Urban One (UONE) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 22, 2020
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	URBAN ONE, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Trading Symbol	UONE
Common Stock Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,582,359
Common Stock Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,861,843
Common Stock Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,928,906
Class D common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,520,026

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 76,008	$ 121,571	$ 170,883	$ 220,020
OPERATING EXPENSES:
Programming and technical including stock-based compensation of $4 and $27, and $12 and $47, respectively	23,624	31,252	51,494	62,789
Selling, general and administrative, including stock-based compensation of $78 and $86, and $164 and $197, respectively	22,294	45,319	51,757	78,997
Corporate selling, general and administrative, including stock-based compensation of $186 and $87, and $485 and $467, respectively	7,326	8,495	15,957	18,659
Depreciation and amortization	2,382	3,584	4,930	11,858
Impairment of long-lived assets	0	3,800	53,650	3,800
Total operating expenses	55,626	92,450	177,788	176,103
Operating income (loss	20,382	29,121	(6,905)	43,917
INTEREST INCOME	26	63	34	86
INTEREST EXPENSE	18,395	20,578	37,533	41,408
OTHER INCOME, net	(94)	(1,649)	(1,598)	(3,370)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries	2,107	10,255	(42,806)	5,965
PROVISION FOR (BENEFIT FROM) INCOME TAXES	465	3,118	(21,390)	1,807
CONSOLIDATED NET INCOME (LOSS)	1,642	7,137	(21,416)	4,158
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	222	546	351	671
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,420	$ 6,591	$ (21,767)	$ 3,487
BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 0.03	$ 0.15	$ (0.48)	$ 0.08
DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders per share - diluted	$ 0.03	$ 0.14	$ (0.48)	$ 0.08
WEIGHTED AVERAGE SHARES OUTSTANDING:
Denominator for basic net income (loss) per share - weighted average outstanding shares	44,806,219	45,061,821	45,025,471	45,175,521
Denominator for diluted net income (loss) per share - weighted-average outstanding shares	48,154,262	45,701,655	45,025,471	45,984,939

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Programming And Technical [Member]
Allocated Share-based Compensation Expense	$ 4	$ 27	$ 12	$ 47
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	78	86	164	197
Corporate Selling, General and Administrative [Member]
Allocated Share-based Compensation Expense	$ 186	$ 87	$ 485	$ 467

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
COMPREHENSIVE INCOME (LOSS)	$ 1,642	$ 7,137	$ (21,416)	$ 4,158
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	222	546	351	671
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,420	$ 6,591	$ (21,767)	$ 3,487

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 69,698	$ 33,073
Restricted cash	473	473
Trade accounts receivable, net of allowance for doubtful accounts of $8,431 and $7,416, respectively	87,130	106,148
Prepaid expenses	11,081	11,261
Current portion of content assets	31,721	30,642
Other current assets	3,969	4,442
Total current assets	204,072	186,039
CONTENT ASSETS, net	68,032	70,121
PROPERTY AND EQUIPMENT, net	24,107	24,393
GOODWILL	233,822	239,772
RIGHT OF USE ASSETS	43,045	44,922
RADIO BROADCASTING LICENSES	535,472	582,697
OTHER INTANGIBLE ASSETS, net	55,630	58,212
OTHER ASSETS	44,865	43,763
Total assets	1,209,045	1,249,919
CURRENT LIABILITIES:
Accounts payable	5,114	5,919
Accrued interest	7,164	9,094
Accrued compensation and related benefits	4,838	10,903
Current portion of content payables	18,355	14,804
Current portion of lease liabilities	8,927	8,980
Other current liabilities	26,368	25,393
Current portion of long-term debt	49,997	25,945
Total current liabilities	120,763	101,038
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs	838,384	850,308
CONTENT PAYABLES, net of current portion	11,311	14,826
LONG-TERM LEASE LIABILITIES	38,656	40,494
OTHER LONG-TERM LIABILITIES	26,503	25,054
DEFERRED TAX LIABILITIES, net	3,169	24,560
Total liabilities	1,038,786	1,056,280
REDEEMABLE NONCONTROLLING INTERESTS	10,799	10,564
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at June 30, 2020 and December 31, 2019	0	0
Additional paid-in capital	977,987	979,834
Accumulated deficit	(818,573)	(796,806)
Total stockholders' equity	159,460	183,075
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,209,045	1,249,919
Common Stock Class A [Member]
STOCKHOLDERS' EQUITY:
Common stock value	2	2
Common Stock Class B [Member]
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class C [Member]
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Class D common stock
STOCKHOLDERS' EQUITY:
Common stock value	$ 38	$ 39

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts receivable (in dollars)	$ 8,431	$ 7,416
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 [Member]
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	1,582,359	1,582,375
Common stock, shares outstanding	1,582,359	1,582,375
Common Stock Class B [Member]
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 [Member]
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	2,928,906	2,928,906
Common stock, shares outstanding	2,928,906	2,928,906
Class D common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,523,221	38,752,749
Common stock, shares outstanding	37,523,221	38,752,749

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]	Common Stock Class A [Member]	Common Stock Class B [Member]	Common Stock Class C [Member]	Class D common stock	Total
BALANCE at Dec. 31, 2018	$ 978,628	$ (803,534)		$ 2	$ 3	$ 3	$ 39	$ 175,141
Consolidated net ( loss) Income		3,487						3,487
Repurchase of shares of Class D common stock	(4,308)						(1)	(4,309)
Exercise of options for common stock	29							29
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,265)							(1,265)
Issuance of shares of Class D common stock	1,609							1,609
Stock-based compensation expense	711							711
BALANCE at Jun. 30, 2019	975,404	(794,244)		2	3	3	38	181,206
Adoption of ASC 842		5,803						5,803
BALANCE at Dec. 31, 2019	979,834	(796,806)	$ 0	2	3	3	39	183,075
Consolidated net ( loss) Income	0	(21,767)	0	0	0	0	0	(21,767)
Repurchase of shares of Class D common stock	(3,598)	0	0	0	0	0	(3)	(3,601)
Exercise of options for common stock	1,974	0	0	0	0	0	2	1,976
Adjustment of redeemable noncontrolling interests to estimated redemption value	(884)	0	0	0	0	0	0	(884)
Stock-based compensation expense	661	0	0	0	0	0	0	661
BALANCE at Jun. 30, 2020	$ 977,987	$ (818,573)	$ 0	$ 2	$ 3	$ 3	$ 38	$ 159,460

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		15,000
Common Stock Class A [Member]
Stock Repurchased During Period, Shares		48,551
Class D common stock
Stock Repurchased During Period, Shares	3,911,860	2,126,790
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,032,922
Stock Issued During Period, Shares, New Issues		755,239

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net (loss) income	$ (21,416)	$ 4,158
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	4,930	11,858
Amortization of debt financing costs	2,128	1,907
Amortization of content assets	16,639	23,067
Amortization of launch assets	514	515
Deferred income taxes	(21,391)	2,542
Amortization of right of use assets	4,042	3,311
Non-cash lease liability expense	2,436	2,746
Non-cash interest expense	1,044	987
Impairment of long-lived assets	53,650	3,800
Stock-based compensation	661	711
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable	19,018	4,429
Prepaid expenses and other current assets	(137)	(1,092)
Other assets	(5,144)	(3,305)
Accounts payable	(805)	(101)
Accrued interest	(1,930)	667
Accrued compensation and related benefits	(6,065)	(7,107)
Other liabilities	689	4,029
Payments for content assets	(15,592)	(24,923)
Net cash flows provided by operating activities	33,271	28,199
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,650)	(2,110)
Acquisition of broadcasting assets	(475)	0
Net cash flows used in investing activities	(3,125)	(2,110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distribution of contingent consideration	0	(649)
Repayment of Comcast Note	0	(11,872)
Proceeds of Asset-backed credit facility	27,500	9,000
Proceeds of MGM National Harbor Loan	3,600	0
Payments of Dividends	1,000	1,000
Proceeds from exercise of stock options	1,976	29
Repayment of 2020 Notes	0	(2,037)
Payment of dividends to noncontrolling interest members of Reach Media	(1,000)	(1,000)
Repurchase of common stock	(3,601)	(4,309)
Net cash flows provided by (used in) financing activities	6,479	(26,648)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	36,625	(559)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	33,546	15,890
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	70,171	15,331
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	36,291	37,836
Income taxes, net of refunds	0	474
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Right of use asset additions upon adoption of ASC 842	0	49,803
Lease liability additions upon adoption of ASC 842	0	54,113
Right of use asset and lease liability additions	3,187	1,273
Issuance of common stock	0	1,609
2018 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	(20,348)	(14,162)
2017 Credit Facility [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of credit facility	$ (1,648)	$ (1,648)

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	URBAN ONE, INC. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of June 30, 2020, we owned and/or operated 61 broadcast stations (including all HD stations, translator stations and the low power television station we operate) located in 14 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 provider 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”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Russ Parr Morning Show and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. We also hold a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences. On January 19, 2019, the Company launched CLEO TV, a lifestyle and entertainment network targeting Millennial and Gen X women of color. CLEO TV offers quality content that defies negative and cultural stereotypes of today’s modern women. The results of CLEO TV’s operations will be reflected in the Company’s cable television segment. Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate our other brands, such as TV One, CLEO TV, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences. As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.) (b) The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. During the fourth quarter of 2019, the Company revised the interest expense component of operating leases accounted for under ASC 842 from interest expense into operating expenses. Operating income for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 have been reclassified in the amounts of approximately $1.3 million, $1.4 million and $1.4 million, respectively, to reflect the interest expense component of operating leases from interest expense into operating expenses. The financial statements for the quarterly periods ended March 31, June 30 and September 30, 2019 were not restated as management determined that the impact of this error is immaterial to the interim consolidated financial statements filed for each quarterly period in 2019. These revisions had no effect on any other previously reported or consolidated net income or loss or any other statement of operations, balance sheet or cash flow amounts. Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10‑Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10‑K. (c) Financial instruments as of June 30, 2020 and December 31, 2019, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of June 30, 2020 and December 31, 2019, except for the Company's long-term debt. The 7.375% Senior Secured Notes that are due in April 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million and fair value of approximately $311.5 million as of June 30, 2020. The 2022 Notes had a carrying value of approximately $350.0 million and fair value of approximately $344.8 million as of December 31, 2019. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. On April 18, 2017, the Company closed on a $350.0 million senior secured credit facility (the “2017 Credit Facility”) which had a carrying value of approximately $319.0 million and fair value of approximately $261.6 million as of June 30, 2020, and had a carrying value of approximately $320.6 million and fair value of approximately $309.1 million as of December 31, 2019. The fair value of the 2017 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company closed on a $192.0 million unsecured credit facility (the “2018 Credit Facility”) which had a carrying value of approximately $146.8 million and fair value of approximately $149.7 million as of June 30, 2020, and had a carrying value of approximately $167.1 million and fair value of approximately $170.5 million as of December 31, 2019. The fair value of the 2018 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company also closed on a $50.0 million secured credit loan (the “MGM National Harbor Loan”) which had a carrying value of approximately $56.7 million and fair value of approximately $63.6 million as of June 30, 2020, and had a carrying value of approximately $52.1 million and fair value of approximately $58.4 million as of December 31, 2019. The fair value of the 2018 MGM National Harbor Loan, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. The Company's asset-backed credit facility (the "ABL Facility") had a carrying value of approximately $27.5 million and fair value of approximately $27.5 million as of June 30, 2020. There was no balance outstanding on the ABL Facility as of December 31, 2019. (d) In accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers, ” the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company elected to use the modified retrospective method, but the adoption of the standard did not have a material impact to our financial statements. In general, our spot advertising (both radio and cable television) as well as our digital advertising continues to be recognized when aired and delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to access its television programming content through the license period, and the Company earns a usage based royalty when the usage occurs, consistent with our previous revenue recognition policy. Finally, for event advertising, the performance obligation is satisfied at a point in time when the activity associated with the event is completed. Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising at a point in time when a commercial spot runs. The revenue is reported net of agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $2.5 million and $6.1 million for the three months ended June 30, 2020 and 2019, respectively. Agency and outside sales representative commissions were approximately $7.2 million and $11.0 million for the six months ended June 30, 2020 and 2019, respectively. Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized at a point in time either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise. In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue. Our cable television segment derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. Advertising revenue is recognized at a point in time when the individual spots run. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. The Company recognizes the affiliate fee revenue at a point in time as its performance obligation to provide the programming is met. The Company has a right of payment each month as the programming services and related obligations have been satisfied. For our cable television segment, agency and outside sales representative commissions were approximately$3.2 million and $3.8 million for the three months ended June 30, 2020 and 2019, respectively. Agency and outside sales representative commissions were approximately $6.9 million and $7.5 million for the six months ended June 30, 2020 and 2019, respectively. Revenue by Contract Type The following chart shows our net revenue (and sources) for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands, unaudited) Net Revenue: Radio Advertising $ 25,358 $ 51,771 $ 63,776 $ 94,144 Political Advertising 361 317 2,764 441 Digital Advertising 6,104 7,663 12,393 15,100 Cable Television Advertising 18,941 19,816 39,973 40,009 Cable Television Affiliate Fees 24,619 26,599 50,826 54,074 Event Revenues & Other 625 15,405 1,151 16,252 Net Revenue (as reported) $ 76,008 $ 121,571 $ 170,883 $ 220,020 Contract assets and liabilities Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income) that are not separately stated in our consolidated balance sheets at June 30, 2020, December 31, 2019 and June 30, 2019 were as follows: June 30, 2020 December 31, 2019 June 30, 2019 (Unaudited) (Unaudited) (In thousands) Contract assets: Unbilled receivables $ 3,892 $ 3,763 $ 3,530 Contract liabilities: Customer advances and unearned income $ 2,918 $ 3,048 $ 3,634 Unearned event income 10,352 6,645 3,848 Unbilled receivables consists of earned revenue on behalf of customers that have not yet been billed. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term. Unearned event income represents payments by customers for upcoming events. For customer advances and unearned income as of January 1, 2020, approximately $448,000 and approximately $2.1 million was recognized as revenue during the three and six months ended June 30, 2020. For unearned event income, there was no revenue was recognized during the three months or six months ended June 30, 2020. For customer advances and unearned income as of January 1, 2019, $613,000 and approximately $2.0 million, respectively, was recognized as revenue during the three and six months ended June 30, 2019. For unearned event income as of January 1, 2019, approximately $3.9 million was recognized during the three and six months ended June 30, 2019, as the event took place during the second quarter of 2019. Practical expedients and exemptions We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. (e) 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 Company did not pay any launch support for carriage initiation during the three and six months ended June 30, 2020 and 2019. The weighted-average amortization period for launch support is approximately 7.8 years as of June 30, 2020, and approximately 7.8 years as of December 31, 2019. The remaining weighted-average amortization period for launch support is 4.6 years and 5.1 years as of June 30, 2020 and December 31, 2019, respectively. Amortization is recorded as a reduction to revenue to the extent that revenue is recognized from the vendor, and any excess amortization is recorded as launch support amortization expense. For the three months ended June 30, 2020 and 2019, launch support asset amortization of $105,000 and $105,000, respectively, was recorded as a reduction of revenue, and $151,000 and $153,000, respectively, was recorded as an operating expense in selling, general and administrative expenses. For the six months ended June 30, 2020 and 2019, launch support asset amortization of $211,000 and $211,000, respectively, was recorded as a reduction of revenue, and $302,000 and $304,000, respectively, was recorded as an operating expense in selling, general and administrative expenses. Launch assets are included in other intangible assets on the consolidated balance sheets, except for the portion of the unamortized balance that is expected to be amortized within one year which is included in other current assets. (f) For barter transactions, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended June 30, 2020 and 2019, barter transaction revenues were $527,000 and $572,000, respectively. Additionally, for the three months ended June 30, 2020 and 2019, barter transaction costs were reflected in programming and technical expenses of $384,000 and $422,000, respectively, and selling, general and administrative expenses of $143,000 and $150,000, respectively. For the six months ended June 30, 2020 and 2019, barter transaction revenues were approximately $1.0 million and $1.1 million, respectively. Additionally, for the six months ended June 30, 2020 and 2019, barter transaction costs were reflected in programming and technical expenses of $755,000 and $837,000, respectively, and selling, general and administrative expenses of $286,000 and $301,000, respectively. The Company reached an agreement with a cable television provider related to an adjustment of previously estimated affiliate fees in the amount of approximately $2.0 million for the year ended December 31, 2018, as final reporting became available. Upon settlement of this agreement, the Company will receive approximately $2.0 million in marketing services that will be utilized in future periods. (g) Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (In Thousands) Numerator: Net income (loss) attributable to common stockholders $ 1,420 $ 6,591 $ (21,767) $ 3,487 Denominator: Denominator for basic net income (loss) per share - weighted average outstanding shares 44,806,219 45,061,821 45,025,471 45,175,521 Effect of dilutive securities: Stock options and restricted stock 3,348,043 639,834 — 809,418 Denominator for diluted net income (loss) per share - weighted-average outstanding shares 48,154,262 45,701,655 45,025,471 45,984,939 Net income (loss) attributable to common stockholders per share – basic $ 0.03 $ 0.15 $ (0.48) $ Net income (loss) attributable to common stockholders per share – diluted $ 0.03 $ 0.14 $ (0.48) $ All stock options and restricted stock awards were excluded from the diluted calculation for the six months ended June 30, 2020, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation. Six Months Ended June 30, 2020 (Unaudited) (In thousands) Stock options 3,849 Restricted stock awards 1,929 (h) We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 : Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at the measurement date. Level 2 : Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets). Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. As of June 30, 2020, and December 31, 2019, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) As of June 30, 2020 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,357 — — $ 1,357 Employment agreement award (b) 27,696 — — 27,696 Total $ 29,053 $ — $ — $ 29,053 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,799 $ — $ — $ 10,799 As of December 31, 2019 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,921 — — $ 1,921 Employment agreement award (b) 27,017 — — 27,017 Total $ 28,938 $ — $ — $ 28,938 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,564 $ — $ — $ 10,564 (a) This balance is measured based on the income approach to valuation in the form of a Monte Carlo simulation. The Monte Carlo simulation method is suited to instances such as this where there is non-diversifiable risk. It is also well-suited to multi-year, path dependent scenarios. Significant inputs to the Monte Carlo method include forecasted net revenues, discount rate and expected volatility. A third-party valuation firm assisted the Company in estimating the contingent consideration. (b) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis) , and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company's Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability. (c) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There were no transfers in or out of Level 1, 2, or 3 during the six months ended June 30, 2020. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020: Employment Redeemable Contingent Agreement Noncontrolling Consideration Award Interests (In thousands) Balance at December 31, 2019 $ 1,921 $ 27,017 $ 10,564 Net income attributable to noncontrolling interests — — 351 Distribution (557) (632) — Dividends paid to noncontrolling interests — — (1,000) Change in fair value (7) 1,311 884 Balance at June 30, 2020 $ 1,357 $ 27,696 $ 10,799 The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date $ 7 $ (1,311) $ — Losses and income included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award for the three and six months ended June 30, 2020 and 2019. Losses included in earnings were recorded in the consolidated statements of operations as selling, general and administrative expenses for contingent consideration for the three and six months ended June 30, 2020 and 2019. As of As of December 31, Significant June 30, 2020 2019 Unobservable Significant Unobservable Level 3 liabilities Valuation Technique Inputs Input Value Contingent consideration Monte Carlo Simulation Expected volatility 25.0 % 20.8 % Contingent consideration Monte Carlo Simulation Discount Rate 16.0 % 14.5 % Employment agreement award Discounted Cash Flow Discount Rate 10.0 % 10.0 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 2.0 % 2.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.0 % 11.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.0 % 1.0 % Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements. Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. For the six months ended June 30, 2020, the Company recorded an impairment charge of approximately $6.0 million related to its Atlanta market and Indianapolis goodwill balances and also an impairment charge of approximately $47.7 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis market radio broadcasting licenses. The Company concluded these assets were not impaired during the three months ended June 30, 2020. For the three and six months ended June 30, 2019, the Company recorded an impairment charge of approximately $3.8 million related to its Detroit market radio broadcasting licenses. (i) As of January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), using the modification retrospective transition method. Prior comparative periods will be not be restated under this new standard and therefore those amounts are not presented below. The Company adopted a package of practical expedients as allowed by the transition guidance which permits the Company to carry forward the historical assessment of whether contracts contain or are leases, classification of leases and the remaining lease terms. The Company has also made an accounting policy election to exclude leases with an initial term of twelve months or less from recognition on the consolidated balance sheet. Short-term leases will be expensed over the lease term. The Company also elected to separate the consideration in the lease contracts between the lease and non-lease components. All variable non-lease components are expensed as incurred. ASC 842 results in significant changes to the balance sheets of lessees, most significantly by requiring the recognition of right of use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. Upon adoption of ASC 842, deferred rent balances, which were historically presented separately, were combined and presented net within the ROU asset. The adoption of this standard resulted in the Company recording an increase in ROU assets of approximately $49.8 million and an increase in lease liabilities of approximately $54.1 million. Approximately $4.3 million in deferred rent was also reclassified from liabilities to offset the applicable ROU asset. The tax impact of ASC 842, which primarily consisted of deferred gains related to previous transactions that were historically accounted for as sale and operating leasebacks in accordance with prior guidance ASC Topic 840 was recognized as part of the cumulative-effect adjustment to retained earnings, resulting in an increase to retained earnings, net of tax, of approximately $5.8 million. Many of the Company’s leases provide for renewal terms and escalation clauses, which are factored into calculating the lease liabilities when appropriate. The implicit rate within the Company’s lease agreements is generally not determinable and as such the Company’s collateralized borrowing rate is used. The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Dollars In thousands) (Dollars In thousands) Operating Lease Cost (Cost resulting from lease payments) $ 3,153 $ 3,190 $ 6,305 $ 6,438 Variable Lease Cost (Cost excluded from lease payments) 34 34 74 76 Total Lease Cost $ 3,187 $ 3,224 $ 6,379 $ 6,514 Operating Lease - Operating Cash Flows (Fixed Payments) $ 3,243 $ 3,423 $ 6,650 $ 6,809 Operating Lease - Operating Cash Flows (Liability Reduction) $ 2,045 $ 1,988 $ 4,182 $ 3,960 Weighted Average Lease Term - Operating Leases years years years years Weighted Average Discount Rate - Operating Leases % % As of June 30, 2020, maturities of lease liabilities were as follows: For the Year Ended December 31, (Dollars in thousands) For the remaining six months ending December 31, 2020 $ 6,502 2021 12,924 2022 12,282 2023 10,526 2024 9,395 Thereafter 11,494 Total future lease payments 63,123 Imputed interest (15,540) Total $ 47,583 (j) In June 2016, the Financial Accounting Standards Board (“FASB

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2020
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	2. ACQUISITIONS AND DISPOSITIONS: On October 20, 2011, we entered into a time brokerage agreement (“TBA”) with WGPR, Inc. (“WGPR”). Pursuant to the TBA, on October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR’s Detroit radio station, WGPR-FM. We paid a monthly fee as well as certain operating costs of WGPR-FM, and in exchange we retained all revenues from the sale of the advertising within the programming we provided. The original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019 on which date we ceased operation of the station on our behalf. While we ceased operations of the station on December 31, 2019, the Company continues to provide certain limited management services to the current owner and operator of WGPR. On August 31, 2019, the Company closed on its previously announced sale of assets of its Detroit, Michigan radio station, WDMK-FM and three translators W228CJ, W252BX, and W260CB for approximately $13.5 million to Beasley Broadcast Group, Inc. The Company recognized an immaterial loss on the sale of the station during the year ended December 31, 2019. On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $25 million. On May 2, 2017, the Company closed on its previously announced sale, and is leasing certain of the assets back from the buyer as a part of its normal operations. The Company received proceeds of approximately $25.0 million, resulting in an overall net gain on sale of approximately $22.5 million, of which approximately $14.4 million was recognized immediately during the second quarter of 2017, and approximately $8.1 million which was deferred and was recognized into income ratably over the lease term of ten years. Upon adoption of ASC 842 on January 1, 2019, the unamortized portion of this deferred gain, net of tax, was recognized as a cumulative adjustment to equity. On December 19, 2019, we entered into both an asset purchase agreement ("APA") and a TBA with Guardian Enterprise Group, Inc. and certain of its affiliates (collectively, "GEG") with respect to the acquisition and interim operation of low power television station WQMC-LD in Columbus, Ohio. Pursuant to the TBA, in January 2020, we began to operate WQMC-LD until such time as the purchase transaction can close under the APA. Under the terms of the TBA, we pay a monthly fee as well as certain operating costs of WQMC-LD, and, in exchange, we will retain all revenues from the sale of the advertising within the programming. After receipt of FCC approval, we closed the transactions under the APA and took ownership of WQMC-LD on February 24, 2020 for total consideration of $475,000.

GOODWILL AND RADIO BROADCASTING

GOODWILL AND RADIO BROADCASTING LICENSES	6 Months Ended
	Jun. 30, 2020
GOODWILL AND RADIO BROADCASTING LICENSES
GOODWILL AND RADIO BROADCASTING LICENSES	3. GOODWILL AND RADIO BROADCASTING LICENSES: Impairment Testing In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our indefinite-lived radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. We evaluate all events and circumstances on an interim basis to determine if an interim indicator is present. Valuation of Broadcasting Licenses Beginning in March 2020, the Company noted that the COVID-19 pandemic and the resulting government stay at home orders were dramatically impacting certain of the Company's revenues. Most notably, a number of advertisers across significant advertising categories have reduced or ceased advertising spend due to the outbreak and stay at home orders which effectively shut many businesses down in the markets in which we operate. This was particularly true within our radio segment which derives substantial revenue from local advertisers who have been particularly hard hit due to social distancing and government interventions. As a result of COVID-19, the total market revenue growth for certain markets in which we operate was below that assumed in our annual impairment testing. During the six months ended June 30, 2020, the Company recorded a non-cash impairment charge of approximately $47.7 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis radio market broadcasting licenses. We did not identify any impairment indicators for the three months ended June 30, 2020. During the quarter ended June 30, 2019, the Company recorded a non-cash impairment charge of approximately $3.8 million associated with the sale of our Detroit market radio broadcasting licenses. Valuation of Goodwill As noted above, during the first quarter of 2020 due to the COVID-19 pandemic, we identified an impairment indicator at certain of our radio markets, and, as such, we performed an interim analysis for certain radio market goodwill. During the six months ended June 30, 2020, the Company recorded a non-cash impairment charge of approximately $6.0 million to reduce the carrying value of our Atlanta and Indianapolis market goodwill balances. We did not identify any impairment indicators at any of our other reportable segments for the three or six months ended June 30, 2020. We did not identify any impairment indicators at any of our reportable segments for the three months ended June 30, 2019. Goodwill Valuation Results The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments. Radio Reach Cable Broadcasting Media Digital Television Segment Segment Segment Segment Total (In thousands) Gross goodwill $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions — — — — — Impairments (5,950) — — — (5,950) Accumulated impairment losses (101,848) (16,114) (20,345) — (138,307) Net goodwill at June 30, 2020 $ 47,202 $ 14,354 $ 7,222 $ 165,044 $ 233,822

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
LONG-TERM DEBT
LONG-TERM DEBT	4. LONG-TERM DEBT: Long-term debt consists of the following: June 30, 2020 December 31, 2019 (Unaudited) (In thousands) 2018 Credit Facility $ 146,797 $ 167,145 MGM National Harbor Loan 56,742 52,099 2017 Credit Facility 318,980 320,629 7.375% Senior Secured Notes 350,000 350,000 Asset-backed credit facility 27,500 — Total debt 900,019 889,873 Less: current portion of long-term debt 49,997 25,945 Less: original issue discount and issuance costs 11,638 13,620 Long-term debt, net $ 838,384 $ 850,308 2018 Credit Facility On December 4, 2018, the Company and certain of its subsidiaries entered into a credit agreement ("2018 Credit Facility"), among the Company, the lenders party thereto from time to time, Wilmington Trust, National Association, as administrative agent, and TCG Senior Funding L.L.C, as sole lead arranger and sole bookrunner. The 2018 Credit Facility provided $192.0 million in term loan borrowings, which was funded on December 20, 2018. The net proceeds of term loan borrowings under the 2018 Credit Facility were used to refinance, repurchase, redeem or otherwise repay the Company’s outstanding 9.25% senior subordinated notes due 2020. Borrowings under the 2018 Credit Facility are subject to customary conditions precedent, as well as a requirement under the 2018 Credit Facility that (i) the Company’s total gross leverage ratio on a pro forma basis be not greater than 8:00 to 1:00 (this total gross leverage ratio test steps down as described below), (ii) neither of the administrative agents under the Company’s existing credit facilities nor the trustee under the Company’s existing senior secured notes due 2022 have objected to the terms of the new credit documents and (iii) certification by the Company that the terms and conditions of the 2018 Credit Facility satisfy the requirements of the definition of "Permitted Refinancing" (as defined in the agreements governing the Company’s existing credit facilities) and neither of the administrative agents under the Company’s existing credit facilities notifies the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees). The 2018 Credit Facility matures on December 31, 2022 (the "Maturity Date"). Interest rates on borrowings under the 2018 Credit Facility will be either (i) from the Funding Date to the Maturity Date, 12.875% per annum, (ii) 11.875% per annum, once 50% of the term loan borrowings have been repaid or (iii) 10.875% per annum, once 75% of the term loan borrowings have been repaid. Interest payments begin on the last day of the 3-month period commencing on the Funding Date. The Company’s obligations under the 2018 Credit Facility are not secured. The 2018 Credit Facility is guaranteed on an unsecured basis by each entity that guarantees the Company’s outstanding $350.0 million 2017 Credit Facility (as defined below). The term loans could have been voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium.The Company is required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company is also required to use 75% of excess cash flow (“ECF payment”) as defined in the 2018 Credit Facility, which exclude any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding terms loans at par. During the three and six months ended June 30, 2020, the Company repaid approximately $8.4 million and $20.3 million, respectively under the 2018 Credit Facility. Included in the repayments made during the six months ended June 30, 2020 was approximately $3.8 million in ECF payments in accordance with the agreement. During the three and six months June 30, 2019, the Company repaid approximately $3.6 million and $14.2 million, respectively, under the 2018 Credit Facility. The 2018 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021 and 6.75 to 1.00 in 2022. As of June 30, 2020, the Company was in compliance with all of its financial covenants under the 2018 Credit Facility. As of June 30, 2020, the Company had outstanding approximately $146.8 million on its 2018 Credit Facility. The original issue discount in the amount of approximately $3.8 million and associated debt issuance costs in the amount of $875,000 is being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for all instruments, for the three months ended June 30, 2020 and 2019, was approximately $1.1 million and $964,000, respectively. The amount of deferred financing costs included in interest expense for all instruments, for the six months ended June 30, 2020 and 2019, was approximately $2.1 million and $1.9 million, respectively. MGM National Harbor Loan Concurrently, on December 4, 2018, Urban One Entertainment SPV, LLC ("UONESPV") and its immediate parent, Radio One Entertainment Holdings, LLC ("ROEH"), each of which is a wholly owned subsidiary of the Company, entered into a credit agreement, providing $50.0 million in term loan borrowings (the "MGM National Harbor Loan") which was funded on December 20, 2018. On June 25, 2020, the Company borrowed an incremental $3.6 million on the MGM National Harbor Loan and used the proceeds to pay down the higher coupon 2018 Credit Facility by the same amount. The MGM National Harbor Loan matures on December 31, 2022 and bears interest at 7.0% per annum in cash plus 4.0% per annum paid-in kind. The loan has limited ability to be prepaid in the first two years. The loan is secured on a first priority basis by the assets of UONESPV and ROEH, including all of UONESPV’s shares held by ROEH, all of UONESPV’s interests in MGM National Harbor, its rights under the joint venture operating agreement governing the MGM National Harbor and UONESPV’s obligation to exercise its put right under the joint venture operating agreement in the event of a UONESPV payment default or bankruptcy event, in each case, subject to applicable Maryland gaming laws and approvals. Exercise by UONESPV of its put right under the joint venture operating agreement is subject to required lender consent unless the proceeds are used to retire the MGM National Harbor Loan and any remaining excess is used to repay borrowings, if any, under the 2018 Credit Facility. The MGM National Harbor Loan also contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). As of June 30, 2020, the Company had outstanding approximately $56.7 million on its MGM National Harbor Loan. The original issue discount in the amount of approximately $1.0 million and associated debt issuance costs in the amount of approximately $1.7 million is being reflected as an adjustment to the carrying amount of the debt obligation and amortized to interest expense over the term of the obligation using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. 2017 Credit Facilities On April 18, 2017, the Company closed on a senior secured credit facility (the “2017 Credit Facility”). The 2017 Credit Facility is governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent, and Guggenheim Securities, LLC as sole lead arranger and sole book running manager. The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction. The 2017 Credit Facility matures on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company’s 2022 Notes (as defined below). At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1)% equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00)% and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 5.34% for 2020 and was 6.49% for 2019. The 2017 Credit Facility is (i) guaranteed by each entity that guarantees the Company’s 2022 Notes on a pari passu basis with the guarantees of the 2022 Notes and (ii) secured on a pari passu basis with the Company’s 2022 Notes. The Company’s obligations under the 2017 Credit Facility are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral, and (ii) on a second priority basis by collateral for the Company’s asset-backed line of credit. In addition to any mandatory or optional prepayments, the Company is required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months will require an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal, to the extent then outstanding, equal to 1∕4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility. On December 19, 2018, upon drawing under the 2018 Credit Facility and MGM National Harbor Loan, the Company voluntarily prepaid approximately $20.0 million in principal on the 2017 Credit Facility. During each of the three month periods in June 30, 2020 and 2019, the Company repaid $824,000 under the 2017 Credit Facility. During each of the six month periods in June 30, 2020 and 2019, the Company repaid approximately $1.6 million under the 2017 Credit Facility. The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the 2022 Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00. The net proceeds from the 2017 Credit Facility were used to prepay in full the Company’s previous senior secured credit facility and the agreement governing such credit facility. The 2017 Credit Facility contains affirmative and negative covenants that the Company is required to comply with, including: (a) maintaining an interest coverage ratio of no less than: § 1.25 to 1.00 on June 30 , 2017 and the last day of each fiscal quarter thereafter. (b) maintaining a senior leverage ratio of no greater than: § 5.85 to 1.00 on June 30 , 2017 and the last day of each fiscal quarter thereafter. (c) limitations on: § liens; § sale of assets; § payment of dividends; and § mergers. As of June 30, 2020, the Company was in compliance with all of its financial covenants under the 2017 Credit Facility. As of June 30, 2020, the Company had outstanding approximately $319.0 million on its 2017 Credit Facility. The original issue discount is being reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs was charged to interest expense for all periods presented. 2022 Notes On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022. Interest on the 2022 Notes accrues at the rate of 7.375% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One. In connection with the closing of the 2022 Notes, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness. The Company used the net proceeds from the 2022 Notes, to refinance a previous credit agreement, refinance certain TV One indebtedness, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith. The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2017 Credit Facility and the Company’s 2020 Notes (defined below). The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2017 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. As of June 30, 2020, the Company had outstanding approximately $350.0 million of the 2022 Notes. Senior Subordinated Notes On February 10, 2014, the Company closed a private placement offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “2020 Notes”). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes were scheduled to mature on February 15, 2020. Interest accrued at the rate of 9.25% per annum and was payable semiannually in arrears on February 15 and August 15 in the initial amount of approximately $15.5 million, which commenced on August 15, 2014. The 2020 Notes were guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company’s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended December 31, 2018, in conjunction with entering into the 2018 Credit Facility and MGM National Harbor Loan, the Company repurchased approximately $243.0 million of its 2020 Notes at an average price of approximately 100.88% of par. During the quarter ended December 31, 2018, the Company recorded a loss on retirement of debt of approximately $2.8 million. This amount includes a write-off of previously capitalized debt financing costs and original issue discount associated with the 2020 Notes in the amount of $649,000 and also includes approximately $2.1 million associated with the premium paid to the bondholders. On January 17, 2019, the Company announced that it had given the required notice under the indenture governing its 2020 Notes to redeem for cash all outstanding aggregate principal amount of its Notes to the extent outstanding on February 15, 2019 (the "Redemption Date"). The redemption price for the Notes will be 100.0% of the principal amount of the Notes, plus accrued and unpaid interest to the Redemption Date. On February 15, 2019, the remaining 2020 Notes were redeemed in full. Comcast Note The Company also had outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million due to Comcast (“Comcast Note”). The Comcast Note bears interest at 10.47%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019. The Company was contractually required to retire the Comcast Note in February 2019 upon redemption of the remaining 2020 Notes. On February 15, 2019, upon redemption of the remaining 2020 Notes, the Comcast Note was paid in full and retired. Asset-Backed Credit Facility On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The ABL Facility originally provided for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. On November 13, 2019, the Company entered into an amendment to the ABL Facility, (the "ABL Amendment"), which increased the borrowing capacity from $25 million in revolving loan borrowings to $37.5 million in order to provide for the working capital needs and general corporate requirements of the Company and provides for a letter of credit facility up to $7.5 million as a part of the overall $37.5 million in capacity. The ABL Amendment also redefines the “Maturity Date” to read as follows: “Maturity Date" shall mean the earlier to occur of (a) April 21, 2021 and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the Term Loan Maturity Date (as defined in the Term Loan Credit Agreement as in effect on the Effective Date or as the same may be extended in accordance with the terms of the Term Loan Credit Agreement), and (ii) the Stated Maturity (as defined in the Senior Secured Notes Indenture (as defined in the Term Loan Credit Agreement)) of the Notes (as defined in the Senior Secured Notes Indenture as in effect on the Effective Date or as the same may be extended in accordance with the terms of the Senior Secured Notes Indenture).” At the Company’s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. Advances under the ABL Facility are limited to (a) eighty-five percent (85)% of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility). The obligations are also secured by all material subsidiaries of the Company. Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture. As of December 31, 2019, the Company did not have any borrowings outstanding on its ABL Facility. As of June 30, 2020, the Company had approximately $27.5 million in borrowings outstanding on its ABL Facility. Letter of Credit Facility On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. On October 8, 2019, the Company entered into an amendment to its letter of credit reimbursement and security agreement and extended the term to October 8, 2024. As of June 30, 2020, the Company had letters of credit totaling $871,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash. 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 2022 Notes, the Company’s obligations under the 2017 Credit Facility, and the obligations under the 2018 Credit Facility. The Company’s interest in the MGM National Harbor Casino fully guarantees the MGM National Harbor Loan. Future Minimum Principal Payments Future scheduled minimum principal payments of debt as of June 30, 2020, are as follows: 7.38% Senior Secured 2018 MGM 2017 Notes Credit National Asset-backed Credit due April Facility Harbor Loan Credit Facility Facility 2022 Total (In thousands) July - December 2020 $ 9,600 $ — $ — $ 1,648 $ — $ 11,248 2021 19,200 — 27,500 3,297 — 49,997 2022 117,997 56,742 — 3,297 350,000 528,036 2023 — — — 310,738 — 310,738 2024 — — — — — — 2025 and thereafter — — — — — — Total Debt $ 146,797 $ 56,742 $ 27,500 $ 318,980 $ 350,000 $ 900,019

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
INCOME TAXES
INCOME TAXES	5. INCOME TAXES: The Company generally utilizes the estimated annual effective tax rate method (“Estimated AETR Method”) prescribed under ASC 740-270, “ Interim Reporting ” to calculate the provision for income taxes. For the six months ended June 30, 2020, the Company recorded a benefit from income taxes of approximately $21.4 million on pre-tax loss from continuing operations of approximately $42.8 million utilizing the actual effective tax rate (“Discrete Method”) for the period. Economic disruptions caused by COVID-19 have impacted the Company’s ability to accurately forecast earnings in certain segments, therefore the Company continues to utilize the Discrete Method to calculate the interim tax provision for the quarter ended June 30, 2020. The Company will continue to evaluate the utilization of the Discrete Method in each future interim period. During the three months ended March 31, 2020, the Internal Revenue Service (“IRS”) accepted the Company’s petition to extend the time to file certain procedural elections of a subsidiary corporation. The IRS acceptance resulted in a reduction of the valuation allowance against certain deferred tax assets (“DTAs”) for our net operating losses. As a result of the reduction of the valuation allowance, the Company recorded a tax benefit of approximately $12.5 million that is included in the $21.4 million benefit from income taxes recorded for the three months ended June 30, 2020. In accordance with ASC 740, “ Accounting for Income Taxes ”, the Company continues to evaluate the realizability of its net DTAs by assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of June 30, 2020, the Company believes it is more likely than not that these DTAs will be realized. The Company is subject to the continuous examination of our income tax returns by the IRS and other domestic tax authorities. We believe that an adequate provision has been made for any adjustments that may result from tax examinations. The Company does not currently anticipate that the total amounts of unrecognized tax benefits will significantly change within the next twelve months.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY: On June 16, 2020, the Company’s Board of Directors authorized an amendment of Urban One's certificate of incorporation to effect a reverse stock split across all classes of common stock by a ratio of not less than one-for-two and not more than one-for-fifty at any time prior to December 31, 2021, with the exact ratio to be set at a whole number within this range as determined by our board of directors in its discretion. Stock Repurchase Program From time to time, the Company’s Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. As of March 13, 2020, the Company's Board authorized a new repurchase plan of up to $2.6 million of the Company's Class A and Class D shares. through December 31, 2020. In addition, on June 11, 2020, the Company’s Board authorized a repurchase of $2.4 million of the Company’s Class D shares As of June 30, 2020, the Company has $2.6 million remaining under its open authorization with respect to its Class A and Class D common stock. Under open authorizations, repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Shares are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. When in effect, the Company executes upon stock repurchase programs in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended June 30, 2020, the Company did not repurchase any shares of Class A common stock and repurchased 3,208,288 shares of Class D common stock in the amount of approximately $2.4 million at an average price of $0.76 per share. During the three months ended June 30, 2019, the Company repurchased 26,171 shares of Class A common stock in the amount of $56,000 at an average price of $2.14 per share and repurchased 899,765 shares of Class D common stock in the amount of approximately $1.8 million at an average price of $2.01 per share.During the six months ended June 30, 2020, the Company did not repurchase any shares of Class A common stock and repurchased 3,208,288 shares of Class D common stock in the amount of approximately $2.4 million at an average price of $0.76 per share. During the six months ended June 30, 2019, the Company repurchased 48,551 shares of Class A common stock in the amount of $106,000 at an average price of $2.19 per share and repurchased 1,268,671 shares of Class D common stock in the amount of approximately $2.6 million at an average price of $2.02 per share. In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan and 2019 Equity and Performance Incentive Plan (both as defined below). As of May 21, 2019, the 2019 Equity and Performance Incentive Plan will be used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended June 30, 2020, the Company executed a Stock Vest Tax Repurchase of 155,771 shares of Class D Common Stock in the amount of $140,000 at an average price of $0.90 per share. During the three months ended June 30, 2019, the Company executed a Stock Vest Tax Repurchase of 6,368 shares of Class D Common Stock in the amount of $13,000 at an average price of $1.98 per share. During the six months ended June 30, 2020, the Company executed a Stock Vest Tax Repurchase of 703,572 shares of Class D Common Stock in the amount of approximately $1.2 million at an average price of $1.64 per share. During the six months ended June 30, 2019, the Company executed a Stock Vest Tax Repurchase of 858,119 shares of Class D Common Stock in the amount of approximately $1.7 million at an average price of $1.94 per share. Stock Option and Restricted Stock Grant Plan Our 2009 stock option and restricted stock plan (the “2009 Stock Plan”) was originally approved by the stockholders at the Company’s annual meeting on December 16, 2009. The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan. Since its original approval, from time to time, the Board of Directors adopted and, as required, our stockholders approved certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, an amendment that replenished the authorized plan shares, increasing the number of shares of Class D common stock available for grant back up to 8,250,000 shares. Our new stock option and restricted stock plan ("2019 Equity and Performance Incentive Plan"), currently in effect was approved by the stockholders at the Company's annual meeting on May 21, 2019. The Board of Directors adopted, and on May 21, 2019, our stockholders approved, the 2019 Equity and Performance Incentive Plan which is funded with 5,500,000 shares of Class D Common Stock. The Company uses an average life for all option awards. The Company settles stock options upon exercise by issuing stock. As of June 30, 2020, 690,336 shares of Class D common stock were available for grant under the 2019 Equity and Performance Incentive Plan. On August 7, 2017, the Compensation Committee ("Compensation Committee") of the Board of Directors of the Company awarded Catherine Hughes, Chairperson, 474,609 restricted shares of the Company’s Class D common stock, and stock options to purchase 210,937 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019. On June 12, 2019, the Compensation Committee awarded Catherine Hughes, Chairperson, 393,685 restricted shares of the Company's Class D common stock, and stock options to purchase 174,971 shares of the Company's Class D common stock. The grants were effective July 5, 2019 and vested on January 6, 2020. On June 12, 2019, the Compensation Committee awarded Catherine Hughes, Chairperson, 427,148 restricted shares of the Company’s Class D common stock, and stock options to purchase 189,843 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and will vest on January 6, 2021. On August 7, 2017, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 791,015 restricted shares of the Company’s Class D common stock, and stock options to purchase 351,562 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019. On June 12, 2019, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 656,142 restricted shares of the Company's Class D common stock, and stock options to purchase 291,619 shares of the Company's Class D common stock. The grants were effective July 5, 2019 and vested on January 6, 2020. On June 12, 2019, the Compensation Committee awarded Alfred Liggins, Chief Executive Officer and President, 711,914 restricted shares of the Company’s Class D common stock, and stock options to purchase 316,406 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and will vest on January 6, 2021. On August 7, 2017, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 270,833 restricted shares of the Company’s Class D common stock, and stock options to purchase 120,370 shares of the Company’s Class D common stock. The grants were effective January 5, 2018, and vested on January 5, 2019. On June 12, 2019, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 224,654 restricted shares of the Company’s Class D common stock, and stock options to purchase 99,846 shares of the Company’s Class D common stock. The grants were effective July 5, 2019 and vested on January 6, 2020. On June 12, 2019, the Compensation Committee awarded Peter Thompson, Chief Financial Officer, 243,750 restricted shares of the Company’s Class D common stock, and stock options to purchase 108,333 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and will vest on January 6, 2021. On August 7, 2017, the Compensation Committee awarded 575,262 shares of restricted stock and 470,000 stock options to certain employees pursuant to the Company’s long-term incentive plan. The grants were effective August 7, 2017. 470,000 shares of restricted stock and 470,000 stock options have vested or will vest in three installments, with the first installment of 33% having vested on January 5, 2018, and the second installment having vested on January 5, 2019, and the remaining installment vesting on January 5, 2020. On October 2, 2017, Karen Wishart, our current Chief Administrative Officer, as part of her employment agreement, received an equity grant of 37,500 shares of the Company’s Class D common stock as well as a grant of options to purchase 37,500 shares of the Company’s Class D common stock. The grants have vested or vest in equal increments on each of October 2, 2018, October 2, 2019 and October 2, 2020. On June 12, 2019, the Compensation Committee awarded David Kantor, Chief Executive Officer - Radio Division, 195,242 restricted shares of the Company's Class D common stock, and stock options to purchase 86,774 shares of the Company's Class D common stock. The grants were effective July 5, 2019 and vested on January 6, 2020. On June 12, 2019, the Compensation Committee awarded David Kantor, Chief Executive Officer – Radio Division, 211,838 restricted shares of the Company’s Class D common stock, and stock options to purchase 94,150 shares of the Company’s Class D common stock. The grants were effective June 5, 2020 and will vest on January 6, 2021. Pursuant to the terms of each of our stock plans and subject to the Company's insider trading policy, a portion of each recipient's vested shares may be sold in the open market for tax purposes on or about the vesting dates. Stock-based compensation expense for the three months ended June 30, 2020 and 2019, was $268,000 and $200,000, respectively , and for the six months ended June 30, 2020 and 2019, was $661,000 and $711,000, respectively. The Company granted 708,732 stock options during the three and six months ended June 30, 2020. No stock options were granted during the three and six months ended June 30, 2019. Transactions and other information relating to stock options for the six months ended June 30, 2020, are summarized below: Weighted-Average Remaining Aggregate Number of Weighted-Average Contractual Term (In Intrinsic Options Exercise Price Years) Value Outstanding at December 31, 2019 4,197,000 $ 2.13 6.70 $ 255,000 Grants 709,000 $ 2.00 Exercised 1,033,000 $ 1.91 Forfeited/cancelled/expired/settled 24,000 $ 3.17 Balance as of June 30, 2020 3,849,000 $ 2.16 $ 206,000 Vested and expected to vest at June 30, 2020 3,815,000 $ 2.12 $ 206,000 Unvested at June 30, 2020 726,000 $ 2.00 $ — Exercisable at June 30, 2020 3,123,000 $ 2.19 $ 206,000 The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 2020, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on June 30, 2020. This amount changes based on the fair market value of the Company’s stock. There were 1,032,922 options exercised during the three and six months ended June 30, 2020. There were no options exercised during the three months ended June 30, 2019 and there were 15,000 options exercised during the six months ended June 30, 2019. No options vested during the three months ended June 30, 2020 and 624,770 options vested during the six months ended June 30, 2020. No options vested during the three months ended June 30, 2019 and 834,530 options vested during the six months ended June 30, 2019. As of June 30, 2020, $252,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 6 months. The weighted-average fair value per share of shares underlying stock options was $1.39 at June 30, 2020. The Company granted 1,649,394 shares of restricted stock during the three and six months ended June 30, 2020. Each of the three non-executive directors received 18,248 shares of restricted stock or $50,000 worth of restricted stock based upon the closing price of the Company’s Class D common stock on June 16, 2020. The Company granted 100,000 shares of restricted stock during the three months ended June 30, 2019 and granted 880,239 shares of restricted stock during the six months ended June 30, 2019. Each of the four non-executive directors received 25,000 shares of restricted stock or $50,000 worth of restricted stock based upon the closing price of the Company’s Class D common stock on June 17, 2019. Transactions and other information relating to restricted stock grants for the six months ended June 30, 2020, are summarized below: Average Fair Value at Grant Shares Date Unvested at December 31, 2019 1,814,000 $ 2.14 Grants 1,649,000 $ 1.02 Vested (1,717,000) $ 2.14 Forfeited/cancelled/expired — $ — Unvested at June 30, 2020 1,746,000 $ 1.08 Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of June 30, 2020, approximately $1.7 million of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of 7 months.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2020
SEGMENT INFORMATION
SEGMENT INFORMATION	7. SEGMENT INFORMATION: The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including TV One’s and CLEO TV’s results of operations. Corporate/Eliminations represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments. Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation. The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments. Detailed segment data for the three months ended June 30, 2020 and 2019, is presented in the following tables: Three Months Ended June 30, 2020 2019 (Unaudited) (In thousands) Net Revenue: Radio Broadcasting $ 20,505 $ 49,312 Reach Media 6,268 18,770 Digital 6,104 7,673 Cable Television 43,761 46,430 Corporate/Eliminations* (630) (614) Consolidated $ 76,008 $ 121,571 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 20,614 $ 31,623 Reach Media 4,941 15,515 Digital 5,723 7,165 Cable Television 16,953 25,188 Corporate/Eliminations 5,013 5,575 Consolidated $ 53,244 $ 85,066 Depreciation and Amortization: Radio Broadcasting $ 766 $ 851 Reach Media 60 59 Digital 277 460 Cable Television 940 1,901 Corporate/Eliminations 339 313 Consolidated $ 2,382 $ 3,584 Impairment of Long-Lived Assets: Radio Broadcasting $ — $ 3,800 Reach Media — — Digital — — Cable Television — — Corporate/Eliminations — — Consolidated $ — $ 3,800 Operating income (loss): Radio Broadcasting $ (875) $ 13,038 Reach Media 1,267 3,196 Digital 104 48 Cable Television 25,868 19,341 Corporate/Eliminations (5,982) (6,502) Consolidated $ 20,382 $ 29,121 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (630) $ (614) Capital expenditures by segment are as follows: Radio Broadcasting $ 557 $ 642 Reach Media 9 47 Digital 239 400 Cable Television 23 62 Corporate/Eliminations 392 252 Consolidated $ 1,220 $ 1,403 Six Months Ended June 30, 2020 2019 (Unaudited) (In thousands) Net Revenue: Radio Broadcasting $ 55,421 $ 86,061 Reach Media 12,958 25,743 Digital 12,393 15,110 Cable Television 91,257 94,253 Corporate/Eliminations* (1,146) (1,147) Consolidated $ 170,883 $ 220,020 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 47,006 $ 59,367 Reach Media 10,836 21,944 Digital 12,918 14,780 Cable Television 37,352 51,363 Corporate/Eliminations 11,096 12,991 Consolidated $ 119,208 $ 160,445 Depreciation and Amortization: Radio Broadcasting $ 1,506 $ 1,719 Reach Media 119 118 Digital 765 921 Cable Television 1,883 8,477 Corporate/Eliminations 657 623 Consolidated $ 4,930 $ 11,858 Impairment of Long-Lived Assets: Radio Broadcasting $ 53,650 $ 3,800 Reach Media — — Digital — — Cable Television — — Corporate/Eliminations — — Consolidated $ 53,650 $ 3,800 Operating income (loss): Radio Broadcasting $ (46,741) $ 21,175 Reach Media 2,003 3,681 Digital (1,290) (591) Cable Television 52,022 34,413 Corporate/Eliminations (12,899) (14,761) Consolidated $ (6,905) $ 43,917 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (1,146) $ (1,147) Capital expenditures by segment are as follows: Radio Broadcasting $ 1,520 $ 863 Reach Media 66 66 Digital 436 718 Cable Television 64 158 Corporate/Eliminations 564 305 Consolidated $ 2,650 $ 2,110 June 30, 2020 December 31, 2019 (Unaudited) (In thousands) Total Assets: Radio Broadcasting $ 650,417 $ 721,295 Reach Media 44,258 41,892 Digital 19,149 22,223 Cable Television 388,723 388,465 Corporate/Eliminations 106,498 76,044 Consolidated $ 1,209,045 $ 1,249,919

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES: Royalty Agreements Musical works rights holders, generally songwriters and music publishers, have been traditionally represented by performing rights organizations, such as the American Society of Composers, Authors and Publishers (“ASCAP”), Broadcast Music, Inc. (“BMI”) and SESAC, Inc. (“SESAC”). The market for rights relating to musical works is changing rapidly. Songwriters and music publishers have withdrawn from the traditional performing rights organizations, particularly ASCAP and BMI, and new entities, such as Global Music Rights, Inc. (“GMR”), have been formed to represent rights holders. These organizations negotiate fees with copyright users, collect royalties and distribute them to the rights holders. We currently have arrangements with ASCAP, SESAC and GMR. On April 22, 2020, the Radio Music License Committee (“RMLC”), an industry group which the Company is a part of, and BMI have reached agreement on the terms of a new license agreement that covers the period January 1, 2017, through December 31, 2021. Upon approval of the court of the BMI/RMLC agreement, the Company automatically became a party to the agreement and a license through December 31, 2021. 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. Off-Balance Sheet Arrangements On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. On October 8, 2019, the Company entered into an amendment to its letter of credit reimbursement and security agreement and extended the term to October 8, 2024. As of June 30, 2020, the Company had letters of credit totaling $871,000 under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. Noncontrolling Interest Shareholders’ Put Rights Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30‑day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One. The noncontrolling interest shareholders of Reach Media did not exercise their Put Right for the 30‑day period ending January 30, 2020. Management, at this time, cannot reasonably determine the period when and if the put right will be exercised by the noncontrolling interest shareholders.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization	(a) Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of June 30, 2020, we owned and/or operated 61 broadcast stations (including all HD stations, translator stations and the low power television station we operate) located in 14 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 provider 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”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Russ Parr Morning Show and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. We also hold a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences. On January 19, 2019, the Company launched CLEO TV, a lifestyle and entertainment network targeting Millennial and Gen X women of color. CLEO TV offers quality content that defies negative and cultural stereotypes of today’s modern women. The results of CLEO TV’s operations will be reflected in the Company’s cable television segment. Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate our other brands, such as TV One, CLEO TV, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences. As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.)
Interim Financial Statements	(b) The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. During the fourth quarter of 2019, the Company revised the interest expense component of operating leases accounted for under ASC 842 from interest expense into operating expenses. Operating income for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019 have been reclassified in the amounts of approximately $1.3 million, $1.4 million and $1.4 million, respectively, to reflect the interest expense component of operating leases from interest expense into operating expenses. The financial statements for the quarterly periods ended March 31, June 30 and September 30, 2019 were not restated as management determined that the impact of this error is immaterial to the interim consolidated financial statements filed for each quarterly period in 2019. These revisions had no effect on any other previously reported or consolidated net income or loss or any other statement of operations, balance sheet or cash flow amounts. Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10‑Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10‑K.
Financial Instruments	(c) Financial instruments as of June 30, 2020 and December 31, 2019, consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of June 30, 2020 and December 31, 2019, except for the Company's long-term debt. The 7.375% Senior Secured Notes that are due in April 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million and fair value of approximately $311.5 million as of June 30, 2020. The 2022 Notes had a carrying value of approximately $350.0 million and fair value of approximately $344.8 million as of December 31, 2019. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. On April 18, 2017, the Company closed on a $350.0 million senior secured credit facility (the “2017 Credit Facility”) which had a carrying value of approximately $319.0 million and fair value of approximately $261.6 million as of June 30, 2020, and had a carrying value of approximately $320.6 million and fair value of approximately $309.1 million as of December 31, 2019. The fair value of the 2017 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company closed on a $192.0 million unsecured credit facility (the “2018 Credit Facility”) which had a carrying value of approximately $146.8 million and fair value of approximately $149.7 million as of June 30, 2020, and had a carrying value of approximately $167.1 million and fair value of approximately $170.5 million as of December 31, 2019. The fair value of the 2018 Credit Facility, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. On December 20, 2018, the Company also closed on a $50.0 million secured credit loan (the “MGM National Harbor Loan”) which had a carrying value of approximately $56.7 million and fair value of approximately $63.6 million as of June 30, 2020, and had a carrying value of approximately $52.1 million and fair value of approximately $58.4 million as of December 31, 2019. The fair value of the 2018 MGM National Harbor Loan, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. The Company's asset-backed credit facility (the "ABL Facility") had a carrying value of approximately $27.5 million and fair value of approximately $27.5 million as of June 30, 2020. There was no balance outstanding on the ABL Facility as of December 31, 2019.
Revenue Recognition	(d) In accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers, ” the Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The Company elected to use the modified retrospective method, but the adoption of the standard did not have a material impact to our financial statements. In general, our spot advertising (both radio and cable television) as well as our digital advertising continues to be recognized when aired and delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to access its television programming content through the license period, and the Company earns a usage based royalty when the usage occurs, consistent with our previous revenue recognition policy. Finally, for event advertising, the performance obligation is satisfied at a point in time when the activity associated with the event is completed. Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising at a point in time when a commercial spot runs. The revenue is reported net of agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $2.5 million and $6.1 million for the three months ended June 30, 2020 and 2019, respectively. Agency and outside sales representative commissions were approximately $7.2 million and $11.0 million for the six months ended June 30, 2020 and 2019, respectively. Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized at a point in time either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise. In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue. Our cable television segment derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. Advertising revenue is recognized at a point in time when the individual spots run. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing. Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. The Company recognizes the affiliate fee revenue at a point in time as its performance obligation to provide the programming is met. The Company has a right of payment each month as the programming services and related obligations have been satisfied. For our cable television segment, agency and outside sales representative commissions were approximately$3.2 million and $3.8 million for the three months ended June 30, 2020 and 2019, respectively. Agency and outside sales representative commissions were approximately $6.9 million and $7.5 million for the six months ended June 30, 2020 and 2019, respectively. Revenue by Contract Type The following chart shows our net revenue (and sources) for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands, unaudited) Net Revenue: Radio Advertising $ 25,358 $ 51,771 $ 63,776 $ 94,144 Political Advertising 361 317 2,764 441 Digital Advertising 6,104 7,663 12,393 15,100 Cable Television Advertising 18,941 19,816 39,973 40,009 Cable Television Affiliate Fees 24,619 26,599 50,826 54,074 Event Revenues & Other 625 15,405 1,151 16,252 Net Revenue (as reported) $ 76,008 $ 121,571 $ 170,883 $ 220,020 Contract assets and liabilities Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income) that are not separately stated in our consolidated balance sheets at June 30, 2020, December 31, 2019 and June 30, 2019 were as follows: June 30, 2020 December 31, 2019 June 30, 2019 (Unaudited) (Unaudited) (In thousands) Contract assets: Unbilled receivables $ 3,892 $ 3,763 $ 3,530 Contract liabilities: Customer advances and unearned income $ 2,918 $ 3,048 $ 3,634 Unearned event income 10,352 6,645 3,848 Unbilled receivables consists of earned revenue on behalf of customers that have not yet been billed. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term. Unearned event income represents payments by customers for upcoming events. For customer advances and unearned income as of January 1, 2020, approximately $448,000 and approximately $2.1 million was recognized as revenue during the three and six months ended June 30, 2020. For unearned event income, there was no revenue was recognized during the three months or six months ended June 30, 2020. For customer advances and unearned income as of January 1, 2019, $613,000 and approximately $2.0 million, respectively, was recognized as revenue during the three and six months ended June 30, 2019. For unearned event income as of January 1, 2019, approximately $3.9 million was recognized during the three and six months ended June 30, 2019, as the event took place during the second quarter of 2019. Practical expedients and exemptions We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Launch Support	(e) 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 Company did not pay any launch support for carriage initiation during the three and six months ended June 30, 2020 and 2019. The weighted-average amortization period for launch support is approximately 7.8 years as of June 30, 2020, and approximately 7.8 years as of December 31, 2019. The remaining weighted-average amortization period for launch support is 4.6 years and 5.1 years as of June 30, 2020 and December 31, 2019, respectively. Amortization is recorded as a reduction to revenue to the extent that revenue is recognized from the vendor, and any excess amortization is recorded as launch support amortization expense. For the three months ended June 30, 2020 and 2019, launch support asset amortization of $105,000 and $105,000, respectively, was recorded as a reduction of revenue, and $151,000 and $153,000, respectively, was recorded as an operating expense in selling, general and administrative expenses. For the six months ended June 30, 2020 and 2019, launch support asset amortization of $211,000 and $211,000, respectively, was recorded as a reduction of revenue, and $302,000 and $304,000, respectively, was recorded as an operating expense in selling, general and administrative expenses. Launch assets are included in other intangible assets on the consolidated balance sheets, except for the portion of the unamortized balance that is expected to be amortized within one year which is included in other current assets.
Barter Transactions	(f) For barter transactions, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended June 30, 2020 and 2019, barter transaction revenues were $527,000 and $572,000, respectively. Additionally, for the three months ended June 30, 2020 and 2019, barter transaction costs were reflected in programming and technical expenses of $384,000 and $422,000, respectively, and selling, general and administrative expenses of $143,000 and $150,000, respectively. For the six months ended June 30, 2020 and 2019, barter transaction revenues were approximately $1.0 million and $1.1 million, respectively. Additionally, for the six months ended June 30, 2020 and 2019, barter transaction costs were reflected in programming and technical expenses of $755,000 and $837,000, respectively, and selling, general and administrative expenses of $286,000 and $301,000, respectively. The Company reached an agreement with a cable television provider related to an adjustment of previously estimated affiliate fees in the amount of approximately $2.0 million for the year ended December 31, 2018, as final reporting became available. Upon settlement of this agreement, the Company will receive approximately $2.0 million in marketing services that will be utilized in future periods.
Earnings Per Share	(g) Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (In Thousands) Numerator: Net income (loss) attributable to common stockholders $ 1,420 $ 6,591 $ (21,767) $ 3,487 Denominator: Denominator for basic net income (loss) per share - weighted average outstanding shares 44,806,219 45,061,821 45,025,471 45,175,521 Effect of dilutive securities: Stock options and restricted stock 3,348,043 639,834 — 809,418 Denominator for diluted net income (loss) per share - weighted-average outstanding shares 48,154,262 45,701,655 45,025,471 45,984,939 Net income (loss) attributable to common stockholders per share – basic $ 0.03 $ 0.15 $ (0.48) $ Net income (loss) attributable to common stockholders per share – diluted $ 0.03 $ 0.14 $ (0.48) $ All stock options and restricted stock awards were excluded from the diluted calculation for the six months ended June 30, 2020, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation. Six Months Ended June 30, 2020 (Unaudited) (In thousands) Stock options 3,849 Restricted stock awards 1,929
Fair Value Measurements	(h) We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 : Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at the measurement date. Level 2 : Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets). Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument. As of June 30, 2020, and December 31, 2019, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) As of June 30, 2020 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,357 — — $ 1,357 Employment agreement award (b) 27,696 — — 27,696 Total $ 29,053 $ — $ — $ 29,053 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,799 $ — $ — $ 10,799 As of December 31, 2019 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,921 — — $ 1,921 Employment agreement award (b) 27,017 — — 27,017 Total $ 28,938 $ — $ — $ 28,938 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,564 $ — $ — $ 10,564 (a) This balance is measured based on the income approach to valuation in the form of a Monte Carlo simulation. The Monte Carlo simulation method is suited to instances such as this where there is non-diversifiable risk. It is also well-suited to multi-year, path dependent scenarios. Significant inputs to the Monte Carlo method include forecasted net revenues, discount rate and expected volatility. A third-party valuation firm assisted the Company in estimating the contingent consideration. (b) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis) , and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company's Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability. (c) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. There were no transfers in or out of Level 1, 2, or 3 during the six months ended June 30, 2020. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020: Employment Redeemable Contingent Agreement Noncontrolling Consideration Award Interests (In thousands) Balance at December 31, 2019 $ 1,921 $ 27,017 $ 10,564 Net income attributable to noncontrolling interests — — 351 Distribution (557) (632) — Dividends paid to noncontrolling interests — — (1,000) Change in fair value (7) 1,311 884 Balance at June 30, 2020 $ 1,357 $ 27,696 $ 10,799 The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date $ 7 $ (1,311) $ — Losses and income included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award for the three and six months ended June 30, 2020 and 2019. Losses included in earnings were recorded in the consolidated statements of operations as selling, general and administrative expenses for contingent consideration for the three and six months ended June 30, 2020 and 2019. As of As of December 31, Significant June 30, 2020 2019 Unobservable Significant Unobservable Level 3 liabilities Valuation Technique Inputs Input Value Contingent consideration Monte Carlo Simulation Expected volatility 25.0 % 20.8 % Contingent consideration Monte Carlo Simulation Discount Rate 16.0 % 14.5 % Employment agreement award Discounted Cash Flow Discount Rate 10.0 % 10.0 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 2.0 % 2.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.0 % 11.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.0 % 1.0 % Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements. Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. For the six months ended June 30, 2020, the Company recorded an impairment charge of approximately $6.0 million related to its Atlanta market and Indianapolis goodwill balances and also an impairment charge of approximately $47.7 million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis market radio broadcasting licenses. The Company concluded these assets were not impaired during the three months ended June 30, 2020. For the three and six months ended June 30, 2019, the Company recorded an impairment charge of approximately $3.8 million related to its Detroit market radio broadcasting licenses.
Leases	(i) As of January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), using the modification retrospective transition method. Prior comparative periods will be not be restated under this new standard and therefore those amounts are not presented below. The Company adopted a package of practical expedients as allowed by the transition guidance which permits the Company to carry forward the historical assessment of whether contracts contain or are leases, classification of leases and the remaining lease terms. The Company has also made an accounting policy election to exclude leases with an initial term of twelve months or less from recognition on the consolidated balance sheet. Short-term leases will be expensed over the lease term. The Company also elected to separate the consideration in the lease contracts between the lease and non-lease components. All variable non-lease components are expensed as incurred. ASC 842 results in significant changes to the balance sheets of lessees, most significantly by requiring the recognition of right of use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. Upon adoption of ASC 842, deferred rent balances, which were historically presented separately, were combined and presented net within the ROU asset. The adoption of this standard resulted in the Company recording an increase in ROU assets of approximately $49.8 million and an increase in lease liabilities of approximately $54.1 million. Approximately $4.3 million in deferred rent was also reclassified from liabilities to offset the applicable ROU asset. The tax impact of ASC 842, which primarily consisted of deferred gains related to previous transactions that were historically accounted for as sale and operating leasebacks in accordance with prior guidance ASC Topic 840 was recognized as part of the cumulative-effect adjustment to retained earnings, resulting in an increase to retained earnings, net of tax, of approximately $5.8 million. Many of the Company’s leases provide for renewal terms and escalation clauses, which are factored into calculating the lease liabilities when appropriate. The implicit rate within the Company’s lease agreements is generally not determinable and as such the Company’s collateralized borrowing rate is used. The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Dollars In thousands) (Dollars In thousands) Operating Lease Cost (Cost resulting from lease payments) $ 3,153 $ 3,190 $ 6,305 $ 6,438 Variable Lease Cost (Cost excluded from lease payments) 34 34 74 76 Total Lease Cost $ 3,187 $ 3,224 $ 6,379 $ 6,514 Operating Lease - Operating Cash Flows (Fixed Payments) $ 3,243 $ 3,423 $ 6,650 $ 6,809 Operating Lease - Operating Cash Flows (Liability Reduction) $ 2,045 $ 1,988 $ 4,182 $ 3,960 Weighted Average Lease Term - Operating Leases years years years years Weighted Average Discount Rate - Operating Leases % % As of June 30, 2020, maturities of lease liabilities were as follows: For the Year Ended December 31, (Dollars in thousands) For the remaining six months ending December 31, 2020 $ 6,502 2021 12,924 2022 12,282 2023 10,526 2024 9,395 Thereafter 11,494 Total future lease payments 63,123 Imputed interest (15,540) Total $ 47,583
Impact of Recently Issued Accounting Pronouncements	(j) In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, “ Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. ” ASU 2019-10 defers the effective date of credit loss standard ASU 2016-13 by two years for smaller reporting companies and permits early adoption. ASU 2016-13 is effective for the Company beginning January 1, 2023. The Company is evaluating the impact of the adoption of ASU 2016-13 on its financial statements, but does not expect such implementation to have a material impact. In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ”, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company adopted ASU 2019-12 on January 1, 2020, and adoption did not have a material impact on our consolidated financial statements and related disclosures.
Redeemable noncontrolling interest	(k) Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.
Investments - Cost Method	(l) On April 10, 2015, the Company made a $5 million investment in MGM’s world-class casino property, MGM National Harbor, located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. This investment further diversified our platform in the entertainment industry while still focusing on our core demographic. We account for this investment on a cost basis. Our MGM National Harbor investment entitles us to an annual cash distribution based on net gaming revenue. Our MGM investment is included in other assets on the consolidated balance sheets and its income in the amount of $80,000 and approximately $1.6 million, for the three months ended June 30, 2020 and 2019, respectively, and approximately $1.6 million and $3.4 million, for the six months ended June 30, 2020 and 2019, respectively, is recorded in other income on the consolidated statements of operations. The cost method investment is subject to a periodic impairment review in the normal course. In connection with its impairment analysis for the six months ended June 30, 2020, the Company reviewed the investment and concluded that no impairment to the carrying value was required. As of December 4, 2018, the Company’s interest in the MGM National Harbor Casino secures the MGM National Harbor Loan (as defined in Note 4 – Long-Term Debt.)
Content Assets	(m) Our cable television segment has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line basis over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage. Amortization of content assets is recorded in the consolidated statement of operations as programming and technical expenses. The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). In accordance with ASC 926, content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues as of the beginning of the current period. Management regularly reviews, and revises when necessary, its total revenue estimates, which may result in a change in the rate of amortization and/or a write-down of the asset to fair value Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the six months ended June 30, 2020 and 2019. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset. Tax incentives that state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.
Derivatives	(n) The Company recognizes all derivatives at fair value on the consolidated balance sheets as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. The Company accounts for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company estimated the fair value of the award at June 30, 2020, and December 31, 2019, to be approximately $27.7 million and $27.0 million, respectively, and accordingly adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was $98,000 and $806,000 for the three months ended June 30, 2020, and 2019, respectively, and was approximately $1.3 million and $2.7 million for the six months ended June 30, 2020 and 2019, respectively. The Company’s obligation to pay the Employment Agreement Award was triggered after the Company recovered the aggregate amount of its capital contribution in TV One and recurs only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s aggregate investment in TV One. The CEO was fully vested in the award upon execution of the employment agreement, and the award lapses if the CEO voluntarily leaves the Company, or is terminated for cause. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior employment agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company’s Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability.
Related Party Transactions	(o) Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage ® (the “Fantastic Voyage ® ”), a fund-raising event, on behalf of the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The agreement under which the Fantastic Voyage ® operates provides that Reach Media provide all necessary operations of the cruise and that Reach Media will be reimbursed its expenditures and receive a fee plus a performance bonus. Distributions from operating revenues are in the following order until the funds are depleted: up to $250,000 to the Foundation, reimbursement of Reach’s expenditures, up to a $1.0 million fee to Reach, a performance bonus of up to 50% of remaining operating income to Reach, with the balance remaining with the Foundation. For years 2020 through 2022, $250,000 to the Foundation is guaranteed. Reach Media’s earnings for the Fantastic Voyage ® in any given year may not exceed $1.75 million. The Foundation’s remittances to Reach Media under the agreements are limited to its Fantastic Voyage ® related cash collections. Reach Media bears the risk should the Fantastic Voyage ® sustain a loss and bears all credit risk associated with the related passenger cruise package sales. The agreement between Reach and the Foundation automatically renews annually unless termination is mutually agreed or unless a party’s financial requirements are not met, in which case the party not in breach of their obligations has the right, but not the obligation, to terminate unilaterally. The COVID-19 outbreak has caused the postponement of the 2020 Fantastic Voyage cruise. As of June 30, 2020, and December 31, 2019, the Foundation owed Reach Media $887,000 and $24,000, respectively, under the agreements for the operation of the cruises. Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation. Such services are provided to the Foundation on a pass-through basis at cost. Additionally, from time to time, the Foundation reimburses Reach Media for expenditures paid on its behalf at Reach Media-related events. Under these arrangements, as of June 30, 2020, and December 31, 2019, the Foundation owed $10,000 and $32,000, respectively, to Reach Media. For the three and six months ended June 30, 2019, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $10.2 million, $8.5 million, and $1.7 million, respectively. The Fantastic Voyage took place during the second quarter of 2019.
Going Concern Assessment	(p) As part of its internal control framework, the Company routinely performs a going concern assessment. The Company has concluded that it has sufficient resources to meet its financial obligations, has additional capacity to access ABL Facility funds to finance working capital needs should the need arise, and that cash flows from operations are sufficient to meet the liquidity needs. As a result, the Company is projecting compliance with all debt covenants through the one year period following the financial statement issuance date. Beginning in March 2020, the Company noted that the COVID-19 pandemic and the resulting government stay at home orders across the markets in which we operate were dramatically impacting certain of the Company's revenues. Most notably, a number of advertisers across significant advertising categories have reduced or ceased advertising spend due to the outbreak and stay at home orders which effectively shut many businesses down. This has been particularly true within our radio segment which derives substantial revenue from local advertisers who have been particularly hard hit due to social distancing and government interventions. Further, the COVID-19 outbreak has caused the postponement of our 2020 Tom Joyner Foundation Fantastic Voyage cruise and impaired ticket sales and/or caused the postponement of other tent pole special events. We do not carry business interruption insurance to compensate us for losses that may occur as a result of any of these interruptions and continued impacts from the COVID-19 outbreak. Continued or future outbreaks and/or the speed at which businesses reopen (or reclose) in the markets in which we operate could have material impacts on our liquidity and/or operations including causing potential impairment of assets and of our financial results. Given the expected continued decreases in revenues caused by the COVID-19 pandemic, we assessed our operations considering a variety of factors, including but not limited to, media industry financial reforecasts for 2020, expected operating results, estimated net cash flows from operations, future obligations and liquidity, capital expenditure commitments and projected debt covenant compliance. If the Company were unable to meet its financial covenants, an event of default would occur and the Company's debt would have to be classified as current, which the Company would be unable to repay if lenders were to call the debt. We concluded that the potential that the Company could incur considerable decreases in operating profits and the resulting impact on the Company's ability to meet its debt service obligations and debt covenants were probable conditions giving rise to assess whether substantial doubt existed over the Company's ability to continue as a going concern. As a result, the Company performed a complete reforecast of its 2020 anticipated results extending through one year from the date of issuance of the consolidated financial statements. In reforecasting its results, the Company considered the offsetting impact of certain of cost-cutting measures including furloughs, layoffs, salary reductions, other expense reduction (including eliminating travel and entertainment expenses), eliminating discretionary bonuses and merit raises, decreasing or deferring marketing spend, deferring programming/production costs, reducing special events costs, and implementing a hiring freeze on open positions. Out of an abundance of caution and to provide for further liquidity given the uncertainty around the pandemic, the Company drew approximately $27.5 million on its ABL Facility on March 19, 2020. As of March 31, 2020, that amount remained on the Company’s balance sheet and together with other cash on hand increased our cash balance to approximately $66.4 million. On April 15, 2020, the Company paid interest expense of approximately $12.9 million on its 7.375% Senior Secured Notes, and as of May 22, 2020 our cash on hand balance was approximately $63.3 million. As of June 30, 2020, that amount remained on the Company's balance sheet and together with other cash on hand improved our cash balance to approximately $69.7 million. As of July 28, 2020 our cash on hand balance is approximately $78.7 million. Based on the Company’s forecast operational activity, its ability to manage and delay any capitalized expenditures and additional variable cost-cutting measures, the Company has adequate cash reserves and sufficient liquidity into the foreseeable future or for the next 12 months. As a result of the cost reduction measures that the Company has taken in response to COVID-19, the Company’s cash balance and considering certain remaining countermeasures the Company can implement in the event of further or continued downturn, the Company anticipates meeting its debt service requirements and is projecting compliance with all debt covenants through one year from the date of issuance of the consolidated financial statements. This estimate is, however, subject to substantial uncertainty, in particular due to the unpredictable extent and duration of the impact of COVID-19 on our business, and the concentration of certain of our revenues in areas that could be deemed “hotspots” for the pandemic, and other factors described in Part II, “Item 1A. Risk Factors” herein and Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019.

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of net revenue (and sources)	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands, unaudited) Net Revenue: Radio Advertising $ 25,358 $ 51,771 $ 63,776 $ 94,144 Political Advertising 361 317 2,764 441 Digital Advertising 6,104 7,663 12,393 15,100 Cable Television Advertising 18,941 19,816 39,973 40,009 Cable Television Affiliate Fees 24,619 26,599 50,826 54,074 Event Revenues & Other 625 15,405 1,151 16,252 Net Revenue (as reported) $ 76,008 $ 121,571 $ 170,883 $ 220,020
Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income)	June 30, 2020 December 31, 2019 June 30, 2019 (Unaudited) (Unaudited) (In thousands) Contract assets: Unbilled receivables $ 3,892 $ 3,763 $ 3,530 Contract liabilities: Customer advances and unearned income $ 2,918 $ 3,048 $ 3,634 Unearned event income 10,352 6,645 3,848
Schedule of calculation of basic and diluted earnings per share from continuing operations	The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (In Thousands) Numerator: Net income (loss) attributable to common stockholders $ 1,420 $ 6,591 $ (21,767) $ 3,487 Denominator: Denominator for basic net income (loss) per share - weighted average outstanding shares 44,806,219 45,061,821 45,025,471 45,175,521 Effect of dilutive securities: Stock options and restricted stock 3,348,043 639,834 — 809,418 Denominator for diluted net income (loss) per share - weighted-average outstanding shares 48,154,262 45,701,655 45,025,471 45,984,939 Net income (loss) attributable to common stockholders per share – basic $ 0.03 $ 0.15 $ (0.48) $ Net income (loss) attributable to common stockholders per share – diluted $ 0.03 $ 0.14 $ (0.48) $ All stock options and restricted stock awards were excluded from the diluted calculation for the six months ended June 30, 2020, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation. Six Months Ended June 30, 2020 (Unaudited) (In thousands) Stock options 3,849 Restricted stock awards 1,929
Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis	Total Level 1 Level 2 Level 3 (Unaudited) (In thousands) As of June 30, 2020 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,357 — — $ 1,357 Employment agreement award (b) 27,696 — — 27,696 Total $ 29,053 $ — $ — $ 29,053 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,799 $ — $ — $ 10,799 As of December 31, 2019 Liabilities subject to fair value measurement: Contingent consideration (a) $ 1,921 — — $ 1,921 Employment agreement award (b) 27,017 — — 27,017 Total $ 28,938 $ — $ — $ 28,938 Mezzanine equity subject to fair value measurement: Redeemable noncontrolling interests (c) $ 10,564 $ — $ — $ 10,564 (a) This balance is measured based on the income approach to valuation in the form of a Monte Carlo simulation. The Monte Carlo simulation method is suited to instances such as this where there is non-diversifiable risk. It is also well-suited to multi-year, path dependent scenarios. Significant inputs to the Monte Carlo method include forecasted net revenues, discount rate and expected volatility. A third-party valuation firm assisted the Company in estimating the contingent consideration. (b) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis) , and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company's Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability. (c) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis	Employment Redeemable Contingent Agreement Noncontrolling Consideration Award Interests (In thousands) Balance at December 31, 2019 $ 1,921 $ 27,017 $ 10,564 Net income attributable to noncontrolling interests — — 351 Distribution (557) (632) — Dividends paid to noncontrolling interests — — (1,000) Change in fair value (7) 1,311 884 Balance at June 30, 2020 $ 1,357 $ 27,696 $ 10,799 The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date $ 7 $ (1,311) $ —
Schedule of significant unobservable input value	As of As of December 31, Significant June 30, 2020 2019 Unobservable Significant Unobservable Level 3 liabilities Valuation Technique Inputs Input Value Contingent consideration Monte Carlo Simulation Expected volatility 25.0 % 20.8 % Contingent consideration Monte Carlo Simulation Discount Rate 16.0 % 14.5 % Employment agreement award Discounted Cash Flow Discount Rate 10.0 % 10.0 % Employment agreement award Discounted Cash Flow Long-term Growth Rate 2.0 % 2.0 % Redeemable noncontrolling interest Discounted Cash Flow Discount Rate 11.0 % 11.0 % Redeemable noncontrolling interest Discounted Cash Flow Long-term Growth Rate 1.0 % 1.0 %
Schedule of the components of lease expense and the weighted average remaining lease term and the weighted average discount rate	The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Dollars In thousands) (Dollars In thousands) Operating Lease Cost (Cost resulting from lease payments) $ 3,153 $ 3,190 $ 6,305 $ 6,438 Variable Lease Cost (Cost excluded from lease payments) 34 34 74 76 Total Lease Cost $ 3,187 $ 3,224 $ 6,379 $ 6,514 Operating Lease - Operating Cash Flows (Fixed Payments) $ 3,243 $ 3,423 $ 6,650 $ 6,809 Operating Lease - Operating Cash Flows (Liability Reduction) $ 2,045 $ 1,988 $ 4,182 $ 3,960 Weighted Average Lease Term - Operating Leases years years years years Weighted Average Discount Rate - Operating Leases % %
Schedule of maturities of lease liabilities	For the Year Ended December 31, (Dollars in thousands) For the remaining six months ending December 31, 2020 $ 6,502 2021 12,924 2022 12,282 2023 10,526 2024 9,395 Thereafter 11,494 Total future lease payments 63,123 Imputed interest (15,540) Total $ 47,583

GOODWILL AND RADIO BROADCASTI_2

GOODWILL AND RADIO BROADCASTING LICENSES (Tables)	6 Months Ended
	Jun. 30, 2020
GOODWILL AND RADIO BROADCASTING LICENSES
Schedule Of Changes In Carrying Amount Of Goodwill	The table below presents the changes in the Company’s goodwill carrying values for its four reportable segments. Radio Reach Cable Broadcasting Media Digital Television Segment Segment Segment Segment Total (In thousands) Gross goodwill $ 155,000 $ 30,468 $ 27,567 $ 165,044 $ 378,079 Additions — — — — — Impairments (5,950) — — — (5,950) Accumulated impairment losses (101,848) (16,114) (20,345) — (138,307) Net goodwill at June 30, 2020 $ 47,202 $ 14,354 $ 7,222 $ 165,044 $ 233,822

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
LONG-TERM DEBT
Schedule of long-term debt	June 30, 2020 December 31, 2019 (Unaudited) (In thousands) 2018 Credit Facility $ 146,797 $ 167,145 MGM National Harbor Loan 56,742 52,099 2017 Credit Facility 318,980 320,629 7.375% Senior Secured Notes 350,000 350,000 Asset-backed credit facility 27,500 — Total debt 900,019 889,873 Less: current portion of long-term debt 49,997 25,945 Less: original issue discount and issuance costs 11,638 13,620 Long-term debt, net $ 838,384 $ 850,308
Schedule of future scheduled minimum principal payments	7.38% Senior Secured 2018 MGM 2017 Notes Credit National Asset-backed Credit due April Facility Harbor Loan Credit Facility Facility 2022 Total (In thousands) July - December 2020 $ 9,600 $ — $ — $ 1,648 $ — $ 11,248 2021 19,200 — 27,500 3,297 — 49,997 2022 117,997 56,742 — 3,297 350,000 528,036 2023 — — — 310,738 — 310,738 2024 — — — — — — 2025 and thereafter — — — — — — Total Debt $ 146,797 $ 56,742 $ 27,500 $ 318,980 $ 350,000 $ 900,019

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2020
STOCKHOLDERS' EQUITY
Schedule of Share-based Compensation, Stock Options, Activity	Weighted-Average Remaining Aggregate Number of Weighted-Average Contractual Term (In Intrinsic Options Exercise Price Years) Value Outstanding at December 31, 2019 4,197,000 $ 2.13 6.70 $ 255,000 Grants 709,000 $ 2.00 Exercised 1,033,000 $ 1.91 Forfeited/cancelled/expired/settled 24,000 $ 3.17 Balance as of June 30, 2020 3,849,000 $ 2.16 $ 206,000 Vested and expected to vest at June 30, 2020 3,815,000 $ 2.12 $ 206,000 Unvested at June 30, 2020 726,000 $ 2.00 $ — Exercisable at June 30, 2020 3,123,000 $ 2.19 $ 206,000
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Average Fair Value at Grant Shares Date Unvested at December 31, 2019 1,814,000 $ 2.14 Grants 1,649,000 $ 1.02 Vested (1,717,000) $ 2.14 Forfeited/cancelled/expired — $ — Unvested at June 30, 2020 1,746,000 $ 1.08

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
SEGMENT INFORMATION
Schedule of Segment Reporting Information, by Segment	Three Months Ended June 30, 2020 2019 (Unaudited) (In thousands) Net Revenue: Radio Broadcasting $ 20,505 $ 49,312 Reach Media 6,268 18,770 Digital 6,104 7,673 Cable Television 43,761 46,430 Corporate/Eliminations* (630) (614) Consolidated $ 76,008 $ 121,571 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 20,614 $ 31,623 Reach Media 4,941 15,515 Digital 5,723 7,165 Cable Television 16,953 25,188 Corporate/Eliminations 5,013 5,575 Consolidated $ 53,244 $ 85,066 Depreciation and Amortization: Radio Broadcasting $ 766 $ 851 Reach Media 60 59 Digital 277 460 Cable Television 940 1,901 Corporate/Eliminations 339 313 Consolidated $ 2,382 $ 3,584 Impairment of Long-Lived Assets: Radio Broadcasting $ — $ 3,800 Reach Media — — Digital — — Cable Television — — Corporate/Eliminations — — Consolidated $ — $ 3,800 Operating income (loss): Radio Broadcasting $ (875) $ 13,038 Reach Media 1,267 3,196 Digital 104 48 Cable Television 25,868 19,341 Corporate/Eliminations (5,982) (6,502) Consolidated $ 20,382 $ 29,121 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (630) $ (614) Capital expenditures by segment are as follows: Radio Broadcasting $ 557 $ 642 Reach Media 9 47 Digital 239 400 Cable Television 23 62 Corporate/Eliminations 392 252 Consolidated $ 1,220 $ 1,403 Six Months Ended June 30, 2020 2019 (Unaudited) (In thousands) Net Revenue: Radio Broadcasting $ 55,421 $ 86,061 Reach Media 12,958 25,743 Digital 12,393 15,110 Cable Television 91,257 94,253 Corporate/Eliminations* (1,146) (1,147) Consolidated $ 170,883 $ 220,020 Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets): Radio Broadcasting $ 47,006 $ 59,367 Reach Media 10,836 21,944 Digital 12,918 14,780 Cable Television 37,352 51,363 Corporate/Eliminations 11,096 12,991 Consolidated $ 119,208 $ 160,445 Depreciation and Amortization: Radio Broadcasting $ 1,506 $ 1,719 Reach Media 119 118 Digital 765 921 Cable Television 1,883 8,477 Corporate/Eliminations 657 623 Consolidated $ 4,930 $ 11,858 Impairment of Long-Lived Assets: Radio Broadcasting $ 53,650 $ 3,800 Reach Media — — Digital — — Cable Television — — Corporate/Eliminations — — Consolidated $ 53,650 $ 3,800 Operating income (loss): Radio Broadcasting $ (46,741) $ 21,175 Reach Media 2,003 3,681 Digital (1,290) (591) Cable Television 52,022 34,413 Corporate/Eliminations (12,899) (14,761) Consolidated $ (6,905) $ 43,917 * Intercompany revenue included in net revenue above is as follows: Radio Broadcasting $ (1,146) $ (1,147) Capital expenditures by segment are as follows: Radio Broadcasting $ 1,520 $ 863 Reach Media 66 66 Digital 436 718 Cable Television 64 158 Corporate/Eliminations 564 305 Consolidated $ 2,650 $ 2,110 June 30, 2020 December 31, 2019 (Unaudited) (In thousands) Total Assets: Radio Broadcasting $ 650,417 $ 721,295 Reach Media 44,258 41,892 Digital 19,149 22,223 Cable Television 388,723 388,465 Corporate/Eliminations 106,498 76,044 Consolidated $ 1,209,045 $ 1,249,919

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Operating lease interest expense	$ 1.4	$ 1.4	$ 1.3

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Revenue	$ 76,008	$ 121,571	$ 170,883	$ 220,020
Radio Advertising [Member]
Net Revenue	25,358	51,771	63,776	94,144
Political Advertising [Member]
Net Revenue	361	317	2,764	441
Digital Advertising [Member]
Net Revenue	6,104	7,663	12,393	15,100
Cable Television Advertising [Member]
Net Revenue	18,941	19,816	39,973	40,009
Cable Television Affiliate Fees [Member]
Net Revenue	24,619	26,599	50,826	54,074
Event Revenues & Other [Member]
Net Revenue	$ 625	$ 15,405	$ 1,151	$ 16,252

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Contract assets:
Unbilled receivables	$ 3,892	$ 3,763	$ 3,530
Contract liabilities:
Customer advances and unearned income	2,918	3,048	3,634
Unearned event income	$ 10,352	$ 6,645	$ 3,848

ORGANIZATION AND SUMMARY OF S_7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
BASIC NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net income (loss) attributable to common stockholders	$ 1,420	$ 6,591	$ (21,767)	$ 3,487
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares	44,806,219	45,061,821	45,025,471	45,175,521
Effect of dilutive securities:
Stock options and restricted stock	3,348,043	639,834	0	809,418
Denominator for diluted net income (loss) per share - weighted-average outstanding shares	48,154,262	45,701,655	45,025,471	45,984,939
Net loss attributable to common stockholders per share - basic and diluted	$ 0.03	$ 0.15	$ (0.48)	$ 0.08
Net income (loss) attributable to common stockholders per share - basic	0.03	0.15	(0.48)	0.08
Net income (loss) attributable to common stockholders per share - diluted	$ 0.03	$ 0.14	$ (0.48)	$ 0.08

ORGANIZATION AND SUMMARY OF S_8

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted stock awards (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2020shares
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,849
Restricted stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,929

ORGANIZATION AND SUMMARY OF S_9

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities subject to fair value measurement:
Contingent consideration	$ 1,357	$ 1,921
Employment agreement award	27,696	27,017
Total	29,053	28,938
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	10,799	10,564
Fair Value, Inputs, Level 3 [Member]
Liabilities subject to fair value measurement:
Contingent consideration	1,357	1,921
Employment agreement award	27,696	27,017
Total	29,053	28,938
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	$ 10,799	$ 10,564

ORGANIZATION AND SUMMARY OF _10

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Contingent Consideration [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 1,921
Distribution	(557)
Change in fair value	(7)
Balance, end of period	1,357
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	7
Employment Agreement Award [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	27,017
Distribution	(632)
Change in fair value	1,311
Balance, end of period	27,696
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	(1,311)
Redeemable Noncontrolling Interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	10,564
Net income attributable to noncontrolling interests	351
Dividends paid to noncontrolling interests	(1,000)
Change in fair value	884
Balance, end of period	$ 10,799

ORGANIZATION AND SUMMARY OF _11

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	Jun. 30, 2020	Dec. 31, 2019
Contingent Consideration [Member] | Measurement Input, Expected volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	25.00%	20.80%
Contingent Consideration [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	16.00%	14.50%
Employment Agreement Award [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	10.00%	10.00%
Employment Agreement Award [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	2.00%	2.00%
Redeemable Noncontrolling Interest [Member] | Measurement Input, Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.00%	11.00%
Redeemable Noncontrolling Interest [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	1.00%	1.00%

ORGANIZATION AND SUMMARY OF _12

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases
Operating Lease Cost (Cost resulting from lease payments)	$ 3,153	$ 3,190	$ 6,305	$ 6,438
Variable Lease Cost (Cost excluded from lease payments)	34	34	74	76
Total Lease Cost	3,187	3,224	6,379	6,514
Operating Lease - Operating Cash Flows (Fixed Payments)	3,243	3,423	6,650	6,809
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 2,045	$ 1,988	$ 4,182	$ 3,960
Weighted Average Lease Term - Operating Leases	5 years 4 months 17 days	6 years 4 days	5 years 4 months 17 days	6 years 4 days
Weighted Average Discount Rate - Operating Leases	11.00%	11.00%	11.00%	11.00%

ORGANIZATION AND SUMMARY OF _13

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Jun. 30, 2020USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For the remaining six months ending December 31, 2020	$ 6,502
2021	12,924
2022	12,282
2023	10,526
2024	9,395
Thereafter	11,494
Total future lease payments	63,123
Imputed interest	(15,540)
Total	$ 47,583

ORGANIZATION AND SUMMARY OF _14

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	Jun. 30, 2020	Apr. 15, 2020	Dec. 31, 2019	Jun. 30, 2019	Jan. 01, 2019	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jul. 28, 2020	Jun. 25, 2020	May 22, 2020	Mar. 31, 2020	Mar. 19, 2020	Nov. 13, 2019	Dec. 20, 2018	Apr. 18, 2017	Nov. 30, 2016	Apr. 10, 2015
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax							$ 76,008,000	$ 121,571,000	$ 170,883,000	$ 220,020,000
Debt Instrument, Interest Rate, Stated Percentage												9.25%
Reassessed Estimated Fair Value of Award	$ 27,700,000		$ 27,000,000				27,700,000		27,700,000		$ 27,000,000
Related Party Transaction, Due from (to) Related Party, Total	887,000		24,000				887,000		887,000		24,000
Due to Related Parties	10,000		32,000				10,000		10,000		32,000
Operating Income (Loss)							20,382,000	29,121,000	(6,905,000)	43,917,000
Operating Expenses, Total							55,626,000	92,450,000	177,788,000	176,103,000
Unearned Event Income	10,352,000		6,645,000	$ 3,848,000
Selling, General and Administrative Expense, Total							22,294,000	45,319,000	51,757,000	78,997,000
Impairment of Long-Lived Assets Held-for-use							0	3,800,000	53,650,000	3,800,000
Operating Lease, Right-of-Use Asset	43,045,000		44,922,000				43,045,000		43,045,000		$ 44,922,000
Operating Lease, Liability	47,583,000						47,583,000		47,583,000
Cash balance															$ 63,300,000	$ 66,400,000
INTEREST EXPENSE		$ 12,900,000					18,395,000	20,578,000	37,533,000	41,408,000
Accounting Standards Update 2016-02 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Lease, Practical Expedients, Package [true false]					true
Operating Lease, Right-of-Use Asset					$ 49,800,000
Operating Lease, Liability					54,100,000
Cumulative Effect on Retained Earnings, Net of Tax						$ 5,800,000
Deferred Rent Credit					$ 4,300,000
Subsequent events
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Cash balance													$ 78,700,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax							527,000	572,000	1,000,000	1,100,000
Cost of Goods and Services Sold							384,000	422,000	755,000	837,000
Adjustment in Revenue												$ 2,000,000
Marketing Services Fee Receivable	$ 2,000,000						2,000,000		2,000,000
Selling, General and Administrative Expense, Total							143,000	150,000	286,000	301,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees							2,500,000	6,100,000	7,200,000	11,000,000
Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee									$ 1,750,000
Launch Support Assets [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Finite Lived Intangible Assets Weighted Average Amortization Period									7 years 9 months 18 days		7 years 9 months 18 days
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period									4 years 7 months 6 days		5 years 1 month 6 days
Amortization of Intangible Assets							$ 105,000	105,000	$ 211,000	211,000
Operating Expenses, Total									302,000	304,000
Selling, General and Administrative Expense, Total									151,000	153,000
Atlanta market and Indianapolis
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment of Long-Lived Assets Held-for-use									6,000,000
Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St. Louis market radio broadcasting licenses
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Impairment and amartization expense									3,800,000
Impairment of Long-Lived Assets Held-for-use									47,700,000
Tom Joyner Foundation Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Reimbursement Expenditure Guarantee									$ 1,000,000
Percentage of Performance Bonus									50.00%
Tom Joyner Foundation Inc [Member] | Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee									$ 250,000
Chief Executive Officer [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage Of Award Amount	4.00%						4.00%		4.00%
Senior Subordinated Notes due March 2022 [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	$ 350,000,000		350,000,000				$ 350,000,000		$ 350,000,000		$ 350,000,000
Debt Instrument, Fair Value Disclosure	$ 311,500,000		344,800,000				$ 311,500,000		$ 311,500,000		344,800,000
Debt Instrument, Interest Rate, Stated Percentage	7.375%	7.375%					7.375%		7.375%
MGM National Harbor Loan [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	$ 56,700,000						$ 56,700,000		$ 56,700,000
Debt Instrument, Interest Rate, Stated Percentage	7.00%						7.00%		7.00%
Debt Instrument, Face Amount	$ 50,000,000						$ 50,000,000		$ 50,000,000										$ 50,000,000
Other Income							80,000	1,600,000	1,600,000	3,400,000
ABL Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	27,500,000		0				27,500,000		27,500,000		0
Debt Instrument, Fair Value Disclosure	$ 27,500,000						27,500,000		27,500,000
Tv One Llc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees							$ 3,200,000	3,800,000	$ 6,900,000	7,500,000
Reach Media Inc [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	80.00%						80.00%		80.00%
Reach Media Inc [Member] | Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income (Loss)										1,700,000
Operating Expenses, Total								10,200,000		8,500,000
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Unearned Event Income								3,900,000	$ 0	3,900,000
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax							$ 448,000	613,000	2,100,000	2,000,000
2017 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	$ 319,000,000		320,600,000				319,000,000		319,000,000		320,600,000									$ 350,000,000
Debt Instrument, Fair Value Disclosure	261,600,000		309,100,000				261,600,000		261,600,000		309,100,000
Debt Instrument, Interest Rate, Stated Percentage																				2.00%
Debt Instrument, Face Amount																				$ 350,000,000
2018 Credit Facility [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	146,800,000		167,100,000				146,800,000		146,800,000		167,100,000
Debt Instrument, Fair Value Disclosure	149,700,000		170,500,000				149,700,000		149,700,000		170,500,000
Debt Instrument, Interest Rate, Stated Percentage												12.875%
Debt Instrument, Face Amount														$ 3,600,000					$ 192,000,000
INTEREST EXPENSE							1,100,000	964,000	2,100,000	1,900,000
ABL Facility
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Debt Instrument, Face Amount																		$ 37,500,000
Amount drawn																	$ 27,500,000
Cash balance	69,700,000						69,700,000		69,700,000
Employment Agreement Award [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Selling, General and Administrative Expense, Total							98,000	$ 806,000	1,300,000	$ 2,700,000
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross	56,700,000		52,100,000				56,700,000		56,700,000		52,100,000
Debt Instrument, Fair Value Disclosure	$ 63,600,000		$ 58,400,000				$ 63,600,000		$ 63,600,000		$ 58,400,000
Investment Owned, at Cost																					$ 35,000,000	$ 5,000,000

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details) - USD ($)	Feb. 24, 2020	Aug. 31, 2019	May 02, 2017	Jan. 30, 2017	Jun. 30, 2017
ACQUISITIONS AND DISPOSITIONS
Proceeds from Divestiture of Businesses				$ 25,000,000
Sale Leaseback Transaction, Net Proceeds, Investing Activities			$ 25,000,000
Sale And Leaseback Transaction Gain			$ 22,500,000
Sale and Leaseback Transaction, Gain (Loss), Net					$ 14,400,000
Sale Leaseback Transaction, Deferred Gain, Net					$ 8,100,000
Detroit radio station [Member]
ACQUISITIONS AND DISPOSITIONS
Proceeds from Sale of Property Held-for-sale		$ 13,500,000
WQMC-LD
ACQUISITIONS AND DISPOSITIONS
Total consideration	$ 475,000

GOODWILL AND RADIO BROADCASTI_3

GOODWILL AND RADIO BROADCASTING LICENSES - Goodwill Valuation Results (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	$ 378,079
Additions	0
Impairments	(5,950)
Accumulated impairment losses	(138,307)
Net goodwill	233,822	$ 239,772
Radio Broadcasting Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	155,000
Additions	0
Impairments	(5,950)
Accumulated impairment losses	(101,848)
Net goodwill	47,202
Reach Media Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	30,468
Additions	0
Impairments	0
Accumulated impairment losses	(16,114)
Net goodwill	14,354
Digital Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	27,567
Additions	0
Impairments	0
Accumulated impairment losses	(20,345)
Net goodwill	7,222
Cable Television Segment [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Gross goodwill	165,044
Additions	0
Impairments	0
Accumulated impairment losses	0
Net goodwill	$ 165,044

GOODWILL AND RADIO BROADCASTI_4

GOODWILL AND RADIO BROADCASTING LICENSES - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
GOODWILL AND RADIO BROADCASTING LICENSES
Goodwill, Impairment Loss	$ 5,950
Radio Broadcasting Licenses [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Impairment charge (in millions)	47,700	$ 3,800
Radio Market Reporting Units [Member]
GOODWILL AND RADIO BROADCASTING LICENSES
Goodwill, Impairment Loss	$ 6,000

LONG-TERM DEBT - Rollforward (D

LONG-TERM DEBT - Rollforward (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
LONG-TERM DEBT
Total debt	$ 900,019	$ 889,873
Less: current portion of long-term debt	49,997	25,945
Less: original issue discount and issuance costs	11,638	13,620
Long-term debt, net	838,384	850,308
2017 Credit Facility [Member]
LONG-TERM DEBT
Total debt	318,980	320,629
2018 Credit Facility [Member]
LONG-TERM DEBT
Total debt	146,797	167,145
ABL Facility
LONG-TERM DEBT
Total debt	27,500	0
7.375% Senior Secured Notes [Member]
LONG-TERM DEBT
Total debt	350,000	350,000
MGM National Harbor Loan [Member]
LONG-TERM DEBT
Total debt	$ 56,742	$ 52,099

LONG-TERM DEBT - Future Minimum

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
LONG-TERM DEBT
July - December 2020	$ 11,248
2021	49,997
2022	528,036
2023	310,738
2024	0
2024 and thereafter	0
Total Debt	900,019	$ 889,873
2018 Credit Facility [Member]
LONG-TERM DEBT
July - December 2020	9,600
2021	19,200
2022	117,997
2023	0
2024	0
2024 and thereafter	0
Total Debt	146,797
MGM National Harbor Loan [Member]
LONG-TERM DEBT
July - December 2020	0
2021	0
2022	56,742
2023	0
2024	0
2024 and thereafter	0
Total Debt	56,742	52,099
ABL Facility
LONG-TERM DEBT
July - December 2020	0
2021	27,500
2022	0
2023	0
2024	0
2024 and thereafter	0
Total Debt	27,500
2017 Credit Facility [Member]
LONG-TERM DEBT
July - December 2020	1,648
2021	3,297
2022	3,297
2023	310,738
2024	0
2024 and thereafter	0
Total Debt	318,980
7.375% Senior Secured Notes [Member]
LONG-TERM DEBT
July - December 2020	0
2021	0
2022	350,000
2023	0
2024	0
2024 and thereafter	0
Total Debt	$ 350,000	$ 350,000

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) - USD ($)	Apr. 15, 2020	Nov. 13, 2019	Jan. 17, 2019	Apr. 17, 2015	Feb. 10, 2014	Dec. 19, 2018	Jun. 30, 2017	Apr. 18, 2017	Apr. 21, 2016	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Jun. 25, 2020	Dec. 31, 2019	Dec. 20, 2018	Feb. 15, 2014
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage												9.25%			9.25%
Debt Instrument, Interest Rate Terms								During each of the six month periods in June 30, 2020 and 2019, the Company repaid approximately $1.6 million under the 2017 Credit Facility.The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the 2022 Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company's interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.					The 2018 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications). The 2018 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company's total gross leverage ratio to be not greater than 8.0 to 1.00 in 2019, 7.5 to 1.00 in 2020, 7.25 to 1.00 in 2021 and 6.75 to 1.00 in 2022.
Interest Expense, Total	$ 12,900,000									$ 18,395,000	$ 20,578,000		$ 37,533,000	$ 41,408,000
Repayments of Long Term Debt, Excess Cash Flow Payments													3,800,000
Comcast Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 11,900,000			$ 11,900,000
Debt Instrument, Interest Rate, Stated Percentage										10.47%			10.47%
Senior Secured Notes Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 350,000,000						$ 350,000,000			$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage										7.375%			7.375%
9.25% Senior Subordinated Notes due February 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										9.25%			9.25%
Gain Losses on Extinguishment of Debt												$ 2,800,000
Debt Instrument, Repurchase Amount												$ 243,000,000			$ 243,000,000
Debt Instrument, Redemption Price, Percentage												100.88%
Write off of Deferred Debt Issuance Cost												$ 649,000
Premium Paid to the Bondholders												$ 2,100,000
9.25% Senior Subordinated Notes due February 2020 [Member] | Private Offering [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross					$ 335,000,000
Debt Instrument, Periodic Payment					$ 15,500,000
Senior Subordinated Notes due April 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Description				an original issue price of 100.0% plus accrued interest									The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022.
MGM National Harbor Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 50,000,000			$ 50,000,000					$ 50,000,000
Long-term Debt, Gross										$ 56,700,000			$ 56,700,000
Debt Instrument, Interest Rate, Stated Percentage										7.00%			7.00%
Debt Instrument, Unamortized Discount (Premium), Net										$ 1,000,000			$ 1,000,000
Long Term Debt Percentage Paid In Kind													4.00%
Debt Issuance Costs, Net										1,700,000			$ 1,700,000
ABL Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 37,500,000
Letters of Credit										871,000			871,000
Line of Credit Facility, Maximum Borrowing Capacity		25,000,000							$ 25,000,000
Percentage Borrowing Of Eligible Accounts									(85.00%)
ABL Amendment
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 37,500,000
Period prior to the earlier to occur of the term loan maturity or stated maturity		30 days
Revolving Loan
Debt Instrument [Line Items]
Letters of Credit		$ 7,500,000
Letter of Credit Facility
Debt Instrument [Line Items]
Borrowings outstanding										27,500,000			$ 27,500,000
2017 Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 350,000,000
Covenant Compliance Description For Maintaining Interest Coverage Ratio													maintaining an interest coverage ratio of no less than:1.25 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter.
Covenant Compliance Description For Maintaining Total Leverage Ratio													maintaining a senior leverage ratio of no greater than:5.85 to 1.00 on June 30, 2017 and the last day of each fiscal quarter thereafter.
Repayments of Long-term Debt, Total						$ 20,000,000				824,000	824,000
Percentage of Outstanding Principal Amount							0.25%
Long-term Debt, Gross								$ 350,000,000		319,000,000			$ 319,000,000				$ 320,600,000
Debt Instrument, Interest Rate, Stated Percentage								2.00%
Debt Instrument, Description								The 2017 Credit Facility matures on the earlier of (i) April 18, 2023, or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of the Company's 2022 Notes (as defined below). At the Company's election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1)% equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00)% and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The average interest rate was approximately 5.34% for 2020 and was 6.49% for 2019.
2018 Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount																$ 3,600,000		$ 192,000,000
Number of Days to Notify the Changes															5 days
Debt Instrument, Interest Rate, Stated Percentage, If 50% of Term Repaid															11.875%
Debt Instrument, Interest Rate, Stated Percentage, If 75% of Term Repaid															10.875%
Excess Cash Flows															75.00%
Percentage of Distributions															100.00%
Repayments of Long-term Debt, Total										8,400,000	3,600,000		20,300,000	14,200,000
Long-term Debt, Gross										146,800,000			$ 146,800,000				$ 167,100,000
Debt Instrument, Interest Rate, Stated Percentage												12.875%			12.875%
Debt Instrument, Interest Rate Terms													Borrowings under the 2018 Credit Facility are subject to customary conditions precedent, as well as a requirement under the 2018 Credit Facility that (i) the Company's total gross leverage ratio on a pro forma basis be not greater than 8:00 to 1:00 (this total gross leverage ratio test steps down as described below), (ii) neither of the administrative agents under the Company's existing credit facilities nor the trustee under the Company's existing senior secured notes due 2022 have objected to the terms of the new credit documents and (iii) certification by the Company that the terms and conditions of the 2018 Credit Facility satisfy the requirements of the definition of "Permitted Refinancing" (as defined in the agreements governing the Company's existing credit facilities) and neither of the administrative agents under the Company's existing credit facilities notifies the Company within five (5) business days prior to funding the borrowings under the 2018 Credit Facility that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees).
Interest Expense, Total										1,100,000	$ 964,000		$ 2,100,000	$ 1,900,000
Debt Instrument Additional Interest Payment Term On Prepayment													The term loans could have been voluntarily prepaid prior to February 15, 2020 subject to payment of a prepayment premium.The Company is required to repay principal to the extent then outstanding on each quarterly interest payment date, commencing on the last business day in March 2019, equal to one quarter of 7.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2019, commencing on the last business day in March 2020, one quarter of 10.0% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2021, and, commencing on the last business day in March 2021, one quarter of 12.5% of the aggregate initial principal amount of all term loans incurred on the Funding Date to December 2022. The Company is also required to use 75% of excess cash flow ("ECF payment") as defined in the 2018 Credit Facility, which exclude any distributions to the Company or its restricted subsidiaries in respect of its interests in the MGM National Harbor to repay outstanding term loans at par, paid semiannually and to use 100% of all distributions to the Company or its restricted subsidiaries received in respect of its interest in the MGM National Harbor to repay outstanding terms loans at par.
Debt Instrument, Unamortized Discount (Premium), Net										3,800,000			$ 3,800,000
2018 Credit Facility [Member] | Debt Financing Cost [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net										$ 875,000			$ 875,000
Senior Subordinated Notes Due From 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				7.375%	100.00%														9.25%
Debt Instrument, Redemption Price, Percentage			100.00%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
INCOME TAXES
Income Tax Expense (Benefit)	$ 465	$ 3,118	$ (21,390)	$ 1,807
Income tax benefit due to reduction in valuation allowance	12,500
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 21,400

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Number of Options, Grants	708,732	0	708,732	0
Number of Options, Exercised				15,000
Stock options [Member]
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year			4,197,000
Number of Options, Grants			709,000
Number of Options, Exercised			1,033,000
Number of Option, Forfeited/cancelled/expired/settled			24,000
Number of Options, Balance at End of Year	3,849,000		3,849,000		4,197,000
Number of Options, Vested and expected to vest	3,815,000		3,815,000
Number of Options, Unvested	726,000		726,000
Number of Options, Exercisable	3,123,000		3,123,000
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)			$ 2.13
Weighted-Average Exercise Price, Grants (in dollars per share)			2
Weighted-Average Exercise Price, Exercised (in dollars per share)			1.91
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)			3.17
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)	$ 2.16		2.16		$ 2.13
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)	2.12		2.12
Weighted-Average Exercise Price, Unvested (in dollars per share)	2		2
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 2.19		$ 2.19
Weighted-Average Remaining Contractual Term, Outstanding (in years)			6 years 10 months 2 days		6 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)			6 years 9 months 26 days
Weighted-Average Remaining Contractual Term, Unvested (in years)			9 years 10 months 10 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)			6 years 1 month 21 days
Aggregate Intrinsic Value, Outstanding	$ 206,000		$ 206,000		$ 255,000
Aggregate Intrinsic Value, Vested and expected to vest	206,000		206,000
Aggregate Intrinsic Value, Unvested	0		0
Aggregate Intrinsic Value, Exercisable	$ 206,000		$ 206,000

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Restricted stock awards [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year | shares	1,814,000
Shares, Grants | shares	1,649,000
Shares, Vested | shares	(1,717,000)
Shares, Forfeited/cancelled/expired | shares	0
Shares, Unvested at end of year | shares	1,746,000
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) | $ / shares	$ 2.14
Average Fair Value at Grant Date, Grants (in dollars per share) | $ / shares	1.02
Average Fair Value at Grant Date, Vested (in dollars per share) | $ / shares	2.14
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share) | $ / shares	0
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share) | $ / shares	$ 1.08

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details)	Jun. 12, 2020shares	Jun. 05, 2020shares	Jun. 12, 2019shares	Oct. 02, 2017shares	Aug. 07, 2017shares	Aug. 07, 2017installmentshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 13, 2020USD ($)	Mar. 13, 2020USD ($)	May 21, 2019shares	Dec. 31, 2009shares
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Value | $									$ 3,601,000	$ 4,309,000
Share-based Compensation, Total | $							$ 268,000	$ 200,000	$ 661,000	$ 711,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares							0	0	624,770	834,530
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross							708,732	0	708,732	0
Stock Repurchase Program, Authorized Amount | $							$ 2,600,000		$ 2,600,000		$ 2,400,000	$ 2,600,000
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares							1,032,922	0	1,032,922	15,000
Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $							$ 1,700,000		$ 1,700,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition									7 months
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures							1,649,394	100,000	1,649,394	880,239
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									1,649,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition									7 months
Stock options [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross									709,000
Employee [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross					470,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $							$ 252,000		$ 252,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition									6 months
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures					575,262
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares									$ 1.39
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						470,000
Number of Installments | installment						3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition									6 months
Employee [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						33.00%
Employee [Member] | Share-based Compensation Award, Tranche Three [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						33.00%
Employee [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						33.00%
Common Class D [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares								899,765	3,208,288	1,268,671
Stock Repurchased During Period, Value | $								$ 1,800,000	$ 2,400,000	$ 2,600,000
Repurchase Of Common Stock Price Per Share | $ / shares								$ 2.01	$ 0.76	$ 2.02
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant							8,250,000		8,250,000
Common Class D [Member] | Employees Stock Option [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	211,838
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	94,150
Common Class D [Member] | Stock Plan 2009 [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized														8,250,000
Common Class D [Member] | Stock Vest Tax Repurchase [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares							155,771	6,368	703,572	858,119
Stock Repurchased During Period, Value | $							$ 140,000	$ 13,000	$ 1,200,000	$ 1,700,000
Repurchase Of Common Stock Price Per Share | $ / shares							$ 0.90	$ 1.98	$ 1.64	$ 1.94
Common Class D [Member] | 2019 Equity and Performance Incentive Plan
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant							690,336		690,336				5,500,000
Common Class D [Member] | Chief Financial Officer [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			99,846
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			224,654		270,833
Common Class D [Member] | Chief Financial Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	243,750
Common Class D [Member] | Chief Financial Officer [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross					120,370
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		108,333
Common Class D [Member] | Chief Administrative Officer [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			195,242	37,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				37,500
Common Class D [Member] | Chairperson [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			174,971
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			393,685		474,609
Common Class D [Member] | Chairperson [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross					210,937
Common Class D [Member] | Chief Executive Officer and President [Member]
STOCKHOLDERS' EQUITY
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			86,774
Common Class D [Member] | Chief Executive Officer and President [Member] | Restricted stock awards [Member] | Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures					791,015
Common Class D [Member] | Chief Executive Officer and President [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			291,619		351,562
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			656,142
Common Class D [Member] | Chief Executive Officer and President [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			316,406
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			711,914
Common Class D [Member] | Non-Executive Directors | Restricted stock awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures									18,248	25,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $									$ 50,000	$ 50,000
Common Class D [Member] | Cathy Hughes [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche One [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			427,148
Common Class D [Member] | Cathy Hughes [Member] | Employees Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		189,843
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares							3,208,288	26,171		48,551
Stock Repurchased During Period, Value | $							$ 2,400,000	$ 56,000		$ 106,000
Repurchase Of Common Stock Price Per Share | $ / shares							$ 0.76	$ 2.14		$ 2.19

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
SEGMENT INFORMATION
Net Revenue:		$ 76,008	$ 121,571	$ 170,883	$ 220,020
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		53,244	85,066	$ 119,208	160,445
Number of reportable segments | segment				4
Depreciation and Amortization:		2,382	3,584	$ 4,930	11,858
Impairment of Long-Lived Assets:		0	3,800	53,650	3,800
Operating income (loss):		20,382	29,121	(6,905)	43,917
Capital expenditures by segment are as follows:		1,220	1,403	2,650	2,110
Total Assets:		1,209,045		1,209,045		$ 1,249,919
Radio Broadcasting
SEGMENT INFORMATION
Net Revenue:		20,505	49,312	55,421	86,061
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		20,614	31,623	47,006	59,367
Depreciation and Amortization:		766	851	1,506	1,719
Impairment of Long-Lived Assets:			3,800	53,650	3,800
Operating income (loss):		(875)	13,038	(46,741)	21,175
Capital expenditures by segment are as follows:		557	642	1,520	863
Total Assets:		650,417		650,417		721,295
Radio Broadcasting | Intersegment Eliminations [Member]
SEGMENT INFORMATION
Net Revenue:		(630)	(614)	(1,146)	(1,147)
Reach Media
SEGMENT INFORMATION
Net Revenue:		6,268	18,770	12,958	25,743
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		4,941	15,515	10,836	21,944
Depreciation and Amortization:		60	59	119	118
Operating income (loss):		1,267	3,196	2,003	3,681
Capital expenditures by segment are as follows:		9	47	66	66
Total Assets:		44,258		44,258		41,892
Digital
SEGMENT INFORMATION
Net Revenue:		6,104	7,673	12,393	15,110
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		5,723	7,165	12,918	14,780
Depreciation and Amortization:		277	460	765	921
Operating income (loss):		104	48	(1,290)	(591)
Capital expenditures by segment are as follows:		239	400	436	718
Total Assets:		19,149		19,149		22,223
Cable Television
SEGMENT INFORMATION
Net Revenue:		43,761	46,430	91,257	94,253
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		16,953	25,188	37,352	51,363
Depreciation and Amortization:		940	1,901	1,883	8,477
Operating income (loss):		25,868	19,341	52,022	34,413
Capital expenditures by segment are as follows:		23	62	64	158
Total Assets:		388,723		388,723		388,465
Corporate/Eliminations
SEGMENT INFORMATION
Net Revenue:	[1]	(630)	(614)	(1,146)	(1,147)
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):		5,013	5,575	11,096	12,991
Depreciation and Amortization:		339	313	657	623
Operating income (loss):		(5,982)	(6,502)	(12,899)	(14,761)
Capital expenditures by segment are as follows:		392	$ 252	564	$ 305
Total Assets:		$ 106,498		$ 106,498		$ 76,044
[1]	Intercompany revenue included in net revenue above is as follows:

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2020USD ($)
Standby Letters Of Credit [Member]
COMMITMENTS AND CONTINGENCIES
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 871,000