years ended December 31, 2022 and 2021, respectively. A total of 439,180 and 903,643 options vested during the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, approximately $1.1 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 16 months. The weighted-average fair value per share of shares underlying stock options was $1.66 at December 31, 2022.

The Company granted 1,357,687 and 101,057 restricted shares of Class D common stock during the years ended December 31, 2022 and 2021, respectively.

The Company granted 750,000 restricted shares of Class A common stock during the year ended December 31, 2022. The Company did not grant any restricted shares of Class A common stock during the year ended December 31, 2021.

On July 5, 2022, each of the Company’s four non-executive directors received 11,848 shares of restricted stock, valued at $50,000 based upon the closing price of the Company’s Class D common stock on the grant date. The shares vest in equal portions over two years. On July 6, 2021, each of the four non-executive directors received 9,671 shares of restricted stock, valued at $50,000 based upon the closing price of the Company’s Class D common stock on the grant date. The shares vest in equal portions over two years.

Transactions and other information relating to restricted stock grants for the years ended December 31, 2022 and 2021 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2020	1,723,561	$	0.83
Grants	101,057		3.22
Vested	(1,748,562)		0.83
Forfeited/cancelled/expired	—		—
Unvested at December 31, 2021	76,056	$	3.90
Grants	1,357,687		4.27
Vested	(999,479)		4.25
Forfeited/cancelled/expired	—		—
Unvested at December 31, 2022	434,264	$	4.27

For awards of Class A common stock during the years ended December 31, 2022 and 2021, the Company granted 750,000 shares of restricted stock on September 27, 2022, at an average fair value at grant date of $5.39 per share. There were no shares that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of December 31, 2022 with an average fair value at grant date of $5.39.

Restricted stock grants for Class D shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2022, approximately $1.4 million of total unrecognized compensation cost related to restricted stock grants was expected to be recognized over a weighted-average period of 13 months.

Restricted stock grants for Class A shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2022, approximately $3.6 million of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over a weighted-average period of 24 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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS' EQUITY - Additional Information (Details)								1 Months Ended	3 Months Ended			6 Months Ended		9 Months Ended		12 Months Ended
STOCKHOLDERS' EQUITY - Additional Information (Details)	Sep. 27, 2022 USD ($) shares	Jul. 05, 2022 USD ($) shares	Oct. 29, 2021 shares	Jul. 06, 2021 USD ($) director shares	Jun. 23, 2021 shares	Jan. 31, 2021 USD ($)	Jun. 12, 2019 USD ($) shares	Jan. 31, 2021 shares	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) director Vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 06, 2022 USD ($)	Mar. 07, 2022 USD ($)	May 17, 2021 USD ($) $ / shares	Aug. 31, 2020 $ / shares	May 21, 2019 shares	Jun. 02, 2015 shares	Dec. 31, 2009 shares
STOCKHOLDERS' EQUITY
Number of shares issued during period \| $											$ 12,125,000		$ 33,282,000		$ 33,277,000		$ 33,277,000
Net proceeds after associated fees and expenses \| $																$ 0	33,277,000
Stock Repurchased During Period, Value \| $									$ 10,000		872,000	$ 24,669,000	$ 905,000	$ 26,486,000	$ 944,000	26,543,000	970,000
Share-based Compensation, Total \| $																$ 6,595,000	$ 565,000
Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Other than options, granted																1,357,687	101,057
Average fair value at grant date (in dollars per share) \| $ / shares																$ 4.27	$ 3.22
Other than options, vested In period																999,479	1,748,562
Other than options, unvested, number																434,264	76,056	1,723,561
Other than options, unvested, weighted average grant date fair value \| $ / shares																$ 4.27	$ 3.90	$ 0.83
Employees Stock Option [Member]
STOCKHOLDERS' EQUITY
Number of options vested in period																439,180	903,643
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares																60,240	229,756
Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock																884,061	40,917
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares																$ 2.82	$ 2.77
Number of Options, Vested and expected to vest																4,542,266
Employee [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares																$ 1.66
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition																16 months
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $																$ 1,100,000
Class A And Class D Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount \| $																			$ 10,000,000	$ 25,000,000
Stock repurchase , Authorized amount remaining \| $																10,000,000.0
Class A And Class D Common Stock [Member] \| Maximum
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount \| $	$ 500,000
Common Class D [Member]
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares																					$ 0.001
Stock repurchase , Authorized amount remaining \| $																$ 443,000
Stock Repurchased During Period, Shares																	6,715
Stock Repurchased During Period, Value \| $																	$ 39,000
Repurchase Of Common Stock Price Per Share \| $ / shares																	$ 5.80
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] \| Share Repurchase Program One
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares																4,779,969
Stock Repurchased During Period, Value \| $																$ 25,000,000.0
Repurchase Of Common Stock Price Per Share \| $ / shares																$ 5.24
Common Class D [Member] \| Share Repurchase Program Two
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares																13,577
Stock Repurchased During Period, Value \| $																$ 57,000
Repurchase Of Common Stock Price Per Share \| $ / shares																$ 4.23
Common Class D [Member] \| Open Market Sales Agreement
STOCKHOLDERS' EQUITY
Shares issued and sold																0
Common Class D [Member] \| Scenario, Plan [Member] \| Open Market Sales Agreement \| Maximum
STOCKHOLDERS' EQUITY
Aggregate offering price \| $																					$ 25,000,000.0
Common Class D [Member] \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures																1,357,687	101,057
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition																13 months
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $																$ 1,400,000
Common Class D [Member] \| Stock Plan 2009 [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized																									8,250,000
Common Class D [Member] \| Stock Vest Tax Repurchase [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares																344,702	515,162
Stock Repurchased During Period, Value \| $																$ 1,500,000	$ 931,000
Repurchase Of Common Stock Price Per Share \| $ / shares																$ 4.29	$ 1.81
Common Class D [Member] \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant																3,656,278							5,500,000
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	115,248
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	150,000
Number of options vested in period							211,838
Common Class D [Member] \| Chief Financial Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $							$ 243,750
Common Class D [Member] \| Chief Financial Officer [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	58,036
Common Class D [Member] \| Chief Financial Officer [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Other than options, granted							94,150
Common Class D [Member] \| Chief Financial Officer [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock							108,333
Common Class D [Member] \| Chief Administrative Officer [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	39,007
Common Class D [Member] \| Chief Administrative Officer [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	19,643
Common Class D [Member] \| Employee [Member] \| Long Term Incentive Plan \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	195,032
Common Class D [Member] \| Employee [Member] \| Long Term Incentive Plan \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	208,298
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 Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock							316,406
Common Class D [Member] \| Four Non-Executive Directors [Member]
STOCKHOLDERS' EQUITY
Restricted stock issued				9,671
Common Class D [Member] \| Four Non-Executive Directors [Member] \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock issued during period, value, restricted stock award fair value \| $		$ 50,000		$ 50,000
Number of non-executive directors, received awards \| director				4												4
Vesting period		2 years		2 years
Restricted stock issued		11,848
Common Class D [Member] \| Cathy Hughes [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	201,961
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] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	101,702
Common Class D [Member] \| Cathy Hughes [Member] \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock							189,843
Common Class D [Member] \| C.Kristopher Simpson \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	23,936
Common Class D [Member] \| C.Kristopher Simpson \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	12,054
Common Class D [Member] \| Chief Executive Officer \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	169,503
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	100,160
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $	$ 336,602
Common Class D [Member] \| Chief Executive Officer \| Employees Stock Option [Member] \| Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	50,438
Common Stock Class [Member] \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition																24 months
Other than options, granted																750,000	750,000
Average fair value at grant date (in dollars per share) \| $ / shares																$ 5.39	$ 5.39
Other than options, vested In period																0	0
Other than options, unvested, number																750,000
Other than options, unvested, weighted average grant date fair value \| $ / shares																$ 5.39
Total unrecognized compensation, other than options \| $																$ 3,600,000
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares																	0
Shares issued and sold			883,890
Number of votes \| Vote																1
Additional shares authorized					2,000,000
Class A Common Stock [Member] \| Share Repurchase Program One
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares																0
Class A Common Stock [Member] \| Current ATM Program
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share) \| $ / shares																						$ 0.001
Volume weighted average price \| $ / shares																		$ 5.39
Net proceeds after associated fees and expenses \| $										$ 21,200,000	$ 2,800,000							$ 14,700,000
Shares issued and sold										1,893,126	420,439							2,859,276
Number of additional shares issued and sold								1,465,826
Class A Common Stock [Member] \| 2020 Open Market Sale Agreement
STOCKHOLDERS' EQUITY
Net proceeds after associated fees and expenses \| $						$ 9,300,000
Class A Common Stock [Member] \| Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Other than options, granted																	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																1,250,000
Class A Common Stock [Member] \| Chief Executive Officer and President [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures \| $	$ 468,750
Class A Common Stock [Member] \| Cathy Hughes [Member] \| Restricted stock awards [Member] \| Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	281,250
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	2,045,016

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Aug. 01, 2021
LONG-TERM DEBT
Total debt	$ 750,000	$ 832,505
Less: current portion of long-term debt	0	0
Less: original issue discount and issuance costs	11,000	13,889
Long-term debt, net	739,000	818,616
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
Total debt	$ 750,000	825,000
Interest rate	7.375%		7.375%
PPP loan
LONG-TERM DEBT
Total debt	$ 0	$ 7,505

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)								3 Months Ended								6 Months Ended		9 Months Ended		12 Months Ended
	Apr. 21, 2023 USD ($)	Oct. 01, 2022 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Jan. 01, 2021 USD ($)	Jan. 01, 2019	Nov. 30, 2016 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) item segment	Dec. 31, 2021 USD ($)	Mar. 08, 2023	Aug. 01, 2021	Jul. 29, 2021 USD ($)	Jun. 01, 2021 USD ($)	Feb. 19, 2021 USD ($)	Jan. 25, 2021 USD ($)	Nov. 09, 2020	Oct. 31, 2020	Jun. 25, 2020 USD ($)	Nov. 13, 2019 USD ($)	Dec. 31, 2018	Dec. 20, 2018 USD ($)	Apr. 18, 2017 USD ($)	Apr. 21, 2016 USD ($)	Apr. 10, 2015 USD ($)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Number of independently formatted, revenue producing broadcast stations \| item																				66
Number of FM or AM stations owned or operated \| item																				55
Number of HD stations owned or operated \| item																				9
Number of low power television stations owned or operated \| item																				2
Number of most populous market \| item																				13
Number of reportable segments \| segment																				4
Restricted cash												$ 19,973,000								$ 19,975,000	$ 19,973,000
Carrying value of debt												832,505,000								750,000,000	832,505,000
Accumulated deficit			$ (733,844,000)						$ (733,844,000)	$ (737,251,000)	$ (753,824,000)	(770,317,000)	$ (775,603,000)	$ (789,488,000)	$ (807,101,000)	$ (737,251,000)	$ (789,488,000)	$ (733,844,000)	$ (775,603,000)	(732,988,000)	(770,317,000)
Revenue from Contract with Customer, Including Assessed Tax									121,250,000	118,657,000	112,131,000	130,475,000	111,234,000	107,365,000	91,211,000	230,788,000	198,576,000	352,038,000	309,810,000	484,604,000	440,285,000
Reassessed Estimated Fair Value of Award												28,200,000								26,300,000	28,200,000
Selling, General and Administrative Expense, Total									40,923,000	35,193,000	35,210,000	48,097,000	32,873,000	31,282,000	29,758,000	70,403,000	61,040,000	111,326,000	93,913,000	160,230,000	142,010,000
Amortization of Intangible Assets																				3,700,000	3,700,000
Exercisable period of put rights							30 days
Operating income (loss)									17,974,000	25,863,000	36,538,000	20,287,000	34,475,000	37,920,000	23,757,000	62,401,000		80,375,000		94,687,000	116,439,000
Goodwill												223,402,000								216,599,000	223,402,000
Operating Expenses, Total									103,276,000	92,794,000	75,593,000	110,188,000	76,759,000	69,445,000	67,454,000	168,387,000	136,899,000	271,663,000	213,658,000	389,917,000	323,846,000
Unearned Event Income					$ 5,921,000															5,708,000
Impairment of Long-Lived Assets Held-for-use									15,450,000	14,905,000		2,104,000				14,905,000		30,355,000		40,683,000	2,104,000
Operating Lease, Right-of-Use Asset			34,131,000						34,131,000	34,035,000	36,201,000	37,956,000	39,481,000	42,140,000	40,372,000	34,035,000	42,140,000	34,131,000	39,481,000	31,879,000	37,956,000
Operating Lease, Liability																				34,235,000
INTEREST EXPENSE																				61,751,000	65,702,000
Goodwill and intangible assets impairment																14,905,000		30,355,000		40,683,000	2,104,000
Radio broadcasting licenses			495,832,000						$ 495,832,000	487,640,000	$ 501,420,000	501,420,000	$ 503,524,000	$ 503,524,000	$ 482,442,000	487,640,000	$ 503,524,000	$ 495,832,000	$ 503,524,000	488,419,000	501,420,000
Related party expenses																				3,800,000	4,700,000
Due to Other Related Parties, Current												423,000								1,500,000	423,000
Impairment loss, goodwill																				7,240,000	0
Other income, net																				16,083,000	8,134,000
Atlanta and Philadelphia Markets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment loss, goodwill																				$ 7,200,000
Software and web development [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property, Plant and Equipment, Useful Life																				3 years
Host Community Agreement [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Restricted cash												19,500,000								$ 19,500,000	19,500,000
Host Community Agreement [Member] \| RVA Entertainment Holdings LLC [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Upfront Payment																								$ 26,000,000
Accounting Standards Update 2016-02
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Lease, Practical Expedients, Package [true false]						true
Continuing Operations [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Marketing and Advertising Expense																				31,300,000	24,700,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax																				2,000,000.0	1,800,000
Cost of Goods and Services Sold																				1,300,000	1,200,000
Selling, General and Administrative Expense, Total																				679,000	606,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees																				18,400,000	16,700,000
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
Impairment loss, goodwill																				$ 0	$ 0
Launch support asset
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite Lived Intangible Assets Weighted Average Amortization Period																				8 years 1 month 6 days	7 years 1 month 6 days
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period																				3 years 9 months 18 days	3 years 3 months 18 days
Payment for launch support																				$ 9,300,000	$ 0
Additional Non-cash Launch Support for Carriage Initiation																				9,500,000
Amortization of Intangible Assets																				$ 4,400,000	1,600,000
Content Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of finite-lived intangible assets																					$ 695,000
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]																					Programming And Technical Including Stock-Based Compensation
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
Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Radio broadcasting licenses																				$ 488,400,000
Impairment charge, indefinite lived intangible asset		$ 7,400,000	$ 15,500,000	$ 2,100,000						3,700,000						$ 10,600,000				33,443,000	$ 2,104,000
Radio Broadcasting Licenses [Member] \| Atlanta Cincinnati Dallas Houston Indianapolis Philadelphia and Raleigh Market Radio Broadcasting Licenses [Member] \| Atlanta, Dallas, Houston, Indianapolis, Raleigh and Richmond Market [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill and intangible assets impairment																				33,500,000
Goodwill and Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill and intangible assets impairment																				40,700,000	2,100,000
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
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
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage Of Award Amount																				4.00%
MGM National Harbor Loan
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																				7.00%
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
7.375% Senior Secured Notes due February 2028
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross												825,000,000.0								750,000,000.0	825,000,000.0
Fair value of debt												851,800,000								646,900,000	851,800,000
Carrying value of debt												825,000,000								$ 750,000,000	825,000,000
Debt Instrument, Interest Rate, Stated Percentage																				7.375%			7.375%
Face amount of debt																											$ 825,000,000
8.75% Senior Secured Notes due December 2022
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																				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
Face amount of debt																									$ 7,500,000
Other Income										$ 7,600,000
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees																				$ 20,100,000	16,900,000
Reach Media Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent																				80.00%
Urban One [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent																				100.00%
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax																				$ 2,500,000	3,000,000.0
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax																				0	5,900,000
2017 Credit Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross																																		$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage																																		7.375%
Face amount of debt																				350,000,000.0
2018 Credit Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Debt Instrument, Interest Rate, Stated Percentage																																9.25%
Face amount of debt																				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
Related Party Agreement Expenditures Transactions [Member] \| Reach Media
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Due to Other Related Parties, Current												$ 41,000									41,000
Related Party Agreement Office Facilities Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Due from related party																				2,300,000
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Investment Owned, at Cost							$ 35,000,000																													$ 5,000,000
Percentage of ownership of equity interest excluding interest in entity																						100.00%
Other income, net								$ 8,800,000												$ 8,800,000	$ 7,700,000
MGM National Harbor [Member] \| Subsequent events
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Other income, net								$ 8,800,000
Proceeds from sale of available for sale debt securities	$ 136,800,000

SUBSEQUENT EVENTS (Narrative) (Details)				3 Months Ended	5 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Narrative) (Details)	Apr. 21, 2023 USD ($)	Mar. 08, 2023 D	Jan. 01, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Jun. 02, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 13, 2023
Subsequent Event [Line Items]
Other income, net \| $						$ 16,083,000	$ 8,134,000
MGM National Harbor [Member]
Subsequent Event [Line Items]
Other income, net \| $				$ 8,800,000		8,800,000	$ 7,700,000
Common Class D [Member]
Subsequent Event [Line Items]
Stock repurchase , Authorized amount remaining \| $						$ 443,000
Repurchase Of Common Stock Price Per Share \| $ / shares							$ 5.80
Common Class D [Member] \| Restricted stock awards [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares						1,357,687	101,057
Subsequent events
Subsequent Event [Line Items]
Number of repurchase to Put Interest \| D		30
Partnership percentage								50.00%
Subsequent events \| MGM National Harbor [Member]
Subsequent Event [Line Items]
Proceeds from sale of available for sale debt securities \| $	$ 136,800,000
Other income, net \| $				$ 8,800,000
Subsequent events \| Churchhill Downs Incorporated [Member]
Subsequent Event [Line Items]
Partnership percentage								50.00%
Subsequent events \| 2028 Notes Offering
Subsequent Event [Line Items]
Debt instrument, repurchase price					89.10%
Subsequent events \| Restricted stock awards [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchase Amount \| $					$ 25,000,000.0
Subsequent events \| Certain Executive Officers [Member] \| Employees Stock Option [Member]
Subsequent Event [Line Items]
Stock options to purchase common stock \| shares					429,427
Subsequent events \| Management Personnel [Member] \| Employees Stock Option [Member]
Subsequent Event [Line Items]
Stock options to purchase common stock \| shares					405,139
Subsequent events \| Common Class D [Member]
Subsequent Event [Line Items]
Repurchase of common Shares \| shares					824
Shares repurchase value \| $					$ 3,000
Average price \| $ / shares					$ 3.99
Subsequent events \| Common Class D [Member] \| Certain Executive Officers [Member] \| Restricted stock awards [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares					727,215
Subsequent events \| Common Class D [Member] \| Management Personnel [Member] \| Restricted stock awards [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares					672,603
Subsequent events \| Common Class D [Member] \| Stock Vest Tax Repurchases
Subsequent Event [Line Items]
Repurchase of common Shares \| shares			249,550
Shares repurchase value \| $			$ 1,300,000
Repurchase Of Common Stock Price Per Share \| $ / shares			$ 5.17
Vesting withheld total shares \| shares			220,912

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	$ 124,771,000	$ 142,970,000
Deferred Tax Assets, Valuation Allowance	30,000	264,000
Unrecognized tax benefits increases resulting from tax rate changes and payments under state voluntary filing agreements	8,000
Unrecognized Tax Benefits Decreases Resulting From Tax Rate Changes And Payments Under State Voluntary Filing Agreements	635,000
Unrecognized tax benefits related to state NOL		$ 992,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	688,000
Decrease unrecognized tax benefits related to state tax	57,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	330,500,000
Domestic Tax Authority
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	525,500,000
Deferred Tax Assets, Gross	$ 124,700,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discount rate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale, Measurement Input		10.5
Discount rate \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	10.50%	9.50%
Discount rate \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.50%	11.50%
Discount rate \| Minimum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	25.80%	24.00%
Discount rate \| Maximum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	29.80%	32.80%
Terminal growth rate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale, Measurement Input		3.0
Terminal growth rate \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.50%	0.50%
Terminal growth rate \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.30%	0.40%
Operating profit margin range \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	33.70%	34.90%
Operating profit margin range \| Maximum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	46.60%	46.40%
Revenue growth rate range \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	(4.10%)	(5.90%)
Revenue growth rate range \| Minimum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.20%	(11.80%)
Revenue growth rate range \| Maximum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	4.20%	11.60%
Revenue growth rate range \| Maximum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	32.20%	0.30%

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) (Tables)

12 Months Ended

Dec. 31, 2022

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)

Schedule of Quarterly Financial Information

Consolidated Balance Sheets


	As of March 31, 2022 (unaudited)								As of June 30, 2022 (unaudited)								As of September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,747, $8,314, and $7,925, respectively	$	113,687	$	—	$	425	$	114,112	$	123,998	$	—	$	352	$	124,350	$	127,301	$	—	$	365	$	127,666
Other current assets		8,397		—		(1,263)		7,134		8,037		—		(1,263)		6,774		8,939		—		(1,263)		7,676
Total current assets		326,143		—		(838)		325,305		311,061		—		(911)		310,150		287,088		—		(898)		286,190
RIGHT OF USE ASSETS		36,302		—		(101)		36,201		34,149		—		(114)		34,035		34,258		—		(127)		34,131
RADIO BROADCASTING LICENSES		505,148		—		(3,728)		501,420		489,340		—		(1,700)		487,640		498,532		—		(2,700)		495,832
OTHER INTANGIBLE ASSETS, net		63,727		—		(2,163)		61,564		61,508		—		(2,086)		59,422		59,376		—		(2,009)		57,367
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		123,000		—		123,000		—		123,100		—		123,100		—		115,600		—		115,600
OTHER ASSETS		44,026		(40,000)		2,259		6,285		44,463		(40,000)		2,195		6,658		44,303		(40,000)		2,131		6,434
Total assets	$	1,284,635	$	83,000	$	(4,571)	$	1,363,064	$	1,254,764	$	83,100	$	(2,616)	$	1,335,248	$	1,250,696	$	75,600	$	(3,603)	$	1,322,693
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	11,997	$	—	$	2,309	$	14,306	$	14,819	$	—		2,115	$	16,934	$	14,318	$	—		1,958	$	16,276
Other current liabilities		35,660		—		(1,884)		33,776		31,345		—		(1,763)		29,582		40,217		—		(1,593)		38,624
Total current liabilities		99,737		—		425		100,162		109,645		—		352		109,997		112,634		—		365		112,999
DEFERRED TAX LIABILITIES, net		8,059		19,987		(1,203)		26,843		11,070		20,012		(714)		30,368		13,984		18,259		(959)		31,284
Total liabilities		996,316		19,987		(778)		1,015,525		976,513		20,012		(362)		996,163		964,680		18,259		(594)		982,345
REDEEMABLE NONCONTROLLING INTERESTS		17,755		—		2,472		20,227		18,690		—		1,744		20,434		19,964		—		2,363		22,327
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		62,846		—		62,846		—		62,921		—		62,921		—		57,225		—		57,225
Additional paid-in capital		1,020,711		—		(2,472)		1,018,239		994,678		—		(1,744)		992,934		996,954		—		(2,363)		994,591
Accumulated deficit		(750,198)		167		(3,793)		(753,824)		(735,164)		167		(2,254)		(737,251)		(730,951)		116		(3,009)		(733,844)
Total stockholders’ equity		270,564		63,013		(6,265)		327,312		259,561		63,088		(3,998)		318,651		266,052		57,341		(5,372)		318,021
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,284,635	$	83,000	$	(4,571)	$	1,363,064	$	1,254,764	$	83,100	$	(2,616)	$	1,335,248	$	1,250,696	$	75,600	$	(3,603)	$	1,322,693


	As of March 31, 2021 (unaudited)								As of June 30, 2021 (unaudited)								As of September 30, 2021 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $7,954, $7,307, and $7,937, respectively	$	94,633	$	—	$	281	$	94,914	$	103,902	$	—	$	158	$	104,060	$	114,045	$	—	$	311	$	114,356
Other current assets		4,639		—		(1,263)		3,376		4,260		—		(1,263)		2,997		4,423		—		(1,263)		3,160
Total current assets		203,893		—		(982)		202,911		279,735		—		(1,105)		278,630		271,594		—		(952)		270,642
RIGHT OF USE ASSETS		40,421		—		(49)		40,372		42,202		—		(62)		42,140		39,556		—		(75)		39,481
RADIO BROADCASTING LICENSES		484,066		—		(1,624)		482,442		505,148		—		(1,624)		503,524		505,148		—		(1,624)		503,524
OTHER INTANGIBLE ASSETS, net		54,375		—		(2,387)		51,988		53,059		—		(2,315)		50,744		51,821		—		(2,313)		49,508
DEFERRED TAX ASSETS, net		10,051		(10,051)		—		—		3,933		(3,933)		—		—		—		—		—		—
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		101,900		—		101,900		—		106,400		—		106,400		—		110,800		—		110,800
OTHER ASSETS		43,092		(40,000)		2,431		5,523		43,211		(40,000)		2,372		5,583		62,958		(40,000)		2,383		25,341
Total assets	$	1,168,751	$	51,849	$	(2,611)	$	1,217,989	$	1,239,542	$	62,467	$	(2,734)	$	1,299,275	$	1,237,537	$	70,800	$	(2,581)	$	1,305,756
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,037	$	—	$	2,128	$	11,165	$	12,523	$	—		2,067	$	14,590	$	14,623	$	—		2,033	$	16,656
Other current liabilities		25,022		—		(1,847)		23,175		24,137		—		(1,909)		22,228		29,334		—		(1,722)		27,612
Total current liabilities		77,973		—		281		78,254		99,157		—		158		99,315		87,985		—		311		88,296
DEFERRED TAX LIABILITIES, net		—		5,002		(703)		4,299		—		12,493		(715)		11,778		2,325		17,505		(715)		19,115
Total liabilities		957,185		5,002		(422)		961,765		987,887		12,493		(557)		999,823		972,367		17,505		(404)		989,468
REDEEMABLE NONCONTROLLING INTERESTS		12,735		—		1,789		14,524		15,192		—		2,457		17,649		17,017		—		2,311		19,328
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		46,847		—		46,847		—		50,239		—		50,239		—		53,551		—		53,551
Additional paid-in capital		1,003,694		—		(1,789)		1,001,905		1,023,458		—		(2,457)		1,021,001		1,021,272		—		(2,311)		1,018,961
Accumulated deficit		(804,912)		—		(2,189)		(807,101)		(787,046)		(265)		(2,177)		(789,488)		(773,170)		(256)		(2,177)		(775,603)
Total stockholders’ equity		198,831		46,847		(3,978)		241,700		236,463		49,974		(4,634)		281,803		248,153		53,295		(4,488)		296,960
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,168,751	$	51,849	$	(2,611)	$	1,217,989	$	1,239,542	$	62,467	$	(2,734)	$	1,299,275	$	1,237,537	$	70,800	$	(2,581)	$	1,305,756

Quarterly Consolidated Statements of Operations


	Three Months Ended March 31, 2022 (unaudited)								Three Months Ended June 30, 2022 (unaudited)								Three Months Ended September 30, 2022 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands, except share data)
NET REVENUE	$	112,349	$	—	$	(218)	$	112,131	$	118,810	$	—	$	(153)	$	118,657	$	121,403	$	—	$	(153)	$	121,250
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $0, $0, and $5, respectively		35,428		—		(218)		35,210		35,346		—		(153)		35,193		41,076		—		(153)		40,923
Impairment of long-lived assets		—		—		—	$	—		16,933		—		(2,028)		14,905		14,450		—		1,000		15,450
Total operating expenses		75,811		—		(218)		75,593		94,975		—		(2,181)		92,794		102,429		—		847		103,276
Operating income (loss)		36,538		—		—		36,538		23,835		—		2,028		25,863		18,974		—		(1,000)		17,974
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		22,656		—		—		22,656		19,529		—		2,028		21,557		7,937		—		(1,000)		6,937
PROVISION FOR (BENEFIT FROM) INCOME TAXES		5,586		(134)		10		5,462		3,725		—		489		4,214		3,364		51		(245)		3,170
NET INCOME (LOSS)		17,070		134		(10)		17,194		15,804		—		1,539		17,343		4,573		(51)		(755)		3,767
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	16,369	$	134	$	(10)	$	16,493	$	15,034	$	—	$	1,539	$	16,573	$	4,213	$	(51)	$	(755)	$	3,407
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.32	$	—	$	—	$	0.32	$	0.30	$	—	$	0.03	$	0.33	$	0.09	$	—	$	(0.02)	$	0.07
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.30	$	—	$	—	$	0.30	$	0.28	$	—	$	0.03	$	0.31	$	0.08	$	—	$	(0.02)	$	0.06


	Three Months Ended March 31, 2021 (unaudited)								Three Months Ended June 30, 2021 (unaudited)								Three Months Ended September 30, 2021 (unaudited)								Three Months Ended December 31, 2021 (unaudited)
	As								As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands, except share data)
NET REVENUE	$	91,440	$	—	$	(229)	$	91,211	$	107,593	$	—	$	(228)	$	107,365	$	111,463	$	—	$	(229)	$	111,234	$	130,966	$	—	$	(491)	$	130,475
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31, $0, $0, and $0, respectively		29,987		—		(229)		29,758		31,510		—		(228)		31,282		33,102		—		(229)		32,873		48,588		—		(491)		48,097
Impairment of long-lived assets		—		—		—		—		—		—		—		—		—		—		—		—		—		—		2,104		2,104
Total operating expenses		67,683		—		(229)		67,454		69,673		—		(228)		69,445		76,988		—		(229)		76,759		108,575		—		1,613		110,188
Operating income (loss)		23,757		—		—		23,757		37,920		—		—		37,920		34,475		—		—		34,475		22,391		—		(2,104)		20,287
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		451		—		—		451		24,597		—		—		24,597		20,712		—		—		20,712		8,484		—		(2,104)		6,380
PROVISION FOR (BENEFIT FROM) INCOME TAXES		(10)		—		—		(10)		6,119		265		(12)		6,372		6,257		(9)		—		6,248		1,211		(289)		(498)		424
NET INCOME (LOSS)		461		—		—		461		18,478		(265)		12		18,225		14,455		9		—		14,464		7,273		289		(1,606)		5,956
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	7	$	—	$	—	$	7	$	17,866	$	(265)	$	12	$	17,613	$	13,876	$	9	$	—	$	13,885	$	6,603	$	289	$	(1,606)	$	5,286
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.00	$	—	$	—	$	0.00	$	0.36	$	(0.01)	$	—	$	0.35	$	0.27	$	—	$	—	$	0.27	$	0.13	$	0.01	$	(0.03)	$	0.11
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.00	$	—	$	—	$	0.00	$	0.33	$	—	$	—	$	0.33	$	0.25	$	—	$	—	$	0.25	$	0.12	$	0.01	$	(0.03)	$	0.10

Year to Date Consolidated Statements of Operations


	Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 30, 2022 (unaudited)
	As Previously Reported		Adjustments		Other Adjustments		As Restated		As Previously Reported			Adjustments	Other Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	231,159	$	—	$	(371)	$	230,788	$	352,562	$	—	$	(524)	$	352,038
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $0 and $5, respectively		70,774		—		(371)		70,403		111,850		—		(524)		111,326
Impairment of long-lived assets		16,933		—		(2,028)		14,905		31,383		—		(1,028)		30,355
Total operating expenses		170,786		—		(2,399)		168,387		273,215		—		(1,552)		271,663
Operating income		60,373		—		2,028		62,401		79,347		—		1,028		80,375
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		42,185		—		2,028		44,213		50,122		—		1,028		51,150
PROVISION FOR (BENEFIT FROM) INCOME TAXES		9,311		(134)		499		9,676		12,675		(83)		254		12,846
NET INCOME		32,874		134		1,529		34,537		37,447		83		774		38,304
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	31,403	$	134	$	1,529	$	33,066	$	35,616	$	83	$	774	$	36,473
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.62	$	—	$	0.03	$	0.65	$	0.72	$	—	$	0.02	$	0.74
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.57	$	—	$	0.03	$	0.60	$	0.67	$	—	$	0.01	$	0.68


	Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 30, 2021 (unaudited)
	As Previously Reported		Adjustments		Other Adjustments		As Restated		As Previously Reported		Adjustments		Other Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	199,033	$	—	$	(457)	$	198,576	$	310,496	$	—	$	(686)	$	309,810
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31 and $31, respectively		61,497		—		(457)		61,040		94,599		—		(686)		93,913
Total operating expenses		137,356		—		(457)		136,899		214,344		—		(686)		213,658
PROVISION FOR (BENEFIT FROM) INCOME TAXES		6,109		265		(12)		6,362		12,366		256		(12)		12,610
NET INCOME (LOSS)		18,939		(265)		12		18,686		33,394		(256)		12		33,150
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	17,873	$	(265)	$	12	$	17,620	$	31,749	$	(256)	$	12	$	31,505
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.36	$	(0.01)	$	—	$	0.35	$	0.64	$	(0.01)	$	—	$	0.63

Quarterly Consolidated Statements of Comprehensive Income


	Three Months Ended March 31, 2022 (unaudited)								Three Months Ended June 30, 2022 (unaudited)								Three Months Ended September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX:
Unrealized gain (loss) on available-for-sale securities	$	—	$	10,400	$	—	$	10,400	$	—	$	100	$	—	$	100	$	—	$	(7,500)	$	—	$	(7,500)
Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities		—		(2,504)		—		(2,504)		—		(25)		—		(25)		—		1,804		—		1,804
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		—		7,896		—		7,896		—		75		—		75		—		(5,696)		—		(5,696)
COMPREHENSIVE INCOME (LOSS)	$	17,070	$	8,030	$	(10)	$	25,090	$	15,804	$	75	$	1,539	$	17,418	$	4,573	$	(5,747)	$	(755)	$	(1,929)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	16,369	$	8,030	$	(10)	$	24,389	$	15,034	$	75	$	1,539	$	16,648	$	4,213	$	(5,747)	$	(755)	$	(2,289)


	Three Months Ended March 31,								Three Months Ended June 30,								Three Months Ended September 30,								Three Months Ended December 31,
	2021 (unaudited)								2021 (unaudited)								2021 (unaudited)								2021 (unaudited)
	As								As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX:
Unrealized gain (loss) on available-for-sale securities	$	—	$	(1,200)	$	—	$	(1,200)	$	—	$	4,500	$	—	$	4,500	$	—	$	4,400	$	—	$	4,400	$	—	$	1,800	$	—	$	1,800
Income tax (expense) benefit related to unrealized gain (loss) on available-for-sale securities		—		292		—		292		—		(1,108)		—		(1,108)		—		(1,088)		—		(1,088)		—		(401)		—		(401)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		—		(908)		—		(908)		—		3,392		—		3,392		—		3,312		—		3,312		—		1,399		—		1,399
COMPREHENSIVE INCOME (LOSS)		461		(908)		—		(447)	$	18,478	$	3,127	$	12	$	21,617	$	14,455	$	3,321	$	—	$	17,776	$	7,273	$	1,688	$	(1,606)	$	7,355
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	7	$	(908)	$	—	$	(901)	$	17,866	$	3,127	$	12	$	21,005	$	13,876	$	3,321	$	—	$	17,197	$	6,603	$	1,688	$	(1,606)	$	6,685

Year to Date Consolidated Statements of Comprehensive Income


	Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 30, 2022 (unaudited)
	As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	10,500	$	—	$	10,500	$	—	$	3,000	$	—	$	3,000
Income tax expense related to unrealized gain on available-for-sale securities		—		(2,529)		—		(2,529)		—		(725)		—		(725)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		7,971		—		7,971		—		2,275		—		2,275
COMPREHENSIVE INCOME	$	32,874	$	8,105	$	1,529	$	42,508	$	37,447	$	2,358	$	774	$	40,579
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	31,403	$	8,105	$	1,529	$	41,037	$	35,616	$	2,358	$	774	$	38,748


	Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 30, 2021 (unaudited)
	As Previously				Other				As Previously				Other
	Reported		Adjustments		Adjustments		As Restated		Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	3,300	$	—	$	3,300	$	—	$	7,700	$	—	$	7,700
Income tax expense related to unrealized gain on available-for-sale securities		—		(816)		—		(816)		—		(1,904)		—		(1,904)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		2,484		—		2,484		—		5,796		—		5,796
COMPREHENSIVE INCOME	$	18,939	$	2,219	$	12	$	21,170	$	33,394	$	5,540	$	12	$	38,946
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	17,873	$	2,219	$	12	$	20,104	$	31,749	$	5,540	$	12	$	37,301

Consolidated Statements of Changes in Stockholders’ Equity


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the three months ended March 31, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		16,369		16,369
Stock-based compensation expense		—		—		—		—		—		—		124		—		124
Repurchase of 2,649 shares of Class D common stock		—		—		—		—		—		—		(10)		—		(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(39)		—		(39)
BALANCE, as of March 31, 2022	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,711	$	(750,198)	$	270,564

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		124		124
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(832)		—		(832)
Other comprehensive income, net of tax		—		—		—		—		—		7,896		—		—		7,896
Total Adjustments March 31, 2022	$	—	$	—	$	—	$	—	$	—	$	62,846	$	(2,472)	$	(3,626)	$	56,748

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		16,493		16,493
Stock-based compensation expense		—		—		—		—		—		—		124		—		124
Repurchase of 2,649 shares of Class D common stock		—		—		—		—		—		—		(10)		—		(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(871)		—		(871)
Other comprehensive income, net of tax		—		—		—		—		—		7,896		—		—		7,896
BALANCE, as of March 31, 2022 (Restated)	$	—	$	9	$	3	$	2	$	37	$	62,846	$	1,018,239	$	(753,824)	$	327,312


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the six months ended June 30, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		31,403		31,403
Stock-based compensation expense		—		—		—		—		—		—		460		—		460
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(24,665)		—		(24,669)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,803)		—		(1,803)
BALANCE, as of June 30, 2022	$	—	$	9	$	3	$	2	$	33	$	—	$	994,678	$	(735,164)	$	259,561

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		1,663		1,663
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(104)		—		(104)
Other comprehensive income, net of tax		—		—		—		—		—		7,971		—		—		7,971
Total Adjustments June 30, 2022	$	—	$	—	$	—	$	—	$	—	$	62,921	$	(1,744)	$	(2,087)	$	59,090

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		33,066		33,066
Stock-based compensation expense		—		—		—		—		—		—		460		—		460
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(24,665)		—		(24,669)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,907)		—		(1,907)
Other comprehensive income, net of tax		—		—		—		—		—		7,971		—		—		7,971
BALANCE, as of June 30, 2022 (Restated)	$	—	$	9	$	3	$	2	$	33	$	62,921	$	992,934	$	(737,251)	$	318,651


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the nine months ended September 30, 2022	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120
Net income		—		—		—		—		—		—		—		35,616		35,616
Stock-based compensation expense		—		1		—		—		1		—		5,467		—		5,469
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(26,482)		—		(26,486)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(2,717)		—		(2,717)
BALANCE, as of September 31, 2022	$	—	$	10	$	3	$	2	$	34	$	—	$	996,954	$	(730,951)	$	266,052

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021		—		—		—		—		—		54,950		(1,640)		(3,750)		49,560
Net income		—		—		—		—		—		—		—		857		857
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(723)		—		(723)
Other comprehensive income, net of tax		—		—		—		—		—		2,275		—		—		2,275
Total Adjustments September 31, 2022	$	—	$	—	$	—	$	—	$	—	$	57,225	$	(2,363)	$	(2,893)	$	51,969

As Restated
BALANCE, as of December 31, 2021 (Restated)		—		9		3		2		37		54,950		1,018,996		(770,317)		303,680
Net income		—		—		—		—		—		—		—		36,473		36,473
Stock-based compensation expense		—		1		—		—		1		—		5,467		—		5,469
Repurchase of 4,684,419 shares of Class D common stock		—		—		—		—		(4)		—		(26,482)		—		(26,486)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(3,440)		—		(3,440)
Other comprehensive income, net of tax		—		—		—		—		—		2,275		—		—		2,275
BALANCE, as of September 31, 2022 (Restated)	$	—	$	10	$	3	$	2	$	34	$	57,225	$	994,591	$	(733,844)	$	318,021


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the three months ended March 31, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		7		7
Repurchase of 495,296 shares of Class D common stock		—		—		—		—		(1)		—		(871)		—		(872)
Issuance of 1,886,265 shares of Class A common stock		—		2		—		—		—		—		12,123		—		12,125
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		420		—		420
Stock-based compensation expense		—		—		—		—		—		—		253		—		253
BALANCE, as of March 31, 2021	$	—	$	6	$	3	$	3	$	37	$	—	$	1,003,694	$	(804,912)	$	198,831

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(548)		—		(548)
Other comprehensive loss, net of tax		—		—		—		—		—		(908)		—		—		(908)
Total Adjustments March 31, 2021	$	—	$	—	$	—	$	—	$	—	$	46,847	$	(1,789)	$	(2,189)	$	42,869

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		7		7
Repurchase of 495,296 shares of Class D common stock		—		—		—		—		(1)		—		(871)		—		(872)
Issuance of 1,886,265 shares of Class A common stock		—		2		—		—		—		—		12,123		—		12,125
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(128)		—		(128)
Stock-based compensation expense		—		—		—		—		—		—		253		—		253
Other comprehensive loss, net of tax		—		—		—		—		—		(908)		—		—		(908)
BALANCE, as of March 31, 2021 (Restated)	$	—	$	6	$	3	$	3	$	37	$	46,847	$	1,001,905	$	(807,101)	$	241,700


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the six months ended June 30, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		17,873		17,873
Repurchase of 509,347 shares of Class D common stock		—		—		—		—		(1)		—		(904)		—		(905)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,278		—		33,282
Exercise of options for 197,256 shares of Class D common stock		—		—		—		—		—		—		315		—		315
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,425)		—		(1,425)
Stock-based compensation expense		—		—		—		—		—		—		425		—		425
BALANCE, as of June 30, 2021	$	—	$	8	$	3	$	3	$	37	$	—	$	1,023,458	$	(787,046)	$	236,463

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Net income		—		—		—		—		—		—		—		(253)		(253)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,216)		—		(1,216)
Other comprehensive income, net of tax		—		—		—		—		—		2,484		—		—		2,484
Total Adjustments June 30, 2021	$	—	$	—	$	—	$	—	$	—	$	50,239	$	(2,457)	$	(2,442)	$	45,340

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		17,620		17,620
Repurchase of 509,347 shares of Class D common stock		—		—		—		—		(1)		—		(904)		—		(905)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,278		—		33,282
Exercise of options for 197,256 shares of Class D common stock		—		—		—		—		—		—		315		—		315
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(2,641)		—		(2,641)
Stock-based compensation expense		—		—		—		—		—		—		425		—		425
Other comprehensive income, net of tax		—		—		—		—		—		2,484		—		—		2,484
BALANCE, as of June 30, 2021 (Restated)	$	—	$	8	$	3	$	3	$	37	$	50,239	$	1,021,001	$	(789,488)	$	281,803


	Convertible		Common		Common		Common		Common		Accumulated Other		Additional
	Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Total
	Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity

For the nine months ended September 30, 2021	(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		31,749		31,749
Repurchase of 519,347 shares of Class D common stock		—		—		—		—		(1)		—		(943)		—		(944)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 219,756 shares of Class D common stock		—		—		—		—		—		—		366		—		366
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(3,671)		—		(3,671)
Stock-based compensation expense		—		—		—		—		—		—		478		—		478
BALANCE, as of September 30, 2021	$	—	$	8	$	3	$	3	$	37	$	—	$	1,021,272	$	(773,170)	$	248,153

Adjustments and Other Adjustments
BALANCE, as of December 31, 2020		—		—		—		—		—		47,755		(1,241)		(2,189)		44,325
Net income		—		—		—		—		—		—		—		(244)		(244)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(1,070)		—		(1,070)
Other comprehensive income, net of tax		—		—		—		—		—		5,796		—		—		5,796
Total Adjustments September 30, 2021	$	—	$	—	$	—	$	—	$	—	$	53,551	$	(2,311)	$	(2,433)	$	48,807

As Restated
BALANCE, as of December 31, 2020 (Restated)		—		4		3		3		38		47,755		990,528		(807,108)		231,223
Net income		—		—		—		—		—		—		—		31,505		31,505
Repurchase of 519,347 shares of Class D common stock		—		—		—		—		(1)		—		(943)		—		(944)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 219,756 shares of Class D common stock		—		—		—		—		—		—		366		—		366
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,741)		—		(4,741)
Stock-based compensation expense		—		—		—		—		—		—		478		—		478
Other comprehensive income, net of tax		—		—		—		—		—		5,796		—		—		5,796
BALANCE, as of September 30, 2021 (Restated)	$	—	$	8	$	3	$	3	$	37	$	53,551	$	1,018,961	$	(775,603)	$	296,960

Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2022 (unaudited)								Six Months Ended June 30, 2022 (unaudited)								Nine Months Ended September 31, 2022 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17,070	$	134	$	(10)	$	17,194	$	32,874	$	134	$	1,529	$	34,537	$	37,447	$	83	$	774	$	38,304
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes		5,586		(134)		10		5,462		8,597		(134)		499		8,962		11,511		(83)		254		11,682
Non-cash lease liability expense		1,043		—		(1,043)		—		2,038		—		(2,038)		—		2,994		—		(2,994)		—
Impairment of goodwill and broadcasting licenses		—		—		—		—		16,933		—		(2,028)		14,905		31,383		—		(1,028)		30,355
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		13,448		—		(112)		13,336		3,483		—		(39)		3,444		208		—		(52)		156
Accounts payable		(2,591)		—		5		(2,586)		231		—		(189)		42		(270)		—		(346)		(616)
Other liabilities		(4,641)		—		1,150		(3,491)		(7,283)		—		2,266		(5,017)		(75)		—		3,392		3,317
Net cash flows provided by operating activities		15,734		—		—		15,734		43,624		—		—		43,624		54,067		—		—		54,067
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	39	$	—	$	832	$	871	$	1,803	$	—	$	104	$	1,907	$	2,717	$	—	$	723	$	3,440


	Three Months Ended March 31, 2021 (unaudited)								Six Months Ended June 30, 2021 (unaudited)								Nine Months Ended September 31, 2021 (unaudited)
	As								As								As
	Previously				Other		As		Previously				Other		As		Previously				Other		As
	Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated		Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	461	$	—	$	—	$	461	$	18,939	$	(265)	$	12	$	18,686	$	33,394	$	(256)	$	12	$	33,150
Adjustments to reconcile net income (loss) to net cash from operating activities:
Deferred income taxes		(10)		—		—		(10)		6,108		265		(12)		6,361		12,366		256		(12)		12,610
Non-cash lease liability expense		1,154		—		(1,154)		—		2,066		—		(2,066)		—		3,299		—		(3,299)		—
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		11,380		—		(41)		11,339		2,260		—		82		2,342		(8,574)		—		(71)		(8,645)
Accounts payable		(2,098)		—		(23)		(2,121)		1,388		—		(84)		1,304		3,488		—		(118)		3,370
Other liabilities		(2,050)		—		1,218		(832)		235		—		2,068		2,303		1,975		—		3,488		5,463
Net cash flows provided by operating activities		14,293		—		—		14,293		51,492		—		—		51,492		36,264		—		—		36,264
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	(420)	$	—	$	548	$	128	$	1,425	$	—	$	1,216	$	2,641	$	3,671	$	—	$	1,070	$	4,741

RESTATEMENT OF FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

RESTATEMENT OF FINANCIAL STATEMENTS

RESTATEMENT OF FINANCIAL STATEMENTS

2. RESTATEMENT OF FINANCIAL STATEMENTS:

In connection with the preparation of the consolidated financial statements for the year ended December 31, 2022, the Company re-evaluated its accounting for the valuation of the MGM Investment and determined that adjustments are required to its previously issued financial statements as of December 31, 2021 and the interim periods ended March 31, June 30, and September 30, 2022 and 2021 (collectively, the “Affected Periods”) due to understatements in the value of the MGM Investment, and related tax effects. In accordance with accounting guidance presented in ASC 250-10, SEC Staff Accounting Bulletin No. 99, “Materiality”, and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” for the purpose of a materiality assessment, management assessed the materiality of the error and concluded that it was material to the Company’s financial statements included in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q covering the Affected Periods.

In addition to the adjustments related to the MGM Investment, the Company included corrections for misstatements that were deemed immaterial to any period presented in our previously issued financial statements. These misstatements are related to radio broadcasting license impairment, right of use assets, fair value of the Reach Media redeemable noncontrolling interest, amortization of certain launch assets, misclassifications of certain balance sheet items, and any related tax effects. The Company also corrected certain line items within the statements of cash flows and certain disclosures relating to deferred tax assets and content assets for errors identified.

Accordingly, the Company has restated herein its audited financial statements as of and for the year ended December 31, 2021. The Company has also restated its unaudited quarterly financial statements as of and for all quarters in the year ended December 31, 2021 and as of and for the quarters ended March 31, June 30, and September 30, 2022 in Note 17 to the consolidated financial statements.

Restatement Background

MGM Investment

Prior to and as of the period ended September 30, 2022, the Company accounted for its investment in MGM National Harbor at cost less impairment under ASC 321, “Investments – Equity Securities” (“ASC 321”) and included the amortized cost of the MGM investment in other assets on the consolidated balance sheets. Distribution income associated with the investment was recorded in other income on the consolidated statements of operations. In connection with the preparation of its financial statements for the year ended December 31, 2022, the Company identified that the MGM Investment should have been classified as an available-for-sale (“AFS”) debt security in a separate financial line item in the Company’s consolidated balance sheets through December 31, 2022 and measured at fair value in accordance with ASC 320, “Investments – Debt Securities” (“ASC 320”) with unrealized gains and losses included in other comprehensive income (“OCI”), within accumulated other comprehensive income (“AOCI”). As a result, the Company has made corrections to record opening adjustments, unrealized gains and losses, and associated tax impacts and classify financial line items appropriately for the Affected Periods.

The correction of this misstatement resulted in approximately $112.6 million being recorded to debt security – available-for-sale, a decrease to other assets of $40.0 million, an increase to deferred tax liabilities, net of approximately $17.6 million, an increase to accumulated other comprehensive income of approximately $55.0 million, and a decrease to accumulated deficit of less than $100,000 in the consolidated balance sheet as of December 31, 2021. An amount of approximately $7.2 million was recorded as an unrealized gain on available-for-sale securities, net of tax in the consolidated statement of comprehensive income for the year ended December 31, 2021. The Company recorded an opening balance adjustment of approximately $47.8 million within AOCI in the December 31, 2021 consolidated statement of changes in stockholders’ equity. This correction did not have a material impact on the consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2021.

Other Adjustments

Radio Broadcast License Impairment

During the impairment assessment in the second quarter of 2022, the Company became aware that a specific assumption used to estimate total market revenues in the valuation of the Houston and Dallas assets for the three years ended December 31, 2019, 2020, and 2021 was incorrect and resulted in overstatements of the fair value of the radio broadcasting licenses by approximately $1.1 million, $2.8 million, and $2.1 million as of December 31, 2019, March 31, 2020, and December 31, 2021, respectively, and understated by approximately $2.3 million as of September 30, 2020. Accordingly, the Company recorded an out-of-period non-cash impairment charge of approximately $3.7 million during the three months ended June 30, 2022 as the Company determined that the errors were not material to any previous period and that correcting the errors in the three-month and six-month periods ended June 30, 2022 would not materially misstate net revenue or pre-tax income for the full year, as of and for the period ended December 31, 2022, or the earnings trend and therefore could be corrected in the period ending June 30, 2022. Additionally, during the preparation of the financial statements for the year ended December 31, 2022, the Company identified that certain assumptions used in the valuation of the Atlanta, Dallas, Houston, Raleigh, and Richmond assets for the quarters ended June 30 and September 30, 2022 were incorrect and resulted in overstatements of the fair value of the radio broadcasting licenses by approximately $1.7 million and $1.0 million, respectively. The Company, in the process of rectifying the material MGM Investment error identified above, determined it was necessary to accurately reflect the out-of-period non-cash impairment charge of approximately $3.7 million across all Affected Periods and to record the non-cash impairment charges of approximately $1.7 million and $1.0 million for the second and third quarters of 2022, respectively. Consequently, the Company made the following adjustments: a reversal of the $3.7 million impairment charge recorded in the second quarter of 2022, an opening balance sheet adjustment of a $1.6 million non-cash impairment charge for 2019 and 2020 during the first quarter of 2021, a $2.1 million impairment charge in the fourth quarter of 2021, and approximately $1.7 million and $1.0 million of impairment charges during the second and third quarters of 2022. Additionally, the Company included the associated tax implications of these adjustments.

The correction of this misstatement resulted in a decrease to radio broadcasting licenses of $3.7 million, an increase to deferred tax assets, net of $905,000, and an increase to accumulated deficit of $2.8 million in the consolidated balance sheet as of December 31, 2021. Impairment of long-lived assets increased by $2.1 million and provision for income taxes decreased by $510,000 in the consolidated statement of operations for the year ended December 31, 2021. Comprehensive income in the consolidated statements of comprehensive income for the year ended December 31, 2021, decreased by $1.6 million. The Company recorded an opening balance adjustment of $1.2 million and an adjustment of $1.6 million to reduce consolidated net income within accumulated deficit in the December 31, 2021 consolidated statement of changes in stockholders’ equity. While in the consolidated statement of cash flows for the year ended December 31, 2021, this correction reduced consolidated net income by $1.6 million, reduced deferred income taxes by $510,000, and increased impairment of long-lived assets by $2.1 million, it had no impact on total net cash flows (used in) provided by operating, investing, or financing activities.

Right of Use Assets

During the adoption of ASC 842, “Leases” (“ASC 842”) in 2019, the Company discovered that approximately $1.3 million of deferred rent balances were not correctly accounted for, and as such, this resulted in an overstatement of right of use (“ROU”) assets for the same amount. The Company determined that the errors were not material and not correcting the errors would not materially misstate net revenue, pre-tax income, or the earnings trend in any previous or future periods. The Company, in the process of rectifying the material MGM Investment error identified above, determined it was necessary to correct these errors. Consequently, the Company has made corrections to record an opening balance sheet adjustment and associated tax impacts for the Affected Periods.

The correction of this misstatement resulted in a decrease to ROU assets of approximately $1.3 million, a decrease to deferred tax assets, net of approximately $308,000, and an increase to accumulated deficit of $960,000 in the consolidated balance sheet as of December 31, 2021. The opening balance within accumulated deficit in the December

31, 2021 consolidated statement of changes in stockholders’ equity was increased by $960,000. This correction did not impact the consolidated statement of operations, consolidated statement of comprehensive income, and consolidated statement of cash flows for the year ended December 31, 2021.

Reach Media Redeemable Noncontrolling Interest

The redeemable noncontrolling interest is measured at fair value using a discounted cash flow methodology, adjusted for excess available working capital. In connection with the preparation of its financial statements for the year ended December 31, 2022, the Company identified an error in its calculation of excess working capital which understated the value of the redeemable noncontrolling interest. As a result, the Company determined it was necessary to correct the error and recorded opening adjustments to the redeemable noncontrolling interests and additional paid-in capital (“APIC”) for the Affected Periods.

The correction of this misstatement resulted in an increase to redeemable noncontrolling interest and a decrease to additional paid-in capital of approximately $1.6 million in the consolidated balance sheet as of December 31, 2021. The Company recorded $399,000 to increase the adjustment of redeemable noncontrolling interests to estimated redemption value and recorded an opening balance adjustment of approximately $1.2 million within APIC in the December 31, 2021 consolidated statement of changes in stockholders’ equity. This correction did not impact the consolidated statement of operations, consolidated statement of comprehensive income, and consolidated statement of cash flows for the year ended December 31, 2021.

Launch Assets

The cable television segment has entered into certain affiliate agreements requiring various payments for launch support, which are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. The Company has historically recorded amortization associated with certain launch assets within selling, general and administrative expense in the consolidated statements of operations. In connection with the preparation of its financial statements for the year ended December 31, 2022, the Company determined that this amortization should have been recorded as a reduction to revenue. As a result, the Company has reclassified the amortization to reduce selling, general and administrative expense and net revenue in the consolidated statements of operations for the Affected Periods.

The correction of this misstatement decreased both net revenue and selling, general and administrative expense by approximately $1.2 million in the December 31, 2021 consolidated statement of operations. This correction did not impact any other consolidated financial statements as of and for the year ended December 31, 2021.

Balance Sheet Misclassifications

The Company recorded adjustments to recognize certain balance sheet misclassifications for the Affected Periods. These adjustments primarily related to the classification of other current assets, other assets, other intangible assets, net, right of use assets, trade accounts receivable, net, other current liabilities, and accounts payable.

Disclosure Exceptions

In reconciling the income tax provision to actual tax returns filed, the Company identified that the 2021 estimate of nondeductible interest expense was calculated incorrectly. This error resulted in a disclosure exception within the Income Taxes footnote with net operating loss carryforwards overstated and interest expense carryforward understated, both by approximately $4.9 million. The disclosure exception did not have any impact on the consolidated financial statements for any of the prior periods. The Company, in the process of rectifying the material MGM Investment error identified above, determined it was necessary to correct the disclosure exception by revising the balances for net operating loss carryforwards and interest expense carryforward as of December 31, 2021 as disclosed within the Income Taxes footnote in these consolidated financial statements.

During the fourth quarter of 2022, the Company identified certain fully amortized content assets that were no longer in service. Accordingly, balances associated with these fully amortized assets have been adjusted in the presentation of content assets in the Company’s footnote disclosures as of December 31, 2021. Specifically, the Company has reflected a reduction to ‘Completed’ content assets of approximately $279.3 million, a reduction to ‘Acquired Licensed’ content assets of approximately $4.6 million, and a decrease to accumulated amortization of approximately $283.9 million as of December 31, 2021. In addition, the Company recorded an adjustment of $837,000 from ‘Completed’ content assets to ‘In-Production’ content assets. This correction did not impact total net content assets disclosed within the footnote and included in the consolidated financial statements as of and for the year ended December 31, 2021.

Statements of Cash Flows

Prior to and as of the period ended September 30, 2022, the Company presented non-cash lease liability expense as an adjustment to net income within the consolidated statements of cash flows. During the fourth quarter of 2022, the Company identified that the non-cash lease liability expense should have been presented as a change in other liabilities and determined that it was necessary to correct the error for the Affected Periods.

The correction of this misstatement resulted in a reduction to non-cash lease liability expense and an increase to other liabilities by approximately $4.7 million in the consolidated statement of cash flows as of December 31, 2021. This correction had no impact on total net cash flows (used in) provided by operating, investing, or financing activities or any other consolidated financial statements as of and for the year ended December 31, 2021.

Description of Restatement Tables

The following tables reflect the impact of the restatement to the specific line items presented in the Company’s consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of changes in stockholders’ equity, and consolidated statements of cash flows as of and for the year ended December 31, 2021. The previously reported amounts were derived from the Company's Original Filing. These amounts are labeled “As Previously Reported” in the tables below. The column labeled “Adjustments” represents the impact of the correction of the MGM Investment. The column labeled “Other Adjustments” represents the combined effects of the corrections of the misstatements relating to radio broadcasting license impairment, right of use assets, fair value of the Reach Media redeemable noncontrolling interest, amortization of certain launch assets, misclassifications of certain line items in the balance sheets and statements of cash flows, and any related tax effects, as described above, that were deemed immaterial to any period presented in our previously issued financial statements.

Consolidated Balance Sheets


	As of December 31, 2021
	As Previously
	Reported		Adjustments		Other Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,743	$	127,446	$	—	$	313	$	127,759
Other current assets		4,760		—		(1,263)		3,497
Total current assets		313,274		—		(950)		312,324
RIGHT OF USE ASSETS		38,044		—		(88)		37,956
RADIO BROADCASTING LICENSES		505,148		—		(3,728)		501,420
OTHER INTANGIBLE ASSETS, net		50,159		—		(2,238)		47,921
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		112,600		—		112,600
OTHER ASSETS		44,635		(40,000)		2,321		6,956
Total assets	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	14,588	$	—	$	2,304	$	16,892
Other current liabilities		26,421		—		(1,991)		24,430
Total current liabilities		106,471		—		313		106,784
DEFERRED TAX LIABILITIES, net		2,473		17,617		(1,213)		18,877
Total liabilities		989,973		17,617		(900)		1,006,690
REDEEMABLE NONCONTROLLING INTERESTS		17,015		—		1,640		18,655
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		54,950		—		54,950
Additional paid-in capital		1,020,636		—		(1,640)		1,018,996
Accumulated deficit		(766,567)		33		(3,783)		(770,317)
Total stockholders’ equity		254,120		54,983		(5,423)		303,680
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025

Consolidated Statements of Operations


	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	441,462	$	—	$	(1,177)	$	440,285
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31		143,187		—		(1,177)		142,010
Impairment of long-lived assets		—		—		2,104		2,104
Total operating expenses		322,919		—		927		323,846
Operating income (loss)		118,543		—		(2,104)		116,439
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		54,244		—		(2,104)		52,140
PROVISION FOR (BENEFIT FROM) INCOME TAXES		13,577		(33)		(510)		13,034
NET INCOME (LOSS)		40,667		33		(1,594)		39,106
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	33	$	(1,594)	$	36,791
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.76	$	—	$	(0.03)	$	0.73
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.71	$	—	$	(0.03)	$	0.68

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	9,500	$	—	$	9,500
Income tax expense related to unrealized gain on available-for-sale securities		—		(2,305)		—		(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		7,195		—		7,195
COMPREHENSIVE INCOME (LOSS)	$	40,667	$	7,228	$	(1,594)	$	46,301
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	7,228	$	(1,594)	$	43,986

Consolidated Statements of Changes in Stockholders’ Equity


		As Previously Reported
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		38,352		38,352
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,399)		—		(4,399)
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120


		Adjustments and Other Adjustments
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	—	$	—	$	—	$	—	$	47,755	$	(1,241)	$	(2,189)	$	44,325
Net income		—		—		—		—		—		—		—		(1,561)		(1,561)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(399)		—		(399)
Other comprehensive income, net of tax		—		—		—		—		—		7,195		—		—		7,195
Total Adjustments	$	—	$	—	$	—	$	—	$	—	$	54,950	$	(1,640)	$	(3,750)	$	49,560


		As Restated
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	47,755	$	990,528	$	(807,108)	$	231,223
Net income		—		—		—		—		—		—		—		36,791		36,791
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,798)		—		(4,798)
Other comprehensive income, net of tax				—		—		—		—		7,195		—		—		7,195
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,317)	$	303,680

Consolidated Statements of Cash Flows


	Year Ended December 31, 2021
	As
	Previously				Other		As
	Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	40,667	$	33	$	(1,594)	$	39,106
Adjustments to reconcile net income (loss) to net cash from operating activities:
Deferred income taxes		12,514		(33)		(510)		11,971
Non-cash lease liability expense		4,684		—		(4,684)		—
Impairment of goodwill and broadcasting licenses		—		—		2,104		2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		(22,734)		—		(73)		(22,807)
Accounts payable		3,453		—		153		3,606
Other liabilities		(5,892)		—		4,604		(1,288)
Net cash flows provided by operating activities		80,150		—		—		80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	4,399	$	—	$	399	$	4,798

The remainder of the notes to the Company’s financial statements have been updated and restated, as applicable, to reflect the impacts of the restatement described above.

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ 318,651	$ 327,312	$ 303,680	$ 296,960	$ 281,803	$ 241,700	$ 231,223	$ 303,680	$ 231,223	$ 303,680	$ 231,223	$ 303,680	$ 231,223
Net income	3,407	16,573	16,493	5,286	13,885	17,613	7	33,066	17,620	36,473	31,505	37,329	36,791
Stock-based compensation expense			124				253	460	425	5,469	478	6,595	565
Issuance of shares of Class A common stock							12,125		33,282		33,277		33,277
Repurchase of shares of common stock			(10)				(872)	(24,669)	(905)	(26,486)	(944)	(26,543)	(970)
Exercise of options for common stock								50	315	50	366	50	397
Other comprehensive income, net of tax	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796	18,277	7,195
Adjustment of redeemable noncontrolling interests to estimated redemption value			(871)				(128)	(1,907)	(2,641)	(3,440)	(4,741)	(5,616)	(4,798)
BALANCE	318,021	318,651	327,312	303,680	296,960	281,803	241,700	318,651	281,803	318,021	296,960	333,772	303,680
Preferred Stock \| Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE			0				0	0	0	0	0	0	0
Net income												0	0
Stock-based compensation expense												0	0
Issuance of shares of Class A common stock													0
Repurchase of shares of common stock												0	0
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE				0								0	0
Common Stock \| Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	9	9	9	8	8	6	4	9	4	9	4	9	4
Net income												0	0
Stock-based compensation expense										1		1	0
Issuance of shares of Class A common stock							2		4		4		4
Repurchase of shares of common stock												0	0
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	10	9	9	9	8	8	6	9	8	10	8	10	9
Common Stock \| Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
Net income												0	0
Stock-based compensation expense												0	0
Issuance of shares of Class A common stock													0
Repurchase of shares of common stock												0	0
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
Common Stock \| Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	3	3	3	3	2	3	2	3	2	3
Net income												0	0
Stock-based compensation expense												0	0
Issuance of shares of Class A common stock													0
Repurchase of shares of common stock												0	0
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	2	2	2	2	3	3	3	2	3	2	3	2	2
Common Stock \| Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	33	37	37	37	37	37	38	37	38	37	38	37	38
Net income												0	0
Stock-based compensation expense										1		1	0
Issuance of shares of Class A common stock													0
Repurchase of shares of common stock							(1)	(4)	(1)	(4)	(1)	(4)	(1)
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	34	33	37	37	37	37	37	33	37	34	37	34	37
Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	62,921	62,846	54,950	53,551	50,239	46,847	47,755	54,950	47,755	54,950	47,755	54,950	47,755
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796	18,277	7,195
BALANCE	57,225	62,921	62,846	54,950	53,551	50,239	46,847	62,921	50,239	57,225	53,551	73,227	54,950
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905	990,528	1,018,996	990,528	1,018,996	990,528	1,018,996	990,528
Net income												0	0
Stock-based compensation expense			124				253	460	425	5,467	478	6,593	565
Issuance of shares of Class A common stock							12,123		33,278		33,273		33,273
Repurchase of shares of common stock			(10)				(871)	(24,665)	(904)	(26,482)	(943)	(26,539)	(969)
Exercise of options for common stock								50	315	50	366	50	397
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value			(871)				(128)	(1,907)	(2,641)	(3,440)	(4,741)	(5,616)	(4,798)
BALANCE	994,591	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905	992,934	1,021,001	994,591	1,018,961	993,484	1,018,996
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)	(807,108)	(770,317)	(807,108)	(770,317)	(807,108)	(770,317)	(807,108)
Net income			16,493				7	33,066	17,620	36,473	31,505	37,329	36,791
Stock-based compensation expense												0	0
Issuance of shares of Class A common stock													0
Repurchase of shares of common stock												0	0
Exercise of options for common stock												0	0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	(733,844)	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)	(737,251)	(789,488)	(733,844)	(775,603)	(732,988)	(770,317)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	259,561	270,564	254,120	248,153	236,463	198,831	186,898	254,120	186,898	254,120	186,898	254,120	186,898
Net income	4,213	15,034	16,369	6,603	13,876	17,866	7	31,403	17,873	35,616	31,749		38,352
Stock-based compensation expense			124				253	460	425	5,469	478		565
Issuance of shares of Class A common stock							12,125		33,282		33,277		33,277
Repurchase of shares of common stock			(10)				(872)	(24,669)	(905)	(26,486)	(944)		(970)
Exercise of options for common stock								50	315	50	366		397
Adjustment of redeemable noncontrolling interests to estimated redemption value			(39)				420	(1,803)	(1,425)	(2,717)	(3,671)		(4,399)
BALANCE	266,052	259,561	270,564	254,120	248,153	236,463	198,831	259,561	236,463	266,052	248,153		254,120
As Previously Reported \| Common Stock \| Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	9	9	9	8	8	6	4	9	4	9	4	9	4
Stock-based compensation expense										1
Issuance of shares of Class A common stock							2		4		4		4
BALANCE	10	9	9	9	8	8	6	9	8	10	8		9
As Previously Reported \| Common Stock \| Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
BALANCE	3	3	3	3	3	3	3	3	3	3	3		3
As Previously Reported \| Common Stock \| Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	3	3	3	3	2	3	2	3	2	3
BALANCE	2	2	2	2	3	3	3	2	3	2	3		2
As Previously Reported \| Common Stock \| Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	33	37	37	37	37	37	38	37	38	37	38	37	38
Stock-based compensation expense										1
Repurchase of shares of common stock							(1)	(4)	(1)	(4)	(1)		(1)
BALANCE	34	33	37	37	37	37	37	33	37	34	37		37
As Previously Reported \| Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694	991,769	1,020,636	991,769	1,020,636	991,769	1,020,636	991,769
Stock-based compensation expense			124				253	460	425	5,467	478		565
Issuance of shares of Class A common stock							12,123		33,278		33,273		33,273
Repurchase of shares of common stock			(10)				(871)	(24,665)	(904)	(26,482)	(943)		(969)
Exercise of options for common stock								50	315	50	366		397
Adjustment of redeemable noncontrolling interests to estimated redemption value			(39)				420	(1,803)	(1,425)	(2,717)	(3,671)		(4,399)
BALANCE	996,954	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694	994,678	1,023,458	996,954	1,021,272		1,020,636
As Previously Reported \| Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)	(804,919)	(766,567)	(804,919)	(766,567)	(804,919)	(766,567)	(804,919)
Net income			16,369				7	31,403	17,873	35,616	31,749		38,352
BALANCE	(730,951)	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)	(735,164)	(787,046)	(730,951)	(773,170)		(766,567)
Adjustments and Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	59,090	56,748	49,560	48,807	45,340	42,869	44,325	49,560	44,325	49,560	44,325	49,560	44,325
Net income			124					1,663	(253)	857	(244)		(1,561)
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796		7,195
Adjustment of redeemable noncontrolling interests to estimated redemption value			(832)				(548)	(104)	(1,216)	(723)	(1,070)		(399)
BALANCE	51,969	59,090	56,748	49,560	48,807	45,340	42,869	59,090	45,340	51,969	48,807		49,560
Adjustments and Other Adjustments \| Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	62,921	62,846	54,950	53,551	50,239	46,847	47,755	54,950	47,755	54,950	47,755	54,950	47,755
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796		7,195
BALANCE	57,225	62,921	62,846	54,950	53,551	50,239	46,847	62,921	50,239	57,225	53,551		54,950
Adjustments and Other Adjustments \| Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)	(1,241)	(1,640)	(1,241)	(1,640)	(1,241)	(1,640)	(1,241)
Adjustment of redeemable noncontrolling interests to estimated redemption value			(832)				(548)	(104)	(1,216)	(723)	(1,070)		(399)
BALANCE	(2,363)	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)	(1,744)	(2,457)	(2,363)	(2,311)		(1,640)
Adjustments and Other Adjustments \| Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(2,087)	(3,626)	(3,750)	(2,433)	(2,442)	(2,189)	(2,189)	(3,750)	(2,189)	(3,750)	(2,189)	$ (3,750)	(2,189)
Net income			124					1,663	(253)	857	(244)		(1,561)
BALANCE	$ (2,893)	$ (2,087)	$ (3,626)	$ (3,750)	$ (2,433)	$ (2,442)	$ (2,189)	$ (2,087)	$ (2,442)	$ (2,893)	$ (2,433)		$ (3,750)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 75,404	$ 132,245
Restricted cash	19,975	19,973
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively	143,264	127,759
Prepaid expenses	8,729	2,967
Current portion of content assets	34,003	25,883
Other current assets	8,372	3,497
Total current assets	289,747	312,324
CONTENT ASSETS, net	86,378	60,155
PROPERTY AND EQUIPMENT, net	27,758	26,291
GOODWILL	216,599	223,402
RIGHT OF USE ASSETS	31,879	37,956
RADIO BROADCASTING LICENSES	488,419	501,420
OTHER INTANGIBLE ASSETS, net	55,193	47,921
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021	136,826	112,600
OTHER ASSETS	5,688	6,956
Total assets	1,338,487	1,329,025
CURRENT LIABILITIES:
Accounts payable	18,003	16,892
Accrued interest	23,111	25,458
Accrued compensation and related benefits	17,421	10,960
Current portion of content payables	26,718	18,972
Current portion of lease liabilities	8,690	10,072
Other current liabilities	36,320	24,430
Total current liabilities	130,263	106,784
LONG-TERM DEBT, net of original issue discount and issuance costs	739,000	818,616
CONTENT PAYABLES, net of current portion	10,365	2,865
LONG-TERM LEASE LIABILITIES	25,545	31,228
OTHER LONG-TERM LIABILITIES	34,540	28,320
DEFERRED TAX LIABILITIES, net	39,704	18,877
Total liabilities	979,417	1,006,690
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	25,298	18,655
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2022 and 2021	0	0
Accumulated other comprehensive income	73,227	54,950
Additional paid-in capital	993,484	1,018,996
Accumulated deficit	(732,988)	(770,317)
Total stockholders' equity	333,772	303,680
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,338,487	1,329,025
Common Stock Class A
STOCKHOLDERS' EQUITY:
Common stock value	10	9
Common Stock Class B
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class C
STOCKHOLDERS' EQUITY:
Common stock value	2	2
Common Stock Class D
STOCKHOLDERS' EQUITY:
Common stock value	$ 34	$ 37

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	$ 121,250	$ 118,657	$ 112,131	$ 130,475	$ 111,234	$ 107,365	$ 91,211	$ 230,788	$ 198,576	$ 352,038	$ 309,810	$ 484,604	$ 440,285
Operating Expenses [Abstract]
Selling, general and administrative expenses	40,923	35,193	35,210	48,097	32,873	31,282	29,758	70,403	61,040	111,326	93,913	160,230	142,010
Impairment of long-lived assets	15,450	14,905		2,104				14,905		30,355		40,683	2,104
Total operating expenses	103,276	92,794	75,593	110,188	76,759	69,445	67,454	168,387	136,899	271,663	213,658	389,917	323,846
Operating income	17,974	25,863	36,538	20,287	34,475	37,920	23,757	62,401		80,375		94,687	116,439
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	6,937	21,557	22,656	6,380	20,712	24,597	451	44,213		51,150		56,676	52,140
PROVISION FOR INCOME TAXES	3,170	4,214	5,462	424	6,248	6,372	(10)	9,676	6,362	12,846	12,610	16,721	13,034
NET INCOME	3,767	17,343	17,194	5,956	14,464	18,225	461	34,537	18,686	38,304	33,150	39,955	39,106
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 3,407	$ 16,573	$ 16,493	$ 5,286	$ 13,885	$ 17,613	$ 7	$ 33,066	$ 17,620	$ 36,473	$ 31,505	$ 37,329	$ 36,791
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.07	$ 0.33	$ 0.32	$ 0.11	$ 0.27	$ 0.35	$ 0.00	$ 0.65	$ 0.35	$ 0.74	$ 0.63	$ 0.76	$ 0.73
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.06	$ 0.31	$ 0.30	$ 0.10	$ 0.25	$ 0.33	$ 0.00	$ 0.60		$ 0.68		$ 0.72	$ 0.68
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	$ 121,403	$ 118,810	$ 112,349	$ 130,966	$ 111,463	$ 107,593	$ 91,440	$ 231,159	$ 199,033	$ 352,562	$ 310,496		$ 441,462
Operating Expenses [Abstract]
Selling, general and administrative expenses	41,076	35,346	35,428	48,588	33,102	31,510	29,987	70,774	61,497	111,850	94,599		143,187
Impairment of long-lived assets	14,450	16,933						16,933		31,383
Total operating expenses	102,429	94,975	75,811	108,575	76,988	69,673	67,683	170,786	137,356	273,215	214,344		322,919
Operating income	18,974	23,835	36,538	22,391	34,475	37,920	23,757	60,373		79,347			118,543
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	7,937	19,529	22,656	8,484	20,712	24,597	451	42,185		50,122			54,244
PROVISION FOR INCOME TAXES	3,364	3,725	5,586	1,211	6,257	6,119	(10)	9,311	6,109	12,675	12,366		13,577
NET INCOME	4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 4,213	$ 15,034	$ 16,369	$ 6,603	$ 13,876	$ 17,866	$ 7	$ 31,403	$ 17,873	$ 35,616	$ 31,749		$ 38,352
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.09	$ 0.30	$ 0.32	$ 0.13	$ 0.27	$ 0.36	$ 0.00	$ 0.62	$ 0.36	$ 0.72	$ 0.64		$ 0.76
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.08	$ 0.28	$ 0.30	$ 0.12	$ 0.25	$ 0.33	$ 0.00	$ 0.57		$ 0.67			$ 0.71
Adjustments
Operating Expenses [Abstract]
PROVISION FOR INCOME TAXES	$ 51		$ (134)	$ (289)	$ (9)	$ 265		$ (134)	$ 265	$ (83)	$ 256		$ (33)
NET INCOME	(51)		134	289	9	(265)		134	(265)	83	(256)		33
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(51)		134	$ 289	9	$ (265)		134	$ (265)	83	$ (256)		33
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders				$ 0.01		$ (0.01)			$ (0.01)		$ (0.01)
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders				$ 0.01
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Revenue	(153)	$ (153)	(218)	$ (491)	(229)	$ (228)	$ (229)	(371)	$ (457)	(524)	$ (686)		(1,177)
Operating Expenses [Abstract]
Selling, general and administrative expenses	(153)	(153)	(218)	(491)	(229)	(228)	(229)	(371)	(457)	(524)	(686)		(1,177)
Impairment of long-lived assets	1,000	(2,028)		2,104				(2,028)		(1,028)			2,104
Total operating expenses	847	(2,181)	(218)	1,613	$ (229)	(228)	$ (229)	(2,399)	(457)	(1,552)	(686)		927
Operating income	(1,000)	2,028		(2,104)				2,028		1,028			(2,104)
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	(1,000)	2,028		(2,104)				2,028		1,028			(2,104)
PROVISION FOR INCOME TAXES	(245)	489	10	(498)		(12)		499	(12)	254	(12)		(510)
NET INCOME	(755)	1,539	(10)	(1,606)		12		1,529	12	774	12		(1,594)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (755)	$ 1,539	$ (10)	$ (1,606)		$ 12		$ 1,529	$ 12	$ 774	$ 12		$ (1,594)
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ (0.02)	$ 0.03		$ (0.03)				$ 0.03		$ 0.02			$ (0.03)
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ (0.02)	$ 0.03		$ (0.03)				$ 0.03		$ 0.01			$ (0.03)

CONTENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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
	2022		2021		Amortization

	(In thousands)
Produced content assets:
Completed	$	122,660	$	117,058
In-production		23,300		12,961
Licensed content assets acquired:
Acquired		55,751		61,374
Content assets, at cost		201,711		191,393	1‑5 Years
Less: accumulated amortization		(81,330)		(105,355)
Content assets, net		120,381		86,038
Less: current portion		(34,003)		(25,883)
Noncurrent portion	$	86,378	$	60,155

Schedule Of Finite Lived Content Assets Future Amortization Expense

Future estimated content amortization expense related to agreements entered into as of December 31, 2022, for years 2023 through 2025 is as follows:


	(In thousands)
2023	$	34,003
2024		23,201
2025		15,964

Content Payments Fiscal Year Maturity Schedule

Future minimum content payments required under agreements entered into as of December 31, 2022, are as follows:


	(In thousands)
2023	$	26,718
2024		9,371
2025		994

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 138,721				$ 123,427
Less: Accumulated amortization	(83,528)				(75,506)
Net Amount	55,193				47,921
Other intangible assets, net	$ 55,193	$ 57,367	$ 59,422	$ 61,564	47,921	$ 49,508	$ 50,744	$ 51,988
Remaining Weighted-Average Period of Amortization	3 years 1 month 6 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
Net Amount	39,690				39,690
Trade names [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	17,431				17,425
Less: Accumulated amortization	(17,418)				(17,405)
Net Amount	$ 13				20
Remaining Weighted-Average Period of Amortization	1 year 7 months 6 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	$ 6,878				6,878
Less: Accumulated amortization	$ (6,878)				(6,878)
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
Advertiser agreements [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 46,669				46,582
Less: Accumulated amortization	(45,728)				(42,276)
Net Amount	$ 941				4,306
Remaining Weighted-Average Period of Amortization	2 months 12 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
Brand names [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 4,413				4,413
Less: Accumulated amortization	(3,732)				(3,558)
Net Amount	$ 681				855
Remaining Weighted-Average Period of Amortization	4 years 9 months 18 days
Finite-Lived Intangible Asset, Period of Amortization	10 years
Launch assets [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 22,791				7,597
Less: Accumulated amortization	(9,104)				(4,724)
Net Amount	$ 13,687				2,873
Remaining Weighted-Average Period of Amortization	3 years 9 months 18 days
Other intangibles [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 849				842
Less: Accumulated amortization	(668)				(665)
Net Amount	$ 181				$ 177
Remaining Weighted-Average Period of Amortization	3 years 3 months 18 days
Other intangibles [Member] \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	15 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

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Operations - Additional (Details) - USD ($)	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	$ 5,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 31,000	$ 0	$ 31,000	$ 5,000	$ 31,000	$ 239,000	$ 31,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivable (in dollars)	$ 8,811	$ 8,743
Debt securities, available-for-sale, amortized cost	$ 40,000	$ 40,000
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	9,854,682	9,104,916
Common stock, shares outstanding	9,854,682	9,104,916
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	2,045,016
Common stock, shares outstanding	2,045,016	2,045,016
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	33,618,227	37,324,737
Common stock, shares outstanding	33,618,227	37,324,737

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2019
OTHER CURRENT LIABILITIES
Deferred revenue	$ 11,831				$ 5,503
Reserve for audience deficiency	9,629				6,020				$ 3,544
Other	6,870				6,537
Employment Agreement Award	2,675				3,966
Launch liability	2,500				0
Deferred barter revenue	1,635				1,271
Accrued national representative fees	947				457
Tenant allowance	117				180
Accrued miscellaneous taxes	79				213
Deferred rent										$ 1,300
Income taxes payable	37				283
Other current liabilities	$ 36,320	$ 38,624	$ 29,582	$ 33,776	$ 24,430	$ 27,612	$ 22,228	$ 23,175

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

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Liabilities subject to fair value measurement:

Employment agreement award

$ 26,300

$ 28,200

Total

26,283

28,193

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

25,298

^[1]

18,655

Assets subject to fair value measurement:

Available for sale securities

136,826

$ 115,600

$ 123,100

$ 123,000

112,600

$ 110,800

$ 106,400

$ 101,900

Cash equivalents - money market funds

39,798

Assets subject to fair value measurement value

176,624

Fair Value, Inputs, Level 1 [Member]

Assets subject to fair value measurement:

Cash equivalents - money market funds

39,798

Assets subject to fair value measurement value

39,798

Fair Value, Inputs, Level 3 [Member]

Liabilities subject to fair value measurement:

Total

26,283

28,193

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

25,298

^[1]

18,655

Assets subject to fair value measurement:

Available for sale securities

136,826

$ 112,600

Assets subject to fair value measurement value

$ 136,826

[1]	The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate.

INCOME TAXES - Reconciliation of federal income tax (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Statutory federal tax expense												$ 11,905	$ 10,949
Effect of state taxes, net of federal benefit												3,308	2,062
Effect of state rate and tax law changes												747	(1,232)
Impairment of long-lived intangible assets												908
Non-deductible officer's compensation												1,985	2,055
PPP loan income forgiveness												(1,591)
Change in valuation allowance												(234)	(13)
IRC Section 382 adjustments												(334)	(705)
NOL expirations												268	610
Uncertain tax positions												(495)	(777)
Other												254	85
Provision for income taxes	$ 3,170	$ 4,214	$ 5,462	$ 424	$ 6,248	$ 6,372	$ (10)	$ 9,676	$ 6,362	$ 12,846	$ 12,610	$ 16,721	$ 13,034

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

15. 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 October 2027 through August 1, 2030. 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. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application was filed and is pending, as is the case with respect to each of our stations with licenses that have expired.

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 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. On April 12, 2022, the RMLC announced that it had reached an interim licensing agreement with BMI. The radio industry’s previous agreement with BMI covering calendar years 2017 to 2021 expired December 31, 2021 (the “2017 Licensing Terms”), but the interim arrangement will keep the 2017 Licensing Terms in place until a new arrangement is agreed upon. The Company is party to the interim arrangement and, therefore, will continue to operate under the 2017 Licensing Terms. On February 7, 2022, the RMLC and 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.

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 nine 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, 2022, 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:
2023	$	11,697	$	77,445
2024		10,690		36,049
2025		6,834		26,164
2026		4,860		12,893
2027		3,417		3,834
2028 and thereafter		7,140		12,959
Total	$	44,638	$	169,344

Of the total amount of other operating contracts and agreements included in the table above, approximately $96.6 million has not been recorded on the balance sheet as of December 31, 2022, as it does not meet recognition criteria. Approximately $13.0 million relates to certain commitments for content agreements for our cable television segment, approximately $38.7 million relates to employment agreements, and the remainder relates to other programming, network and operating agreements.

Reach Media Redeemable Noncontrolling Interests

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, 2023. 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

The Company currently is under a letter of credit reimbursement and security agreement with capacity of up to $1.2 million which expires on October 8, 2024. As of December 31, 2022, 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 ABL Facility provides for letter of credit capacity of up to $5 million subject to certain limitations on availability.

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.

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2022

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

4. ACQUISITIONS AND DISPOSITIONS:

On June 13, 2022, the Company entered into a definitive asset purchase agreement with Emmis Communications (“Emmis”) to purchase its Indianapolis Radio Cluster to expand the Company’s market share. The deal was subject to FCC approval and other customary closing conditions and, after obtaining the approvals, closed on August 31, 2022. Urban One acquired radio stations WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM), translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and Network Indiana for $25 million. As part of the transaction, the Company disposed of its former WHHH radio broadcasting license along with the intellectual property related to WNOW (there was a call letter change from WHHH to WNOW immediately prior to the close) to a third party for approximately $3.2 million. The fair value of the assets disposed of approximated the carrying value of the assets. The Company recognized a net loss of $120,000 related to the disposal transaction during the year ended December 31, 2022.

The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $23.6 million to radio broadcasting licenses, $162,000 to towers and antennas, $326,000 to transmitters, $209,000 to studios, $111,000 to vehicles, $27,000 to furniture, fixtures, computer equipment and computer software, $87,000 to acquired advertising contracts, $437,000 to goodwill, and approximately $1.2 million to right of use assets and

operating lease liabilities. The purchase price allocation was finalized during fiscal year 2022, and no significant changes were recorded from the original estimation.

The operations of Emmis were included in the consolidated financial statements as of the acquisition date. The revenue and operating income for Emmis reported within the consolidated financial statements for the year ended December 31, 2022 were approximately $5.6 million and $1.2 million, respectively.

Unaudited Pro Forma Information

The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2021:


		For The Year Ended
	December 31,
		2022		2021

		(In thousands)
Net revenue	$	496,613	$	457,935
Operating income		95,365		117,516
Net income		40,439		39,921

This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other accounting adjustments, and is not indicative of what our results would have been had we operated Emmis for the period presented because the pro forma results do not reflect expected synergies. The pro forma adjustments primarily reflect depreciation expense and amortization of tangible and intangible assets related to the fair value adjustments of the assets acquired. The pro forma adjustments are based on available information and assumptions that the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis.

On April 20, 2021, the Company completed a definitive asset exchange agreement with Audacy, Inc. (formerly Entercom Communications Corp.) to expand the Company’s market share whereby the Company would receive 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 entered into the arrangement on November 6, 2020, and began operation of the exchanged stations on or about November 23, 2020 under LMAs until FCC approval was obtained and the transaction 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 in exchange for approximately $8.0 million in tangible and intangible assets as part of the transaction with Gateway.

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. The Company recognized a net gain of $404,000 related to the Audacy and Gateway transactions during the year ended December 31, 2021. The purchase price allocation was finalized during fiscal year 2021, and no significant changes were recorded from the original estimation.

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.

EMPLOYMENT AGREEMENT AWARD

12 Months Ended

Dec. 31, 2022

EMPLOYMENT AGREEMENT AWARD

EMPLOYMENT AGREEMENT AWARD

10. 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, 2022 and 2021, to be approximately $26.3 million and $28.2 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 $2.1 million and $6.2 million for the years ended December 31, 2022 and 2021, 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 2022, 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.

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Aug. 01, 2021
LONG-TERM DEBT
Total debt	$ 750,000	$ 832,505
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
2023	0
2024	0
2025	0
2026	0
2027	0
2028 and thereafter	750,000
Total debt	$ 750,000	$ 825,000
Interest rate	7.375%		7.375%

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Additional Information (Details)				1 Months Ended	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 01, 2022 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Oct. 31, 2022 item segment	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of reporting units \| item				16
Number of reporting units in each of other business segments \| segment				3
Goodwill, impairment loss												$ 7,240,000	$ 0
Indefinite-Lived License Agreements		$ 495,832,000			$ 488,419,000	$ 495,832,000	$ 487,640,000			$ 487,640,000	$ 495,832,000	$ 488,419,000	501,420,000		$ 501,420,000	$ 503,524,000	$ 503,524,000	$ 482,442,000
Number of reportable segments \| segment												4
Amortization of Intangible Assets												$ 3,700,000	3,700,000
Term of radio broadcast station license												8 years
Renewal term of radio broadcast station license												8 years
Goodwill and intangible assets impairment										14,905,000	$ 30,355,000	$ 40,683,000	2,104,000
Radio Broadcasting Segment
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of radio markets \| item				13
Goodwill, impairment loss												7,240,000	0
Atlanta [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, impairment loss						0	4,300,000
Philadelphia market
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, impairment loss					2,900,000
Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Indefinite-Lived License Agreements					488,400,000							488,400,000
Impairment of indefinite lived intangible assets	$ 7,400,000	$ 15,500,000	$ 2,100,000				3,700,000			$ 10,600,000		33,443,000	2,104,000
Fair value adjustment understated (overstated)								$ (2,300,000)	$ 2,800,000				2,100,000	$ 1,100,000
Radio Broadcasting Licenses [Member] \| Atlanta and Richmond [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets							8,700,000
Radio Broadcasting Licenses [Member] \| INDIANA
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets							1,900,000
Radio Broadcasting Licenses [Member] \| Atlanta Dallas Houston And Raleigh Market Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Fair value adjustment understated (overstated)						1,000,000.0	$ 1,700,000
Radio Broadcasting Licenses [Member] \| Cincinnati Dallas Houston and Raleigh Market Radio Broadcasting Licenses [Member] [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets					$ 7,400,000
Radio Broadcasting Licenses [Member] \| Atlanta Dallas Houston Raleigh And Richmond Market Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets						$ 15,500,000
Goodwill and Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill and intangible assets impairment												$ 40,700,000	$ 2,100,000

EMPLOYMENT AGREEMENT AWARD (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Reassessed Estimated Fair Value of Award				$ 28,200								$ 26,300	$ 28,200
Selling, general and administrative expenses	$ 40,923	$ 35,193	$ 35,210	$ 48,097	$ 32,873	$ 31,282	$ 29,758	$ 70,403	$ 61,040	$ 111,326	$ 93,913	160,230	142,010
Employment agreement award
Selling, general and administrative expenses												$ 2,100	$ 6,200

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ 318,651	$ 327,312	$ 303,680	$ 296,960	$ 281,803	$ 241,700	$ 231,223	$ 303,680	$ 231,223	$ 303,680	$ 231,223	$ 303,680	$ 231,223
Net income	3,407	16,573	16,493	5,286	13,885	17,613	7	33,066	17,620	36,473	31,505	37,329	36,791
Stock-based compensation expense			124				253	460	425	5,469	478	6,595	565
Repurchase of shares of common stock			(10)				(872)	(24,669)	(905)	(26,486)	(944)	(26,543)	(970)
Issuance of shares of Class A common stock							12,125		33,282		33,277		33,277
Exercise of options for common stock								50	315	50	366	50	397
Conversion of common stock													0
Other comprehensive income, net of tax	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796	18,277	7,195
Adjustment of redeemable noncontrolling interests to estimated redemption value			(871)				(128)	(1,907)	(2,641)	(3,440)	(4,741)	(5,616)	(4,798)
BALANCE	318,021	318,651	327,312	303,680	296,960	281,803	241,700	318,651	281,803	318,021	296,960	333,772	303,680
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	259,561	270,564	254,120	248,153	236,463	198,831	186,898	254,120	186,898	254,120	186,898	254,120	186,898
Net income	4,213	15,034	16,369	6,603	13,876	17,866	7	31,403	17,873	35,616	31,749		38,352
Stock-based compensation expense			124				253	460	425	5,469	478		565
Repurchase of shares of common stock			(10)				(872)	(24,669)	(905)	(26,486)	(944)		(970)
Issuance of shares of Class A common stock							12,125		33,282		33,277		33,277
Exercise of options for common stock								50	315	50	366		397
Adjustment of redeemable noncontrolling interests to estimated redemption value			(39)				420	(1,803)	(1,425)	(2,717)	(3,671)		(4,399)
BALANCE	266,052	259,561	270,564	254,120	248,153	236,463	198,831	259,561	236,463	266,052	248,153		254,120
Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	59,090	56,748	49,560	48,807	45,340	42,869	44,325	49,560	44,325	49,560	44,325	49,560	44,325
Net income			124					1,663	(253)	857	(244)		(1,561)
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796		7,195
Adjustment of redeemable noncontrolling interests to estimated redemption value			(832)				(548)	(104)	(1,216)	(723)	(1,070)		(399)
BALANCE	51,969	59,090	56,748	49,560	48,807	45,340	42,869	59,090	45,340	51,969	48,807		49,560
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	(51)		134	289	9	(265)		134	(265)	83	(256)		33
Other comprehensive income, net of tax	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796		7,195
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	(755)	1,539	(10)	(1,606)		12		1,529	12	774	12		(1,594)
Preferred Stock \| Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE			0				0	0	0	0	0	0	0
Net income												0	0
Stock-based compensation expense												0	0
Repurchase of shares of common stock												0	0
Issuance of shares of Class A common stock													0
Exercise of options for common stock												0	0
Conversion of common stock													0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE				0								0	0
Common Stock \| Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	9	9	9	8	8	6	4	9	4	9	4	9	4
Net income												0	0
Stock-based compensation expense										1		1	0
Repurchase of shares of common stock												0	0
Issuance of shares of Class A common stock							2		4		4		4
Exercise of options for common stock												0	0
Conversion of common stock													1
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	10	9	9	9	8	8	6	9	8	10	8	10	9
Common Stock \| Common Stock Class A \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	9	9	9	8	8	6	4	9	4	9	4	9	4
Stock-based compensation expense										1
Issuance of shares of Class A common stock							2		4		4		4
Conversion of common stock													1
BALANCE	10	9	9	9	8	8	6	9	8	10	8		9
Common Stock \| Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
Net income												0	0
Stock-based compensation expense												0	0
Repurchase of shares of common stock												0	0
Issuance of shares of Class A common stock													0
Exercise of options for common stock												0	0
Conversion of common stock													0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
Common Stock \| Common Stock Class B \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3	3	3	3	3	3	3
BALANCE	3	3	3	3	3	3	3	3	3	3	3		3
Common Stock \| Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	3	3	3	3	2	3	2	3	2	3
Net income												0	0
Stock-based compensation expense												0	0
Repurchase of shares of common stock												0	0
Issuance of shares of Class A common stock													0
Exercise of options for common stock												0	0
Conversion of common stock													(1)
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	2	2	2	2	3	3	3	2	3	2	3	2	2
Common Stock \| Common Stock Class C \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	3	3	3	3	2	3	2	3	2	3
Conversion of common stock													(1)
BALANCE	2	2	2	2	3	3	3	2	3	2	3		2
Common Stock \| Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	33	37	37	37	37	37	38	37	38	37	38	37	38
Net income												0	0
Stock-based compensation expense										1		1	0
Repurchase of shares of common stock							(1)	(4)	(1)	(4)	(1)	(4)	(1)
Issuance of shares of Class A common stock													0
Exercise of options for common stock												0	0
Conversion of common stock													0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	34	33	37	37	37	37	37	33	37	34	37	34	37
Common Stock \| Common Stock Class D \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	33	37	37	37	37	37	38	37	38	37	38	37	38
Stock-based compensation expense										1
Repurchase of shares of common stock							(1)	(4)	(1)	(4)	(1)		(1)
BALANCE	34	33	37	37	37	37	37	33	37	34	37		37
Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	62,921	62,846	54,950	53,551	50,239	46,847	47,755	54,950	47,755	54,950	47,755	54,950	47,755
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796	18,277	7,195
BALANCE	57,225	62,921	62,846	54,950	53,551	50,239	46,847	62,921	50,239	57,225	53,551	73,227	54,950
Accumulated Other Comprehensive Income \| Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	62,921	62,846	54,950	53,551	50,239	46,847	47,755	54,950	47,755	54,950	47,755	54,950	47,755
Other comprehensive income, net of tax			7,896				(908)	7,971	2,484	2,275	5,796		7,195
BALANCE	57,225	62,921	62,846	54,950	53,551	50,239	46,847	62,921	50,239	57,225	53,551		54,950
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905	990,528	1,018,996	990,528	1,018,996	990,528	1,018,996	990,528
Net income												0	0
Stock-based compensation expense			124				253	460	425	5,467	478	6,593	565
Repurchase of shares of common stock			(10)				(871)	(24,665)	(904)	(26,482)	(943)	(26,539)	(969)
Issuance of shares of Class A common stock							12,123		33,278		33,273		33,273
Exercise of options for common stock								50	315	50	366	50	397
Conversion of common stock													0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value			(871)				(128)	(1,907)	(2,641)	(3,440)	(4,741)	(5,616)	(4,798)
BALANCE	994,591	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905	992,934	1,021,001	994,591	1,018,961	993,484	1,018,996
Additional Paid-In Capital \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694	991,769	1,020,636	991,769	1,020,636	991,769	1,020,636	991,769
Stock-based compensation expense			124				253	460	425	5,467	478		565
Repurchase of shares of common stock			(10)				(871)	(24,665)	(904)	(26,482)	(943)		(969)
Issuance of shares of Class A common stock							12,123		33,278		33,273		33,273
Exercise of options for common stock								50	315	50	366		397
Adjustment of redeemable noncontrolling interests to estimated redemption value			(39)				420	(1,803)	(1,425)	(2,717)	(3,671)		(4,399)
BALANCE	996,954	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694	994,678	1,023,458	996,954	1,021,272		1,020,636
Additional Paid-In Capital \| Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)	(1,241)	(1,640)	(1,241)	(1,640)	(1,241)	(1,640)	(1,241)
Adjustment of redeemable noncontrolling interests to estimated redemption value			(832)				(548)	(104)	(1,216)	(723)	(1,070)		(399)
BALANCE	(2,363)	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)	(1,744)	(2,457)	(2,363)	(2,311)		(1,640)
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)	(807,108)	(770,317)	(807,108)	(770,317)	(807,108)	(770,317)	(807,108)
Net income			16,493				7	33,066	17,620	36,473	31,505	37,329	36,791
Stock-based compensation expense												0	0
Repurchase of shares of common stock												0	0
Issuance of shares of Class A common stock													0
Exercise of options for common stock												0	0
Conversion of common stock													0
Other comprehensive income, net of tax												0	0
Adjustment of redeemable noncontrolling interests to estimated redemption value												0	0
BALANCE	(733,844)	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)	(737,251)	(789,488)	(733,844)	(775,603)	(732,988)	(770,317)
Accumulated Deficit \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)	(804,919)	(766,567)	(804,919)	(766,567)	(804,919)	(766,567)	(804,919)
Net income			16,369				7	31,403	17,873	35,616	31,749		38,352
BALANCE	(730,951)	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)	(735,164)	(787,046)	(730,951)	(773,170)		(766,567)
Accumulated Deficit \| Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(2,087)	(3,626)	(3,750)	(2,433)	(2,442)	(2,189)	(2,189)	(3,750)	(2,189)	(3,750)	(2,189)	$ (3,750)	(2,189)
Net income			124					1,663	(253)	857	(244)		(1,561)
BALANCE	$ (2,893)	$ (2,087)	$ (3,626)	$ (3,750)	$ (2,433)	$ (2,442)	$ (2,189)	$ (2,087)	$ (2,442)	$ (2,893)	$ (2,433)		$ (3,750)

LONG-TERM DEBT - PPP Loan (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 01, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from PPP Loan			$ 0	$ 7,505
PPP loan
Debt Instrument [Line Items]
Proceeds from PPP Loan	$ 7,500
Fixed interest rate per year	1.00%
Other Income		$ 7,600

CONTENT ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
CONTENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Content Assets [Line Items]
Period of Amortization (in years)	3 years 1 month 6 days
Produced content assets:
Completed	$ 122,660	$ 117,058
In-production	23,300	12,961
Licensed content assets acquired:
Acquired	55,751	61,374
Content assets, at cost	201,711	191,393
Less: Accumulated amortization	(81,330)	(105,355)
Content assets, net	120,381	86,038
Current portion	(34,003)	(25,883)
Noncurrent portion	$ 86,378	$ 60,155
Content Assets \| Maximum
Content Assets [Line Items]
Period of Amortization (in years)	5 years
Content Assets \| Minimum
Content Assets [Line Items]
Period of Amortization (in years)	1 year

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Balance Sheets - Additional (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
RESTATEMENT OF FINANCIAL STATEMENTS
Allowance for doubtful accounts receivable (in dollars)	$ 8,811	$ 7,925	$ 8,314	$ 8,747	$ 8,743	$ 7,937	$ 7,307	$ 7,954
Debt securities, available-for-sale, amortized cost	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

12. INCOME TAXES:

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


	For the Years Ended December 31,
	2022		2021
			(As Restated)
	(In thousands)
Statutory federal tax expense	$	11,905	$	10,949
Effect of state taxes, net of federal benefit		3,308		2,062
Effect of state rate and tax law changes		747		(1,232)
Impairment of long-lived intangible assets		908		—
Non-deductible officer’s compensation		1,985		2,055
PPP loan income forgiveness		(1,591)		—
Change in valuation allowance		(234)		(13)
IRC Section 382 adjustments		(334)		(705)
NOL expirations		268		610
Uncertain tax positions		(495)		(777)
Other		254		85
Provision for income taxes	$	16,721	$	13,034

The statutory federal tax rate used for the years ended December 31, 2022 and 2021 is 21.0%. Major components of the effective tax rate for the years ended December 31, 2022 and 2021 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, state income taxes, and non-taxable PPP Loan income forgiveness for the year ended December 31, 2022.

On August 16, 2022, the Inflation Reduction Act was signed into law. The tax provisions included within the Inflation Reduction Act did not materially affect the Company’s consolidated financial statements in the current year.

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


	For the Years Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		13,269		12,952
State:
Current		1,843		1,063
Deferred		1,609		(981)
Provision for income taxes	$	16,721	$	13,034

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,
	2022		2021
			(As Restated)
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,149	$	2,111
Accruals		304		465
Fixed assets		488		486
Stock-based compensation		328		163
Net operating loss carryforwards		88,813		109,343
Lease liability		8,901		10,022
Interest expense carryforward		23,788		20,380
Total deferred tax assets		124,771		142,970
Valuation allowance for deferred tax assets		(30)		(264)
Total deferred tax asset, net of valuation allowance		124,741		142,706

Deferred tax liabilities:
Intangible assets		(129,026)		(131,682)
Available-for-sale securities		(23,779)		(17,618)
Right of use asset		(8,123)		(8,924)
Partnership interests		(2,412)		(1,964)
Deferred financing costs		(958)		(1,196)
Other		(147)		(199)
Total deferred tax liabilities		(164,445)		(161,583)
Net deferred tax liability	$	(39,704)	$	(18,877)

As of December 31, 2022, the Company had pre-tax federal and state NOL carryforward amounts of approximately $525.5 million and $330.5 million, respectively. The amount of the state NOLs may change if future apportionment factors differ from current factors. Additionally, the Company continues to assess 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. However, if these potential tax strategies do not meet the more likely than not threshold, the Company may claim these additional NOLs as unrecognized tax benefits. The federal and state NOLs expire in various years from 2023 to 2039.

As of December 31, 2022, the gross deferred tax assets of approximately $124.7 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 $30,000 and $264,000 was recorded against our gross deferred tax asset balance as of December 31, 2022 and 2021, 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, 2022.

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:


	2022		2021

	(In thousands)

Balance as of January 1	$	1,315	$	2,299
Additions for tax positions related to current years		—		—
Additions (deductions) for tax positions related to prior years		8		8
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(635)		(992)
Balance as of December 31	$	688	$	1,315

The nature of the uncertainties pertaining to the Company’s income taxes is primarily due to various state income tax positions that affect the amount of state NOLs available to be applied to reduce future state income tax liabilities. The unrecognized tax benefits liability accrued on our balance sheet increased by $8,000 and decreased by $635,000 and $992,000 during the years ended December 31, 2022 and 2021, respectively, primarily as a result of state NOL utilizations and expirations, and applicable tax rate changes. As of December 31, 2022, the Company had unrecognized tax benefits of $688,000, 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, 2022. The Company believes that it is reasonably possible that a decrease of up to $57,000 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, 2019 through 2022. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2018 through 2022. 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 112,600	$ 103,100
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	0	0
Change in fair value included within other comprehensive income	24,226	9,500
Change in fair value	0	0
Balance, end of period	136,826	112,600
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
Employment agreement award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	28,193	25,603
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	(4,039)	(3,573)
Change in fair value included within other comprehensive income	0	0
Change in fair value	2,129	6,163
Balance, end of period	26,283	28,193
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	(2,129)	(6,163)
Redeemable Noncontrolling Interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	18,655	13,942
Net income attributable to redeemable noncontrolling interests	2,626	2,315
Dividends paid to redeemable noncontrolling interests	1,599	2,400
Change in fair value	5,616	4,798
Balance, end of period	25,298	18,655
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	780
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	0	(1,060)
Change in fair value included within other comprehensive income	0	0
Change in fair value	0	280
Balance, end of period	0	0
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	$ (280)

CONTENT ASSETS - Future Minimum Content Payments (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Content Assets [Line Items]
2023	$ 26,718
2024	9,371
2025	$ 994

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 39,955,000	$ 39,106,000
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	10,034,000	9,289,000
Amortization of debt financing costs	1,989,000	2,267,000
Amortization of content assets	43,533,000	47,126,000
Amortization of launch assets	4,380,000	1,600,000
Bad debt expense	1,425,000	1,584,000
Deferred income taxes	14,878,000	11,971,000
Reduction in the carrying amount of right of use assets	8,716,000	7,793,000
Non-cash interest expense	0	158,000
Impairment of goodwill and broadcasting licenses	40,683,000	2,104,000
Stock-based compensation	6,595,000	565,000
Non-cash fair value adjustment of Employment Agreement Award	2,129,000	6,163,000
Non-cash income on PPP loan forgiveness	(7,575,000)	0
(Gain) loss on retirement of debt	(6,718,000)	6,949,000
Gain on asset exchange agreement	0	404,000
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable	(16,930,000)	(22,807,000)
Prepaid expenses and other current assets	(6,691,000)	6,651,000
Other assets	1,022,000	(13,745,000)
Accounts payable	1,111,000	3,606,000
Accrued interest	(2,347,000)	17,441,000
Accrued compensation and related benefits	6,461,000	(1,342,000)
Other liabilities	(3,710,000)	(1,288,000)
Payment of launch support	(9,250,000)	0
Changes in content assets	(62,630,000)	(45,445,000)
Net cash flows provided by operating activities	67,060,000	80,150,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(6,763,000)	(6,286,000)
Proceeds from sale of broadcasting assets	3,080,000	8,000,000
Acquisition of broadcasting assets	(25,000,000)	0
Net cash flows (used in) provided by investing activities	(28,683,000)	1,714,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Class A common stock, net of fees	0	33,277,000
Proceeds from exercise of stock options	50,000	397,000
Repurchase of 2028 Notes	(67,124,000)	0
Payment of dividends to noncontrolling interest members of Reach Media	(1,599,000)	(2,400,000)
Repurchase of common stock	(26,543,000)	(970,000)
Proceeds from 2028 Notes	0	825,000,000
Proceeds from PPP Loan	0	7,505,000
Debt refinancing costs	0	(11,157,000)
Repayment of MGM National Harbor Loan	0	(57,889,000)
Repayment of 7.375% Notes	0	(2,984,000)
Repayment of 8.75% Notes	0	(347,016,000)
Net cash flows used in financing activities	(95,216,000)	(3,504,000)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(56,839,000)	78,360,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	152,218,000	73,858,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	95,379,000	152,218,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	62,039,000	45,836,000
Cash paid for: Income taxes, net of refunds	2,089,000	1,142,000
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Assets acquired under Audacy asset exchange	0	28,193,000
Liabilities recognized under asset exchange/asset acquisition	1,240,000	2,669,000
Right of use asset and lease liability additions	3,876,000	6,392,000
Right of use asset and lease liability terminations	2,418,000	0
Non-cash launch additions	9,500,000	0
Non-cash content asset additions	15,246,000	0
Adjustment of redeemable noncontrolling interests to estimated redemption value	5,616,000	4,798,000
2018 Credit Facility.
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	0	(129,935,000)
2017 Credit Facility.
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	$ 0	$ (317,332,000)

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021

Average risk-free interest rate	2.79	%	0.68	%
Expected dividend yield	—	%	—	%
Expected lives	5.69 years		5.16 years
Expected volatility	79.92	%	82.04	%

Schedule of transaction and other information relating to stock options

Transactions and other information relating to stock options for the years December 31, 2022 and 2021 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
Outstanding at December 31, 2020	4,018,991	$	2.11	6.48	$	41,000
Grants	40,917		4.32	—		—
Exercised	(229,756)		1.70	—		—
Forfeited/cancelled/expired/settled	(59,239)		1.27	—		—
Outstanding at December 31, 2021	3,770,913	$	2.18	5.68	$	4,659,601
Grants	884,061		4.22	—		—
Exercised	(60,240)		0.83	—		—
Forfeited/cancelled/expired/settled	—		—	—		—
Balance as of December 31, 2022	4,594,734	$	2.59	5.72	$	5,871,492
Vested and expected to vest at December 31, 2022	4,542,266		2.57	5.68		5,871,492
Unvested at December 31, 2022	465,798		4.23	9.74		—
Exercisable at December 31, 2022	4,128,936		2.40	5.24		5,871,492

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, 2022 and 2021 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2020	1,723,561	$	0.83
Grants	101,057		3.22
Vested	(1,748,562)		0.83
Forfeited/cancelled/expired	—		—
Unvested at December 31, 2021	76,056	$	3.90
Grants	1,357,687		4.27
Vested	(999,479)		4.25
Forfeited/cancelled/expired	—		—
Unvested at December 31, 2022	434,264	$	4.27

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT

Schedule Of Property and Equipment

Property and equipment are carried at cost less accumulated depreciation. 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
	2022		2021		Useful Lives

	(In thousands)
Land and improvements	$	4,128	$	4,128	—
Buildings		3,299		3,241	31 years
Transmitters and towers		45,733		43,466	7‑15 years
Equipment		67,025		63,192	3‑7 years
Furniture and fixtures		9,357		9,397	6 years
Software and web development		32,565		31,337	3 years
Leasehold improvements		25,231		24,727	Lesser of useful life or lease term
Construction-in-progress		153		476	—
		187,491		179,964
Less: accumulated depreciation		(159,733)		(153,673)
Property and equipment, net	$	27,758	$	26,291

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Changes in Radio Broadcasting Licenses (Details) - USD ($) $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 01, 2022	Sep. 30, 2022	Oct. 01, 2021	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]						Impairment of Long-Lived Assets Held-for-use	Impairment of Long-Lived Assets Held-for-use
Radio broadcasting licenses
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Beginning balance					$ 501,420	$ 501,420	$ 482,442
Acquisitions						23,642	21,082
Disposals						(3,200)
Impairment charges	$ (7,400)	$ (15,500)	$ (2,100)	$ (3,700)	$ (10,600)	(33,443)	(2,104)
Ending balance						$ 488,419	$ 501,420

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Goodwill Valuation Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,079	$ 378,079
Additions	437	0
Impairments	(7,240)	0
Accumulated impairment losses	(154,207)	(154,207)
Audacy asset exchange	(470)	(470)
Net goodwill	216,599	223,402
Radio Broadcasting Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	155,000	155,000
Additions	437	0
Impairments	(7,240)	0
Accumulated impairment losses	(117,748)	(117,748)
Audacy asset exchange	(470)	(470)
Net goodwill	29,979	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)
Audacy asset exchange	0	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)
Audacy asset exchange	0	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
Audacy asset exchange	0	0
Net goodwill	$ 165,044	$ 165,044

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Balance Sheets - Additional (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)
Allowance for doubtful accounts receivable (in dollars)	$ 8,811	$ 7,925	$ 8,314	$ 8,747	$ 8,743	$ 7,937	$ 7,307	$ 7,954
Debt securities, available-for-sale, amortized cost	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000	$ 40,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Contract assets:
Unbilled receivables	$ 5,798	$ 12,597	$ 10,735
Contract liabilities:
Customer advances and unearned income	3,044	6,123	5,503
Reserve for audience deficiency	3,544	9,629	$ 6,020
Unearned event income	$ 5,921	$ 5,708

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Market Reporting Units (Details) - USD ($) $ in Thousands				6 Months Ended	12 Months Ended
	Oct. 01, 2022	Sep. 30, 2022	Oct. 01, 2021	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment loss, goodwill					$ 7,240	$ 0
Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment loss, goodwill	$ 2,900	$ 0	$ 0	$ 4,300
Discount rate	9.50%	9.50%	9.00%	9.50%
Terminal growth rate range		1.00%
Operating profit margin range		33.40%
Minimum \| Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	(10.30%)		(10.70%)	(2.50%)
Terminal growth rate range	0.50%	1.00%	0.70%	0.70%
Operating profit margin range	16.60%	33.40%	21.20%	19.50%
Maximum \| Radio Market Reporting Units [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	72.00%		27.10%	2.50%
Terminal growth rate range	0.80%		1.00%	1.00%
Operating profit margin range	46.00%		47.30%	32.90%

INVESTMENTS

12 Months Ended

Dec. 31, 2022

INVESTMENTS

INVESTMENTS

8. INVESTMENTS:

The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of December 31, 2022 and 2021 is summarized as follows:


	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
	Basis		Gains		Losses		Value

	(In thousands)
December 31, 2022
MGM Investment	$	40,000	$	104,326	$	(7,500)	$	136,826
Total available-for-sale securities	$	40,000	$	104,326	$	(7,500)	$	136,826

December 31, 2021 (As Restated)
MGM Investment	$	40,000	$	73,800	$	(1,200)	$	112,600
Total available-for-sale securities	$	40,000	$	73,800	$	(1,200)	$	112,600

The available-for-sale debt security has no stated maturity date.

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Broadcasting Licenses (Details) - Radio Broadcasting Licenses [Member] - USD ($) $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Oct. 01, 2022	Sep. 30, 2022	Oct. 01, 2021	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets	$ 7,400	$ 15,500	$ 2,100	$ 3,700	$ 10,600	$ 33,443	$ 2,104
Discount rate	9.50%	9.50%	9.00%	9.50%	9.50%
Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	0.00%	0.30%	0.70%	0.70%	0.70%
Terminal growth rate range	0.30%	0.30%	0.70%	0.70%	0.70%
Mature market share range	6.80%	6.80%	6.20%	6.90%	6.90%
Mature operating profit margin range	27.20%	28.30%	26.90%	28.30%	28.30%
Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	1.70%	1.60%	8.00%	2.40%	2.40%
Terminal growth rate range	0.80%	0.80%	1.00%	1.00%	1.00%
Mature market share range	27.60%	27.60%	23.20%	25.60%	25.60%
Mature operating profit margin range	34.60%	36.10%	36.10%	36.10%	36.10%

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively	$ 143,264	$ 127,666	$ 124,350	$ 114,112	$ 127,759	$ 114,356	$ 104,060	$ 94,914
Other current assets	8,372	7,676	6,774	7,134	3,497	3,160	2,997	3,376
Total current assets	289,747	286,190	310,150	325,305	312,324	270,642	278,630	202,911
RIGHT OF USE ASSETS	31,879	34,131	34,035	36,201	37,956	39,481	42,140	40,372
RADIO BROADCASTING LICENSES	488,419	495,832	487,640	501,420	501,420	503,524	503,524	482,442
OTHER INTANGIBLE ASSETS, net	55,193	57,367	59,422	61,564	47,921	49,508	50,744	51,988
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021	136,826	115,600	123,100	123,000	112,600	110,800	106,400	101,900
OTHER ASSETS	5,688	6,434	6,658	6,285	6,956	25,341	5,583	5,523
Total assets	1,338,487	1,322,693	1,335,248	1,363,064	1,329,025	1,305,756	1,299,275	1,217,989
CURRENT LIABILITIES:
Accounts payable	18,003	16,276	16,934	14,306	16,892	16,656	14,590	11,165
Other current liabilities	36,320	38,624	29,582	33,776	24,430	27,612	22,228	23,175
Total current liabilities	130,263	112,999	109,997	100,162	106,784	88,296	99,315	78,254
DEFERRED TAX LIABILITIES, net	39,704	31,284	30,368	26,843	18,877	19,115	11,778	4,299
Total liabilities	979,417	982,345	996,163	1,015,525	1,006,690	989,468	999,823	961,765
REDEEMABLE NONCONTROLLING INTERESTS	25,298	22,327	20,434	20,227	18,655	19,328	17,649	14,524
STOCKHOLDERS' EQUITY:
Accumulated other comprehensive income	73,227	57,225	62,921	62,846	54,950	53,551	50,239	46,847
Additional paid-in capital	993,484	994,591	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905
Accumulated deficit	(732,988)	(733,844)	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)
Total stockholders' equity	333,772	318,021	318,651	327,312	303,680	296,960	281,803	241,700
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,338,487	1,322,693	1,335,248	1,363,064	1,329,025	1,305,756	1,299,275	1,217,989
As Previously Reported
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively		127,301	123,998	113,687	127,446	114,045	103,902	94,633
Other current assets		8,939	8,037	8,397	4,760	4,423	4,260	4,639
Total current assets		287,088	311,061	326,143	313,274	271,594	279,735	203,893
RIGHT OF USE ASSETS		34,258	34,149	36,302	38,044	39,556	42,202	40,421
RADIO BROADCASTING LICENSES		498,532	489,340	505,148	505,148	505,148	505,148	484,066
OTHER INTANGIBLE ASSETS, net		59,376	61,508	63,727	50,159	51,821	53,059	54,375
DEFERRED TAX ASSETS, net							3,933	10,051
OTHER ASSETS		44,303	44,463	44,026	44,635	62,958	43,211	43,092
Total assets		1,250,696	1,254,764	1,284,635	1,261,108	1,237,537	1,239,542	1,168,751
CURRENT LIABILITIES:
Accounts payable		14,318	14,819	11,997	14,588	14,623	12,523	9,037
Other current liabilities		40,217	31,345	35,660	26,421	29,334	24,137	25,022
Total current liabilities		112,634	109,645	99,737	106,471	87,985	99,157	77,973
DEFERRED TAX LIABILITIES, net		13,984	11,070	8,059	2,473	2,325
Total liabilities		964,680	976,513	996,316	989,973	972,367	987,887	957,185
REDEEMABLE NONCONTROLLING INTERESTS		19,964	18,690	17,755	17,015	17,017	15,192	12,735
STOCKHOLDERS' EQUITY:
Additional paid-in capital		996,954	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694
Accumulated deficit		(730,951)	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)
Total stockholders' equity		266,052	259,561	270,564	254,120	248,153	236,463	198,831
Total liabilities, redeemable noncontrolling interests and stockholders' equity		1,250,696	1,254,764	1,284,635	1,261,108	1,237,537	1,239,542	1,168,751
Adjustments
CURRENT ASSETS:
DEFERRED TAX ASSETS, net							(3,933)	(10,051)
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021		115,600	123,100	123,000	112,600	110,800	106,400	101,900
OTHER ASSETS		(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)
Total assets		75,600	83,100	83,000	72,600	70,800	62,467	51,849
CURRENT LIABILITIES:
DEFERRED TAX LIABILITIES, net		18,259	20,012	19,987	17,617	17,505	12,493	5,002
Total liabilities		18,259	20,012	19,987	17,617	17,505	12,493	5,002
STOCKHOLDERS' EQUITY:
Accumulated other comprehensive income		57,225	62,921	62,846	54,950	53,551	50,239	46,847
Accumulated deficit		116	167	167	33	(256)	(265)
Total stockholders' equity		57,341	63,088	63,013	54,983	53,295	49,974	46,847
Total liabilities, redeemable noncontrolling interests and stockholders' equity		75,600	83,100	83,000	72,600	70,800	62,467	51,849
Other Adjustments
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively		365	352	425	313	311	158	281
Other current assets		(1,263)	(1,263)	(1,263)	(1,263)	(1,263)	(1,263)	(1,263)
Total current assets		(898)	(911)	(838)	(950)	(952)	(1,105)	(982)
RIGHT OF USE ASSETS		(127)	(114)	(101)	(88)	(75)	(62)	(49)
RADIO BROADCASTING LICENSES		(2,700)	(1,700)	(3,728)	(3,728)	(1,624)	(1,624)	(1,624)
OTHER INTANGIBLE ASSETS, net		(2,009)	(2,086)	(2,163)	(2,238)	(2,313)	(2,315)	(2,387)
OTHER ASSETS		2,131	2,195	2,259	2,321	2,383	2,372	2,431
Total assets		(3,603)	(2,616)	(4,571)	(4,683)	(2,581)	(2,734)	(2,611)
CURRENT LIABILITIES:
Accounts payable		1,958	2,115	2,309	2,304	2,033	2,067	2,128
Other current liabilities		(1,593)	(1,763)	(1,884)	(1,991)	(1,722)	(1,909)	(1,847)
Total current liabilities		365	352	425	313	311	158	281
DEFERRED TAX LIABILITIES, net		(959)	(714)	(1,203)	(1,213)	(715)	(715)	(703)
Total liabilities		(594)	(362)	(778)	(900)	(404)	(557)	(422)
REDEEMABLE NONCONTROLLING INTERESTS		2,363	1,744	2,472	1,640	2,311	2,457	1,789
STOCKHOLDERS' EQUITY:
Additional paid-in capital		(2,363)	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)
Accumulated deficit		(3,009)	(2,254)	(3,793)	(3,783)	(2,177)	(2,177)	(2,189)
Total stockholders' equity		(5,372)	(3,998)	(6,265)	(5,423)	(4,488)	(4,634)	(3,978)
Total liabilities, redeemable noncontrolling interests and stockholders' equity		$ (3,603)	$ (2,616)	$ (4,571)	$ (4,683)	$ (2,581)	$ (2,734)	$ (2,611)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on available-for-sale securities	$ 24,226	$ 9,500
Income tax expense related to unrealized gain on available-for-sale securities	(5,949)	(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX	18,277	7,195
COMPREHENSIVE INCOME	58,232	46,301
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,626	2,315
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 55,606	$ 43,986

- 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

+ References + Details

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 19, 2021	Nov. 13, 2019	Feb. 24, 2015
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Noncancelable operating lease term	9 years
Other operating contracts and agreements expiry term	5 years
Contractual Obligation	$ 169,344,000
Other Operating Contracts [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	96,600,000
Television Segment Certain Content Agreement [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	13,000,000.0
Employment Agreements [Member]
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	38,700,000
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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 3,407	$ 16,573	$ 16,493	$ 5,286	$ 13,885	$ 17,613	$ 7	$ 33,066	$ 17,620	$ 36,473	$ 31,505	$ 37,329	$ 36,791
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares												48,928,063	50,163,600
Effect of dilutive securities:
Stock options and restricted stock												3,246,274	3,973,041
Denominator for diluted net income (loss) per share - weighted-average outstanding shares												52,174,337	54,136,641
Net income (loss) attributable to common stockholders per share - basic	$ 0.07	$ 0.33	$ 0.32	$ 0.11	$ 0.27	$ 0.35	$ 0.00	$ 0.65	$ 0.35	$ 0.74	$ 0.63	$ 0.76	$ 0.73
Net income (loss) attributable to common stockholders per share -diluted	$ 0.06	$ 0.31	$ 0.30	$ 0.10	$ 0.25	$ 0.33	$ 0.00	$ 0.60		$ 0.68		$ 0.72	$ 0.68

- 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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- Definition

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

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+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Quarterly and Year to Date Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$ (7,500)	$ 100	$ 10,400	$ 1,800	$ 4,400	$ 4,500	$ (1,200)	$ 10,500	$ 3,300	$ 3,000	$ 7,700	$ 24,226	$ 9,500
Income tax expense related to unrealized gain on available-for-sale securities	1,804	(25)	(2,504)	(401)	(1,088)	(1,108)	292	(2,529)	(816)	(725)	(1,904)	(5,949)	(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796	18,277	7,195
COMPREHENSIVE INCOME	(1,929)	17,418	25,090	7,355	17,776	21,617	(447)	42,508	21,170	40,579	38,946	58,232	46,301
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(2,289)	16,648	24,389	6,685	17,197	21,005	(901)	41,037	20,104	38,748	37,301	$ 55,606	43,986
As Previously Reported
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
COMPREHENSIVE INCOME	4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	4,213	15,034	16,369	6,603	13,876	17,866	7	31,403	17,873	35,616	31,749		38,352
Adjustments
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	(7,500)	100	10,400	1,800	4,400	4,500	(1,200)	10,500	3,300	3,000	7,700		9,500
Income tax expense related to unrealized gain on available-for-sale securities	1,804	(25)	(2,504)	(401)	(1,088)	(1,108)	292	(2,529)	(816)	(725)	(1,904)		(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX	(5,696)	75	7,896	1,399	3,312	3,392	(908)	7,971	2,484	2,275	5,796		7,195
COMPREHENSIVE INCOME	(5,747)	75	8,030	1,688	3,321	3,127	(908)	8,105	2,219	2,358	5,540		7,228
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(5,747)	75	8,030	1,688	$ 3,321	3,127	$ (908)	8,105	2,219	2,358	5,540		7,228
Other Adjustments
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
COMPREHENSIVE INCOME	(755)	1,539	(10)	(1,606)		12		1,529	12	774	12		(1,594)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (755)	$ 1,539	$ (10)	$ (1,606)		$ 12		$ 1,529	$ 12	$ 774	$ 12		$ (1,594)

- Definition

+ References + Details

COMMITMENTS AND CONTINGENCIES - Operating lease and other operating contracts and agreements obligations (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Lease Agreements, Years ending December 31:
2023	$ 11,697
2024	10,690
2025	6,834
2026	4,860
2027	3,417
2028 and there after	7,140
Total	44,638
Other Operating Contracts and Agreement, Years ending December 31:
2023	77,445
2024	36,049
2025	26,164
2026	12,893
2027	3,834
2028 and thereafter	12,959
Total	$ 169,344

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively	$ 143,264	$ 127,666	$ 124,350	$ 114,112	$ 127,759	$ 114,356	$ 104,060	$ 94,914
Other current assets	8,372	7,676	6,774	7,134	3,497	3,160	2,997	3,376
Total current assets	289,747	286,190	310,150	325,305	312,324	270,642	278,630	202,911
RIGHT OF USE ASSETS	31,879	34,131	34,035	36,201	37,956	39,481	42,140	40,372
RADIO BROADCASTING LICENSES	488,419	495,832	487,640	501,420	501,420	503,524	503,524	482,442
OTHER INTANGIBLE ASSETS, net	55,193	57,367	59,422	61,564	47,921	49,508	50,744	51,988
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021	136,826	115,600	123,100	123,000	112,600	110,800	106,400	101,900
OTHER ASSETS	5,688	6,434	6,658	6,285	6,956	25,341	5,583	5,523
Total assets	1,338,487	1,322,693	1,335,248	1,363,064	1,329,025	1,305,756	1,299,275	1,217,989
CURRENT LIABILITIES:
Accounts payable	18,003	16,276	16,934	14,306	16,892	16,656	14,590	11,165
Other current liabilities	36,320	38,624	29,582	33,776	24,430	27,612	22,228	23,175
Total current liabilities	130,263	112,999	109,997	100,162	106,784	88,296	99,315	78,254
DEFERRED TAX LIABILITIES, net	39,704	31,284	30,368	26,843	18,877	19,115	11,778	4,299
Total liabilities	979,417	982,345	996,163	1,015,525	1,006,690	989,468	999,823	961,765
REDEEMABLE NONCONTROLLING INTERESTS	25,298	22,327	20,434	20,227	18,655	19,328	17,649	14,524
STOCKHOLDERS' EQUITY:
Accumulated other comprehensive income	73,227	57,225	62,921	62,846	54,950	53,551	50,239	46,847
Additional paid-in capital	993,484	994,591	992,934	1,018,239	1,018,996	1,018,961	1,021,001	1,001,905
Accumulated deficit	(732,988)	(733,844)	(737,251)	(753,824)	(770,317)	(775,603)	(789,488)	(807,101)
Total stockholders' equity	333,772	318,021	318,651	327,312	303,680	296,960	281,803	241,700
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,338,487	1,322,693	1,335,248	1,363,064	1,329,025	1,305,756	1,299,275	1,217,989
As Previously Reported
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively		127,301	123,998	113,687	127,446	114,045	103,902	94,633
Other current assets		8,939	8,037	8,397	4,760	4,423	4,260	4,639
Total current assets		287,088	311,061	326,143	313,274	271,594	279,735	203,893
RIGHT OF USE ASSETS		34,258	34,149	36,302	38,044	39,556	42,202	40,421
RADIO BROADCASTING LICENSES		498,532	489,340	505,148	505,148	505,148	505,148	484,066
OTHER INTANGIBLE ASSETS, net		59,376	61,508	63,727	50,159	51,821	53,059	54,375
OTHER ASSETS		44,303	44,463	44,026	44,635	62,958	43,211	43,092
Total assets		1,250,696	1,254,764	1,284,635	1,261,108	1,237,537	1,239,542	1,168,751
CURRENT LIABILITIES:
Accounts payable		14,318	14,819	11,997	14,588	14,623	12,523	9,037
Other current liabilities		40,217	31,345	35,660	26,421	29,334	24,137	25,022
Total current liabilities		112,634	109,645	99,737	106,471	87,985	99,157	77,973
DEFERRED TAX LIABILITIES, net		13,984	11,070	8,059	2,473	2,325
Total liabilities		964,680	976,513	996,316	989,973	972,367	987,887	957,185
REDEEMABLE NONCONTROLLING INTERESTS		19,964	18,690	17,755	17,015	17,017	15,192	12,735
STOCKHOLDERS' EQUITY:
Additional paid-in capital		996,954	994,678	1,020,711	1,020,636	1,021,272	1,023,458	1,003,694
Accumulated deficit		(730,951)	(735,164)	(750,198)	(766,567)	(773,170)	(787,046)	(804,912)
Total stockholders' equity		266,052	259,561	270,564	254,120	248,153	236,463	198,831
Total liabilities, redeemable noncontrolling interests and stockholders' equity		1,250,696	1,254,764	1,284,635	1,261,108	1,237,537	1,239,542	1,168,751
Adjustments
CURRENT ASSETS:
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at December 31, 2022 and 2021		115,600	123,100	123,000	112,600	110,800	106,400	101,900
OTHER ASSETS		(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)	(40,000)
Total assets		75,600	83,100	83,000	72,600	70,800	62,467	51,849
CURRENT LIABILITIES:
DEFERRED TAX LIABILITIES, net		18,259	20,012	19,987	17,617	17,505	12,493	5,002
Total liabilities		18,259	20,012	19,987	17,617	17,505	12,493	5,002
STOCKHOLDERS' EQUITY:
Accumulated other comprehensive income		57,225	62,921	62,846	54,950	53,551	50,239	46,847
Accumulated deficit		116	167	167	33	(256)	(265)
Total stockholders' equity		57,341	63,088	63,013	54,983	53,295	49,974	46,847
Total liabilities, redeemable noncontrolling interests and stockholders' equity		75,600	83,100	83,000	72,600	70,800	62,467	51,849
Other Adjustments
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,811 and $8,743, respectively		365	352	425	313	311	158	281
Other current assets		(1,263)	(1,263)	(1,263)	(1,263)	(1,263)	(1,263)	(1,263)
Total current assets		(898)	(911)	(838)	(950)	(952)	(1,105)	(982)
RIGHT OF USE ASSETS		(127)	(114)	(101)	(88)	(75)	(62)	(49)
RADIO BROADCASTING LICENSES		(2,700)	(1,700)	(3,728)	(3,728)	(1,624)	(1,624)	(1,624)
OTHER INTANGIBLE ASSETS, net		(2,009)	(2,086)	(2,163)	(2,238)	(2,313)	(2,315)	(2,387)
OTHER ASSETS		2,131	2,195	2,259	2,321	2,383	2,372	2,431
Total assets		(3,603)	(2,616)	(4,571)	(4,683)	(2,581)	(2,734)	(2,611)
CURRENT LIABILITIES:
Accounts payable		1,958	2,115	2,309	2,304	2,033	2,067	2,128
Other current liabilities		(1,593)	(1,763)	(1,884)	(1,991)	(1,722)	(1,909)	(1,847)
Total current liabilities		365	352	425	313	311	158	281
DEFERRED TAX LIABILITIES, net		(959)	(714)	(1,203)	(1,213)	(715)	(715)	(703)
Total liabilities		(594)	(362)	(778)	(900)	(404)	(557)	(422)
REDEEMABLE NONCONTROLLING INTERESTS		2,363	1,744	2,472	1,640	2,311	2,457	1,789
STOCKHOLDERS' EQUITY:
Additional paid-in capital		(2,363)	(1,744)	(2,472)	(1,640)	(2,311)	(2,457)	(1,789)
Accumulated deficit		(3,009)	(2,254)	(3,793)	(3,783)	(2,177)	(2,177)	(2,189)
Total stockholders' equity		(5,372)	(3,998)	(6,265)	(5,423)	(4,488)	(4,634)	(3,978)
Total liabilities, redeemable noncontrolling interests and stockholders' equity		$ (3,603)	$ (2,616)	$ (4,571)	$ (4,683)	$ (2,581)	$ (2,734)	$ (2,611)

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - shares	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares exercised							60,240	229,756
Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares issued		1,886,265		3,779,391		3,779,391		3,779,391
Shares converted								883,890
Common Stock Class A \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares issued		1,886,265		3,779,391		3,779,391		3,779,391
Shares converted								883,890
Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares converted								883,890
Common Stock Class C \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares converted								883,890
Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	2,649	495,296	4,684,419	509,347	4,684,419	519,347	5,124,671	521,877
Shares exercised			60,240	197,256	60,240	219,756		229,756
Common Stock Class D \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	2,649	495,296	4,684,419	509,347	4,684,419	519,347		521,877
Shares exercised			60,240	197,256	60,240	219,756		229,756

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of net revenue (and sources)

The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021:


	Year Ended
	December 31,
	2022		2021
			(As Restated)

Radio advertising	$	177,268	$	165,244
Political advertising		13,226		3,494
Digital advertising		76,730		59,812
Cable television advertising		112,857		95,589
Cable television affiliate fees		96,963		101,203
Event revenues & other		7,560		14,943
Net revenue	$	484,604	$	440,285

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

Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows:


	December 31, 2022		December 31, 2021
			(As Restated)
	(In thousands)
Contract assets:
Unbilled receivables ($5,798 as of January 1, 2021)	$	12,597	$	10,735

Contract liabilities:
Customer advances and unearned income ($3,044 as of January 1, 2021)	$	6,123	$	5,503
Reserve for audience deficiency ($3,544 as of January 1, 2021)		9,629		6,020
Unearned event income ($5,921 as of January 1, 2021)		5,708		—

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,
	2022		2021

	(In thousands)
Launch assets	$	27,764	$	9,021
Less: accumulated amortization		(9,104)		(4,724)
Launch assets, net	$	18,660	$	4,297

Schedule of future estimated launch support amortization expense

Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows:


	(In thousands)
2023	$	4,980
2024		4,980
2025		4,980
2026		3,410
2027		237
Thereafter		73

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,
	2022		2021
			(As Restated)
	(In Thousands)
Numerator:
Net income attributable to common stockholders	$	37,329	$	36,791
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		48,928,063		50,163,600
Effect of dilutive securities:
Stock options and restricted stock		3,246,274		3,973,041
Denominator for diluted net income per share - weighted-average outstanding shares		52,174,337		54,136,641

Net income attributable to common stockholders per share – basic	$	0.76	$	0.73
Net income attributable to common stockholders per share – diluted	$	0.72	$	0.68

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

As of December 31, 2022 and 2021, 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, 2022
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	26,283	$	—	$	—	$	26,283

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	25,298	$	—	$	—	$	25,298

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	136,826	$	—	$	—	$	136,826
Cash equivalents - money market funds (d)		39,798		39,798		—		—
Total	$	176,624	$	39,798	$	—	$	136,826

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

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	18,655	$	—	$	—	$	18,655

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	112,600	$	—	$	—	$	112,600

(a)

(b)	The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate.

(c)

(d)	The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value.

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


			Employment		Redeemable		Available-
	Contingent		Agreement		Noncontrolling		for-Sale
	Consideration		Award		Interests		Securities
					(As Restated)		(As Restated)
	(In thousands)
Balance at December 31, 2020	$	780	$	25,603	$	13,942	$	103,100
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 included within other comprehensive income		—		—		—		9,500
Change in fair value		280		6,163		4,798		—
Balance at December 31, 2021	$	—	$	28,193	$	18,655	$	112,600
Net income attributable to redeemable noncontrolling interests		—		—		2,626		—
Dividends paid to redeemable noncontrolling interests		—		—		(1,599)		—
Distribution		—		(4,039)		—		—
Change in fair value included within other comprehensive income		—		—		—		24,226
Change in fair value		—		2,129		5,616		—
Balance at December 31, 2022	$	—	$	26,283	$	25,298	$	136,826

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, 2022	$	—	$	(2,129)	$	—	$	—
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)	$	—	$	—

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,
			2022		2021
					(As Restated)
		Significant
		Unobservable	Significant Unobservable
Level 3 assets and liabilities	Valuation Technique	Inputs	Input Value
Employment agreement award	Discounted cash flow	Discount rate	10.5	%	9.5	%
Employment agreement award	Discounted cash flow	Terminal growth rate	0.5	%	0.5	%
Employment agreement award	Discounted cash flow	Operating profit margin range	33.7% - 46.6	%	34.9% - 46.4	%
Employment agreement award	Discounted cash flow	Revenue growth rate range	(4.1)% - 4.2	%	(5.9)% - 11.6	%
Redeemable noncontrolling interest	Discounted cash flow	Discount rate	11.5	%	11.5	%
Redeemable noncontrolling interest	Discounted cash flow	Terminal growth rate	0.3	%	0.4	%
Redeemable noncontrolling interest	Discounted cash flow	Operating profit margin range	25.8% - 29.8	%	24.0% - 32.8	%
Redeemable noncontrolling interest	Discounted cash flow	Revenue growth rate range	0.2% - 32.2	%	(11.8)% - 0.3	%
Available-for-sale securities	Dividend discount model	Revenue growth rate	N/A		8.0	%
Available-for-sale securities	Dividend discount model	Discount rate	N/A		10.5	%
Available-for-sale securities	Dividend discount model	Long-term growth rate	N/A		3.0	%

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,
	2022			2021

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,822		$	13,055
Variable lease cost (cost excluded from lease payments)		40			40
Total lease cost	$	12,862		$	13,095

Operating lease - operating cash flows (fixed payments)	$	13,978		$	13,784
Operating lease - operating cash flows (liability reduction)	$	9,935		$	9,124

Weighted average lease term - operating leases		4.85	years		4.94	years
Weighted average discount rate - operating leases		11.00	%		11.00	%

Schedule of maturities of lease liabilities


For the Year Ended December 31,	(In thousands)
2023	$	11,697
2024		10,690
2025		6,834
2026		4,860
2027		3,417
Thereafter		7,140
Total future lease payments		44,638
Less: imputed interest		(10,403)
Total	$	34,235

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	Accumulated Other Comprehensive Income	Additional Paid-In Capital	Accumulated Deficit	Total
BALANCE at Dec. 31, 2020	$ 0	$ 4	$ 3	$ 3	$ 38	$ 47,755	$ 990,528	$ (807,108)	$ 231,223
Net income								7	7
Stock-based compensation expense							253		253
Repurchase of shares of common stock					(1)		(871)		(872)
Issuance of shares of Class A common stock		2					12,123		12,125
Other comprehensive income, net of tax						(908)			(908)
Adjustment of redeemable noncontrolling interests to estimated redemption value							(128)		(128)
BALANCE at Mar. 31, 2021		6	3	3	37	46,847	1,001,905	(807,101)	241,700
BALANCE at Dec. 31, 2020	0	4	3	3	38	47,755	990,528	(807,108)	231,223
Net income								17,620	17,620
Stock-based compensation expense							425		425
Repurchase of shares of common stock					(1)		(904)		(905)
Issuance of shares of Class A common stock		4					33,278		33,282
Exercise of options for common stock							315		315
Other comprehensive income, net of tax						2,484			2,484
Adjustment of redeemable noncontrolling interests to estimated redemption value							(2,641)		(2,641)
BALANCE at Jun. 30, 2021		8	3	3	37	50,239	1,021,001	(789,488)	281,803
BALANCE at Dec. 31, 2020	0	4	3	3	38	47,755	990,528	(807,108)	231,223
Net income								31,505	31,505
Stock-based compensation expense							478		478
Repurchase of shares of common stock					(1)		(943)		(944)
Issuance of shares of Class A common stock		4					33,273		33,277
Exercise of options for common stock							366		366
Other comprehensive income, net of tax						5,796			5,796
Adjustment of redeemable noncontrolling interests to estimated redemption value							(4,741)		(4,741)
BALANCE at Sep. 30, 2021		8	3	3	37	53,551	1,018,961	(775,603)	296,960
BALANCE at Dec. 31, 2020	0	4	3	3	38	47,755	990,528	(807,108)	231,223
Net income	0	0	0	0	0		0	36,791	36,791
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
Other comprehensive income, net of tax	0	0	0	0	0	7,195	0	0	7,195
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0	0	0	0		(4,798)	0	(4,798)
BALANCE at Dec. 31, 2021	0	9	3	2	37	54,950	1,018,996	(770,317)	303,680
BALANCE at Mar. 31, 2021		6	3	3	37	46,847	1,001,905	(807,101)	241,700
Net income									17,613
Other comprehensive income, net of tax									3,392
BALANCE at Jun. 30, 2021		8	3	3	37	50,239	1,021,001	(789,488)	281,803
Net income									13,885
Other comprehensive income, net of tax									3,312
BALANCE at Sep. 30, 2021		8	3	3	37	53,551	1,018,961	(775,603)	296,960
Net income									5,286
Other comprehensive income, net of tax									1,399
BALANCE at Dec. 31, 2021	0	9	3	2	37	54,950	1,018,996	(770,317)	303,680
Net income								16,493	16,493
Stock-based compensation expense							124		124
Repurchase of shares of common stock							(10)		(10)
Other comprehensive income, net of tax						7,896			7,896
Adjustment of redeemable noncontrolling interests to estimated redemption value							(871)		(871)
BALANCE at Mar. 31, 2022		9	3	2	37	62,846	1,018,239	(753,824)	327,312
BALANCE at Dec. 31, 2021	0	9	3	2	37	54,950	1,018,996	(770,317)	303,680
Net income								33,066	33,066
Stock-based compensation expense							460		460
Repurchase of shares of common stock					(4)		(24,665)		(24,669)
Exercise of options for common stock							50		50
Other comprehensive income, net of tax						7,971			7,971
Adjustment of redeemable noncontrolling interests to estimated redemption value							(1,907)		(1,907)
BALANCE at Jun. 30, 2022		9	3	2	33	62,921	992,934	(737,251)	318,651
BALANCE at Dec. 31, 2021	0	9	3	2	37	54,950	1,018,996	(770,317)	303,680
Net income								36,473	36,473
Stock-based compensation expense		1			1		5,467		5,469
Repurchase of shares of common stock					(4)		(26,482)		(26,486)
Exercise of options for common stock							50		50
Other comprehensive income, net of tax						2,275			2,275
Adjustment of redeemable noncontrolling interests to estimated redemption value							(3,440)		(3,440)
BALANCE at Sep. 30, 2022		10	3	2	34	57,225	994,591	(733,844)	318,021
BALANCE at Dec. 31, 2021	0	9	3	2	37	54,950	1,018,996	(770,317)	303,680
Net income	0	0	0	0	0		0	37,329	37,329
Stock-based compensation expense	0	1	0	0	1		6,593	0	6,595
Repurchase of shares of common stock	0	0	0	0	(4)		(26,539)	0	(26,543)
Exercise of options for common stock	0	0	0	0	0		50	0	50
Other comprehensive income, net of tax	0	0	0	0	0	18,277	0	0	18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0	0	0	0		(5,616)	0	(5,616)
BALANCE at Dec. 31, 2022	$ 0	10	3	2	34	73,227	993,484	(732,988)	333,772
BALANCE at Mar. 31, 2022		9	3	2	37	62,846	1,018,239	(753,824)	327,312
Net income									16,573
Other comprehensive income, net of tax									75
BALANCE at Jun. 30, 2022		9	3	2	33	62,921	992,934	(737,251)	318,651
Net income									3,407
Other comprehensive income, net of tax									(5,696)
BALANCE at Sep. 30, 2022		$ 10	$ 3	$ 2	$ 34	$ 57,225	$ 994,591	$ (733,844)	$ 318,021

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

ORGANIZATION

12 Months Ended

Dec. 31, 2022

ORGANIZATION

ORGANIZATION

1. 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, 2022, we owned and/or operated 66 independently formatted, revenue producing broadcast stations (including 55 FM or AM stations, 9 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 iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. As of December 31, 2022, we held a minority ownership interest in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. As of March 2023, following the exercise of a put option available to us, we no longer hold the MGM Investment, please refer to Note 18 – Subsequent Events to our consolidated financial statements for more details. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to communicate with African-American and urban audiences.

Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate other brands, such as TV One, CLEO TV, Reach Media, iONE Digital and One Solution, 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 16 – Segment Information of our consolidated financial statements.)

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.

Principles of Consolidation

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 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.

RESTATEMENT OF FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

RESTATEMENT OF FINANCIAL STATEMENTS

Schedule of impact of restatement on financial statements

Consolidated Balance Sheets


	As of December 31, 2021
	As Previously
	Reported		Adjustments		Other Adjustments		As Restated

	(In thousands)
ASSETS
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $8,743	$	127,446	$	—	$	313	$	127,759
Other current assets		4,760		—		(1,263)		3,497
Total current assets		313,274		—		(950)		312,324
RIGHT OF USE ASSETS		38,044		—		(88)		37,956
RADIO BROADCASTING LICENSES		505,148		—		(3,728)		501,420
OTHER INTANGIBLE ASSETS, net		50,159		—		(2,238)		47,921
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000		—		112,600		—		112,600
OTHER ASSETS		44,635		(40,000)		2,321		6,956
Total assets	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	14,588	$	—	$	2,304	$	16,892
Other current liabilities		26,421		—		(1,991)		24,430
Total current liabilities		106,471		—		313		106,784
DEFERRED TAX LIABILITIES, net		2,473		17,617		(1,213)		18,877
Total liabilities		989,973		17,617		(900)		1,006,690
REDEEMABLE NONCONTROLLING INTERESTS		17,015		—		1,640		18,655
STOCKHOLDERS’ EQUITY:
Accumulated other comprehensive income		—		54,950		—		54,950
Additional paid-in capital		1,020,636		—		(1,640)		1,018,996
Accumulated deficit		(766,567)		33		(3,783)		(770,317)
Total stockholders’ equity		254,120		54,983		(5,423)		303,680
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	1,261,108	$	72,600	$	(4,683)	$	1,329,025

Consolidated Statements of Operations


	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated

	(In thousands, except share data)
NET REVENUE	$	441,462	$	—	$	(1,177)	$	440,285
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $31		143,187		—		(1,177)		142,010
Impairment of long-lived assets		—		—		2,104		2,104
Total operating expenses		322,919		—		927		323,846
Operating income (loss)		118,543		—		(2,104)		116,439
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		54,244		—		(2,104)		52,140
PROVISION FOR (BENEFIT FROM) INCOME TAXES		13,577		(33)		(510)		13,034
NET INCOME (LOSS)		40,667		33		(1,594)		39,106
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	33	$	(1,594)	$	36,791
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.76	$	—	$	(0.03)	$	0.73
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.71	$	—	$	(0.03)	$	0.68

Consolidated Statements of Comprehensive Income


	Year Ended December 31, 2021
	As Previously				Other
	Reported		Adjustments		Adjustments		As Restated

	(In thousands)
OTHER COMPREHENSIVE INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities	$	—	$	9,500	$	—	$	9,500
Income tax expense related to unrealized gain on available-for-sale securities		—		(2,305)		—		(2,305)
OTHER COMPREHENSIVE INCOME, NET OF TAX		—		7,195		—		7,195
COMPREHENSIVE INCOME (LOSS)	$	40,667	$	7,228	$	(1,594)	$	46,301
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	38,352	$	7,228	$	(1,594)	$	43,986

Consolidated Statements of Changes in Stockholders’ Equity


		As Previously Reported
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	—	$	991,769	$	(804,919)	$	186,898
Net income		—		—		—		—		—		—		—		38,352		38,352
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,399)		—		(4,399)
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	—	$	1,020,636	$	(766,567)	$	254,120


		Adjustments and Other Adjustments
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	—	$	—	$	—	$	—	$	47,755	$	(1,241)	$	(2,189)	$	44,325
Net income		—		—		—		—		—		—		—		(1,561)		(1,561)
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(399)		—		(399)
Other comprehensive income, net of tax		—		—		—		—		—		7,195		—		—		7,195
Total Adjustments	$	—	$	—	$	—	$	—	$	—	$	54,950	$	(1,640)	$	(3,750)	$	49,560


		As Restated
												Accumulated
		Convertible		Common		Common		Common		Common		Other		Additional				Total
		Preferred		Stock		Stock		Stock		Stock		Comprehensive		Paid-In		Accumulated		Stockholders’
For the year ended December 31, 2021		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2020	$	—	$	4	$	3	$	3	$	38	$	47,755	$	990,528	$	(807,108)	$	231,223
Net income		—		—		—		—		—		—		—		36,791		36,791
Stock-based compensation expense		—		—		—		—		—		—		565		—		565
Repurchase of 521,877 shares of Class D common stock		—		—		—		—		(1)		—		(969)		—		(970)
Issuance of 3,779,391 shares of Class A common stock		—		4		—		—		—		—		33,273		—		33,277
Exercise of options for 229,756 shares of Class D common stock		—		—		—		—		—		—		397		—		397
Conversion of 883,890 shares of Class C common stock to 883,890 shares of Class A common stock		—		1		—		(1)		—		—		—		—		—
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(4,798)		—		(4,798)
Other comprehensive income, net of tax				—		—		—		—		7,195		—		—		7,195
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,317)	$	303,680

Consolidated Statements of Cash Flows


	Year Ended December 31, 2021
	As
	Previously				Other		As
	Reported		Adjustments		Adjustments		Restated

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	40,667	$	33	$	(1,594)	$	39,106
Adjustments to reconcile net income (loss) to net cash from operating activities:
Deferred income taxes		12,514		(33)		(510)		11,971
Non-cash lease liability expense		4,684		—		(4,684)		—
Impairment of goodwill and broadcasting licenses		—		—		2,104		2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		(22,734)		—		(73)		(22,807)
Accounts payable		3,453		—		153		3,606
Other liabilities		(5,892)		—		4,604		(1,288)
Net cash flows provided by operating activities		80,150		—		—		80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	$	4,399	$	—	$	399	$	4,798

CONTENT ASSETS - Amortization Expense (Details) - Content Assets [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Content Assets [Line Items]
2023	$ 34,003
2024	23,201
2025	$ 15,964

RESTATEMENT OF FINANCIAL STATEMENTS - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ 3,767	$ 17,343	$ 17,194	$ 5,956	$ 14,464	$ 18,225	$ 461	$ 34,537	$ 18,686	$ 38,304	$ 33,150	$ 39,955	$ 39,106
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				5,462				(10)	8,962	6,361	11,682	12,610	14,878	11,971
Impairment of goodwill and broadcasting licenses									14,905		30,355		40,683	2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				13,336				11,339	3,444	2,342	156	(8,645)	(16,930)	(22,807)
Accounts payable				(2,586)				(2,121)	42	1,304	(616)	3,370	1,111	3,606
Other liabilities				(3,491)				(832)	(5,017)	2,303	3,317	5,463	(3,710)	(1,288)
Net cash flows provided by operating activities				15,734				14,293	43,624	51,492	54,067	36,264	67,060	80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value				871				128	1,907	2,641	3,440	4,741	$ 5,616	4,798
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		4,573	15,804	17,070	7,273	14,455	18,478	461	32,874	18,939	37,447	33,394		40,667
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				5,586				(10)	8,597	6,108	11,511	12,366		12,514
Non-Cash Lease Liability Expense				1,043				1,154	2,038	2,066	2,994	3,299		4,684
Impairment of goodwill and broadcasting licenses									16,933		31,383
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				13,448				11,380	3,483	2,260	208	(8,574)		(22,734)
Accounts payable				(2,591)				(2,098)	231	1,388	(270)	3,488		3,453
Other liabilities				(4,641)				(2,050)	(7,283)	235	(75)	1,975		(5,892)
Net cash flows provided by operating activities				15,734				14,293	43,624	51,492	54,067	36,264		80,150
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value				39				(420)	1,803	1,425	2,717	3,671		4,399
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		(51)		134	289	$ 9	(265)		134	(265)	83	(256)		33
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				(134)					(134)	265	(83)	256		(33)
Non-Cash Lease Liability Expense	$ (4,700)
Effect of change in operating assets and liabilities, net of assets acquired:
Other liabilities	$ 4,700
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ (755)	$ 1,539	(10)	$ (1,606)		$ 12		1,529	12	774	12		(1,594)
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes				10					499	(12)	254	(12)		(510)
Non-Cash Lease Liability Expense				(1,043)				(1,154)	(2,038)	(2,066)	(2,994)	(3,299)		(4,684)
Impairment of goodwill and broadcasting licenses									(2,028)		(1,028)			2,104
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable				(112)				(41)	(39)	82	(52)	(71)		(73)
Accounts payable				5				(23)	(189)	(84)	(346)	(118)		153
Other liabilities				1,150				1,218	2,266	2,068	3,392	3,488		4,604
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value				$ 832				$ 548	$ 104	$ 1,216	$ 723	$ 1,070		$ 399

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Programming And Technical
Allocated Share-based Compensation Expense	$ 7,000	$ 20,000
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	239,000	31,000
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 6,349,000	$ 514,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	May 19, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	0-25969
Entity Registrant Name	URBAN ONE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1166660
Entity Address, Address Line One	1010 Wayne Avenue
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	Silver Spring
Entity Address, State or Province	MD
City Area Code	(301)
Local Phone Number	429-3200
Entity Address, Postal Zip Code	20910
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 95.0
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Auditor Name	BDO USA, LLP
Auditor Firm ID	243
Auditor Location	Potomac, Maryland
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Title of 12(b) Security	None
Trading Symbol	UONE
ICFR Auditor Attestation Flag	true
Common Stock Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,854,682
Title of 12(g) Security	Class A Common Stock, $0.001 Par Value
Trading Symbol	UONE
Security Exchange Name	NASDAQ
Common Stock Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,861,843
Common Stock Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,045,016
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,095,068
Title of 12(g) Security	Class D Common Stock, $0.001 Par Value
Trading Symbol	UONEK
Security Exchange Name	NASDAQ

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

9. OTHER CURRENT LIABILITIES:

Other current liabilities consist of the following:


	As of December 31,
	2022		2021
			(As Restated)
	(In thousands)
Deferred revenue	$	11,831	$	5,503
Reserve for audience deficiency		9,629		6,020
Other		6,870		6,537
Employment Agreement Award		2,675		3,966
Launch liability		2,500		—
Deferred barter revenue		1,635		1,271
Accrued national representative fees		947		457
Tenant allowance		117		180
Accrued miscellaneous taxes		79		213
Income taxes payable		37		283
	$	36,320	$	24,430

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Shares exercised							60,240	229,756
Common Stock Class A
Shares issued		1,886,265		3,779,391		3,779,391		3,779,391
Shares converted								883,890
Common Stock Class C
Shares converted								883,890
Common Stock Class D
Shares repurchased	2,649	495,296	4,684,419	509,347	4,684,419	519,347	5,124,671	521,877
Shares exercised			60,240	197,256	60,240	219,756		229,756

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

12 Months Ended

Dec. 31, 2022

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of broadcasting licenses carrying value

As restated, the table below presents the changes in the Company’s radio broadcasting licenses during 2022 and 2021:


	Total
	(In thousands)
Balance at January 1, 2021 (As Restated)	$	482,442
Acquisitions		21,082
Impairment charges		(2,104)
Balance at December 31, 2021 (As Restated)	$	501,420
Acquisitions		23,642
Disposals		(3,200)
Impairment charges		(33,443)
Balance at December 31, 2022	$	488,419

Schedule of Radio Broadcasting licenses impairment test


Radio Broadcasting	October 1,			September 30,				June 30,		October 1,
Licenses	2022			2022 (a)				2022 (a)		2021
					(As Restated)			(As Restated)			(As Restated)

Impairment charge (in millions)	$	7.4		$	15.5		$	10.6	(*)	$	2.1

Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		0.0% – 1.7	%		0.3% – 1.6	%		0.7% – 2.4	%		0.7% – 8.0	%
Terminal growth rate range		0.3% – 0.8	%		0.3% – 0.8	%		0.7% – 1.0	%		0.7% – 1.0	%
Mature market share range		6.8% – 27.6	%		6.8% – 27.6	%		6.9% – 25.6	%		6.2% – 23.2	%
Mature operating profit margin range		27.2% – 34.6	%		28.3% – 36.1	%		28.3% – 36.1	%		26.9% – 36.1	%

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

(*) Includes an impairment charge whereby the license fair value is based on estimated asset sale consideration.

Schedule of changes in carrying amount of goodwill

The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2022 and 2021:


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

	(In thousands)
Gross goodwill at January 1, 2021	$	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

Gross goodwill	$	155,000	$	30,468	$	27,567	$	165,044	$	378,079
Additions		437		—		—		—		437
Impairments		(7,240)		—		—		—		(7,240)
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Audacy asset exchange		(470)		—		—		—		(470)
Net goodwill at December 31, 2022	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

Schedule of goodwill impairment Radio Markets Reporting Units


Goodwill (Radio Market	October 1,			September 30,			June 30,			October 1,
Reporting Units)	2022 (a)			2022 (a)			2022 (a)			2021 (a)

Impairment charge (in millions)	$	2.9		$	—		$	4.3		$	—

Discount rate		9.5	%		9.5	%		9.5	%		9.0	%
Revenue growth rate range		(10.3)% – 72.0	%		(0.3)% – 1.7	%		(2.5)% – 2.5	%		(10.7)% – 27.1	%
Terminal growth rate range		0.5% – 0.8	%		1.0	%		0.7% – 1.0	%		0.7% – 1.0	%
Operating profit margin range		16.6% – 46.0	%		33.4	%		19.5% – 32.9	%		21.2% – 47.3	%

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

Schedule of other intangible assets


														Remaining
														Weighted-
														Average
	As of December 31,												Period of	Period of
	2022						2021						Amortization	Amortization
							(As Restated)
	(In thousands)
		Gross Carrying		Accumulated		Net		Gross Carrying		Accumulated		Net
		Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	17,431	$	(17,418)	$	13	$	17,425	$	(17,405)	$	20	1‑5 Years	1.6 Years
Intellectual property		6,878		(6,878)		—		6,878		(6,878)		—	4‑10 Years	0.0 Years
Advertiser agreements		46,669		(45,728)		941		46,582		(42,276)		4,306	1‑12 Years	0.2 Years
Brand names		4,413		(3,732)		681		4,413		(3,558)		855	10 Years	4.8 Years
Brand names - unamortized		39,690		—		39,690		39,690		—		39,690	Indefinite	—
Launch assets, net of current portion		22,791		(9,104)		13,687		7,597		(4,724)		2,873	Contract length	3.8 Years
Other intangibles		849		(668)		181		842		(665)		177	1‑15 Years	3.3 Years
Total other intangible assets	$	138,721	$	(83,528)	$	55,193	$	123,427	$	(75,506)	$	47,921		3.1 Years

Schedule of estimated amortization expense

The following table presents the Company’s estimate of amortization expense for the years 2023 through 2027 for intangible assets as of December 31, 2022:


	(In thousands)
2023	$	1,232
2024		172
2025		141
2026		140
2027		74

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 484,604	$ 440,285
OPERATING EXPENSES:
Programming and technical including stock-based compensation of $7 and $20, respectively	122,636	119,092
Selling, general and administrative, including stock-based compensation of $239 and $31, respectively	160,230	142,010
Corporate selling, general and administrative, including stock-based compensation of $6,349 and $514, respectively	56,334	51,351
Depreciation and amortization	10,034	9,289
Impairment of long-lived assets	40,683	2,104
Total operating expenses	389,917	323,846
Operating income	94,687	116,439
INTEREST INCOME	939	218
INTEREST EXPENSE	61,751	65,702
(GAIN) LOSS ON RETIREMENT OF DEBT	(6,718)	6,949
OTHER INCOME, net	(16,083)	(8,134)
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	56,676	52,140
PROVISION FOR INCOME TAXES	16,721	13,034
NET INCOME	39,955	39,106
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,626	2,315
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 37,329	$ 36,791
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.76	$ 0.73
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.72	$ 0.68
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	48,928,063	50,163,600
Diluted	52,174,337	54,136,641

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Number of Options, Exercised	(60,240)	(229,756)
Stock options
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year	3,770,913	4,018,991
Number of Options, Grants	884,061	40,917
Number of Options, Exercised	(60,240)	(229,756)
Number of Option, Forfeited/cancelled/expired/settled		(59,239)
Number of Options, Balance at End of Year	4,594,734	3,770,913	4,018,991
Number of Options, Vested and expected to vest	4,542,266
Number of Options, Unvested	465,798
Number of Options, Exercisable	4,128,936
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)	$ 2.18	$ 2.11
Weighted-Average Exercise Price, Grants (in dollars per share)	4.22	4.32
Weighted-Average Exercise Price, Exercised (in dollars per share)	0.83	1.70
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)		1.27
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)	2.59	$ 2.18	$ 2.11
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)	2.57
Weighted-Average Exercise Price, Unvested (in dollars per share)	4.23
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 2.40
Weighted-Average Remaining Contractual Term, Outstanding (in years)	5 years 8 months 19 days	5 years 8 months 4 days	6 years 5 months 23 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 8 months 26 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)	5 years 2 months 26 days
Aggregate Intrinsic Value, Outstanding	$ 5,871,492	$ 4,659,601	$ 41,000
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	5,871,492
Aggregate Intrinsic Value, Unvested	0
Aggregate Intrinsic Value, Exercisable	$ 5,871,492

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(a) Cash and Cash Equivalents and Restricted Cash

(b) Trade Accounts Receivable

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

(e) Financial Instruments

(f) Revenue Recognition

Revenue by Contract Type

The following chart shows the sources of our net revenue for the years ended December 31, 2022 and 2021:


	Year Ended
	December 31,
	2022		2021
			(As Restated)

Radio advertising	$	177,268	$	165,244
Political advertising		13,226		3,494
Digital advertising		76,730		59,812
Cable television advertising		112,857		95,589
Cable television affiliate fees		96,963		101,203
Event revenues & other		7,560		14,943
Net revenue	$	484,604	$	440,285

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in our consolidated balance sheets at December 31, 2022 and 2021 were as follows:


	December 31, 2022		December 31, 2021
			(As Restated)
	(In thousands)
Contract assets:
Unbilled receivables ($5,798 as of January 1, 2021)	$	12,597	$	10,735

Contract liabilities:
Customer advances and unearned income ($3,044 as of January 1, 2021)	$	6,123	$	5,503
Reserve for audience deficiency ($3,544 as of January 1, 2021)		9,629		6,020
Unearned event income ($5,921 as of January 1, 2021)		5,708		—

Practical expedients and exemptions

(g) Launch Support

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


	As of December 31,
	2022		2021

	(In thousands)
Launch assets	$	27,764	$	9,021
Less: accumulated amortization		(9,104)		(4,724)
Launch assets, net	$	18,660	$	4,297

Future estimated launch support amortization related to launch assets for years 2023 through 2027 and thereafter is as follows:


	(In thousands)
2023	$	4,980
2024		4,980
2025		4,980
2026		3,410
2027		237
Thereafter		73

(h) Barter Transactions

(i) Advertising and Promotions

(j) Income Taxes

(k) Stock-Based Compensation

(l) Segment Reporting and Major Customers

No single customer accounted for over 10% of our consolidated net revenues or accounts receivable as of and during either of the years ended December 31, 2022 or 2021.

(m) 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,
	2022		2021
			(As Restated)
	(In Thousands)
Numerator:
Net income attributable to common stockholders	$	37,329	$	36,791
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		48,928,063		50,163,600
Effect of dilutive securities:
Stock options and restricted stock		3,246,274		3,973,041
Denominator for diluted net income per share - weighted-average outstanding shares		52,174,337		54,136,641

Net income attributable to common stockholders per share – basic	$	0.76	$	0.73
Net income attributable to common stockholders per share – diluted	$	0.72	$	0.68

(n) 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, 2022 and 2021, 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, 2022
Liabilities subject to fair value measurement:
Employment agreement award (a)	$	26,283	$	—	$	—	$	26,283

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	25,298	$	—	$	—	$	25,298

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	136,826	$	—	$	—	$	136,826
Cash equivalents - money market funds (d)		39,798		39,798		—		—
Total	$	176,624	$	39,798	$	—	$	136,826

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

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	18,655	$	—	$	—	$	18,655

Assets subject to fair value measurement:
Available-for-sale securities (c)	$	112,600	$	—	$	—	$	112,600

(a)

(b)	The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate.

(c)

(d)	The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value.


			Employment		Redeemable		Available-
	Contingent		Agreement		Noncontrolling		for-Sale
	Consideration		Award		Interests		Securities
					(As Restated)		(As Restated)
	(In thousands)
Balance at December 31, 2020	$	780	$	25,603	$	13,942	$	103,100
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 included within other comprehensive income		—		—		—		9,500
Change in fair value		280		6,163		4,798		—
Balance at December 31, 2021	$	—	$	28,193	$	18,655	$	112,600
Net income attributable to redeemable noncontrolling interests		—		—		2,626		—
Dividends paid to redeemable noncontrolling interests		—		—		(1,599)		—
Distribution		—		(4,039)		—		—
Change in fair value included within other comprehensive income		—		—		—		24,226
Change in fair value		—		2,129		5,616		—
Balance at December 31, 2022	$	—	$	26,283	$	25,298	$	136,826

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, 2022	$	—	$	(2,129)	$	—	$	—
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)	$	—	$	—

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,
			2022		2021
					(As Restated)
		Significant
		Unobservable	Significant Unobservable
Level 3 assets and liabilities	Valuation Technique	Inputs	Input Value
Employment agreement award	Discounted cash flow	Discount rate	10.5	%	9.5	%
Employment agreement award	Discounted cash flow	Terminal growth rate	0.5	%	0.5	%
Employment agreement award	Discounted cash flow	Operating profit margin range	33.7% - 46.6	%	34.9% - 46.4	%
Employment agreement award	Discounted cash flow	Revenue growth rate range	(4.1)% - 4.2	%	(5.9)% - 11.6	%
Redeemable noncontrolling interest	Discounted cash flow	Discount rate	11.5	%	11.5	%
Redeemable noncontrolling interest	Discounted cash flow	Terminal growth rate	0.3	%	0.4	%
Redeemable noncontrolling interest	Discounted cash flow	Operating profit margin range	25.8% - 29.8	%	24.0% - 32.8	%
Redeemable noncontrolling interest	Discounted cash flow	Revenue growth rate range	0.2% - 32.2	%	(11.8)% - 0.3	%
Available-for-sale securities	Dividend discount model	Revenue growth rate	N/A		8.0	%
Available-for-sale securities	Dividend discount model	Discount rate	N/A		10.5	%
Available-for-sale securities	Dividend discount model	Long-term growth rate	N/A		3.0	%

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

(o) Software and Web Development Costs

(p) Redeemable Noncontrolling Interests

(q) Investments, As Restated

Available-for-sale securities

(r) 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.

(s) Impact of Recently Issued Accounting Pronouncements

(t) Related Party Transactions

(u) 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,
	2022			2021

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,822		$	13,055
Variable lease cost (cost excluded from lease payments)		40			40
Total lease cost	$	12,862		$	13,095

Operating lease - operating cash flows (fixed payments)	$	13,978		$	13,784
Operating lease - operating cash flows (liability reduction)	$	9,935		$	9,124

Weighted average lease term - operating leases		4.85	years		4.94	years
Weighted average discount rate - operating leases		11.00	%		11.00	%

As of December 31, 2022, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(In thousands)
2023	$	11,697
2024		10,690
2025		6,834
2026		4,860
2027		3,417
Thereafter		7,140
Total future lease payments		44,638
Less: imputed interest		(10,403)
Total	$	34,235

(v) Going Concern Assessment

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2022

ACQUISITIONS AND DISPOSITIONS

Asset acquisition pro forma


		For The Year Ended
	December 31,
		2022		2021

		(In thousands)
Net revenue	$	496,613	$	457,935
Operating income		95,365		117,516
Net income		40,439		39,921

INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 2,149,000	$ 2,111,000
Accruals	304,000	465,000
Fixed assets	488,000	486,000
Stock-based compensation	328,000	163,000
Net operating loss carryforwards	88,813,000	109,343,000
Lease liability	8,901,000	10,022,000
Interest expense carryforward	23,788,000	20,380,000
Total deferred tax assets	124,771,000	142,970,000
Valuation allowance for deferred tax assets	(30,000)	(264,000)
Total deferred tax asset, net of valuation allowance	124,741,000	142,706,000
Deferred tax liabilities:
Intangible assets	(129,026,000)	(131,682,000)
Available-for-sale securities	(23,779,000)	(17,618,000)
Right of use asset	(8,123,000)	(8,924,000)
Partnership interests	(2,412,000)	(1,964,000)
Deferred financing costs	(958,000)	(1,196,000)
Other	(147,000)	(199,000)
Total deferred tax liabilities	(164,445,000)	(161,583,000)
Net deferred tax liability	$ (39,704,000)	$ (18,877,000)

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

LONG-TERM DEBT

11. LONG-TERM DEBT:

Long-term debt consists of the following:


	As of December 31,
	2022		2021

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	750,000	$	825,000
PPP Loan		—		7,505
Total debt		750,000		832,505
Less: current portion of long-term debt		—		—
Less: original issue discount and issuance costs		11,000		13,889
Long-term debt, net	$	739,000	$	818,616

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: (i) the 2017 Credit Facility; (ii) the 2018 Credit Facility; (iii) the MGM National Harbor Loan; (iv) the remaining amounts of our 7.375% Notes; and (v) 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 issuance 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 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 is 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, 2022 and 2021, was approximately $2.0 million and $2.3 million, respectively. The Company’s effective interest rate was 7.84% for 2022 and was 7.96% for 2021.

During the year ended December 31, 2022, the Company repurchased approximately $75.0 million of its 2028 Notes at an average price of approximately 89.5% of par. The Company recorded a net gain on retirement of debt of

approximately $6.7 million for the year ended December 31, 2022. On December 6, 2022, the Board of Directors authorized and approved a note repurchase program for up to $25 million of the currently outstanding 2028 Notes. The Company made additional repurchases of its 2028 Notes during the quarter ended March 31, 2023. See Note 18 – Subsequent Events of our consolidated financial statements for further details.

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”) and on June 1, 2021, the Company received proceeds of approximately $7.5 million. During the quarter ended June 30, 2022, the PPP loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. Prior to being forgiven, the loan bore interest at a fixed rate of 1% per year was scheduled to mature June 1, 2026.

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).

The premium paid to the bondholders in the amount of approximately $3.5 million was 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.

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.

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 was 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 was 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 were 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 were 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 were 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, included, 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 an asset backed credit facility (the “Current ABL Facility”). The Current 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 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 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 ABL Facility, the 2016 ABL Facility was terminated on February 19, 2021. As of December 31, 2022 and 2021, there is no balance outstanding on the Current ABL Facility.

At the Company’s election, the interest rate on borrowings under the Current ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the Current ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the Current ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. See Note 18 – Subsequent Events of our consolidated financial statements for further details.

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

All obligations under the Current ABL Facility are secured by a 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 ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company. The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. The Company is in compliance as of December 31, 2022.

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

The Current ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association. See Note 18 – Subsequent Events of our consolidated financial statements for further details.

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, 2022, 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 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, 2022, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028
	(In thousands)
2023	$	—
2024		—
2025		—
2026		—
2027		—
2028 and thereafter		750,000
Total debt	$	750,000

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Federal:
Current												$ 0	$ 0
Deferred												13,269	12,952
State:
Current												1,843	1,063
Deferred												1,609	(981)
Provision for income taxes	$ 3,170	$ 4,214	$ 5,462	$ 424	$ 6,248	$ 6,372	$ (10)	$ 9,676	$ 6,362	$ 12,846	$ 12,610	$ 16,721	$ 13,034

- Definition

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

+ References + Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT:


	As of December 31,				Estimated
	2022		2021		Useful Lives

	(In thousands)
Land and improvements	$	4,128	$	4,128	—
Buildings		3,299		3,241	31 years
Transmitters and towers		45,733		43,466	7‑15 years
Equipment		67,025		63,192	3‑7 years
Furniture and fixtures		9,357		9,397	6 years
Software and web development		32,565		31,337	3 years
Leasehold improvements		25,231		24,727	Lesser of useful life or lease term
Construction-in-progress		153		476	—
		187,491		179,964
Less: accumulated depreciation		(159,733)		(153,673)
Property and equipment, net	$	27,758	$	26,291

Depreciation expense for the years ended December 31, 2022, and 2021 was approximately $6.4 million and $5.6 million, respectively. Repairs and maintenance costs are expensed as incurred.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2023	$ 11,697
2024	10,690
2025	6,834
2026	4,860
2027	3,417
Thereafter	7,140
Total future lease payments	44,638
Less: imputed interest	(10,403)
Total	$ 34,235

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

18. SUBSEQUENT EVENTS:

Since January 1, 2023, and through the date of this filing, the Company repurchased 824 shares of Class D common stock in the amount of $3,000 at an average price of $3.99 per share.

Since January 1, 2023, and through the date of this filing, the Company executed Stock Vest Tax Repurchases of 249,550 shares of Class D common stock for approximately $1.3 million at an average price of $5.17 per share.

Since January 1, 2023, and through the date of this filing, the Company repurchased approximately $25.0 million of its 2028 Notes at an average price of approximately 89.1% of par.

Since January 1, 2023, and through the date of this filing, the Compensation Committee awarded certain executive officers and management personnel 727,215 restricted shares of the Company’s Class D common stock, and stock options to purchase 429,427 shares of the Company’s Class D common stock. Of these awards, 672,603 restricted shares of the Company’s Class D common stock and stock options to purchase 405,139 shares of the Company’s Class D common stock immediately vested upon grant. In connection with the vesting of these awards, the Company withheld a total of 220,912 shares to settle the recipients’ tax obligations.

On March 8, 2023, ROEH issued a Put Notice with respect to its Put Interest in MGMNH. Upon issuance of the Put Notice, no later than thirty (30) days following receipt, MGMNH is required to repurchase the Put Interest for cash. On April 21 2023, ROEH closed on the sale of the Put Interest. The Company received approximately $136.8 million at the time of settlement of the Put Interest, representing the put price. During the quarter ended March 31, 2023, the Company received $8.8 million representing the Company’s annual distribution from MGMNH with respect to fiscal year 2022.

On April 30, 2023, the Company entered into a waiver and amendment (the “Waiver and Amendment”) to the Current ABL Facility, dated as of February 19, 2021 (as amended by the Waiver and Amendment, the “Amended Current ABL Facility”), with the Company, the Company’s subsidiaries guarantors, Bank of America, N.A., as administrative agent (the “Administrative Agent”) and the lenders party thereto. The Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 as required under the Current ABL Facility (the “Specified Defaults”).

Additionally, under the Waiver and Amendment, the Current ABL Facility was amended to provide that from and after the date thereof, any request for a new LIBOR Loan (as defined in the Current ABL Facility), for a continuation of an existing LIBOR Loan (as defined in the Current ABL Facility) or for a conversion of a Loan to a LIBOR Loan (as defined in the Current ABL Facility) shall be deemed to be a request for a loan bearing interest at Term SOFR (as defined in the Amended Current ABL Facility) (the “SOFR Interest Rate Change”). As the Company was undrawn under the Current ABL Facility as of the date of the Waiver and Amendment, the SOFR Interest Rate Change would only bear upon future borrowings by the Company such that they bear an interest rate relating to the secured overnight financing rate. These provisions of the Waiver and Amendment are intended to transition loans under the Current ABL Facility to the new secured overnight financing rate as the benchmark rate.

On June 5, 2023, the Company entered into a second waiver and amendment (the “Second Waiver and Amendment”) to the Amended Current ABL Facility. The Second Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver both the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 and Quarterly Financial Deliverables for the Quarter ended March 31, 2023 as required under the Current ABL Facility.

On April 11 2023, the Company announced it has signed a definitive asset purchase agreement with Cox Media Group (“CMG”) to purchase its Houston radio cluster. Under the terms of the agreement, Urban One will acquire 93Q Country KKBQ-FM, classic rock station The Eagle 106.9 & 107.5 KHPT-FM and KGLK-FM, and Country Legends 97.1 KTHT-FM. In furtherance of the transaction, Urban One will divest stations to comply with FCC ownership regulations. The acquisition and disposition transactions are subject to FCC approval and other customary closing conditions and is anticipated to close in the third quarter of 2023. CMG and Urban One will continue to operate their respective stations until the transactions close.

On April 3, 2023, the Company received a notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”), with the Securities and Exchange Commission (“SEC”). On May 19, 2023, the Company received a second letter notifying (the “Second Nasdaq Letter”) it that it was not in compliance with requirements of the Rule as a result of not having timely filed its 2022 Form 10-K and its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the “Q1 2023 Form 10-Q” and, together with the 2022 Form 10-K, the “Delinquent Reports”), with the SEC.

In accordance with the Second Nasdaq Letter, the Company had until June 2, 2023, to submit a plan to file both Delinquent Reports or to submit a plan to regain compliance with respect to these Delinquent Reports. The Company submitted its plan to regain compliance with respect to these Delinquent Reports on May 26, 2023, and on June 5, 2023, the Company received a letter from Nasdaq granting an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, on or before September 27, 2023, the Company must file its Form 10-K and Form 10-Q for the period ended December 31, 2022, and March 31, 2023, as required by the Rule.

On June 13, 2023, Urban One, Inc.’s 50/50 partnership with Churchill Downs Incorporated, RVA Entertainment Holdings, LLC, entered into a Resort Casino Host Community Agreement with the City of Richmond, Virginia (the “City”), to be the City’s preferred casino gaming operator subject to certification by the Virginia Lottery Department and a local referendum.

QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED) - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - shares	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares exercised							60,240	229,756
Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares issued		1,886,265		3,779,391		3,779,391		3,779,391
Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	2,649	495,296	4,684,419	509,347	4,684,419	519,347	5,124,671	521,877
Shares exercised			60,240	197,256	60,240	219,756		229,756
As Previously Reported \| Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares issued		1,886,265		3,779,391		3,779,391		3,779,391
As Previously Reported \| Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	2,649	495,296	4,684,419	509,347	4,684,419	519,347		521,877
Shares exercised			60,240	197,256	60,240	219,756		229,756