Urban One (UONE) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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	Q3
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		8,180,479
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		34,817,980

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
NET REVENUES	$ 110,393	$ 117,825	$ 332,547	$ 357,346
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $9, $10, $23 and $80, respectively	33,920	33,913	99,849	100,384
Selling, general and administrative, including stock-based compensation of $181, $210, $500 and $523, respectively	41,293	40,352	131,641	127,157
Corporate selling, general and administrative, including stock-based compensation of $962, $1,998, $3,092 and $7,213, respectively	13,316	12,416	41,125	37,546
Depreciation and amortization	1,238	1,808	6,081	6,291
Impairment of goodwill, intangible assets, and long-lived assets	46,823	85,448	127,581	124,304
Total operating expenses	136,590	173,937	406,277	395,682
Operating loss	(26,197)	(56,112)	(73,730)	(38,336)
INTEREST INCOME	1,088	2,256	4,863	4,488
INTEREST EXPENSE	11,649	13,983	37,051	42,023
GAIN ON RETIREMENT OF DEBT	3,472	0	18,771	2,356
OTHER INCOME, NET	74	75	974	96,535
(Loss) income from consolidated operations before income taxes	(33,212)	(67,764)	(86,173)	23,020
(BENEFIT FROM) PROVISION FOR INCOME TAXES	(1,814)	(16,778)	(17,824)	5,259
NET (LOSS) INCOME CONSOLIDATED OPERATIONS	(31,398)	(50,986)	(68,349)	17,761
LOSS FROM UNCONSOLIDATED JOINT VENTURE	0	(2,728)	(411)	(2,728)
NET (LOSS) INCOME	(31,398)	(53,714)	(68,760)	15,033
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	400	697	976	2,000
NET (LOSS) INCOME TO COMMON STOCKHOLDERS	$ (31,798)	$ (54,411)	$ (69,736)	$ 13,033
NET (LOSS) INCOME TO COMMON STOCKHOLDERS (per share)
Basic (USD per share)	$ (0.68)	$ (1.14)	$ (1.43)	$ 0.27
Diluted (USD per share)	$ (0.68)	$ (1.14)	$ (1.43)	$ 0.26
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (shares)	47,105,290	47,722,263	48,614,438	47,592,010
Diluted (shares)	47,105,290	47,722,263	48,614,438	50,358,881

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Programming And Technical
Allocated share-based compensation expense	$ 9	$ 10	$ 23	$ 80
Selling, General and Administrative Expenses
Allocated share-based compensation expense	181	210	500	523
Corporate Selling, General and Administrative
Allocated share-based compensation expense	$ 962	$ 1,998	$ 3,092	$ 7,213

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (31,398)	$ (53,714)	$ (68,760)	$ 15,033
Reclassification adjustment for realized gain on available-for-sale securities included in net income	0	0	0	(96,826)
Income tax provision related to reclassification for realized gain	0	0	0	23,599
OTHER COMPREHENSIVE , NET OF TAX	0	0	0	(73,227)
COMPREHENSIVE LOSS	(31,398)	(53,714)	(68,760)	(58,194)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	400	697	976	2,000
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (31,798)	$ (54,411)	$ (69,736)	$ (60,194)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 115,006	$ 233,090
Restricted cash	483	480
Trade accounts receivable, net of allowance for expected credit losses of $6,198 and $8,638, respectively	118,774	133,194
Prepaid expenses	7,065	9,504
Current portion of content assets	40,313	29,748
Other current assets	10,172	15,950
Total current assets	291,813	421,966
CONTENT ASSETS, NET	89,623	82,448
PROPERTY AND EQUIPMENT, NET	28,044	28,661
GOODWILL	216,599	216,599
RIGHT OF USE ASSETS, NET	33,590	31,649
RADIO BROADCASTING LICENSES	257,029
OTHER INTANGIBLE ASSETS, NET	36,148	49,104
OTHER ASSETS	9,757	5,450
Total assets	962,603	1,211,173
CURRENT LIABILITIES:
Accounts payable	15,694	20,000
Accrued interest	7,450	22,342
Accrued compensation and related benefits	8,841	14,420
Current portion of content payables	20,175	22,389
Current portion of lease liabilities	8,781	10,648
Other current liabilities	39,212	42,831
Total current liabilities	100,153	132,630
LONG-TERM DEBT, net of original issue discount and issuance costs	593,918	716,246
CONTENT PAYABLES, net of current portion	7,614	3,402
LONG-TERM LEASE LIABILITIES	25,765	22,377
OTHER LONG-TERM LIABILITIES	16,639	24,995
DEFERRED TAX LIABILITIES, NET	3,114	20,938
Total liabilities	747,203	920,588
COMMITMENTS AND CONTINGENCIES (NOTE 18)
REDEEMABLE NON-CONTROLLING INTERESTS	10,636	16,520
STOCKHOLDERS’ EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	1,007,823	1,007,387
Accumulated deficit	(803,107)	(733,371)
Total stockholders’ equity	204,764	274,065
Total liabilities, redeemable non-controlling interests, and stockholders’ equity	962,603	1,211,173
Common Stock Class A
STOCKHOLDERS’ EQUITY:
Common stock	8	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	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Allowance for doubtful accounts receivable (in dollars)	$ 6,198	$ 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	8,389,372	9,853,672
Common stock, shares outstanding	8,389,372	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	34,873,386	34,116,485
Common stock, shares outstanding	34,873,386	34,116,485

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Adjustment	Adjusted Balance	Common Stock Class A	Common Stock Class D	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	Additional Paid-in Capital Common Stock Class A	Additional Paid-in Capital Common Stock Class D	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)																					(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	13,033
BALANCE at Sep. 30, 2023	278,707					0		10		3		2		34		0		1,001,046				(722,388)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(54,411)																					(54,411)
Stock-based compensation expense	1,006																	1,006
Repurchase of shares	(195)																	(195)
Adjustment of redeemable non-controlling interests to estimated redemption value	776																	776
BALANCE at Sep. 30, 2023	278,707					0		10		3		2		34		0		1,001,046				(722,388)
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		0		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	(69,736)
BALANCE at Sep. 30, 2024	204,764					0		8		3		2		35		0		1,007,823				(803,107)
BALANCE at Mar. 31, 2024	285,202					0		10		3		2		35		0		1,011,030				(725,878)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(45,431)																					(45,431)
Stock-based compensation expense	1,079																	1,079
Repurchase of shares				$ (924)	$ (178)			(1)												$ (923)	$ (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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to Urban One	(31,798)																	0				(31,798)
Stock-based compensation expense	1,151							(1)										1,152
Repurchase of shares				$ (2,041)	$ (788)															$ (2,041)	$ (788)
Vesting of stock-based payment awards upon grant	30																	30
Adjustment of redeemable non-controlling interests to estimated redemption value	(1,165)																	(1,165)
BALANCE at Sep. 30, 2024	$ 204,764					$ 0		$ 8		$ 3		$ 2		$ 35		$ 0		$ 1,007,823				$ (803,107)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common Stock Class D
Shares repurchased	586,989	113,283	396,052	38,371	18,459	256,442
Common Stock Class A
Shares repurchased	1,015,023	449,277

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (68,760)	$ 15,033
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	6,081	6,291
Amortization of debt financing costs	1,394	1,463
Amortization of launch assets	3,735	3,735
Amortization of content assets	34,869	36,601
Deferred income taxes	(17,824)	4,051
Amortization of right of use assets	8,053	6,597
Impairment of goodwill, intangible assets, and long-lived assets	127,581	124,304
Stock-based compensation expense	3,615	7,816
Gain on retirement of debt	(18,771)	(2,356)
Realized gain on available for sale debt securities	0	(96,826)
Non-Cash Fair Value Adjustment of Employment Agreement Award	(7,307)	(2,663)
Other	(606)	3,510
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	14,730	10,145
Prepaid expenses and other current assets	4,905	727
Other assets	(5,153)	1,764
Content assets and payables	(50,611)	(36,790)
Accounts payable	(4,071)	(45)
Accrued interest	(14,908)	(14,146)
Accrued compensation and related benefits	(5,579)	(9,385)
Other liabilities	(7,763)	(16,524)
Launch support	(1,750)	0
Net cash flows provided by operating activities	1,860	43,302
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(5,672)	(6,578)
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	3,750	0
Investment in unconsolidated joint venture	(609)	(3,978)
Acquisition of broadcasting assets	0	(27,500)
Net cash flows (used in) provided by investing activities	(1,702)	79,333
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of ownership interest in Reach Media	(7,603)	0
Repurchase of long-term debt	(104,809)	(22,281)
Repurchase of common stock	(5,288)	(1,630)
Release of secured letters of credit deposit	1,260	0
Payment of dividends to non-controlling interest members of Reach Media	(1,799)	(4,401)
Net cash flows used in financing activities	(118,239)	(28,312)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(118,081)	94,323
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	233,570	101,879
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	115,489	196,202
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	50,389	54,707
Income taxes, net of refunds	2,341	1,645
NON-CASH OPERATING, FINANCING, AND INVESTING ACTIVITIES:
Operating right-of-use assets obtained in exchange for lease obligations	9,379	5,388
Non-cash content asset additions	25,516	0
Adjustment of redeemable non-controlling interests to estimated redemption value	$ 2,542	$ (1,089)

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Urban One, Inc., a Delaware corporation, and its subsidiaries (collectively, “Urban One,” the “Company,” “we,” “our” and/or “us”) is an urban-oriented, multi-media Company that primarily targets African-American and urban consumers. Our core business is our Radio Broadcasting franchise which is the largest Radio Broadcasting operation that primarily targets African-American and urban listeners. As of September 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 of our condensed consolidated financial statements for further discussion.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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 includes 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 condensed 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 condensed 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 condensed 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 condensed 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 : September 30, December 31, (In thousands) Other current liabilities Customer advances and unearned income $ 5,059 $ 4,851 Unearned event income — 4,864 Reserve for audience deficiency 20,136 12,779 Professional fee accrual 3,359 1,658 Operating expense accruals 2,155 5,090 Accrued stock compensation — 4,650 Employment agreement award (as defined in Note 7) 2,990 3,685 Launch liability — 1,750 Deferred barter revenue 2,286 1,848 Other 3,227 1,656 Total other current liabilities $ 39,212 $ 42,831 Other long-term liabilities Employment agreement award (as defined in Note 7) $ 10,527 $ 19,285 Launch liability 3,500 3,500 Other 2,612 2,210 Total long-term liabilities $ 16,639 $ 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: Nine Months Ended 2024 2023 (In thousands) Cash and cash equivalents $ 115,006 $ 195,723 Restricted cash 483 479 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 115,489 $ 196,202 Allowance for Expected Credit Loss The Company estimates the allowance for expected credit losses on trade accounts receivable in pools based on the Company’s four reportable segments and historical credit loss information over a defined period adjusted for current conditions and reasonable and supportable forecasts. Large individual receivables for which there is indication of increased credit risk are individually assessed for loss allowances. The Company reports the allowance for expected credit losses for financial assets measured at amortized cost. The allowance for expected credit losses is reviewed periodically by management. The changes in the allowance for expected credit loss are as follows: As of September 30, 2024 (In thousands) Balance at Beginning of Period $ 8,638 Charged to Expense, net (333) Less: Deductions (2,107) Balance at End of Period $ 6,198

NET REVENUES

NET REVENUES	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
NET REVENUES	3. 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 nine months ended September 30, 2024 and 2023: (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Three Months Ended September 30, 2024 Radio Advertising $ 36,418 $ 9,231 $ — $ — $ (658) $ 44,991 Political Advertising 2,140 443 964 — — 3,547 Digital Advertising — — 19,434 — — 19,434 Cable Television Advertising — — — 21,868 — 21,868 Cable Television Affiliate Fees — — — 18,808 — 18,808 Event Revenues & Other 1,158 573 — 14 — 1,745 Net Revenues $ 39,716 $ 10,247 $ 20,398 $ 40,690 $ (658) $ 110,393 Three Months Ended September 30, 2023 Radio Advertising $ 37,851 $ 9,589 $ — $ — $ (789) $ 46,651 Political Advertising 689 326 86 — — 1,101 Digital Advertising — — 20,269 — — 20,269 Cable Television Advertising — — — 25,218 — 25,218 Cable Television Affiliate Fees — — — 21,569 — 21,569 Event Revenues & Other 1,612 1,242 1 — 162 3,017 Net Revenues $ 40,152 $ 11,157 $ 20,356 $ 46,787 $ (627) $ 117,825 (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Nine Months Ended September 30, 2024 Radio Advertising $ 107,406 $ 26,456 $ — $ — $ (2,109) $ 131,753 Political Advertising 4,651 942 1,342 — — 6,935 Digital Advertising — — 48,910 — — 48,910 Cable Television Advertising — — — 69,403 — 69,403 Cable Television Affiliate Fees — — — 58,910 — 58,910 Event Revenues & Other 6,009 10,250 — 99 278 16,636 Net Revenues $ 118,066 $ 37,648 $ 50,252 $ 128,412 $ (1,831) $ 332,547 Nine Months Ended September 30, 2023 Radio Advertising $ 108,270 $ 29,202 $ — $ — $ (2,923) $ 134,549 Political Advertising 1,298 327 308 — — 1,933 Digital Advertising — — 54,027 — — 54,027 Cable Television Advertising — — — 81,286 — 81,286 Cable Television Affiliate Fees — — — 67,589 — 67,589 Event Revenues & Other 4,960 12,596 — 20 386 17,962 Net Revenues $ 114,528 $ 42,125 $ 54,335 $ 148,895 $ (2,537) $ 357,346 Contract Assets and Liabilities Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 (In thousands) Contract assets: Unbilled receivables $ 9,101 $ 5,437 Contract liabilities: Customer advances and unearned income $ 5,059 $ 4,851 Reserve for audience deficiency 20,136 12,779 Unearned event income 241 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, approximately $2.8 million was recognized as revenue during the nine months ended September 30, 2024. For the reserve for audience deficiency as of January 1, 2024, approximately $2.2 million was recognized as revenue during the nine months ended September 30, 2024. For unearned event income as of January 1, 2024, approximately $4.9 million was recognized as revenue during the nine months ended September 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 $9.0 million and $9.8 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $27.7 million and $28.5 million for of the nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
LAUNCH ASSETS	4. 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 September 30, 2024 and December 31, 2023 is as follows: (In years) September 30, December 31, Weighted-average amortization period 8.1 8.1 Remaining weighted-average amortization period 2.2 2.9 Launch support asset amortization for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Launch support asset amortization $ 1,245 $ 1,245 $ 3,735 $ 3,735 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 in revenue.

ADVERTISING AND PROMOTIONS

ADVERTISING AND PROMOTIONS	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
ADVERTISING AND PROMOTIONS	5. ADVERTISING AND PROMOTIONS The Company expenses advertising and promotional costs as incurred. Total advertising and promotional expenses were approximately $4.7 million and $6.0 million for the three months ended September 30, 2024 and 2023, respectively, and approximately $19.5 million and $21.8 million for the nine months ended September 30, 2024 and 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	6. 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 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 September 30, Nine Months Ended September 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 $ (31,798) $ (54,411) $ (69,736) $ 13,033 Denominator: Weighted-average outstanding shares 47,105,290 47,722,263 48,614,438 47,592,010 Effect of dilutive securities: Stock options and restricted stock — — — 2,766,871 Weighted-average outstanding shares 47,105,290 47,722,263 48,614,438 50,358,881 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic $ (0.68) $ (1.14) $ (1.43) $ 0.27 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted $ (0.68) $ (1.14) $ (1.43) $ 0.26 For the three and nine months ended September 30, 2024, there were approximately 6.6 million and 5.6 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 nine months ended September 30, 2023, there were 2.5 million potentially antidilutive securities excluded from the computation of diluted EPS.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	7. 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 September 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 September 30, 2024 Liabilities subject to fair value measurement: Employment Agreement Award (a) $ 13,517 $ — $ — $ 13,517 Mezzanine equity subject to fair value measurement: Redeemable non-controlling interests (b) $ 10,636 $ — $ — $ 10,636 Assets subject to fair value measurement: Cash equivalents - money market funds (c) $ 81,187 $ 81,187 $ — $ — 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 a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. (c) The 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 nine months ended September 30, 2024 and 2023. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2024 and 2023: Employment Redeemable (In thousands) Balance as of December 31, 2023 $ 22,970 $ 16,520 Net income attributable to non-controlling interests — 976 Distributions (2,146) — Purchase of ownership interest in Reach Media — (7,603) Dividends paid to non-controlling interests — (1,799) Change in fair value (a) (7,307) 2,542 Balance as of September 30, 2024 $ 13,517 $ 10,636 Employment Redeemable (In thousands) Balance as of December 31, 2022 $ 25,741 $ 25,298 Net income attributable to non-controlling interests — 2,015 Distributions (1,218) — Dividends paid to non-controlling interests — (4,401) Change in fair value (a) (1,445) (1,089) Balance as of September 30, 2023 $ 23,078 $ 21,823 (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 nine months ended September 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: September 30, December 31, Level 3 liabilities Valuation Technique Significant Significant Unobservable Input Value (a) Employment Agreement Award Discounted cash flow Discount rate 11.0 % 10.0 % Employment Agreement Award Discounted cash flow Operating profit margin range 30.9% - 35.5% 35.0% - 42.3% Employment Agreement Award Discounted cash flow Revenue growth rate range (4.5)% - (0.1)% (2.1)% - 2.5% Employment Agreement Award Market approach Average recurring EBITDA multiple 5.0 x 6.3 - 6.5 x Redeemable non-controlling interests Discounted cash flow Discount rate 20.0 % 12.5 % Redeemable non-controlling interests Discounted cash flow Operating profit margin range 29.7% - 33.6% 24.5% - 31.9% Redeemable non-controlling interests Discounted cash flow Revenue growth rate range (1.7)% - 18.9% 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 Other Intangible Assets of the Company's condensed consolidated financial statements for further discussion. Financial Instruments As of September 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 September 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 $600.0 million and fair value of approximately $432.0 million as of September 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 September 30, 2024, and December 31, 2023.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS	8. 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 the 50/50 joint venture with CDI that sought to develop a casino resort in the City of Richmond.

CONTENT ASSETS

CONTENT ASSETS	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Content Assets	9. CONTENT ASSETS The gross cost and accumulated amortization of content assets is as follows: September 30, December 31, Period of (In thousands) Produced content assets: Completed $ 158,440 $ 132,273 In-production 9,883 11,726 Licensed content assets acquired: Acquired 43,455 35,520 Content assets, at cost 211,778 179,519 1‑5 Years Less: accumulated amortization (81,842) (67,323) Content assets, net 129,936 112,196 Less: current portion (40,313) (29,748) Noncurrent portion $ 89,623 $ 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 nine months ended September 30, 2024 and 2023 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Content amortization - acquired $ 3,752 $ 3,672 $ 10,450 $ 13,873 Content amortization - produced 8,574 8,555 24,419 22,728 Total content amortization $ 12,326 $ 12,227 $ 34,869 $ 36,601

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. 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 agreement 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 Foundation owed Reach Media approximately $0.3 million and $1.0 million as of September 30, 2024 and December 31, 2023, respectively. The Fantastic Voyage was operated in May 2024 and May 2023. For the nine months ended September 30, 2024, the revenues, expenses, and operating income were approximately $9.6 million, $8.4 million, and $1.2 million, respectively, compared to the nine months ended September 30, 2023, for which they were approximately $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 September 30, 2024 and December 31, 2023. Effective August 12, 2024, Reach Media and the Foundation entered into a new agreement regarding the Fantastic Voyage (the “FV Revised Agreement”). Cruises beginning with Fantastic Voyage 2025 will operate under the FV Revised Agreement. The Fantastic Voyage 2024 cruise continues to be accounted for under the existing agreement. The FV Revised Agreement provides that Reach Media shall have the right, but not the obligation, to renew the agreement for another year, provided that it notifies the Foundation within ninety (90) days of the conclusion of the prior cruise.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
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 impact on 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 impact on its results of operations, cash flows and financial condition.

ACQUISITIONS AND DISPOSTIONS

ACQUISITIONS AND DISPOSTIONS	9 Months Ended
	Sep. 30, 2024
Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSTIONS	12. AQUISITIONS AND DISPOSTIONS 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 approximately $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 approximately $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 approximately $23.4 million to radio broadcasting licenses, $0.3 million to towers and antennas, $0.5 million to transmitters, $0.1 million to studios, 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 nine months ended September 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 December 23, 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 September 30, 2024, the Company has recorded a right to receive payment from KROI-FM’s acquirer as a receivable of approximately $1.9 million and $5.6 million within other current assets in the condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023, respectively. On September 18, 2024, the Company entered into an amended and restated time brokerage agreement (“TBA”) with La Mega Media, Inc. and Lazo Media, LLC (collectively “LaMega”). Pursuant to the TBA, on November 1, 2024, the Company began to broadcast programs produced, owned, or acquired by the Company on LaMega’s Columbus, Ohio radio station, WVKO-FM. Under the TBA, the Company pays a monthly fee as well as certain operating costs of WVKO-FM, and, in exchange, the Company retains all revenues from the sale of the advertising within the programming the Company provides. The term of the TBA is through October 31, 2027 and the Company has an option to acquire the station exercisable through December 31, 2026.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	13. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill As of September 30, 2024, an overall decline in revenue and operating profit margin created a triggering event indicating that the fair value of the Company’s reporting units were more likely than not to be less than its carrying value. Therefore, the Company performed a quantitative assessment at all ten of the reporting units that contain goodwill. Based on the quantitative impairment assessment performed, no goodwill impairment losses were recognized for the three months ended September 30, 2024. Radio Broadcasting Licenses As of September 30, 2024, an increase in the discount rate, continued decline of projected gross market revenues and a decline in operating profit margin created a triggering event indicating that the fair value of the Company’s radio broadcasting licenses were more likely than not to be less than its carrying value. Therefore, 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 $37.7 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 m onths ended September 30, 2024. During the nine m onths ended September 30, 2024 the Company recognized an impairment loss of approximately $118.5 million within the Radio Broadcasting segment , included in impairment of goodwill, intangible assets, and long-lived assets, on the condensed consolidated statement of operations. The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the nine months ended September 30, 2024. (In thousands) Balance as of January 1, 2024 $ 375,296 Additions (a) 225 Impairment charges (118,492) Balance as of September 30, 2024 $ 257,029 (a) M easurement period adjustment related to the CMG Acquisition as defined in Note 12. 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 September 30, 2024. Radio Broadcasting Licenses September 30, Discount Rate 10.5% Revenue Growth Rate Range (4.0)% - 0.3% Terminal Growth Rate (0.5)% Mature Market Share Range 1.1% - 30.5% Operating Profit Margin Range 1.3% - 30.0% TV One Trade Name As of September 30, 2024, the Company noted a continued decline in revenues and operating profit margin in the Cable Television segment, indicating that it was more likely than not that its TV One trade name was impaired. Therefore, the Company performed a quantitative impairment assessment for the trade name for all TV One to determine whether it was impaired. To determine the fair value of the trade name, the Company utilized the relief from royalty approach which values a trade name by calculating the present value of royalty payments avoided given the continued use. The key assumptions used in the analysis for the trade name include cumulative probability of continued use, percentage of royalty payments avoided, projected revenue growth, terminal growth rate, and discount rate. Based on this analysis, the Company recognized an impairment loss of approximately $9.1 million associated with TV One trade name within the Cable Television segment, included in impairment of goodwill, intangible assets, and long-lived assets, on the condensed consolidated statement of operations during the three and nine m onths ended September 30, 2024. The following table presents the changes in the Company’s trade name carrying value during the nine months ended September 30, 2024. TV One Trade Name (In thousands) As of December 31, 2023 Gross trade name $ 39,690 Accumulated impairment losses — Net trade name at December 31, 2023 $ 39,690 Additions — Impairments (9,089) As of September 30, 2024 Gross trade name $ 39,690 Accumulated impairment losses (9,089) Net trade name at September 30, 2024 (a) $ 30,601 (a) TV One Trade Name is included within Other Intangible Assets, net. Below are the key assumptions used in the relief from royalty approach model for estimating the fair value of the trade name for the TV One in the most recent interim impairment assessment performed as of September 30, 2024. TV One Trade Name September 30, Discount Rate 11.0% Revenue Growth Rate Range (10.3)% - (0.1)% Terminal Growth Rate (1.5)% Royalty Payments Avoided 2.5% Cumulative Probability of Continued Use 100%

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	14. LONG-TERM DEBT Long-term debt consists of the following: September 30, December 31, (In thousands) 2028 Notes $ 599,975 $ 725,000 Total debt 599,975 725,000 Less: original issue discount and issuance costs (6,057) (8,754) Long-term debt, net $ 593,918 $ 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 deferred financing costs included in interest expense for all instruments, for each of the three and nine months ended September 30, 2024 and 2023, were approximately $0.4 million and $0.5 million, respectively, and approximately $1.4 million and $1.5 million, r espectively. The Company’s effective interest rate for the three and nine months ended September 30, 2024 and 2023 was 7.83% and 7.73%, respectively . From time to time, the Company may repurchase its debt securities in open market purchases. Under open authorizations, repurchases of the outstanding debt may be made from time to time on 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 exhausting this authorization. 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 exhausting this authorization. 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 $75.0 million of the currently outstanding 2028 Notes (the "June 2024 Authorization"). 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 and leaving $39.5 million unused under the June 2024 Authorization. During the three months ended September 30, 2024, under the June 2024 Authorization, the Company repurchased approximately $14.5 million of its 2028 Notes at an average price of approximately 75.0% of par, resulting in a net gain on retirement of debt of approximately $3.5 million and leaving $25.0 million under the June 2024 Authorization. During the three months September 30, 2023, the Company did not repurchase any of its 2028 Notes. 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 September 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 September 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 September 30, 2024, are as follows: 2028 Notes (In thousands) October-December 2024 $ — 2025 — 2026 — 2027 — 2028 599,975 Total debt $ 599,975

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	15. 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 $17.8 million on pre-tax loss from consolidated operations of approximately $86.2 million for the nine months ended September 30, 2024. This results in an effective tax rate of approximately 20.7%, which includes approximately $2.9 million of discrete tax expense primarily related to return to provision adjustments, changes in valuation allowance for certain of the Company's state net operating losses and portion of our interest expense asset, and stock-based compensation for the nine months ended September 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 September 30, 2024, the Company believes it is more likely than not that these DTAs will be realized, except for certain of the Company’s state net operating losses and portion of our interest expense asset.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS EQUITY	16. 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 “2024 Stock Repurchase Program”). The 2024 Stock Repurchase Program will remain in effect for up to 24 months or until the authorization is exhausted. During the nine months ended September 30, 2024, the Company repurchased 1,464,300 shares of Class A Common Stock in the amount of approximately $3.0 million at an average price of $2.03 per share. During the nine months ended September 30, 2024, the Company repurchased 647,528 shares of Class D Common Stock in the amount of approximately $0.9 million at an average price of $1.39. After giving effect to the above transaction, the 2024 Stock Repurchase program has approximately $16.1 million remaining shares under the authorization. See Note 19 - Subsequent Events of our condensed consolidated financial statements for additional purchases subsequent to September 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. On October 1, 2024, the Company held its 2024 Annual Stockholders meeting. At that meeting, the stockholders approved a second amendment and restatement (the "2024 Second Incentive Plan Amendment and Restatement") of the Urban One 2019 Equity and Performance Incentive Plan (the "2019 Plan") to (i) correct a typographical error with respect to the duration of options and (ii) increase the number of Class A and Class D shares available for issuance. The 2024 Second Incentive Plan Amendment and Restatement was approved and, as a result, 750,000 shares of Class A common stock and 7,000,000 shares of Class D common stock were added to the 2019 Plan. The total number of shares authorized for issuance under the 2019 Incentive Plan, giving effect to its original authorization of 5,500,000 Class D Shares, the first amendment and restatement in 2021 with its 2,000,000 Class A Shares and 5,519,575 Class D Shares and the 2024 Second Incentive Plan Amendment and Restatement is (i) 750,000 shares of the Company's Class A common stock and (ii) 18,019,575 shares of the Company's Class D common stock. Immediately after given effect to the 2024 Second Incentive Plan Amendment and Restatement 2,000,000 shares of the Company's Class A common stock are ungranted and in reserve and (ii) 7,000,000 shares of the Company's Class D common stock are ungranted and in reserve. 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 nine months ended September 30, 2024, are summarized below: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value (a) Outstanding at December 31, 2023 5,224,136 $ 2.90 5.28 $ 5,021,952 Grants 1,373,393 2.43 — — Exercised — — — — Forfeited (3,636) 5.26 — — Cancelled/expired/settled (18,367) 2.33 — — Outstanding at September 30, 2024 6,575,526 $ 2.81 5.59 $ — Vested and expected to vest at September 30, 2024 6,575,526 2.81 5.59 — Unvested at September 30, 2024 900,319 2.06 9.42 — Exercisable at September 30, 2024 5,675,207 2.92 4.98 — (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 period, 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 that day. This amount changes based on the fair market value of the Company’s stock. As of September 30, 2024, approximately $0.6 million of total unrecognized compensation cost related to Class D stock options is expected to be recognized over a weighted-average period of 9 months. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2024 was $1.34. The Company did not grant any options to purchase shares of Class A common stock during the three and nine months ended September 30, 2024. Activity relating to grants of restricted shares of Class D common stock for the nine months ended September 30, 2024, are summarized below: Shares Average Unvested at December 31, 2023 313,117 $ 4.77 Grants 1,855,126 2.66 Vested (1,289,875) 3.67 Forfeited/cancelled/expired (1,901) 5.26 Unvested at September 30, 2024 876,467 $ 1.92 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 nine months ended September 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 September 30, 2024 and December 31, 2023.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	17. 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 nine months ended September 30, 2024 and 2023, is presented in the following tables: Three Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 39,716 $ 40,152 Reach Media 10,247 11,157 Digital 20,398 20,356 Cable Television 40,690 46,787 All other - corporate/eliminations* (658) (627) Consolidated $ 110,393 $ 117,825 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 33,171 $ 31,701 Reach Media 5,878 7,965 Digital 13,371 13,063 Cable Television 25,651 24,563 All other - corporate/eliminations 10,458 9,389 Consolidated $ 88,529 $ 86,681 Depreciation and amortization: Radio Broadcasting $ 509 $ 925 Reach Media 39 41 Digital 401 376 Cable Television 47 110 All other - corporate/eliminations 242 356 Consolidated $ 1,238 $ 1,808 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 37,734 $ 85,448 Reach Media — — Digital — — Cable Television 9,089 — All other - corporate/eliminations — — Consolidated $ 46,823 $ 85,448 Operating (loss) income: Radio Broadcasting $ (31,698) $ (77,922) Reach Media 4,330 3,151 Digital 6,626 6,917 Cable Television 5,903 22,114 All other - corporate/eliminations (11,358) (10,372) Consolidated $ (26,197) $ (56,112) *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (658) $ (627) Three Months Ended 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 1,119 $ 1,711 Reach Media 20 36 Digital 391 469 Cable Television — 36 All other - corporate/eliminations 103 208 Consolidated $ 1,633 $ 2,460 Nine Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 118,066 $ 114,528 Reach Media 37,648 42,125 Digital 50,252 54,335 Cable Television 128,412 148,895 All other - corporate/eliminations* (1,831) (2,537) Consolidated $ 332,547 $ 357,346 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 94,315 $ 87,573 Reach Media 27,835 31,326 Digital 37,381 37,231 Cable Television 82,140 82,547 All other - corporate/eliminations 30,944 26,410 Consolidated $ 272,615 $ 265,087 Depreciation and amortization: Radio Broadcasting $ 3,470 $ 2,730 Reach Media 121 120 Digital 1,215 1,077 Cable Television 348 1,327 All other - corporate/eliminations 927 1,037 Consolidated $ 6,081 $ 6,291 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 118,492 $ 124,304 Reach Media — — Digital — — Cable Television 9,089 — All other - corporate/eliminations — — Consolidated $ 127,581 $ 124,304 Operating (loss) income: Radio Broadcasting $ (98,211) $ (100,079) Reach Media 9,692 10,679 Digital 11,656 16,027 Cable Television 36,835 65,021 All other - corporate/eliminations (33,702) (29,984) Consolidated $ (73,730) $ (38,336) *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (2,111) $ (2,537) Nine Months Ended 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 3,956 $ 4,098 Reach Media 49 87 Digital 1,269 1,434 Cable Television 69 47 All other - corporate/eliminations 329 912 Consolidated $ 5,672 $ 6,578 September 30, December 31, (In thousands) Total assets: Radio Broadcasting $ 381,120 $ 503,259 Reach Media 49,253 50,722 Digital 27,426 31,185 Cable Television 402,352 398,660 All other - corporate/eliminations 102,452 227,347 Consolidated $ 962,603 $ 1,211,173

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. 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, 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, 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 engaged in rate determination proceedings with both 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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS During the second quarter of 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 “2024 Stock Repurchase Program”). The 2024 Stock Repurchase Program will remain in effect for up to 24 months or until the authorization is exhausted. Since October 1, 2024, and through the date of this filing, the Company repurchased 53,051 shares of Class D common stock in the amount of approximately $0.1 million at an average price of $1.09 per share and repurchased 208,793 shares of Class A common stock in the amount of approximately $0.3 million at an average price of $1.51 per share. Giving effect to these repurchases and prior activity under the authorization, the Company has approximately $15.7 million remaining under the 2024 Stock Authorization.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Urban One	$ (31,798)	$ (45,431)	$ 7,493	$ (54,411)	$ 70,366	$ (2,922)	$ (69,736)	$ 13,033

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 includes 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 condensed 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 condensed 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 condensed 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 condensed 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.
Allowance for Expected Credit Loss	Allowance for Expected Credit Loss The Company estimates the allowance for expected credit losses on trade accounts receivable in pools based on the Company’s four reportable segments and historical credit loss information over a defined period adjusted for current conditions and reasonable and supportable forecasts. Large individual receivables for which there is indication of increased credit risk are individually assessed for loss allowances. The Company reports the allowance for expected credit losses for financial assets measured at amortized cost. The allowance for expected credit losses is reviewed periodically by management.
Recently Issued Accounting Pronouncements Not Yet Adopted	11. 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 impact on 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 impact on its results of operations, cash flows and financial condition.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Condensed Financial Statements	The following table presents the components of Other Current Liabilities and Other Long-term Liabilities : September 30, December 31, (In thousands) Other current liabilities Customer advances and unearned income $ 5,059 $ 4,851 Unearned event income — 4,864 Reserve for audience deficiency 20,136 12,779 Professional fee accrual 3,359 1,658 Operating expense accruals 2,155 5,090 Accrued stock compensation — 4,650 Employment agreement award (as defined in Note 7) 2,990 3,685 Launch liability — 1,750 Deferred barter revenue 2,286 1,848 Other 3,227 1,656 Total other current liabilities $ 39,212 $ 42,831 Other long-term liabilities Employment agreement award (as defined in Note 7) $ 10,527 $ 19,285 Launch liability 3,500 3,500 Other 2,612 2,210 Total long-term liabilities $ 16,639 $ 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: Nine Months Ended 2024 2023 (In thousands) Cash and cash equivalents $ 115,006 $ 195,723 Restricted cash 483 479 Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 115,489 $ 196,202
Accounts Receivable, Allowance for Credit Loss	The changes in the allowance for expected credit loss are as follows: As of September 30, 2024 (In thousands) Balance at Beginning of Period $ 8,638 Charged to Expense, net (333) Less: Deductions (2,107) Balance at End of Period $ 6,198

NET REVENUES (Tables)

NET REVENUES (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Three Months Ended September 30, 2024 Radio Advertising $ 36,418 $ 9,231 $ — $ — $ (658) $ 44,991 Political Advertising 2,140 443 964 — — 3,547 Digital Advertising — — 19,434 — — 19,434 Cable Television Advertising — — — 21,868 — 21,868 Cable Television Affiliate Fees — — — 18,808 — 18,808 Event Revenues & Other 1,158 573 — 14 — 1,745 Net Revenues $ 39,716 $ 10,247 $ 20,398 $ 40,690 $ (658) $ 110,393 Three Months Ended September 30, 2023 Radio Advertising $ 37,851 $ 9,589 $ — $ — $ (789) $ 46,651 Political Advertising 689 326 86 — — 1,101 Digital Advertising — — 20,269 — — 20,269 Cable Television Advertising — — — 25,218 — 25,218 Cable Television Affiliate Fees — — — 21,569 — 21,569 Event Revenues & Other 1,612 1,242 1 — 162 3,017 Net Revenues $ 40,152 $ 11,157 $ 20,356 $ 46,787 $ (627) $ 117,825 (In thousands) Radio Reach Digital Cable All Other - Corporate/Eliminations Consolidated Nine Months Ended September 30, 2024 Radio Advertising $ 107,406 $ 26,456 $ — $ — $ (2,109) $ 131,753 Political Advertising 4,651 942 1,342 — — 6,935 Digital Advertising — — 48,910 — — 48,910 Cable Television Advertising — — — 69,403 — 69,403 Cable Television Affiliate Fees — — — 58,910 — 58,910 Event Revenues & Other 6,009 10,250 — 99 278 16,636 Net Revenues $ 118,066 $ 37,648 $ 50,252 $ 128,412 $ (1,831) $ 332,547 Nine Months Ended September 30, 2023 Radio Advertising $ 108,270 $ 29,202 $ — $ — $ (2,923) $ 134,549 Political Advertising 1,298 327 308 — — 1,933 Digital Advertising — — 54,027 — — 54,027 Cable Television Advertising — — — 81,286 — 81,286 Cable Television Affiliate Fees — — — 67,589 — 67,589 Event Revenues & Other 4,960 12,596 — 20 386 17,962 Net Revenues $ 114,528 $ 42,125 $ 54,335 $ 148,895 $ (2,537) $ 357,346
Schedule of contract assets	Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of September 30, 2024, and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 (In thousands) Contract assets: Unbilled receivables $ 9,101 $ 5,437 Contract liabilities: Customer advances and unearned income $ 5,059 $ 4,851 Reserve for audience deficiency 20,136 12,779 Unearned event income 241 4,864

LAUNCH ASSETS (Tables)

LAUNCH ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 is as follows: (In years) September 30, December 31, Weighted-average amortization period 8.1 8.1 Remaining weighted-average amortization period 2.2 2.9
Finite-Lived Intangible Assets Amortization Expense	Launch support asset amortization for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Launch support asset amortization $ 1,245 $ 1,245 $ 3,735 $ 3,735

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 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 $ (31,798) $ (54,411) $ (69,736) $ 13,033 Denominator: Weighted-average outstanding shares 47,105,290 47,722,263 48,614,438 47,592,010 Effect of dilutive securities: Stock options and restricted stock — — — 2,766,871 Weighted-average outstanding shares 47,105,290 47,722,263 48,614,438 50,358,881 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic $ (0.68) $ (1.14) $ (1.43) $ 0.27 EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted $ (0.68) $ (1.14) $ (1.43) $ 0.26

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2024 Liabilities subject to fair value measurement: Employment Agreement Award (a) $ 13,517 $ — $ — $ 13,517 Mezzanine equity subject to fair value measurement: Redeemable non-controlling interests (b) $ 10,636 $ — $ — $ 10,636 Assets subject to fair value measurement: Cash equivalents - money market funds (c) $ 81,187 $ 81,187 $ — $ — 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 a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. (c) The 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 nine months ended September 30, 2024 and 2023: Employment Redeemable (In thousands) Balance as of December 31, 2023 $ 22,970 $ 16,520 Net income attributable to non-controlling interests — 976 Distributions (2,146) — Purchase of ownership interest in Reach Media — (7,603) Dividends paid to non-controlling interests — (1,799) Change in fair value (a) (7,307) 2,542 Balance as of September 30, 2024 $ 13,517 $ 10,636 Employment Redeemable (In thousands) Balance as of December 31, 2022 $ 25,741 $ 25,298 Net income attributable to non-controlling interests — 2,015 Distributions (1,218) — Dividends paid to non-controlling interests — (4,401) Change in fair value (a) (1,445) (1,089) Balance as of September 30, 2023 $ 23,078 $ 21,823 (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: September 30, December 31, Level 3 liabilities Valuation Technique Significant Significant Unobservable Input Value (a) Employment Agreement Award Discounted cash flow Discount rate 11.0 % 10.0 % Employment Agreement Award Discounted cash flow Operating profit margin range 30.9% - 35.5% 35.0% - 42.3% Employment Agreement Award Discounted cash flow Revenue growth rate range (4.5)% - (0.1)% (2.1)% - 2.5% Employment Agreement Award Market approach Average recurring EBITDA multiple 5.0 x 6.3 - 6.5 x Redeemable non-controlling interests Discounted cash flow Discount rate 20.0 % 12.5 % Redeemable non-controlling interests Discounted cash flow Operating profit margin range 29.7% - 33.6% 24.5% - 31.9% Redeemable non-controlling interests Discounted cash flow Revenue growth rate range (1.7)% - 18.9% 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)	9 Months Ended
	Sep. 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: September 30, December 31, Period of (In thousands) Produced content assets: Completed $ 158,440 $ 132,273 In-production 9,883 11,726 Licensed content assets acquired: Acquired 43,455 35,520 Content assets, at cost 211,778 179,519 1‑5 Years Less: accumulated amortization (81,842) (67,323) Content assets, net 129,936 112,196 Less: current portion (40,313) (29,748) Noncurrent portion $ 89,623 $ 82,448 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Content amortization - acquired $ 3,752 $ 3,672 $ 10,450 $ 13,873 Content amortization - produced 8,574 8,555 24,419 22,728 Total content amortization $ 12,326 $ 12,227 $ 34,869 $ 36,601

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in the Company’s trade name carrying value during the nine months ended September 30, 2024. TV One Trade Name (In thousands) As of December 31, 2023 Gross trade name $ 39,690 Accumulated impairment losses — Net trade name at December 31, 2023 $ 39,690 Additions — Impairments (9,089) As of September 30, 2024 Gross trade name $ 39,690 Accumulated impairment losses (9,089) Net trade name at September 30, 2024 (a) $ 30,601 (a) TV One Trade Name is included within Other Intangible Assets, net.
Schedule of Impaired Intangible Assets	The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the nine months ended September 30, 2024. (In thousands) Balance as of January 1, 2024 $ 375,296 Additions (a) 225 Impairment charges (118,492) Balance as of September 30, 2024 $ 257,029 (a) M easurement period adjustment related to the CMG Acquisition as defined in Note 12.
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 September 30, 2024. Radio Broadcasting Licenses September 30, Discount Rate 10.5% Revenue Growth Rate Range (4.0)% - 0.3% Terminal Growth Rate (0.5)% Mature Market Share Range 1.1% - 30.5% Operating Profit Margin Range 1.3% - 30.0% Below are the key assumptions used in the relief from royalty approach model for estimating the fair value of the trade name for the TV One in the most recent interim impairment assessment performed as of September 30, 2024. TV One Trade Name September 30, Discount Rate 11.0% Revenue Growth Rate Range (10.3)% - (0.1)% Terminal Growth Rate (1.5)% Royalty Payments Avoided 2.5% Cumulative Probability of Continued Use 100%

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: September 30, December 31, (In thousands) 2028 Notes $ 599,975 $ 725,000 Total debt 599,975 725,000 Less: original issue discount and issuance costs (6,057) (8,754) Long-term debt, net $ 593,918 $ 716,246
Schedule of future scheduled minimum principal payments	Future scheduled minimum principal payments of debt as of September 30, 2024, are as follows: 2028 Notes (In thousands) October-December 2024 $ — 2025 — 2026 — 2027 — 2028 599,975 Total debt $ 599,975

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, are summarized below: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value (a) Outstanding at December 31, 2023 5,224,136 $ 2.90 5.28 $ 5,021,952 Grants 1,373,393 2.43 — — Exercised — — — — Forfeited (3,636) 5.26 — — Cancelled/expired/settled (18,367) 2.33 — — Outstanding at September 30, 2024 6,575,526 $ 2.81 5.59 $ — Vested and expected to vest at September 30, 2024 6,575,526 2.81 5.59 — Unvested at September 30, 2024 900,319 2.06 9.42 — Exercisable at September 30, 2024 5,675,207 2.92 4.98 — (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 period, 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 that day. 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 nine months ended September 30, 2024, are summarized below: Shares Average Unvested at December 31, 2023 313,117 $ 4.77 Grants 1,855,126 2.66 Vested (1,289,875) 3.67 Forfeited/cancelled/expired (1,901) 5.26 Unvested at September 30, 2024 876,467 $ 1.92

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information	Detailed segment data for the three and nine months ended September 30, 2024 and 2023, is presented in the following tables: Three Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 39,716 $ 40,152 Reach Media 10,247 11,157 Digital 20,398 20,356 Cable Television 40,690 46,787 All other - corporate/eliminations* (658) (627) Consolidated $ 110,393 $ 117,825 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 33,171 $ 31,701 Reach Media 5,878 7,965 Digital 13,371 13,063 Cable Television 25,651 24,563 All other - corporate/eliminations 10,458 9,389 Consolidated $ 88,529 $ 86,681 Depreciation and amortization: Radio Broadcasting $ 509 $ 925 Reach Media 39 41 Digital 401 376 Cable Television 47 110 All other - corporate/eliminations 242 356 Consolidated $ 1,238 $ 1,808 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 37,734 $ 85,448 Reach Media — — Digital — — Cable Television 9,089 — All other - corporate/eliminations — — Consolidated $ 46,823 $ 85,448 Operating (loss) income: Radio Broadcasting $ (31,698) $ (77,922) Reach Media 4,330 3,151 Digital 6,626 6,917 Cable Television 5,903 22,114 All other - corporate/eliminations (11,358) (10,372) Consolidated $ (26,197) $ (56,112) *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (658) $ (627) Three Months Ended 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 1,119 $ 1,711 Reach Media 20 36 Digital 391 469 Cable Television — 36 All other - corporate/eliminations 103 208 Consolidated $ 1,633 $ 2,460 Nine Months Ended 2024 2023 (In thousands) Net revenues: Radio Broadcasting $ 118,066 $ 114,528 Reach Media 37,648 42,125 Digital 50,252 54,335 Cable Television 128,412 148,895 All other - corporate/eliminations* (1,831) (2,537) Consolidated $ 332,547 $ 357,346 Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): Radio Broadcasting $ 94,315 $ 87,573 Reach Media 27,835 31,326 Digital 37,381 37,231 Cable Television 82,140 82,547 All other - corporate/eliminations 30,944 26,410 Consolidated $ 272,615 $ 265,087 Depreciation and amortization: Radio Broadcasting $ 3,470 $ 2,730 Reach Media 121 120 Digital 1,215 1,077 Cable Television 348 1,327 All other - corporate/eliminations 927 1,037 Consolidated $ 6,081 $ 6,291 Impairment of goodwill, intangible assets, and long-lived assets: Radio Broadcasting $ 118,492 $ 124,304 Reach Media — — Digital — — Cable Television 9,089 — All other - corporate/eliminations — — Consolidated $ 127,581 $ 124,304 Operating (loss) income: Radio Broadcasting $ (98,211) $ (100,079) Reach Media 9,692 10,679 Digital 11,656 16,027 Cable Television 36,835 65,021 All other - corporate/eliminations (33,702) (29,984) Consolidated $ (73,730) $ (38,336) *Intercompany revenue included in net revenues above is as follows: Radio Broadcasting $ (2,111) $ (2,537) Nine Months Ended 2024 2023 (In thousands) Capital expenditures: Radio Broadcasting $ 3,956 $ 4,098 Reach Media 49 87 Digital 1,269 1,434 Cable Television 69 47 All other - corporate/eliminations 329 912 Consolidated $ 5,672 $ 6,578 September 30, December 31, (In thousands) Total assets: Radio Broadcasting $ 381,120 $ 503,259 Reach Media 49,253 50,722 Digital 27,426 31,185 Cable Television 402,352 398,660 All other - corporate/eliminations 102,452 227,347 Consolidated $ 962,603 $ 1,211,173

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2024 item segment	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
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)	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Other current liabilities
Customer advances and unearned income	$ 5,059	$ 4,851
Unearned event income	0	4,864
Reserve for audience deficiency	20,136	12,779
Professional fee accrual	3,359	1,658
Operating expense accruals	2,155	5,090
Accrued stock compensation	0	4,650
Employment agreement award (as defined in Note 7)	2,990	3,685
Launch liability	0	1,750
Deferred barter revenue	2,286	1,848
Other	3,227	1,656
Total other current liabilities	39,212	42,831
Other long-term liabilities
Employment agreement award (as defined in Note 7)	10,527	19,285
Launch liability	3,500	3,500
Other	2,612	2,210
Total long-term liabilities	$ 16,639	$ 24,995

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 115,006	$ 233,090	$ 195,723
Restricted cash	483		479
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 115,489	$ 233,570	$ 196,202	$ 101,879

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Credit Loss (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,638
Charged to Expense, net	(333)
Less: Deductions	(2,107)
Ending balance	$ 6,198

NET REVENUES - Disaggregation o

NET REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenues:	$ 110,393	$ 117,825	$ 332,547	$ 357,346
Eliminations
Net revenues:	(658)	(627)	(1,831)	(2,537)
Radio Broadcasting | Operating Segments
Net revenues:	39,716	40,152	118,066	114,528
Reach Media | Operating Segments
Net revenues:	10,247	11,157	37,648	42,125
Digital | Operating Segments
Net revenues:	20,398	20,356	50,252	54,335
Cable Television | Operating Segments
Net revenues:	40,690	46,787	128,412	148,895
Radio Advertising
Net revenues:	44,991	46,651	131,753	134,549
Radio Advertising | Eliminations
Net revenues:	(658)	(789)	(2,109)	(2,923)
Radio Advertising | Radio Broadcasting | Operating Segments
Net revenues:	36,418	37,851	107,406	108,270
Radio Advertising | Reach Media | Operating Segments
Net revenues:	9,231	9,589	26,456	29,202
Political Advertising
Net revenues:	3,547	1,101	6,935	1,933
Political Advertising | Radio Broadcasting | Operating Segments
Net revenues:	2,140	689	4,651	1,298
Political Advertising | Reach Media | Operating Segments
Net revenues:	443	326	942	327
Political Advertising | Digital | Operating Segments
Net revenues:	964	86	1,342	308
Digital Advertising
Net revenues:	19,434	20,269	48,910	54,027
Digital Advertising | Digital | Operating Segments
Net revenues:	19,434	20,269	48,910	54,027
Cable Television Advertising
Net revenues:	21,868	25,218	69,403	81,286
Cable Television Advertising | Cable Television | Operating Segments
Net revenues:	21,868	25,218	69,403	81,286
Cable Television Affiliate Fees
Net revenues:	18,808	21,569	58,910	67,589
Cable Television Affiliate Fees | Cable Television | Operating Segments
Net revenues:	18,808	21,569	58,910	67,589
Event Revenues & Other
Net revenues:	1,745	3,017	16,636	17,962
Event Revenues & Other | Eliminations
Net revenues:	0	162	278	386
Event Revenues & Other | Radio Broadcasting | Operating Segments
Net revenues:	1,158	1,612	6,009	4,960
Event Revenues & Other | Reach Media | Operating Segments
Net revenues:	573	1,242	10,250	12,596
Event Revenues & Other | Digital | Operating Segments
Net revenues:				0
Event Revenues & Other | Cable Television | Operating Segments
Net revenues:	$ 14	$ 0	$ 99	$ 20

NET REVENUES - Contract assets

NET REVENUES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Contract assets:
Unbilled receivables	$ 9,101	$ 5,437
Contract liabilities:
Customer advances and unearned income	5,059	4,851
Reserve for audience deficiency	20,136	12,779
Unearned event income	0	$ 4,864
Unearned event income	$ 241

NET REVENUES - Narrative (Detai

NET REVENUES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Sales commissions and fees	$ 9	$ 9.8	$ 27.7	$ 28.5
Customer advances and unearned income
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			2.8
Reserve for audience deficiency
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			2.2
Event Revenues & Other
Disaggregation of Revenue [Line Items]
Contract with customer liability revenue recognized			$ 4.9

LAUNCH ASSETS - Weighted Averag

LAUNCH ASSETS - Weighted Average Amortization (Details) - Launch support asset	9 Months Ended	12 Months Ended
	Sep. 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 2 months 12 days	2 years 10 months 24 days

LAUNCH ASSETS - Asset Amortizat

LAUNCH ASSETS - Asset Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Launch support asset
Finite-Lived Intangible Assets [Line Items]
Launch support asset amortization	$ 1,245	$ 1,245	$ 3,735	$ 3,735

ADVERTISING AND PROMOTIONS (Det

ADVERTISING AND PROMOTIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Marketing and advertising expense	$ 4.7	$ 6	$ 19.5	$ 21.8

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders	$ (31,798)	$ (45,431)	$ 7,493	$ (54,411)	$ 70,366	$ (2,922)	$ (69,736)	$ 13,033
Denominator:
Weighted-average outstanding shares (in shares)	47,105,290			47,722,263			48,614,438	47,592,010
Effect of dilutive securities:
Stock options and restricted stock (in shares)	0			0			0	2,766,871
Weighted-average outstanding shares (in shares)	47,105,290			47,722,263			48,614,438	50,358,881
EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic (USD per share)	$ (0.68)			$ (1.14)			$ (1.43)	$ 0.27
EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted (USD per share)	$ (0.68)			$ (1.14)			$ (1.43)	$ 0.26

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potential common shares excluded from the diluted calculation	6.6	2.5	5.6	2.5

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award	$ 13,517	$ 22,970,000
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	10,636	16,520,000
Assets subject to fair value measurement:
Cash equivalents - money market funds	$ 81,187	$ 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	81,187	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	13,517	22,970,000
Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests	10,636	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	9 Months Ended
	Sep. 30, 2024	Sep. 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, Calculation [Roll Forward]
Balance, beginning of period	22,970	25,741
Distributions	(2,146)	(1,218)
Change in fair value	(7,307)	(1,445)
Balance, end of period	13,517	23,078
Redeemable Non-controlling Interests
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	16,520	25,298
Net income attributable to non-controlling interests	976	2,015
Purchase of ownership interest in Reach Media	(7,603)
Dividends paid to non-controlling interests	(1,799)	(4,401)
Change in fair value	2,542	(1,089)
Balance, end of period	$ 10,636	$ 21,823

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Discount Rate | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	11%	10%
Discount Rate | Employment Agreement Award | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	(4.50%)	(2.10%)
Discount Rate | Employment Agreement Award | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	(0.10%)	2.50%
Discount Rate | Redeemable Non-controlling Interests
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	20%	12.50%
Operating profit margin range | Employment Agreement Award | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	30.90%	35%
Operating profit margin range | Employment Agreement Award | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	35.50%	42.30%
Operating profit margin range | Redeemable Non-controlling Interests | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	29.70%	24.50%
Operating profit margin range | Redeemable Non-controlling Interests | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	33.60%	31.90%
Average recurring EBITDA multiple | Employment Agreement Award
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	5%
Average recurring EBITDA multiple | Employment Agreement Award | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		6.30%
Average recurring EBITDA multiple | Employment Agreement Award | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)		6.50%
Revenue growth rate range | Redeemable Non-controlling Interests | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	(1.70%)	1.20%
Revenue growth rate range | Redeemable Non-controlling Interests | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Unobservable Input Value(a)	18.90%	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 ($)	Sep. 30, 2024	Dec. 31, 2023	Jan. 25, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total debt	$ 599,975,000	$ 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	600,000,000	725,000,000
Fair value of debt	$ 432,000,000	$ 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	Sep. 30, 2024	Dec. 31, 2023
Licensed content assets acquired:
Less: current portion	$ (40,313)	$ (29,748)
Noncurrent portion	89,623	82,448
Content Assets
Produced content assets:
Completed	158,440	132,273
In-production	9,883	11,726
Licensed content assets acquired:
Acquired	43,455	35,520
Content assets, at cost	211,778	179,519
Less: accumulated amortization	(81,842)	(67,323)
Content assets, net	129,936	112,196
Less: current portion	(40,313)	(29,748)
Noncurrent portion	$ 89,623	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Content amortization - acquired	$ 3,752	$ 3,672	$ 10,450	$ 13,873
Content amortization - produced	8,574	8,555	24,419	22,728
Total content amortization	$ 12,326	$ 12,227	$ 34,869	$ 36,601

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 08, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating (loss) income:		$ (26,197)	$ (56,112)	$ (73,730)	$ (38,336)
Notification term				90 days
Annual Fund-Raising Event | Tom Joyner Foundation Inc
Related Party Transaction [Line Items]
Amount receivable from related party		$ 300		$ 300		$ 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			$ 900	$ 800	$ 2,700
Cash proceeds sale of equity interest in BMI	$ 800

ACQUISITIONS AND DISPOSTIONS (D

ACQUISITIONS AND DISPOSTIONS (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Apr. 11, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Jun. 07, 2023
Asset Acquisition [Line Items]
Radio broadcasting licenses				$ 257,029
Property and equipment, net				28,044	$ 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			$ 1,900	$ 5,600
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
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 OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) market item
Goodwill [Line Items]
Number of most populous market | item	13
Radio Broadcasting
Goodwill [Line Items]
Number of most populous market | market	13
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $	$ 37.7
Number of radio markets with impairment | market	9
TV One Trade Name | Trade Names
Goodwill [Line Items]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $	$ 9.1

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in the Company's Broadcasting Licenses Carrying Value (Details) - Radio Broadcasting $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Indefinite-Lived Intangible Assets [Roll Forward]
Impairment charges	$ (37,700)
License
Indefinite-Lived Intangible Assets [Roll Forward]
Balance as of January 1, 2024	375,296
Additions	225
Impairment charges	(118,492)
Balance as of September 30, 2024	$ 257,029

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimation of Fair Value (Details) - Valuation, Income Approach	Sep. 30, 2024
Discount Rate | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.105
Discount Rate | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.110
Revenue Growth Rate Range | Minimum | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.040)
Revenue Growth Rate Range | Minimum | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.103)
Revenue Growth Rate Range | Maximum | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.003
Revenue Growth Rate Range | Maximum | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.001)
Terminal Growth Rate | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.005)
Terminal Growth Rate | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	(0.015)
Mature Market Share Range | Minimum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.011
Mature Market Share Range | Maximum
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.305
Operating Profit Margin Range | Minimum | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.013
Operating Profit Margin Range | Maximum | Radio Broadcasting
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.300
Royalty Payments Avoided | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	0.025
Cumulative Probability of Continued Use | TV One Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Measurement input	1

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Changes In Intangible Assets (Details) - TV One Trade Name - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Gross trade name	$ 39,690	$ 39,690
Impairments	(9,089)	0
Additions	0
Net trade name	$ 30,601	$ 39,690

LONG-TERM DEBT - Schedule of lo

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Total debt	$ 599,975	$ 725,000
Less: original issue discount and issuance costs	(6,057)	(8,754)
Total debt	593,918	716,246
Senior Notes | 2028 Notes
LONG-TERM DEBT
Total debt	$ 599,975	$ 725,000

LONG-TERM DEBT - Narratives (De

LONG-TERM DEBT - Narratives (Details) $ in Thousands		1 Months Ended	3 Months Ended					9 Months Ended
	Feb. 19, 2021 USD ($)	Jan. 31, 2021	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 06, 2022 USD ($)
LONG-TERM DEBT
Deferred financing costs included in interest expense								$ 1,394	$ 1,463
Gains (losses) on extinguishment of debt			$ 3,472			$ 0		18,771	2,356
Senior Notes | 2028 Notes
LONG-TERM DEBT
Percentage of issue price		100
Interest rate (as a percent)		7.375%
Deferred financing costs included in interest expense			$ 400			$ 500		$ 1,400	$ 1,500
Debt instrument effective interest rate (as a percent)			7.83%			7.73%		7.83%	7.73%
Maximum amount of debt repurchased authorized and approved by BODs										$ 75,000	$ 25,000
Amount of debt repurchased							$ 25,000
Debt redemption price, percentage			75%	78%	88.30%		89.10%
Gains (losses) on extinguishment of debt			$ 3,500	$ 7,400	$ 7,900		$ 2,400
Authorized repurchase amount				75,000
Debt repurchased			14,500	35,500
Unused capacity			25,000	$ 39,500				$ 25,000
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	Sep. 30, 2024	Dec. 31, 2023	Jan. 31, 2021
LONG-TERM DEBT
Total debt	$ 593,918	$ 716,246
Senior Notes | 2028 Notes
LONG-TERM DEBT
Interest rate (as a percent)			7.375%
October-December 2024	0
2025	0
2026	0
2027	0
2028	599,975
Total debt	$ 599,975

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,814	$ 16,778	$ 17,824	$ (5,259)
Pre-tax income from continuing operations	$ (33,212)	$ (67,764)	$ (86,173)	$ 23,020
Effective tax rate	20.70%		20.70%
Tax expense			$ 2,900

STOCKHOLDERS EQUITY - Narrative

STOCKHOLDERS EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 01, 2024	Nov. 08, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Authorized amount						$ 20,000
Repurchase of common stock				$ 5,288	$ 1,630
Remaining authorized amount			$ 16,100	$ 16,100
Subsequent Event
STOCKHOLDERS' EQUITY
Authorized amount		$ 15,700
Common Stock Class A
STOCKHOLDERS' EQUITY
Stock repurchased (shares)				1,464,300
Repurchase of common stock				$ 3,000
Average cost per share (USD per share)				$ 2.03
Common Stock Class A | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)		208,793
Repurchase of common stock		$ 300
Average cost per share (USD per share)		$ 1.51
Common Stock Class A | 2019 Equity and Performance Incentive Plan | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	750,000
Common Stock Class A | First Amendment in 2021 | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	2,000,000
Common Stock Class A | 2024 Second Incentive Plan | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	750,000
Grant (in share)	2,000,000
Common Stock Class D
STOCKHOLDERS' EQUITY
Stock repurchased (shares)				647,528
Repurchase of common stock				$ 900
Average cost per share (USD per share)				$ 1.39
Common Stock Class D | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	5,519,575	53,051
Repurchase of common stock		$ 100
Average cost per share (USD per share)		$ 1.09
Common Stock Class D | 2019 Equity and Performance Incentive Plan | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	7,000,000
Shares issue (in share)	5,500,000
Common Stock Class D | 2024 Second Incentive Plan | Subsequent Event
STOCKHOLDERS' EQUITY
Stock repurchased (shares)	18,019,575
Grant (in share)	7,000,000
Common Class D | 2019 Equity and Performance Incentive Plan | Restricted stock awards
STOCKHOLDERS' EQUITY
Period for recognition				11 months
Total unrecognized compensation, other than options			1,000	$ 1,000
Common Class D | 2019 Equity and Performance Incentive Plan | Employee Stock Option
STOCKHOLDERS' EQUITY
Stock options			$ 600	$ 600
Period for recognition				9 months
Weighted average grant date fair value (in dollars per share)				$ 1.34
Grants (in shares)				1,373,393
Class A Common Stock Member | 2019 Equity and Performance Incentive Plan | Restricted stock awards
STOCKHOLDERS' EQUITY
Period for recognition				3 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			$ 500	$ 500
Class A Common Stock Member | 2019 Equity and Performance Incentive Plan | Employee Stock Option
STOCKHOLDERS' EQUITY
Grants (in shares)			0	0

STOCKHOLDERS EQUITY - Stock opt

STOCKHOLDERS EQUITY - Stock options (Details) - Common Class D - 2019 Equity and Performance Incentive Plan - Employee Stock Option $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	1,373,393
Number of Options, Exercised (in shares) | shares	0
Number of Options, Forfeited (in shares) | shares	3,636
Number of Option, Forfeited/cancelled/expired/settled (in shares) | shares	(18,367)
Number of Options, Balance at End of Year | shares	6,575,526	5,224,136
Number of Options, Vested and expected to vest (in shares) | shares	6,575,526
Number of Options, Unvested (in shares) | shares	900,319
Number of Options, Exercisable (in shares) | shares	5,675,207
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	2.43
Weighted-Average Exercise Price, Exercised (in dollars per share) | $ / shares	0
Weighted-Average Exercise Price, Forfeited (in dollars per share) | $ / shares	5.26
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share) | $ / shares	2.33
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share) | $ / shares		$ 2.90
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares	2.81
Weighted-Average Exercise Price, Unvested (in dollars per share) | $ / shares	2.06
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares	$ 2.92
Weighted-Average Remaining Contractual Term, Outstanding (in years)		5 years 3 months 10 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)	5 years 7 months 2 days
Weighted-Average Remaining Contractual Term, Unvested (in years)	9 years 5 months 1 day
Weighted-Average Remaining Contractual Term, Exercisable (in years)	4 years 11 months 23 days
Aggregate Intrinsic Value, Outstanding | $	$ 0	$ 5,021,952
Aggregate Intrinsic Value, Vested and expected to vest | $	0
Aggregate Intrinsic Value, Unvested | $	0
Aggregate Intrinsic Value, Exercisable | $	$ 0

STOCKHOLDERS EQUITY - Restricte

STOCKHOLDERS EQUITY - Restricted stock grants (Details) - Common Stock Class D - Restricted stock awards - 2019 Equity and Performance Incentive Plan	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Unvested at beginning of year | shares	313,117
Grants (in shares) | shares	1,855,126
Vested (in shares) | shares	(1,289,875)
Forfeited/cancelled/expired (in shares) | shares	(1,901)
Unvested at end of year | shares	876,467
Average Fair Value at Grant Date
Unvested at beginning of year (in dollars per share) | $ / shares	$ 4.77
Grants (in dollars per share) | $ / shares	2.66
Vested (in dollars per share) | $ / shares	3.67
Forfeited/cancelled/expired (in dollars per share) | $ / shares	5.26
Unvested at end of year (in dollars per share) | $ / shares	$ 1.92

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment			4
Net revenues:	$ 110,393	$ 117,825	$ 332,547	$ 357,346
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	88,529	86,681	272,615	265,087
Depreciation and amortization:	1,238	1,808	6,081	6,291
Impairment of goodwill, intangible assets, and long-lived assets	46,823	85,448	127,581	124,304
Operating (loss) income:	(26,197)	(56,112)	(73,730)	(38,336)
Capital expenditures:	1,633	2,460	5,672	6,578
Total assets:	962,603		962,603		$ 1,211,173
Eliminations
SEGMENT INFORMATION
Net revenues:	(658)	(627)	(1,831)	(2,537)
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	10,458	9,389	30,944	26,410
Depreciation and amortization:	242	356	927	1,037
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	(11,358)	(10,372)	(33,702)	(29,984)
Capital expenditures:	103	208	329	912
Total assets:	102,452		102,452		227,347
Radio Broadcasting | Operating Segments
SEGMENT INFORMATION
Net revenues:	39,716	40,152	118,066	114,528
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	33,171	31,701	94,315	87,573
Depreciation and amortization:	509	925	3,470	2,730
Impairment of goodwill, intangible assets, and long-lived assets	37,734	85,448	118,492	124,304
Operating (loss) income:	(31,698)	(77,922)	(98,211)	(100,079)
Capital expenditures:	1,119	1,711	3,956	4,098
Total assets:	381,120		381,120		503,259
Radio Broadcasting | Eliminations
SEGMENT INFORMATION
Net revenues:	(658)	(627)	(2,111)	(2,537)
Reach Media | Operating Segments
SEGMENT INFORMATION
Net revenues:	10,247	11,157	37,648	42,125
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	5,878	7,965	27,835	31,326
Depreciation and amortization:	39	41	121	120
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	4,330	3,151	9,692	10,679
Capital expenditures:	20	36	49	87
Total assets:	49,253		49,253		50,722
Digital | Operating Segments
SEGMENT INFORMATION
Net revenues:	20,398	20,356	50,252	54,335
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	13,371	13,063	37,381	37,231
Depreciation and amortization:	401	376	1,215	1,077
Impairment of goodwill, intangible assets, and long-lived assets	0	0	0	0
Operating (loss) income:	6,626	6,917	11,656	16,027
Capital expenditures:	391	469	1,269	1,434
Total assets:	27,426		27,426		31,185
Cable Television | Operating Segments
SEGMENT INFORMATION
Net revenues:	40,690	46,787	128,412	148,895
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	25,651	24,563	82,140	82,547
Depreciation and amortization:	47	110	348	1,327
Impairment of goodwill, intangible assets, and long-lived assets	9,089	0	9,089	0
Operating (loss) income:	5,903	22,114	36,835	65,021
Capital expenditures:	0	$ 36	69	$ 47
Total assets:	$ 402,352		$ 402,352		$ 398,660

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions				9 Months Ended
	Mar. 08, 2024	Feb. 07, 2022	Jan. 01, 2022	Sep. 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	9 Months Ended
	Oct. 01, 2024	Nov. 08, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Subsequent Event [Line Items]
Authorized amount					$ 20,000
Repurchase of common stock			$ 5,288	$ 1,630
Stock repurchase program, effective period			24 months
Subsequent Event
Subsequent Event [Line Items]
Authorized amount		$ 15,700
Common Stock Class D
Subsequent Event [Line Items]
Stock repurchased (shares)			647,528
Repurchase of common stock			$ 900
Average cost per share (USD per share)			$ 1.39
Common Stock Class D | Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (shares)	5,519,575	53,051
Repurchase of common stock		$ 100
Average cost per share (USD per share)		$ 1.09
Common Stock Class A
Subsequent Event [Line Items]
Stock repurchased (shares)			1,464,300
Repurchase of common stock			$ 3,000
Average cost per share (USD per share)			$ 2.03
Common Stock Class A | Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (shares)		208,793
Repurchase of common stock		$ 300
Average cost per share (USD per share)		$ 1.51