Urban One (UONE) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
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
Entity Address, Postal Zip Code	20910
City Area Code	301
Local Phone Number	429-3200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Common Stock Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	UONE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		8,746,122
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]
Title of 12(b) Security	Class D Common Stock
Trading Symbol	UONEK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		34,772,677

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
NET REVENUES	$ 117,744	$ 129,652	$ 222,154	$ 239,521
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $7, $7, $14 and $70, respectively	33,263	32,554	65,929	66,471
Selling, general and administrative, including stock-based compensation of $156, $154, $319 and $313, respectively	50,448	49,931	90,348	86,805
Corporate selling, general and administrative, including stock-based compensation of $916, $2,160, $2,130 and $5,215, respectively	10,703	13,545	27,809	25,130
Depreciation and amortization	2,993	1,886	4,843	4,483
Impairment of goodwill, intangible assets, and long-lived assets	80,758	22,081	80,758	38,856
Total operating expenses	178,165	119,997	269,687	221,745
Operating (loss) income	(60,421)	9,655	(47,533)	17,776
INTEREST INCOME	1,777	1,898	3,775	2,232
INTEREST EXPENSE	12,404	13,972	25,402	28,040
GAIN ON RETIREMENT OF DEBT	7,425	0	15,299	2,356
OTHER INCOME, NET	14	96,773	900	96,460
(Loss) income from consolidated operations before (benefit from) provision for income taxes	(63,609)	94,354	(52,961)	90,784
(BENEFIT FROM) PROVISION FOR INCOME TAXES	(18,512)	23,197	(16,010)	22,037
NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS	(45,097)	71,157	(36,951)	68,747
LOSS FROM UNCONSOLIDATED JOINT VENTURE	0	0	(411)	0
NET (LOSS) INCOME	(45,097)	71,157	(37,362)	68,747
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	334	791	576	1,303
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (45,431)	$ 70,366	$ (37,938)	$ 67,444
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (USD per share)	$ (0.94)	$ 1.48	$ (0.78)	$ 1.42
Diluted (USD per share)	$ (0.94)	$ 1.39	$ (0.78)	$ 1.34
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (shares)	48,483,639	47,629,163	48,434,513	47,514,722
Diluted (shares)	48,483,639	50,616,435	48,434,513	50,373,714

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Programming And Technical
Allocated Share-based Compensation Expense	$ 7	$ 7	$ 14	$ 70
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	156	154	319	313
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 916	$ 2,160	$ 2,130	$ 5,215

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (45,097)	$ 71,157	$ (37,362)	$ 68,747
Reclassification adjustment for realized gain on available-for-sale securities included in net income	0	(96,826)	0	(96,826)
Income tax provision related to reclassification for realized gain	0	23,599	0	23,599
OTHER COMPREHENSIVE LOSS, NET OF TAX	0	(73,227)	0	(73,227)
COMPREHENSIVE LOSS	(45,097)	(2,070)	(37,362)	(4,480)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	334	791	576	1,303
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (45,431)	$ (2,861)	$ (37,938)	$ (5,783)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 131,890	$ 233,090
Restricted cash	482	480
Trade accounts receivable, net of allowance for expected credit losses of $8,465 and $8,638, respectively	122,603	133,194
Prepaid expenses	7,078	9,504
Current portion of content assets	35,850	29,748
Other current assets	10,779	15,950
Total current assets	308,682	421,966
CONTENT ASSETS, NET	82,523	82,448
PROPERTY AND EQUIPMENT, NET	28,414	28,661
GOODWILL	216,599	216,599
RIGHT OF USE ASSETS, NET	33,461	31,649
RADIO BROADCASTING LICENSES	294,538	375,296
OTHER INTANGIBLE ASSETS, NET	46,525	49,104
OTHER ASSETS	8,883	5,450
Total assets	1,019,625	1,211,173
CURRENT LIABILITIES:
Accounts payable	18,756	20,000
Accrued interest	18,966	22,342
Accrued compensation and related benefits	10,340	14,420
Current portion of content payables	16,599	22,389
Current portion of lease liabilities	10,512	10,648
Other current liabilities	36,467	42,831
Total current liabilities	111,640	132,630
LONG-TERM DEBT, net of original issue discount and issuance costs	607,865	716,246
CONTENT PAYABLES, net of current portion	3,744	3,402
LONG-TERM LEASE LIABILITIES	24,184	22,377
OTHER LONG-TERM LIABILITIES	18,818	24,995
DEFERRED TAX LIABILITIES, NET	4,928	20,938
Total liabilities	771,179	920,588
COMMITMENTS AND CONTINGENCIES (NOTE 18)
REDEEMABLE NON-CONTROLLING INTERESTS	9,071	16,520
STOCKHOLDERS’ EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	1,010,635	1,007,387
Accumulated deficit	(771,309)	(733,371)
Total stockholders’ equity	239,375	274,065
Total liabilities, redeemable non-controlling interests and stockholders’ equity	1,019,625	1,211,173
Common Stock Class A
STOCKHOLDERS’ EQUITY:
Common stock	9	10
Common Stock Class B
STOCKHOLDERS’ EQUITY:
Common stock	3	3
Common Stock Class C
STOCKHOLDERS’ EQUITY:
Common stock	2	2
Common Stock Class D
STOCKHOLDERS’ EQUITY:
Common stock	$ 35	$ 34

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Allowance for doubtful accounts receivable (in dollars)	$ 8,465	$ 8,638
STOCKHOLDERS’ EQUITY:
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
STOCKHOLDERS’ EQUITY:
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	9,404,395	9,853,672
Common stock, shares outstanding	9,404,395	9,853,672
Common Stock Class B
STOCKHOLDERS’ EQUITY:
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
STOCKHOLDERS’ EQUITY:
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
STOCKHOLDERS’ EQUITY:
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	34,797,532	34,116,485
Common stock, shares outstanding	34,797,532	34,116,485

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Adjustment	Adjusted Balance	Preferred Stock Convertible Preferred Stock	Preferred Stock Convertible Preferred Stock Adjusted Balance	Common Stock Common Stock Class A	Common Stock Common Stock Class A Adjusted Balance	Common Stock Common Stock Class B	Common Stock Common Stock Class B Adjusted Balance	Common Stock Common Stock Class C	Common Stock Common Stock Class C Adjusted Balance	Common Stock Common Stock Class D	Common Stock Common Stock Class D Adjusted Balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Adjusted Balance	Accumulated Deficit	Accumulated Deficit Adjustment	Accumulated Deficit Adjusted Balance
BALANCE at Dec. 31, 2022	$ 330,750	$ 589	$ 331,339	$ 0	$ 0	$ 10	$ 10	$ 3	$ 3	$ 2	$ 2	$ 34	$ 34	$ 73,227	$ 73,227	$ 993,484	$ 993,484	$ (736,010)	$ 589	$ (735,421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(2,922)															0		(2,922)
Stock-based compensation expense	2,558															2,558
Repurchase of shares	(1,324)															(1,324)
Vesting of stock-based payment awards upon grant	3,234															3,234
Adjustment of redeemable non-controlling interests to estimated redemption value	(1,308)															(1,308)
BALANCE at Mar. 31, 2023	331,577			0		10		3		2		34		73,227		996,644		(738,343)
BALANCE at Dec. 31, 2022	330,750	$ 589	$ 331,339	0	$ 0	10	$ 10	3	$ 3	2	$ 2	34	$ 34	73,227	$ 73,227	993,484	$ 993,484	(736,010)	$ 589	$ (735,421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	67,444
BALANCE at Jun. 30, 2023	331,531			0		10		3		2		34		0		999,459		(667,977)
BALANCE at Mar. 31, 2023	331,577			0		10		3		2		34		73,227		996,644		(738,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	70,366																	70,366
Stock-based compensation expense	1,305															1,305
Repurchase of shares	(111)															(111)
Sale of MGM investment	(73,227)													(73,227)
Adjustment of redeemable non-controlling interests to estimated redemption value	1,621															1,621
BALANCE at Jun. 30, 2023	331,531			0		10		3		2		34		0		999,459		(667,977)
BALANCE at Dec. 31, 2023	274,065			0		10		3		2		34		0		1,007,387		(733,371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	7,493																	7,493
Stock-based compensation expense	1,384															1,384
Repurchase of shares	(1,386)															(1,386)
Vesting of stock-based payment awards upon grant	4,650											1				4,649
Adjustment of redeemable non-controlling interests to estimated redemption value	(1,004)															(1,004)
BALANCE at Mar. 31, 2024	285,202			0		10		3		2		35				1,011,030		(725,878)
BALANCE at Dec. 31, 2023	274,065			0		10		3		2		34		0		1,007,387		(733,371)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(37,938)
BALANCE at Jun. 30, 2024	239,375			0		9		3		2		35		0		1,010,635		(771,309)
BALANCE at Mar. 31, 2024	285,202			0		10		3		2		35				1,011,030		(725,878)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(45,431)															0		(45,431)
Stock-based compensation expense	1,079															1,079
Repurchase of shares	(924)					(1)										(923)
Vesting of stock-based payment awards upon grant	(178)															(178)
Adjustment of redeemable non-controlling interests to estimated redemption value	(373)															(373)
BALANCE at Jun. 30, 2024	$ 239,375			$ 0		$ 9		$ 3		$ 2		$ 35		$ 0		$ 1,010,635		$ (771,309)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Common Stock Class D
Shares repurchased	113,283	396,052	18,459	256,442
Common Stock Class A
Shares repurchased	449,277

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (37,362)	$ 68,747
Adjustments to reconcile net (loss) income to net cash from operating activities:
Bad debt expense	48	(311)
Depreciation and amortization	4,843	4,483
Amortization of debt financing costs	994	968
Amortization of launch assets	2,490	2,490
Amortization of content assets	22,543	24,374
Deferred income taxes	(16,010)	21,365
Amortization of right of use assets	5,337	4,248
Impairment of goodwill, intangible assets, and long-lived assets	80,758	38,856
Stock-based compensation expense	2,463	5,598
Gain on retirement of debt	(15,299)	(2,356)
Realized gain on available for sale debt securities	0	(96,826)
Non-Cash Fair Value Adjustment of Employment Agreement Award	(6,263)	(1,818)
Other	(532)	187
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	10,542	19,774
Prepaid expenses and other current assets	4,599	2,260
Other assets	(4,181)	1,249
Content assets and payables	(34,168)	(26,479)
Accounts payable	(1,010)	(699)
Accrued interest	(3,392)	(769)
Accrued compensation and related benefits	(4,080)	(8,419)
Other liabilities	(6,885)	(12,647)
Launch support	(1,750)	(2,500)
Net cash flows provided by operating activities	3,685	41,775
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(4,039)	(4,118)
Restricted cash derecognized in deconsolidation of joint venture	0	(26,000)
Proceeds from sale of joint venture interest	0	6,563
Proceeds from sale of available for sale debt securities	0	136,826
Proceeds from sale of equity securities	829	0
Cash receipts related to disposition of station	3,500	0
Investment in unconsolidated joint venture	(609)	0
Net cash flows (used in) provided by investing activities	(319)	113,271
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of ownership interest in Reach Media	(7,603)	0
Repurchase of long-term debt	(93,934)	(22,281)
Repurchase of common stock	(2,488)	(1,435)
Release of secured letters of credit deposit	1,260	0
Payment of dividends to non-controlling interest members of Reach Media	(1,799)	(2,001)
Net cash flows used in financing activities	(104,564)	(25,717)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(101,198)	129,329
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	233,570	101,879
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	132,372	231,208
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	27,691	27,723
Income taxes, net of refunds	2,140	69
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Operating right-of-use assets obtained in exchange for lease obligations	6,983	1,396
Non-cash content asset additions	13,457	0
Adjustment of redeemable non-controlling interests to estimated redemption value	1,377	(313)
Asset retirement obligation capitalized	$ 448	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 June 30, 2024, 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. 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 condensed 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 17 – Segment Information

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K (“Form 10-K”). There have been no significant changes to the Company’s accounting policies as described in Note 3 - Summary of significant accounting policies , in the notes to the consolidated financial statements in Item 8 of Part II of Form 10-K. All amounts presented in these condensed consolidated financial statements are expressed in thousands of U.S. dollars, except share and per share amounts and unless otherwise noted. The Company's results are subject to seasonal fluctuations and typically, revenues are lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. The Company experiences further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues. 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. Non-controlling 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires 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 (as defined below) and redeemable non-controlling interest in Reach Media; (iii) deferred taxes and related valuation allowance, including uncertain tax positions; (iv) the amortization patterns of content assets; (v) incremental borrowing rate and lease term for the Company's lease arrangements and (vi) 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, the 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. Supplemental Financial Information The following table presents the components of Other Current Liabilities and Other Long-term Liabilities : June 30, December 31, (In thousands) Other current liabilities Customer advances and unearned income $ 4,137 $ 4,851 Unearned event income 338 4,864 Reserve for audience deficiency 18,608 12,779 Professional fee accrual 3,595 1,658 Operating expense accruals 1,312 5,090 Accrued stock compensation — 4,650 Employment agreement award (as defined in Note 7) 4,776 3,685 Launch liability — 1,750 Deferred barter revenue 2,350 1,848 Other 1,351 1,656 Total other current liabilities $ 36,467 $ 42,831 Other long-term liabilities Employment agreement award (as defined in Note 7) $ 11,931 $ 19,285 Launch liability 3,500 3,500 Other 3,387 2,210 Total long-term liabilities $ 18,818 $ 24,995 Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the condensed consolidated balance sheets to “Cash, cash equivalents and restricted cash, end of period” as reported within the condensed consolidated statements of cash flows: Six Months Ended 2024 2023 (In thousands) Cash and cash equivalents $ 131,890 $ 230,731 Restricted cash 482 477 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 132,372 $ 231,208

NET REVENUES

NET REVENUES	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
NET REVENUES	NET REVENUES Revenue Recognition The following tables show the sources of the Company’s net revenues by contract type and segment for the three and six months ended June 30, 2024 and 2023: (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Three Months Ended June 30, 2024 Radio Advertising $ 37,235 $ 8,845 $ — $ — $ (659) $ 45,421 Political Advertising 1,344 450 358 — — 2,152 Digital Advertising — — 15,529 — — 15,529 Cable Television Advertising — — — 22,170 — 22,170 Cable Television Affiliate Fees — — — 19,315 — 19,315 Event Revenues & Other 3,420 9,634 — 12 91 13,157 Net Revenues $ 41,999 $ 18,929 $ 15,887 $ 41,497 $ (568) $ 117,744 Three Months Ended June 30, 2023 Radio Advertising $ 36,925 $ 9,325 $ — $ — $ (1,115) $ 45,135 Political Advertising 363 — 47 — — 410 Digital Advertising — — 18,861 — — 18,861 Cable Television Advertising — — — 30,247 — 30,247 Cable Television Affiliate Fees — — — 22,184 — 22,184 Event Revenues & Other 1,908 10,727 — (1) 181 12,815 Net Revenues $ 39,196 $ 20,052 $ 18,908 $ 52,430 $ (934) $ 129,652 (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Six Months Ended June 30, 2024 Radio Advertising $ 70,988 $ 17,226 $ — $ — $ (1,453) $ 86,761 Political Advertising 2,511 498 379 — — 3,388 Digital Advertising — — 29,475 — — 29,475 Cable Television Advertising — — — 47,535 — 47,535 Cable Television Affiliate Fees — — — 40,103 — 40,103 Event Revenues & Other 4,851 9,677 — 85 279 14,892 Net Revenues $ 78,350 $ 27,401 $ 29,854 $ 87,723 $ (1,174) $ 222,154 Six Months Ended June 30, 2023 Radio Advertising $ 70,765 $ 19,613 $ — $ — $ (2,136) $ 88,242 Political Advertising 610 — 48 — — 658 Digital Advertising — — 33,932 — — 33,932 Cable Television Advertising — — — 56,069 — 56,069 Cable Television Affiliate Fees — — — 46,020 — 46,020 Event Revenues & Other 3,001 11,355 (1) 19 226 14,600 Net Revenues $ 74,376 $ 30,968 $ 33,979 $ 102,108 $ (1,910) $ 239,521 Contract Assets and Liabilities Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 (In thousands) Contract assets: Unbilled receivables $ 4,706 $ 5,437 Contract liabilities: Customer advances and unearned income $ 4,137 $ 4,851 Reserve for audience deficiency 18,608 12,779 Unearned event income 338 4,864 Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the condensed 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 condensed consolidated balance sheets. For customer advances and unearned income as of January 1, 2024, $2.5 million was recognized as revenue during the six months ended June 30, 2024. For the reserve for audience deficiency as of January 1, 2024, $1.5 million was recognized as revenue during the six months ended June 30, 2024. For unearned event income as of January 1, 2024, $4.9 million was recognized as revenue during the six months ended June 30, 2024. 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 on the condensed consolidated statements of operations. Agency and outside sales representative commissions were approximately $9.4 million and $9.6 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $18.7 million and $18.8 million for of the six months ended June 30, 2024 and 2023, respectively. 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.

LAUNCH ASSETS

LAUNCH ASSETS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
LAUNCH ASSETS	LAUNCH ASSETS The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. The weighted-average amortization period for launch support and the remaining weighted-average amortization period for launch support as of June 30, 2024 and December 31, 2023 is as follows: June 30, December 31, Weighted-average amortization period 8.1 8.1 Remaining weighted-average amortization period 2.4 2.9 Launch support asset amortization for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Launch support asset amortization $ 1,245 $ 1,245 $ 2,490 $ 2,490 Launch assets are included in other intangible assets on the condensed 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. Amortization is recorded as a reduction to revenue.

ADVERTISING AND PROMOTIONS

ADVERTISING AND PROMOTIONS	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
ADVERTISING AND PROMOTIONS	ADVERTISING AND PROMOTIONS The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses were approximately $7.8 million and $8.7 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $14.8 million and $15.8 million for the six months ended June 30, 2024 and 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic and diluted earnings per share (“EPS”) 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. 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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Numerator: Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders $ (45,431) $ 70,366 $ (37,938) $ 67,444 Denominator: Weighted-average outstanding shares 48,483,639 47,629,163 48,434,513 47,514,722 Effect of dilutive securities: Stock options and restricted stock — 2,987,272 — 2,858,992 Weighted-average outstanding shares 48,483,639 50,616,435 48,434,513 50,373,714 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic $ (0.94) $ 1.48 $ (0.78) $ 1.42 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted $ (0.94) $ 1.39 $ (0.78) $ 1.34 For the three and six months ended June 30, 2024, there were approximately 6.3 million and 5.1 million potentially dilutive securities, respectively, that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented. For the three and six months ended June 30, 2023 there were no material potentially antidilutive securities excluded from the computation of diluted EPS.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company reports 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024 Liabilities subject to fair value measurement: Employment Agreement Award (a) $ 16,707 $ — $ — $ 16,707 Mezzanine equity subject to fair value measurement: Redeemable non-controlling interests (b) $ 9,071 $ — $ — $ 9,071 Assets subject to fair value measurement: Cash equivalents-money market funds (c) $ 102,807 $ 102,807 $ — $ — 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 non-controlling interests (b) $ 16,520 $ — $ — $ 16,520 Assets subject to fair value measurement: Cash equivalents-money market funds (c) $ 193,769 $ 193,769 $ — $ — (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. 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. The terms of the new employment agreements are effective as of January 1, 2022. (b) 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) 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 within Level 1, 2, or 3 during the six months ended June 30, 2024 and 2023. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2024 and 2023: Employment Agreement Award Redeemable Non-controlling Interests (In thousands) Balance as of December 31, 2023 $ 22,970 $ 16,520 Net income attributable to non-controlling interests — 576 Purchase of ownership interest in Reach Media — (7,603) Dividends paid to non-controlling interests — (1,799) Change in fair value (a) (6,263) 1,377 Balance as of June 30, 2024 $ 16,707 $ 9,071 Employment Agreement Award Redeemable Non-controlling Interests (In thousands) Balance as of December 31, 2022 $ 25,741 $ 25,298 Net income attributable to non-controlling interests — 1,303 Dividends paid to non-controlling interests — (2,001) Change in fair value (a) (1,818) (313) Balance as of June 30, 2023 $ 23,923 $ 24,287 (a) Amount of total income/(losses) for the period included in earnings attributable to the change in unrealized (gains) losses relating to liabilities still held at the reporting date. Changes in the fair value of the Employment Agreement Award were recorded in the condensed consolidated statements of operations as corporate selling, general and administrative expenses for the six months ended June 30, 2024 and 2023. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the condensed consolidated balance sheets. 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: June 30, December 31, Level 3 liabilities Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value (a) Employment Agreement Award Discounted cash flow Discount rate 13.0 % 10.0 % Employment Agreement Award Discounted cash flow Operating profit margin range 38.0% - 41.2 % 35.0% - 42.3 % Employment Agreement Award Discounted cash flow Revenue growth rate range (2.1)% - 2.5 % (2.1)% - 2.5 % Employment Agreement Award Market approach Average recurring EBITDA multiple 4.5 x 6.3 - 6.5 x Redeemable non-controlling interests Discounted cash flow Discount rate N/A 12.5 % Redeemable non-controlling interests Discounted cash flow Operating profit margin range N/A 24.5% - 31.9 % Redeemable non-controlling interests Discounted cash flow Revenue growth rate range N/A 1.2% - 16.5 % Redeemable non-controlling interests Discounted cash flow Exit multiple N/A 4.0 x (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, which 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. See Note 13 – Goodwill and Radio Broadcasting Licenses of the Company's condensed consolidated financial statements for further discussion. Financial Instruments As of June 30, 2024, and December 31, 2023, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of June 30, 2024, and December 31, 2023, 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 $614.5 million and fair value of approximately $477.8 million as of June 30, 2024, and had a carrying value of approximately $725.0 million and fair value of approximately $616.3 million as of December 31, 2023. The fair values of the 2028 Notes, classified as a Level 2 instrument, were 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 June 30, 2024, and December 31, 2023.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS	INVESTMENTS 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. The carrying value of the investment was $0.0 million as of December 31, 2023. The Company made a final $0.6 million contribution in February 2024. As of February 15, 2024, Urban One, Inc. terminated its 50/50 partnership with CDI that sought to develop a casino resort in the City of Richmond.

CONTENT ASSETS

CONTENT ASSETS	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Content Assets	CONTENT ASSETS The gross cost and accumulated amortization of content assets is as follows: June 30, December 31, Period of Amortization (In thousands) Produced content assets: Completed $ 155,040 $ 132,273 In-production 9,046 11,726 Licensed content assets acquired: Acquired 36,074 35,520 Content assets, at cost 200,160 179,519 1‑5 Years Less: accumulated amortization (81,787) (67,323) Content assets, net 118,373 112,196 Less: current portion (35,850) (29,748) Noncurrent portion $ 82,523 $ 82,448 Amortization of content assets is recorded in the condensed consolidated statements of operations as programming and technical expenses. Content amortization for the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Content amortization - acquired $ 3,342 $ 3,891 $ 6,698 $ 10,202 Content amortization - produced 7,758 7,325 15,845 14,172 Total content amortization $ 11,100 $ 11,216 $ 22,543 $ 24,374

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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 based on performance. The Foundation’s remittances to Reach Media under the agreements are limited to its Fantastic Voyage® related cash collections. Reach Media bears the risk should the Fantastic Voyage® sustain a loss and bears all credit risk associated with the related passenger cruise package sales. The agreement between Reach 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 $0.5 million and $1.0 million as of June 30, 2024 and December 31, 2023, respectively. The Fantastic Voyage was operated in May 2024 and May 2023. For the six months ended June 30, 2024, the revenues, expenses, and operating income were approximately $9.6 million, $8.4 million, and $1.2 million, respectively, compared to the six months ended June 30, 2023 for which they were $10.0 million, $8.2 million, and $1.75 million, 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 June 30, 2024 and December 31, 2023.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS Recently Issued Accounting Pronouncements Not Yet Adopted 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 its disclosures with no impacts to its 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 its disclosures with no impacts to its results of operations, cash flows and financial condition.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2024
Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	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 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 $23.4 million to radio broadcasting licenses, $0.3 million to towers and antennas, $0.5 million to transmitters, $0.1 million to studios, and $0.1 million to fixed assets. 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. At the time of closing of the CMG Acquisition, the identified assets and liabilities of KROI-FM have 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 condensed consolidated statement of operations for the three and six months ended June 30, 2023). On August 1, 2023, immediately prior to the closing of the CMG Acquisition, the identified assets and liabilities were transferred to the irrevocable trust and removed from the Company’s condensed 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 on or about November 27, 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 June 30, 2024, the Company has recorded a right to receive payment from KROI-FM’s acquirer as a receivable of $2.1 million and $5.6 million within other current assets in the condensed consolidated balance sheet as of June 30, 2024 and December 31, 2023, respectively.

GOODWILL AND RADIO BROADCASTING

GOODWILL AND RADIO BROADCASTING LICENSES	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND RADIO BROADCASTING LICENSES	GOODWILL AND RADIO BROADCASTING LICENSES Goodwill As of June 30, 2024, the Company performed a qualitative impairment assessment for goodwill at four reporting units because of a decline in operating cash flows. Based on the impairment assessment performed, no goodwill impairment losses were recognized for the period ended June 30, 2024. Radio Broadcasting Licenses As of June 30, 2024, an increase in the discount rate, and a decline in the projected gross market revenues and operating profits triggered a qualitative impairment assessment for broadcasting licenses across all radio markets. The Company performed a quantitative impairment assessment for the broadcasting licenses for all radio markets to determine whether they were impaired. To determine the fair value of the broadcasting licenses, the Company utilized the income approach which values a license by calculating the value of a hypothetical startup company that initially has no assets except the asset to be valued (the broadcasting license). The Company performed a discounted cash flow analysis for broadcasting licenses across all 13 radio markets. The key assumptions used in the discounted cash flow analysis for broadcasting licenses include market revenue and projected revenue growth by market, mature market share, operating profit margin, terminal growth rate, and discount rate. Based on this analysis, the Company recognized an impairment loss of approximately $80.8 million associated with 9 radio markets within the radio broadcasting segment , included in impairment of goodwill, intangible assets, and long-lived assets, on the condensed consolidated statement of operations during the three and six m onths ended June 30, 2024. The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the six months ended June 30, 2024. (In thousands) Balance as of January 1, 2024 $ 375,296 Impairment charges (80,758) Balance as of June 30, 2024 $ 294,538 Below are the key assumptions used in the income approach model for estimating the fair value of the broadcasting licenses for the 13 radio markets in the most recent interim impairment assessment performed as of June 30, 2024. Radio Broadcasting Licenses June 30, Discount Rate 10.0% Revenue Growth Rate Range (3.2)% - 0.2% Terminal Growth Rate (0.5)% Mature Market Share Range 1.0% - 28.5% Operating Profit Margin Range 2.5% - 30.0%

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consists of the following: June 30, December 31, (In thousands) 2028 Notes $ 614,475 $ 725,000 Total debt 614,475 725,000 Less: original issue discount and issuance costs (6,610) (8,754) Long-term debt, net $ 607,865 $ 716,246 2028 Notes In January 2021, the Company issued 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 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 fiscal quarter end and year end. 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 amount of deferred financing costs included in interest expense for all instruments, for each of the three and six months ended June 30, 2024 and 2023, was approximately $0.5 million and $1.0 million, respectively. The Company’s effective interest rate for the three and six months ended June 30, 2024 and 2023 was 7.80% and 7.74%, respectively . Under open authorizations, repurchases of the outstanding debt may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt is retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding debt and other factors, and subject to restrictions under applicable law. 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 three months ended March 31, 2023, the Company repurchased $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 three months ended March 31, 2023. During the fourth quarter of 2023, the Board of Directors authorized and approved a note repurchase program for up to $75.0 million of the currently outstanding 2028 Notes. During the three months ended March 31, 2024, the Company repurchased $75.0 million of its 2028 Notes at an average price of approximately 88.3% of par. The Company recorded a net gain on retirement of debt of approximately $7.9 million during the three months ended March 31, 2024. During the second quarter of 2024, the Board of Directors authorized and approved a note repurchase program for up to $35.5 million of the currently outstanding 2028 Notes. During the three months ended June 30, 2024, the Company repurchased approximately $35.5 million of its 2028 Notes at an average price of approximately 78.0% of par, resulting in a net gain on retirement of debt of approximately $7.4 million. During the six months ended June 30, 2024, the Company repurchased approximately $110.5 million of its 2028 Notes at an average price of approximately 85.0% of par, resulting in a net gain on retirement of debt of approximately $15.3 million. 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. 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 in order to provide for the working capital needs and general corporate requirements of the Company. The Current ABL Facility also provides for a letter of credit facility up to $5.0 million as a part of the overall $50.0 million in capacity. As of June 30, 2024 and December 31, 2023, there was no balance outstanding on the Current ABL Facility. At the Company’s election, the interest rate on borrowings under the Current ABL Facility is 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 June 30, 2024. 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 May 30, 2024, the Company entered into six more waivers and amendments related to the Company’s failure to timely deliver certain financial deliverables as required under the Current ABL Facility Most recently, on May 30, 2024, the Company entered into a seventh waiver and amendment (the “Seventh Waiver and Amendment” to the Current ABL Facility. 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 Annual Financial Deliverables for the year ended December 31, 2023 (the “2023 Form 10-K”) and Quarterly Financial Deliverables for the three and six months ended June 30, 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 Seventh Waiver and Amendment sets a due date of June 17, 2024 for the Delayed Reports. The Delayed Reports were filed on June 7, 2024, bringing the Company back into compliance with the requirements under the Current ABL Facility. 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 As of March 31, 2024, the Company closed its letter of credit reimbursement and security agreement with capacity of up to $1.2 million and received a $1.2 million deposit held with the counterparty in connection with the agreement. 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 June 30, 2024, are as follows: 2028 Notes (In thousands) July-December 2024 $ — 2025 — 2026 — 2027 — 2028 614,475 Total debt $ 614,475

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company uses the estimated annual effective tax rate method under ASC 740-270, “ Interim Reporting ” to calculate the provision for income taxes. The Company recorded a benefit from income taxes of approximately $16.0 million on pre-tax loss from consolidated operations of approximately $53.0 million for the six months ended June 30, 2024. This results in an effective tax rate of approximately 30.0%, which is also the estimated annual effective tax rate as there were no material net discrete taxes for the six months ended June 30, 2024. In accordance with ASC 740, “ Accounting for Income Taxes ,” the Company continues to evaluate the realizability of its net deferred tax assets (“DTAs”) by assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of June 30, 2024, the Company believes it is more likely than not that these DTAs will be realized.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Stock Repurchase Program From time to time, the Company may repurchase its equity securities in open market purchases. Under open authorizations, repurchases of the Company's equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased equity securities are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding equity securities and other factors, and subject to restrictions under applicable law. On June 10, 2024, the Company’s board of directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D common stock (collectively, the “Stock Repurchase Program”). The Stock Repurchase Program will remain in effect for up to 24 months or until the authorization is exhausted. During the six months ended June 30, 2024, the Company repurchased 449,277 shares of Class A Common Stock in the amount of approximately $0.9 million at an average price of $2.06 per share. During the six months ended June 30, 2023, the Company did not repurchase any shares of Class A Common Stock. During the six months ended June 30, 2024, the Company repurchased 87,659 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $1.59 per share. During the six months ended June 30, 2023, the Company repurchased 824 shares of Class D Common Stock in the amount of approximately $3,000 at an average price of $3.99 per share. See Note 19 - Subsequent Events of the Company's condensed consolidated financial statements for additional purchases subsequent to June 30, 2024. Stock Option and Restricted Stock Grant Plan The 2019 Equity and Performance Incentive Plan is an equity performance incentive plan for stock options and restricted stock. Both Class A and Class D common stock are available for grant. 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 or repurchased by the Company for tax purposes on or about the vesting dates. Transactions and other information relating to stock options of Class D common stock for the six months ended June 30, 2024, are summarized below: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2023 5,224,136 $ 2.90 5.28 $ 5,021,952 Grants 740,139 3.56 — — Exercised — — — — Forfeited/cancelled/expired/settled — — — — Outstanding at June 30, 2024 (a) 5,964,275 2.99 5.37 $ 49,770 Vested and expected to vest at June 30, 2024 5,912,099 2.97 5.34 49,770 Unvested at June 30, 2024 434,342 4.68 8.67 — Exercisable at June 30, 2024 5,529,933 2.85 5.11 49,770 (a) The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 2024, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on June 30, 2024. This amount changes based on the fair market value of the Company’s stock. As of June 30, 2024, $0.4 million of total unrecognized compensation cost related to Class D stock options is expected to be recognized over a weighted-average period of 5 months. The weighted-average grant date fair value of options granted during the six months ended June 30, 2024 was $1.82. The Company did not grant any options to purchase shares of Class A common stock during the three and six months ended June 30, 2024. Activity relating to grants of restricted shares of Class D common stock for the six months ended June 30, 2024, are summarized below: Shares Average Fair Value at Grant Date Unvested at December 31, 2023 313,117 $ 4.77 Grants 1,190,382 3.48 Vested (1,163,788) 3.51 Forfeited/cancelled/expired — — Unvested at June 30, 2024 339,711 $ 4.55 Restricted stock grants for Class A and Class D shares are included in the Company’s outstanding share numbers on the effective date of grant. The Company did not grant any restricted shares of Class A stock during the three and six months ended June 30, 2024. There were no restricted shares of Class A common stock that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of June 30, 2024 and December 31, 2023.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	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 income or loss 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 2 – Summary of Significant Accounting Policies of the Company’s condensed consolidated financial statements are applied consistently across the segments. Detailed segment data for the three and six months ended June 30, 2024 and 2023, is presented in the following tables: Three Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 41,999 $ 39,196 Reach Media 18,929 20,052 Digital 15,887 18,908 Cable Television 41,497 52,430 All other - corporate/eliminations* (568) (934) Consolidated $ 117,744 $ 129,652 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 31,298 $ 29,424 Reach Media 15,274 15,624 Digital 13,005 12,818 Cable Television 27,303 28,601 All other - corporate/eliminations 7,534 9,563 Consolidated $ 94,414 $ 96,030 Depreciation and amortization: Radio Broadcasting $ 2,079 $ 888 Reach Media 40 40 Digital 397 364 Cable Television 176 251 All other - corporate/eliminations 301 343 Consolidated $ 2,993 $ 1,886 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 80,758 $ 22,081 Reach Media — — Digital — — Cable Television — — All other - corporate/eliminations — — Consolidated $ 80,758 $ 22,081 Operating (loss) income: Radio Broadcasting $ (72,136) $ (13,197) Reach Media 3,615 4,388 Digital 2,485 5,726 Cable Television 14,018 23,578 All other - corporate/eliminations (8,403) (10,840) Consolidated $ (60,421) $ 9,655 *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (659) $ (934) Three Months Ended June 30, 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 1,753 $ 1,372 Reach Media 19 17 Digital 431 365 Cable Television — — All other - corporate/eliminations 21 354 Consolidated $ 2,224 $ 2,108 Six Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 78,350 $ 74,376 Reach Media 27,401 30,968 Digital 29,854 33,979 Cable Television 87,723 102,108 All other - corporate/eliminations* (1,174) (1,910) Consolidated $ 222,154 $ 239,521 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 61,144 $ 55,872 Reach Media 21,957 23,361 Digital 24,010 24,168 Cable Television 56,489 57,984 All other - corporate/eliminations 20,486 17,021 Consolidated $ 184,086 $ 178,406 Depreciation and amortization: Radio Broadcasting $ 2,962 $ 1,805 Reach Media 82 79 Digital 814 701 Cable Television 301 1,216 All other - corporate/eliminations 684 682 Consolidated $ 4,843 $ 4,483 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 80,758 $ 38,856 Reach Media — — Digital — — Cable Television — — All other - corporate/eliminations — — Consolidated $ 80,758 $ 38,856 Operating (loss) income: Radio Broadcasting $ (66,514) $ (22,157) Reach Media 5,362 7,528 Digital 5,030 9,110 Cable Television 30,933 42,908 All other - corporate/eliminations (22,344) (19,613) Consolidated $ (47,533) $ 17,776 *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (1,454) $ (1,910) Six Months Ended June 30, 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 2,837 $ 2,387 Reach Media 29 51 Digital 878 965 Cable Television 69 11 All other - corporate/eliminations 226 704 Consolidated $ 4,039 $ 4,118 June 30, December 31, (In thousands) Total assets: Radio Broadcasting $ 420,197 $ 503,259 Reach Media 42,503 50,722 Digital 22,291 31,185 Cable Television 407,228 398,660 All other - corporate/eliminations 127,406 227,347 Consolidated $ 1,019,625 $ 1,211,173

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 is 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 SESAC, Inc. (“SESAC”). The market for rights relating to musical works is changing rapidly. Songwriters and music publishers have withdrawn from the traditional performing rights organizations (“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. Reach Media Redeemable Non-controlling Interests Beginning on January 1, 2018, the non-controlling 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 non-controlling interest shareholders of Reach Media exercised 50% of their Put Right on January 26, 2024. 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 non-controlling interest shareholders from 20% to 10%. Reach Media paid the non-controlling interest shareholders approximately $7.6 million for the 10% interest. Management, at this time, cannot reasonably determine the period when and if the remainder of the Put Right will be exercised by the non-controlling interest shareholders. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS During the second quarter of 2024, the Board of Directors authorized and approved a stock repurchase program for up to $20.0 million worth of shares of the Company’s Class A and/or Class D common stock. Since July 1, 2024, and through the date of this filing, the Company repurchased 248,968 shares of Class D common stock in the amount of $0.4 million at an average price of $1.45 per share and repurchased 723,824 shares of Class A common stock in the amount of $1.4 million at an average price of $1.96 per share. Giving effect to the repurchases, the Company has approximately $17.1 million remaining under its most recent and open authorization.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Urban One	$ (45,431)	$ 7,493	$ 70,366	$ (2,922)	$ (37,938)	$ 67,444

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with US GAAP have been omitted pursuant to such rules and regulations. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K (“Form 10-K”). There have been no significant changes to the Company’s accounting policies as described in Note 3 - Summary of significant accounting policies , in the notes to the consolidated financial statements in Item 8 of Part II of Form 10-K. All amounts presented in these condensed consolidated financial statements are expressed in thousands of U.S. dollars, except share and per share amounts and unless otherwise noted. The Company's results are subject to seasonal fluctuations and typically, revenues are lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. The Company experiences further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues.
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. Non-controlling 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires 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 (as defined below) and redeemable non-controlling interest in Reach Media; (iii) deferred taxes and related valuation allowance, including uncertain tax positions; (iv) the amortization patterns of content assets; (v) incremental borrowing rate and lease term for the Company's lease arrangements and (vi) 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, the 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.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted 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 its disclosures with no impacts to its 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 its disclosures with no impacts to its results of operations, cash flows and financial condition.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Condensed Financial Statements	The following table presents the components of Other Current Liabilities and Other Long-term Liabilities : June 30, December 31, (In thousands) Other current liabilities Customer advances and unearned income $ 4,137 $ 4,851 Unearned event income 338 4,864 Reserve for audience deficiency 18,608 12,779 Professional fee accrual 3,595 1,658 Operating expense accruals 1,312 5,090 Accrued stock compensation — 4,650 Employment agreement award (as defined in Note 7) 4,776 3,685 Launch liability — 1,750 Deferred barter revenue 2,350 1,848 Other 1,351 1,656 Total other current liabilities $ 36,467 $ 42,831 Other long-term liabilities Employment agreement award (as defined in Note 7) $ 11,931 $ 19,285 Launch liability 3,500 3,500 Other 3,387 2,210 Total long-term liabilities $ 18,818 $ 24,995
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the condensed consolidated balance sheets to “Cash, cash equivalents and restricted cash, end of period” as reported within the condensed consolidated statements of cash flows: Six Months Ended 2024 2023 (In thousands) Cash and cash equivalents $ 131,890 $ 230,731 Restricted cash 482 477 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 132,372 $ 231,208

NET REVENUES (Tables)

NET REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of net revenues	The following tables show the sources of the Company’s net revenues by contract type and segment for the three and six months ended June 30, 2024 and 2023: (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Three Months Ended June 30, 2024 Radio Advertising $ 37,235 $ 8,845 $ — $ — $ (659) $ 45,421 Political Advertising 1,344 450 358 — — 2,152 Digital Advertising — — 15,529 — — 15,529 Cable Television Advertising — — — 22,170 — 22,170 Cable Television Affiliate Fees — — — 19,315 — 19,315 Event Revenues & Other 3,420 9,634 — 12 91 13,157 Net Revenues $ 41,999 $ 18,929 $ 15,887 $ 41,497 $ (568) $ 117,744 Three Months Ended June 30, 2023 Radio Advertising $ 36,925 $ 9,325 $ — $ — $ (1,115) $ 45,135 Political Advertising 363 — 47 — — 410 Digital Advertising — — 18,861 — — 18,861 Cable Television Advertising — — — 30,247 — 30,247 Cable Television Affiliate Fees — — — 22,184 — 22,184 Event Revenues & Other 1,908 10,727 — (1) 181 12,815 Net Revenues $ 39,196 $ 20,052 $ 18,908 $ 52,430 $ (934) $ 129,652 (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Six Months Ended June 30, 2024 Radio Advertising $ 70,988 $ 17,226 $ — $ — $ (1,453) $ 86,761 Political Advertising 2,511 498 379 — — 3,388 Digital Advertising — — 29,475 — — 29,475 Cable Television Advertising — — — 47,535 — 47,535 Cable Television Affiliate Fees — — — 40,103 — 40,103 Event Revenues & Other 4,851 9,677 — 85 279 14,892 Net Revenues $ 78,350 $ 27,401 $ 29,854 $ 87,723 $ (1,174) $ 222,154 Six Months Ended June 30, 2023 Radio Advertising $ 70,765 $ 19,613 $ — $ — $ (2,136) $ 88,242 Political Advertising 610 — 48 — — 658 Digital Advertising — — 33,932 — — 33,932 Cable Television Advertising — — — 56,069 — 56,069 Cable Television Affiliate Fees — — — 46,020 — 46,020 Event Revenues & Other 3,001 11,355 (1) 19 226 14,600 Net Revenues $ 74,376 $ 30,968 $ 33,979 $ 102,108 $ (1,910) $ 239,521
Schedule of contract assets	Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 (In thousands) Contract assets: Unbilled receivables $ 4,706 $ 5,437 Contract liabilities: Customer advances and unearned income $ 4,137 $ 4,851 Reserve for audience deficiency 18,608 12,779 Unearned event income 338 4,864

LAUNCH ASSETS (Tables)

LAUNCH ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Finite Lived Intangible Assets Weighted Average Amortization	The weighted-average amortization period for launch support and the remaining weighted-average amortization period for launch support as of June 30, 2024 and December 31, 2023 is as follows: June 30, December 31, Weighted-average amortization period 8.1 8.1 Remaining weighted-average amortization period 2.4 2.9
Finite-Lived Intangible Assets Amortization Expense	Launch support asset amortization for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Launch support asset amortization $ 1,245 $ 1,245 $ 2,490 $ 2,490

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Numerator: Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders $ (45,431) $ 70,366 $ (37,938) $ 67,444 Denominator: Weighted-average outstanding shares 48,483,639 47,629,163 48,434,513 47,514,722 Effect of dilutive securities: Stock options and restricted stock — 2,987,272 — 2,858,992 Weighted-average outstanding shares 48,483,639 50,616,435 48,434,513 50,373,714 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic $ (0.94) $ 1.48 $ (0.78) $ 1.42 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted $ (0.94) $ 1.39 $ (0.78) $ 1.34

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis	As of June 30, 2024 and December 31, 2023, 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 June 30, 2024 Liabilities subject to fair value measurement: Employment Agreement Award (a) $ 16,707 $ — $ — $ 16,707 Mezzanine equity subject to fair value measurement: Redeemable non-controlling interests (b) $ 9,071 $ — $ — $ 9,071 Assets subject to fair value measurement: Cash equivalents-money market funds (c) $ 102,807 $ 102,807 $ — $ — 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 non-controlling interests (b) $ 16,520 $ — $ — $ 16,520 Assets subject to fair value measurement: Cash equivalents-money market funds (c) $ 193,769 $ 193,769 $ — $ — (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. 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. The terms of the new employment agreements are effective as of January 1, 2022. (b) 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) 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	The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2024 and 2023: Employment Agreement Award Redeemable Non-controlling Interests (In thousands) Balance as of December 31, 2023 $ 22,970 $ 16,520 Net income attributable to non-controlling interests — 576 Purchase of ownership interest in Reach Media — (7,603) Dividends paid to non-controlling interests — (1,799) Change in fair value (a) (6,263) 1,377 Balance as of June 30, 2024 $ 16,707 $ 9,071 Employment Agreement Award Redeemable Non-controlling Interests (In thousands) Balance as of December 31, 2022 $ 25,741 $ 25,298 Net income attributable to non-controlling interests — 1,303 Dividends paid to non-controlling interests — (2,001) Change in fair value (a) (1,818) (313) Balance as of June 30, 2023 $ 23,923 $ 24,287 (a) Amount of total income/(losses) for the period included in earnings attributable to the change in unrealized (gains) losses relating to 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: June 30, December 31, Level 3 liabilities Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value (a) Employment Agreement Award Discounted cash flow Discount rate 13.0 % 10.0 % Employment Agreement Award Discounted cash flow Operating profit margin range 38.0% - 41.2 % 35.0% - 42.3 % Employment Agreement Award Discounted cash flow Revenue growth rate range (2.1)% - 2.5 % (2.1)% - 2.5 % Employment Agreement Award Market approach Average recurring EBITDA multiple 4.5 x 6.3 - 6.5 x Redeemable non-controlling interests Discounted cash flow Discount rate N/A 12.5 % Redeemable non-controlling interests Discounted cash flow Operating profit margin range N/A 24.5% - 31.9 % Redeemable non-controlling interests Discounted cash flow Revenue growth rate range N/A 1.2% - 16.5 % Redeemable non-controlling interests Discounted cash flow Exit multiple N/A 4.0 x (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.

CONTENT ASSETS (Tables)

CONTENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule Of Finite Lived Content Assets	The gross cost and accumulated amortization of content assets is as follows: June 30, December 31, Period of Amortization (In thousands) Produced content assets: Completed $ 155,040 $ 132,273 In-production 9,046 11,726 Licensed content assets acquired: Acquired 36,074 35,520 Content assets, at cost 200,160 179,519 1‑5 Years Less: accumulated amortization (81,787) (67,323) Content assets, net 118,373 112,196 Less: current portion (35,850) (29,748) Noncurrent portion $ 82,523 $ 82,448 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) (In thousands) Content amortization - acquired $ 3,342 $ 3,891 $ 6,698 $ 10,202 Content amortization - produced 7,758 7,325 15,845 14,172 Total content amortization $ 11,100 $ 11,216 $ 22,543 $ 24,374

GOODWILL AND RADIO BROADCASTI_2

GOODWILL AND RADIO BROADCASTING LICENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Impaired Intangible Assets	The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the six months ended June 30, 2024. (In thousands) Balance as of January 1, 2024 $ 375,296 Impairment charges (80,758) Balance as of June 30, 2024 $ 294,538
Schedule of Estimate the Fair Value of the Broadcasting Licenses	Below are the key assumptions used in the income approach model for estimating the fair value of the broadcasting licenses for the 13 radio markets in the most recent interim impairment assessment performed as of June 30, 2024. Radio Broadcasting Licenses June 30, Discount Rate 10.0% Revenue Growth Rate Range (3.2)% - 0.2% Terminal Growth Rate (0.5)% Mature Market Share Range 1.0% - 28.5% Operating Profit Margin Range 2.5% - 30.0%

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: June 30, December 31, (In thousands) 2028 Notes $ 614,475 $ 725,000 Total debt 614,475 725,000 Less: original issue discount and issuance costs (6,610) (8,754) Long-term debt, net $ 607,865 $ 716,246
Schedule of future scheduled minimum principal payments	Future scheduled minimum principal payments of debt as of June 30, 2024, are as follows: 2028 Notes (In thousands) July-December 2024 $ — 2025 — 2026 — 2027 — 2028 614,475 Total debt $ 614,475

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
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 six months ended June 30, 2024, are summarized below: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at December 31, 2023 5,224,136 $ 2.90 5.28 $ 5,021,952 Grants 740,139 3.56 — — Exercised — — — — Forfeited/cancelled/expired/settled — — — — Outstanding at June 30, 2024 (a) 5,964,275 2.99 5.37 $ 49,770 Vested and expected to vest at June 30, 2024 5,912,099 2.97 5.34 49,770 Unvested at June 30, 2024 434,342 4.68 8.67 — Exercisable at June 30, 2024 5,529,933 2.85 5.11 49,770 (a) The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 2024, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on June 30, 2024. This amount changes based on the fair market value of the Company’s stock.
Schedule of transaction and other information relating to restricted stock grants	Activity relating to grants of restricted shares of Class D common stock for the six months ended June 30, 2024, are summarized below: Shares Average Fair Value at Grant Date Unvested at December 31, 2023 313,117 $ 4.77 Grants 1,190,382 3.48 Vested (1,163,788) 3.51 Forfeited/cancelled/expired — — Unvested at June 30, 2024 339,711 $ 4.55

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information	Detailed segment data for the three and six months ended June 30, 2024 and 2023, is presented in the following tables: Three Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 41,999 $ 39,196 Reach Media 18,929 20,052 Digital 15,887 18,908 Cable Television 41,497 52,430 All other - corporate/eliminations* (568) (934) Consolidated $ 117,744 $ 129,652 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 31,298 $ 29,424 Reach Media 15,274 15,624 Digital 13,005 12,818 Cable Television 27,303 28,601 All other - corporate/eliminations 7,534 9,563 Consolidated $ 94,414 $ 96,030 Depreciation and amortization: Radio Broadcasting $ 2,079 $ 888 Reach Media 40 40 Digital 397 364 Cable Television 176 251 All other - corporate/eliminations 301 343 Consolidated $ 2,993 $ 1,886 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 80,758 $ 22,081 Reach Media — — Digital — — Cable Television — — All other - corporate/eliminations — — Consolidated $ 80,758 $ 22,081 Operating (loss) income: Radio Broadcasting $ (72,136) $ (13,197) Reach Media 3,615 4,388 Digital 2,485 5,726 Cable Television 14,018 23,578 All other - corporate/eliminations (8,403) (10,840) Consolidated $ (60,421) $ 9,655 *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (659) $ (934) Three Months Ended June 30, 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 1,753 $ 1,372 Reach Media 19 17 Digital 431 365 Cable Television — — All other - corporate/eliminations 21 354 Consolidated $ 2,224 $ 2,108 Six Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 78,350 $ 74,376 Reach Media 27,401 30,968 Digital 29,854 33,979 Cable Television 87,723 102,108 All other - corporate/eliminations* (1,174) (1,910) Consolidated $ 222,154 $ 239,521 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 61,144 $ 55,872 Reach Media 21,957 23,361 Digital 24,010 24,168 Cable Television 56,489 57,984 All other - corporate/eliminations 20,486 17,021 Consolidated $ 184,086 $ 178,406 Depreciation and amortization: Radio Broadcasting $ 2,962 $ 1,805 Reach Media 82 79 Digital 814 701 Cable Television 301 1,216 All other - corporate/eliminations 684 682 Consolidated $ 4,843 $ 4,483 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 80,758 $ 38,856 Reach Media — — Digital — — Cable Television — — All other - corporate/eliminations — — Consolidated $ 80,758 $ 38,856 Operating (loss) income: Radio Broadcasting $ (66,514) $ (22,157) Reach Media 5,362 7,528 Digital 5,030 9,110 Cable Television 30,933 42,908 All other - corporate/eliminations (22,344) (19,613) Consolidated $ (47,533) $ 17,776 *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (1,454) $ (1,910) Six Months Ended June 30, 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 2,837 $ 2,387 Reach Media 29 51 Digital 878 965 Cable Television 69 11 All other - corporate/eliminations 226 704 Consolidated $ 4,039 $ 4,118 June 30, December 31, (In thousands) Total assets: Radio Broadcasting $ 420,197 $ 503,259 Reach Media 42,503 50,722 Digital 22,291 31,185 Cable Television 407,228 398,660 All other - corporate/eliminations 127,406 227,347 Consolidated $ 1,019,625 $ 1,211,173

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2024 segment item	Jun. 30, 2024	Jun. 30, 2024 market	Mar. 08, 2024
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		13
Number of Reportable Segments | segment	4
Reach Media Inc
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage		90%		90%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Jun. 30, 2024
Urban One
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage	100%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Current Liabilities and Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other current liabilities
Customer advances and unearned income	$ 4,137	$ 4,851
Unearned event income	338	4,864
Reserve for audience deficiency	18,608	12,779
Professional fee accrual	3,595	1,658
Operating expense accruals	1,312	5,090
Accrued stock compensation	0	4,650
Employment agreement award (as defined in Note 7)	4,776	3,685
Launch liability	0	1,750
Deferred barter revenue	2,350	1,848
Other	1,351	1,656
Total other current liabilities	36,467	42,831
Other long-term liabilities
Employment agreement award (as defined in Note 7)	11,931	19,285
Launch liability	3,500	3,500
Other	3,387	2,210
Total long-term liabilities	$ 18,818	$ 24,995

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 131,890	$ 233,090	$ 230,731
Restricted cash	482		477
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 132,372	$ 233,570	$ 231,208	$ 101,879

NET REVENUES - Disaggregation o

NET REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net revenues:	$ 117,744	$ 129,652	$ 222,154	$ 239,521
Eliminations
Net revenues:	(568)	(934)	(1,174)	(1,910)
Radio Broadcasting | Operating Segments
Net revenues:	41,999	39,196	78,350	74,376
Reach Media | Operating Segments
Net revenues:	18,929	20,052	27,401	30,968
Digital | Operating Segments
Net revenues:	15,887	18,908	29,854	33,979
Cable Television | Operating Segments
Net revenues:	41,497	52,430	87,723	102,108
Radio Advertising
Net revenues:	45,421	45,135	86,761	88,242
Radio Advertising | Eliminations
Net revenues:	(659)	(1,115)	(1,453)	(2,136)
Radio Advertising | Radio Broadcasting | Operating Segments
Net revenues:	37,235	36,925	70,988	70,765
Radio Advertising | Reach Media | Operating Segments
Net revenues:	8,845	9,325	17,226	19,613
Political Advertising
Net revenues:	2,152	410	3,388	658
Political Advertising | Radio Broadcasting | Operating Segments
Net revenues:	1,344	363	2,511	610
Political Advertising | Reach Media | Operating Segments
Net revenues:	450		498
Political Advertising | Digital | Operating Segments
Net revenues:	358	47	379	48
Digital Advertising
Net revenues:	15,529	18,861	29,475	33,932
Digital Advertising | Digital | Operating Segments
Net revenues:	15,529	18,861	29,475	33,932
Cable Television Advertising
Net revenues:	22,170	30,247	47,535	56,069
Cable Television Advertising | Cable Television | Operating Segments
Net revenues:	22,170	30,247	47,535	56,069
Cable Television Affiliate Fees
Net revenues:	19,315	22,184	40,103	46,020
Cable Television Affiliate Fees | Cable Television | Operating Segments
Net revenues:	19,315	22,184	40,103	46,020
Event Revenues & Other
Net revenues:	13,157	12,815	14,892	14,600
Event Revenues & Other | Eliminations
Net revenues:	91	181	279	226
Event Revenues & Other | Radio Broadcasting | Operating Segments
Net revenues:	3,420	1,908	4,851	3,001
Event Revenues & Other | Reach Media | Operating Segments
Net revenues:	9,634	10,727	9,677	11,355
Event Revenues & Other | Digital | Operating Segments
Net revenues:				(1)
Event Revenues & Other | Cable Television | Operating Segments
Net revenues:	$ 12	$ (1)	$ 85	$ 19

NET REVENUES - Contract assets

NET REVENUES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract assets:
Unbilled receivables	$ 4,706	$ 5,437
Contract liabilities:
Customer advances and unearned income	4,137	4,851
Reserve for audience deficiency	18,608	12,779
Unearned event income	$ 338	$ 4,864

NET REVENUES - Narrative (Detai

NET REVENUES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues:	$ 117,744	$ 129,652	$ 222,154	$ 239,521
Sales commissions and fees	$ 9,400	$ 9,600	18,700	$ 18,800
Customer advances and unearned income
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			2,500
Reserve for audience deficiency
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			1,500
Event Revenues & Other
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			$ 4,900

LAUNCH ASSETS - Weighted Averag

LAUNCH ASSETS - Weighted Average Amortization (Details) - Launch support asset	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	8 years 1 month 6 days	8 years 1 month 6 days
Remaining weighted-average amortization period	2 years 4 months 24 days	2 years 10 months 24 days

LAUNCH ASSETS - Asset Amortizat

LAUNCH ASSETS - Asset Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Launch support asset
Finite-Lived Intangible Assets [Line Items]
Launch support asset amortization	$ 1,245	$ 1,245	$ 2,490	$ 2,490

ADVERTISING AND PROMOTIONS (Det

ADVERTISING AND PROMOTIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Marketing and advertising expense	$ 7.8	$ 14.8	$ 8.7	$ 15.8

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders	$ (45,431)	$ 7,493	$ 70,366	$ (2,922)	$ (37,938)	$ 67,444
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares (in shares)	48,483,639		47,629,163		48,434,513	47,514,722
Effect of dilutive securities:
Stock options and restricted stock (in shares)	0		2,987,272		0	2,858,992
Denominator for diluted net income (loss) per share - weighted-average outstanding shares (in shares)	48,483,639		50,616,435		48,434,513	50,373,714
Net income (loss) attributable to Class A, Class B, Class C and Class D stockholders per share - basic (USD per share)	$ (0.94)		$ 1.48		$ (0.78)	$ 1.42
Net income (loss) attributable to Class A, Class B, Class C and Class D stockholders per share - diluted (USD per share)	$ (0.94)		$ 1.39		$ (0.78)	$ 1.34

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Earnings Per Share [Abstract]
Potential common shares excluded from the diluted calculation	6.3	5.1

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award	$ 16,707	$ 22,970,000
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	9,071	16,520,000
Assets subject to fair value measurement:
Cash equivalents - money market funds	$ 102,807	$ 193,769,000
Percentage of award amount	4%	4%
Level 1
Liabilities subject to fair value measurement:
Employment Agreement Award	$ 0	$ 0
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	0	0
Assets subject to fair value measurement:
Cash equivalents - money market funds	102,807	193,769,000
Level 2
Liabilities subject to fair value measurement:
Employment Agreement Award	0	0
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	0	0
Assets subject to fair value measurement:
Cash equivalents - money market funds	0	0
Level 3
Liabilities subject to fair value measurement:
Employment Agreement Award	16,707	22,970,000
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	9,071	16,520,000
Assets subject to fair value measurement:
Cash equivalents - money market funds	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Level 1 to level 2	$ 0	$ 0
Level 2 to level 1	0	0
Level 3	0	0
Employment Agreement Award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	22,970	25,741
Change in fair value	(6,263)	(1,818)
Balance, end of period	16,707	23,923
Redeemable Non-controlling Interests
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	16,520	25,298
Net income attributable to non-controlling interests	576	1,303
Purchase of ownership interest in Reach Media	(7,603)
Dividends paid to non-controlling interests	(1,799)	(2,001)
Change in fair value	1,377	(313)
Balance, end of period	$ 9,071	$ 24,287

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Discount Rate | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	13%	10%
Discount Rate | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		12.50%
Discount Rate | Minimum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	(2.10%)	(2.10%)
Discount Rate | Maximum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	2.50%	2.50%
Operating profit margin range | Minimum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	38%	35%
Operating profit margin range | Minimum | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		24.50%
Operating profit margin range | Maximum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	41.20%	42.30%
Operating profit margin range | Maximum | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		31.90%
Average recurring EBITDA multiple | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	4.50%
Average recurring EBITDA multiple | Minimum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		6.30%
Average recurring EBITDA multiple | Maximum | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		6.50%
Revenue growth rate range | Minimum | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		1.20%
Revenue growth rate range | Maximum | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		16.50%
Exit multiple | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		4%

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jan. 25, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total debt	$ 614,475,000	$ 725,000,000
ABL Facility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Borrowings outstanding	0	0
2028 Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Face amount			$ 825,000,000
Interest rate (as a percent)			7.375%
Total debt	614,500,000	725,000,000
Fair value of debt	$ 477,800,000	$ 616,300,000

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 29, 2024	Feb. 15, 2024	Dec. 31, 2023
Churchill Downs Incorporated
Net Investment Income [Line Items]
Partnership investment ownership percentage		50%
RVAEH
Net Investment Income [Line Items]
Unconsolidated joint venture			$ 0
Investment purchased	$ 0.6

CONTENT ASSETS - Finite Lived C

CONTENT ASSETS - Finite Lived Content Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Licensed content assets acquired:
Less: current portion	$ (35,850)	$ (29,748)
Noncurrent portion	82,523	82,448
Content Assets
Produced content assets:
Completed	155,040	132,273
In-production	9,046	11,726
Licensed content assets acquired:
Acquired	36,074	35,520
Content assets, at cost	200,160	179,519
Less: accumulated amortization	(81,787)	(67,323)
Content assets, net	118,373	112,196
Less: current portion	(35,850)	(29,748)
Noncurrent portion	$ 82,523	$ 82,448
Content Assets | Minimum
Content Assets [Line Items]
Period of Amortization (in years)	1 year	1 year
Content Assets | Maximum
Content Assets [Line Items]
Period of Amortization (in years)	5 years	5 years

CONTENT ASSETS - Content Amorti

CONTENT ASSETS - Content Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Content amortization - acquired	$ 3,342	$ 3,891	$ 6,698	$ 10,202
Content amortization - produced	7,758	7,325	15,845	14,172
Total content amortization	$ 11,100	$ 11,216	$ 22,543	$ 24,374

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating (loss) income:		$ (60,421)	$ 9,655	$ (47,533)	$ 17,776
Annual Fund-Raising Event | Tom Joyner Foundation Inc
Related Party Transaction [Line Items]
Amount receivable from related party		$ 500		500		$ 1,000
Revenues				9,600	10,000
Expenses with related parties				8,400	8,200
Operating (loss) income:				1,200	1,750
Sale of BMI | Alfred C. Liggins, President and Chief Executive Officer
Related Party Transaction [Line Items]
Amount receivable from related party						$ 300
Expenses with related parties			$ 1,000	$ 800	$ 1,800
Cash proceeds sale of equity interest in BMI	$ 800

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Apr. 11, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 07, 2023
Asset Acquisition [Line Items]
Radio broadcasting licenses				$ 294,538	$ 375,296
Property and equipment, net				28,414	28,661
KTHT-FM | Discontinued Operations and Disposed of by Sale
Asset Acquisition [Line Items]
Consideration of disposal of group						$ 3,100
KROI-FM | Discontinued Operations and Disposed of by Sale
Asset Acquisition [Line Items]
Consideration of disposal of group	$ 7,500
Assets held for sale		$ 9,900	$ 9,900
Liabilities held for sale		2,400	2,400
Assets, held for sale, tangible and intangible disposed	7,300
Non cash impairment charge		$ 16,800	$ 16,800
KROI-FM | Discontinued Operations and Disposed of by Sale | Other current assets
Asset Acquisition [Line Items]
Consideration of disposal of group				$ 2,100	$ 5,600
Houston Radio Cluster Asset Acquisition
Asset Acquisition [Line Items]
Asset acquisition transaction price	27,500
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 assets
Asset Acquisition [Line Items]
Property and equipment, net	$ 100

GOODWILL AND RADIO BROADCASTI_3

GOODWILL AND RADIO BROADCASTING LICENSES - Changes in the Company's Broadcasting Licenses Carrying Value (Details) - 6 months ended Jun. 30, 2024 $ in Thousands	USD ($) item	market
Goodwill [Line Items]
Number of most populous market	13	13
Number of radio markets with impairment | market		9
Radio Broadcasting | Licensing Agreements
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Balance as of January 1, 2024	$ 375,296
Impairment charges	(80,758)
Balance as of June 30, 2024	$ 294,538

GOODWILL AND RADIO BROADCASTI_4

GOODWILL AND RADIO BROADCASTING LICENSES - Estimation of Fairvalue (Details) - Valuation, Income Approach	Jun. 30, 2024
Discount Rate
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.100
Revenue Growth Rate Range | Minimum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.032)
Revenue Growth Rate Range | Maximum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.002
Terminal Growth Rate
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.005)
Mature Market Share Range | Minimum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.010
Mature Market Share Range | Maximum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.285
Operating Profit Margin Range | Minimum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.025
Operating Profit Margin Range | Maximum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.300

LONG-TERM DEBT - Schedule of lo

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Total debt	$ 614,475	$ 725,000
Less: original issue discount and issuance costs	(6,610)	(8,754)
Total debt	607,865	716,246
Senior Notes | 2028 Notes
LONG-TERM DEBT
Total debt	$ 614,475	$ 725,000

LONG-TERM DEBT - Narratives (De

LONG-TERM DEBT - Narratives (Details) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Feb. 19, 2021 USD ($)	Jan. 31, 2021	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 06, 2022 USD ($)
LONG-TERM DEBT
Deferred financing costs included in interest expense							$ 994	$ 968
Gains (losses) on extinguishment of debt			$ 7,425		$ 0		15,299	2,356
Senior Notes | 2028 Notes
LONG-TERM DEBT
Interest rate (as a percent)		7.375%
Percentage of issue price		100
Deferred financing costs included in interest expense			$ 500		$ 1,000		$ 500	$ 1,000
Debt instrument effective interest rate (as a percent)			7.80%		7.74%		7.80%	7.74%
Maximum amount of debt repurchased authorized and approved by BODs									$ 75,000	$ 25,000
Amount of debt repurchased						$ 25,000
Debt redemption price, percentage			78%	88.30%		89.10%	85%
Gains (losses) on extinguishment of debt			$ 7,400	$ 7,900		$ 2,400	$ 15,300
Authorized repurchase amount			35,500				35,500
Debt repurchased			35,500				110,500
Line of Credit | ABL Facility
LONG-TERM DEBT
Line of credit facility, maximum borrowing capacity	$ 50,000
Borrowings outstanding			$ 0				$ 0		$ 0
Percentage borrowing of eligible accounts	85%
Debt term	5 years
Period prior to maturity of senior secured notes	91 days
Revolving Credit Facility | Line of Credit | ABL Facility
LONG-TERM DEBT
Line of credit facility, maximum borrowing capacity	$ 50,000
Letter of Credit | Line of Credit
LONG-TERM DEBT
Line of credit facility, maximum borrowing capacity				1,200
Proceeds from credit				1,200
Letter of Credit | Line of Credit | ABL Facility
LONG-TERM DEBT
Line of credit facility, maximum borrowing capacity	$ 5,000			$ 5,000

LONG-TERM DEBT - Future Minimum

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jan. 31, 2021
LONG-TERM DEBT
Total debt	$ 607,865	$ 716,246
Senior Notes | 2028 Notes
LONG-TERM DEBT
Interest rate (as a percent)			7.375%
July-December 2024	0
2025	0
2026	0
2027	0
2028	614,475
Total debt	$ 614,475

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 18,512	$ (23,197)	$ 16,010	$ (22,037)
Pre-tax income from continuing operations	$ (63,609)	$ 94,354	$ (52,961)	$ 90,784
Effective tax rate	30%		30%

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - Common Class D - 2019 Equity and Performance Incentive Plan - Employee Stock Option $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Options
Number of Options, Outstanding at Beginning of Year | shares	5,224,136
Number of Options, Grants (in shares) | shares	740,139
Number of Options, Exercised (in shares) | shares	0
Number of Option, Forfeited/cancelled/expired/settled (in shares) | shares	0
Number of Options, Balance at End of Year | shares	5,964,275	5,224,136
Number of Options, Vested and expected to vest (in shares) | shares	5,912,099
Number of Options, Unvested (in shares) | shares	434,342
Number of Options, Exercisable (in shares) | shares	5,529,933
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share) | $ / shares	$ 2.90
Weighted-Average Exercise Price, Grants (in dollars per share) | $ / shares	3.56
Weighted-Average Exercise Price, Exercised (in dollars per share) | $ / shares	0
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share) | $ / shares	0
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share) | $ / shares	2.99	$ 2.90
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares	2.97
Weighted-Average Exercise Price, Unvested (in dollars per share) | $ / shares	4.68
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares	$ 2.85
Weighted-Average Remaining Contractual Term, Outstanding (in years)	5 years 4 months 13 days	5 years 3 months 10 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)	5 years 4 months 2 days
Weighted-Average Remaining Contractual Term, Unvested (in years)	8 years 8 months 1 day
Weighted-Average Remaining Contractual Term, Exercisable (in years)	5 years 1 month 9 days
Aggregate Intrinsic Value, Outstanding | $	$ 49,770	$ 5,021,952
Aggregate Intrinsic Value, Grants | $	0
Aggregate Intrinsic Value, Exercised | $	0
Aggregate Intrinsic Value, Forfeited/cancelled/expired/settled | $	0
Aggregate Intrinsic Value, Vested and expected to vest | $	49,770
Aggregate Intrinsic Value, Unvested | $	0
Aggregate Intrinsic Value, Exercisable | $	$ 49,770

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Common Stock Class D - Restricted stock awards - 2019 Equity and Performance Incentive Plan	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Unvested at beginning of year | shares	313,117
Grants (in shares) | shares	1,190,382
Vested (in shares) | shares	(1,163,788)
Forfeited/cancelled/expired (in shares) | shares	0
Unvested at end of year | shares	339,711
Average Fair Value at Grant Date
Unvested at beginning of year (in dollars per share) | $ / shares	$ 4.77
Grants (in dollars per share) | $ / shares	3.48
Vested (in dollars per share) | $ / shares	3.51
Forfeited/cancelled/expired (in dollars per share) | $ / shares	0
Unvested at end of year (in dollars per share) | $ / shares	$ 4.55

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Repurchase of common stock		$ 2,488	$ 1,435
Common Class D | 2019 Equity and Performance Incentive Plan | Restricted stock awards
STOCKHOLDERS' EQUITY
Period for recognition		6 months
Total unrecognized compensation, other than options	$ 900	$ 900
Common Class D | 2019 Equity and Performance Incentive Plan | Employee Stock Option
STOCKHOLDERS' EQUITY
Stock options	$ 400	$ 400
Period for recognition		5 months
Weighted average grant date fair value (in dollars per share)		$ 1.82
Grants (in shares)		740,139
Class A Common Stock Member | 2019 Equity and Performance Incentive Plan | Restricted stock awards
STOCKHOLDERS' EQUITY
Period for recognition		6 months
Other than options, granted	0	0
Other than options, vested In period		0
Other than options, unvested, number	750,000	750,000		750,000
Total unrecognized compensation, other than options	$ 900	$ 900
Class A Common Stock Member | 2019 Equity and Performance Incentive Plan | Employee Stock Option
STOCKHOLDERS' EQUITY
Grants (in shares)	0	0
Common Stock Class A
STOCKHOLDERS' EQUITY
Stock repurchased (shares)		449,277
Repurchase of common stock		$ 900
Average cost per share (USD per share)		$ 2.06
Common Stock Class D
STOCKHOLDERS' EQUITY
Stock repurchased (shares)		87,659	824
Repurchase of common stock		$ 100	$ 3
Average cost per share (USD per share)		$ 1.59	$ 3.99

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment			4
Net revenues:	$ 117,744	$ 129,652	$ 222,154	$ 239,521
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	94,414	96,030	184,086	178,406
Depreciation and amortization:	2,993	1,886	4,843	4,483
Impairment of goodwill, intangible assets, and long-lived assets	80,758	22,081	80,758	38,856
Operating (loss) income:	(60,421)	9,655	(47,533)	17,776
Capital expenditures:	2,224	2,108	4,039	4,118
Total assets:	1,019,625		1,019,625		$ 1,211,173
Eliminations
SEGMENT INFORMATION
Net revenues:	(568)	(934)	(1,174)	(1,910)
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	7,534	9,563	20,486	17,021
Depreciation and amortization:	301	343	684	682
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	(8,403)	(10,840)	(22,344)	(19,613)
Capital expenditures:	21	354	226	704
Total assets:	127,406		127,406		227,347
Radio Broadcasting | Operating Segments
SEGMENT INFORMATION
Net revenues:	41,999	39,196	78,350	74,376
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	31,298	29,424	61,144	55,872
Depreciation and amortization:	2,079	888	2,962	1,805
Impairment of goodwill, intangible assets, and long-lived assets	80,758	22,081	80,758	38,856
Operating (loss) income:	(72,136)	(13,197)	(66,514)	(22,157)
Capital expenditures:	1,753	1,372	2,837	2,387
Total assets:	420,197		420,197		503,259
Radio Broadcasting | Eliminations
SEGMENT INFORMATION
Net revenues:	(659)	(934)	(1,454)	(1,910)
Reach Media | Operating Segments
SEGMENT INFORMATION
Net revenues:	18,929	20,052	27,401	30,968
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	15,274	15,624	21,957	23,361
Depreciation and amortization:	40	40	82	79
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	3,615	4,388	5,362	7,528
Capital expenditures:	19	17	29	51
Total assets:	42,503		42,503		50,722
Digital | Operating Segments
SEGMENT INFORMATION
Net revenues:	15,887	18,908	29,854	33,979
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	13,005	12,818	24,010	24,168
Depreciation and amortization:	397	364	814	701
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	2,485	5,726	5,030	9,110
Capital expenditures:	431	365	878	965
Total assets:	22,291		22,291		31,185
Cable Television | Operating Segments
SEGMENT INFORMATION
Net revenues:	41,497	52,430	87,723	102,108
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	27,303	28,601	56,489	57,984
Depreciation and amortization:	176	251	301	1,216
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	14,018	23,578	30,933	42,908
Capital expenditures:	0	$ 0	69	$ 11
Total assets:	$ 407,228		$ 407,228		$ 398,660

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions				6 Months Ended
	Mar. 08, 2024	Feb. 07, 2022	Jan. 01, 2022	Jun. 30, 2024	Jan. 26, 2024	Jan. 25, 2024
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term				8 years
Reach Media Inc
COMMITMENTS AND CONTINGENCIES
Ownership percentage	90%			90%
Decreasing the noncontrolling interest	20%					10%
Reach Media Inc
COMMITMENTS AND CONTINGENCIES
Exercisable period of put rights				30 days
Percentage of put rights exercised by noncontrolling shareholders					50%
Paid to noncontrolling interest shareholders	$ 7.6
American Society of Composers Authors and Publishers ("ASCAP")
COMMITMENTS AND CONTINGENCIES
License term			5 years
Global Music Rights Inc. ("GMR")
COMMITMENTS AND CONTINGENCIES
License term		4 years
License renewal term		3 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 07, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 10, 2024
Subsequent Event [Line Items]
Repurchase of common stock		$ 2,488	$ 1,435
Authorized amount		$ 20,000		$ 20,000
Subsequent Event
Subsequent Event [Line Items]
Authorized amount	$ 17,100
Common Stock Class D
Subsequent Event [Line Items]
Stock repurchased (shares)		87,659	824
Repurchase of common stock		$ 100	$ 3
Average cost per share (USD per share)		$ 1.59	$ 3.99
Common Stock Class D | Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (shares)	248,968
Repurchase of common stock	$ 400
Average cost per share (USD per share)	$ 1.45
Common Stock Class A
Subsequent Event [Line Items]
Stock repurchased (shares)		449,277
Repurchase of common stock		$ 900
Average cost per share (USD per share)		$ 2.06
Common Stock Class A | Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (shares)	723,824
Repurchase of common stock	$ 1,400
Average cost per share (USD per share)	$ 1.96