0001558370-24-009018 | 10-K | XBRL Viewer

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of segment reporting information

Detailed segment data for the years ended December 31, 2023 and 2022 is presented in the following table:


	Years Ended
	December 31,
	2023		2022

	(In thousands)
Net Revenue:
Radio Broadcasting	$	156,214	$	156,678
Reach Media		52,888		43,117
Digital		75,495		78,526
Cable Television		196,207		209,871
All other - corporate/eliminations*		(3,114)		(3,588)
Consolidated	$	477,690	$	484,604

Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	122,666	$	109,365
Reach Media		38,595		28,651
Digital		55,691		56,760
Cable Television		109,207		105,419
All other - corporate/eliminations		46,723		42,603
Consolidated	$	372,882	$	342,798

Depreciation and Amortization:
Radio Broadcasting	$	3,707	$	3,411
Reach Media		162		188
Digital		1,352		1,323
Cable Television		1,369		3,847
All other - corporate/eliminations		511		1,265
Consolidated	$	7,101	$	10,034

Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	129,278	$	40,683
Reach Media		—		—
Digital		—		—
Cable Television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	129,278	$	40,683

Operating (loss) income:
Radio Broadcasting	$	(99,437)	$	3,219
Reach Media		14,131		14,278
Digital		18,452		20,443
Cable Television		85,631		100,605
All other - corporate/eliminations		(50,348)		(47,456)
Consolidated	$	(31,571)	$	91,089

* Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,660)	$	(3,588)


Capital expenditures by segment are as follows:
Radio Broadcasting	$	7,105	$	3,750
Reach Media		119		269
Digital		1,172		1,245
Cable Television		142		639
All other - corporate/eliminations		599		1,695
Consolidated ^(a)	$	9,137	$	7,598
^(a) Consolidated amount includes $1.5 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively, related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $27.5 million $25.0 million for the years ended December 31, 2023 and 2022, respectively, in the Consolidated Statements of Cash Flows


	As of
	December 31,		December 31,
	2023		2022

	(In thousands)
Total assets:
Radio Broadcasting	$	503,259	$	605,703
Reach Media		50,722		48,936
Digital		31,185		35,766
Cable Television		398,660		414,324
All other - corporate/eliminations		227,347		239,917
Consolidated	$	1,211,173	$	1,344,646

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract assets:
Unbilled receivables	$ 5,437	$ 12,597
Contract liabilities:
Customer advances and unearned income	4,851	6,123
Reserve for audience deficiency	12,779	9,629
Unearned event income	$ 4,864	$ 5,708

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		Useful Lives

	(In thousands)
Land and improvements	$	3,375	$	4,628	—
Buildings		3,243		3,299	31 years
Transmitters and towers		17,212		45,733	7‑15 years
Equipment		10,204		67,025	3‑7 years
Furniture and fixtures		897		9,357	6 years
Software and web development		5,629		32,565	3 years
Leasehold improvements		9,841		25,231	Lesser of useful life or lease term
Construction-in-progress		14		153	—
		50,415		187,991
Less: accumulated depreciation		(21,754)		(159,733)
Property and equipment, net	$	28,661	$	28,258

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for expected credit loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in allowance for expected credit loss
Balance at Beginning of Period	$ 9,223
Charged to Expense, net	2,552	$ 1,837
Less: Deductions	(2,557)
Balance at End of Period	8,638	9,223
Adjusted Balance
Changes in allowance for expected credit loss
Balance at Beginning of Period	$ 8,643
Balance at End of Period		$ 8,643

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Cash, cash equivalents and restricted cash, end of period

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the consolidated balance sheets to “Cash, cash equivalents and restricted cash, end of period” as reported within the consolidated statements of cash flows:


	Years Ended
	December 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	233,090	$	75,404
Restricted cash	480			26,475
Total cash, cash equivalents, and restricted cash shown in Consolidated Statements of Cash Flows	$	233,570	$	101,879

Schedule of allowance for expected credit loss

The changes in the allowance for expected credit loss are as follows:


	As of December 31, 2023
	(In thousands)
Balance at Beginning of Period⁽¹⁾	$	8,643
Charged to Expense, net		2,552
Less: Deductions		(2,557)
Balance at End of Period	$	8,638

(1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13.

Schedule of net revenue (and sources)

The following chart shows the sources of the Company’s net revenue for the years ended December 31, 2023 and 2022:


	Radio		Reach				Cable
(In thousands)	Broadcasting		Media		Digital		Television		Eliminations		Consolidated
Year Ended December 31, 2023
Net Revenue:
Radio advertising	$	146,171	$	39,851	$	-	$	-	$	(3,660)	$	182,362
Political advertising		2,854		398		629		-		-		3,881
Digital advertising		-		-		74,866		-		-		74,866
Cable television advertising		-		-		-		108,307		-		108,307
Cable television affiliate fees		-		-		-		87,747		-		87,747
Event revenues & other		7,189		12,639		-		153		546		20,527
Net revenue	$	156,214	$	52,888	$	75,495	$	196,207	$	(3,114)	$	477,690

Year Ended December 31, 2022
Net Revenue:
Radio advertising	$	139,470	$	41,414	$	-	$	-	$	(3,616)	$	177,268
Political advertising		11,143		287		1,796		-		-		13,226
Digital advertising		-		-		76,730		-		-		76,730
Cable television advertising		-		-		-		112,857		-		112,857
Cable television affiliate fees		-		-		-		96,963		-		96,963
Event revenues & other		6,065		1,416		-		51		28		7,560
Net revenue	$	156,678	$	43,117	$	78,526	$	209,871	$	(3,588)	$	484,604

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 the Company’s consolidated balance sheets at December 31, 2023 and 2022 were as follows:


	December 31, 2023		December 31, 2022

	(In thousands)
Contract assets:
Unbilled receivables	$	5,437	$	12,597
Contract liabilities:
Customer advances and unearned income	$	4,851	$	6,123
Reserve for audience deficiency		12,779		9,629
Unearned event income		4,864		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,
	2023		2022

	(In thousands)
Launch assets	$	27,764	$	27,764
Less: accumulated amortization		(14,084)		(9,104)
Launch assets, net	$	13,680	$	18,660

Schedule of future estimated launch support amortization expense

Future estimated launch support amortization related to launch assets for years 2024 through 2028 and thereafter is as follows:


	(In thousands)
2024	$	4,980
2025		4,980
2026		3,409
2027		237
2028		68
Thereafter		6

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):


	Years Ended December 31,
	2023		2022
Numerator:
Net income attributable to Class A, Class B, Class C and Class D stockholders	$	2,050	$	34,343
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		47,645,678		48,928,063
Effect of dilutive securities:
Stock options and restricted stock		2,598,132		3,246,274
Denominator for diluted net income per share - weighted-average outstanding shares		50,243,810		52,174,337

Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	0.04	$	0.70
Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	0.04	$	0.66

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

As of December 31, 2023 and 2022, respectively, the fair values of the Company’s 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, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	22,970	$	—	$	—	$	22,970

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	16,520	$	—	$	—	$	16,520

Assets subject to fair value measurement:
Cash equivalents - money market funds (d)	$	193,769	$	193,769	$	—	$	—

As of December 31, 2022
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	25,741	$	—	$	—	$	25,741

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

(a)

Pursuant to an employment agreement, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each reporting period 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). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. Please refer to Note 16 – Subsequent Events of the Company’s consolidated financial statements for more details.

(b)

The redeemable noncontrolling interests in Reach Media are measured at fair value using a discounted cash flow methodology as of December 31, 2022. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate. As of December 31, 2023 the fair value is measured using an exit price methodology. Significant inputs to the exit price analysis include revenue growth rates, future operating profit margins, discount rate and an exit multiple.

(c)

During the three months ended June 30, 2023, the Company completed the sale of its MGM Investment. The investment in MGM National Harbor was preferred stock that had 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 included revenue growth rates, discount rate and a terminal growth rate. At December 31, 2022, the investment’s fair value was measured using a contractual valuation approach. This method relied 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 was based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique were 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 were 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.

(d)	The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.

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


	Employment		Redeemable		Available-
	Agreement		Noncontrolling		for-Sale
	Award		Interests		Securities

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 ^(*)		1,587		5,616		—
Balance at December 31, 2022	$	25,741	$	25,298	$	136,826
Net income attributable to redeemable noncontrolling interests		—		2,530		—
Dividends paid to redeemable noncontrolling interests		—		(4,401)		—
Distribution		(2,940)		—		—
Sale of available-for-sale securities		—		—		(136,826)
Change in fair value ^(*)		169		(6,907)		—
Balance at December 31, 2023	$	22,970	$	16,520	$	—

(*) Amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date.

Schedule of significant unobservable input value

For Level 3 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,
			2023		2022
		Significant
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Employment Agreement Award	Discounted cash flow	Discount rate	10.0	%	10.5	%
Employment Agreement Award	Discounted cash flow	Operating profit margin range	35.0% - 42.3	%	33.7% - 46.6	%
Employment Agreement Award	Discounted cash flow	Revenue growth rate range	(2.1)% - 2.5	%	(4.1)% - 4.2	%
Employment Agreement Award	Market Approach	Average recurring EBITDA multiple	6.3 - 6.5	x	6.6	x
Redeemable noncontrolling interests	Discounted cash flow	Discount rate	12.5	%	11.5	%
Redeemable noncontrolling interests	Discounted cash flow	Operating profit margin range	24.5% - 31.9	%	25.8% - 29.8	%
Redeemable noncontrolling interests	Discounted cash flow	Revenue growth rate range	1.2% - 16.5	%	0.2% - 32.2	%
Redeemable noncontrolling interests	Discounted cash flow	Exit Multiple	4.0	x	N/A

Schedule of available-for-sale securities reconciliation


	Amortized		Gross		Gross			Gross
	Cost		Unrealized		Unrealized			Realized		Fair
	Basis		Gains		Losses			Gains		Value

	(In thousands)
December 31, 2023
MGM Investment	$	—	$	—	$	—	$	96,826	$	—

December 31, 2022
MGM Investment	$	40,000	$	104,326	$	(7,500)	$	—	$	136,826

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


	Years Ended December 31,
	2023			2022

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,738		$	12,822
Variable lease cost (cost excluded from lease payments)		127			40
Total lease cost	$	12,865		$	12,862

Operating lease - operating cash flows (fixed payments)	$	13,761		$	13,978
Operating lease - operating cash flows (liability reduction)	$	10,362		$	9,935

Weighted average lease term - operating leases		5.94	years		4.85	years
Weighted average discount rate - operating leases		11.66	%		11.00	%

Schedule of maturities of lease liabilities

As of December 31, 2023, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(In thousands)
2024	$	13,767
2025		7,658
2026		5,674
2027		4,148
2028		3,114
Thereafter		14,726
Total future lease payments		49,087
Less: imputed interest		(16,062)
Total future lease payments	$	33,025

COMMITMENTS AND CONTINGENCIES - Operating lease and other operating contracts and agreements obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Lease Agreements, Years ending December 31:
2024	$ 13,767
2025	7,658
2026	5,674
2027	4,148
2028	3,114
2029 and thereafter	14,726
Total	49,087
Other Operating Contracts and Agreement, Years ending December 31:
2024	88,778
2025	37,108
2026	14,991
2027	4,983
2028	3,560
2029 and thereafter	9,615
Total	$ 159,035

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares exercised		60,240
Common Stock Class D
Shares repurchased	313,272	5,124,671
Shares exercised		60,240

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - RVAEH	Dec. 31, 2023	Mar. 31, 2023	Nov. 01, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percentage of ownership interest	75.00%	75.00%	75.00%	75.00%
Peninsula Pacific Entertainment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Percentage of ownership interest				25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,565	$ 36,660
Adjustments to reconcile net income to net cash from operating activities:
Bad debt expense	2,552	1,837
Depreciation and amortization	7,101	10,034
Amortization of debt financing costs	2,137	1,989
Amortization of launch assets	4,980	4,380
Amortization of content assets	50,098	43,533
Deferred income taxes	5,148	14,575
Amortization of right of use assets	9,226	8,716
Impairment of goodwill, intangible assets, and long-lived assets	129,278	40,683
Non-cash fair value adjustment of Employment Agreement Award	169	2,129
Stock-based compensation expense	9,975	9,912
Gain on retirement of debt	(2,356)	(6,718)
Loss on deconsolidation of joint venture	188
Loss on investment in unconsolidated joint venture	5,131
Non-cash income on PPP loan forgiveness		(7,575)
Realized gain on available for sale debt securities	(96,826)
Other	1,442
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	8,698	(16,123)
Prepaid expenses and other current assets	(2,376)	(6,651)
Other assets	555	1,022
Content assets and content payables	(53,518)	(62,630)
Accounts payable	2,407	304
Accrued interest	(769)	(2,347)
Accrued compensation and related benefits	(3,758)	6,461
Other liabilities	(15,152)	(4,393)
Launch support	(4,250)	(9,250)
Net cash flows provided by operating activities	64,645	66,548
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(7,676)	(6,763)
Restricted cash derecognized in deconsolidation of joint venture	(26,000)
Proceeds from sale of joint venture interest	6,563
Proceeds from sale of available for sale debt securities	136,826
Proceeds from release of escrow associated with joint venture	13,012
Acquisition of stations and broadcasting assets	(27,500)	(25,000)
Disposition of stations and broadcasting assets	4,975	3,080
Investment in unconsolidated joint venture	(4,842)
Net cash flows provided by (used in) investing activities	95,358	(28,683)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		512
Repayments of long-term debt	(22,281)	(67,124)
Repurchase of common stock	(1,630)	(26,543)
Payment of dividends to noncontrolling interest members of Reach Media	(4,401)	(1,599)
Proceeds from exercise of stock options		50
Net cash flows used in financing activities	(28,312)	(94,704)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	131,691	(56,839)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879	158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	233,570	101,879
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	54,828	62,039
Cash paid for: Income taxes, net of refunds	1,983	2,089
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Liabilities recognized under asset exchange/asset acquisition		1,240
Operating right of use assets obtained in exchange for lease obligation	10,870	3,876
Operating right of use asset and lease liability terminations	429	2,418
Non-cash launch additions		9,500
Non-cash content asset additions	9,716	15,246
Adjustment of redeemable noncontrolling interests to estimated redemption value	$ (6,907)	$ 5,616

CONTENT ASSETS - Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Content Assets
Content Assets [Line Items]
2024	$ 29,748
2025	18,281
2026	11,336
Produced Content Assets
Content Assets [Line Items]
2024	19,523
2025	13,710
2026	9,977
Acquired Content Assets
Content Assets [Line Items]
2024	10,225
2025	4,571
2026	$ 1,359

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2024	$ 13,767
2025	7,658
2026	5,674
2027	4,148
2028	3,114
Thereafter	14,726
Total future lease payments	49,087
Less: imputed interest	(16,062)
Total	$ 33,025

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Balance as of January 1	$ 654	$ 1,277
Deductions for tax positions as a result of the lapse of applicable statutes of limitation	(79)	(623)
Balance as of December 31	$ 575	$ 654

CONTENT ASSETS - Future Minimum Content Payments (Details) - Content Assets $ in Thousands	Dec. 31, 2023 USD ($)
Content Assets [Line Items]
2024	$ 22,389
2025	2,643
2026	$ 759

ORGANIZATION (Policies)	12 Months Ended
ORGANIZATION (Policies)	Dec. 31, 2023
ORGANIZATION
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, 2023, we owned and/or operated 72 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 13 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 90.0% 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 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. During the year ended December 31, 2023, the Company completed the sale of its investment in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. Please refer to Note 3(q) – Investments of 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 15 – Segment Information of our consolidated financial statements).
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. The most significant estimates and assumptions are used in determining: (i) estimates of future cash flows used to evaluate and recognize impairments; (ii) estimates of fair value of Employment Agreement Award and redeemable noncontrolling interests in Reach Media; (iii) deferred taxes and related valuation allowance, including uncertain tax positions; (iv) determination of the amortization patterns of content assets; and (v) estimate allowance for expected credit losses on trade accounts receivable. 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, 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. The Company is required to include the financial statements of variable interest entities (“VIE”) in its consolidated financial statements. Under the VIE model, the Company consolidates an investment if it has control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 233,090	$ 75,404
Restricted cash	480	26,475
Total cash, cash equivalents, and restricted cash shown in Consolidated Statements of Cash Flows	$ 233,570	$ 101,879	$ 158,718

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 4,565	$ 36,660
Adjustments to reconcile net income to net cash from operating activities:
Bad debt expense	2,552	1,837
Deferred income taxes	5,148	14,575
Stock-based compensation expense	9,975	9,912
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	8,698	(16,123)
Prepaid expenses and other current assets	(2,376)	(6,651)
Accounts payable	2,407	304
Other liabilities	(15,152)	(4,393)
Net cash flows provided by operating activities	64,645	66,548
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		512
Net cash flows used in financing activities	(28,312)	(94,704)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879	158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	233,570	101,879
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		39,955
Adjustments to reconcile net income to net cash from operating activities:
Bad debt expense		1,425
Deferred income taxes		14,878
Stock-based compensation expense		6,595
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net		(16,930)
Prepaid expenses and other current assets		(6,691)
Accounts payable		1,111
Other liabilities		(3,710)
Net cash flows provided by operating activities		67,060
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash flows used in financing activities		(95,216)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	95,379	152,218
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period		95,379
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		(3,526)
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes		(202)
Stock-based compensation expense		3,317
Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets		40
Other liabilities		(141)
Net cash flows provided by operating activities		(512)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		512
Net cash flows used in financing activities		512
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	$ 6,500	6,500
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period		6,500
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		231
Adjustments to reconcile net income to net cash from operating activities:
Bad debt expense		412
Deferred income taxes		(101)
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net		807
Accounts payable		(807)
Other liabilities		$ (542)

STOCKHOLDERS' EQUITY - Additional Information (Details)			12 Months Ended		24 Months Ended
STOCKHOLDERS' EQUITY - Additional Information (Details)	Mar. 07, 2022 USD ($)	Jun. 23, 2021 shares	Dec. 31, 2023 USD ($) item Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 06, 2022 USD ($)	Sep. 27, 2022 USD ($)	May 21, 2019 shares
STOCKHOLDERS' EQUITY
Number of classes of common stock \| item			4
Repurchase of shares of common stock \| $			$ 1,630,000	$ 26,543,000
Stock-based compensation expense \| $			$ 9,975,000	$ 9,912,000
Tax benefit from compensation expense \| $					$ 300,000
Restricted stock awards
STOCKHOLDERS' EQUITY
Vesting period			1 year
Employee Stock Option [Member]
STOCKHOLDERS' EQUITY
Vesting period			1 year
Expiration period (in years)			10 years
Weighted average grant date fair value \| $ / shares			$ 2.80	$ 2.82
Class A Common Stock
STOCKHOLDERS' EQUITY
Number of votes \| Vote			1
Shares repurchased \| shares				0
Additional shares authorized \| shares		2,000,000
Class A Common Stock \| Share Repurchase Program One
STOCKHOLDERS' EQUITY
Shares repurchased \| shares			0	0
Class A Common Stock \| Restricted stock awards
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $			$ 1,400,000		$ 1,400,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			12 months
Other than options, granted \| shares			0	750,000
Average fair value at grant date (in dollars per share) \| $ / shares				$ 5.39
Other than options, unvested, number \| shares			750,000	750,000	750,000
Other than options, unvested, weighted average grant date fair value \| $ / shares			$ 5.39	$ 5.39	$ 5.39
Class A Common Stock \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant \| shares			1,250,000		1,250,000
Class B Common Stock
STOCKHOLDERS' EQUITY
Number of votes \| Vote			10
Class A and Class D Common Stock
STOCKHOLDERS' EQUITY
Stock repurchase, Authorized amount \| $	$ 25,000,000.0					$ 10,000,000.0
Stock repurchase program, stock over a period	24 months
Shares repurchased \| shares			0
Class A and Class D Common Stock \| Maximum
STOCKHOLDERS' EQUITY
Stock repurchase, Authorized amount \| $							$ 500,000
Common Class D
STOCKHOLDERS' EQUITY
Stock repurchase, Authorized amount remaining \| $			$ 400,000		$ 400,000
Additional shares authorized \| shares		5,519,575
Common Class D \| Share Repurchase Program One
STOCKHOLDERS' EQUITY
Shares repurchased \| shares			824	4,779,969
Repurchase of shares of common stock \| $			$ 3,000	$ 25,000,000.0
Repurchase of common stock price per share \| $ / shares			$ 3.99	$ 5.24
Common Class D \| Share Repurchase Program Two
STOCKHOLDERS' EQUITY
Shares repurchased \| shares				13,577
Repurchase of shares of common stock \| $				$ 57,000
Repurchase of common stock price per share \| $ / shares				$ 4.23
Common Class D \| Restricted stock awards
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			13 months
Total unrecognized compensation, other than options \| $			$ 1,000,000.0		$ 1,000,000.0
Common Class D \| Stock Vest Tax Repurchases
STOCKHOLDERS' EQUITY
Shares repurchased \| shares			312,448	344,702
Repurchase of shares of common stock \| $			$ 1,600,000	$ 1,500,000
Repurchase of common stock price per share \| $ / shares			$ 5.21	$ 4.29
Common Class D \| 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant \| shares			2,111,305		2,111,305			5,500,000
Common Class D \| Employee
STOCKHOLDERS' EQUITY
Weighted average grant date fair value \| $ / shares			$ 2.80
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options \| $			$ 800,000		$ 800,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			10 months
Tax benefit from exercise of stock options \| $					$ 0
Common Stock Class [Member] \| Restricted stock awards
STOCKHOLDERS' EQUITY
Other than options, vested In period \| shares			0	0

ACQUISITIONS AND DISPOSITIONS - Asset Acquisition Pro forma (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
ACQUISITIONS AND DISPOSITIONS
Net revenue	$ 496,613
Operating income	91,767
Net income	$ 37,902

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Changes in Radio Broadcasting Licenses (Details) - USD ($) $ in Thousands			3 Months Ended						12 Months Ended
	Oct. 01, 2023	Oct. 01, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Beginning balance						$ 39,690			$ 39,690
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]									Asset Impairment Charges	Asset Impairment Charges
Ending balance			$ 39,690						$ 39,690	$ 39,690
Radio broadcasting licenses
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Beginning balance						488,419			488,419	501,420
Acquisitions									23,431	23,642
Disposals									(7,276)	(3,200)
Impairment charges	$ 0	$ (7,400)	(5,000)	$ (85,400)	$ (22,100)	$ (16,800)	$ (15,500)	$ (10,600)	(129,278)	(33,443)
Ending balance			$ 375,296						$ 375,296	$ 488,419

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

4. ACQUISITIONS AND DISPOSITIONS:

On April 11, 2023, the Company entered into a definitive asset purchase agreement with Cox Media Group (“the CMG Acquisition”) to purchase its Houston radio cluster. Under the terms of the agreement, the Company agreed to 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. The transaction price was $27.5 million. The acquisition was completed on August 1, 2023.

As part of the Federal Communication Commission (“FCC”) approval of and the closing conditions of the CMG Acquisition, the Company was required to divest KTHT-FM. On June 7, 2023, the Company entered into a definitive asset purchase agreement with Educational Media Foundation (“EMF”) to sell KTHT-FM, and all its assets, for $3.1 million (“the KTHT Divestiture”). Immediately prior to the closing of the CMG Acquisition on August 1, 2023, the KTHT-FM assets were transferred directly into an irrevocable trust until the sale to EMF was finalized. On November 1, 2023, after the approval by the FCC, the KTHT Divestiture was completed.

The Company accounted for the CMG Acquisition as an acquisition of assets and, as such, allocated the purchase price, including transaction costs directly related to the asset acquisition, to the assets acquired and liabilities assumed based on their relative fair values with no goodwill recognized. The Company’s allocation of the purchase price to the assets acquired in the CMG Acquisition, exclusive of those amounts allocated to KTHT-FM, consisted of approximately $23.4 million to radio broadcasting licenses, $0.3 million to towers and antennas, $0.5 million to transmitters, $0.1 million to studios, approximately $0.1 million to fixed assets.

To determine the fair value of the FCC licenses, the Company utilized the income approach which values a license by calculating the value of a hypothetical start-up company that initially has no assets except the asset to be valued (the FCC license).

In anticipation of the FCC divestiture requirement and the CMG Acquisition, the Company agreed to sell its KROI-FM radio broadcasting license along with the associated station assets from the radio broadcasting segment to an unrelated third party for approximately $7.5 million. The identified assets and liabilities of KROI-FM had a combined carrying value of approximately $9.9 million and $2.4 million, respectively. The major category of the assets included radio broadcasting licenses in the amount of approximately $7.3 million (net of impairment of approximately $16.8 million included in impairment of goodwill, intangible assets, and long-lived assets, on the consolidated statement of operations). On August 1, 2023, immediately prior to the closing of the CMG Acquisition, the identified assets and liabilities were transferred to an irrevocable trust and removed from the Company’s consolidated balance sheet as part of customary closing terms. The identified assets and liabilities will remain in the trust until the transaction is complete, which is anticipated to occur in 2024.

As the identified assets and liabilities of KROI-FM were held in an irrevocable trust and the divestiture had not been completed as of December 31, 2023, the Company has recorded a right to receive payment from KROI-FM’s acquirer as a receivable of $5.6 million within other current assets in the consolidated balance sheet as of December 31, 2023.

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 presence. 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 $25.0 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 approximated the carrying value of the assets. The Company recognized a net loss of approximately $0.1 million related to the disposal transaction during the year ended December 31, 2022.

The Company accounted for the Emmis transaction as a business combination. The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed in the Emmis transaction consisted of approximately $23.6 million to radio broadcasting licenses, $0.2 million to towers and antennas, $0.3 million to transmitters, $0.2 million to studios, $0.1 million to fixed assets, $0.1 million to acquired advertising contracts, $0.4 million to goodwill, and $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.

Unaudited Pro Forma Information

The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2022:


	Year Ended
	December 31, 2022

Net revenue	$	496,613
Operating income		91,767
Net income		37,902

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 the results would have been had the Company operated the stations acquired in the Emmis transaction 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.

LONG-TERM DEBT - PPP Loan (Details) - PPP loan - USD ($) $ in Millions		3 Months Ended
	Jun. 01, 2021	Jun. 30, 2022
Debt Instrument [Line Items]
Proceeds from PPP Loan	$ 7.5
Fixed interest rate per year	1.00%
Other Income		$ 7.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Number of Options, Exercised		(60,240)
Employee Stock Option [Member]
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year	4,594,734	3,770,913
Number of Options, Grants	649,453	884,061
Number of Options, Exercised		(60,240)
Number of Option, Forfeited/cancelled/expired/settled	(20,051)
Number of Options, Balance at End of Year	5,224,136	4,594,734	3,770,913
Number of Options, Vested and expected to vest	5,171,594
Number of Options, Unvested	452,524
Number of Options, Exercisable	4,771,612
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)	$ 2.59	$ 2.18
Weighted-Average Exercise Price, Grants (in dollars per share)	5.20	4.22
Weighted-Average Exercise Price, Exercised (in dollars per share)		0.83
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)	4.75
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)	2.90	$ 2.59	$ 2.18
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)	2.89
Weighted-Average Exercise Price, Unvested (in dollars per share)	4.71
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 2.73
Weighted-Average Remaining Contractual Term, Outstanding (in years)	5 years 3 months 10 days	5 years 8 months 19 days	5 years 8 months 4 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 2 months 26 days
Weighted-Average Remaining Contractual Term, Unvested (in years)	9 years 2 months 8 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)	4 years 10 months 28 days
Aggregate Intrinsic Value, Outstanding	$ 5,021,952	$ 5,871,492	$ 4,659,601
Aggregate Intrinsic Value, Grants	0	0
Aggregate Intrinsic Value, Exercised	0	315,620
Aggregate Intrinsic Value, Forfeited/cancelled/expired/settled	0	$ 0
Aggregate Intrinsic Value, Vested and expected to vest	5,021,952
Aggregate Intrinsic Value, Unvested	0
Aggregate Intrinsic Value, Exercisable	$ 5,021,952

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheets - Additional (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Allowance for doubtful accounts receivable (in dollars)	$ 8,638	$ 9,223

CONTENT ASSETS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONTENT ASSETS
Amortization expense for produced content assets	$ 32,600	$ 26,300
Amortization expense for acquired content assets	17,500	17,200
Amortization of content assets	$ 50,098	$ 43,533

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

Dec. 31, 2023

Dec. 31, 2022

Liabilities subject to fair value measurement:

Employment agreement award

$ 23,000

$ 25,700

Total

22,970

25,741

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

16,520

^[1]

25,298

Assets subject to fair value measurement:

Available for sale securities

136,826

Cash equivalents - money market funds

193,769

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

193,769

39,798

Assets subject to fair value measurement value

39,798

Fair Value, Inputs, Level 3 [Member]

Liabilities subject to fair value measurement:

Total

22,970

25,741

Mezzanine equity subject to fair value measurement:

Redeemable noncontrolling interests

$ 16,520

^[1]

25,298

Assets subject to fair value measurement:

Available for sale securities

136,826

Assets subject to fair value measurement value

$ 136,826

[1]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Available for sale securities (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 21, 2023	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost Basis		$ 0	$ 40,000
Gross realized gains		96,826
MGM National Harbor [Member]
Amortized Cost Basis			40,000
Gross Unrealized Gains			104,326
Gross Unrealized Losses			(7,500)
Gross realized gains	$ 96,800	$ 96,826
Fair Value			$ 136,826

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Discount rate \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	10.00%	10.50%
Discount rate \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale, Measurement Input	12.5	11.5
Discount rate \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	(2.10%)	(4.10%)
Discount rate \| Maximum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	2.50%	4.20%
Operating profit margin range \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	35.00%	33.70%
Operating profit margin range \| Minimum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	24.50%	25.80%
Operating profit margin range \| Maximum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	42.30%	46.60%
Operating profit margin range \| Maximum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	31.90%	29.80%
Revenue growth rate range \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	(2.10%)	(4.10%)
Revenue growth rate range \| Minimum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	1.20%	0.20%
Revenue growth rate range \| Maximum \| Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	16.50%	32.20%
Average recurring EBITDA multiple \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate		6.60%
Average recurring EBITDA multiple \| Minimum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	6.30%
Average recurring EBITDA multiple \| Maximum \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	6.50%
Exit Multiple \| Employment agreement award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Debt Securities, Available-for-Sale, Measurement Input	4.0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,050	$ 34,343

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Operations - Additional (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 1,129	$ 239
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 8,707	$ 9,666

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

12 Months Ended

Dec. 31, 2023

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

Schedule of broadcasting licenses carrying value


	Total
	(In thousands)
Balance at January 1, 2022	$	501,420
Acquisitions		23,642
Disposals		(3,200)
Impairment charges		(33,443)
Balance at December 31, 2022	$	488,419
Acquisitions		23,431
Disposals		(7,276)
Impairment charges		(129,278)
Balance at December 31, 2023	$	375,296

Schedule of Radio Broadcasting licenses impairment test


Radio Broadcasting	December 31,			October 1,			September 30,			June 30,			March 31,			October 1,			September 30,			June 30,
Licenses	2023			2023			2023			2023 (a)			2023			2022			2022 (a)			2022 (a)

Impairment charge (in millions)	$	5.0		$	—		$	85.4		$	22.1		$	16.8	(*)	$	7.4		$	15.5		$	10.6	(*)

Discount rate		9.5 – 10.0	%		10.0	%		10.0	%		9.5	%		(**)			9.5	%		9.5	%		9.5	%
Revenue growth rate range		(2.3) % – 0.8	%		(1.7) % – 0.0	%		(1.7) % – 0.0	%		0.3 % – 1.4	%		(**)			0.0 % – 1.7	%		0.3 % – 1.6	%		0.7 % – 2.4	%
Terminal growth rate range		(0.5)	%		(0.5)	%		(0.5)	%		0.3 % – 0.8	%		(**)			0.3 % – 0.8	%		0.3 % – 0.8	%		0.7 % – 1.0	%
Mature market share range		5.2 % – 30.0	%		5.3 % – 29.5	%		5.3 % – 29.5	%		0.9 % – 28.8	%		(**)			6.8 % – 27.6	%		6.8 % – 27.6	%		6.9 % – 25.6	%
Operating profit margin range		17.0 % – 31.9	%		17.0 % – 33.5	%		17.0 % – 33.5	%		18.8 % – 34.6	%		(**)			27.2 % – 34.6	%		28.3 % – 36.1	%		28.3 % – 36.1	%

(a) Key assumptions presented on the table for these periods relate to certain markets that were quantitatively assessed as part of the interim impairment assessments.

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

(**) As fair value is based on estimated asset sale consideration, key assumptions under the income approach are not applicable.

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 2023 and 2022:


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

	(In thousands)
As of December 31, 2021
Gross goodwill	$	154,530	$	30,468	$	27,567	$	165,044	$	377,609
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402

Additions		437		—		—		—		437
Impairments		(7,240)		—		—		—		(7,240)

As of December 31, 2022
Gross goodwill	$	154,967	$	30,468	$	27,567	$	165,044	$	378,046
Accumulated impairment losses		(124,988)		(16,114)		(20,345)		—		(161,447)
Net goodwill at December 31, 2022	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

Additions		—		—		—		—		—
Impairments		—		—		—		—		—

As of December 31, 2023
Gross goodwill	$	154,967	$	30,468	$	27,567	$	165,044	$	378,046
Accumulated impairment losses		(124,988)		(16,114)		(20,345)		—		(161,447)
Net goodwill at December 31, 2023	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

Schedule of other intangible assets


														Remaining
														Weighted-
														Average
	As of December 31,												Period of	Period of
	2023						2022						Amortization	Amortization

	(In thousands)
	Gross Carrying		Accumulated		Net		Gross Carrying		Accumulated		Net
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	68	$	(62)	$	6	$	17,431	$	(17,418)	$	13	1‑5 Years	0.9 Years
Intellectual property		6,503		(6,503)		—		6,878		(6,878)		—	4‑10 Years	0.0 Years
Advertiser agreements		47,687		(47,687)		—		46,669		(45,728)		941	1‑12 Years	0.0 Years
Brand names		4,159		(3,637)		522		4,413		(3,732)		681	10 Years	3.8 Years
Brand names - unamortized		39,690		—		39,690		39,690		—		39,690	Indefinite	—
Launch assets, net of current portion		22,798		(14,091)		8,707		22,791		(9,104)		13,687	Contract length	2.9 Years
Other intangibles		234		(55)		179		849		(668)		181	1‑15 Years	6.6 Years
Total other intangible assets	$	121,139	$	(72,035)	$	49,104	$	138,721	$	(83,528)	$	55,193		3.5 Years

Schedule of estimated amortization expense


	(In thousands)
2024	$	281
2025		139
2026		135
2027		80
2028		48

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

LONG-TERM DEBT - Additional Information (Details) $ in Thousands			3 Months Ended	12 Months Ended
	Feb. 19, 2021 USD ($)	Jan. 08, 2021	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 06, 2022 USD ($)	Jan. 25, 2021 USD ($)	Feb. 24, 2015 USD ($)
Debt Instrument [Line Items]
Deferred financing costs included in interest expense				$ 2,137	$ 1,989
Repayments of Long-term Debt, Total				22,281	67,124
Gain (Loss) on Extinguishment of Debt				$ 2,356	$ 6,718
2028 Notes Offering
Debt Instrument [Line Items]
Percentage of issue price		100
Debt instrument effective interest rate				7.62%	7.84%
7.375% Senior Secured Notes due February 2028
Debt Instrument [Line Items]
Face amount of debt							$ 825,000
Interest rate		7.375%		7.375%			7.375%
Long-term Debt, Gross				$ 725,000	$ 750,000
Debt Instrument, Redemption Price, Percentage				89.10%	89.50%
Amount redeemable				$ 25,000	$ 75,000
Gain (Loss) on Extinguishment of Debt				2,400	6,700
7.375% Senior Secured Notes due February 2028 \| Scenario, Plan [Member]
Debt Instrument [Line Items]
Amount redeemable						$ 25,000
7.375% Senior Secured Notes due February 2028 \| 2028 Notes Offering
Debt Instrument [Line Items]
Debt issuance costs				15,400
Deferred financing costs included in interest expense				2,100	$ 2,000
PPP loan
Debt Instrument [Line Items]
Other Income			$ 7,600
ABL Facility
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Period prior to maturity of senior secured notes	91 days
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Letter of credit facility, maximum capacity	$ 5,000			5,000				$ 1,200
Percentage Borrowing Of Eligible Accounts	85.00%
Borrowings outstanding				$ 0
Line of Credit Facility, Current Borrowing Capacity	$ 50,000
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.
Standby Letters of Credit
Debt Instrument [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability				$ 800

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT:


	As of December 31,				Estimated
	2023		2022		Useful Lives

	(In thousands)
Land and improvements	$	3,375	$	4,628	—
Buildings		3,243		3,299	31 years
Transmitters and towers		17,212		45,733	7‑15 years
Equipment		10,204		67,025	3‑7 years
Furniture and fixtures		897		9,357	6 years
Software and web development		5,629		32,565	3 years
Leasehold improvements		9,841		25,231	Lesser of useful life or lease term
Construction-in-progress		14		153	—
		50,415		187,991
Less: accumulated depreciation		(21,754)		(159,733)
Property and equipment, net	$	28,661	$	28,258

Depreciation expense for the years ended December 31, 2023, and 2022 was approximately $6.0 million and $6.4 million, respectively. Repairs and maintenance costs are expensed as incurred.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
NET INCOME	$ 4,565	$ 36,660
OTHER COMPREHENSIVE (LOSS) INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities		24,226
Income tax expense related to unrealized gain on available-for-sale securities		(5,949)
Reclassification adjustment for realized gain on available-for-sale securities included in net income	(96,826)
Income tax provision related to reclassification for realized gain	23,599
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(73,227)	18,277
COMPREHENSIVE (LOSS) INCOME	(68,662)	54,937
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,515	2,317
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (71,177)	$ 52,620

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Jan. 26, 2024	Feb. 19, 2021	Feb. 24, 2015
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Noncancelable operating lease term	50 years
Other operating contracts and agreements expiry term	5 years
Contractual Obligation	$ 159,035
Property, Plant and Equipment, Office And Studio Space [Member]
COMMITMENTS AND CONTINGENCIES
Minimum lease payments	$ 1,300
Lessee, Operating Lease, Remaining Lease Term	7 years 2 months 12 days
Other Operating Contracts
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	$ 106,000
Television Segment Certain Content Agreement
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	33,500
Employment Agreements
COMMITMENTS AND CONTINGENCIES
Contractual Obligation	29,200
Reach Media Inc \| Subsequent events
COMMITMENTS AND CONTINGENCIES
Percentage of put rights		50.00%
Standby Letters of Credit
COMMITMENTS AND CONTINGENCIES
Fair value disclosure, off-balance sheet risks	800
ABL Facility
COMMITMENTS AND CONTINGENCIES
Letter of credit facility, maximum capacity	$ 5,000		$ 5,000	$ 1,200

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 136,826	$ 112,600
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	(136,826)	24,226
Change in fair value	0	0
Balance, end of period	0	136,826
Employment agreement award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,741	28,193
Net income attributable to redeemable noncontrolling interests	0	0
Dividends paid to redeemable noncontrolling interests	0	0
Distribution	(2,940)	(4,039)
Change in fair value included within other comprehensive income	0	0
Change in fair value	169	1,587
Balance, end of period	22,970	25,741
Redeemable Noncontrolling Interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,298	18,655
Net income attributable to redeemable noncontrolling interests	2,530	2,626
Dividends paid to redeemable noncontrolling interests	4,401	1,599
Change in fair value	(6,907)	5,616
Balance, end of period	$ 16,520	$ 25,298

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

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 Assessment

In accordance with ASC 350, the Company does not amortize its radio broadcasting licenses or goodwill. Instead, the Company performs 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. For broadcasting licenses, the combined broadcasting licenses in each of the 13 radio markets represent a unit of accounting. For goodwill, the Company’s individual radio markets within the radio broadcasting segment and each of the other three business segments represent a reporting unit. Other intangible assets, except for unamortized brand names, continue to be amortized on a straight-line basis over their useful lives. The Company evaluates 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.

The Company performs an annual impairment assessment as of October 1 of each year. The Company identified interim triggering events during the current year which led to performing impairment assessments including the most recent interim impairment test performed as of December 31, 2023.

For the years ended December 31, 2023 and 2022, the Company recorded impairment losses against radio broadcasting licenses and goodwill collectively, of approximately $129.3 million and $40.7 million, respectively, which are included within the impairment of goodwill, intangible assets, and long-lived assets in the consolidated statements of operations.

Broadcasting Licenses

The Company’s total broadcasting licenses carrying value is approximately $375.3 million as of December 31, 2023.

The table below presents the changes in the Company’s radio broadcasting licenses during 2023 and 2022:


	Total
	(In thousands)
Balance at January 1, 2022	$	501,420
Acquisitions		23,642
Disposals		(3,200)
Impairment charges		(33,443)
Balance at December 31, 2022	$	488,419
Acquisitions		23,431
Disposals		(7,276)
Impairment charges		(129,278)
Balance at December 31, 2023	$	375,296

The Company’s 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, the Company’s licenses have been renewed for a full eight-year terms without any conditions or sanctions; however, there can be no assurance that the licenses of each of the Company’s stations will be renewed for a full term without conditions or sanctions.

During the three months ended March 31, 2023, the Company recognized an impairment loss of $16.8 million associated with the sale of the KROI-FM radio broadcasting license as discussed in Note 4 – Acquisitions and Dispositions of the Company’s consolidated financial statements.

During the three months ended June 30, 2023, the Company performed an interim quantitative impairment assessment for broadcasting licenses in eight radio markets and recognized an impairment loss of approximately $22.1 million associated with broadcasting licenses in five radio markets. The primary factor leading to the impairments was a decline in the projected gross market revenues.

During the three months ended September 30, 2023, the Company performed an interim quantitative impairment assessment for broadcasting licenses in all radio markets and recognized an impairment loss of approximately $85.4 million associated with broadcasting licenses in 10 radio markets. The primary factor leading to the impairments was a decline in the projected gross market revenues and an increase in the discount rate.

As of October 1, 2023, the Company performed a quantitative assessment for broadcasting licenses in all radio markets as part of the annual impairment assessment, resulting in no impairment losses.

During the three months ended December 31, 2023, the Company performed an interim quantitative assessment for broadcasting licenses in all radio markets and recognized an impairment loss of approximately $5.0 million associated with broadcasting licenses in three radio markets. The primary factor leading to the impairments was a decline in the projected gross market revenues and margins.

When evaluating the Company’s radio broadcasting licenses for impairment, the assessment is done at the unit of accounting level. In the Company’s case, each unit of accounting is a cluster of radio stations in one of the Company’s geographical markets. Broadcasting license fair values are based on the discounted future cash flows of the applicable unit of accounting assuming an initial hypothetical start-up operation which possesses FCC licenses as the only asset. Over

time, it is assumed the operation acquires other tangible assets such as advertising and programming contracts, employment agreements and going concern value, and matures into an average performing operation in a specific radio market.

The Company’s 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 assessment performed and interim impairment assessment where an impairment charge was recorded as a result of quantitative assessments since January 1, 2022.


Radio Broadcasting	December 31,			October 1,			September 30,			June 30,			March 31,			October 1,			September 30,			June 30,
Licenses	2023			2023			2023			2023 (a)			2023			2022			2022 (a)			2022 (a)

Impairment charge (in millions)	$	5.0		$	—		$	85.4		$	22.1		$	16.8	(*)	$	7.4		$	15.5		$	10.6	(*)

Discount rate		9.5 – 10.0	%		10.0	%		10.0	%		9.5	%		(**)			9.5	%		9.5	%		9.5	%
Revenue growth rate range		(2.3) % – 0.8	%		(1.7) % – 0.0	%		(1.7) % – 0.0	%		0.3 % – 1.4	%		(**)			0.0 % – 1.7	%		0.3 % – 1.6	%		0.7 % – 2.4	%
Terminal growth rate range		(0.5)	%		(0.5)	%		(0.5)	%		0.3 % – 0.8	%		(**)			0.3 % – 0.8	%		0.3 % – 0.8	%		0.7 % – 1.0	%
Mature market share range		5.2 % – 30.0	%		5.3 % – 29.5	%		5.3 % – 29.5	%		0.9 % – 28.8	%		(**)			6.8 % – 27.6	%		6.8 % – 27.6	%		6.9 % – 25.6	%
Operating profit margin range		17.0 % – 31.9	%		17.0 % – 33.5	%		17.0 % – 33.5	%		18.8 % – 34.6	%		(**)			27.2 % – 34.6	%		28.3 % – 36.1	%		28.3 % – 36.1	%

(a) Key assumptions presented on the table for these periods relate to certain markets that were quantitatively assessed as part of the interim impairment assessments.

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

(**) As fair value is based on estimated asset sale consideration, key assumptions under the income approach are not applicable.

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

Goodwill

The Company’s total goodwill carrying value is approximately $216.6 million as of December 31, 2023. The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments during 2023 and 2022:


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

	(In thousands)
As of December 31, 2021
Gross goodwill	$	154,530	$	30,468	$	27,567	$	165,044	$	377,609
Accumulated impairment losses		(117,748)		(16,114)		(20,345)		—		(154,207)
Net goodwill at December 31, 2021	$	36,782	$	14,354	$	7,222	$	165,044	$	223,402

Additions		437		—		—		—		437
Impairments		(7,240)		—		—		—		(7,240)

As of December 31, 2022
Gross goodwill	$	154,967	$	30,468	$	27,567	$	165,044	$	378,046
Accumulated impairment losses		(124,988)		(16,114)		(20,345)		—		(161,447)
Net goodwill at December 31, 2022	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

Additions		—		—		—		—		—
Impairments		—		—		—		—		—

As of December 31, 2023
Gross goodwill	$	154,967	$	30,468	$	27,567	$	165,044	$	378,046
Accumulated impairment losses		(124,988)		(16,114)		(20,345)		—		(161,447)
Net goodwill at December 31, 2023	$	29,979	$	14,354	$	7,222	$	165,044	$	216,599

The Company performed an annual impairment assessment as of October 1, 2023 for all reporting units and an interim impairment assessment as of December 31, 2023 for certain of its reporting units to determine whether they were impaired. The key assumptions used in the discounted cash flow analysis for goodwill include revenue and projected revenue growth rates by market, operating profit margins, terminal growth rate, and discount rate. Based on the assessments, there was no impairment in goodwill for the year ended December 31, 2023.

During the three months ended June 30, 2022, the Company recognized an impairment loss of approximately $4.3 million associated with goodwill in the Atlanta reporting unit. During the three months ended December 31, 2022, the

Company recognized an impairment loss of approximately $2.9 million associated with goodwill in the Philadelphia reporting unit.

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
	2023						2022						Amortization	Amortization

	(In thousands)
	Gross Carrying		Accumulated		Net		Gross Carrying		Accumulated		Net
	Amount		Amortization		Amount		Amount		Amortization		Amount
Trade names	$	68	$	(62)	$	6	$	17,431	$	(17,418)	$	13	1‑5 Years	0.9 Years
Intellectual property		6,503		(6,503)		—		6,878		(6,878)		—	4‑10 Years	0.0 Years
Advertiser agreements		47,687		(47,687)		—		46,669		(45,728)		941	1‑12 Years	0.0 Years
Brand names		4,159		(3,637)		522		4,413		(3,732)		681	10 Years	3.8 Years
Brand names - unamortized		39,690		—		39,690		39,690		—		39,690	Indefinite	—
Launch assets, net of current portion		22,798		(14,091)		8,707		22,791		(9,104)		13,687	Contract length	2.9 Years
Other intangibles		234		(55)		179		849		(668)		181	1‑15 Years	6.6 Years
Total other intangible assets	$	121,139	$	(72,035)	$	49,104	$	138,721	$	(83,528)	$	55,193		3.5 Years

Amortization expense of intangible assets for each of the years ended December 31, 2023 and 2022 was approximately $1.1 million and $3.7 million, respectively.

The following table presents the Company’s estimate of amortization expense for the years 2024 through 2028 for intangible assets as of December 31, 2023:


	(In thousands)
2024	$	281
2025		139
2026		135
2027		80
2028		48

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.

EMPLOYMENT AGREEMENT AWARD (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reassessed Estimated Fair Value of Award	$ 23.0	$ 25.7
Corporate selling, general and administrative \| Employment agreement award
Income (expense) associated with the Employment Agreement Award	$ 0.2	$ 1.6

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 25, 2021	Jan. 08, 2021
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
Less: current portion of long-term debt	0	0
Less: original issue discount and issuance costs	8,754	11,000
Long-term debt, net	716,246	739,000
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
Interest rate	7.375%		7.375%	7.375%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands							3 Months Ended						12 Months Ended
	Oct. 01, 2023 USD ($)	Apr. 21, 2023 USD ($)	Feb. 14, 2023 USD ($)	Nov. 01, 2022	Oct. 01, 2022 USD ($)	Nov. 30, 2016 USD ($)	Dec. 31, 2023 USD ($) item	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 USD ($) segment	Mar. 08, 2023	Feb. 28, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jan. 25, 2021 USD ($)	Jan. 08, 2021	Apr. 10, 2015 USD ($)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Accumulated deficit							$ (733,371)						$ (733,371)	$ (736,010)
Number of independently formatted, revenue producing broadcast stations \| item							72						72
Number of FM or AM stations owned or operated \| item							57						57
Number of HD stations owned or operated \| item							13						13
Number of low power television stations owned or operated \| item							2						2
Number of most populous market \| item							13						13
Number of reportable segments \| segment													4	4
Restricted cash							$ 480						$ 480	$ 26,475
Carrying value of debt							725,000						725,000	750,000
Net Revenue													477,690	484,604
Allowance for doubtful accounts receivable (in dollars)							8,638						8,638	9,223
Investment income (loss) in unconsolidated joint venture													200
Cash received in Escrow													13,000
Reassessed Estimated Fair Value of Award							$ 23,000						23,000	25,700
Selling, General and Administrative Expense, Total													173,569	160,642
Amortization of Intangible Assets													$ 1,100	3,700
Property, Plant and Equipment, Useful Life							3 years						3 years
Operating income (loss)													$ (31,571)	91,089
Goodwill							$ 216,599						216,599	216,599				$ 223,402
Operating Expenses, Total													509,261	393,515
Unearned Event Income													$ 4,864	5,708
Percentage Of Award Amount							4.00%						4.00%
Impairment of Long-Lived Assets Held-for-use													$ 129,278	40,683
Net Revenue													477,690	484,604
Operating Lease, Right-of-Use Asset							$ 31,649						31,649	31,879
Operating lease, liability							33,025						33,025
INTEREST EXPENSE													56,196	61,751
Goodwill impairment charges													0	7,240
Redeemable noncontrolling interest							16,520						16,520	31,923
Radio broadcasting licenses							375,296						375,296	488,419
Other Liabilities, Current							42,831						42,831	39,682
OTHER INCOME, NET													96,084	16,083
Proceeds from sale of available for sale debt securities													136,826
Gross realized gains													96,826
RVAEH
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Investment income (loss) in unconsolidated joint venture			$ 200
Equity Method Investments							$ 0						$ 0
Percentage of ownership of equity interest excluding interest in entity			50.00%
Percentage of ownership interest				75.00%			75.00%			75.00%			75.00%					75.00%
Threshold period to get the option to purchase all of their shares after reaching certain milestone				10 years
Redeemable noncontrolling interest														6,600
Percentage of ownership interest purchased			25.00%
Investment purchased			$ 6,600
Software and web development [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Property, Plant and Equipment, Useful Life							3 years						3 years
RVA Entertainment Holdings LLC [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Restricted cash							$ 0						$ 0	26,000		$ 26,000
Churchhill Downs Incorporated \| RVAEH
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage of ownership of equity interest excluding interest in entity			50.00%
Host Community Agreement [Member] \| RVA Entertainment Holdings LLC [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Upfront Payment																			$ 26,000
Adjusted Balance
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Allowance for doubtful accounts receivable (in dollars)														8,643			$ 600
Reserve for audience deficiency
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Contract with customer liability revenue recognized													6,000
Continuing Operations [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Marketing and Advertising Expense													27,100	31,300
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Net Revenue													3,200	2,000
Cost of Goods and Services Sold													1,700	1,300
Selling, General and Administrative Expense, Total													1,500	700
Net Revenue													3,200	2,000
Radio Broadcasting
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees													18,800	18,400
Radio Broadcasting Segment
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill							29,979						29,979	29,979				$ 36,782
Goodwill impairment charges													0	7,240
Impairment charge, indefinite lived intangible asset													129,300
Fantastic Voyage [Member] \| Reach Media
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Net Revenue													9,700
Operating income (loss)													1,750
Operating Expenses, Total													8,000
Net Revenue													9,700
Digital Segment [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill							$ 7,222						7,222	7,222				$ 7,222
Goodwill impairment charges													$ 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	8 years 1 month 6 days
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period							2 years 10 months 24 days						2 years 10 months 24 days	3 years 9 months 18 days
Payment for launch support													$ 4,300	$ 9,300
Amortization of Intangible Assets													$ 5,000	4,400
Licensing Agreements [Member] \| Minimum
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite-lived intangible asset, useful life							1 year						1 year
Licensing Agreements [Member] \| Maximum
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite-lived intangible asset, useful life							5 years						5 years
Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Radio broadcasting licenses							$ 375,300						$ 375,300
Impairment charge, indefinite lived intangible asset	$ 0				$ 7,400		5,000	$ 85,400	$ 22,100	$ 16,800	$ 15,500	$ 10,600	129,278	33,443
Goodwill and Radio Broadcasting Licenses [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Goodwill and intangible assets impairment													129,300	40,700
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Amount due from related parties							1,000						1,000	2,300
Chief Executive Officer
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Related party expenses													3,200	3,800
Amount due from related parties							300						300	1,500
Due from related party							200						200	200
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							725,000						725,000	750,000
Fair value of debt							616,300						616,300	646,900
Carrying value of debt							$ 725,000						$ 725,000	750,000
Debt Instrument, Interest Rate, Stated Percentage							7.375%						7.375%							7.375%	7.375%
Face amount of debt																				$ 825,000
PPP loan
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Other Income												$ 7,600
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees													$ 19,400	20,100
Reach Media Inc
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent							90.00%						90.00%
Urban One [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent							100.00%						100.00%
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Net Revenue													$ 3,700
Net Revenue													3,700
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Net Revenue													5,700
Net Revenue													5,700
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Investment Owned, at Cost						$ 35,000																$ 5,000
Exercisable period of put rights						30 days
Percentage of ownership of equity interest excluding interest in entity															100.00%
Other Income													0	$ 8,800
Proceeds from sale of available for sale debt securities		$ 136,800
Gross realized gains		$ 96,800											$ 96,826

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

Schedule of long-term debt

Long-term debt consists of the following:


	December 31,		December 31,
	2023		2022

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	725,000	$	750,000
Total debt		725,000		750,000
Less: current portion of long-term debt		—		—
Less: original issue discount and issuance costs		8,754		11,000
Long-term debt, net	$	716,246	$	739,000

Schedule of future scheduled minimum principal payments

Future scheduled minimum principal payments of debt as of December 31, 2023, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028
	(In thousands)
2024	$	—
2025		—
2026		—
2027		—
2028		725,000
2029 and thereafter		—
Total debt	$	725,000

- 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

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+ Details

INCOME TAXES - Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal:
Current	$ 0	$ 0
Deferred	3,952	12,572
State:
Current	2,796	1,844
Deferred	1,196	2,002
Provision for income taxes	$ 7,944	$ 16,418

- Definition

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

+ References + Details

ORGANIZATION

12 Months Ended

Dec. 31, 2023

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, 2023, we owned and/or operated 72 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 13 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 90.0% 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 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. During the year ended December 31, 2023, the Company completed the sale of its investment in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. Please refer to Note 3(q) – Investments of 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 15 – 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. The most significant estimates and assumptions are used in determining: (i) estimates of future cash flows used to evaluate and recognize impairments; (ii) estimates of fair value of Employment Agreement Award and redeemable noncontrolling interests in Reach Media; (iii) deferred taxes and related valuation allowance, including uncertain tax positions; (iv) determination of the amortization patterns of content assets; and (v) estimate allowance for expected credit losses on trade accounts receivable.

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, 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.

The Company is required to include the financial statements of variable interest entities (“VIE”) in its consolidated financial statements. Under the VIE model, the Company consolidates an investment if it has control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

ORGANIZATION (Details)	12 Months Ended
ORGANIZATION (Details)	Dec. 31, 2023 item segment	Dec. 31, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of independently formatted, revenue producing broadcast stations	72
Number of FM or AM stations owned or operated	57
Number of HD stations owned or operated	13
Number of low power television stations owned or operated	2
Number of most populous market	13
Number of reportable segments \| segment	4	4
Reach Media Inc
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	90.00%
Urban One
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	100.00%

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME	$ (68,662)	$ 54,937
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,515	2,317
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (71,177)	52,620
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		58,232
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		55,606
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		(3,526)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(309)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		(3,217)
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		231
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 231

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS:

Since January 1, 2024, and through the date of this filing, the Company repurchased 25,285 shares of Class D common stock for $95,000 at an average price of $3.76.

Since January 1, 2024, and through the date of this filing, the Company executed Stock Vest Tax Repurchases of 370,767 shares of Class D common stock for approximately $1.3 million at an average price of $3.48 per share.

Since January 1, 2024, and through the date of this filing, the Company repurchased approximately $75.0 million of its 2028 Notes at an average price of approximately 88.3% of par.

Since January 1, 2024, and through the date of this filing, the Compensation Committee awarded certain executive officers and management personnel 1,190,382 restricted shares of the Company’s Class D common stock and 740,139 stock options to purchase of the Company’s Class D common stock. Of these awards, 1,078,473 restricted shares of the Company’s Class D common stock and stock options to purchase 706,446 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 367,302 shares to settle the recipients’ tax obligations.

As previously disclosed, throughout most of 2023, the Company was delinquent in its filings with the SEC. These delinquent filings caused the Company to be in violation of NASDAQ Listing Rule 5250(c) (the “Periodic Filing Rule”) which requires listed companies to timely file all required periodic financial reports. Due to this violation, the Company received a possible delisting notification from the NASDAQ Stock Market, LLC (“NASDAQ”). While the Company cured the delinquent filings within calendar year 2023, the Company was required to present a compliance plan with NASDAQ. The plan included a timeline for the filing of its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Last 2023 Late Filing”). On December 22, 2023, the Company filed the Last 2023 Late Filing bringing the Company into compliance with the Periodic Filing Rule. On January 4, 2024, the Company announced that it had received notice from NASDAQ confirming that it has regained compliance with the Periodic Filing Rule.

On April 8, 2024, the Company received a new letter (the "First 2024 NASDAQ Notice") from NASDAQ notifying the Company that it was not in compliance with the Periodic Filing Rule as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). The First 2024 NASDAQ Notice noted that pursuant to the NASDAQ Listing Rules, the Company was being afforded 60 calendar days, or until

June 7, 2024, to regain compliance or to submit a plan to regain compliance. If NASDAQ accepts the compliance plan, NASDAQ may grant the Company an exception of up to 180 calendar days from the filing’s due date to regain compliance.

On May 23, 2024, the Company received a second letter (the "Second 2024 NASDAQ Notice") from NASDAQ notifying the Company that it was further non-compliant with the Periodic Filing Rule as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "2024 Q1 Form 10-Q" and together with the 2023 Form 10-K, the “2024 Delayed Filings”) with the SEC. The Second NASDAQ Notice noted that the Company has until June 7, 2024, to file both 2024 Delayed Filings or to submit a compliance plan as required by the First 2024 NASDAQ Notice.

On January 26, 2024, the noncontrolling interest shareholders of Reach Media exercised their right to require Reach Media to repurchase 50% of their shares (the “Put Interest”) at the fair market value for such shares. On March 8, 2024, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 90% and decreasing the interest of the noncontrolling interest shareholders from 20% to 10%. Reach Media paid the noncontrolling interest shareholders approximately $7.6 million for the 10% interest.

On February 8, 2024, the sale of BMI to a shareholder group led by New Mountain Capital, LLC, was completed. Based on the Company's equity interest in BMI, the sale resulted in cash proceeds of $0.8 million.

As of February 15, 2024, Urban One, Inc. terminated its 50/50 partnership with Churchill Downs Incorporated that sought to develop a casino resort in the City of Richmond. The Company continues to explore options within the gaming space.

On April 3, 2024, the Company entered into an employment agreement with Alfred C. Liggins, III, President and Chief Executive Officer, consistent with the terms approved by the Company’s Compensation Committee and previously disclosed on a Current Report on Form 8-K filed October 3, 2022. The terms of the new employment agreements are effective as of January 1, 2022 and a copy of the employment agreement is attached as an exhibit to that Current Report on Form 8-K filed April 9, 2024.

On April 12, 2024, the Company entered into the Sixth 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 and the lenders party thereto. The Sixth 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 period ended December 31, 2023 (the “2023 Form 10-K”) and Quarterly Financial Deliverables for the quarter ended March 31, 2024 as required under the Current ABL Facility (the “2024 Q1 Form 10-Q” and, together with the “2023 Form 10-K, the “Delayed Reports” ). The Sixth Waiver and Amendment set a due date of May 31, 2024 for the Delayed Reports.

On May 30, 2024, the Company entered into the Seventh Waiver and Amendment to the Amended Current ABL Facility (the “Seventh Waiver and Amendment”). The Seventh Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver both the Delayed Reports. The Seventh Waiver and Amendment sets a due date of June 17, 2024, for the Delayed Reports.

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

12 Months Ended

Dec. 31, 2023

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

PROFIT SHARING AND EMPLOYEE SAVINGS PLAN

13. 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, 2023 and 2022.

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUBSEQUENT EVENTS - Narrative (Details) - USD ($)	Mar. 08, 2024	Feb. 08, 2024	Jan. 01, 2024	Feb. 15, 2024	Jan. 26, 2024	Dec. 31, 2023
Reach Media Inc
Subsequent Event [Line Items]
Ownership percentage						90.00%
Subsequent events
Subsequent Event [Line Items]
Partnership percentage				50.00%
Subsequent events \| Churchhill downs incorporated
Subsequent Event [Line Items]
Partnership percentage				50.00%
Subsequent events \| Reach Media Inc
Subsequent Event [Line Items]
Percentage of shares repurchased					50.00%
Payments to noncontrolling interests	$ 7,600,000
Subsequent events \| Broadcast Music, Inc.
Subsequent Event [Line Items]
Cash proceed sale of equity interest		$ 800,000
Subsequent events \| Reach Media Inc
Subsequent Event [Line Items]
Ownership percentage	90.00%
Noncontrolling Interest, ownership percentage by noncontrolling owners	10.00%				20.00%
Noncontrolling interest, redemptions or purchase of interests, percentage	10.00%
Subsequent events \| 2028 Notes Offering
Subsequent Event [Line Items]
Debt instrument, repurchase price			88.30%
Subsequent events \| Restricted stock awards
Subsequent Event [Line Items]
Debt instrument, repurchase amount			$ 75,000,000.0
Subsequent events \| Certain Executive Officers \| Employees Stock Option
Subsequent Event [Line Items]
Stock options to purchase common stock			740,139
Subsequent events \| Common Class D
Subsequent Event [Line Items]
Repurchase of common Shares			25,285
Shares repurchase value			$ 95,000
Average price			$ 3.76
Subsequent events \| Common Class D \| Certain Executive Officers \| Restricted stock awards
Subsequent Event [Line Items]
Stock issued during period, shares, restricted stock award, net of forfeitures			1,190,382
Subsequent events \| Common Class D \| Management Personnel \| Restricted stock awards
Subsequent Event [Line Items]
Stock issued during period, shares, restricted stock award, net of forfeitures			1,078,473
Subsequent events \| Common Class D \| Management Personnel \| Employees Stock Option
Subsequent Event [Line Items]
Stock options to purchase common stock			706,446
Subsequent events \| Common Class D \| Stock Vest Tax Repurchases
Subsequent Event [Line Items]
Repurchase of common Shares			370,767
Shares repurchase value			$ 1,300,000
Repurchase of common stock price per share			$ 3.48
Vesting withheld total shares			367,302

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

OTHER CURRENT LIABILITIES

Schedule Of Other Current Liabilities

Other current liabilities consist of the following:


	As of December 31,
	2023		2022

	(In thousands)
Customer advances and unearned income	$	4,851	$	6,123
Unearned event income		4,864		5,708
Reserve for audience deficiency		12,779		9,629
Professional fee accrual		1,658		1,905
Operating expense accruals		5,090		1,210
Accrued unvested stock compensation		4,650		3,315
Employment agreement award		3,685		5,992
Launch liability		1,750		2,500
Deferred barter revenue		1,848		1,635
Accrued national representative fees		683		947
Income taxes payable		845		37
Other		128		681
	$	42,831	$	39,682

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(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. For cash and cash equivalents, cost approximates fair value. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, the Company has amounts held with banks that may exceed the amount of FDIC 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.

In July 2021, RVAEH, a previously consolidated joint venture 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”), and the partners of RVAEH made an initial investment of $26.0 million (the “Upfront Payment”) into an escrow account. In February 2023, given a change in the joint venture ownership structure, RVAEH no longer met the consolidation requirements and therefore, the Company began accounting for its investment in RVAEH under the equity method. Accordingly, the Company deconsolidated RVAEH (including $26.0 million in restricted cash) from its consolidated financial statements. RVAEH’s restricted cash on the Company’s consolidated balance sheets was $0.0 million and $26.0 million as of December 31, 2023 and 2022, respectively.


	Years Ended
	December 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	233,090	$	75,404
Restricted cash	480			26,475
Total cash, cash equivalents, and restricted cash shown in Consolidated Statements of Cash Flows	$	233,570	$	101,879

(b) Trade Accounts Receivable

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) on January 1, 2023. The Company estimates the allowance for expected credit losses on trade accounts receivable in pools based on the Company’s four reportable segments and historical credit loss information over a defined period adjusted for current conditions and reasonable and supportable forecasts. Large individual receivables for which there is indication of increased credit risk are individually assessed for loss allowances. The Company reports the allowance for expected credit losses for financial assets measured at amortized cost. The allowance for expected credit losses is reviewed periodically by management.

Trade accounts receivable, which consist of both billed and unbilled receivables, are recorded at their invoiced amount, and presented as net of an allowance for expected credit loss. Inactive delinquent accounts that are past due beyond a certain number 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. Subsequent recoveries of these amounts are recorded as received.

Allowance for Expected Credit Losses

The changes in the allowance for expected credit loss are as follows:


	As of December 31, 2023
	(In thousands)
Balance at Beginning of Period⁽¹⁾	$	8,643
Charged to Expense, net		2,552
Less: Deductions		(2,557)
Balance at End of Period	$	8,638

(1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13.

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. 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. The Company tests 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. The excess is recorded to operations as an impairment

charge. The Company tests 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, operating profit margin, discount rate and terminal growth rate. In testing for goodwill impairment, the Company also relies 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, operating profit margins, discount rate and terminal growth rate. The Company then performs a market-based analysis by comparing the average implied multiple arrived at based on the Company’s 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 the Company’s reporting units to the market capitalization of the Company. The Company recognizes 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.

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

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. 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 2023 and 2022 and concluded no impairment to the carrying value of these assets was required.

(e) Financial Instruments

As of December 31, 2023, and 2022, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt, and debt securities. The carrying amounts approximated fair value for each of these financial instruments as of December 31, 2023 and 2022, except for the Company’s long-term debt. On January 25, 2021, the Company borrowed $825.0 million in aggregate principal amount of senior secured notes due February 2028 and bearing interest at a rate of 7.375% (the “2028 Notes”). The 2028 Notes had a carrying value of approximately $725.0 million and fair value of approximately $616.3 million as of December 31, 2023, and had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022. The fair values of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. There were no borrowings outstanding on the Company’s asset-backed credit facility as of December 31, 2023 and 2022.

(f) Revenue Recognition

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, spot and digital advertising is satisfied as advertising spots or as impressions are delivered. For cable television affiliate revenue, the Company grants a license to the affiliate to distribute its television programming content through the license period, and the Company recognizes 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. 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 the radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue from the sale of spot advertisements is recognized over time when the advertisements are run. Revenue from sponsorships is recognized as each underlying sponsorship performance obligation is satisfied. 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 the radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $18.8 million and $18.4 million for the years ended December 31, 2023 and 2022, respectively. Radio broadcasting and Reach Media’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations.

Within the digital segment, Interactive One generates the majority of the Company’s digital revenue. The Company’s 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. Interactive One’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations.

The 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 or impressions on a specific television network within a particular demographic. These guaranteed advertising campaigns are considered to represent a single, distinct performance obligation. For these campaigns, revenues are recognized based on the audience levels reached multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced amounts may exceed the value of the actual audience delivery. As such, a portion of revenues associated with such campaigns is deferred until the guaranteed audience level is delivered or the rights associated with the guarantees lapse, which is typically less than one year. Actual audience and delivery information is obtained from independent ratings services. The Company records as revenue the amount of consideration that it receives. TV One’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations.

The Company’s 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. Agency and outside sales representative commissions were approximately $19.4 million and $20.1 million for the years ended December 31, 2023 and 2022, respectively.

Some of the Company’s contracts with customers contain multiple performance obligations. In an arrangement with multiple distinct performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The stand-alone selling price is determined with consideration given to 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 the Company’s net revenue for the years ended December 31, 2023 and 2022:


	Radio		Reach				Cable
(In thousands)	Broadcasting		Media		Digital		Television		Eliminations		Consolidated
Year Ended December 31, 2023
Net Revenue:
Radio advertising	$	146,171	$	39,851	$	-	$	-	$	(3,660)	$	182,362
Political advertising		2,854		398		629		-		-		3,881
Digital advertising		-		-		74,866		-		-		74,866
Cable television advertising		-		-		-		108,307		-		108,307
Cable television affiliate fees		-		-		-		87,747		-		87,747
Event revenues & other		7,189		12,639		-		153		546		20,527
Net revenue	$	156,214	$	52,888	$	75,495	$	196,207	$	(3,114)	$	477,690

Year Ended December 31, 2022
Net Revenue:
Radio advertising	$	139,470	$	41,414	$	-	$	-	$	(3,616)	$	177,268
Political advertising		11,143		287		1,796		-		-		13,226
Digital advertising		-		-		76,730		-		-		76,730
Cable television advertising		-		-		-		112,857		-		112,857
Cable television affiliate fees		-		-		-		96,963		-		96,963
Event revenues & other		6,065		1,416		-		51		28		7,560
Net revenue	$	156,678	$	43,117	$	78,526	$	209,871	$	(3,588)	$	484,604

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in the Company’s consolidated balance sheets at December 31, 2023 and 2022 were as follows:


	December 31, 2023		December 31, 2022

	(In thousands)
Contract assets:
Unbilled receivables	$	5,437	$	12,597
Contract liabilities:
Customer advances and unearned income	$	4,851	$	6,123
Reserve for audience deficiency		12,779		9,629
Unearned event income		4,864		5,708

Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally incurred in the near term. 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 campaign end date. 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. Contract liabilities are included in other current liabilities on the consolidated balance sheets.

For customer advances and unearned income as of January 1, 2023, $3.7 million was recognized as revenue for the year ended December 31, 2023. For the reserve for audience deficiency as of January 1, 2023, $6.0 million was recognized as revenue during the year ended December 31, 2023. For unearned event income as of January 1, 2023, $5.7 million was recognized as revenue during the year ended December 31, 2023.

Practical expedients and exemptions

The Company generally expenses 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.

The Company does 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.

(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 years ended December 31, 2023 and 2022, the Company paid approximately $4.3 million and $9.3 million, respectively, for carriage initiation. The weighted-average amortization period for launch support was approximately 8.1 years as of December 31, 2023 and 2022. The remaining weighted-average amortization period for launch support was 2.9 years and 3.8 years as of December 31, 2023 and 2022. Amortization is recorded as a reduction to revenue. For the years ended December 31, 2023 and 2022, launch support asset amortization was approximately $5.0 million and $4.4 million, respectively. Launch assets are included in other intangible assets, net 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,
	2023		2022

	(In thousands)
Launch assets	$	27,764	$	27,764
Less: accumulated amortization		(14,084)		(9,104)
Launch assets, net	$	13,680	$	18,660

Future estimated launch support amortization related to launch assets for years 2024 through 2028 and thereafter is as follows:


	(In thousands)
2024	$	4,980
2025		4,980
2026		3,409
2027		237
2028		68
Thereafter		6

(h) Barter Transactions

In a barter transaction, 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. Barter transaction revenues were approximately $3.2 million and $2.0 million for the years ended December 31, 2023 and 2022, respectively. Barter transaction costs reflected in programming and

technical expenses were approximately $1.7 million and approximately $1.3 million, respectively for the years ended December 31, 2023 and 2022. Barter transaction costs reflected in selling, general and administrative expenses were approximately $1.5 million and $0.7 million for the years ended December 31, 2023 and 2022, respectively.

(i) Advertising and Promotions

The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses for the years ended December 31, 2023 and 2022, were approximately $27.1 million and $31.3 million, respectively.

(j) Income Taxes

The Company recognizes income taxes in accordance with the liability method of accounting. 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 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.

(k) Stock-Based Compensation

The Company recognizes stock-based compensation cost for stock options based on the award’s fair value at the grant date as calculated by the Black-Scholes valuation option-pricing model (“BSM”). The Company recognizes expense ratably over the requisite service period. The BSM incorporates various subjective assumptions including expected stock price volatility, for which historical data is heavily relied upon, expected life of options granted and interest rates. The Company measures compensation expense for restricted stock grants based on the fair value on the date of grant. The Company recognizes compensation expense for restricted stock grants ratably during the vesting period. The Company accounts for forfeitures as they occur. 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.

(l) Segment Reporting and Major Customers

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.

includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s 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 the Company’s consolidated net revenues during either of the years ended December 31, 2023 or 2022.

(m) Earnings Per Share

Basic and diluted net (loss) income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights.

Basic net (loss) income per share attributable to common stockholders is computed by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding during the period.

For the calculation of diluted earnings per share, net (loss) income attributable to common stockholders for basic earnings per share (“EPS”) is adjusted by the effect of dilutive securities. Diluted net (loss) income per share attributable to common stockholders is computed by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed earnings or losses are allocated based on the contractual participation rights of the Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method.

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):


	Years Ended December 31,
	2023		2022
Numerator:
Net income attributable to Class A, Class B, Class C and Class D stockholders	$	2,050	$	34,343
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		47,645,678		48,928,063
Effect of dilutive securities:
Stock options and restricted stock		2,598,132		3,246,274
Denominator for diluted net income per share - weighted-average outstanding shares		50,243,810		52,174,337

Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	0.04	$	0.70
Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	0.04	$	0.66

There were no material potentially antidilutive securities excluded from the computation of diluted EPS for the years ended December 31, 2023 and 2022.

(n) Fair Value Measurements

The Company reports the 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, 2023 and 2022, respectively, the fair values of the Company’s 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, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	22,970	$	—	$	—	$	22,970

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	16,520	$	—	$	—	$	16,520

Assets subject to fair value measurement:
Cash equivalents - money market funds (d)	$	193,769	$	193,769	$	—	$	—

As of December 31, 2022
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	25,741	$	—	$	—	$	25,741

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

(a)

(b)

(c)

(d)	The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.

There were no transfers in or out of Level 1, 2, or 3 during the years ended December 31, 2023 and 2022. 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, 2023 and 2022:


	Employment		Redeemable		Available-
	Agreement		Noncontrolling		for-Sale
	Award		Interests		Securities

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 ^(*)		1,587		5,616		—
Balance at December 31, 2022	$	25,741	$	25,298	$	136,826
Net income attributable to redeemable noncontrolling interests		—		2,530		—
Dividends paid to redeemable noncontrolling interests		—		(4,401)		—
Distribution		(2,940)		—		—
Sale of available-for-sale securities		—		—		(136,826)
Change in fair value ^(*)		169		(6,907)		—
Balance at December 31, 2023	$	22,970	$	16,520	$	—

(*) Amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date.

Changes in the fair value of the Employment Agreement Award were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the years ended December 31, 2023 and 2022.

For Level 3 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,
			2023		2022
		Significant
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Employment Agreement Award	Discounted cash flow	Discount rate	10.0	%	10.5	%
Employment Agreement Award	Discounted cash flow	Operating profit margin range	35.0% - 42.3	%	33.7% - 46.6	%
Employment Agreement Award	Discounted cash flow	Revenue growth rate range	(2.1)% - 2.5	%	(4.1)% - 4.2	%
Employment Agreement Award	Market Approach	Average recurring EBITDA multiple	6.3 - 6.5	x	6.6	x
Redeemable noncontrolling interests	Discounted cash flow	Discount rate	12.5	%	11.5	%
Redeemable noncontrolling interests	Discounted cash flow	Operating profit margin range	24.5% - 31.9	%	25.8% - 29.8	%
Redeemable noncontrolling interests	Discounted cash flow	Revenue growth rate range	1.2% - 16.5	%	0.2% - 32.2	%
Redeemable noncontrolling interests	Discounted cash flow	Exit Multiple	4.0	x	N/A

Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements.

Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows.

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.

As of December 31, 2023, the total recorded carrying values of goodwill and radio broadcasting licenses were approximately $216.6 million and $375.3 million, respectively. For the year ended December 31, 2023, the Company recorded impairment charges of approximately $129.3 million associated with certain radio broadcasting licenses.

(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. Internal-use software is amortized under the straight-line method using an estimated life of three years.

(p) Redeemable Noncontrolling Interests

Redeemable noncontrolling interests are interests held by third parties in the Company’s 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.

(q) Investments

Available-for-sale securities

On April 10, 2015, the Company made a $5.0 million investment in MGM’s world-class casino property, MGM National Harbor, LLC (“MGMNH” or “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 $35.0 million to complete its investment. In return for this investment, the Company received preferred stock and a non-transferable put right, exercisable for a thirty-day period each year. The price of the put right was determined based on the “Put Price” definition as defined in the agreement between the Company and MGM National Harbor.

The Company classified its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available-for-sale were carried at fair value with unrealized gains and losses, net of deferred taxes, reflected 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.

On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), a wholly owned subsidiary of the Company, issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGMNH. On April 21, 2023, ROEH closed on the sale of the Put Interest and the Company received approximately $136.8 million in proceeds from the sale of the available-for-sale debt security and recognized a pre-tax gain of $96.8 million, which is included in other income, net on the consolidated statements of operations. The cost of the available for sale security sold was determined using the specific identification method.

The investment entitled the Company to an annual cash distribution based on net gaming revenue. As the Company exercised its Put Interest in March 2023, the Company did not have any distribution income for the year ended December 31, 2023. The Company recognized approximately $8.8 million in distribution income, which is included in other income, net on the consolidated statements of operations for the year ended December 31, 2022.

The amortized cost, estimated fair value, and gains and losses on the debt security classified as available-for-sale as of December 31, 2023 and 2022 are summarized as follows:


	Amortized		Gross		Gross			Gross
	Cost		Unrealized		Unrealized			Realized		Fair
	Basis		Gains		Losses			Gains		Value

	(In thousands)
December 31, 2023
MGM Investment	$	—	$	—	$	—	$	96,826	$	—

December 31, 2022
MGM Investment	$	40,000	$	104,326	$	(7,500)	$	—	$	136,826

RVA Entertainment Holding

In 2021, the Company and Peninsula Pacific Entertainment (succeeded by Churchill Downs Incorporated (“CDI”) on November 1, 2022) formed a joint venture, RVAEH, to develop and operate a casino resort in Richmond. At the time, the Company owned 75% of the joint venture and met the requirements to consolidate the joint venture under the VIE method as the Company had control to direct the activities of RVAEH and the obligation to absorb losses and the right to receive benefits that could potentially be significant to RVAEH. The investment included a put right allowing the noncontrolling interest holder the option to require the Company to purchase all shares of the noncontrolling interest holder starting 10 years after reaching a certain milestone. Therefore, the put rights were required to be presented as mezzanine equity and were recorded at cost, adjusted for the noncontrolling interests in the net loss of RVAEH. When the redemption or carrying value is less than the recorded redemption value, the Company adjusts the redeemable noncontrolling interests to equal the redemption value with changes recognized as an adjustment to retained earnings, or in the absence of retained earnings,

additional paid-in-capital. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date. RVAEH’s redeemable noncontrolling interests on the Company’s consolidated balance sheet as of December 31, 2022 were $6.6 million.

On February 14, 2023, CDI purchased 25% of the Company’s investment in RVAEH for $6.6 million, bringing both the Company’s and CDI’s ownership interests to 50%. On this date, the Company’s share of voting power and its share of board rights was reduced, causing the Company to no longer be the primary beneficiary of RVAEH, and therefore no longer meeting the requirements for consolidation. The Company deconsolidated RVAEH’s assets, liabilities, and redeemable noncontrolling interest, and, using CDI’s cash payment for 25% of RVAEH to calculate the fair value of the joint venture, recognized a $0.2 million loss in other income, net on the consolidated statements of operations. At this point, the Company began accounting for its interest in the joint venture using the equity method. Under the equity method, the initial investment is recorded at cost and subsequently adjusted for the Company’s proportionate share of net income or losses, cash contributions made and distributions received, and other adjustments, as appropriate. During the year ended December 31, 2023, the Company received $13.0 million in cash, which was released from escrow. As of December 31, 2023, the carrying amount of the Company’s investment in unconsolidated joint ventures on the consolidated balance sheet was $0.0 million. Additionally, the Company is committed to fund $0.2 million related to losses that exceeded the carrying value of the investment and is included in other current liabilities on the consolidated balance sheet. The Company’s proportionate share of net loss is included in loss from unconsolidated joint venture on the consolidated statements of operations.

(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 the Company’s usage and benefit from such programming. The estimates require management’s judgment and include consideration of factors such as expected revenues to be derived from the programming, 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 an amortization pattern that is the greater of straight-line or projected usage.

The Company utilizes judgment and prepares analyses to determine the amortization patterns of the Company’s 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 grouping of assets with similar characteristics, which the Company defines as 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. Based on the expected pattern of benefit from the content, the Company applies 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 evaluates the fair value of content at the film 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 during the years ended December 31, 2023 and 2022. Impairment and amortization of content assets are 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 offered by state governments are measured based on production activities and are recorded as a reduction to capitalized production costs.

(s) Impact of Recently Issued Accounting Pronouncements

In June 2016, the FASB issued 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 deferred the effective date of credit loss standard ASU 2016-13 by two years for smaller reporting companies and permits early adoption. ASU 2016-13 became effective for the Company beginning January 1, 2023.

The Company adopted ASU 2016-13 during the first quarter of 2023 using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening retained earnings in the consolidated balance sheet to be recognized on the date of adoption without restating prior years. The cumulative-effect adjustment on January 1, 2023 was $0.6 million.

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 away 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 now bears interest based on the SOFR rate, having formerly been subject to 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 became effective upon issuance. The adoption of ASU 2022-06 did not have an impact on the 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 new guidance had no impact to the consolidated financial statements during the year ended December 31, 2023.

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company expects this ASU to only impact the disclosures with no impacts to the results of operations, cash flows and financial condition.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business

entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company expects this ASU to only impact the disclosures with no impacts to the results of operations, cash flows and financial condition.

(t) Related Party Transactions

Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage®”), an annual 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. 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 Media and the Foundation automatically renews annually. The agreement may be terminated by: mutual agreement; by one of the parties should its financial requirements not be met; or if a party is in breach by the non-breaching party, which shall have the right, but not the obligation, to terminate unilaterally. The Foundation owed Reach Media approximately $1.0 million and $2.3 million as of December 31, 2023 and 2022, 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, the Foundation owed immaterial amounts to Reach Media as of December 31, 2023 and 2022.

Fantastic Voyage 2023 took place during the second quarter of 2023. For the year ended December 31, 2023, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $9.7 million, $8.0 million, and $1.75 million, respectively. The Fantastic Voyage was not operated in 2022.

Alfred C. Liggins, President and Chief Executive Officer, (“CEO”) 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. The company incurred expenses of approximately $3.2 million and $3.8 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company owed BMI approximately $0.3 million and $1.5 million, respectively. Please refer to Note 16 – Subsequent Events of the Company’s consolidated financial statements for more details.

As of December 31, 2023 and 2022, the Company had a receivable from its CEO in the amount of $0.2 million and $0.2 million, respectively, as reimbursement for payments made for various perquisites and other personal benefits, including payments for taxes for past financial services and administrative support. The full amount of this receivable will be offset against the CEO’s bonus and/or directly reimbursed to the Company by the CEO.

(u) Leases

The Company determines whether a contract is, or contains, a lease at inception. In determining whether a contract is or contains a lease, the Company considers all relevant facts and circumstances, including whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The determination involves judgment with respect to whether the Company has the right to obtain substantially all of the economic benefits from the use of the identified asset and whether the Company has the right to direct the use of the identified asset.

Right of use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease.

Lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. Many of the Company’s leases provide options to extend the terms of the agreements. Generally, renewal periods are excluded when calculating the lease liabilities as the Company does not consider exercise of such options to be reasonably certain. When exercise of a renewal option is reasonably assured, the optional terms and related payments are included within lease liability calculation. The implicit rate within the Company’s lease agreements is generally not determinable and as such, the Company’s collateralized incremental borrowing rate is used.

Certain of the Company’s operating lease agreements include variable lease payments that are adjusted periodically based on an index and a rate, such as the Consumer Price Index or a market rental rate. The Company recognizes the effect of the payment changes as part of variable lease cost in the appropriate period which is accounted for separately from periodic straight-line lease expense.

For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities and recognizes lease payments on a straight-line basis over the lease term. The Company has elected to combine lease and non-lease components for the purpose of calculating ROU assets and lease liabilities, to the extent that the non-lease components are fixed.

The Company’s operating leases are for office space, studio space, broadcast towers, and transmitter facilities that expire over the next forty-nine years.

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:


	Years Ended December 31,
	2023			2022

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,738		$	12,822
Variable lease cost (cost excluded from lease payments)		127			40
Total lease cost	$	12,865		$	12,862

Operating lease - operating cash flows (fixed payments)	$	13,761		$	13,978
Operating lease - operating cash flows (liability reduction)	$	10,362		$	9,935

Weighted average lease term - operating leases		5.94	years		4.85	years
Weighted average discount rate - operating leases		11.66	%		11.00	%

As of December 31, 2023, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(In thousands)
2024	$	13,767
2025		7,658
2026		5,674
2027		4,148
2028		3,114
Thereafter		14,726
Total future lease payments		49,087
Less: imputed interest		(16,062)
Total future lease payments	$	33,025

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Additional Information (Details) $ in Thousands			3 Months Ended							12 Months Ended
	Oct. 01, 2023 USD ($)	Oct. 01, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Sep. 30, 2023 USD ($) item	Jun. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of reporting units in each of other business segments \| segment										3
Indefinite-Lived License Agreements			$ 375,296				$ 488,419			$ 375,296	$ 488,419
Term of radio broadcast station license										8 years
Renewal term of radio broadcast station license										8 years
Goodwill, impairment loss										$ 0	7,240
Goodwill			216,599				216,599			$ 216,599	$ 216,599	$ 223,402
Number of reportable segments \| segment										4	4
Amortization of Intangible Assets										$ 1,100	$ 3,700
Radio Broadcasting Segment
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of radio markets \| item										13
Impairment of indefinite lived intangible assets										$ 129,300
Goodwill, impairment loss										0	7,240
Goodwill			29,979				29,979			29,979	29,979	$ 36,782
Atlanta
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, impairment loss									$ 4,300
Philadelphia market
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill, impairment loss							$ 2,900
Radio broadcasting licenses
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Indefinite-Lived License Agreements			375,300							375,300
Impairment of indefinite lived intangible assets	$ 0	$ 7,400	$ 5,000	$ 85,400	$ 22,100	$ 16,800		$ 15,500	$ 10,600	129,278	33,443
Radio broadcasting licenses five markets
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets					$ 22,100
Radio broadcasting licenses five markets \| Radio Broadcasting Segment
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of radio markets \| item					5
Radio broadcasting licenses Ten markets
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of radio markets \| item				10
Impairment of indefinite lived intangible assets				$ 85,400
Radio Broadcasting Licenses Three Markets [Member]
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Number of radio markets \| item			3
Impairment of indefinite lived intangible assets			$ 5,000
Goodwill and Radio Broadcasting Licenses
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Goodwill and intangible assets impairment										$ 129,300	$ 40,700

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239	$ 173,569	$ 160,642
Corporate selling, general and administrative, including stock-based compensation of $9,666	62,290	59,520
Total operating expenses	509,261	393,515
Operating (loss) income	(31,571)	91,089
Income from consolidated operations before provision for income taxes	17,640	53,078
PROVISION FOR INCOME TAXES	7,944	16,418
NET INCOME	4,565	36,660
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,515	2,317
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,050	$ 34,343
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in dollars per share)	$ 0.04	$ 0.70
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Diluted (in dollars per share)	$ 0.04	$ 0.66
As Previously Reported
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239		$ 160,230
Corporate selling, general and administrative, including stock-based compensation of $9,666		56,334
Total operating expenses		389,917
Operating (loss) income		94,687
Income from consolidated operations before provision for income taxes		56,676
PROVISION FOR INCOME TAXES		16,721
NET INCOME		39,955
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 37,329
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in dollars per share)		$ 0.76
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Diluted (in dollars per share)		$ 0.72
Adjustments
Operating Expenses [Abstract]
Corporate selling, general and administrative, including stock-based compensation of $9,666		$ 3,728
Total operating expenses		3,728
Operating (loss) income		(3,728)
Income from consolidated operations before provision for income taxes		(3,728)
PROVISION FOR INCOME TAXES		(202)
NET INCOME		(3,526)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(309)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (3,217)
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in dollars per share)		$ (0.06)
DILUTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Diluted (in dollars per share)		$ (0.06)
Other Adjustments
Operating Expenses [Abstract]
Selling, general and administrative, including stock-based compensation of $239		$ 412
Corporate selling, general and administrative, including stock-based compensation of $9,666		(542)
Total operating expenses		(130)
Operating (loss) income		130
Income from consolidated operations before provision for income taxes		130
PROVISION FOR INCOME TAXES		(101)
NET INCOME		231
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 231

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 477,690	$ 484,604
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $139, and $7, respectively	137,023	122,636
Selling, general and administrative, including stock-based compensation of $1,129 and $239, respectively	173,569	160,642
Corporate selling, general and administrative, including stock-based compensation of $8,707 and $9,666, respectively	62,290	59,520
Depreciation and amortization	7,101	10,034
Impairment of goodwill, intangible assets, and long-lived assets	129,278	40,683
Total operating expenses	509,261	393,515
Operating (loss) income	(31,571)	91,089
INTEREST INCOME	6,967	939
INTEREST EXPENSE	56,196	61,751
GAIN ON RETIREMENT OF DEBT	2,356	6,718
OTHER INCOME, NET	96,084	16,083
Income from consolidated operations before provision for income taxes	17,640	53,078
PROVISION FOR INCOME TAXES	7,944	16,418
NET INCOME FROM CONSOLIDATED OPERATIONS	9,696	36,660
LOSS FROM UNCONSOLIDATED JOINT VENTURE	(5,131)
NET INCOME	4,565	36,660
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,515	2,317
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,050	$ 34,343
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (in dollars per share)	$ 0.04	$ 0.70
Diluted (in dollars per share)	$ 0.04	$ 0.66
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	47,645,678	48,928,063
Diluted (in shares)	50,243,810	52,174,337

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Intangible Assets Excluding Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Accumulated Amortization	$ (72,035)	$ (83,528)
Remaining Weighted-Average Period of Amortization	3 years 6 months
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 39,690	39,690
Intangible assets, total	121,139	138,721
Intangible assets, total, excluding amortization of finite lived assets	49,104	55,193
Trade names
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	68	17,431
Accumulated Amortization	(62)	(17,418)
Net Amount	$ 6	13
Remaining Weighted-Average Period of Amortization	10 months 24 days
Trade names \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	5 years
Trade names \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year
Intellectual property
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 6,503	6,878
Accumulated Amortization	$ (6,503)	(6,878)
Remaining Weighted-Average Period of Amortization	0 years
Intellectual property \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	10 years
Intellectual property \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	4 years
Advertiser agreements
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 47,687	46,669
Accumulated Amortization	$ (47,687)	(45,728)
Net Amount		941
Remaining Weighted-Average Period of Amortization	0 years
Advertiser agreements \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	12 years
Advertiser agreements \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year
Brand names
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,159	4,413
Accumulated Amortization	(3,637)	(3,732)
Net Amount	$ 522	681
Finite-Lived Intangible Asset, Period of Amortization	10 years
Remaining Weighted-Average Period of Amortization	3 years 9 months 18 days
Launch assets, net of current portion
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 22,798	22,791
Accumulated Amortization	(14,091)	(9,104)
Net Amount	$ 8,707	13,687
Remaining Weighted-Average Period of Amortization	2 years 10 months 24 days
Other intangibles
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Gross Carrying Amount	$ 234	849
Accumulated Amortization	(55)	(668)
Net Amount	$ 179	$ 181
Remaining Weighted-Average Period of Amortization	6 years 7 months 6 days
Other intangibles \| Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	15 years
Other intangibles \| Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Period of Amortization	1 year

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 12,738	$ 12,822
Variable Lease Cost (Cost excluded from lease payments)	127	40
Total Lease Cost	12,865	12,862
Operating Lease - Operating Cash Flows (Fixed Payments)	13,761	13,978
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 10,362	$ 9,935
Weighted Average Lease Term - Operating Leases	5 years 11 months 8 days	4 years 10 months 6 days
Weighted Average Discount Rate - Operating Leases	11.66%	11.00%

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

15. SEGMENT INFORMATION:

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

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of the Company’s syndicated shows. The digital segment includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s other reportable segments. The cable television segment includes the 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.”

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

The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies of the Company’s consolidated financial statements are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2023 and 2022 is presented in the following table:


	Years Ended
	December 31,
	2023		2022

	(In thousands)
Net Revenue:
Radio Broadcasting	$	156,214	$	156,678
Reach Media		52,888		43,117
Digital		75,495		78,526
Cable Television		196,207		209,871
All other - corporate/eliminations*		(3,114)		(3,588)
Consolidated	$	477,690	$	484,604

Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	122,666	$	109,365
Reach Media		38,595		28,651
Digital		55,691		56,760
Cable Television		109,207		105,419
All other - corporate/eliminations		46,723		42,603
Consolidated	$	372,882	$	342,798

Depreciation and Amortization:
Radio Broadcasting	$	3,707	$	3,411
Reach Media		162		188
Digital		1,352		1,323
Cable Television		1,369		3,847
All other - corporate/eliminations		511		1,265
Consolidated	$	7,101	$	10,034

Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	129,278	$	40,683
Reach Media		—		—
Digital		—		—
Cable Television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	129,278	$	40,683

Operating (loss) income:
Radio Broadcasting	$	(99,437)	$	3,219
Reach Media		14,131		14,278
Digital		18,452		20,443
Cable Television		85,631		100,605
All other - corporate/eliminations		(50,348)		(47,456)
Consolidated	$	(31,571)	$	91,089

* Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,660)	$	(3,588)


Capital expenditures by segment are as follows:
Radio Broadcasting	$	7,105	$	3,750
Reach Media		119		269
Digital		1,172		1,245
Cable Television		142		639
All other - corporate/eliminations		599		1,695
Consolidated ^(a)	$	9,137	$	7,598
^(a) Consolidated amount includes $1.5 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively, related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $27.5 million $25.0 million for the years ended December 31, 2023 and 2022, respectively, in the Consolidated Statements of Cash Flows


	As of
	December 31,		December 31,
	2023		2022

	(In thousands)
Total assets:
Radio Broadcasting	$	503,259	$	605,703
Reach Media		50,722		48,936
Digital		31,185		35,766
Cable Television		398,660		414,324
All other - corporate/eliminations		227,347		239,917
Consolidated	$	1,211,173	$	1,344,646

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

12. STOCKHOLDERS’ EQUITY:

Common Stock

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

Stock Repurchase Program

From time to time, the Board of Directors has authorized, and may authorize, 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 $25.0 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 $10.0 million of the currently outstanding shares of the Company’s Class A and/or Class D common stock. During the years ended December 31, 2023 and 2022, the Company repurchased 824 and 4,779,969 shares of Class D common stock in the amount of approximately $3,000 and $25.0 million at an average price of $3.99 and $5.24 per share. The Company did not repurchase any shares of Class A common stock during the years ended December 31, 2023 and 2022.

On September 27, 2022, the Compensation Committee authorized the repurchase of up to $0.5 million 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, 2023, the Company did not repurchase any shares of Class A or Class D stock under this authorization. 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 approximately $0.4 million remaining under its most recent and open authorization. The Company did not repurchase any shares of Class A stock during the year ended December 31, 2022.

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 2019 Equity and Performance Incentive Plan (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 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, 2023 and 2022, the Company executed Stock Vest Tax Repurchases of 312,448 shares of Class D Common Stock in the amount of approximately $1.6 million at an average price of $5.21 per share and 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, respectively.

Stock Option and Restricted Stock Grant Plan

The Company’s 2019 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, the Company’s 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, 2023, 2,111,305 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 settles stock options, net of tax, upon exercise by issuing stock.

Pursuant to the terms of the Company’s stock plan and subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold in the open market for tax purposes on or about the vesting dates.

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 restricted stock-based awards is based on the closing price of the Company’s common stock on the date of grant. The fair value of stock options is determined using the BSM. Such fair value is recognized as an expense over the requisite service period, which is generally the vesting period, net of an estimated forfeitures rate, 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 the Company’s current estimates, amounts will be recorded as a cumulative adjustment in the period the estimated number of stock awards expected to vest are revised. The Company considers many factors when estimating expected forfeitures, including the types of awards, employee classification and historical experience. Actual forfeitures may differ substantially from the Company’s current estimate.

Stock options generally vest over a period of one year and generally expire ten years from the grant date. Restricted stock generally vests over a period of one year.

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 Staff Accounting Bulletin (“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, 2023 and 2022, was approximately $10.0 million and $9.9 million, respectively. Tax benefits from stock-based compensation for the years ended December 31, 2023 and 2022 were $0.3 million.

The per share weighted-average fair value of options granted during the years ended December 31, 2023 and 2022, was $2.80 and $2.82, respectively.

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


	For the Years Ended December 31,
	2023		2022

Average risk-free interest rate	4.18	%	2.79	%
Expected dividend yield	—	%	—	%
Expected lives	5.59 years		5.69 years
Expected volatility	53.14	%	79.92	%

Transactions and other information relating to stock options of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
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	—		315,620
Forfeited/cancelled/expired/settled	—		—	—		—
Outstanding at December 31, 2022	4,594,734	$	2.59	5.72	$	5,871,492
Grants	649,453		5.20	—		—
Exercised	—		—	—		—
Forfeited/cancelled/expired/settled	(20,051)		4.75	—		—
Outstanding at December 31, 2023⁽¹⁾	5,224,136		2.90	5.28	$	5,021,952
Vested and expected to vest at December 31, 2023	5,171,594		2.89	5.24		5,021,952
Unvested at December 31, 2023	452,524		4.71	9.19		—
Exercisable at December 31, 2023	4,771,612		2.73	4.91		5,021,952

(1) 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, 2023, 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, 2023. This amount changes based on the fair market value of the Company’s stock.

As of December 31, 2023, approximately $0.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to Class D stock options is expected to be recognized over a weighted-average period of 10 months. There were no tax benefits from Class D stock options exercised for the years ended December 31, 2023 and 2022. The weighted-average grant date fair value of options granted during the year ended December 31, 2023 was $2.80.

Transactions and other information relating to grants of restricted shares of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
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
Grants	895,520		5.17
Vested	(1,001,667)		4.92
Forfeited/cancelled/expired	(15,000)		4.12
Unvested at December 31, 2023	313,117	$	4.77

The Company did not grant any restricted shares of Class A common stock during the year ended December 31, 2023. During the year ended December 31, 2022, the Company granted 750,000 shares of restricted Class A common stock at an average fair value at grant date of $5.39 per share. There were no shares that vested or were cancelled during the years ended December 31, 2023 and 2022. There were 750,000 unvested shares of restricted Class A common stock outstanding as of December 31, 2023 and 2022 with an average fair value at grant date of $5.39.

Restricted stock grants for Class A shares and Class D shares are included in the Company’s outstanding share numbers on the effective date of grant. As of December 31, 2023, approximately $1.0 million of total unrecognized compensation cost, net of estimates forfeitures, related to restricted stock grants for Class D shares is expected to be recognized over a weighted-average period of 13 months and approximately $1.4 million of total unrecognized compensation cost related to restricted stock grants for Class A shares is expected to be recognized over a weighted-average period of 12 months.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Restricted cash	$ 480	$ 26,475
Trade accounts receivable, net of allowance for doubtful accounts of $9,223	133,194	142,045
Other current assets	15,950	8,750
Total current assets	421,966	295,406
PROPERTY AND EQUIPMENT, NET	28,661	28,258
Total assets	1,211,173	1,344,646
CURRENT LIABILITIES:
Accounts payable	20,000	17,196
Other current liabilities	42,831	39,682
Total current liabilities	132,630	132,818
OTHER LONG-TERM LIABILITIES	24,995	34,856
DEFERRED TAX LIABILITIES, NET	20,938	39,389
Total liabilities	920,588	981,973
REDEEMABLE NONCONTROLLING INTERESTS	16,520	31,923
STOCKHOLDERS' EQUITY:
Accumulated deficit	(733,371)	(736,010)
Total stockholders' equity	274,065	330,750
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,211,173	1,344,646
As Previously Reported
CURRENT ASSETS:
Restricted cash		19,975
Trade accounts receivable, net of allowance for doubtful accounts of $9,223		143,264
Other current assets		8,372
Total current assets		289,747
PROPERTY AND EQUIPMENT, NET		27,758
Total assets		1,338,487
CURRENT LIABILITIES:
Accounts payable		18,003
Other current liabilities		36,320
Total current liabilities		130,263
OTHER LONG-TERM LIABILITIES		34,540
DEFERRED TAX LIABILITIES, NET		39,704
Total liabilities		979,417
REDEEMABLE NONCONTROLLING INTERESTS		25,298
STOCKHOLDERS' EQUITY:
Accumulated deficit		(732,988)
Total stockholders' equity		333,772
Total liabilities, redeemable noncontrolling interests and stockholders' equity		1,338,487
Adjustments
CURRENT ASSETS:
Restricted cash		6,500
Other current assets		378
Total current assets		6,878
PROPERTY AND EQUIPMENT, NET		500
Total assets		7,378
CURRENT LIABILITIES:
Other current liabilities		3,362
Total current liabilities		3,362
OTHER LONG-TERM LIABILITIES		858
DEFERRED TAX LIABILITIES, NET		(214)
Total liabilities		4,006
REDEEMABLE NONCONTROLLING INTERESTS		6,625
STOCKHOLDERS' EQUITY:
Accumulated deficit		(3,253)
Total stockholders' equity		(3,253)
Total liabilities, redeemable noncontrolling interests and stockholders' equity		7,378
Other Adjustments
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts of $9,223		(1,219)
Total current assets		(1,219)
Total assets		(1,219)
CURRENT LIABILITIES:
Accounts payable		(807)
Total current liabilities		(807)
OTHER LONG-TERM LIABILITIES		(542)
DEFERRED TAX LIABILITIES, NET		(101)
Total liabilities		(1,450)
STOCKHOLDERS' EQUITY:
Accumulated deficit		231
Total stockholders' equity		231
Total liabilities, redeemable noncontrolling interests and stockholders' equity		$ (1,219)

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022

Average risk-free interest rate	4.18	%	2.79	%
Expected dividend yield	—	%	—	%
Expected lives	5.59 years		5.69 years
Expected volatility	53.14	%	79.92	%

Schedule of transaction and other information relating to stock options

Transactions and other information relating to stock options of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:


				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
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	—		315,620
Forfeited/cancelled/expired/settled	—		—	—		—
Outstanding at December 31, 2022	4,594,734	$	2.59	5.72	$	5,871,492
Grants	649,453		5.20	—		—
Exercised	—		—	—		—
Forfeited/cancelled/expired/settled	(20,051)		4.75	—		—
Outstanding at December 31, 2023⁽¹⁾	5,224,136		2.90	5.28	$	5,021,952
Vested and expected to vest at December 31, 2023	5,171,594		2.89	5.24		5,021,952
Unvested at December 31, 2023	452,524		4.71	9.19		—
Exercisable at December 31, 2023	4,771,612		2.73	4.91		5,021,952

Schedule of transaction and other information relating to restricted stock grants

Transactions and other information relating to grants of restricted shares of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:


		Average
		Fair Value
		at Grant
	Shares	Date
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
Grants	895,520		5.17
Vested	(1,001,667)		4.92
Forfeited/cancelled/expired	(15,000)		4.12
Unvested at December 31, 2023	313,117	$	4.77

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the interim consolidated financial statements for the quarterly period as of March 31, 2023, the Company identified immaterial errors in its accounting for its stock-based compensation expense, the Company’s investment in the operations of RVA Entertainment Holdings, LLC (“RVAEH”), and related tax effects. The Company assessed the materiality of the adjustments both quantitatively and qualitatively and concluded that the adjustments were not material to its previously issued consolidated financial statements as of December 31, 2022 and 2021 and for the years then ended. However, the Company concluded that the effect of correcting these adjustments in 2023 would materially misstate the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2023. Accordingly, the Company determined that it was necessary to reflect these adjustments, as well as other immaterial adjustments previously identified during fiscal year 2022 and revised the previously issued consolidated financial statements with respect to the quarters ended March 31, June 30, and September 30, 2022, and the year ended December 31, 2022. See Note 16 – Quarterly Financial Data (Unaudited) for the revised quarterly and year-to-date unaudited consolidated financial statements for the quarters ended March 31, June 30, and September 30, 2022. The remainder of the notes to the Company’s consolidated financial statements have been updated and revised, as applicable, to reflect the impact of these adjustments.

Adjustments Background

Stock-Based Compensation

On September 27, 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved the principal terms of new employment agreements for the Company’s Founder and Executive Chairperson, President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. Pursuant to the terms, annual Class D stock awards and stock options with fixed monetary value known at inception were awarded. The first tranche of equity awards was granted and vested on September 27, 2022. The second and third annual grants were scheduled to vest in January 2023 and January 2024, respectively, with the grant price equal to the closing share price on the fifth calendar day of the month following the date on which vesting occurs (February 5, each of 2023 and 2024) (“Executive Awards”).

During the first quarter of 2023, the Company determined that it should have recognized expense for the second tranche of the Executive Awards during the third and fourth quarters of 2022 beginning at the service inception date that precedes the grant date and to classify these grants as a liability until vested. The effect of this adjustment was an understatement of stock-based compensation expense in the consolidated statements of operations for the year ended December 31, 2022 and understatements of other current liabilities and accumulated deficit in the consolidated balance sheet at December 31, 2022.

RVAEH

In 2021, the Company and Peninsula Pacific Entertainment entered into a 75/25 partnership of RVAEH. During the preparation of the interim consolidated financial statements for the quarter ended March 31, 2023, the Company evaluated whether it should have consolidated RVAEH due to its 75% ownership interest. As the Company had control and was the primary beneficiary of RVAEH, it was determined that RVAEH should have been consolidated in 2021 in accordance with ASC 810, “Consolidation”.

The Company historically recognized its 75% ownership portion of RVAEH’s financial statements on its consolidated financial statements under the equity method of accounting. The adjustment primarily impacted restricted cash, other current assets, property and equipment, net, other current liabilities, other long-term liabilities, redeemable noncontrolling interests, and accumulated deficit in the consolidated balance sheets, and corporate selling, general and administrative expenses, and net income attributable to noncontrolling interests in the consolidated statements of operations.

Other Adjustments

The Company, in the process of correcting the immaterial errors discussed above, recorded other immaterial adjustments previously identified during fiscal year 2022. The adjustments, in aggregate, impacted trade accounts receivable, net, accounts payable, other long-term liabilities, and accumulated deficit in the consolidated balance sheets and selling, general and administrative expenses, corporate selling, general and administrative expenses, and related tax effect in the consolidated statements of operations.

Revised Consolidated Financial Statements

The following tables reflect the correction of the immaterial errors and adjustments, discussed above, on the affected line items presented in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. The previously reported amounts were derived from the Company's fiscal year 2022 Form 10-K. These amounts are labeled as “As Previously Reported” in the tables below. The columns labeled “Adjustments” represent the combined effects of the corrections of the stock-based compensation, the consolidation of RVAEH, and related tax effects. The columns labeled “Other Adjustments” represent the combined effects of the corrections of other immaterial adjustments and related tax effects.

Revised Consolidated Balance Sheet


	As of December 31, 2022
	As Previously
	Reported		Adjustments		Other Adjustments		As Revised

	(In thousands)
ASSETS
CURRENT ASSETS:
Restricted cash	$	19,975	$	6,500	$	—	$	26,475
Trade accounts receivable, net of allowance for doubtful accounts of $9,223		143,264		—		(1,219)		142,045
Other current assets		8,372		378		—		8,750
Total current assets		289,747		6,878		(1,219)		295,406
PROPERTY AND EQUIPMENT, net		27,758		500		—		28,258
Total assets	$	1,338,487	$	7,378	$	(1,219)	$	1,344,646
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	18,003	$	—	$	(807)	$	17,196
Other current liabilities		36,320		3,362		—		39,682
Total current liabilities		130,263		3,362		(807)		132,818
OTHER LONG-TERM LIABILITIES		34,540		858		(542)		34,856
DEFERRED TAX LIABILITIES, net		39,704		(214)		(101)		39,389
Total liabilities		979,417		4,006		(1,450)		981,973
REDEEMABLE NONCONTROLLING INTERESTS		25,298		6,625		—		31,923
STOCKHOLDERS’ EQUITY:
Accumulated deficit		(732,988)		(3,253)		231		(736,010)
Total stockholders’ equity		333,772		(3,253)		231		330,750
Total liabilities, redeemable noncontrolling interests and equity	$	1,338,487	$	7,378	$	(1,219)	$	1,344,646

Revised Consolidated Statement of Operations


	Year Ended December 31, 2022
	As Previously				Other
	Reported		Adjustments		Adjustments		As Revised

	(In thousands, except per share data)
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $239	$	160,230	$	—	$	412	$	160,642
Corporate selling, general and administrative, including stock-based compensation of $9,666		56,334		3,728		(542)		59,520
Total operating expenses		389,917		3,728		(130)		393,515
Operating income (loss)		94,687		(3,728)		130		91,089
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		56,676		(3,728)		130		53,078
PROVISION FOR (BENEFIT FROM) INCOME TAXES		16,721		(202)		(101)		16,418
NET INCOME (LOSS)		39,955		(3,526)		231		36,660
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626		(309)		—		2,317
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	37,329	$	(3,217)	$	231	$	34,343

BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.76	$	(0.06)	$	—	$	0.70

DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.72	$	(0.06)	$	—	$	0.66

Revised Consolidated Statement of Comprehensive Income


	Year Ended December 31, 2022
	As Previously				Other
	Reported		Adjustments		Adjustments		As Revised

	(In thousands)

COMPREHENSIVE INCOME (LOSS)	$	58,232	$	(3,526)	$	231	$	54,937
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626		(309)		—		2,317
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	55,606	$	(3,217)	$	231	$	52,620

Revised Consolidated Statement 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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,317)	$	303,680
Net income		—		—		—		—		—		—		—		37,329		37,329
Stock-based compensation expense		—		1		—		—		1		—		6,593		—		6,595
Repurchase of 5,124,671 shares of Class D common stock		—		—		—		—		(4)		—		(26,539)		—		(26,543)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Other comprehensive income, net of tax		—		—		—		—		—		18,277		—		—		18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(5,616)		—		(5,616)
BALANCE, as of December 31, 2022	$	—	$	10	$	3	$	2	$	34	$	73,227	$	993,484	$	(732,988)	$	333,772


		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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(36)	$	(36)
Net (loss)		—		—		—		—		—		—		—		(2,986)		(2,986)
Total Adjustments	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(3,022)	$	(3,022)


		As Revised
												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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,353)	$	303,644
Net income (loss)		—		—		—		—		—		—		—		34,343		34,343
Stock-based compensation expense		—		1		—		—		1		—		6,593		—		6,595
Repurchase of 5,124,671 shares of Class D common stock		—		—		—		—		(4)		—		(26,539)		—		(26,543)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(5,616)		—		(5,616)
Other comprehensive income, net of tax		—		—		—		—		—		18,277		—		—		18,277
BALANCE, as of December 31, 2022	$	—	$	10	$	3	$	2	$	34	$	73,227	$	993,484	$	(736,010)	$	330,750

Revised Consolidated Statement of Cash Flows


	Year Ended December 31, 2022
	As
	Previously				Other		As
	Reported		Adjustments		Adjustments		Revised

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	39,955	$	(3,526)	$	231	$	36,660
Adjustments to reconcile net income (loss) to net cash from operating activities:
Bad debt expense		1,425		—		412		1,837
Deferred income taxes		14,878		(202)		(101)		14,575
Stock-based compensation		6,595		3,317		—		9,912

Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		(16,930)		—		807		(16,123)
Prepaid expenses and other current assets		(6,691)		40		—		(6,651)
Accounts payable		1,111		—		(807)		304
Other liabilities		(3,710)		(141)		(542)		(4,393)
Net cash flows (used in) provided by operating activities		67,060		(512)		—		66,548
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		—		512		—		512
Net cash flows provided by (used in) financing activities		(95,216)		512		—		(94,704)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		152,218		6,500		—		158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	95,379	$	6,500	$	—	$	101,879

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITIONS AND DISPOSITIONS

Asset acquisition pro forma


	Year Ended
	December 31, 2022

Net revenue	$	496,613
Operating income		91,767
Net income		37,902

INCOME TAXES - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for doubtful accounts	$ 2,084,000	$ 2,149,000
Accruals	2,722,000	304,000
Fixed assets		493,000
Stock-based compensation	615,000	521,000
Net operating loss carryforwards	57,428,000	89,377,000
Lease liability	8,084,000	8,901,000
Interest expense carryforward	21,977,000	23,788,000
Total deferred tax assets	92,910,000	125,533,000
Valuation allowance for deferred tax assets	(1,473,000)	(30,000)
Total deferred tax asset, net of valuation allowance	91,437,000	125,503,000
Deferred tax liabilities:
Intangible assets	(102,233,000)	(129,026,000)
Available-for-sale securities		(23,779,000)
Fixed assets	(873,000)
Right of use asset	(7,748,000)	(8,123,000)
Partnership interests	(283,000)	(2,412,000)
Deferred financing costs	(734,000)	(958,000)
Other	(107,000)	(150,000)
Uncertain tax positions	(397,000)	(444,000)
Total deferred tax liabilities	(112,375,000)	(164,892,000)
Net deferred tax liability	$ (20,938,000)	$ (39,389,000)

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

LONG-TERM DEBT

10. LONG-TERM DEBT:

Long-term debt consists of the following:


	December 31,		December 31,
	2023		2022

	(In thousands)
7.375% Senior Secured Notes due February 2028	$	725,000	$	750,000
Total debt		725,000		750,000
Less: current portion of long-term debt		—		—
Less: original issue discount and issuance costs		8,754		11,000
Long-term debt, net	$	716,246	$	739,000

2028 Notes

In January 2021, the Company issued notes (the “2028 Notes”) at an issue price of 100% in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). 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 2028 Notes accrues and is payable semi-annually in arrears on February 1 and August 1 of each year at a rate of 7.375% per annum.

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 the Company’s 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 2028 Notes require the Company to file quarterly and annual reports with the SEC within a specified time period after the Company’s filing deadlines. However, failure to comply does not constitute an event of default unless the Company does not comply within 120 days after receiving written notice from the Trustee. The Company has not received any such notice.

The associated debt issuance costs in the amount of approximately $15.4 million are 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, 2023 and 2022, was approximately $2.1 million and $2.0 million, respectively. The Company’s effective interest rate was 7.62% for 2023 and was 7.84% for 2022.

On December 6, 2022, the Board of Directors authorized and approved a note repurchase program for up to $25.0 million of the currently outstanding 2028 Notes.

During the year ended December 31, 2023, the Company repurchased approximately $25.0 million of its 2028 Notes at an average price of approximately 89.1% of par. The Company recorded a net gain on retirement of debt of approximately $2.4 million during the year ended December 31, 2023.

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.

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 three months ended June 30, 2022, the PPP loan and related accrued interest was forgiven and recorded as other income in the amount of $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.

Asset-Backed Credit Facilities

On February 19, 2021, the Company closed on its 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 $50.0 million revolving loan borrowings 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 $5.0 million as a

part of the overall $50.0 million in capacity. As of December 31, 2023 and 2022, 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) until execution of the Waiver and Amendment (as defined below) took effect, 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.

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, 2023.

On April 30, 2023, the Company entered into a waiver and amendment (the “Waiver and Amendment”) to the Current ABL Facility. The Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver certain 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.

Between June 5, 2023 and November 9, 2023, the Company entered into four more waiver and amendments 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 quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 as required under the Current ABL Facility, dated as of February 19, 2021. On November 9, 2023, the Company entered into a fifth waiver and amendment (the “Fifth Waiver and Amendment”) to the Current ABL Facility, dated as of February 19, 2021. The Fifth Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver the delayed reports. The Fifth Waiver and Amendment set a due date of November 30, 2023 for the quarterly financial deliverables for the quarters ended March 31, 2023 and June 30, 2023 and a due date of December 31, 2023 for the quarterly financial deliverables for the three months ended September 30, 2023. See Note 16 – Subsequent Events of the Company’s consolidated financial statements for further background on the Sixth Waiver and Amendment and the Seventh Waiver and Amendment, each executed after the year ended December 31, 2023.

The Current ABL Facility matures on the earlier to occur of (a) the date that is five 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.

Letter of Credit Facility

The Company has 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, 2023, the Company had letters of credit totaling $0.8 million 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 $5.0 million subject to certain limitations on availability.

Future Minimum Principal Payments

Future scheduled minimum principal payments of debt as of December 31, 2023, were as follows:


	7.375% Senior
	Secured Notes due
	February 2028
	(In thousands)
2024	$	—
2025		—
2026		—
2027		—
2028		725,000
2029 and thereafter		—
Total debt	$	725,000

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 233,090	$ 75,404
Restricted cash	480	26,475
Trade accounts receivable, net of allowance for expected credit losses of $8,638 and $9,223, respectively	133,194	142,045
Prepaid expenses	9,504	8,729
Current portion of content assets	29,748	34,003
Other current assets	15,950	8,750
Total current assets	421,966	295,406
CONTENT ASSETS, NET	82,448	86,378
PROPERTY AND EQUIPMENT, NET	28,661	28,258
GOODWILL	216,599	216,599
RIGHT OF USE ASSETS, NET	31,649	31,879
RADIO BROADCASTING LICENSES	375,296	488,419
OTHER INTANGIBLE ASSETS, NET	49,104	55,193
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $0 and $40,000 at December 31, 2023 and 2022, respectively	0	136,826
OTHER ASSETS	5,450	5,688
Total assets	1,211,173	1,344,646
CURRENT LIABILITIES:
Accounts payable	20,000	17,196
Accrued interest	22,342	23,111
Accrued compensation and related benefits	14,420	17,421
Current portion of content payables	22,389	26,718
Current portion of lease liabilities	10,648	8,690
Other current liabilities	42,831	39,682
Total current liabilities	132,630	132,818
LONG-TERM DEBT, net of original issue discount and issuance costs	716,246	739,000
CONTENT PAYABLES, net of current portion	3,402	10,365
LONG-TERM LEASE LIABILITIES	22,377	25,545
OTHER LONG-TERM LIABILITIES	24,995	34,856
DEFERRED TAX LIABILITIES, NET	20,938	39,389
Total liabilities	920,588	981,973
COMMITMENTS AND CONTINGENCIES (NOTE 17)
REDEEMABLE NONCONTROLLING INTERESTS	16,520	31,923
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2023 and 2022	0	0
Accumulated other comprehensive income	0	73,227
Additional paid-in capital	1,007,387	993,484
Accumulated deficit	(733,371)	(736,010)
Total stockholders' equity	274,065	330,750
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,211,173	1,344,646
Common Stock Class A
STOCKHOLDERS' EQUITY:
Common stock value	10	10
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	$ 34

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment
SEGMENT INFORMATION
Number of reportable segments \| segment	4	4
Related to acquisition of property	$ 9,137	$ 7,598
Acquisition of broadcasting assets amount	27,500	25,000
Net Revenue	477,690	484,604
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	372,882	342,798
Depreciation and Amortization	7,101	10,034
Impairment of goodwill, intangible assets, and long-lived assets	129,278	40,683
Operating (loss) income	(31,571)	91,089
Capital expenditures by segment are as follows:	9,137	7,598
Total assets	1,211,173	1,344,646
Eliminations
SEGMENT INFORMATION
Related to acquisition of property	599	1,695
Net Revenue	(3,114)	(3,588)
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	46,723	42,603
Depreciation and Amortization	511	1,265
Operating (loss) income	(50,348)	(47,456)
Capital expenditures by segment are as follows:	599	1,695
Total assets	227,347	239,917
Radio Broadcasting
SEGMENT INFORMATION
Related to acquisition of property	1,500	800
Acquisition of broadcasting assets amount	27,500	25,000
Capital expenditures by segment are as follows:	1,500	800
Radio Broadcasting \| Eliminations
SEGMENT INFORMATION
Net Revenue	(3,660)	(3,588)
Radio Broadcasting \| Operating segment
SEGMENT INFORMATION
Related to acquisition of property	7,105	3,750
Net Revenue	156,214	156,678
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	122,666	109,365
Depreciation and Amortization	3,707	3,411
Impairment of goodwill, intangible assets, and long-lived assets	129,278	40,683
Operating (loss) income	(99,437)	3,219
Capital expenditures by segment are as follows:	7,105	3,750
Total assets	503,259	605,703
Reach Media \| Operating segment
SEGMENT INFORMATION
Related to acquisition of property	119	269
Net Revenue	52,888	43,117
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	38,595	28,651
Depreciation and Amortization	162	188
Operating (loss) income	14,131	14,278
Capital expenditures by segment are as follows:	119	269
Total assets	50,722	48,936
Digital \| Operating segment
SEGMENT INFORMATION
Related to acquisition of property	1,172	1,245
Net Revenue	75,495	78,526
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	55,691	56,760
Depreciation and Amortization	1,352	1,323
Operating (loss) income	18,452	20,443
Capital expenditures by segment are as follows:	1,172	1,245
Total assets	31,185	35,766
Cable Television \| Operating segment
SEGMENT INFORMATION
Related to acquisition of property	142	639
Net Revenue	196,207	209,871
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets)	109,207	105,419
Depreciation and Amortization	1,369	3,847
Operating (loss) income	85,631	100,605
Capital expenditures by segment are as follows:	142	639
Total assets	$ 398,660	$ 414,324

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

11. 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,
	2023		2022

	(In thousands)
Statutory federal tax expense	$	2,627	$	11,145
Effect of state taxes, net of federal benefit		1,134		3,308
Effect of state rate and tax law changes		79		629
Impairment of goodwill, intangible assets, and long-lived intangible assets		—		908
Non-deductible officer’s compensation		1,738		1,871
Interest carryforward adjustment		771		—
PPP loan income forgiveness		—		(1,591)
Change in valuation allowance		1,443		(234)
Internal revenue code ("IRC") Section 382 adjustments		(404)		(334)
Net operating loss ("NOL") expirations		203		268
Uncertain tax positions		(77)		(495)
Other		430		943
Provision for income taxes	$	7,944	$	16,418

The statutory federal tax rate used for the years ended December 31, 2023 and 2022 is 21.0%. Major components of the effective tax rate for the years ended December 31, 2023 and 2022 are related to net operating loss limitations, net operating loss expirations, interest carryforwards, impairments of goodwill, intangible assets, and 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.

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


	For the Years Ended
	December 31,
	2023		2022

	(In thousands)
Federal:
Current	$	—	$	—
Deferred		3,952		12,572
State:
Current		2,796		1,844
Deferred		1,196		2,002
Provision for income taxes	$	7,944	$	16,418

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 the Company 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,
	2023		2022

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,084	$	2,149
Accruals		2,722		304
Fixed assets		—		493
Stock-based compensation		615		521
Net operating loss carryforwards		57,428		89,377
Lease liability		8,084		8,901
Interest expense carryforward		21,977		23,788
Total deferred tax assets		92,910		125,533
Valuation allowance for deferred tax assets		(1,473)		(30)
Total deferred tax asset, net of valuation allowance		91,437		125,503

Deferred tax liabilities:
Intangible assets		(102,233)		(129,026)
Available-for-sale securities		—		(23,779)
Fixed assets		(873)		—
Right of use asset		(7,748)		(8,123)
Partnership interests		(283)		(2,412)
Deferred financing costs		(734)		(958)
Uncertain tax positions		(397)		(444)
Other		(107)		(150)
Total deferred tax liabilities		(112,375)		(164,892)
Net deferred tax liability	$	(20,938)	$	(39,389)

As of December 31, 2023, the Company had pre-tax federal and state NOL carryforward amounts of approximately $386.7 million and $285.4 million, respectively. Certain of the federal and state NOLs are subject to annual limitations under Internal Revenue Code Section 382. Additionally, the amount of the state NOLs may change if future apportionment factors differ from current factors. 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 the Company concludes that it is more likely than not that the Company 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 2024 to 2039.

As of December 31, 2023, the gross deferred tax assets of approximately $92.9 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 $1.5 million and $30,000 was recorded against the Company’s gross deferred tax asset balance as of December 31, 2023 and 2022, 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 the Company’s conclusion could be materially different if certain expectations do not materialize.

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 most of 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:


	2023		2022

	(In thousands)

Balance as of January 1	$	654	$	1,277
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(79)		(623)
Balance as of December 31	$	575	$	654

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, and prior year restatement adjustments that the Company has not yet amended on its 2022 income tax returns. The unrecognized tax benefits liability accrued on the Company’s balance sheet decreased by $0.1 million during the year ended December 31, 2023, and $0.6 million during the year ended December 31, 2022, respectively, primarily as a result of the lapse of statute of limitations in certain jurisdictions. As of December 31, 2023, the Company had unrecognized tax benefits of $0.6 million, which if recognized, would reduce our net operating loss carryforward.

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, 2023. The Company believes that it is reasonably possible that a decrease of up to $52,000 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, 2020 through 2023. For state and local purposes, the open years for tax examinations include the tax years ended December 31, 2019 through 2023. 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Radio Broadcasting Licenses (Details) - Radio broadcasting licenses - USD ($) $ in Thousands			3 Months Ended						12 Months Ended
	Oct. 01, 2023	Oct. 01, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets	$ 0	$ 7,400	$ 5,000	$ 85,400	$ 22,100	$ 16,800	$ 15,500	$ 10,600	$ 129,278	$ 33,443
Discount rate	10.00%	9.50%		10.00%	9.50%		9.50%	9.50%
Terminal growth rate range	(0.50%)		(0.50%)	(0.50%)					(0.50%)
Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	(1.70%)	0.00%	(2.30%)	0.00%	0.30%		0.30%	0.70%	(2.30%)
Terminal growth rate range		0.30%			0.30%		0.30%	0.70%
Mature market share range	5.30%	6.80%	5.20%	5.30%	0.90%		6.80%	6.90%	5.20%
Mature operating profit margin range	17.00%	27.20%	17.00%	17.00%	18.80%		28.30%	28.30%	17.00%
Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	0.00%	1.70%	0.80%	(1.70%)	1.40%		1.60%	2.40%	0.80%
Terminal growth rate range		0.80%			0.80%		0.80%	1.00%
Mature market share range	29.50%	27.60%	30.00%	29.50%	28.80%		27.60%	25.60%	30.00%
Mature operating profit margin range	33.50%	34.60%	31.90%	33.50%	34.60%		36.10%	36.10%	31.90%

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Programming And Technical
Allocated Share-based Compensation Expense	$ 139	$ 7
Selling, General and Administrative
Allocated Share-based Compensation Expense	1,129	239
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 8,707	$ 9,666

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Jun. 03, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
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				$ 130.0
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Auditor Name	Ernst & Young, LLP	BDO USA, LLP
Auditor Firm ID	42	243
Auditor Location	Baltimore	Potomac
Amendment Flag	false
Document Fiscal Year Focus	2023
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			9,853,672
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			34,910,815
Title of 12(g) Security	Class D Common Stock, $0.001 Par Value
Trading Symbol	UONEK
Security Exchange Name	NASDAQ

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 2,050	$ 34,343
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares	47,645,678	48,928,063
Effect of dilutive securities:
Stock options and restricted stock	2,598,132	3,246,274
Denominator for diluted net income (loss) per share - weighted-average outstanding shares	50,243,810	52,174,337
Net income (loss) attributable to common stockholders per share - basic	$ 0.04	$ 0.70
Net income (loss) attributable to common stockholders per share -diluted	$ 0.04	$ 0.66
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares exercised		60,240
Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	313,272	5,124,671
Shares exercised		60,240
Common Stock Class D \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased		5,124,671
Shares exercised		60,240

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES - Reconciliation of federal income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Statutory federal tax expense	$ 2,627	$ 11,145
Effect of state taxes, net of federal benefit	1,134	3,308
Effect of state rate and tax law changes	79	629
Impairment of goodwill, intangible assets, and long-lived intangible assets		908
Non-deductible officer's compensation	1,738	1,871
PPP loan income forgiveness		(1,591)
Interest carryforward adjustment	771
Change in valuation allowance	1,443	(234)
Internal revenue code ("IRC") Section 382 adjustments	(404)	(334)
Net operating loss ("NOL") expirations	203	268
Uncertain tax positions	(77)	(495)
Other	430	943
Provision for income taxes	$ 7,944	$ 16,418

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

Schedule of impact of restatement on financial statements

Revised Consolidated Balance Sheet


	As of December 31, 2022
	As Previously
	Reported		Adjustments		Other Adjustments		As Revised

	(In thousands)
ASSETS
CURRENT ASSETS:
Restricted cash	$	19,975	$	6,500	$	—	$	26,475
Trade accounts receivable, net of allowance for doubtful accounts of $9,223		143,264		—		(1,219)		142,045
Other current assets		8,372		378		—		8,750
Total current assets		289,747		6,878		(1,219)		295,406
PROPERTY AND EQUIPMENT, net		27,758		500		—		28,258
Total assets	$	1,338,487	$	7,378	$	(1,219)	$	1,344,646
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	18,003	$	—	$	(807)	$	17,196
Other current liabilities		36,320		3,362		—		39,682
Total current liabilities		130,263		3,362		(807)		132,818
OTHER LONG-TERM LIABILITIES		34,540		858		(542)		34,856
DEFERRED TAX LIABILITIES, net		39,704		(214)		(101)		39,389
Total liabilities		979,417		4,006		(1,450)		981,973
REDEEMABLE NONCONTROLLING INTERESTS		25,298		6,625		—		31,923
STOCKHOLDERS’ EQUITY:
Accumulated deficit		(732,988)		(3,253)		231		(736,010)
Total stockholders’ equity		333,772		(3,253)		231		330,750
Total liabilities, redeemable noncontrolling interests and equity	$	1,338,487	$	7,378	$	(1,219)	$	1,344,646

Revised Consolidated Statement of Operations


	Year Ended December 31, 2022
	As Previously				Other
	Reported		Adjustments		Adjustments		As Revised

	(In thousands, except per share data)
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation of $239	$	160,230	$	—	$	412	$	160,642
Corporate selling, general and administrative, including stock-based compensation of $9,666		56,334		3,728		(542)		59,520
Total operating expenses		389,917		3,728		(130)		393,515
Operating income (loss)		94,687		(3,728)		130		91,089
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		56,676		(3,728)		130		53,078
PROVISION FOR (BENEFIT FROM) INCOME TAXES		16,721		(202)		(101)		16,418
NET INCOME (LOSS)		39,955		(3,526)		231		36,660
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626		(309)		—		2,317
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	37,329	$	(3,217)	$	231	$	34,343

BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.76	$	(0.06)	$	—	$	0.70

DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$	0.72	$	(0.06)	$	—	$	0.66

Revised Consolidated Statement of Comprehensive Income


	Year Ended December 31, 2022
	As Previously				Other
	Reported		Adjustments		Adjustments		As Revised

	(In thousands)

COMPREHENSIVE INCOME (LOSS)	$	58,232	$	(3,526)	$	231	$	54,937
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		2,626		(309)		—		2,317
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	55,606	$	(3,217)	$	231	$	52,620

Revised Consolidated Statement 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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,317)	$	303,680
Net income		—		—		—		—		—		—		—		37,329		37,329
Stock-based compensation expense		—		1		—		—		1		—		6,593		—		6,595
Repurchase of 5,124,671 shares of Class D common stock		—		—		—		—		(4)		—		(26,539)		—		(26,543)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Other comprehensive income, net of tax		—		—		—		—		—		18,277		—		—		18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(5,616)		—		(5,616)
BALANCE, as of December 31, 2022	$	—	$	10	$	3	$	2	$	34	$	73,227	$	993,484	$	(732,988)	$	333,772


		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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(36)	$	(36)
Net (loss)		—		—		—		—		—		—		—		(2,986)		(2,986)
Total Adjustments	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(3,022)	$	(3,022)


		As Revised
												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, 2022		Stock		Class A		Class B		Class C		Class D		Income		Capital		Deficit		Equity
BALANCE, as of December 31, 2021	$	—	$	9	$	3	$	2	$	37	$	54,950	$	1,018,996	$	(770,353)	$	303,644
Net income (loss)		—		—		—		—		—		—		—		34,343		34,343
Stock-based compensation expense		—		1		—		—		1		—		6,593		—		6,595
Repurchase of 5,124,671 shares of Class D common stock		—		—		—		—		(4)		—		(26,539)		—		(26,543)
Exercise of options for 60,240 shares of Class D common stock		—		—		—		—		—		—		50		—		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		—		—		—		—		—		—		(5,616)		—		(5,616)
Other comprehensive income, net of tax		—		—		—		—		—		18,277		—		—		18,277
BALANCE, as of December 31, 2022	$	—	$	10	$	3	$	2	$	34	$	73,227	$	993,484	$	(736,010)	$	330,750

Revised Consolidated Statement of Cash Flows


	Year Ended December 31, 2022
	As
	Previously				Other		As
	Reported		Adjustments		Adjustments		Revised

	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	39,955	$	(3,526)	$	231	$	36,660
Adjustments to reconcile net income (loss) to net cash from operating activities:
Bad debt expense		1,425		—		412		1,837
Deferred income taxes		14,878		(202)		(101)		14,575
Stock-based compensation		6,595		3,317		—		9,912

Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable		(16,930)		—		807		(16,123)
Prepaid expenses and other current assets		(6,691)		40		—		(6,651)
Accounts payable		1,111		—		(807)		304
Other liabilities		(3,710)		(141)		(542)		(4,393)
Net cash flows (used in) provided by operating activities		67,060		(512)		—		66,548
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		—		512		—		512
Net cash flows provided by (used in) financing activities		(95,216)		512		—		(94,704)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		152,218		6,500		—		158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	95,379	$	6,500	$	—	$	101,879

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Revenue	$ 477,690	$ 484,604
Customer Advances [Member]
Net Revenue	3,700
Unearned Income [Member]
Net Revenue	5,700
Radio advertising
Net Revenue	182,362	177,268
Political advertising
Net Revenue	3,881	13,226
Digital advertising
Net Revenue	74,866	76,730
Cable television advertising
Net Revenue	108,307	112,857
Cable television affiliate fees
Net Revenue	87,747	96,963
Event revenues & other
Net Revenue	20,527	7,560
Operating segment \| Radio Broadcasting
Net Revenue	156,214	156,678
Operating segment \| Radio Broadcasting \| Radio advertising
Net Revenue	146,171	139,470
Operating segment \| Radio Broadcasting \| Political advertising
Net Revenue	2,854	11,143
Operating segment \| Radio Broadcasting \| Event revenues & other
Net Revenue	7,189	6,065
Operating segment \| Reach Media Segment
Net Revenue	52,888	43,117
Operating segment \| Reach Media Segment \| Radio advertising
Net Revenue	39,851	41,414
Operating segment \| Reach Media Segment \| Political advertising
Net Revenue	398	287
Operating segment \| Reach Media Segment \| Event revenues & other
Net Revenue	12,639	1,416
Operating segment \| Digital Segment
Net Revenue	75,495	78,526
Operating segment \| Digital Segment \| Political advertising
Net Revenue	629	1,796
Operating segment \| Digital Segment \| Digital advertising
Net Revenue	74,866	76,730
Operating segment \| Cable Television Segment
Net Revenue	196,207	209,871
Operating segment \| Cable Television Segment \| Cable television advertising
Net Revenue	108,307	112,857
Operating segment \| Cable Television Segment \| Cable television affiliate fees
Net Revenue	87,747	96,963
Operating segment \| Cable Television Segment \| Event revenues & other
Net Revenue	153	51
Eliminations
Net Revenue	(3,114)	(3,588)
Eliminations \| Radio advertising
Net Revenue	(3,660)	(3,616)
Eliminations \| Event revenues & other
Net Revenue	$ 546	$ 28

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ 330,750	$ 303,644
Net Income (Loss)	2,050	34,343
Stock-based compensation expense	5,392	6,595
Repurchase of shares of common stock	(1,630)	(26,543)
Exercise of options for common stock		50
Other comprehensive income, net of tax	(73,227)	18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value	6,907	(5,616)
BALANCE	274,065	330,750
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	333,772	303,680
Net Income (Loss)		37,329
Stock-based compensation expense		6,595
Repurchase of shares of common stock		(26,543)
Exercise of options for common stock		50
Other comprehensive income, net of tax		18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value		(5,616)
BALANCE		333,772
Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(3,022)	(36)
Net Income (Loss)		(2,986)
BALANCE		(3,022)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)		(3,217)
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Income (Loss)		231
Preferred Stock \| Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	0	0
Net Income (Loss)	0	0
Stock-based compensation expense	0	0
Repurchase of shares of common stock	0	0
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	0	0
Common Stock \| Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9
Net Income (Loss)	0	0
Stock-based compensation expense	0	1
Repurchase of shares of common stock	0	0
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	10	10
Common Stock \| Common Stock Class A \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9
Stock-based compensation expense		1
BALANCE		10
Common Stock \| Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3
Net Income (Loss)	0	0
Stock-based compensation expense	0	0
Repurchase of shares of common stock	0	0
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	3	3
Common Stock \| Common Stock Class B \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3
BALANCE		3
Common Stock \| Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2
Net Income (Loss)	0	0
Stock-based compensation expense	0	0
Repurchase of shares of common stock	0	0
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	2	2
Common Stock \| Common Stock Class C \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2
BALANCE		2
Common Stock \| Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	37
Net Income (Loss)	0	0
Stock-based compensation expense	0	1
Repurchase of shares of common stock	0	(4)
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	34	34
Common Stock \| Common Stock Class D \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	37
Stock-based compensation expense		1
Repurchase of shares of common stock		(4)
BALANCE		34
Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	54,950
Other comprehensive income, net of tax		18,277
BALANCE		73,227
Accumulated Other Comprehensive Income \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	54,950
Other comprehensive income, net of tax		18,277
BALANCE		73,227
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	1,018,996
Net Income (Loss)	0	0
Stock-based compensation expense	5,392	6,593
Repurchase of shares of common stock	(1,630)	(26,539)
Exercise of options for common stock		50
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	6,907	(5,616)
BALANCE	1,007,387	993,484
Additional Paid-In Capital \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	1,018,996
Stock-based compensation expense		6,593
Repurchase of shares of common stock		(26,539)
Exercise of options for common stock		50
Adjustment of redeemable noncontrolling interests to estimated redemption value		(5,616)
BALANCE		993,484
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(736,010)	(770,353)
Net Income (Loss)	2,050	34,343
Stock-based compensation expense	0	0
Repurchase of shares of common stock	0	0
Exercise of options for common stock		0
Other comprehensive income, net of tax		0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0	0
BALANCE	(733,371)	(736,010)
Accumulated Deficit \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(732,988)	(770,317)
Net Income (Loss)		37,329
BALANCE		(732,988)
Accumulated Deficit \| Revision of Prior Period, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ (3,022)	(36)
Net Income (Loss)		(2,986)
BALANCE		$ (3,022)

EMPLOYMENT AGREEMENT AWARD

12 Months Ended

Dec. 31, 2023

EMPLOYMENT AGREEMENT AWARD

EMPLOYMENT AGREEMENT AWARD

9. EMPLOYMENT AGREEMENT AWARD:

The Company accounts for an award provided 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, 2023 and 2022, to be approximately $23.0 million and $25.7 million, respectively, and accordingly adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $0.2 million and $1.6 million for the years ended December 31, 2023 and 2022, 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 is payable 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.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES:

Radio Broadcasting Licenses

Each of the Company’s radio stations operates pursuant to one or more licenses issued by the FCC 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 the Company’s 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 SEASAC, 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 (“PRO”), 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. These licenses periodically come up for renewal, and as a result certain of the Company’s PRO licenses are currently the subject of renewal negotiations. The outcome of these renewal negotiations could impact, and potentially increase, the Company’s music license fees. In addition, there is no guarantee that additional PROs will not emerge, which could impact, and in some circumstances increase, the Company’s royalty rates and negotiation costs.

The Radio Music Licensing Committee (“RMLC”), of which the Company is a represented participant, has negotiated and entered into, on behalf of participating members, an Interim License Agreement with ASCAP effective January 1, 2022 and to remain in effect until the date on which the parties reach agreement as to, or there is court determination of, new interim or final fees, terms, and conditions of a new license for the five year period commencing on January 1, 2022 and concluding on December 31, 2026. 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. The RMLC is negotiating with BMI and SESAC.

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 50 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, 2023, 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:
2024	$	13,767	$	88,778
2025		7,658		37,108
2026		5,674		14,991
2027		4,148		4,983
2028		3,114		3,560
2029 and thereafter		14,726		9,615
Total	$	49,087	$	159,035

Of the total amount of other operating contracts and agreements included in the table above, approximately $106.0 million has not been recorded on the balance sheet as of December 31, 2023, as it does not meet recognition criteria. Approximately $33.5 million relates to certain commitments for content agreements for the Company’s cable television segment, approximately $29.2 million relates to employment agreements, and the remainder relates to other programming, network and operating agreements. As of December 31, 2023, the Company has entered into an operating lease for an office and studio space, that has not yet commenced and that has minimum lease payments of $1.3 million. This operating lease will commence in the second quarter of 2024 with a lease term of 7.2 years.

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 exercised 50% of their Put Right on January 26, 2024. Management, at this time, cannot reasonably determine the period when and if the remainder of the put right will be exercised by the noncontrolling interest shareholders. Please refer to Note 16 – Subsequent Events of the Company’s consolidated financial statements for more details.

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, 2023, the Company had letters of credit totaling $0.8 million 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 $5.0 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.

CONTENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

CONTENT ASSETS

Schedule Of Finite Lived Content Assets


	As of December 31,				Period of
	2023		2022		Amortization

	(In thousands)
Produced content assets:
Completed	$	132,273	$	122,660
In-production		11,726		23,300
Licensed content assets acquired:
Acquired		35,520		55,751
Content assets, at cost		179,519		201,711	1‑5 Years
Less: accumulated amortization		(67,323)		(81,330)
Content assets, net		112,196		120,381
Less: current portion		(29,748)		(34,003)
Noncurrent portion	$	82,448	$	86,378

Schedule Of Finite Lived Content Assets Future Amortization Expense


	Produced		Acquired		Total
	(In thousands)
2024	$	19,523	$	10,225	$	29,748
2025		13,710		4,571		18,281
2026		9,977		1,359		11,336

Content Payments Fiscal Year Maturity Schedule


	(In thousands)
2024	$	22,389
2025		2,643
2026		759

CONTENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Content Assets [Line Items]
Period of Amortization (in years)	3 years 6 months
Produced content assets:
Completed	$ 132,273	$ 122,660
In-production	11,726	23,300
Licensed content assets acquired:
Acquired	35,520	55,751
Content assets, at cost	179,519	201,711
Less: accumulated amortization	(67,323)	(81,330)
Content assets, net	112,196	120,381
Less: current portion	(29,748)	(34,003)
Noncurrent portion	$ 82,448	$ 86,378
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

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Estimate of Amortization Expense (Details) - Finite-Lived Intangible Assets $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
2024	$ 281
2025	139
2026	135
2027	80
2028	$ 48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Launch assets	$ 27,764	$ 27,764
Less: accumulated amortization	(14,084)	(9,104)
Launch assets, net	$ 13,680	$ 18,660

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Common Stock Class D - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year	434,264	76,056
Shares, Grants	895,520	1,357,687
Shares, Vested	(1,001,667)	(999,479)
Shares, Forfeited/cancelled/expired	(15,000)
Shares, Unvested at end of year	313,117	434,264
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share)	$ 4.27	$ 3.90
Average Fair Value at Grant Date, Grants (in dollars per share)	5.17	4.27
Average Fair Value at Grant Date, Vested (in dollars per share)	4.92	4.25
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share)	4.12
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share)	$ 4.77	$ 4.27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents and Restricted Cash

(a) Cash and Cash Equivalents and Restricted Cash


	Years Ended
	December 31,
	2023		2022

	(In thousands)
Cash and cash equivalents	$	233,090	$	75,404
Restricted cash	480			26,475
Total cash, cash equivalents, and restricted cash shown in Consolidated Statements of Cash Flows	$	233,570	$	101,879

Trade Accounts Receivable

(b) Trade Accounts Receivable

Allowance for Expected Credit Losses

The changes in the allowance for expected credit loss are as follows:


	As of December 31, 2023
	(In thousands)
Balance at Beginning of Period⁽¹⁾	$	8,643
Charged to Expense, net		2,552
Less: Deductions		(2,557)
Balance at End of Period	$	8,638

(1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13.

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

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

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

Financial Instruments

(e) Financial Instruments

Revenue Recognition

(f) Revenue Recognition

Revenue by Contract Type

The following chart shows the sources of the Company’s net revenue for the years ended December 31, 2023 and 2022:


	Radio		Reach				Cable
(In thousands)	Broadcasting		Media		Digital		Television		Eliminations		Consolidated
Year Ended December 31, 2023
Net Revenue:
Radio advertising	$	146,171	$	39,851	$	-	$	-	$	(3,660)	$	182,362
Political advertising		2,854		398		629		-		-		3,881
Digital advertising		-		-		74,866		-		-		74,866
Cable television advertising		-		-		-		108,307		-		108,307
Cable television affiliate fees		-		-		-		87,747		-		87,747
Event revenues & other		7,189		12,639		-		153		546		20,527
Net revenue	$	156,214	$	52,888	$	75,495	$	196,207	$	(3,114)	$	477,690

Year Ended December 31, 2022
Net Revenue:
Radio advertising	$	139,470	$	41,414	$	-	$	-	$	(3,616)	$	177,268
Political advertising		11,143		287		1,796		-		-		13,226
Digital advertising		-		-		76,730		-		-		76,730
Cable television advertising		-		-		-		112,857		-		112,857
Cable television affiliate fees		-		-		-		96,963		-		96,963
Event revenues & other		6,065		1,416		-		51		28		7,560
Net revenue	$	156,678	$	43,117	$	78,526	$	209,871	$	(3,588)	$	484,604

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in the Company’s consolidated balance sheets at December 31, 2023 and 2022 were as follows:


	December 31, 2023		December 31, 2022

	(In thousands)
Contract assets:
Unbilled receivables	$	5,437	$	12,597
Contract liabilities:
Customer advances and unearned income	$	4,851	$	6,123
Reserve for audience deficiency		12,779		9,629
Unearned event income		4,864		5,708

Practical expedients and exemptions

Launch Support

(g) Launch Support

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


	As of December 31,
	2023		2022

	(In thousands)
Launch assets	$	27,764	$	27,764
Less: accumulated amortization		(14,084)		(9,104)
Launch assets, net	$	13,680	$	18,660

Future estimated launch support amortization related to launch assets for years 2024 through 2028 and thereafter is as follows:


	(In thousands)
2024	$	4,980
2025		4,980
2026		3,409
2027		237
2028		68
Thereafter		6

Barter Transactions

(h) Barter Transactions

Advertising and Promotions

(i) Advertising and Promotions

Income Taxes

(j) Income Taxes

Stock-Based Compensation

(k) Stock-Based Compensation

Segment Reporting and Major Customers

(l) Segment Reporting and Major Customers

No single customer accounted for over 10% of the Company’s consolidated net revenues during either of the years ended December 31, 2023 or 2022.

Earnings Per Share

(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):


	Years Ended December 31,
	2023		2022
Numerator:
Net income attributable to Class A, Class B, Class C and Class D stockholders	$	2,050	$	34,343
Denominator:
Denominator for basic net income per share - weighted average outstanding shares		47,645,678		48,928,063
Effect of dilutive securities:
Stock options and restricted stock		2,598,132		3,246,274
Denominator for diluted net income per share - weighted-average outstanding shares		50,243,810		52,174,337

Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	0.04	$	0.70
Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	0.04	$	0.66

There were no material potentially antidilutive securities excluded from the computation of diluted EPS for the years ended December 31, 2023 and 2022.

Fair Value Measurements

(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, 2023 and 2022, respectively, the fair values of the Company’s 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, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	22,970	$	—	$	—	$	22,970

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	16,520	$	—	$	—	$	16,520

Assets subject to fair value measurement:
Cash equivalents - money market funds (d)	$	193,769	$	193,769	$	—	$	—

As of December 31, 2022
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	25,741	$	—	$	—	$	25,741

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

(a)

(b)

(c)

(d)	The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.


	Employment		Redeemable		Available-
	Agreement		Noncontrolling		for-Sale
	Award		Interests		Securities

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 ^(*)		1,587		5,616		—
Balance at December 31, 2022	$	25,741	$	25,298	$	136,826
Net income attributable to redeemable noncontrolling interests		—		2,530		—
Dividends paid to redeemable noncontrolling interests		—		(4,401)		—
Distribution		(2,940)		—		—
Sale of available-for-sale securities		—		—		(136,826)
Change in fair value ^(*)		169		(6,907)		—
Balance at December 31, 2023	$	22,970	$	16,520	$	—

(*) Amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date.

For Level 3 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,
			2023		2022
		Significant
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Employment Agreement Award	Discounted cash flow	Discount rate	10.0	%	10.5	%
Employment Agreement Award	Discounted cash flow	Operating profit margin range	35.0% - 42.3	%	33.7% - 46.6	%
Employment Agreement Award	Discounted cash flow	Revenue growth rate range	(2.1)% - 2.5	%	(4.1)% - 4.2	%
Employment Agreement Award	Market Approach	Average recurring EBITDA multiple	6.3 - 6.5	x	6.6	x
Redeemable noncontrolling interests	Discounted cash flow	Discount rate	12.5	%	11.5	%
Redeemable noncontrolling interests	Discounted cash flow	Operating profit margin range	24.5% - 31.9	%	25.8% - 29.8	%
Redeemable noncontrolling interests	Discounted cash flow	Revenue growth rate range	1.2% - 16.5	%	0.2% - 32.2	%
Redeemable noncontrolling interests	Discounted cash flow	Exit Multiple	4.0	x	N/A

Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements.

Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows.

Software and Web Development Costs

(o) Software and Web Development Costs

Redeemable Noncontrolling Interests

(p) Redeemable Noncontrolling Interests

Investments

(q) Investments

Available-for-sale securities

The amortized cost, estimated fair value, and gains and losses on the debt security classified as available-for-sale as of December 31, 2023 and 2022 are summarized as follows:


	Amortized		Gross		Gross			Gross
	Cost		Unrealized		Unrealized			Realized		Fair
	Basis		Gains		Losses			Gains		Value

	(In thousands)
December 31, 2023
MGM Investment	$	—	$	—	$	—	$	96,826	$	—

December 31, 2022
MGM Investment	$	40,000	$	104,326	$	(7,500)	$	—	$	136,826

RVA Entertainment Holding

Content Assets

(r) Content Assets

Tax incentives offered by state governments are measured based on production activities and are recorded as a reduction to capitalized production costs.

Impact of Recently Issued Accounting Pronouncements

(s) Impact of Recently Issued Accounting Pronouncements

Related Party Transactions

(t) Related Party Transactions

Leases

(u) Leases

The Company’s operating leases are for office space, studio space, broadcast towers, and transmitter facilities that expire over the next forty-nine years.

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:


	Years Ended December 31,
	2023			2022

	(Dollars In thousands)
Operating lease cost (cost resulting from lease payments)	$	12,738		$	12,822
Variable lease cost (cost excluded from lease payments)		127			40
Total lease cost	$	12,865		$	12,862

Operating lease - operating cash flows (fixed payments)	$	13,761		$	13,978
Operating lease - operating cash flows (liability reduction)	$	10,362		$	9,935

Weighted average lease term - operating leases		5.94	years		4.85	years
Weighted average discount rate - operating leases		11.66	%		11.00	%

As of December 31, 2023, maturities of lease liabilities were as follows:


For the Year Ended December 31,	(In thousands)
2024	$	13,767
2025		7,658
2026		5,674
2027		4,148
2028		3,114
Thereafter		14,726
Total future lease payments		49,087
Less: imputed interest		(16,062)
Total future lease payments	$	33,025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Launch support amortization expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2024	$ 4,980
2025	4,980
2026	3,409
2027	237
2028	68
Thereafter	$ 6

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Federal statutory income tax rate, percent	21.00%	21.00%
Gross deferred tax assets	$ 92,910,000	$ 125,533,000
Valuation allowance for deferred tax assets	1,473,000	30,000
Decrease unrecognized tax benefits related to state tax	100,000	$ 600,000
Unrecognized tax benefits net operating loss carryforward	600,000
Reasonably possible decrease in unrecognized tax benefits	52,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards	285,400,000
Domestic Tax Authority
Income Tax Disclosure [Line Items]
Operating loss carryforwards	386,700,000
Gross deferred tax assets	$ 92,900,000

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 50,415	$ 187,991
Less: Accumulated depreciation	(21,754)	(159,733)
Property and equipment, net	$ 28,661	28,258
Estimated Useful Lives	3 years
Depreciation and Amortization	$ 7,101	10,034
Depreciation	6	6,400
Land and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 3,375	4,628
Estimated Useful Lives	0 years
Buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 3,243	3,299
Estimated Useful Lives	31 years
Transmitters and towers
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 17,212	45,733
Transmitters and towers \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Transmitters and towers \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 10,204	67,025
Equipment \| 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	$ 897	9,357
Estimated Useful Lives	6 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Software and web development
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 5,629	32,565
Estimated Useful Lives	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 9,841	25,231
Property, Plant and Equipment, Estimated Useful Lives	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 14	$ 153
Estimated Useful Lives	0 years

STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	12 Months Ended
STOCKHOLDERS' EQUITY - Fair values using BSM (Details)	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Average risk-free interest rate	4.18%	2.79%
Expected dividend yield	0.00%	0.00%
Expected lives	5 years 7 months 2 days	5 years 8 months 8 days
Expected volatility	53.14%	79.92%

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 11, 2023	Aug. 31, 2022	Dec. 31, 2022	Dec. 31, 2023	Jun. 07, 2023	Jun. 13, 2022
Asset Acquisition [Line Items]
Radio broadcasting licenses			$ 488,419	$ 375,296
Property and equipment, net			28,258	28,661
Assets held for sale						$ 3,200
KTHT-FM and KROI-FM \| Discontinued Operations and Disposed of by Sale
Asset Acquisition [Line Items]
Definitive asset -KTHT-FM				$ 5,600
KTHT-FM \| Discontinued Operations and Disposed of by Sale
Asset Acquisition [Line Items]
Definitive asset -KTHT-FM					$ 3,100
CMG
Asset Acquisition [Line Items]
Radio broadcasting licenses	$ 23,400
CMG \| Towers and antennas
Asset Acquisition [Line Items]
Property and equipment, net	300
CMG \| Transmitters
Asset Acquisition [Line Items]
Property and equipment, net	500
CMG \| Studios
Asset Acquisition [Line Items]
Property and equipment, net	100
CMG \| Fixed Asset
Asset Acquisition [Line Items]
Property and equipment, net	100
Indiana Radio Cluster Asset Acquisition [Member]
Asset Acquisition [Line Items]
Radio broadcasting licenses		$ 23,600
Asset acquisition transaction price		25,000
Intangible asset		100
Right of use assets		1,200
Goodwill, asset acquisition		400
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			$ 100
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		200
Indiana Radio Cluster Asset Acquisition [Member] \| Transmitters
Asset Acquisition [Line Items]
Property, plant and equipment		300
Indiana Radio Cluster Asset Acquisition [Member] \| Studios
Asset Acquisition [Line Items]
Property, plant and equipment		200
Indiana Radio Cluster Asset Acquisition [Member] \| Vehicles
Asset Acquisition [Line Items]
Property, plant and equipment		$ 100
Houston Radio Cluster Asset Acquisition [Member]
Asset Acquisition [Line Items]
Asset acquisition transaction price	27,500
Assets held for sale	9,900
Liabilities held for sale	2,400
Proceeds from assets sold	7,500
Assets, held for sale, tangible and intangible disposed	7,300
Non Cash Impairment charge	$ 16,800

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

8. OTHER CURRENT LIABILITIES:

Other current liabilities consist of the following:


	As of December 31,
	2023		2022

	(In thousands)
Customer advances and unearned income	$	4,851	$	6,123
Unearned event income		4,864		5,708
Reserve for audience deficiency		12,779		9,629
Professional fee accrual		1,658		1,905
Operating expense accruals		5,090		1,210
Accrued unvested stock compensation		4,650		3,315
Employment agreement award		3,685		5,992
Launch liability		1,750		2,500
Deferred barter revenue		1,848		1,635
Accrued national representative fees		683		947
Income taxes payable		845		37
Other		128		681
	$	42,831	$	39,682

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022

	(In thousands)
Statutory federal tax expense	$	2,627	$	11,145
Effect of state taxes, net of federal benefit		1,134		3,308
Effect of state rate and tax law changes		79		629
Impairment of goodwill, intangible assets, and long-lived intangible assets		—		908
Non-deductible officer’s compensation		1,738		1,871
Interest carryforward adjustment		771		—
PPP loan income forgiveness		—		(1,591)
Change in valuation allowance		1,443		(234)
Internal revenue code ("IRC") Section 382 adjustments		(404)		(334)
Net operating loss ("NOL") expirations		203		268
Uncertain tax positions		(77)		(495)
Other		430		943
Provision for income taxes	$	7,944	$	16,418

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,
	2023		2022

	(In thousands)
Federal:
Current	$	—	$	—
Deferred		3,952		12,572
State:
Current		2,796		1,844
Deferred		1,196		2,002
Provision for income taxes	$	7,944	$	16,418

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,
	2023		2022

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,084	$	2,149
Accruals		2,722		304
Fixed assets		—		493
Stock-based compensation		615		521
Net operating loss carryforwards		57,428		89,377
Lease liability		8,084		8,901
Interest expense carryforward		21,977		23,788
Total deferred tax assets		92,910		125,533
Valuation allowance for deferred tax assets		(1,473)		(30)
Total deferred tax asset, net of valuation allowance		91,437		125,503

Deferred tax liabilities:
Intangible assets		(102,233)		(129,026)
Available-for-sale securities		—		(23,779)
Fixed assets		(873)		—
Right of use asset		(7,748)		(8,123)
Partnership interests		(283)		(2,412)
Deferred financing costs		(734)		(958)
Uncertain tax positions		(397)		(444)
Other		(107)		(150)
Total deferred tax liabilities		(112,375)		(164,892)
Net deferred tax liability	$	(20,938)	$	(39,389)

Schedule of unrecognized tax benefits

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


	2023		2022

	(In thousands)

Balance as of January 1	$	654	$	1,277
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(79)		(623)
Balance as of December 31	$	575	$	654

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for expected credit losses	$ 8,638	$ 9,223
Debt securities, available-for-sale, amortized cost	$ 0	$ 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	9,853,672	9,854,682
Common stock, shares outstanding	9,853,672	9,854,682
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	34,116,485	33,618,227
Common stock, shares outstanding	34,116,485	33,618,227

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock Convertible Preferred Stock Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock Convertible Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock Convertible Preferred Stock	Common Stock Common Stock Class A Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Stock Class A Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Common Stock Class A	Common Stock Common Stock Class B Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Stock Class B Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Common Stock Class B	Common Stock Common Stock Class C Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Stock Class C Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Common Stock Class C	Common Stock Common Stock Class D Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Stock Class D Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Common Stock Class D	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total
BALANCE at Dec. 31, 2021			$ 0			$ 9			$ 3			$ 2			$ 37		$ 54,950			$ 1,018,996			$ (770,353)			$ 303,644
Net Income (Loss)			0			0			0			0			0					0			34,343			34,343
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	$ 0	0	$ 0	$ 10	10	$ 0	$ 3	3	$ 0	$ 2	2	$ 0	$ 34	34	$ 73,227	73,227	$ 0	$ 993,484	993,484	$ 589	$ (735,421)	(736,010)	$ 589	$ 331,339	330,750
Net Income (Loss)			0			0			0			0			0					0			2,050			2,050
Stock-based compensation expense			0			0			0			0			0					5,392			0			5,392
Repurchase of shares of common stock			0			0			0			0			0					(1,630)			0			(1,630)
Sale of MGM investment			0			0			0			0			0		$ (73,227)			0			0			(73,227)
Vesting of restricted common stock			0			0			0			0			0					3,234			0			3,234
Other comprehensive income, net of tax																										(73,227)
Adjustment of redeemable noncontrolling interests to estimated redemption value			0			0			0			0			0					6,907			0			6,907
BALANCE at Dec. 31, 2023			$ 0			$ 10			$ 3			$ 2			$ 34					$ 1,007,387			$ (733,371)			$ 274,065

- 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 equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

CONTENT ASSETS

12 Months Ended

Dec. 31, 2023

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
	2023		2022		Amortization

	(In thousands)
Produced content assets:
Completed	$	132,273	$	122,660
In-production		11,726		23,300
Licensed content assets acquired:
Acquired		35,520		55,751
Content assets, at cost		179,519		201,711	1‑5 Years
Less: accumulated amortization		(67,323)		(81,330)
Content assets, net		112,196		120,381
Less: current portion		(29,748)		(34,003)
Noncurrent portion	$	82,448	$	86,378

The aggregate amortization expense for produced content assets for the years ended December 31, 2023 and 2022 is $32.6 million and $26.3 million, respectively. The aggregate amortization expense for acquired content assets for the years ended December 31, 2023 and 2022 is $17.5 million and $17.2 million, respectively. The aggregate amortization expense for content assets for the years ended December 31, 2023 and 2022 is approximately $50.1 million and $43.5 million, respectively. Amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses.

Future estimated content amortization expense as of December 31, 2023, for years 2024 through 2026 is as follows:


	Produced		Acquired		Total
	(In thousands)
2024	$	19,523	$	10,225	$	29,748
2025		13,710		4,571		18,281
2026		9,977		1,359		11,336

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, 2023, are as follows:


	(In thousands)
2024	$	22,389
2025		2,643
2026		759

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER CURRENT LIABILITIES
Customer advances and unearned income	$ 4,851	$ 6,123
Unearned event income	4,864	5,708
Reserve for audience deficiency	12,779	9,629
Professional fee accrual	1,658	1,905
Other operating expense accruals	5,090	1,210
Accrued unvested stock compensation	4,650	3,315
Employment agreement award	3,685	5,992
Launch liability	1,750	2,500
Deferred barter revenue	1,848	1,635
Accrued national representative fees	683	947
Income taxes payable	845	37
Other	128	681
Other current liabilities	$ 42,831	$ 39,682

GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS - Goodwill Valuation Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,046	$ 378,046	$ 377,609
Additions	0	437
Impairments	0	(7,240)
Accumulated impairment losses	(161,447)	(161,447)	(154,207)
Net goodwill	216,599	216,599	223,402
Radio Broadcasting Segment
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	154,967	154,967	154,530
Additions	0	437
Impairments	0	(7,240)
Accumulated impairment losses	(124,988)	(124,988)	(117,748)
Net goodwill	29,979	29,979	36,782
Reach Media Segment
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	30,468	30,468	30,468
Additions	0	0
Impairments	0	0
Accumulated impairment losses	(16,114)	(16,114)	(16,114)
Net goodwill	14,354	14,354	14,354
Digital Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	27,567	27,567	27,567
Additions	0	0
Impairments	0	0
Accumulated impairment losses	(20,345)	(20,345)	(20,345)
Net goodwill	7,222	7,222	7,222
Cable Television Segment
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	165,044	165,044	165,044
Additions	0	0
Impairments	0	0
Accumulated impairment losses	0	0	0
Net goodwill	$ 165,044	$ 165,044	$ 165,044

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 25, 2021	Jan. 08, 2021
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
2024	0
2025	0
2026	0
2027	0
2028	725,000
2029 and thereafter	0
Total debt	$ 725,000	$ 750,000
Interest rate	7.375%		7.375%	7.375%

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

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:
2024	$	13,767	$	88,778
2025		7,658		37,108
2026		5,674		14,991
2027		4,148		4,983
2028		3,114		3,560
2029 and thereafter		14,726		9,615
Total	$	49,087	$	159,035