Urban One (UONE) 10-Q 20 Nov 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Entity File Number	0-25969
Entity Registrant Name	URBAN ONE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1166660
Entity Address, Address Line One	1010 Wayne Avenue
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	Silver Spring
Entity Address, State or Province	MD
City Area Code	301
Local Phone Number	429-3200
Entity Address, Postal Zip Code	20910
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,853,672
Title of 12(b) Security	Class A Common Stock
Trading Symbol	UONE
Security Exchange Name	NASDAQ
Common Stock Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,861,843
Common Stock Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,045,016
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,164,391
Title of 12(b) Security	Class D Common Stock
Trading Symbol	UONEK
Security Exchange Name	NASDAQ

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 109,869	$ 112,131
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $63 and $0, respectively	33,917	28,518
Selling, general and administrative, including stock-based compensation of $159 and $0, respectively	36,874	35,210
Corporate selling, general and administrative, including stock-based compensation of $3,056 and $124, respectively	11,586	9,537
Depreciation and amortization	2,597	2,405
Impairment of goodwill, intangible assets, and long-lived assets	16,775
Total operating expenses	101,749	75,670
Operating income	8,120	36,461
INTEREST INCOME	333	59
INTEREST EXPENSE	14,068	15,927
GAIN ON RETIREMENT OF DEBT	2,356
OTHER (EXPENSE) INCOME, NET	(312)	1,986
Income (loss) before (benefit from) provision for income taxes and noncontrolling interests in income of subsidiaries	(3,571)	22,579
(BENEFIT FROM) PROVISION FOR INCOME TAXES	(1,160)	5,465
NET (LOSS) INCOME	(2,411)	17,114
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	626
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	$ 16,488
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (in dollars per share)	$ (0.06)	$ 0.32
Diluted (in dollars per share)	$ (0.06)	$ 0.30
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	47,420,832	51,182,831
Diluted (in shares)	47,420,832	55,097,781

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Programming And Technical
Allocated Share-based Compensation Expense	$ 63	$ 0
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	159	0
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 3,056	$ 124

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
NET (LOSS) INCOME	$ (2,411)	$ 17,114
Unrealized gain on available-for-sale securities		10,400
Income tax expense related to unrealized gain on available-for-sale securities		2,504
OTHER COMPREHENSIVE INCOME, NET OF TAX		7,896
COMPREHENSIVE (LOSS) INCOME	(2,411)	25,010
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	626
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	$ 24,384

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 71,455	$ 75,404
Restricted cash	476	26,475
Trade accounts receivable, net of allowance for expected credit losses of $7,188 and $9,223	123,420	142,045
Prepaid expenses	10,205	8,729
Current portion of content assets	34,713	34,003
Assets held for sale	9,907
Other current assets	8,563	8,750
Total current assets	258,739	295,406
CONTENT ASSETS, NET	80,045	86,378
PROPERTY AND EQUIPMENT, NET	27,904	28,258
GOODWILL	216,599	216,599
RIGHT OF USE ASSETS	28,341	31,879
RADIO BROADCASTING LICENSES	464,368	488,419
OTHER INTANGIBLE ASSETS, NET	52,949	55,193
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $40,000 at March 31, 2023 and December 31, 2022	136,826	136,826
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	13,125
OTHER ASSETS	5,575	5,688
Total assets	1,284,471	1,344,646
CURRENT LIABILITIES:
Accounts payable	14,316	17,196
Accrued interest	8,976	23,111
Accrued compensation and related benefits	10,146	17,421
Current portion of content payables	25,339	26,718
Current portion of lease liabilities	8,368	8,690
Liabilities held for sale	2,407
Other current liabilities	43,044	39,682
Total current liabilities	112,596	132,818
LONG-TERM DEBT, net of original issue discount and issuance costs	714,780	739,000
CONTENT PAYABLES, net of current portion	8,891	10,365
LONG-TERM LEASE LIABILITIES	22,092	25,545
OTHER LONG-TERM LIABILITIES	31,208	34,856
DEFERRED TAX LIABILITIES, NET	38,211	39,389
Total liabilities	927,778	981,973
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	25,116	31,923
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at March 31, 2023 and December 31, 2022	0	0
Accumulated other comprehensive income	73,227	73,227
Additional paid-in capital	996,644	993,484
Accumulated deficit	(738,343)	(736,010)
Total stockholders' equity	331,577	330,750
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,284,471	1,344,646
Common Stock Class A
STOCKHOLDERS' EQUITY:
Common stock value	10	10
Common Stock Class B
STOCKHOLDERS' EQUITY:
Common stock value	3	3
Common Stock Class C
STOCKHOLDERS' EQUITY:
Common stock value	2	2
Common Stock Class D
STOCKHOLDERS' EQUITY:
Common stock value	$ 34	$ 34

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for expected credit losses	$ 7,188	$ 9,223
DEBT SECURITIES - available-for-sale, at fair value; amortized cost	$ 40,000	$ 40,000
Convertible Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized	1,000,000	1,000,000
Convertible Preferred stock, shares outstanding	0	0
Common Stock Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	9,854,682	9,854,682
Common stock, shares outstanding	9,854,682	9,854,682
Common Stock Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	2,861,843	2,861,843
Common stock, shares outstanding	2,861,843	2,861,843
Common Stock Class C
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	2,045,016	2,045,016
Common stock, shares outstanding	2,045,016	2,045,016
Common Stock Class D
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	34,023,756	33,618,227
Common stock, shares outstanding	34,023,756	33,618,227

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock Convertible Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Preferred Stock Convertible Preferred Stock Adjustment	Preferred Stock Convertible Preferred Stock	Common Stock Common Stock Class A Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock Common Stock Class A Adjustment	Common Stock Common Stock Class A	Common Stock Common Stock Class B Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock Common Stock Class B Adjustment	Common Stock Common Stock Class B	Common Stock Common Stock Class C Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock Common Stock Class C Adjustment	Common Stock Common Stock Class C	Common Stock Common Stock Class D Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock Common Stock Class D Adjustment	Common Stock Common Stock Class D	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Income	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Additional Paid-In Capital Adjustment	Additional Paid-In Capital	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Deficit Adjustment	Accumulated Deficit	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Adjustment	Total
BALANCE at Dec. 31, 2021			$ 0			$ 9			$ 3			$ 2			$ 37		$ 54,950			$ 1,018,996			$ (770,353)			$ 303,644
Net income (loss)			0			0			0			0			0					0			16,488			16,488
Stock-based compensation expense			0			0			0			0			0					124			0			124
Repurchase of shares of common stock			0			0			0			0			0					(10)			0			(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value			0			0			0			0			0					(871)			0			(871)
Other comprehensive income, net of tax			0			0			0			0			0		7,896			0			0			7,896
BALANCE at Mar. 31, 2022			0			9			3			2			37		62,846			1,018,239			(753,865)			327,271
BALANCE at Dec. 31, 2021			0			9			3			2			37		54,950			1,018,996			(770,353)			303,644
Net income (loss)																							32,782			32,782
Stock-based compensation expense																				460						460
Repurchase of shares of common stock															(4)					(24,665)						(24,669)
Adjustment of redeemable noncontrolling interests to estimated redemption value																				(1,907)						(1,907)
Other comprehensive income, net of tax																	7,971									7,971
BALANCE at Jun. 30, 2022						9			3			2			33		62,921			992,934			(737,571)			318,331
BALANCE at Dec. 31, 2021			0			9			3			2			37		54,950			1,018,996			(770,353)			303,644
Net income (loss)																							36,251			36,251
Stock-based compensation expense						1									1					5,467						5,469
Repurchase of shares of common stock															(4)					(26,482)						(26,486)
Adjustment of redeemable noncontrolling interests to estimated redemption value																				(3,440)						(3,440)
Other comprehensive income, net of tax																	2,275									2,275
BALANCE at Sep. 30, 2022						10			3			2			34		57,225			994,591			(734,102)			317,763
BALANCE at Dec. 31, 2021			0			9			3			2			37		54,950			1,018,996			(770,353)			303,644
Net income (loss)																							34,343			34,343
Stock-based compensation expense						1									1					6,593						6,595
Repurchase of shares of common stock															(4)					(26,539)						(26,543)
Adjustment of redeemable noncontrolling interests to estimated redemption value																				(5,616)						(5,616)
Other comprehensive income, net of tax																	18,277									18,277
BALANCE at Dec. 31, 2022	$ 0	$ 0	0	$ 10	$ 0	10	$ 3	$ 0	3	$ 2	$ 0	2	$ 34	$ 0	34	$ 73,227	73,227	$ 993,484	$ 0	993,484	$ (735,421)	$ 589	(736,010)	$ 331,339	$ 589	330,750
BALANCE at Mar. 31, 2022			0			9			3			2			37		62,846			1,018,239			(753,865)			327,271
Net income (loss)																										16,294
BALANCE at Jun. 30, 2022						9			3			2			33		62,921			992,934			(737,571)			318,331
Net income (loss)																										3,469
BALANCE at Sep. 30, 2022						10			3			2			34		57,225			994,591			(734,102)			317,763
BALANCE at Dec. 31, 2022	$ 0	$ 0	0	$ 10	$ 0	10	$ 3	$ 0	3	$ 2	$ 0	2	$ 34	$ 0	34	$ 73,227	73,227	$ 993,484	$ 0	993,484	$ (735,421)	$ 589	(736,010)	$ 331,339	$ 589	330,750
Net income (loss)			0			0			0			0			0					0			(2,922)			(2,922)
Stock-based compensation expense			0			0			0			0			0					2,558			0			2,558
Repurchase of shares of common stock			0			0			0			0			0					(1,324)			0			(1,324)
Vesting of share-based payment awards upon grant			0			0			0			0			0					3,234			0			3,234
Adjustment of redeemable noncontrolling interests to estimated redemption value			0			0			0			0			0					(1,308)			0			(1,308)
Other comprehensive income, net of tax
BALANCE at Mar. 31, 2023			$ 0			$ 10			$ 3			$ 2			$ 34		$ 73,227			$ 996,644			$ (738,343)			$ 331,577

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Common Stock Class D
Shares repurchased	256,442	2,649	4,684,419	4,684,419	5,124,671

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,411,000)	$ 17,114,000
Adjustments to reconcile net (loss) income to net cash from operating activities:
Bad debt expense	(1,278,000)	311,000
Depreciation and amortization	2,597,000	2,405,000
Amortization of debt financing costs	481,000	501,000
Amortization of launch assets	1,254,000	652,000
Amortization of content assets	13,158,000	10,532,000
Deferred income taxes	(1,178,000)	5,465,000
Amortization of right of use assets	2,140,000	2,132,000
Impairment of goodwill, intangible assets, and long-lived assets	16,775,000
Non-cash fair value adjustment of Employment Agreement Award	(144,000)	579,000
Stock-based compensation	3,278,000	124,000
Gain on retirement of debt	(2,356,000)
Loss on deconsolidation of RVAEH	187,000
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	19,903,000	13,336,000
Prepaid expenses and other current assets	(1,289,000)	(329,000)
Other assets	1,511,000	(216,000)
Content assets	(10,388,000)	(11,292,000)
Accounts payable	(2,880,000)	(2,586,000)
Accrued interest	(14,135,000)	(15,192,000)
Accrued compensation and related benefits	(7,275,000)	(4,125,000)
Other liabilities	(846,000)	(3,955,000)
Net cash flows provided by operating activities	17,104,000	15,456,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(2,009,000)	(1,576,000)
Restricted cash derecognized in deconsolidation of RVAEH	(26,000,000)
Proceeds from sale of RVAEH interest	6,563,000
Net cash flows used in investing activities	(21,446,000)	(1,576,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH		278,000
Payments of long-term debt	(22,281,000)
Repurchase of common stock	(1,324,000)	(10,000)
Payment of dividend to noncontrolling interest shareholders of Reach Media	(2,001,000)
Net cash flows (used in) provided by financing activities	(25,606,000)	268,000
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(29,948,000)	14,148,000
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879,000	158,718,000
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period	71,931,000	172,866,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	27,723,000	30,619,000
Cash paid for: Income taxes, net of refunds	69,000	2,000
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Right of use asset and lease liability additions	938,000	435,000
Non-cash launch additions	0	18,750,000
Adjustment of redeemable noncontrolling interests to estimated redemption value	$ 1,308,000	$ 871,000

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
ORGANIZATION
ORGANIZATION	1. ORGANIZATION: Urban One, Inc., a Delaware corporation, and its subsidiaries (collectively, “Urban One,” the “Company”, “we”, “our” and/or “us”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2023, we owned and/or operated 66 independently formatted, revenue producing broadcast stations (including 55 FM or AM stations, 9 HD stations, and the 2 low power television stations), located in 13 of the most populous African-American markets in the United States. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content platform targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC (“TV One”), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Get Up! Mornings with Erica Campbell Show, Russ Parr Morning Show, and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. As of March 31, 2023, we held a minority ownership interest in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. However, as of April 2023, following the exercise of a put option available to us, we no longer hold the MGM Investment. Please refer to Note 12 – Subsequent Events Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate other brands, such as TV One, CLEO TV, Reach Media, iONE Digital, and One Solution, while developing additional branding reflective of our diverse media operations and our targeting of African-American and urban audiences. As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 9 – Segment Information Principles of Consolidation The consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. The Company is required to include in its consolidated financial statements, the financial statements of variable interest entities (“VIE”). Under the VIE model, the Company consolidates an investment if it has control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Interim Financial Statements The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States 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 omitted pursuant to such rules and regulations. The Company's results are subject to seasonal fluctuations and typically, revenues are lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. We experience further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues.

REVISION OF PREVIOUSLY ISSUED F

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2023
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS ​ In connection with the preparation of the interim consolidated financial statements for the quarterly period as of March 31, 2023, the Company identified immaterial errors in its accounting for its stock-based compensation expense, the Company’s investment in the operations of RVAEH, and related tax effects. The Company assessed the materiality of the adjustments both quantitatively and qualitatively and concluded that the adjustments were not material to its previously issued consolidated financial statements as of December 31, 2022 and 2021 and for the years then ended. However, the Company concluded that the effect of correcting these adjustments in 2023 would materially misstate the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2023. Accordingly, the Company determined that it was necessary to reflect these adjustments, as well as other immaterial adjustments previously identified during fiscal year 2022 and revised the previously issued consolidated financial statements with respect to the quarters ended March 31, June 30, and September 30, 2022, and the year ended December 31, 2022. See Note 11 – Quarterly Financial Data (Unaudited and Revised) ​ Adjustments Background ​ Stock-Based Compensation ​ On September 27, 2022, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved the principal terms of new employment agreements for the Company’s Founder and Executive Chairperson, President and Chief Executive Officer and Executive Vice President and Chief Financial Officer. Pursuant to the terms, annual Class D stock awards and stock options with fixed monetary value known at inception were awarded. The first tranche of equity awards was granted and vested on September 27, 2022. The second and third annual grants were scheduled to vest in January 2023 and January 2024, respectively, with the grant price equal to the closing share price on the fifth calendar day of the month following the date on which vesting occurs (February 5, each of 2023 and 2024) (“Executive Awards”). ​ During the first quarter of 2023, the Company determined that it should have recognized expense for the second tranche of the Executive Awards during the third and fourth quarters of 2022 beginning at the service inception date that precedes the grant date and to classify these grants as a liability until vested. The effect of this adjustment was an understatement of stock-based compensation expense in the consolidated statements of operations for the year ended December 31, 2022 and understatements of other current liabilities and accumulated deficit in the consolidated balance sheet at December 31, 2022. ​ RVAEH ​ In 2021, the Company and Peninsula Pacific Entertainment entered into a 75/25 partnership of RVAEH. During the preparation of the interim consolidated financial statements for the quarter ended March 31, 2023, the Company evaluated whether it should have consolidated RVAEH due to its 75% ownership interest. As the Company had control and was the primary beneficiary of RVAEH, it was determined that RVAEH should have been consolidated in 2021 in accordance with Accounting Standards Codification (“ASC 810”), “Consolidation.” ​ The Company historically recognized its 75% ownership portion of RVAEH’s financial statements on its consolidated financial statements under the equity method of accounting. The adjustment primarily impacted restricted cash, other current assets, property and equipment, net, other current liabilities, other long-term liabilities, redeemable noncontrolling interests, and accumulated deficit in the consolidated balance sheets, and corporate selling, general and administrative expenses, and net income (loss) attributable to noncontrolling interests in the consolidated statements of operations. ​ ​ ​ Other Adjustments ​ The Company, in the process of correcting the immaterial errors discussed above, recorded other immaterial adjustments previously identified during fiscal year 2022. The adjustments, in aggregate, impacted trade accounts receivable, net, accounts payable, other long-term liabilities, and accumulated deficit in the consolidated balance sheets and selling, general and administrative expenses, corporate selling, general and administrative expenses, and related tax effect in the consolidated statements of operations. ​ Revised Consolidated Financial Statements ​ The following tables reflect the correction of the immaterial errors and adjustments, discussed above, on the affected line items presented in the Company’s consolidated financial statements as of and for the year ended December 31, 2022. The previously reported amounts were derived from the Company's fiscal year 2022 Form 10-K. These amounts are labeled as “As Previously Reported” in the tables below. The columns labeled “Adjustments” represent the combined effects of the corrections of the stock-based compensation, the consolidation of RVAEH, and related tax effects. The columns labeled “Other Adjustments” represent the combined effects of the corrections of other immaterial adjustments and related tax effects. ​ Revised Consolidated Balance Sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported Adjustments Other Adjustments As Revised ​ ​ (In thousands) ASSETS ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ Restricted cash ​ $ 19,975 ​ $ 6,500 ​ $ — $ 26,475 Trade accounts receivable, net of allowance for doubtful accounts of $9,223 ​ ​ 143,264 ​ ​ — ​ ​ (1,219) ​ 142,045 Other current assets ​ 8,372 ​ 378 ​ — 8,750 Total current assets ​ 289,747 ​ 6,878 ​ (1,219) 295,406 PROPERTY AND EQUIPMENT, net ​ 27,758 ​ 500 ​ — 28,258 Total assets ​ $ 1,338,487 ​ $ 7,378 ​ $ (1,219) $ 1,344,646 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 18,003 ​ $ — ​ $ (807) $ 17,196 Other current liabilities ​ 36,320 ​ 3,362 ​ — 39,682 Total current liabilities ​ 130,263 ​ 3,362 ​ ​ (807) 132,818 OTHER LONG-TERM LIABILITIES ​ 34,540 ​ 858 ​ (542) 34,856 DEFERRED TAX LIABILITIES, ​ 39,704 ​ (214) ​ (101) 39,389 Total liabilities ​ 979,417 ​ 4,006 ​ (1,450) 981,973 REDEEMABLE NONCONTROLLING INTERESTS ​ 25,298 ​ 6,625 ​ — 31,923 STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated deficit ​ (732,988) ​ (3,253) ​ 231 ​ (736,010) Total stockholders’ equity ​ 333,772 ​ (3,253) ​ 231 ​ 330,750 Total liabilities, redeemable noncontrolling interests and equity ​ $ 1,338,487 ​ $ 7,378 ​ $ (1,219) $ 1,344,646 ​ ​ Revised Consolidated Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ Other ​ ​ ​ ​ Reported ​ Adjustments ​ Adjustments As Revised ​ ​ (In thousands, except per share data) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative, including stock-based compensation of $239 ​ $ 160,230 ​ $ — ​ $ 412 ​ $ 160,642 Corporate selling, general and administrative, including stock-based compensation of $9,666 ​ ​ ​ 56,334 ​ ​ 3,728 ​ ​ (542) ​ ​ 59,520 Total operating expenses ​ ​ 389,917 ​ ​ 3,728 ​ ​ (130) ​ ​ 393,515 Operating income (loss) ​ ​ 94,687 ​ ​ (3,728) ​ ​ 130 ​ ​ 91,089 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 56,676 ​ ​ (3,728) ​ ​ 130 ​ ​ 53,078 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 16,721 ​ ​ (202) ​ ​ (101) ​ ​ 16,418 NET INCOME (LOSS) ​ ​ 39,955 ​ ​ (3,526) ​ ​ 231 ​ ​ 36,660 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 2,626 ​ ​ (309) ​ ​ — ​ ​ 2,317 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 37,329 ​ $ (3,217) ​ $ 231 ​ $ 34,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common stockholders ​ $ 0.76 ​ $ (0.06) ​ $ — ​ $ 0.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common stockholders ​ $ 0.72 ​ $ (0.06) ​ $ — ​ $ 0.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ Other ​ ​ ​ ​ Reported ​ Adjustments ​ Adjustments As Revised ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME (LOSS) ​ $ 58,232 ​ $ (3,526) ​ $ 231 ​ $ 54,937 LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ 2,626 ​ (309) ​ — ​ ​ 2,317 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 55,606 ​ $ (3,217) ​ $ 231 ​ $ 52,620 ​ Revised Consolidated Statement of Changes in Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders’ For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37,329 ​ ​ 37,329 Stock-based compensation expense ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 6,593 ​ ​ — ​ ​ 6,595 Repurchase of 5,124,671 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ (26,539) ​ ​ — ​ ​ (26,543) Exercise of options for 60,240 shares of Class D common stock ​ — — — — — — ​ 50 — ​ 50 Other comprehensive income, net of tax ​ ​ — ​ — ​ — ​ — ​ — ​ 18,277 ​ ​ — ​ — ​ ​ 18,277 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ — — — — — — ​ (5,616) — ​ (5,616) BALANCE, as of December 31, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 73,227 ​ $ 993,484 ​ $ (732,988) ​ $ 333,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders’ For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (36) ​ $ (36) Net (loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,986) ​ ​ (2,986) Total Adjustments ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (3,022) ​ $ (3,022) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders' For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,353) ​ $ 303,644 Net income (loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,343 ​ ​ 34,343 Stock-based compensation expense ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 6,593 ​ ​ — ​ ​ 6,595 Repurchase of 5,124,671 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ (26,539) ​ ​ — ​ ​ (26,543) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (5,616) — (5,616) Other comprehensive income, net of tax — — — — — 18,277 — — 18,277 BALANCE, as of December 31, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 73,227 ​ $ 993,484 ​ $ (736,010) ​ $ 330,750 ​ Revised Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ ​ ​ Other ​ As ​ Reported Adjustments Adjustments Revised ​ ​ (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 39,955 ​ $ (3,526) ​ $ 231 ​ $ 36,660 Adjustments to reconcile net income (loss) to net cash from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Bad debt expense ​ 1,425 ​ — ​ 412 ​ 1,837 Deferred income taxes ​ 14,878 ​ (202) ​ (101) ​ 14,575 Stock-based compensation ​ 6,595 ​ 3,317 ​ — ​ 9,912 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of change in operating assets and liabilities, net of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ Trade accounts receivable ​ (16,930) ​ — ​ 807 ​ (16,123) Prepaid expenses and other current assets ​ (6,691) ​ 40 ​ — ​ (6,651) Accounts payable ​ 1,111 ​ — ​ (807) ​ 304 Other liabilities ​ (3,710) ​ (141) ​ (542) ​ (4,393) Net cash flows provided by (used in) operating activities ​ 67,060 ​ (512) ​ — ​ 66,548 CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ Contributions from noncontrolling interest members of RVAEH ​ — ​ 512 ​ — ​ 512 Net cash flows provided by (used in) financing activities ​ (95,216) ​ 512 ​ — ​ (94,704) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period ​ 152,218 ​ 6,500 ​ — ​ 158,718 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period ​ $ 95,379 ​ $ 6,500 ​ $ — ​ $ 101,879 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	​ 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (a) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and money market funds at various commercial banks that have original maturities of 90 days or less. For cash and cash equivalents, cost approximates fair value. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, the Company has amounts held with banks that may exceed the amount of FDIC insurance provided on such accounts. Generally, the balances may be redeemed upon demand and are maintained with financial institutions of reputable credit, and, therefore, bear minimal credit risk. In July 2021, RVAEH, a previously consolidated joint venture of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort, (the “Project”), and the partners of RVAEH made an initial investment of $26.0 million (the “Upfront Payment”) into an escrow account. In February 2023, given a change in the joint venture ownership structure, RVAEH no longer met the consolidation requirements and therefore, the Company began accounting for its investment in RVAEH under the equity method. Accordingly, the Company, derecognized RVAEH (including $26.0 million in restricted cash) from its consolidated balance sheet. RVAEH’s restricted cash on the Company’s consolidated balance sheets was zero and $26.0 million as of March 31, 2023 and December 31, 2022, respectively. (b) Trade Accounts Receivable The Company adopted Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Trade accounts receivable, which consist of both billed and unbilled receivables, are recorded at their invoiced amount, and presented net of an allowance for expected credit loss. Inactive delinquent accounts that are past due beyond a certain number of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. Subsequent recoveries of these amounts are recorded as received. Allowance for Expected Credit Loss The changes in the allowance for expected credit loss are as follows: ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expenses, net ​ (1,278) Less: Deductions ​ (177) Balance at End of Period ​ $ 7,188 (1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13 . ​ (c) Financial Instruments As of March 31, 2023 and December 31, 2022, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt, and debt securities. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2023 and December 31, 2022, except for the Company’s long-term debt. On January 25, 2021, the Company borrowed $825.0 million in aggregate principal amount of senior secured notes due February 2028 and bearing interest at a rate of 7.375% (the “2028 Notes”). The 2028 Notes had a carrying value of approximately $725.0 million and fair value of approximately $645.3 million as of March 31, 2023, and had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022. The fair value of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading value of this instrument in an inactive market as of the reporting date. ​ (d) Revenue Recognition In accordance with 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. In general, spot advertising (both radio and cable television) as well as digital advertising is satisfied as advertising spots or as impressions are delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to distribute its television programming content through the license period, and the Company recognizes revenue based on the number of subscribers each month. Finally, for event-based revenue, the Company’s events typically occur on one specified date when revenue is recognized. However, there may be performance obligations that are satisfied in the weeks leading up to the event, such as radio and digital advertising, and in such instances revenue is recognized as the underlying performance obligations are satisfied based on the allocated transaction price and the pattern of delivery to the customer. ​ Within the radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue is recognized for each performance obligation based on the allocated transaction price and the pattern of transfer to the customer. The Company records as revenue the amount of consideration that it receives. For the radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $4.2 million and $3.7 million for the three months ended March 31, 2023 and 2022, respectively. ​ Within our digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized over time. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price, and is equal to the amount receivable from the customer. ​ The cable television segment derives advertising revenue from the sale of television airtime to advertisers and revenue is recognized over time when the advertisements are run. In the agreements governing advertising campaigns, the Company may also promise to deliver to its customers a guaranteed minimum number of viewers or impressions on a specific television network within a particular demographic. These guaranteed advertising campaigns are considered to represent a single, distinct performance obligation. Revenues are recognized based on the guaranteed audience level multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced amounts may exceed the value of the actual audience delivery. As such, a portion of revenues are deferred until the guaranteed audience level is delivered or the rights associated with the guaranteed lapse, which is typically less than one year. Audience guarantees are initially developed internally, based on planned programming, historical audience levels, and market trends. Actual audience and delivery information is obtained from independent ratings services. Agency and outside sales representative commissions were approximately $5.0 million and $5.1 million for the three months ended March 31, 2023 and 2022, respectively. ​ Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber royalty payable by the affiliate, in exchange for the right to distribute the Company’s programming. The majority of the Company’s distribution fees are collected monthly throughout the year and distribution revenue is recognized over the term of the contracts based on contracted programming rates and reported subscriber levels. The Company applies the sales- or usage-based royalty exception for its affiliate agreements. The amount of distribution fees due to the Company is reported by distributors based on actual subscriber levels. Such information is generally not received until after the close of the reporting period. In these cases, the Company estimates the number of subscribers receiving the Company’s programming to estimate royalty revenue. Historical adjustments to recorded estimates have not been material. Revenues from the Company’s cable television segment are reduced by the amortization of the Company’s launch support assets. ​ Some of the Company’s contracts with customers contain multiple performance obligations. In an arrangement with multiple distinct performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The stand-alone selling price is determined with consideration given to market conditions, the size and scope of the contract, customer information, and other factors. Revenue by Contract Type ​ The following chart shows the sources of our net revenue for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In thousands) ​ Radio advertising ​ $ 43,108 ​ $ 39,127 ​ Political advertising ​ 296 ​ ​ 532 ​ Digital advertising ​ 15,024 ​ ​ 15,482 ​ Cable television advertising ​ 25,822 ​ ​ 30,414 ​ Cable television affiliate fees ​ 23,837 ​ ​ 25,752 ​ Event revenues & other ​ 1,782 ​ ​ 824 ​ Net revenue ​ $ 109,869 ​ $ 112,131 ​ ​ Contract Assets and Liabilities ​ Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income, reserve for audience deficiency and unearned event income) that are not separately stated in our consolidated balance sheets at March 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 11,991 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 2,966 ​ $ 6,123 Reserve for audience deficiency ​ ​ 12,925 ​ ​ 9,629 Unearned event income ​ 9,412 ​ 5,708 ​ Unbilled receivables consist of earned revenue that has not yet been billed and is included in trade accounts receivable on the consolidated balance sheets. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term and are included in other current liabilities on the consolidated balance sheets. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the original airing. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. ​ For customer advances and unearned income as of January 1, 2023, $1.9 million was recognized as revenue during the three months ended March 31, 2023. For the reserve for audience deficiency, there was $0.5 million revenue recognized for the three months ended March 31, 2023. For unearned event income as of January 1, 2023, no revenue was recognized during the three months ended March 31, 2023. ​ Practical expedients and exemptions ​ The Company generally expenses employee sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. ​ The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, or (ii) contracts for which variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property. ​ ​ (e) Launch Support The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. For the three months ended March 31, 2023 and 2022, there was non-cash launch support additions of zero and approximately $18.8 million, respectively, for carriage initiation. The Company did not pay any launch support for carriage initiation during the three months ended March 31, 2023 and 2022. The weighted-average amortization period for launch support was approximately 8.1 years as of March 31, 2023 and December 31, 2022. The remaining weighted-average amortization period for launch support was 3.6 years and 3.8 years as of March 31, 2023 and December 31, 2022, respectively. Amortization is recorded as a reduction to revenue. For the three months ended March 31, 2023 and 2022, launch support asset amortization was approximately $1.2 million and $0.7 million, respectively. Launch assets are included in other intangible assets on the consolidated balance sheets, except for the portion of the unamortized balance that is expected to be amortized within one year which is included in other current assets. ​ (f) Barter Transactions In a barter transaction, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended March 31, 2023 and 2022, barter transaction revenues were approximately $0.6 million and $0.4 million, respectively. Barter transaction costs reflected in programming and technical expenses were approximately $0.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. Barter transactions reflected in selling, general and administrative expenses were approximately $0.2 million, for each of the three months ended March 31, 2023 and 2022. ​ (g) Advertising and Promotions (h) Earnings Per Share Basic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights. ​ Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. ​ For the calculation of diluted earnings per share, net income (loss) attributable to common stockholders for basic earnings per share (“EPS”) is adjusted by the effect of dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed earnings or losses are allocated based on the contractual participation rights of the Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method. ​ ​ ​ ​ ​ ​ The following table sets forth the calculation of basic and diluted earnings (loss) per share from continuing operations (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ (As Revised) ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders ​ $ (2,922) ​ $ 16,488 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic net (loss) income per share - weighted average outstanding shares ​ 47,420,832 ​ 51,182,831 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 3,914,950 ​ Denominator for diluted net (loss) income per share - weighted-average outstanding shares ​ 47,420,832 ​ 55,097,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – basic ​ $ (0.06) ​ $ 0.32 ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – diluted ​ $ (0.06) ​ $ 0.30 ​ ​ For the three months ended March 31, 2023, there were 2.7 million potentially dilutive securities that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period presented. There were no material potentially antidilutive securities excluded from the computation of diluted EPS for the three months ended March 31, 2022. ​ (i) Fair Value Measurements We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurement” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ​ The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: ​ Level 1 ​ Level 2 ​ Level 3 ​ 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 March 31, 2023 and December 31, 2022, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,597 ​ $ — ​ $ — ​ $ 25,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,116 ​ $ — ​ $ — ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 40,168 ​ ​ 40,168 ​ ​ — ​ ​ — Total ​ $ 176,994 ​ $ 40,168 ​ $ — ​ $ 136,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,741 ​ $ — ​ $ — ​ $ 25,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,298 ​ $ — ​ $ — ​ $ 25,298 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 39,798 ​ ​ 39,798 ​ ​ ​ ​ ​ — Total ​ $ 176,624 ​ $ 39,798 ​ ​ — ​ $ 136,826 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008 and with terms amended in September 2022, 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 the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. ​ (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. ​ (c) The investment in MGM National Harbor was preferred stock that had a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of March 31, 2023 and December 31, 2022, the investment’s fair value was measured using a contractual valuation approach. This method relied on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put was based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique were specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. ​ (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value. ​ There were no transfers within ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,298 Net income attributable to noncontrolling interests ​ — ​ — ​ 511 Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (144) ​ 1,308 Balance at March 31, 2023 ​ $ 136,826 ​ $ 25,597 ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ ​ 144 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2021 ​ $ 112,600 ​ $ 28,193 ​ $ 18,655 Net income attributable to noncontrolling interests ​ — ​ — ​ 701 Change in fair value included within other comprehensive income ​ ​ 10,400 ​ ​ — ​ ​ — Change in fair value ​ — ​ 579 ​ 871 Balance at March 31, 2022 ​ $ 123,000 ​ $ 28,772 ​ $ 20,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ $ (579) ​ $ — ​ Losses and gains included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the Employment Agreement Award for the three months ended March 31, 2023 and 2022. ​ ​ For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2023 2022 ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment Agreement Award Discounted cash flow Discount rate 10.5 % 10.5 % Employment Agreement Award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment Agreement Award Discounted cash flow ​ Operating profit margin range ​ 34.2% - 46.7 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.3)% - 2.6 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.8 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.3 % Redeemable noncontrolling interest Discounted cash flow ​ Operating profit margin range ​ 26.6% - 29.8 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.2% - 31.8 % 0.2% - 32.2 % ​ Any significant increases or decreases in unobservable 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. See Note 5 – Radio Broadcasting Licenses ​ (j) Leases The Company determines whether a contract is, or contains, a lease at inception. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. ​ Lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. Many of the Company’s leases provide 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. ​ For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities and records rent expense over the lease term. The consideration in the lease contracts is separate between the lease and non-lease components. All variable non-lease components are expensed as incurred. ​ The Company’s leases are for office space, studio space, broadcast towers, and transmitter facilities that expire over the next fifty years. ​ ​ ​ ​ ​ ​ The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ 2023 2022 ​ ​ ​ ​ (Dollars In thousands) ​ ​ Operating lease cost (cost resulting from lease payments) ​ ​ $ 2,949 ​ $ 3,246 ​ ​ Variable lease cost (cost excluded from lease payments) ​ ​ 11 ​ ​ 10 ​ ​ Total lease cost ​ ​ $ 2,960 ​ $ 3,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ ​ $ 3,102 ​ $ 3,503 ​ ​ Operating lease - operating cash flows (liability reduction) ​ ​ $ 2,251 ​ $ 2,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ ​ ​ 5.34 years ​ 4.80 years ​ Weighted average discount rate - operating leases ​ ​ ​ 11.00 % ​ 11.00 % ​ ​ As of March 31, 2023, maturities of lease liabilities (inclusive of lease liabilities held for sale) were as follows: ​ ​ ​ ​ ​ For the Year Ended December 31, (In thousands) For the remaining nine months ending December 31, 2023 ​ $ 8,745 2024 ​ 10,822 2025 ​ 6,891 2026 ​ 5,121 2027 ​ 3,550 Thereafter ​ 8,486 Total future lease payments ​ 43,615 Less: imputed interest ​ (10,748) Less: leases held for sale ​ (2,407) Total lease liabilities ​ $ 30,460 ​ (k) Impact of Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments” Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates ​ The Company adopted ASU 2016-13 during the first quarter of 2023 using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening retained earnings in the consolidated balance sheet to be recognized on the date of adoption without restating prior years. The cumulative-effect adjustment on January 1, 2023 is $0.6 million. ​ In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , ​ In October 2021, the FASB issued ASU 2021-08, “ Business Combination (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers (Topic 606) ​ (l) Redeemable Noncontrolling Interest ​ Redeemable noncontrolling interests are interests held by third parties in the Company’s subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital. ​ (m) Investments ​ Available-for-sale securities ​ ​ The Company classified its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available for sale were carried at fair value with unrealized gains and losses, net of deferred taxes, reflected in accumulated other comprehensive income. Net realized gains and losses on sales of available for sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the consolidated statements of operations. ​ On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), a wholly-owned subsidiary of the Company, issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGMNH. On April 21, 2023, ROEH closed on the sale of the Put Interest and the Company received approximately $136.8 million. Please refer to Note 12 – Subsequent Events ​ The investment entitled the Company to an annual cash distribution based on net gaming revenue. As the Company exercised its Put Interest in March 2023, the Company did not have any distribution income for the three months ended March 31, 2023. The Company recognized approximately $2.0 million in distribution income, which is included in other income, net on the consolidated statements of operations for the three months

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2023
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	4 On April 11, 2023, the Company entered into a definitive asset purchase agreement with Cox Media Group (“CMG”) to purchase its Houston radio cluster. Under the terms of the agreement, Urban One agreed to acquire 93Q Country KKBQ-FM, classic rock station The Eagle 106.9 & 107.5 KHPT-FM and KGLK-FM, and Country Legends 97.1 KTHT-FM. The transaction price was $27.5 million. The acquisition was completed on August 1, 2023. Please refer to Note 12 – Subsequent Events ​ On June 13, 2022, the Company entered into a definitive asset purchase agreement with Emmis Communications (“Emmis”) to purchase its Indianapolis Radio Cluster to expand the Company’s market presence. The deal was subject to FCC approval and other customary closing conditions and, after obtaining the approvals, closed on August 31, 2022. Urban One acquired radio stations WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM), translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and Network Indiana for $25 million. As part of the transaction, the Company disposed of its former WHHH radio broadcasting license along with the intellectual property related to WNOW (there was a call letter change from WHHH to WNOW immediately prior to the close) to a third party for approximately $3.2 million. The fair value of the assets disposed approximated the carrying value of the assets. The Company recognized a net loss of approximately $0.1 million related to the disposal transaction during the year ended December 31, 2022. ​ The Company’s purchase accounting to reflect the fair value of assets acquired and liabilities assumed in the Emmis transaction consisted of approximately $23.6 million to radio broadcasting licenses, $0.2 million to towers and antennas, $0.3 million to transmitters, $0.2 million to studios, $0.1 million to vehicles, $27,000 to furniture, fixtures, computer equipment and computer software, $0.1 million to acquired advertising contracts, $0.4 million to goodwill, and $1.2 million to right of use assets and operating lease liabilities Unaudited Pro Forma Information ​ The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2022: ​ ​ ​ ​ ​ ​ For The Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ ​ (In thousands) Net revenue $ 116,493 Operating income ​ 36,689 Net income ​ 17,313 ​ This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other accounting adjustments, and is not indicative of what our results would have been had we operated Emmis for the period presented because the pro forma results do not reflect expected synergies. The pro forma adjustments primarily reflect depreciation expense and amortization of tangible and intangible assets related to the fair value adjustments of the assets acquired. The pro forma adjustments are based on available information and assumptions that the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis.

RADIO BROADCASTING LICENSES

RADIO BROADCASTING LICENSES	3 Months Ended
	Mar. 31, 2023
RADIO BROADCASTING LICENSES
RADIO BROADCASTING LICENSES	5 Broadcasting Licenses The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the three months ended March 31, 2023. ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ (Unaudited) ​ ​ ​ (In thousands) Balance at January 1, 2023 ​ ​ $ 488,419 Impairment charges ​ ​ ​ (16,775) Reclassification of amounts to assets held for sale ​ (7,276) Balance at March 31, 2023 ​ ​ $ 464,368 ​ The Company recorded an impairment loss of $16.8 million associated with the expected sale of the KROI-FM radio broadcasting license as discussed in Note 4 – Acquisitions and Dispositions

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
LONG-TERM DEBT
LONG-TERM DEBT	6 Long-term debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) 7.375% Senior Secured Notes due February 2028 ​ $ 725,000 ​ $ 750,000 Total debt ​ 725,000 ​ 750,000 Less: current portion of long-term debt ​ — ​ — Less: original issue discount and issuance costs ​ 10,220 ​ 11,000 Long-term debt, net ​ $ 714,780 ​ $ 739,000 ​ 7.375% 2028 Notes On January 7, 2021, the Company launched an offering (the “2028 Notes Offering”) of $825 million in aggregate principal amount of 7.375% senior secured notes due 2028 (the “2028 Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). On January 8, 2021, the Company entered into a purchase agreement with respect to the 2028 Notes at an issue price of 100% and the 2028 Notes Offering closed on January 25, 2021. The 2028 Notes are general senior secured obligations of the Company and are guaranteed on a senior secured basis by certain of the Company’s direct and indirect restricted subsidiaries. The 2028 Notes mature on February 1, 2028 and interest on the Notes accrues and is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2021 at the rate of 7.375% per annum. The 2028 Notes and the guarantees are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by substantially all of the Company’s and the Guarantors’ current and future property and assets (other than accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets that secure our asset-backed revolving credit facility on a first priority basis (the “ABL Priority Collateral”)), including the capital stock of each guarantor (collectively, the “Notes Priority Collateral”) and (ii) on a second priority basis by the ABL Priority Collateral. The 2028 Notes require the Company to file quarterly and annual reports with the SEC within a specified time period after the Company’s filing deadlines. However, failure to comply does not constitute an event of default unless the Company does not comply within 120 days after receiving written notice from the Trustee. The Company has not received any such notice. The associated debt issuance costs in the amount of approximately $15.4 million is reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility using the effective interest rate method. The amortization of deferred financing costs is charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for all instruments, for each of the three months ended March 31, 2023 and 2022, was approximately $0.5 million. The Company’s effective interest rate for 2023 was 7.63% and for 2022 was 7.72% . During the quarter ended March 31, 2023, the Company repurchased $25.0 million of its 2028 Notes at an average price of approximately 89.1% of par. The Company recorded a net gain on retirement of debt of approximately $2.4 million for the quarter ended March 31, 2023. The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2028 Notes. PPP Loan On January 29, 2021, the Company submitted an application for participation in the second round of the Paycheck Protection Program loan program (“PPP”) and on June 1, 2021, the Company received proceeds of approximately $7.5 million. During the quarter ended June 30, 2022, the PPP loan and related accrued interest was forgiven and recorded as other income in the amount of approximately $7.6 million. Prior to being forgiven, the loan bore interest at a fixed rate of 1% per year and was scheduled to mature June 1, 2026. Asset-Backed Credit Facilities On February 19, 2021, the Company closed its current asset backed credit facility (the “Current ABL Facility”). The Current ABL Facility is governed by a credit agreement by and among the Company, the other borrowers party thereto, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent. The Current ABL Facility provides for up to $50.0 million revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. The Current ABL Facility also provides for a letter of credit facility up to $5.0 million as a part of the overall $50.0 million in capacity. On closing of the Current ABL Facility, the former facility was terminated on February 19, 2021. As of March 31, 2023 and December 31, 2022, there was no balance outstanding on the Current ABL Facility. At the Company’s election, the interest rate on borrowings under the Current ABL Facility is based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the Current ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the Current ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. See Note 12 – Subsequent Events Advances under the Current ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the Current ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the Current ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the Current ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the Current ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the Current ABL Facility are secured by a first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the Current ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company. The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. The Company has obtained waivers due to certain events of default related to the Company's failure to timely deliver certain financial deliverables. See Note 12 – Subsequent Events The Current ABL Facility matures on the earlier to occur of: (a) the date that is five ( 5 The Current ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association. See Note 12 – Subsequent Events Letter of Credit Facility The Company had a letter of credit reimbursement and security agreement with capacity of up to $1.2 million which expires on October 8, 2024. As of March 31, 2023, the Company had letters of credit totaling $0.8 million under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. In addition, the Current ABL Facility provides for letter of credit capacity of up to $5.0 million subject to certain limitations on availability. Future Minimum Principal Payments Future scheduled minimum principal payments of debt as of March 31, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ 7.375% Senior ​ ​ Secured Notes due ​ February 2028 ​ ​ (In thousands) April - December 2023 $ — 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ — 2028 and thereafter ​ ​ 725,000 Total debt $ 725,000 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	7. INCOME TAXES: The Company uses the estimated annual effective tax rate method under ASC 740-270, “Interim Reporting” to calculate the provision for income taxes. The Company recorded a benefit from income taxes of approximately $1.2 million on pre-tax loss from continuing operations of approximately $3.6 million for the three months ended March 31, 2023, which results in an effective tax rate of approximately 32.5%. This rate is based on the estimated annual effective tax rate of approximately 27.6%, and discrete tax benefits of approximately $94,000 primarily related to statutory state tax rates and apportionment changes. In accordance with ASC 740, “Accounting for Income Taxes,” the Company continues to evaluate the realizability of its net deferred tax assets (“DTAs”) by assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of March 31, 2023, 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. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. The Company believes that it is reasonably possible that a decrease of up to $57,000 of unrecognized tax benefits related to state tax exposures may occur within the next twelve months.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY: Stock Repurchase Program From time to time, the Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). During the three months ended March 31, 2023, the Company repurchased 824 shares of Class D common stock for approximately $3,000 at an average price of $3.99 per share. As of March 31, 2023, the Company had approximately $10.0 million remaining under its most recent and open authorization with respect to its Class A and Class D common stock. During the three months ended March 31, 2022, the Company did not repurchase any shares of Class A common stock and Class D common stock. On September 27, 2022, the Compensation Committee authorized the repurchase of up to $500,000 worth of shares in the aggregate from employees who want to sell in connection with the Company’s most recent employee stock grant. During the three months ended March 31, 2023, the Company did not repurchase any shares of Class A or Class D stock under this authorization. In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the 2019 Equity and Performance Incentive Plan. This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2019 Equity and Performance Incentive Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended March 31, 2023 and 2022, the Company executed Stock Vest Tax Repurchases of 255,618 shares of Class D Common Stock in the amount of approximately $1.3 million at an average price of $5.17 per share and 2,649 shares of Class D Common Stock in the amount of $10,000 at an average price of $3.63 per share, respectively. Stock Option and Restricted Stock Grant Plan The Company has one equity and performance incentive plan, the 2019 Equity and Performance Incentive Plan, for stock options and restricted stock. Both Class A and Class D common stock are available for grant. The Company uses an average life for all option awards. The Company settles stock options, net of tax, upon exercise by issuing stock. During the quarter ended March 31, 2023, the Compensation Committee awarded certain executive officers and management personnel 743,599 restricted shares of the Company’s Class D common stock, and stock options to purchase 439,429 shares of the Company’s Class D common stock. Of these awards, 688,987 restricted shares of the Company’s Class D common stock and stock options to purchase 415,141 shares of the Company’s Class D common stock vested upon grant. In connection with the vesting of these awards, a total of 226,980 shares were disposed of to settle the recipients’ tax obligations. Pursuant to the terms of each of our stock plans and subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold in the open market for tax purposes on or about the vesting dates. The Company granted a total of 439,429 and 6,887 options to purchase the Company’s Class D shares during the three months ended March 31, 2023, and 2022, respectively. Transactions and other information relating to stock options for the three months ended March 31, 2023, are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ Number of ​ Weighted-Average ​ Contractual Term ​ Intrinsic ​ ​ Options ​ Exercise Price ​ (In Years) ​ Value Outstanding at December 31, 2022 4,594,734 ​ $ 2.59 5.72 ​ $ 5,871,492 Grants 439,429 ​ ​ 5.14 — ​ — Exercised — ​ ​ — — ​ — Forfeited/cancelled/expired/settled — ​ ​ — — ​ — Balance as of March 31, 2023 5,034,163 ​ $ 2.81 5.86 ​ $ 13,575,645 Vested and expected to vest at March 31, 2023 4,982,498 ​ ​ 2.80 5.82 ​ ​ 13,510,620 Unvested at March 31, 2023 441,730 ​ ​ 4.28 9.51 ​ ​ 539,477 Exercisable at March 31, 2023 4,592,433 ​ ​ 2.67 5.51 ​ ​ 13,036,168 ​ 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 three months ended March 31, 2023, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2023. This amount changes based on the fair market value of the Company’s stock. There were no options exercised during the three months ended March 31 2023 and 2022, respectively. A total of 463,497 and 16,795 options vested during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, approximately $0.9 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 14 months. The weighted-average fair value per share of shares underlying stock options was $1.76 at March 31, 2023. The Company did not grant any options to purchase shares of Class A common stock during the three months ended March 31, 2023 and 2022. The Company granted a total of 743,599 and 6,887 restricted shares of Class D common stock during the three months ended March 31, 2023 and 2022, respectively. Activity relating to grants of restricted shares of Class D common stock for the three months ended March 31, 2023, are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Fair Value ​ ​ ​ ​ at Grant ​ ​ Shares ​ Date Unvested at December 31, 2022 434,264 ​ $ 4.27 Grants 743,599 ​ ​ 5.13 Vested (771,729) ​ ​ 5.04 Forfeited/cancelled/expired — ​ ​ — Unvested at March 31, 2023 406,134 ​ $ 4.39 ​ The Company did not award any restricted shares of Class A common stock during the three months ended March 31, 2023 and 2022. There were no restricted shares of Class A common stock that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of March 31, 2023 and no unvested shares of restricted Class A common stock as of March 31, 2022. ​ Restricted stock grants for Class A and Class D shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of March 31, 2023, approximately $3.1 million of total unrecognized compensation cost related to awards of restricted Class A common stock is expected to be recognized over a weighted-average period of 21 months. As of March 31, 2023, approximately $1.2 million of total unrecognized compensation cost related to awards of restricted Class D common stock is expected to be recognized over a weighted-average period of 12 months.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	9. 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 results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of goodwill, intangible assets, and long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation. The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies Detailed segment data for the three months ended March 31, 2023 and 2022, is presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 ​ ​ (Unaudited) ​ ​ (In thousands) ​ ​ ​ ​ ​ (As Revised) Net Revenue: ​ ​ Radio Broadcasting ​ $ 35,180 ​ $ 31,493 Reach Media ​ 10,917 ​ 10,030 Digital ​ 15,071 ​ 15,486 Cable Television ​ 49,677 ​ 56,216 All other - corporate/eliminations* ​ (976) ​ (1,094) Consolidated ​ $ 109,869 ​ $ 112,131 ​ ​ ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio Broadcasting ​ $ 26,448 ​ $ 23,618 Reach Media ​ 7,736 ​ 6,196 Digital ​ 11,350 ​ 10,864 Cable Television ​ 29,383 ​ 25,929 All other - corporate/eliminations ​ 7,460 ​ 6,658 Consolidated ​ $ 82,377 ​ $ 73,265 ​ ​ ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio Broadcasting ​ $ 917 ​ $ 815 Reach Media ​ 40 ​ 47 Digital ​ 337 ​ 333 Cable Television ​ 965 ​ 946 All other - corporate/eliminations ​ 338 ​ 264 Consolidated ​ $ 2,597 ​ $ 2,405 ​ ​ ​ ​ ​ ​ ​ Impairment of Goodwill, Intangible Assets, and Long-Lived Assets: ​ ​ ​ ​ Radio Broadcasting ​ $ 16,775 ​ $ — Reach Media ​ — ​ — Digital ​ — ​ — Cable Television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 16,775 ​ $ — ​ ​ ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio Broadcasting ​ $ (8,960) ​ $ 7,060 Reach Media ​ 3,141 ​ 3,787 Digital ​ 3,384 ​ 4,289 Cable Television ​ 19,329 ​ 29,341 All other - corporate/eliminations ​ (8,774) ​ (8,016) Consolidated ​ $ 8,120 ​ $ 36,461 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio Broadcasting $ (976) $ (1,094) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ ​ ​ ​ Radio broadcasting $ 1,015 $ 640 Reach Media ​ 34 ​ 21 Digital ​ 600 ​ 225 Cable television ​ 11 ​ 383 All other - corporate/eliminations ​ 349 ​ 307 Consolidated ​ $ 2,009 ​ $ 1,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) ​ ​ ​ ​ ​ (As Revised) Total assets: ​ ​ ​ ​ ​ ​ Radio broadcasting ​ $ 584,446 ​ $ 605,703 Reach Media ​ 44,228 ​ 48,936 Digital ​ 27,334 ​ 35,766 Cable television ​ 409,899 ​ 414,324 All other - corporate/eliminations ​ 218,564 ​ 239,917 Consolidated ​ $ 1,284,471 ​ $ 1,344,646 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES: Radio Broadcasting Licenses Each of the Company’s radio stations operates pursuant to one or more licenses issued by the Federal Communications Commission that have a maximum term of eight years prior to renewal. The Company’s radio broadcasting licenses expire at various times beginning in October 2027 through August 1, 2030. Although the Company may apply to renew its radio broadcasting licenses, third parties may challenge the Company’s renewal applications. The Company is not aware of any facts or circumstances that would prevent the Company from having its current licenses renewed. A station may continue to operate beyond the expiration date of its license if a timely filed license renewal application was filed and is pending. 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 . ​ Reach Media Redeemable Noncontrolling Interests Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One. The noncontrolling interest shareholders of Reach Media did not exercise their Put Right for the 30-day period ending January 31, 2023. Management, at this time, cannot reasonably determine the period when and if the put right will be exercised by the noncontrolling interest shareholders. Letters of Credit The Company currently is under a letter of credit reimbursement and security agreement with capacity of up to $1.2 million which expires on October 8, 2024. As of March 31, 2023, the Company had letters of credit totaling $0.8 million under the agreement for certain operating leases and certain insurance policies. Letters of credit issued under the agreement are required to be collateralized with cash. In addition, the Current ABL Facility provides for letter of credit capacity of up to $5.0 million subject to certain limitations on availability. ​ ​ ​ Other Contingencies ​ The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)	3 Months Ended
	Mar. 31, 2023
QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)
QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)	11. QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) The Company has revised quarterly and year-to-date unaudited consolidated financial statements for the quarters ended March 31, June 30, and September 30, 2022. See Note 2 – Revision of Previously Issued Financial Statements Revised Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 (unaudited) ​ As of June 30, 2022 (unaudited) ​ As of September 30, 2022 (unaudited) ​ As Previously ​ ​ ​ ​ As Previously ​ ​ ​ As Previously ​ ​ ​ ​ ​ Reported ​ Adjustments ​ As Revised ​ Reported ​ Adjustments ​ As Revised ​ Reported ​ Adjustments ​ As Revised ​ ​ (In thousands) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 19,973 ​ $ 6,500 ​ $ 26,473 ​ $ 19,973 ​ $ 6,500 ​ $ 26,473 ​ $ 19,974 ​ $ 6,500 ​ $ 26,474 Other current assets ​ 7,134 ​ 155 ​ ​ 7,289 ​ 6,774 ​ 275 ​ 7,049 ​ 7,676 ​ 353 ​ 8,029 Total current assets ​ 325,305 ​ 6,655 331,960 ​ 310,150 ​ 6,775 ​ 316,925 ​ 286,190 ​ 6,853 ​ 293,043 PROPERTY AND EQUIPMENT, net ​ 26,243 ​ 500 ​ ​ 26,743 ​ 26,913 ​ 500 ​ 27,413 ​ 27,529 ​ 500 ​ 28,029 Total assets ​ $ 1,363,064 ​ $ 7,155 $ 1,370,219 ​ $ 1,335,248 ​ $ 7,275 ​ $ 1,342,523 ​ $ 1,322,693 ​ $ 7,353 ​ $ 1,330,046 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 33,776 ​ $ 13 ​ $ 33,789 ​ $ 29,582 ​ $ 13 ​ $ 29,595 ​ $ 38,624 ​ $ 133 ​ $ 38,757 Total current liabilities ​ 100,162 ​ 13 100,175 ​ 109,997 ​ 13 ​ 110,010 ​ 112,999 ​ 133 ​ 113,132 OTHER LONG-TERM LIABILITIES ​ 36,243 ​ 567 ​ ​ 36,810 ​ 37,555 ​ 1,055 ​ 38,610 ​ 35,359 ​ 908 ​ 36,267 DEFERRED TAX LIABILITIES, ​ 26,843 ​ (9) 26,834 ​ 30,368 ​ (98) ​ 30,270 ​ 31,284 ​ (55) ​ 31,229 Total liabilities ​ 1,015,525 ​ 571 1,016,096 ​ 996,163 ​ 970 ​ 997,133 ​ 982,345 ​ 986 ​ 983,331 REDEEMABLE NONCONTROLLING INTERESTS ​ 20,227 ​ 6,625 ​ ​ 26,852 ​ 20,434 ​ 6,625 ​ 27,059 ​ 22,327 ​ 6,625 ​ 28,952 STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated deficit ​ (753,824) ​ (41) ​ (753,865) ​ ​ (737,251) ​ (320) ​ ​ (737,571) ​ (733,844) ​ (258) ​ ​ (734,102) Total stockholders’ equity ​ 327,312 ​ (41) ​ 327,271 ​ ​ 318,651 ​ (320) ​ ​ 318,331 ​ 318,021 ​ (258) ​ ​ 317,763 Total liabilities, redeemable noncontrolling interests and stockholders’ equity ​ $ 1,363,064 ​ $ 7,155 $ 1,370,219 ​ $ 1,335,248 ​ $ 7,275 ​ $ 1,342,523 ​ $ 1,322,693 ​ $ 7,353 ​ $ 1,330,046 ​ Revised Quarterly Consolidated Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Three Months Ended June 30, 2022 (unaudited) ​ Three Months Ended September 30, 2022 (unaudited) ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ As Previously ​ ​ As Previously ​ ​ As ​ ​ Reported ​ Adjustments ​ Revised ​ Reported ​ Adjustments ​ Revised ​ Reported ​ Adjustments ​ Revised ​ ​ (In thousands) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate selling, general and administrative, including stock-based compensation of $124, $336 and $5,109, respectively ​ $ 9,460 ​ $ 77 ​ $ 9,537 ​ $ 11,864 ​ $ 488 ​ $ 12,352 ​ $ 14,908 ​ $ (22) ​ $ 14,886 Total operating expenses ​ ​ 75,593 ​ ​ 77 ​ ​ 75,670 ​ ​ 92,794 ​ ​ 488 ​ ​ 93,282 ​ ​ 103,276 ​ ​ (22) ​ ​ 103,254 Operating income (loss) ​ ​ 36,538 ​ ​ (77) ​ ​ 36,461 ​ ​ 25,863 ​ ​ (488) ​ ​ 25,375 ​ ​ 17,974 ​ ​ 22 ​ ​ 17,996 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 22,656 ​ ​ (77) ​ ​ 22,579 ​ ​ 21,557 ​ ​ (488) ​ ​ 21,069 ​ ​ 6,937 ​ ​ 22 ​ ​ 6,959 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 5,462 ​ ​ 3 ​ ​ 5,465 ​ ​ 4,214 ​ ​ (89) ​ ​ 4,125 ​ ​ 3,170 ​ ​ 43 ​ ​ 3,213 NET INCOME (LOSS) ​ ​ 17,194 ​ ​ (80) ​ ​ 17,114 ​ ​ 17,343 ​ ​ (399) ​ ​ 16,944 ​ ​ 3,767 ​ ​ (21) ​ ​ 3,746 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 701 ​ ​ (75) ​ ​ 626 ​ ​ 770 ​ ​ (120) ​ ​ 650 ​ ​ 360 ​ ​ (83) ​ ​ 277 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 16,493 ​ $ (5) ​ $ 16,488 ​ $ 16,573 ​ $ (279) ​ $ 16,294 ​ $ 3,407 ​ $ 62 ​ $ 3,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Year to Date Consolidated Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ As Previously Reported ​ Adjustments As Revised As Previously Reported ​ ​ Adjustments As Revised ​ ​ (In thousands) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate selling, general and administrative, including stock-based compensation of $460 and $5,569, respectively ​ $ 21,324 ​ $ 565 ​ $ 21,889 ​ $ 36,232 ​ $ 543 ​ $ 36,775 Total operating expenses ​ ​ 168,387 ​ ​ 565 ​ ​ 168,952 ​ ​ 271,663 ​ ​ 543 ​ ​ 272,206 Operating income (loss) ​ ​ 62,401 ​ ​ (565) ​ ​ 61,836 ​ ​ 80,375 ​ ​ (543) ​ ​ 79,832 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 44,213 ​ ​ (565) ​ ​ 43,648 ​ ​ 51,150 ​ ​ (543) ​ ​ 50,607 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 9,676 ​ ​ (86) ​ ​ 9,590 ​ ​ 12,846 ​ ​ (43) ​ ​ 12,803 NET INCOME (LOSS) ​ ​ 34,537 ​ ​ (479) ​ ​ 34,058 ​ ​ 38,304 ​ ​ (500) ​ ​ 37,804 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 1,471 ​ ​ (195) ​ ​ 1,276 ​ ​ 1,831 ​ ​ (278) ​ ​ 1,553 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 33,066 ​ $ (284) ​ $ 32,782 ​ $ 36,473 ​ $ (222) ​ $ 36,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Quarterly Consolidated Statements of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Three Months Ended June 30, 2022 (unaudited) ​ Three Months Ended September 30, 2022 (unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported ​ Adjustments As Revised Reported ​ Adjustments As Revised Reported ​ Adjustments As Revised ​ ​ (In thousands) COMPREHENSIVE INCOME (LOSS) ​ $ 25,090 ​ $ (80) ​ $ 25,010 ​ $ 17,418 ​ $ (399) ​ $ 17,019 $ (1,929) ​ $ (21) ​ $ (1,950) LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 701 ​ ​ (75) ​ ​ 626 ​ ​ 770 ​ ​ (120) ​ ​ 650 ​ 360 ​ (83) ​ 277 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 24,389 ​ $ (5) ​ $ 24,384 ​ $ 16,648 ​ $ (279) ​ $ 16,369 ​ $ (2,289) ​ $ 62 ​ $ (2,227) ​ Revised Year to Date Consolidated Statements of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ ​ As Previously ​ ​ ​ ​ As ​ As Previously ​ ​ ​ ​ As ​ Reported Adjustments Revised Reported Adjustments Revised ​ ​ (In thousands) COMPREHENSIVE INCOME (LOSS) ​ $ 42,508 ​ $ (479) ​ $ 42,029 ​ $ 40,579 ​ $ (500) ​ $ 40,079 LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 1,471 ​ ​ (195) ​ ​ 1,276 ​ ​ 1,831 ​ ​ (278) ​ ​ 1,553 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 41,037 ​ $ (284) ​ $ 40,753 ​ $ 38,748 ​ $ (222) ​ $ 38,526 ​ Revised Consolidated Statements of Changes in Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the three months ended March 31, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16,493 ​ ​ 16,493 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 124 ​ — ​ 124 Repurchase of 2,649 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (10) ​ — ​ ​ (10) Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (871) ​ — ​ ​ (871) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,896 ​ ​ — ​ ​ — ​ ​ 7,896 BALANCE, as of March 31, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 62,846 ​ $ 1,018,239 ​ $ (753,824) ​ $ 327,312 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) ​ ​ (5) Total Adjustments March 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (41) ​ $ (41) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16,488 ​ ​ 16,488 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 124 ​ — ​ 124 Repurchase of 2,649 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ (10) ​ ​ — ​ ​ (10) Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ (871) ​ ​ — ​ ​ (871) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,896 ​ ​ — ​ ​ — ​ ​ 7,896 BALANCE, as of March 31, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 62,846 ​ $ 1,018,239 ​ $ (753,865) ​ $ 327,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the six months ended June 30, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 33,066 ​ ​ 33,066 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 460 ​ — ​ 460 Repurchase of 4,684,419 shares of Class D common ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ (24,665) ​ — ​ ​ (24,669) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (1,907) ​ — ​ ​ (1,907) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,971 ​ ​ — ​ ​ — ​ ​ 7,971 BALANCE, as of June 30, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 33 ​ $ 62,921 ​ $ 992,934 ​ $ (737,251) ​ $ 318,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (284) ​ ​ (284) Total Adjustments June 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (320) ​ $ (320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 32,782 ​ ​ 32,782 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 460 ​ — ​ 460 Repurchase of 4,684,419 shares of Class D common ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ ​ (24,665) ​ ​ — ​ ​ (24,669) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,907) ​ ​ — ​ ​ (1,907) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,971 ​ ​ — ​ ​ — ​ ​ 7,971 BALANCE, as of June 30, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 33 ​ $ 62,921 ​ $ 992,934 ​ $ (737,571) ​ $ 318,331 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the nine months ended September 30, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,473 ​ ​ 36,473 Stock-based compensation expense ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 5,467 ​ — ​ 5,469 Repurchase of 4,684,419 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ (26,482) ​ — ​ (26,486) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (3,440) ​ — ​ (3,440) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,275 ​ ​ — ​ ​ — ​ ​ 2,275 BALANCE, as of September 30, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 57,225 ​ $ 994,591 ​ $ (733,844) ​ $ 318,021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (222) ​ ​ (222) Total Adjustments September 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (258) ​ $ (258) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,251 ​ ​ 36,251 Stock-based compensation expense ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 5,467 ​ — ​ 5,469 Repurchase of 4,684,419 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ ​ (26,482) ​ ​ — ​ ​ (26,486) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,440) ​ ​ — ​ ​ (3,440) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,275 ​ ​ — ​ ​ — ​ ​ 2,275 BALANCE, as of September 30, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 57,225 ​ $ 994,591 ​ $ (734,102) ​ $ 317,763 ​ ​ ​ ​ ​ ​ ​ ​ Revised Consolidated Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ ​ ​ As ​ Previously ​ ​ ​ ​ As ​ Previously ​ ​ ​ ​ As ​ Reported Adjustments Revised Reported Adjustments Revised ​ Reported Adjustments Revised ​ ​ (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 17,194 ​ $ (80) ​ $ 17,114 ​ $ 34,537 ​ $ (479) ​ $ 34,058 ​ $ 38,304 ​ $ (500) ​ $ 37,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ 5,462 ​ 3 ​ 5,465 ​ 8,962 ​ (86) ​ 8,876 ​ 11,682 ​ (43) ​ 11,639 Stock-based compensation ​ 124 ​ — ​ 124 ​ 460 ​ — ​ 460 ​ 5,469 ​ 105 ​ 5,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of change in operating assets and liabilities, net of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets ​ (592) ​ 263 ​ (329) ​ (394) ​ 143 ​ (251) ​ (2,279) ​ 65 ​ (2,214) Other liabilities ​ ​ (3,491) ​ ​ (464) ​ ​ (3,955) ​ ​ (5,017) ​ ​ 24 ​ ​ (4,993) ​ ​ 3,317 ​ ​ (108) ​ ​ 3,209 Net cash flows provided by (used in) operating activities ​ ​ 15,734 ​ ​ (278) ​ ​ 15,456 ​ ​ 43,624 ​ ​ (398) ​ ​ 43,226 ​ ​ 54,067 ​ ​ (481) ​ ​ 53,586 CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contributions from noncontrolling interest members of RVAEH ​ ​ — ​ ​ 278 ​ ​ 278 ​ ​ — ​ ​ 398 ​ ​ 398 ​ ​ ​ ​ ​ 481 ​ ​ 481 Net cash flows provided by (used in) financing activities ​ ​ (10) ​ ​ 278 ​ ​ 268 ​ ​ (48,968) ​ ​ 398 ​ ​ (48,570) ​ ​ (73,562) ​ ​ 481 ​ ​ (73,081) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period ​ $ 166,366 ​ $ 6,500 ​ $ 172,866 ​ $ 143,003 ​ $ 6,500 ​ $ 149,503 ​ $ 105,547 ​ $ 6,500 ​ $ 112,047 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS: On March 8, 2023, ROEH issued a Put Notice with respect to its Put Interest in MGMNH. Upon issuance of the Put Notice, no later than thirty (30) days following receipt, MGMNH is required to repurchase the Put Interest for cash. On April 21 2023, ROEH closed on the sale of the Put Interest and received approximately $136.8 million at the time of settlement of the Put Interest, representing the put price. ​ On April 30, 2023, the Company entered into a waiver and amendment (the “Waiver and Amendment”) to the Current ABL Facility, dated as of February 19, 2021 (as amended by the Waiver and Amendment, the “Amended Current ABL Facility”), with the Company, the Company’s subsidiaries guarantors, Bank of America, N.A., as administrative agent (the “Administrative Agent”) and the lenders party thereto. The Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 as required under the Current ABL Facility (the “Specified Defaults”). Additionally, under the Waiver and Amendment, the Current ABL Facility was amended to provide that from and after the date thereof, any request for a new LIBOR Loan (as defined in the Current ABL Facility), for a continuation of an existing LIBOR Loan (as defined in the Current ABL Facility) or for a conversion of a Loan to a LIBOR Loan (as defined in the Current ABL Facility) shall be deemed to be a request for a loan bearing interest at Term SOFR (as defined in the Amended Current ABL Facility) (the “SOFR Interest Rate Change”). As the Company was undrawn under the Current ABL Facility as of the date of the Waiver and Amendment, the SOFR Interest Rate Change would only bear upon future borrowings by the Company such that they bear an interest rate relating to the secured overnight financing rate. These provisions of the Waiver and Amendment are intended to transition loans under the Current ABL Facility to the new secured overnight financing rate as the benchmark rate. ​ On June 5, 2023, the Company entered into a second waiver and amendment (the “Second Waiver and Amendment”) to the Current ABL Facility. On July 31, 2023, the Company entered into a third waiver and amendment (the “Third Waiver and Amendment”) to the Current ABL Facility (collectively, with the Second Waiver and Amendment, the “Waiver and Amendments”). The Waiver and Amendments waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver both the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 and Quarterly Financial Deliverables for the Quarters ended March 31, 2023 and June 30, 2023 as required under the Current ABL Facility. On September 29, 2023, the Company entered into a fourth waiver and amendment (the “Fourth Waiver and Amendment”) to the Current ABL Facility. The Fourth Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver both the Quarterly Financial Deliverables for the Quarter ended December March 31, 2023 (“Q1 2023 Form 10-Q”) and Quarterly Financial Deliverables for the Quarter ended June 30, 2023 as required under the Current ABL Facility (the “Q2 2023 Form 10-Q”) and together with the Q1 2023 Form 10-Q, the “Delayed Reports”). The Fourth Waiver and Amendment sets a due date of (i) November 9, 2023 for the Q1 2023 Form 10-Q and (ii) November 14, 2023 for the Q2 2023 Form 10-Q. Most recently, November 9, 2023, the Company entered into a fifth waiver and amendment (the “Fifth Waiver and Amendment”) to the Current ABL Facility. The Fifth Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver the Delayed Reports. The Fifth Waiver and Amendment set a due date of November 30, 2023 for the Delayed Reports and a due date of December 31, 2023 for the Quarterly Financial Deliverables for the three months ended September 30, 2023. On September 28, 2023, the Company received a Staff Delisting Determination (the “Staff Determination”) from the Listing Qualifications Department (the “Listing Department”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that Nasdaq has initiated a process that could result in the delisting of the Company’s securities from Nasdaq as a result of the Company not being in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). The Staff Determination had no immediate effect and will not immediately result in the suspension of trading or delisting of the Company’s shares of common stock. After receipt of the Staff Determination, the Company timely requested a hearing before a Nasdaq Hearings Panel (the “Hearings Panel”). The hearing request automatically stayed any suspension or delisting action through October 20, 2023. On October 17, 2023, the Hearings Panel granted the Company’s request that the stay be extended through the hearing, scheduled for November 30, 2023 (the “Hearing”), and the expiration of any additional extension period granted by the Hearings Panel following the Hearing. ​ The Staff Determination was issued because the Company had not filed the Delayed Reports by the Extension Deadline (defined below). As previously disclosed, on August 22, 2023, the Company received a letter from the Listing Department on August 16, 2023 (the “Third Nasdaq Letter”), notifying the Company that it was not in compliance with requirements of the Rule as a result of not having timely filed the Delinquent Reports. As previously disclosed, the Company received a notice from Nasdaq on April 3, 2023 (the “First Nasdaq Letter”), notifying the Company that it was not in compliance with the Rule due to its delay in filing the 2022 Form 10-K. On May 10, 2023, the Company filed a Form 12b-25 Notification of Late Filing with respect to its Q1 2023 Form 10-Q, triggering a second letter from Nasdaq dated May 19, 2023 (the “Second Nasdaq Letter”), as previously disclosed on May 24, 2023. In accordance with the Second Nasdaq Letter, the Company filed a plan with Nasdaq to regain compliance with the listing requirements that include completion and filing of the 2022 Form 10-K and the Q1 2023 Form 10-Q with the SEC. Nasdaq accepted the Company’s compliance plan and granted the Company 180 days, or until September 27, 2023 (the Extension Deadline”), for filing the 2022 Form 10-K and the Q1 2023 Form 10-Q, to regain compliance. The Company subsequently filed the 2022 Form 10-K on June 30, 2023. On June 13, 2023, Urban One, Inc.’s 50 / 50 partnership with CDI, RVAEH, entered into a Resort Casino Host Community Agreement with the City (the “New HCA”), to be the City’s preferred casino gaming operator subject to certification by the Virginia Lottery Department and a local referendum. ​ As discussed in Note 4 – Acquisitions and Dispositions ​ Since April 1, 2023, and through the date of this filing, the Company executed Stock Vest Tax Repurchases of 56,830 shares of Class D common stock for approximately $306,000 at an average price of $5.54 per share. ​ Since April 1, 2023, and through the date of this filing, the Compensation Committee awarded certain executive officers and management personnel 153,996 restricted shares of the Company’s Class D common stock, and stock options to purchase 218,308 shares of the Company’s Class D common stock. Of these awards, there were no immediate vesting of restricted shares of the Company’s Class D common stock and stock options to purchase. ​ On July 29, 2021, RVAEH entered into the Original HCA with the City for the development of the Project. The Original HCA imposed certain obligations on RVAEH in connection with the development of the Project, including a $26 million upfront payment due upon successful passage of a citywide referendum permitting development of the Project (the “Referendum”). In connection with the Original HCA, RVAEH and its development partner funded the Upfront Payment into escrow to be released to the City upon successful passage of the Referendum or back to RVAEH in the event the Referendum failed. On November 2, 2021, the Referendum was conducted, and the resort project was narrowly defeated. However, on January 24, 2022, the Richmond City Council adopted a new resolution in continued efforts to bring the Project to the City. The new resolution was the first step in pursuit of a second referendum. The City and RVAEH then entered into the New HCA which also included an Upfront Payment to be held in escrow and payable upon successful passage of a citywide referendum permitting development of the Project or back to RVAEH in the event the second referendum failed. As a result of the efforts to obtain a second referendum, including execution of the New HCA, the Upfront Payment remained in escrow. On November 7, 2023, the second referendum was held and the resort project was defeated. As a result, the escrowed fund became releasable from the escrow and the Company anticipates receipt of its 50% portion of the escrowed funds during the quarter ended December 31, 2023. ​ ​

ORGANIZATION (Policies)

ORGANIZATION (Policies)	3 Months Ended
	Mar. 31, 2023
ORGANIZATION
Organization	Urban One, Inc., a Delaware corporation, and its subsidiaries (collectively, “Urban One,” the “Company”, “we”, “our” and/or “us”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2023, we owned and/or operated 66 independently formatted, revenue producing broadcast stations (including 55 FM or AM stations, 9 HD stations, and the 2 low power television stations), located in 13 of the most populous African-American markets in the United States. While a core source of our revenue has historically been and remains the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate the premier multi-media entertainment and information content platform targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include TV One, LLC (“TV One”), which operates two cable television networks targeting African-American and urban viewers, TV One and CLEO TV; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Rickey Smiley Morning Show and our other syndicated programming assets, including the Get Up! Mornings with Erica Campbell Show, Russ Parr Morning Show, and the DL Hughley Show; and Interactive One, LLC (“Interactive One”), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its iONE Digital, Cassius and Bossip, HipHopWired and MadameNoire digital platforms and brands. As of March 31, 2023, we held a minority ownership interest in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. However, as of April 2023, following the exercise of a put option available to us, we no longer hold the MGM Investment. Please refer to Note 12 – Subsequent Events Our core radio broadcasting franchise operates under the brand “Radio One.” We also operate other brands, such as TV One, CLEO TV, Reach Media, iONE Digital, and One Solution, while developing additional branding reflective of our diverse media operations and our targeting of African-American and urban audiences. As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 9 – Segment Information
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and operations of Urban One and subsidiaries in which Urban One has a controlling financial interest, which is generally determined when the Company holds a majority voting interest. All intercompany accounts and transactions have been eliminated in consolidation. Noncontrolling interests have been recognized where a controlling interest exists, but the Company owns less than 100% of the controlled entity. The Company is required to include in its consolidated financial statements, the financial statements of variable interest entities (“VIE”). Under the VIE model, the Company consolidates an investment if it has control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
Interim Financial Statements	Interim Financial Statements The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the United States 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 omitted pursuant to such rules and regulations. The Company's results are subject to seasonal fluctuations and typically, revenues are lowest in the first calendar quarter of the year. Due to this seasonality, the results for interim periods are not necessarily indicative of results to be expected for the full year. We experience further seasonality in odd versus even years as there tends to be more political activity in even years which can have a positive impact on advertising revenues.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents and Restricted Cash	(a) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and money market funds at various commercial banks that have original maturities of 90 days or less. For cash and cash equivalents, cost approximates fair value. The Company’s cash and cash equivalents are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, the Company has amounts held with banks that may exceed the amount of FDIC insurance provided on such accounts. Generally, the balances may be redeemed upon demand and are maintained with financial institutions of reputable credit, and, therefore, bear minimal credit risk. In July 2021, RVAEH, a previously consolidated joint venture of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort, (the “Project”), and the partners of RVAEH made an initial investment of $26.0 million (the “Upfront Payment”) into an escrow account. In February 2023, given a change in the joint venture ownership structure, RVAEH no longer met the consolidation requirements and therefore, the Company began accounting for its investment in RVAEH under the equity method. Accordingly, the Company, derecognized RVAEH (including $26.0 million in restricted cash) from its consolidated balance sheet. RVAEH’s restricted cash on the Company’s consolidated balance sheets was zero and $26.0 million as of March 31, 2023 and December 31, 2022, respectively.
Trade Accounts Receivable	(b) Trade Accounts Receivable The Company adopted Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Trade accounts receivable, which consist of both billed and unbilled receivables, are recorded at their invoiced amount, and presented net of an allowance for expected credit loss. Inactive delinquent accounts that are past due beyond a certain number of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. Subsequent recoveries of these amounts are recorded as received. Allowance for Expected Credit Loss The changes in the allowance for expected credit loss are as follows: ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expenses, net ​ (1,278) Less: Deductions ​ (177) Balance at End of Period ​ $ 7,188 (1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13 .
Financial Instruments	​ (c) Financial Instruments As of March 31, 2023 and December 31, 2022, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, asset-backed credit facility, long-term debt, and debt securities. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2023 and December 31, 2022, except for the Company’s long-term debt. On January 25, 2021, the Company borrowed $825.0 million in aggregate principal amount of senior secured notes due February 2028 and bearing interest at a rate of 7.375% (the “2028 Notes”). The 2028 Notes had a carrying value of approximately $725.0 million and fair value of approximately $645.3 million as of March 31, 2023, and had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022. The fair value of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading value of this instrument in an inactive market as of the reporting date.
Revenue Recognition	​ (d) Revenue Recognition In accordance with 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. In general, spot advertising (both radio and cable television) as well as digital advertising is satisfied as advertising spots or as impressions are delivered. For our cable television affiliate revenue, the Company grants a license to the affiliate to distribute its television programming content through the license period, and the Company recognizes revenue based on the number of subscribers each month. Finally, for event-based revenue, the Company’s events typically occur on one specified date when revenue is recognized. However, there may be performance obligations that are satisfied in the weeks leading up to the event, such as radio and digital advertising, and in such instances revenue is recognized as the underlying performance obligations are satisfied based on the allocated transaction price and the pattern of delivery to the customer. ​ Within the radio broadcasting and Reach Media segments, revenues are generated from the sale of spot advertisements and sponsorships. Revenue is recognized for each performance obligation based on the allocated transaction price and the pattern of transfer to the customer. The Company records as revenue the amount of consideration that it receives. For the radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $4.2 million and $3.7 million for the three months ended March 31, 2023 and 2022, respectively. ​ Within our digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized over time. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price, and is equal to the amount receivable from the customer. ​ The cable television segment derives advertising revenue from the sale of television airtime to advertisers and revenue is recognized over time when the advertisements are run. In the agreements governing advertising campaigns, the Company may also promise to deliver to its customers a guaranteed minimum number of viewers or impressions on a specific television network within a particular demographic. These guaranteed advertising campaigns are considered to represent a single, distinct performance obligation. Revenues are recognized based on the guaranteed audience level multiplied by the average price per impression. The Company provides the advertiser with advertising until the guaranteed audience level is delivered, and invoiced amounts may exceed the value of the actual audience delivery. As such, a portion of revenues are deferred until the guaranteed audience level is delivered or the rights associated with the guaranteed lapse, which is typically less than one year. Audience guarantees are initially developed internally, based on planned programming, historical audience levels, and market trends. Actual audience and delivery information is obtained from independent ratings services. Agency and outside sales representative commissions were approximately $5.0 million and $5.1 million for the three months ended March 31, 2023 and 2022, respectively. ​ Our cable television segment also derives revenue from affiliate fees under the terms of various multi-year affiliation agreements based on a per subscriber royalty payable by the affiliate, in exchange for the right to distribute the Company’s programming. The majority of the Company’s distribution fees are collected monthly throughout the year and distribution revenue is recognized over the term of the contracts based on contracted programming rates and reported subscriber levels. The Company applies the sales- or usage-based royalty exception for its affiliate agreements. The amount of distribution fees due to the Company is reported by distributors based on actual subscriber levels. Such information is generally not received until after the close of the reporting period. In these cases, the Company estimates the number of subscribers receiving the Company’s programming to estimate royalty revenue. Historical adjustments to recorded estimates have not been material. Revenues from the Company’s cable television segment are reduced by the amortization of the Company’s launch support assets. ​ Some of the Company’s contracts with customers contain multiple performance obligations. In an arrangement with multiple distinct performance obligations, the transaction price is allocated among the separate performance obligations on a relative stand-alone selling price basis. The stand-alone selling price is determined with consideration given to market conditions, the size and scope of the contract, customer information, and other factors. Revenue by Contract Type ​ The following chart shows the sources of our net revenue for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In thousands) ​ Radio advertising ​ $ 43,108 ​ $ 39,127 ​ Political advertising ​ 296 ​ ​ 532 ​ Digital advertising ​ 15,024 ​ ​ 15,482 ​ Cable television advertising ​ 25,822 ​ ​ 30,414 ​ Cable television affiliate fees ​ 23,837 ​ ​ 25,752 ​ Event revenues & other ​ 1,782 ​ ​ 824 ​ Net revenue ​ $ 109,869 ​ $ 112,131 ​ ​ Contract Assets and Liabilities ​ Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income, reserve for audience deficiency and unearned event income) that are not separately stated in our consolidated balance sheets at March 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 11,991 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 2,966 ​ $ 6,123 Reserve for audience deficiency ​ ​ 12,925 ​ ​ 9,629 Unearned event income ​ 9,412 ​ 5,708 ​ Unbilled receivables consist of earned revenue that has not yet been billed and is included in trade accounts receivable on the consolidated balance sheets. Customer advances and unearned income represents advance payments by customers for future services under contract that are generally incurred in the near term and are included in other current liabilities on the consolidated balance sheets. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the original airing. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. ​ For customer advances and unearned income as of January 1, 2023, $1.9 million was recognized as revenue during the three months ended March 31, 2023. For the reserve for audience deficiency, there was $0.5 million revenue recognized for the three months ended March 31, 2023. For unearned event income as of January 1, 2023, no revenue was recognized during the three months ended March 31, 2023. ​ Practical expedients and exemptions ​ The Company generally expenses employee sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses. ​ The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, or (ii) contracts for which variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Launch Support	​ ​ (e) Launch Support The cable television segment has entered into certain affiliate agreements requiring various payments for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. For the three months ended March 31, 2023 and 2022, there was non-cash launch support additions of zero and approximately $18.8 million, respectively, for carriage initiation. The Company did not pay any launch support for carriage initiation during the three months ended March 31, 2023 and 2022. The weighted-average amortization period for launch support was approximately 8.1 years as of March 31, 2023 and December 31, 2022. The remaining weighted-average amortization period for launch support was 3.6 years and 3.8 years as of March 31, 2023 and December 31, 2022, respectively. Amortization is recorded as a reduction to revenue. For the three months ended March 31, 2023 and 2022, launch support asset amortization was approximately $1.2 million and $0.7 million, respectively. Launch assets are included in other intangible assets on the consolidated balance sheets, except for the portion of the unamortized balance that is expected to be amortized within one year which is included in other current assets. ​
Barter Transactions	(f) Barter Transactions In a barter transaction, the Company provides broadcast advertising time in exchange for programming content and certain services. The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended March 31, 2023 and 2022, barter transaction revenues were approximately $0.6 million and $0.4 million, respectively. Barter transaction costs reflected in programming and technical expenses were approximately $0.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. Barter transactions reflected in selling, general and administrative expenses were approximately $0.2 million, for each of the three months ended March 31, 2023 and 2022.
Advertising and Promotions	(g) Advertising and Promotions
Earnings Per Share	(h) Earnings Per Share Basic and diluted net income (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights. ​ Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. ​ For the calculation of diluted earnings per share, net income (loss) attributable to common stockholders for basic earnings per share (“EPS”) is adjusted by the effect of dilutive securities. Diluted net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed earnings or losses are allocated based on the contractual participation rights of the Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method. ​ ​ ​ ​ ​ ​ The following table sets forth the calculation of basic and diluted earnings (loss) per share from continuing operations (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ (As Revised) ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders ​ $ (2,922) ​ $ 16,488 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic net (loss) income per share - weighted average outstanding shares ​ 47,420,832 ​ 51,182,831 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 3,914,950 ​ Denominator for diluted net (loss) income per share - weighted-average outstanding shares ​ 47,420,832 ​ 55,097,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – basic ​ $ (0.06) ​ $ 0.32 ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – diluted ​ $ (0.06) ​ $ 0.30 ​ ​ For the three months ended March 31, 2023, there were 2.7 million potentially dilutive securities that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period presented. There were no material potentially antidilutive securities excluded from the computation of diluted EPS for the three months ended March 31, 2022. ​
Fair Value Measurements	(i) Fair Value Measurements We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurement” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ​ The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: ​ Level 1 ​ Level 2 ​ Level 3 ​ 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 March 31, 2023 and December 31, 2022, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,597 ​ $ — ​ $ — ​ $ 25,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,116 ​ $ — ​ $ — ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 40,168 ​ ​ 40,168 ​ ​ — ​ ​ — Total ​ $ 176,994 ​ $ 40,168 ​ $ — ​ $ 136,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,741 ​ $ — ​ $ — ​ $ 25,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,298 ​ $ — ​ $ — ​ $ 25,298 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 39,798 ​ ​ 39,798 ​ ​ ​ ​ ​ — Total ​ $ 176,624 ​ $ 39,798 ​ ​ — ​ $ 136,826 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008 and with terms amended in September 2022, 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 the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. ​ (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. ​ (c) The investment in MGM National Harbor was preferred stock that had a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of March 31, 2023 and December 31, 2022, the investment’s fair value was measured using a contractual valuation approach. This method relied on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put was based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique were specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. ​ (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value. ​ There were no transfers within ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,298 Net income attributable to noncontrolling interests ​ — ​ — ​ 511 Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (144) ​ 1,308 Balance at March 31, 2023 ​ $ 136,826 ​ $ 25,597 ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ ​ 144 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2021 ​ $ 112,600 ​ $ 28,193 ​ $ 18,655 Net income attributable to noncontrolling interests ​ — ​ — ​ 701 Change in fair value included within other comprehensive income ​ ​ 10,400 ​ ​ — ​ ​ — Change in fair value ​ — ​ 579 ​ 871 Balance at March 31, 2022 ​ $ 123,000 ​ $ 28,772 ​ $ 20,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ $ (579) ​ $ — ​ Losses and gains included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the Employment Agreement Award for the three months ended March 31, 2023 and 2022. ​ ​ For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2023 2022 ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment Agreement Award Discounted cash flow Discount rate 10.5 % 10.5 % Employment Agreement Award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment Agreement Award Discounted cash flow ​ Operating profit margin range ​ 34.2% - 46.7 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.3)% - 2.6 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.8 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.3 % Redeemable noncontrolling interest Discounted cash flow ​ Operating profit margin range ​ 26.6% - 29.8 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.2% - 31.8 % 0.2% - 32.2 % ​ Any significant increases or decreases in unobservable 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. See Note 5 – Radio Broadcasting Licenses
Leases	(j) Leases The Company determines whether a contract is, or contains, a lease at inception. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. ​ Lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. Many of the Company’s leases provide 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. ​ For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities and records rent expense over the lease term. The consideration in the lease contracts is separate between the lease and non-lease components. All variable non-lease components are expensed as incurred. ​ The Company’s leases are for office space, studio space, broadcast towers, and transmitter facilities that expire over the next fifty years. ​ ​ ​ ​ ​ ​ The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ 2023 2022 ​ ​ ​ ​ (Dollars In thousands) ​ ​ Operating lease cost (cost resulting from lease payments) ​ ​ $ 2,949 ​ $ 3,246 ​ ​ Variable lease cost (cost excluded from lease payments) ​ ​ 11 ​ ​ 10 ​ ​ Total lease cost ​ ​ $ 2,960 ​ $ 3,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ ​ $ 3,102 ​ $ 3,503 ​ ​ Operating lease - operating cash flows (liability reduction) ​ ​ $ 2,251 ​ $ 2,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ ​ ​ 5.34 years ​ 4.80 years ​ Weighted average discount rate - operating leases ​ ​ ​ 11.00 % ​ 11.00 % ​ ​ As of March 31, 2023, maturities of lease liabilities (inclusive of lease liabilities held for sale) were as follows: ​ ​ ​ ​ ​ For the Year Ended December 31, (In thousands) For the remaining nine months ending December 31, 2023 ​ $ 8,745 2024 ​ 10,822 2025 ​ 6,891 2026 ​ 5,121 2027 ​ 3,550 Thereafter ​ 8,486 Total future lease payments ​ 43,615 Less: imputed interest ​ (10,748) Less: leases held for sale ​ (2,407) Total lease liabilities ​ $ 30,460
Impact of Recently Issued Accounting Pronouncements	(k) Impact of Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments” Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates ​ The Company adopted ASU 2016-13 during the first quarter of 2023 using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening retained earnings in the consolidated balance sheet to be recognized on the date of adoption without restating prior years. The cumulative-effect adjustment on January 1, 2023 is $0.6 million. ​ In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , ​ In October 2021, the FASB issued ASU 2021-08, “ Business Combination (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers (Topic 606) ​
Redeemable Noncontrolling Interests	(l) Redeemable Noncontrolling Interest ​ Redeemable noncontrolling interests are interests held by third parties in the Company’s subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations. The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital. ​
Investments	(m) Investments ​ Available-for-sale securities ​ ​ The Company classified its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available for sale were carried at fair value with unrealized gains and losses, net of deferred taxes, reflected in accumulated other comprehensive income. Net realized gains and losses on sales of available for sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the consolidated statements of operations. ​ On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), a wholly-owned subsidiary of the Company, issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGMNH. On April 21, 2023, ROEH closed on the sale of the Put Interest and the Company received approximately $136.8 million. Please refer to Note 12 – Subsequent Events ​ The investment entitled the Company to an annual cash distribution based on net gaming revenue. As the Company exercised its Put Interest in March 2023, the Company did not have any distribution income for the three months ended March 31, 2023. The Company recognized approximately $2.0 million in distribution income, which is included in other income, net on the consolidated statements of operations for the three months ended March 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of March 31, 2023 and December 31, 2022 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Gross ​ Gross ​ ​ ​ ​ ​ Cost ​ Unrealized ​ Unrealized ​ Fair ​ ​ Basis ​ Gains ​ Losses ​ Value ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ 40,000 ​ $ 104,326 ​ $ (7,500) ​ $ 136,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ 40,000 ​ $ 104,326 ​ $ (7,500) ​ $ 136,826 ​ ​ RVA Entertainment Holding ​ The Company and Peninsula Pacific Entertainment (succeeded by Churchill Downs Incorporated (“CDI”) on November 1, 2022) formed a joint venture in 2021 to develop and operate the ONE Casino + Resort in Richmond. The Company owned 75% of the joint venture and met the requirements to consolidate the joint venture under the VIE method as the Company had control to direct the activities of RVAEH and the obligation to absorb losses and the right to receive benefits that could potentially be significant to RVAEH. The investment included a put right allowing the noncontrolling interest holder the option to require the Company to purchase all shares of the noncontrolling interest holder starting 10 years after reaching a certain milestone. Therefore, the put rights were required to be presented as mezzanine equity and were recorded at cost, adjusted for the noncontrolling interest in the net loss of RVAEH. When the redemption or carrying value is less than the recorded redemption value, the Company adjusts the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings, or in the absence of retained earnings, additional paid-in-capital. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date. RVAEH’s redeemable noncontrolling interest on the Company’s consolidated balance sheet as of December 31, 2022 was $6.6 million. ​ On February 14, 2023, CDI purchased 25% of the Company’s investment in RVAEH for $6.6 million, bringing both the Company’s and CDI ​
Content Assets	(n) Content Assets ​ The Company’s cable television segment has entered into contracts to license entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year The Company utilizes judgment and prepares analyses to determine the amortization patterns of our content assets. Key assumptions include: the categorization of content based on shared characteristics, and the use of a quantitative model to predict revenue. For each film group, which the Company defines as a genre, this model takes into account projected viewership which is based on (i) estimated household universe; (ii) ratings; and (iii) expected number of airings across different broadcast time slots. As part of the Company’s assessment of its amortization rates, the Company compares the estimated amortization rates to those that have been utilized during the year. Management regularly reviews, and revises when necessary, its total revenue estimates, which may result in a change in the rate of amortization and/or a write down of the asset to fair value The result of the content amortization analysis is either an accelerated method or a straight-line amortization method over the estimated useful lives of generally one Content that is predominantly monetized within a film group is assessed for impairment at the film group level and is tested for impairment if circumstances indicate that the fair value of the content within the film group is less than its unamortized costs. The Company’s film groups for commission programming are generally aligned along genre, while the Company’s licensed content is considered a separate film group. The Company evaluates the fair value of content at the film group level by considering expected future revenue generation using a cash flow analysis when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized costs. Estimates of future revenues consider historical airing patterns and future plans for airing content, including any changes in strategy. Given the significant estimates and judgments involved, actual demand or market conditions may be less favorable than those projected, requiring a write-down to fair value. The Company determined there were no impairment indicators during the three months ended March 31, 2023 and 2022. Impairment and amortization of content assets is recorded in the consolidated statements of operations as programming and technical expenses. All commissioned and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset. Tax incentives that state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.
Employment Agreement Award	(o) Employment Agreement Award ​ The Company accounts for the Employment Agreement Award at fair value. The Company estimated the fair value of the award at March 31, 2023, and December 31, 2022, to be approximately $25.6 million and $25.7 million, respectively. 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 income (expense) associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $0.1 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s obligation to pay the Employment Agreement Award is triggered 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 is fully vested in the award, which lapses if the CEO voluntarily leaves the Company, or is terminated for cause. In September 2022, the Compensation Committee approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior employment agreement.
Related Party Transactions	(p) Related Party Transactions ​ Reach Media operates the Tom Joyner Foundation’s Fantastic Voyage® (the “Fantastic Voyage®”), an annual fund-raising event, on behalf of the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The agreement under which the Fantastic Voyage® operates provides that Reach Media provide all necessary operations of the cruise and that Reach Media will be reimbursed its expenditures and receive a fee plus a performance bonus. Distributions from operating revenues are in the following order until the funds are depleted: up to $250,000 to the Foundation, reimbursement of Reach’s expenditures, up to a $1.0 million fee to Reach, a performance bonus of up to 50% of remaining operating revenues to Reach Media, with the balance remaining to the Foundation. Reach Media’s earnings for the Fantastic Voyage® in any given year may not exceed $1.75 million. For 2023, $250,000 to the Foundation is guaranteed. The Foundation’s remittances to Reach Media under the agreements are limited to its Fantastic Voyage® related cash collections. Reach Media bears the risk should the Fantastic Voyage® sustain a loss and bears all credit risk associated with the related passenger cruise package sales. The agreement between Reach and the Foundation automatically renews annually unless termination is mutually agreed or unless a party’s financial requirements are not met, in which case the party not in breach of their obligations has the right, but not the obligation, to terminate unilaterally. As of March 31, 2023, the Foundation owed Reach Media approximately $3.9 million and as of December 31, 2022, the Foundation owed Reach Media approximately $2.3 million under the agreements for the operation of the cruises. The Fantastic Voyage took place during the second quarter of 2023. The Fantastic Voyage was not operated in 2022. Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation. Such services are provided to the Foundation on a pass-through basis at cost. Additionally, from time to time, the Foundation reimburses Reach Media for expenditures paid on its behalf at Reach Media-related events. Under these arrangements, the Foundation owed an immaterial amount to Reach Media as of each of March 31, 2023 and December 31, 2022. Alfred C. Liggins, President and Chief Executive Officer of Urban One, Inc., is a compensated member of the Board of Directors of Broadcast Music, Inc. (“BMI”), a performance rights organization to which the Company pays license fees in the ordinary course of business. During the three months ended March 31, 2023 and 2022, the Company incurred expense of approximately $0.8 million and $0.9 million, respectively. As of March 31, 2023 and December 31, 2022, the Company owed BMI approximately $1.4 million and $1.5 million, respectively.
Goodwill and Intangible Assets	q) Goodwill and Intangible Assets In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually on October 1 across all reporting units and radio broadcasting licenses, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred. We had 16 reporting units as of our October 2022 annual impairment assessment, consisting of each of the 13 radio markets within the radio segment and each of the other three business segments. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, the net book value is reduced to the estimated fair value.

REVISION OF PREVIOUSLY ISSUED_2

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Schedule of impact of restatement on financial statements	Revised Consolidated Balance Sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reported Adjustments Other Adjustments As Revised ​ ​ (In thousands) ASSETS ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ Restricted cash ​ $ 19,975 ​ $ 6,500 ​ $ — $ 26,475 Trade accounts receivable, net of allowance for doubtful accounts of $9,223 ​ ​ 143,264 ​ ​ — ​ ​ (1,219) ​ 142,045 Other current assets ​ 8,372 ​ 378 ​ — 8,750 Total current assets ​ 289,747 ​ 6,878 ​ (1,219) 295,406 PROPERTY AND EQUIPMENT, net ​ 27,758 ​ 500 ​ — 28,258 Total assets ​ $ 1,338,487 ​ $ 7,378 ​ $ (1,219) $ 1,344,646 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 18,003 ​ $ — ​ $ (807) $ 17,196 Other current liabilities ​ 36,320 ​ 3,362 ​ — 39,682 Total current liabilities ​ 130,263 ​ 3,362 ​ ​ (807) 132,818 OTHER LONG-TERM LIABILITIES ​ 34,540 ​ 858 ​ (542) 34,856 DEFERRED TAX LIABILITIES, ​ 39,704 ​ (214) ​ (101) 39,389 Total liabilities ​ 979,417 ​ 4,006 ​ (1,450) 981,973 REDEEMABLE NONCONTROLLING INTERESTS ​ 25,298 ​ 6,625 ​ — 31,923 STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated deficit ​ (732,988) ​ (3,253) ​ 231 ​ (736,010) Total stockholders’ equity ​ 333,772 ​ (3,253) ​ 231 ​ 330,750 Total liabilities, redeemable noncontrolling interests and equity ​ $ 1,338,487 ​ $ 7,378 ​ $ (1,219) $ 1,344,646 ​ ​ Revised Consolidated Statement of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ Other ​ ​ ​ ​ Reported ​ Adjustments ​ Adjustments As Revised ​ ​ (In thousands, except per share data) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative, including stock-based compensation of $239 ​ $ 160,230 ​ $ — ​ $ 412 ​ $ 160,642 Corporate selling, general and administrative, including stock-based compensation of $9,666 ​ ​ ​ 56,334 ​ ​ 3,728 ​ ​ (542) ​ ​ 59,520 Total operating expenses ​ ​ 389,917 ​ ​ 3,728 ​ ​ (130) ​ ​ 393,515 Operating income (loss) ​ ​ 94,687 ​ ​ (3,728) ​ ​ 130 ​ ​ 91,089 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 56,676 ​ ​ (3,728) ​ ​ 130 ​ ​ 53,078 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 16,721 ​ ​ (202) ​ ​ (101) ​ ​ 16,418 NET INCOME (LOSS) ​ ​ 39,955 ​ ​ (3,526) ​ ​ 231 ​ ​ 36,660 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 2,626 ​ ​ (309) ​ ​ — ​ ​ 2,317 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 37,329 ​ $ (3,217) ​ $ 231 ​ $ 34,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BASIC NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common stockholders ​ $ 0.76 ​ $ (0.06) ​ $ — ​ $ 0.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common stockholders ​ $ 0.72 ​ $ (0.06) ​ $ — ​ $ 0.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As Previously ​ ​ ​ ​ Other ​ ​ ​ ​ Reported ​ Adjustments ​ Adjustments As Revised ​ ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME (LOSS) ​ $ 58,232 ​ $ (3,526) ​ $ 231 ​ $ 54,937 LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ 2,626 ​ (309) ​ — ​ ​ 2,317 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 55,606 ​ $ (3,217) ​ $ 231 ​ $ 52,620 ​ Revised Consolidated Statement of Changes in Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders’ For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37,329 ​ ​ 37,329 Stock-based compensation expense ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 6,593 ​ ​ — ​ ​ 6,595 Repurchase of 5,124,671 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ (26,539) ​ ​ — ​ ​ (26,543) Exercise of options for 60,240 shares of Class D common stock ​ — — — — — — ​ 50 — ​ 50 Other comprehensive income, net of tax ​ ​ — ​ — ​ — ​ — ​ — ​ 18,277 ​ ​ — ​ — ​ ​ 18,277 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ — — — — — — ​ (5,616) — ​ (5,616) BALANCE, as of December 31, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 73,227 ​ $ 993,484 ​ $ (732,988) ​ $ 333,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders’ For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (36) ​ $ (36) Net (loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,986) ​ ​ (2,986) Total Adjustments ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (3,022) ​ $ (3,022) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Common ​ ​ Other ​ ​ Additional ​ ​ ​ ​ ​ Total ​ ​ ​ Preferred ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Stock ​ ​ Comprehensive ​ ​ Paid-In ​ ​ Accumulated ​ ​ Stockholders' For the year ended December 31, 2022 ​ Stock ​ Class A ​ Class B ​ Class C ​ Class D ​ Income ​ Capital ​ Deficit ​ Equity BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,353) ​ $ 303,644 Net income (loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,343 ​ ​ 34,343 Stock-based compensation expense ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ 6,593 ​ ​ — ​ ​ 6,595 Repurchase of 5,124,671 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ — ​ ​ (26,539) ​ ​ — ​ ​ (26,543) Exercise of options for 60,240 shares of Class D common stock — — — — — — 50 — 50 Adjustment of redeemable noncontrolling interests to estimated redemption value — — — — — — (5,616) — (5,616) Other comprehensive income, net of tax — — — — — 18,277 — — 18,277 BALANCE, as of December 31, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 73,227 ​ $ 993,484 ​ $ (736,010) ​ $ 330,750 ​ Revised Consolidated Statement of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ As ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ ​ ​ Other ​ As ​ Reported Adjustments Adjustments Revised ​ ​ (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 39,955 ​ $ (3,526) ​ $ 231 ​ $ 36,660 Adjustments to reconcile net income (loss) to net cash from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ Bad debt expense ​ 1,425 ​ — ​ 412 ​ 1,837 Deferred income taxes ​ 14,878 ​ (202) ​ (101) ​ 14,575 Stock-based compensation ​ 6,595 ​ 3,317 ​ — ​ 9,912 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of change in operating assets and liabilities, net of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ Trade accounts receivable ​ (16,930) ​ — ​ 807 ​ (16,123) Prepaid expenses and other current assets ​ (6,691) ​ 40 ​ — ​ (6,651) Accounts payable ​ 1,111 ​ — ​ (807) ​ 304 Other liabilities ​ (3,710) ​ (141) ​ (542) ​ (4,393) Net cash flows provided by (used in) operating activities ​ 67,060 ​ (512) ​ — ​ 66,548 CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ Contributions from noncontrolling interest members of RVAEH ​ — ​ 512 ​ — ​ 512 Net cash flows provided by (used in) financing activities ​ (95,216) ​ 512 ​ — ​ (94,704) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period ​ 152,218 ​ 6,500 ​ — ​ 158,718 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period ​ $ 95,379 ​ $ 6,500 ​ $ — ​ $ 101,879 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of allowance for expected credit loss	The changes in the allowance for expected credit loss are as follows: ​ ​ ​ ​ ​ ​ As of March 31, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expenses, net ​ (1,278) Less: Deductions ​ (177) Balance at End of Period ​ $ 7,188 (1) The allowance for expected credit loss as of January 1, 2023 includes $0.6 million cumulative-effect adjustment of the adoption of ASU 2016-13 .
Schedule of net revenue (and sources)	The following chart shows the sources of our net revenue for the three months ended March 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In thousands) ​ Radio advertising ​ $ 43,108 ​ $ 39,127 ​ Political advertising ​ 296 ​ ​ 532 ​ Digital advertising ​ 15,024 ​ ​ 15,482 ​ Cable television advertising ​ 25,822 ​ ​ 30,414 ​ Cable television affiliate fees ​ 23,837 ​ ​ 25,752 ​ Event revenues & other ​ 1,782 ​ ​ 824 ​ Net revenue ​ $ 109,869 ​ $ 112,131 ​
Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income)	Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income, reserve for audience deficiency and unearned event income) that are not separately stated in our consolidated balance sheets at March 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 11,991 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 2,966 ​ $ 6,123 Reserve for audience deficiency ​ ​ 12,925 ​ ​ 9,629 Unearned event income ​ 9,412 ​ 5,708
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 (loss) per share from continuing operations (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ (As Revised) ​ Numerator: ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders ​ $ (2,922) ​ $ 16,488 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic net (loss) income per share - weighted average outstanding shares ​ 47,420,832 ​ 51,182,831 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ — ​ 3,914,950 ​ Denominator for diluted net (loss) income per share - weighted-average outstanding shares ​ 47,420,832 ​ 55,097,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – basic ​ $ (0.06) ​ $ 0.32 ​ Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share – diluted ​ $ (0.06) ​ $ 0.30 ​
Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis	As of March 31, 2023 and December 31, 2022, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Level 1 Level 2 Level 3 ​ ​ (In thousands) As of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,597 ​ $ — ​ $ — ​ $ 25,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,116 ​ $ — ​ $ — ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 40,168 ​ ​ 40,168 ​ ​ — ​ ​ — Total ​ $ 176,994 ​ $ 40,168 ​ $ — ​ $ 136,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 25,741 ​ $ — ​ $ — ​ $ 25,741 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 25,298 ​ $ — ​ $ — ​ $ 25,298 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Available-for-sale securities (c) ​ $ 136,826 ​ $ — ​ $ — ​ $ 136,826 Cash equivalents - money market funds (d) ​ ​ 39,798 ​ ​ 39,798 ​ ​ ​ ​ ​ — Total ​ $ 176,624 ​ $ 39,798 ​ ​ — ​ $ 136,826 (a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008 and with terms amended in September 2022, 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 the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. ​ (b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate. ​ (c) The investment in MGM National Harbor was preferred stock that had a non-transferable put right and is classified as an available-for-sale debt security. The investment was initially measured at fair value using a dividend discount model. Significant inputs to the dividend discount model include revenue growth rates, discount rate and a terminal growth rate. As of March 31, 2023 and December 31, 2022, the investment’s fair value was measured using a contractual valuation approach. This method relied on a contractually agreed upon formula established between the Company and MGM National Harbor as defined in the Second Amended and Restated Operating Agreement of MGM National Harbor, LLC (“the Agreement”) rather than market-based inputs or traditional valuation methods. As defined in the Agreement, the calculation of the put was based on operating results, Enterprise Value and the Put Price Multiple. The inputs used in this measurement technique were specific to the entity, MGM National Harbor, and there are no current observable prices for investments in private companies that are comparable to MGM National Harbor. The inputs used to measure the fair value of this security are classified as Level 3 within the fair value hierarchy. Throughout the periods from the fourth quarter of 2020 up until the third quarter of 2022, the Company relied on the dividend discount model for valuation purposes based on the facts, circumstances, and information available at the time. During the fourth quarter of 2022, the Company adopted the contractual valuation method described above as it believes it more closely approximates the fair value of the investment at that time. ​ (d) The Company measures and reports its cash equivalents that are invested in money market funds at estimated fair value.
Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis	There were no transfers within ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,298 Net income attributable to noncontrolling interests ​ — ​ — ​ 511 Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (144) ​ 1,308 Balance at March 31, 2023 ​ $ 136,826 ​ $ 25,597 ​ $ 25,116 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ ​ 144 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2021 ​ $ 112,600 ​ $ 28,193 ​ $ 18,655 Net income attributable to noncontrolling interests ​ — ​ — ​ 701 Change in fair value included within other comprehensive income ​ ​ 10,400 ​ ​ — ​ ​ — Change in fair value ​ — ​ 579 ​ 871 Balance at March 31, 2022 ​ $ 123,000 ​ $ 28,772 ​ $ 20,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ — ​ $ (579) ​ $ —
Schedule of significant unobservable input value	​ For Level 3 assets and liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2023 2022 ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable ​ Significant Unobservable Level 3 assets and liabilities Valuation Technique Inputs Input Value Employment Agreement Award Discounted cash flow Discount rate 10.5 % 10.5 % Employment Agreement Award Discounted cash flow Terminal growth rate 0.5 % 0.5 % Employment Agreement Award Discounted cash flow ​ Operating profit margin range ​ 34.2% - 46.7 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.3)% - 2.6 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.8 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 11.5 % 11.5 % Redeemable noncontrolling interest Discounted cash flow Terminal growth rate 0.3 % 0.3 % Redeemable noncontrolling interest Discounted cash flow ​ Operating profit margin range ​ 26.6% - 29.8 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.2% - 31.8 % 0.2% - 32.2 %
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 March 31, ​ ​ ​ ​ 2023 2022 ​ ​ ​ ​ (Dollars In thousands) ​ ​ Operating lease cost (cost resulting from lease payments) ​ ​ $ 2,949 ​ $ 3,246 ​ ​ Variable lease cost (cost excluded from lease payments) ​ ​ 11 ​ ​ 10 ​ ​ Total lease cost ​ ​ $ 2,960 ​ $ 3,256 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ ​ $ 3,102 ​ $ 3,503 ​ ​ Operating lease - operating cash flows (liability reduction) ​ ​ $ 2,251 ​ $ 2,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ ​ ​ 5.34 years ​ 4.80 years ​ Weighted average discount rate - operating leases ​ ​ ​ 11.00 % ​ 11.00 % ​ ​
Schedule of maturities of lease liabilities	As of March 31, 2023, maturities of lease liabilities (inclusive of lease liabilities held for sale) were as follows: ​ ​ ​ ​ ​ For the Year Ended December 31, (In thousands) For the remaining nine months ending December 31, 2023 ​ $ 8,745 2024 ​ 10,822 2025 ​ 6,891 2026 ​ 5,121 2027 ​ 3,550 Thereafter ​ 8,486 Total future lease payments ​ 43,615 Less: imputed interest ​ (10,748) Less: leases held for sale ​ (2,407) Total lease liabilities ​ $ 30,460
Schedule of available-for-sale securities reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortized cost, estimated fair value, and unrealized gains and losses on the debt security classified as available-for-sale as of March 31, 2023 and December 31, 2022 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Gross ​ Gross ​ ​ ​ ​ ​ Cost ​ Unrealized ​ Unrealized ​ Fair ​ ​ Basis ​ Gains ​ Losses ​ Value ​ ​ (In thousands) March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ 40,000 ​ $ 104,326 ​ $ (7,500) ​ $ 136,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ 40,000 ​ $ 104,326 ​ $ (7,500) ​ $ 136,826

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2023
ACQUISITIONS AND DISPOSITIONS
Asset acquisition pro forma	The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2022: ​ ​ ​ ​ ​ ​ For The Three Months Ended ​ ​ March 31, ​ ​ 2022 ​ ​ (In thousands) Net revenue $ 116,493 Operating income ​ 36,689 Net income ​ 17,313

RADIO BROADCASTING LICENSES (Ta

RADIO BROADCASTING LICENSES (Tables)	3 Months Ended
	Mar. 31, 2023
RADIO BROADCASTING LICENSES
Schedule of broadcasting licenses carrying value	​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ (Unaudited) ​ ​ ​ (In thousands) Balance at January 1, 2023 ​ ​ $ 488,419 Impairment charges ​ ​ ​ (16,775) Reclassification of amounts to assets held for sale ​ (7,276) Balance at March 31, 2023 ​ ​ $ 464,368

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
LONG-TERM DEBT
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) 7.375% Senior Secured Notes due February 2028 ​ $ 725,000 ​ $ 750,000 Total debt ​ 725,000 ​ 750,000 Less: current portion of long-term debt ​ — ​ — Less: original issue discount and issuance costs ​ 10,220 ​ 11,000 Long-term debt, net ​ $ 714,780 ​ $ 739,000
Schedule of future scheduled minimum principal payments	Future scheduled minimum principal payments of debt as of March 31, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ 7.375% Senior ​ ​ Secured Notes due ​ February 2028 ​ ​ (In thousands) April - December 2023 $ — 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ — 2028 and thereafter ​ ​ 725,000 Total debt $ 725,000 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS' EQUITY
Schedule of transaction and other information relating to stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ Number of ​ Weighted-Average ​ Contractual Term ​ Intrinsic ​ ​ Options ​ Exercise Price ​ (In Years) ​ Value Outstanding at December 31, 2022 4,594,734 ​ $ 2.59 5.72 ​ $ 5,871,492 Grants 439,429 ​ ​ 5.14 — ​ — Exercised — ​ ​ — — ​ — Forfeited/cancelled/expired/settled — ​ ​ — — ​ — Balance as of March 31, 2023 5,034,163 ​ $ 2.81 5.86 ​ $ 13,575,645 Vested and expected to vest at March 31, 2023 4,982,498 ​ ​ 2.80 5.82 ​ ​ 13,510,620 Unvested at March 31, 2023 441,730 ​ ​ 4.28 9.51 ​ ​ 539,477 Exercisable at March 31, 2023 4,592,433 ​ ​ 2.67 5.51 ​ ​ 13,036,168
Schedule of transaction and other information relating to restricted stock grants	​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Fair Value ​ ​ ​ ​ at Grant ​ ​ Shares ​ Date Unvested at December 31, 2022 434,264 ​ $ 4.27 Grants 743,599 ​ ​ 5.13 Vested (771,729) ​ ​ 5.04 Forfeited/cancelled/expired — ​ ​ — Unvested at March 31, 2023 406,134 ​ $ 4.39

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 ​ ​ (Unaudited) ​ ​ (In thousands) ​ ​ ​ ​ ​ (As Revised) Net Revenue: ​ ​ Radio Broadcasting ​ $ 35,180 ​ $ 31,493 Reach Media ​ 10,917 ​ 10,030 Digital ​ 15,071 ​ 15,486 Cable Television ​ 49,677 ​ 56,216 All other - corporate/eliminations* ​ (976) ​ (1,094) Consolidated ​ $ 109,869 ​ $ 112,131 ​ ​ ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio Broadcasting ​ $ 26,448 ​ $ 23,618 Reach Media ​ 7,736 ​ 6,196 Digital ​ 11,350 ​ 10,864 Cable Television ​ 29,383 ​ 25,929 All other - corporate/eliminations ​ 7,460 ​ 6,658 Consolidated ​ $ 82,377 ​ $ 73,265 ​ ​ ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio Broadcasting ​ $ 917 ​ $ 815 Reach Media ​ 40 ​ 47 Digital ​ 337 ​ 333 Cable Television ​ 965 ​ 946 All other - corporate/eliminations ​ 338 ​ 264 Consolidated ​ $ 2,597 ​ $ 2,405 ​ ​ ​ ​ ​ ​ ​ Impairment of Goodwill, Intangible Assets, and Long-Lived Assets: ​ ​ ​ ​ Radio Broadcasting ​ $ 16,775 ​ $ — Reach Media ​ — ​ — Digital ​ — ​ — Cable Television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 16,775 ​ $ — ​ ​ ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio Broadcasting ​ $ (8,960) ​ $ 7,060 Reach Media ​ 3,141 ​ 3,787 Digital ​ 3,384 ​ 4,289 Cable Television ​ 19,329 ​ 29,341 All other - corporate/eliminations ​ (8,774) ​ (8,016) Consolidated ​ $ 8,120 ​ $ 36,461 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio Broadcasting $ (976) $ (1,094) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ ​ ​ ​ Radio broadcasting $ 1,015 $ 640 Reach Media ​ 34 ​ 21 Digital ​ 600 ​ 225 Cable television ​ 11 ​ 383 All other - corporate/eliminations ​ 349 ​ 307 Consolidated ​ $ 2,009 ​ $ 1,576 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ March 31, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) ​ ​ ​ ​ ​ (As Revised) Total assets: ​ ​ ​ ​ ​ ​ Radio broadcasting ​ $ 584,446 ​ $ 605,703 Reach Media ​ 44,228 ​ 48,936 Digital ​ 27,334 ​ 35,766 Cable television ​ 409,899 ​ 414,324 All other - corporate/eliminations ​ 218,564 ​ 239,917 Consolidated ​ $ 1,284,471 ​ $ 1,344,646 ​

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) (Tables)	3 Months Ended
	Mar. 31, 2023
QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)
Quarterly Financial Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 (unaudited) ​ As of June 30, 2022 (unaudited) ​ As of September 30, 2022 (unaudited) ​ As Previously ​ ​ ​ ​ As Previously ​ ​ ​ As Previously ​ ​ ​ ​ ​ Reported ​ Adjustments ​ As Revised ​ Reported ​ Adjustments ​ As Revised ​ Reported ​ Adjustments ​ As Revised ​ ​ (In thousands) ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 19,973 ​ $ 6,500 ​ $ 26,473 ​ $ 19,973 ​ $ 6,500 ​ $ 26,473 ​ $ 19,974 ​ $ 6,500 ​ $ 26,474 Other current assets ​ 7,134 ​ 155 ​ ​ 7,289 ​ 6,774 ​ 275 ​ 7,049 ​ 7,676 ​ 353 ​ 8,029 Total current assets ​ 325,305 ​ 6,655 331,960 ​ 310,150 ​ 6,775 ​ 316,925 ​ 286,190 ​ 6,853 ​ 293,043 PROPERTY AND EQUIPMENT, net ​ 26,243 ​ 500 ​ ​ 26,743 ​ 26,913 ​ 500 ​ 27,413 ​ 27,529 ​ 500 ​ 28,029 Total assets ​ $ 1,363,064 ​ $ 7,155 $ 1,370,219 ​ $ 1,335,248 ​ $ 7,275 ​ $ 1,342,523 ​ $ 1,322,693 ​ $ 7,353 ​ $ 1,330,046 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current liabilities ​ $ 33,776 ​ $ 13 ​ $ 33,789 ​ $ 29,582 ​ $ 13 ​ $ 29,595 ​ $ 38,624 ​ $ 133 ​ $ 38,757 Total current liabilities ​ 100,162 ​ 13 100,175 ​ 109,997 ​ 13 ​ 110,010 ​ 112,999 ​ 133 ​ 113,132 OTHER LONG-TERM LIABILITIES ​ 36,243 ​ 567 ​ ​ 36,810 ​ 37,555 ​ 1,055 ​ 38,610 ​ 35,359 ​ 908 ​ 36,267 DEFERRED TAX LIABILITIES, ​ 26,843 ​ (9) 26,834 ​ 30,368 ​ (98) ​ 30,270 ​ 31,284 ​ (55) ​ 31,229 Total liabilities ​ 1,015,525 ​ 571 1,016,096 ​ 996,163 ​ 970 ​ 997,133 ​ 982,345 ​ 986 ​ 983,331 REDEEMABLE NONCONTROLLING INTERESTS ​ 20,227 ​ 6,625 ​ ​ 26,852 ​ 20,434 ​ 6,625 ​ 27,059 ​ 22,327 ​ 6,625 ​ 28,952 STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated deficit ​ (753,824) ​ (41) ​ (753,865) ​ ​ (737,251) ​ (320) ​ ​ (737,571) ​ (733,844) ​ (258) ​ ​ (734,102) Total stockholders’ equity ​ 327,312 ​ (41) ​ 327,271 ​ ​ 318,651 ​ (320) ​ ​ 318,331 ​ 318,021 ​ (258) ​ ​ 317,763 Total liabilities, redeemable noncontrolling interests and stockholders’ equity ​ $ 1,363,064 ​ $ 7,155 $ 1,370,219 ​ $ 1,335,248 ​ $ 7,275 ​ $ 1,342,523 ​ $ 1,322,693 ​ $ 7,353 ​ $ 1,330,046 ​ Revised Quarterly Consolidated Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Three Months Ended June 30, 2022 (unaudited) ​ Three Months Ended September 30, 2022 (unaudited) ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ As Previously ​ ​ As Previously ​ ​ As ​ ​ Reported ​ Adjustments ​ Revised ​ Reported ​ Adjustments ​ Revised ​ Reported ​ Adjustments ​ Revised ​ ​ (In thousands) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate selling, general and administrative, including stock-based compensation of $124, $336 and $5,109, respectively ​ $ 9,460 ​ $ 77 ​ $ 9,537 ​ $ 11,864 ​ $ 488 ​ $ 12,352 ​ $ 14,908 ​ $ (22) ​ $ 14,886 Total operating expenses ​ ​ 75,593 ​ ​ 77 ​ ​ 75,670 ​ ​ 92,794 ​ ​ 488 ​ ​ 93,282 ​ ​ 103,276 ​ ​ (22) ​ ​ 103,254 Operating income (loss) ​ ​ 36,538 ​ ​ (77) ​ ​ 36,461 ​ ​ 25,863 ​ ​ (488) ​ ​ 25,375 ​ ​ 17,974 ​ ​ 22 ​ ​ 17,996 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 22,656 ​ ​ (77) ​ ​ 22,579 ​ ​ 21,557 ​ ​ (488) ​ ​ 21,069 ​ ​ 6,937 ​ ​ 22 ​ ​ 6,959 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 5,462 ​ ​ 3 ​ ​ 5,465 ​ ​ 4,214 ​ ​ (89) ​ ​ 4,125 ​ ​ 3,170 ​ ​ 43 ​ ​ 3,213 NET INCOME (LOSS) ​ ​ 17,194 ​ ​ (80) ​ ​ 17,114 ​ ​ 17,343 ​ ​ (399) ​ ​ 16,944 ​ ​ 3,767 ​ ​ (21) ​ ​ 3,746 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 701 ​ ​ (75) ​ ​ 626 ​ ​ 770 ​ ​ (120) ​ ​ 650 ​ ​ 360 ​ ​ (83) ​ ​ 277 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 16,493 ​ $ (5) ​ $ 16,488 ​ $ 16,573 ​ $ (279) ​ $ 16,294 ​ $ 3,407 ​ $ 62 ​ $ 3,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Year to Date Consolidated Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ As Previously Reported ​ Adjustments As Revised As Previously Reported ​ ​ Adjustments As Revised ​ ​ (In thousands) OPERATING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate selling, general and administrative, including stock-based compensation of $460 and $5,569, respectively ​ $ 21,324 ​ $ 565 ​ $ 21,889 ​ $ 36,232 ​ $ 543 ​ $ 36,775 Total operating expenses ​ ​ 168,387 ​ ​ 565 ​ ​ 168,952 ​ ​ 271,663 ​ ​ 543 ​ ​ 272,206 Operating income (loss) ​ ​ 62,401 ​ ​ (565) ​ ​ 61,836 ​ ​ 80,375 ​ ​ (543) ​ ​ 79,832 Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries ​ ​ 44,213 ​ ​ (565) ​ ​ 43,648 ​ ​ 51,150 ​ ​ (543) ​ ​ 50,607 PROVISION FOR (BENEFIT FROM) INCOME TAXES ​ ​ 9,676 ​ ​ (86) ​ ​ 9,590 ​ ​ 12,846 ​ ​ (43) ​ ​ 12,803 NET INCOME (LOSS) ​ ​ 34,537 ​ ​ (479) ​ ​ 34,058 ​ ​ 38,304 ​ ​ (500) ​ ​ 37,804 NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 1,471 ​ ​ (195) ​ ​ 1,276 ​ ​ 1,831 ​ ​ (278) ​ ​ 1,553 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 33,066 ​ $ (284) ​ $ 32,782 ​ $ 36,473 ​ $ (222) ​ $ 36,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revised Quarterly Consolidated Statements of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Three Months Ended June 30, 2022 (unaudited) ​ Three Months Ended September 30, 2022 (unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported ​ Adjustments As Revised Reported ​ Adjustments As Revised Reported ​ Adjustments As Revised ​ ​ (In thousands) COMPREHENSIVE INCOME (LOSS) ​ $ 25,090 ​ $ (80) ​ $ 25,010 ​ $ 17,418 ​ $ (399) ​ $ 17,019 $ (1,929) ​ $ (21) ​ $ (1,950) LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 701 ​ ​ (75) ​ ​ 626 ​ ​ 770 ​ ​ (120) ​ ​ 650 ​ 360 ​ (83) ​ 277 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 24,389 ​ $ (5) ​ $ 24,384 ​ $ 16,648 ​ $ (279) ​ $ 16,369 ​ $ (2,289) ​ $ 62 ​ $ (2,227) ​ Revised Year to Date Consolidated Statements of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ ​ As Previously ​ ​ ​ ​ As ​ As Previously ​ ​ ​ ​ As ​ Reported Adjustments Revised Reported Adjustments Revised ​ ​ (In thousands) COMPREHENSIVE INCOME (LOSS) ​ $ 42,508 ​ $ (479) ​ $ 42,029 ​ $ 40,579 ​ $ (500) ​ $ 40,079 LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ​ ​ 1,471 ​ ​ (195) ​ ​ 1,276 ​ ​ 1,831 ​ ​ (278) ​ ​ 1,553 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ​ $ 41,037 ​ $ (284) ​ $ 40,753 ​ $ 38,748 ​ $ (222) ​ $ 38,526 ​ Revised Consolidated Statements of Changes in Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the three months ended March 31, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16,493 ​ ​ 16,493 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 124 ​ — ​ 124 Repurchase of 2,649 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (10) ​ — ​ ​ (10) Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (871) ​ — ​ ​ (871) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,896 ​ ​ — ​ ​ — ​ ​ 7,896 BALANCE, as of March 31, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 62,846 ​ $ 1,018,239 ​ $ (753,824) ​ $ 327,312 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net loss ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) ​ ​ (5) Total Adjustments March 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (41) ​ $ (41) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 16,488 ​ ​ 16,488 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 124 ​ — ​ 124 Repurchase of 2,649 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ (10) ​ ​ — ​ ​ (10) Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ (871) ​ ​ — ​ ​ (871) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,896 ​ ​ — ​ ​ — ​ ​ 7,896 BALANCE, as of March 31, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 62,846 ​ $ 1,018,239 ​ $ (753,865) ​ $ 327,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the six months ended June 30, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 33,066 ​ ​ 33,066 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 460 ​ — ​ 460 Repurchase of 4,684,419 shares of Class D common ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ (24,665) ​ — ​ ​ (24,669) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (1,907) ​ — ​ ​ (1,907) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,971 ​ ​ — ​ ​ — ​ ​ 7,971 BALANCE, as of June 30, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 33 ​ $ 62,921 ​ $ 992,934 ​ $ (737,251) ​ $ 318,651 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (284) ​ ​ (284) Total Adjustments June 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (320) ​ $ (320) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 32,782 ​ ​ 32,782 Stock-based compensation expense ​ — ​ — ​ — ​ — ​ — ​ — ​ 460 ​ — ​ 460 Repurchase of 4,684,419 shares of Class D common ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ ​ (24,665) ​ ​ — ​ ​ (24,669) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,907) ​ ​ — ​ ​ (1,907) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,971 ​ ​ — ​ ​ — ​ ​ 7,971 BALANCE, as of June 30, 2022 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 33 ​ $ 62,921 ​ $ 992,934 ​ $ (737,571) ​ $ 318,331 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Common Common Common Common ​ Accumulated Other Additional ​ Total ​ ​ Preferred ​ Stock ​ Stock ​ Stock ​ Stock ​ Comprehensive ​ Paid-In ​ Accumulated ​ Stockholders’ ​ Stock Class A Class B Class C Class D ​ Income Capital Deficit Equity For the nine months ended September 30, 2022 ​ (In thousands, except share data) As Previously Reported ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ $ — ​ $ 9 ​ $ 3 ​ $ 2 ​ $ 37 ​ $ 54,950 ​ $ 1,018,996 ​ $ (770,317) ​ $ 303,680 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,473 ​ ​ 36,473 Stock-based compensation expense ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 5,467 ​ — ​ 5,469 Repurchase of 4,684,419 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ (26,482) ​ — ​ (26,486) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ (3,440) ​ — ​ (3,440) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,275 ​ ​ — ​ ​ — ​ ​ 2,275 BALANCE, as of September 30, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 57,225 ​ $ 994,591 ​ $ (733,844) ​ $ 318,021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments and Other Adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36) ​ ​ (36) Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (222) ​ ​ (222) Total Adjustments September 30, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (258) ​ $ (258) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Revised ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE, as of December 31, 2021 ​ ​ — ​ ​ 9 ​ ​ 3 ​ ​ 2 ​ ​ 37 ​ ​ 54,950 ​ ​ 1,018,996 ​ ​ (770,353) ​ ​ 303,644 Net income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,251 ​ ​ 36,251 Stock-based compensation expense ​ — ​ 1 ​ — ​ — ​ 1 ​ — ​ 5,467 ​ — ​ 5,469 Repurchase of 4,684,419 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ (4) ​ — ​ ​ (26,482) ​ ​ — ​ ​ (26,486) Exercise of options for 60,240 shares of Class D common stock ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ ​ 50 ​ ​ — ​ ​ 50 Adjustment of redeemable noncontrolling interests to estimated redemption value ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,440) ​ ​ — ​ ​ (3,440) Other comprehensive income, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,275 ​ ​ — ​ ​ — ​ ​ 2,275 BALANCE, as of September 30, 2022 ​ $ — ​ $ 10 ​ $ 3 ​ $ 2 ​ $ 34 ​ $ 57,225 ​ $ 994,591 ​ $ (734,102) ​ $ 317,763 ​ ​ ​ ​ ​ ​ ​ ​ Revised Consolidated Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 (unaudited) ​ Six Months Ended June 30, 2022 (unaudited) ​ Nine Months Ended September 30, 2022 (unaudited) ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ As ​ ​ ​ ​ ​ ​ ​ ​ Previously ​ ​ ​ ​ As ​ Previously ​ ​ ​ ​ As ​ Previously ​ ​ ​ ​ As ​ Reported Adjustments Revised Reported Adjustments Revised ​ Reported Adjustments Revised ​ ​ (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 17,194 ​ $ (80) ​ $ 17,114 ​ $ 34,537 ​ $ (479) ​ $ 34,058 ​ $ 38,304 ​ $ (500) ​ $ 37,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments to reconcile net income to net cash from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ 5,462 ​ 3 ​ 5,465 ​ 8,962 ​ (86) ​ 8,876 ​ 11,682 ​ (43) ​ 11,639 Stock-based compensation ​ 124 ​ — ​ 124 ​ 460 ​ — ​ 460 ​ 5,469 ​ 105 ​ 5,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of change in operating assets and liabilities, net of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets ​ (592) ​ 263 ​ (329) ​ (394) ​ 143 ​ (251) ​ (2,279) ​ 65 ​ (2,214) Other liabilities ​ ​ (3,491) ​ ​ (464) ​ ​ (3,955) ​ ​ (5,017) ​ ​ 24 ​ ​ (4,993) ​ ​ 3,317 ​ ​ (108) ​ ​ 3,209 Net cash flows provided by (used in) operating activities ​ ​ 15,734 ​ ​ (278) ​ ​ 15,456 ​ ​ 43,624 ​ ​ (398) ​ ​ 43,226 ​ ​ 54,067 ​ ​ (481) ​ ​ 53,586 CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contributions from noncontrolling interest members of RVAEH ​ ​ — ​ ​ 278 ​ ​ 278 ​ ​ — ​ ​ 398 ​ ​ 398 ​ ​ ​ ​ ​ 481 ​ ​ 481 Net cash flows provided by (used in) financing activities ​ ​ (10) ​ ​ 278 ​ ​ 268 ​ ​ (48,968) ​ ​ 398 ​ ​ (48,570) ​ ​ (73,562) ​ ​ 481 ​ ​ (73,081) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 ​ ​ 152,218 ​ ​ 6,500 ​ ​ 158,718 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period ​ $ 166,366 ​ $ 6,500 ​ $ 172,866 ​ $ 143,003 ​ $ 6,500 ​ $ 149,503 ​ $ 105,547 ​ $ 6,500 ​ $ 112,047 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 item segment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of independently formatted, revenue producing broadcast stations	66
Number of FM or AM stations owned or operated	55
Number of HD stations owned or operated	9
Number of low power television stations owned or operated	2
Number of most populous market	13
Number of cable TV networks	2
Number of Reportable Segments | segment	4
Reach Media Inc
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	80%

REVISION OF PREVIOUSLY ISSUED_3

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - RVA Entertainment Holdings	Mar. 31, 2023	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership percentage	75%	75%
Peninsula Pacific Entertainment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Ownership percentage for noncontrolling interest		25%

REVISION OF PREVIOUSLY ISSUED_4

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
CURRENT ASSETS:
Restricted cash	$ 476	$ 26,475	$ 26,474	$ 26,473	$ 26,473
Trade accounts receivable, net of allowance for doubtful accounts	123,420	142,045
Other current assets	8,563	8,750	8,029	7,049	7,289
Total current assets	258,739	295,406	293,043	316,925	331,960
PROPERTY AND EQUIPMENT, NET	27,904	28,258	28,029	27,413	26,743
Total assets	1,284,471	1,344,646	1,330,046	1,342,523	1,370,219
CURRENT LIABILITIES:
Accounts payable	14,316	17,196
Other current liabilities	43,044	39,682	38,757	29,595	33,789
Total current liabilities	112,596	132,818	113,132	110,010	100,175
OTHER LONG-TERM LIABILITIES	31,208	34,856	36,267	38,610	36,810
DEFERRED TAX LIABILITIES, NET	38,211	39,389	31,229	30,270	26,834
Total liabilities	927,778	981,973	983,331	997,133	1,016,096
REDEEMABLE NONCONTROLLING INTERESTS	25,116	31,923	28,952	27,059	26,852
STOCKHOLDERS' EQUITY:
Accumulated deficit	(738,343)	(736,010)	(734,102)	(737,571)	(753,865)
Total stockholders' equity	331,577	330,750	317,763	318,331	327,271
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,284,471	1,344,646	1,330,046	1,342,523	1,370,219
As Previously Reported
CURRENT ASSETS:
Restricted cash		19,975	19,974	19,973	19,973
Trade accounts receivable, net of allowance for doubtful accounts		143,264
Other current assets		8,372	7,676	6,774	7,134
Total current assets		289,747	286,190	310,150	325,305
PROPERTY AND EQUIPMENT, NET		27,758	27,529	26,913	26,243
Total assets		1,338,487	1,322,693	1,335,248	1,363,064
CURRENT LIABILITIES:
Accounts payable		18,003
Other current liabilities		36,320	38,624	29,582	33,776
Total current liabilities		130,263	112,999	109,997	100,162
OTHER LONG-TERM LIABILITIES		34,540	35,359	37,555	36,243
DEFERRED TAX LIABILITIES, NET		39,704	31,284	30,368	26,843
Total liabilities		979,417	982,345	996,163	1,015,525
REDEEMABLE NONCONTROLLING INTERESTS		25,298	22,327	20,434	20,227
STOCKHOLDERS' EQUITY:
Accumulated deficit		(732,988)	(733,844)	(737,251)	(753,824)
Total stockholders' equity		333,772	318,021	318,651	327,312
Total liabilities, redeemable noncontrolling interests and stockholders' equity		1,338,487	$ 1,322,693	$ 1,335,248	$ 1,363,064
Adjustments
CURRENT ASSETS:
Restricted cash		6,500
Other current assets		378
Total current assets		6,878
PROPERTY AND EQUIPMENT, NET		500
Total assets		7,378
CURRENT LIABILITIES:
Other current liabilities		3,362
Total current liabilities		3,362
OTHER LONG-TERM LIABILITIES		858
DEFERRED TAX LIABILITIES, NET		(214)
Total liabilities		4,006
REDEEMABLE NONCONTROLLING INTERESTS		6,625
STOCKHOLDERS' EQUITY:
Accumulated deficit		(3,253)
Total stockholders' equity		(3,253)
Total liabilities, redeemable noncontrolling interests and stockholders' equity		7,378
Other Adjustments
CURRENT ASSETS:
Trade accounts receivable, net of allowance for doubtful accounts		(1,219)
Total current assets		(1,219)
Total assets		(1,219)
CURRENT LIABILITIES:
Accounts payable		(807)
Total current liabilities		(807)
OTHER LONG-TERM LIABILITIES		(542)
DEFERRED TAX LIABILITIES, NET		(101)
Total liabilities		(1,450)
STOCKHOLDERS' EQUITY:
Accumulated deficit		231
Total stockholders' equity		231
Total liabilities, redeemable noncontrolling interests and stockholders' equity		$ (1,219)

REVISION OF PREVIOUSLY ISSUED_5

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Balance Sheet - Additional (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Allowance for doubtful accounts receivable (in dollars)	$ 7,188	$ 9,223

REVISION OF PREVIOUSLY ISSUED_6

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation	$ 36,874			$ 35,210			$ 160,642
Corporate selling, general and administrative, including stock-based compensation	11,586	$ 14,886	$ 12,352	9,537	$ 21,889	$ 36,775	59,520
Total operating expenses	101,749	103,254	93,282	75,670	168,952	272,206	393,515
Operating income (loss):	8,120	17,996	25,375	36,461	61,836	79,832	91,089
INTEREST INCOME	333			59
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries	(3,571)	6,959	21,069	22,579	43,648	50,607	53,078
(BENEFIT FROM) PROVISION FOR INCOME TAXES	(1,160)	3,213	4,125	5,465	9,590	12,803	16,418
NET (LOSS) INCOME	(2,411)	3,746	16,944	17,114	34,058	37,804	36,660
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	277	650	626	1,276	1,553	2,317
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	3,469	16,294	$ 16,488	32,782	36,251	$ 34,343
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (in dollars per share)	$ (0.06)			$ 0.32			$ 0.70
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Diluted (in dollars per share)	$ (0.06)			$ 0.30			$ 0.66
As Previously Reported
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation							$ 160,230
Corporate selling, general and administrative, including stock-based compensation		14,908	11,864	$ 9,460	21,324	36,232	56,334
Total operating expenses		103,276	92,794	75,593	168,387	271,663	389,917
Operating income (loss):		17,974	25,863	36,538	62,401	80,375	94,687
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries		6,937	21,557	22,656	44,213	51,150	56,676
(BENEFIT FROM) PROVISION FOR INCOME TAXES		3,170	4,214	5,462	9,676	12,846	16,721
NET (LOSS) INCOME		3,767	17,343	17,194	34,537	38,304	39,955
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		360	770	701	1,471	1,831	2,626
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 3,407	$ 16,573	$ 16,493	$ 33,066	$ 36,473	$ 37,329
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (in dollars per share)							$ 0.76
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Diluted (in dollars per share)							$ 0.72
Adjustments
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation							$ 3,728
Total operating expenses							3,728
Operating income (loss):							(3,728)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries							(3,728)
(BENEFIT FROM) PROVISION FOR INCOME TAXES							(202)
NET (LOSS) INCOME							(3,526)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS							(309)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS							$ (3,217)
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic (in dollars per share)							$ (0.06)
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Diluted (in dollars per share)							$ (0.06)
Other Adjustments
OPERATING EXPENSES:
Selling, general and administrative, including stock-based compensation							$ 412
Corporate selling, general and administrative, including stock-based compensation							(542)
Total operating expenses							(130)
Operating income (loss):							130
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries							130
(BENEFIT FROM) PROVISION FOR INCOME TAXES							(101)
NET (LOSS) INCOME							231
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS							$ 231

REVISION OF PREVIOUSLY ISSUED_7

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Operations - Additional (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	$ 159			$ 0			$ 239
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 3,056	$ 5,109	$ 336	$ 124	$ 460	$ 5,569	$ 9,666

REVISION OF PREVIOUSLY ISSUED_8

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME	$ (2,411)	$ (1,950)	$ 17,019	$ 25,010	$ 42,029	$ 40,079	$ 54,937
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	277	650	626	1,276	1,553	2,317
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	(2,227)	16,369	24,384	40,753	38,526	52,620
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		(1,929)	17,418	25,090	42,508	40,579	58,232
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		360	770	701	1,471	1,831	2,626
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ (2,289)	$ 16,648	$ 24,389	$ 41,037	$ 38,748	55,606
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME							(3,526)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS							(309)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS							(3,217)
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME							231
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS							$ 231

REVISION OF PREVIOUSLY ISSUED_9

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ 330,750	$ 318,331	$ 327,271	$ 303,644	$ 303,644	$ 303,644	$ 303,644
Net income (loss)	(2,922)	3,469	16,294	16,488	32,782	36,251	34,343
Stock-based compensation expense	2,558			124	460	5,469	6,595
Repurchase of shares of common stock	(1,324)			(10)	(24,669)	(26,486)	(26,543)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,308)			(871)	(1,907)	(3,440)	(5,616)
BALANCE	331,577	317,763	318,331	327,271	318,331	317,763	330,750
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	333,772	318,651	327,312	303,680	303,680	303,680	303,680
Net income (loss)		3,407	16,573	16,493	33,066	36,473	37,329
Stock-based compensation expense				124	460	5,469	6,595
Repurchase of shares of common stock				(10)	(24,669)	(26,486)	(26,543)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
Adjustment of redeemable noncontrolling interests to estimated redemption value				(871)	(1,907)	(3,440)	(5,616)
BALANCE		318,021	318,651	327,312	318,651	318,021	333,772
Adjustments and Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(3,022)	(320)	(41)	(36)	(36)	(36)	(36)
Net income (loss)		62	(279)	(5)	(284)	(222)	(2,986)
BALANCE		(258)	(320)	(41)	(320)	(258)	(3,022)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)							(3,217)
Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)							231
Preferred Stock | Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	0		0	0	0	0	0
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	0			0			0
Common Stock | Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9	9	9	9	9	9
Net income (loss)	0			0
Stock-based compensation expense	0			0		1	1
Repurchase of shares of common stock	0			0
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	10	10	9	9	9	10	10
Common Stock | Common Stock Class A | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9	9	9	9	9	9
Stock-based compensation expense						1	1
BALANCE		10	9	9	9	10	10
Common Stock | Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	3	3	3	3	3	3	3
Common Stock | Common Stock Class B | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3
BALANCE		3	3	3	3	3	3
Common Stock | Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	2	2	2	2
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	2	2	2	2	2	2	2
Common Stock | Common Stock Class C | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	2	2	2	2
BALANCE		2	2	2	2	2	2
Common Stock | Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	33	37	37	37	37	37
Net income (loss)	0			0
Stock-based compensation expense	0			0		1	1
Repurchase of shares of common stock	0			0	(4)	(4)	(4)
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	34	34	33	37	33	34	34
Common Stock | Common Stock Class D | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	33	37	37	37	37	37
Stock-based compensation expense						1	1
Repurchase of shares of common stock					(4)	(4)	(4)
BALANCE		34	33	37	33	34	34
Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	62,921	62,846	54,950	54,950	54,950	54,950
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE	73,227	57,225	62,921	62,846	62,921	57,225	73,227
Accumulated Other Comprehensive Income | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	62,921	62,846	54,950	54,950	54,950	54,950
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE		57,225	62,921	62,846	62,921	57,225	73,227
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	992,934	1,018,239	1,018,996	1,018,996	1,018,996	1,018,996
Net income (loss)	0			0
Stock-based compensation expense	2,558			124	460	5,467	6,593
Repurchase of shares of common stock	(1,324)			(10)	(24,665)	(26,482)	(26,539)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,308)			(871)	(1,907)	(3,440)	(5,616)
BALANCE	996,644	994,591	992,934	1,018,239	992,934	994,591	993,484
Additional Paid-In Capital | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	992,934	1,018,239	1,018,996	1,018,996	1,018,996	1,018,996
Stock-based compensation expense				124	460	5,467	6,593
Repurchase of shares of common stock				(10)	(24,665)	(26,482)	(26,539)
Exercise of options for common stock					50	50	50
Adjustment of redeemable noncontrolling interests to estimated redemption value				(871)	(1,907)	(3,440)	(5,616)
BALANCE		994,591	992,934	1,018,239	992,934	994,591	993,484
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(736,010)	(737,571)	(753,865)	(770,353)	(770,353)	(770,353)	(770,353)
Net income (loss)	(2,922)			16,488	32,782	36,251	34,343
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Other comprehensive income, net of tax				0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
BALANCE	(738,343)	(734,102)	(737,571)	(753,865)	(737,571)	(734,102)	(736,010)
Accumulated Deficit | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(732,988)	(737,251)	(753,824)	(770,317)	(770,317)	(770,317)	(770,317)
Net income (loss)				16,493	33,066	36,473	37,329
BALANCE		(733,844)	(737,251)	(753,824)	(737,251)	(733,844)	(732,988)
Accumulated Deficit | Adjustments and Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ (3,022)	(320)	(41)	(36)	(36)	(36)	(36)
Net income (loss)				(5)	(284)	(222)	(2,986)
BALANCE		$ (258)	$ (320)	$ (41)	$ (320)	$ (258)	$ (3,022)

REVISION OF PREVIOUSLY ISSUE_10

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Changes in Stockholders' Equity - Additional (Details) - Common Stock Class D - shares	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	256,442	2,649	4,684,419	4,684,419	5,124,671
Shares exercised			60,240	60,240	60,240
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased		2,649	4,684,419	4,684,419	5,124,671
Shares exercised			60,240	60,240	60,240

REVISION OF PREVIOUSLY ISSUE_11

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,411)	$ 3,746	$ 16,944	$ 17,114	$ 34,058	$ 37,804	$ 36,660
Adjustments to reconcile net (loss) income to net cash from operating activities:
Bad debt expense	(1,278)			311			1,837
Deferred income taxes	(1,178)			5,465	8,876	11,639	14,575
Stock-based compensation	3,278			124	460	5,574	9,912
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	19,903			13,336			(16,123)
Prepaid expenses and other current assets	(1,289)			(329)	(251)	(2,214)	(6,651)
Accounts payable	(2,880)			(2,586)			304
Other liabilities	(846)			(3,955)	(4,993)	3,209	(4,393)
Net cash flows provided by (used in) operating activities	17,104			15,456	43,226	53,586	66,548
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Adjustment of redeemable noncontrolling interests to estimated redemption value	1,308			871
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH				278	398	481	512
Net Cash Provided by (Used in) Financing Activities, Total	(25,606)			268	(48,570)	(73,081)	(94,704)
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879	149,503	172,866	158,718	158,718	158,718	158,718
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period	71,931	112,047	149,503	172,866	149,503	112,047	101,879
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		3,767	17,343	17,194	34,537	38,304	39,955
Adjustments to reconcile net (loss) income to net cash from operating activities:
Bad debt expense							1,425
Deferred income taxes				5,462	8,962	11,682	14,878
Stock-based compensation				124	460	5,469	6,595
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net							(16,930)
Prepaid expenses and other current assets				(592)	(394)	(2,279)	(6,691)
Accounts payable							1,111
Other liabilities				(3,491)	(5,017)	3,317	(3,710)
Net cash flows provided by (used in) operating activities				15,734	43,624	54,067	67,060
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Cash Provided by (Used in) Financing Activities, Total				(10)	(48,968)	(73,562)	(95,216)
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	95,379	143,003	166,366	152,218	152,218	152,218	152,218
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period		$ 105,547	$ 143,003	166,366	143,003	105,547	95,379
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income							(3,526)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Deferred income taxes							(202)
Stock-based compensation							3,317
Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets							40
Other liabilities							(141)
Net cash flows provided by (used in) operating activities							(512)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH							512
Net Cash Provided by (Used in) Financing Activities, Total							512
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	$ 6,500			$ 6,500	$ 6,500	$ 6,500	6,500
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period							6,500
Other Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income							231
Adjustments to reconcile net (loss) income to net cash from operating activities:
Bad debt expense							412
Deferred income taxes							(101)
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net							807
Accounts payable							(807)
Other liabilities							$ (542)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 21, 2023 USD ($)

Feb. 14, 2023 USD ($)

Nov. 01, 2022

Nov. 30, 2016 USD ($)

Oct. 31, 2022 segment item

Jul. 31, 2021 USD ($)

Feb. 28, 2021 USD ($)

Mar. 31, 2023 USD ($) segment

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Dec. 31, 2022 USD ($)

Mar. 08, 2023

Sep. 30, 2022 USD ($)

Jul. 29, 2021 USD ($)

Jan. 25, 2021 USD ($)

Apr. 10, 2015 USD ($)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Restricted cash

$ 476,000

$ 26,473,000

$ 26,473,000

$ 26,475,000

$ 26,474,000

Number of Reportable Segments | segment

4

Allowance for doubtful accounts receivable (in dollars)

$ 7,188,000

9,223,000

Revenue from Contract with Customer, Including Assessed Tax

109,869,000

112,131,000

Reassessed Estimated Fair Value of Award

25,600,000

25,700,000

Selling, General and Administrative Expense, Total

36,874,000

35,210,000

160,642,000

Exercisable period of put rights

30 days

Redeemable noncontrolling interest

25,116,000

27,059,000

26,852,000

31,923,000

$ 28,952,000

Investment in unconsolidated joint venture

13,125,000

Operating Lease, Liability

30,460,000

Impairment of goodwill, intangible assets, and long-lived assets

16,775,000

Related party expenses

800,000

900,000

Due to Other Related Parties, Current

1,400,000

1,500,000

Number of reporting units | item

16

Number of radio markets | item

13

Number of other business segments | segment

3

Non-cash launch additions

0

18,750,000

RVAEH

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Initial investment in escrow account

$ 26,000,000

Decrease in restricted cash due to derecognition

$ 26,000,000

Restricted cash

0

26,000,000

Percentage of ownership of equity interest excluding interest in entity

50%

Percentage of ownership interest

75%

Threshold period to get the option to purchase all of their shares after reaching certain milestone

10 years

Redeemable noncontrolling interest

6,600,000

Percentage of ownership interest held

50%

Loss in other expense (income)

$ 200,000

Investment in unconsolidated joint venture

13,100,000

Churchhill Downs Incorporated | RVAEH

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Percentage of ownership of equity interest excluding interest in entity

50%

Percentage of ownership interest purchased

25%

Percentage of ownership interest held

50%

Investment purchased

$ 6,600,000

Host Community Agreement [Member] | RVA Entertainment Holdings [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Upfront payment (refund)

$ 26,000,000

Cumulative Effect, Period of Adoption, Adjustment

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Allowance for doubtful accounts receivable (in dollars)

$ 600,000

Event revenues & other

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

1,782,000

824,000

Reserve for audience deficiency

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

500,000

Continuing Operations [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Marketing and Advertising Expense

7,100,000

7,400,000

Barter Transactions [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

600,000

400,000

Cost of Goods and Services Sold

400,000

300,000

Selling, General and Administrative Expense, Total

200,000

200,000

Radio broadcasting and Reach Media segments [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Sales Commissions and Fees

4,200,000

3,700,000

Fantastic Voyage [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Operating Income Guarantee

$ 1,750,000

Launch support asset

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Finite Lived Intangible Assets Weighted Average Amortization Period

8 years 1 month 6 days

8 years 1 month 6 days

Finite Lived Intangible Assets Remaining Weighted Average Amortization Period

3 years 7 months 6 days

3 years 9 months 18 days

Payment for launch support

$ 0

0

Amortization of Intangible Assets

$ 1,200,000

700,000

Licensing Agreements [Member] | Minimum

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Finite-lived intangible asset, useful life

1 year

Licensing Agreements [Member] | Maximum

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Finite-lived intangible asset, useful life

5 years

Radio Broadcasting Licenses [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Impairment charge, indefinite lived intangible asset

$ 16,775,000

Tom Joyner Foundation Inc [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Reimbursement Expenditure Guarantee

$ 1,000,000

Percentage of Performance Bonus

50%

Tom Joyner Foundation Inc [Member] | Fantastic Voyage [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Operating Income Guarantee

$ 250,000

Chief Executive Officer

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Percentage Of Award Amount

4%

7.375% Senior Secured Notes due February 2028

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Long-term Debt, Gross

$ 725,000,000

$ 750,000,000

Fair value of debt

$ 645,300,000

646,900,000

Debt Instrument, Interest Rate, Stated Percentage

7.375%

Face amount of debt

$ 825,000,000

PPP loan

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Other Income

$ 7,600,000

Tv One Llc [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Sales Commissions and Fees

$ 5,000,000

5,100,000

Customer Advances [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

1,900,000

Unearned Income [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

0

0

Related Party Agreement Expenditures Transactions [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Due to Related Parties

3,900,000

$ 2,300,000

Employment Agreement Award [Member] | Corporate selling, general and administrative expenses

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Income (expense) associated with the Employment Agreement Award

$ 100,000

600,000

MGM National Harbor [Member]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Investment owned

$ 35,000,000

$ 5,000,000

Percentage of ownership of equity interest excluding interest in entity

100%

Other Income

$ 2,000,000

MGM National Harbor [Member] | Subsequent events

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]

Proceeds from sale of available for sale debt securities

$ 136,800,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for expected credit loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Changes in allowance for expected credit loss
Allowance for Doubtful Accounts Receivable, Current, Beginning Balance	$ 9,223
Charged to Expenses, net	(1,278)	$ 311	$ 1,837
Less: Deductions	(177)
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	7,188		9,223
Adjusted Balance
Changes in allowance for expected credit loss
Allowance for Doubtful Accounts Receivable, Current, Beginning Balance	$ 8,643
Allowance for Doubtful Accounts Receivable, Current, Ending Balance			$ 8,643

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net revenue	$ 109,869	$ 112,131
Radio advertising
Net revenue	43,108	39,127
Political advertising
Net revenue	296	532
Digital advertising
Net revenue	15,024	15,482
Cable television advertising
Net revenue	25,822	30,414
Cable television affiliate fees
Net revenue	23,837	25,752
Event revenues & other
Net revenue	$ 1,782	$ 824

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Contract assets:
Unbilled receivables	$ 11,991	$ 12,597
Contract liabilities:
Customer advances and unearned income	2,966	6,123
Reserve for audience deficiency	12,925	9,629
Unearned event income	$ 9,412	$ 5,708

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders	$ (2,922)	$ 3,469	$ 16,294	$ 16,488	$ 32,782	$ 36,251	$ 34,343
Denominator:
Denominator for basic net (loss) income per share - weighted average outstanding shares	47,420,832			51,182,831
Effect of dilutive securities:
Stock options and restricted stock	0			3,914,950
Denominator for diluted net (loss) income per share - weighted-average outstanding shares	47,420,832			55,097,781
Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share - basic	$ (0.06)			$ 0.32			$ 0.70
Net (loss) income attributable to Class A, Class B, Class C and Class D common stockholders per share - diluted	$ (0.06)			$ 0.30			$ 0.66

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Potential common shares excluded from the diluted calculation (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Potentially dilutive common shares	0
Potential common shares excluded from the diluted calculation	2,700,000	0

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities subject to fair value measurement:
Employment agreement award	$ 25,597	$ 25,741
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	25,116	25,298
Assets subject to fair value measurement:
Available for sale securities	136,826	136,826
Cash equivalents - money market funds	40,168	39,798
Assets subject to fair value measurement value	176,994	176,624
Level 1
Assets subject to fair value measurement:
Cash equivalents - money market funds	40,168	39,798
Assets subject to fair value measurement value	40,168	39,798
Level 3
Liabilities subject to fair value measurement:
Employment agreement award	25,597	25,741
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	25,116	25,298
Assets subject to fair value measurement:
Available for sale securities	136,826	136,826
Assets subject to fair value measurement value	$ 136,826	$ 136,826

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount 1	$ 0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount 1	0
Fair Value, Liabilities, Level 3 Transfers, Amount 1	0
Available-for-Sale Securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	136,826	$ 112,600
Change in fair value included within other comprehensive income		10,400
Balance, end of period	136,826	123,000
Employment Agreement Award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,741	28,193
Change in fair value	(144)
Change in fair value		579
Balance, end of period	25,597	28,772
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	144	(579)
Redeemable noncontrolling interest
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,298	18,655
Net income attributable to redeemable noncontrolling interests	511	701
Dividends paid to redeemable noncontrolling interests	(2,001)
Change in fair value	1,308
Change in fair value		871
Balance, end of period	$ 25,116	$ 20,227

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Discount rate | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	10.50%	10.50%
Discount rate | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	11.50%	11.50%
Terminal growth rate | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.50%	0.50%
Terminal growth rate | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.30%	0.30%
Operating profit margin range | Minimum | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	34.20%	33.70%
Operating profit margin range | Minimum | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	26.60%	25.80%
Operating profit margin range | Maximum | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	46.70%	46.60%
Operating profit margin range | Maximum | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	29.80%	29.80%
Revenue growth rate range | Minimum | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	(2.30%)	(4.10%)
Revenue growth rate range | Minimum | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.20%	0.20%
Revenue growth rate range | Maximum | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	2.60%	4.20%
Revenue growth rate range | Maximum | Redeemable Noncontrolling Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	31.80%	32.20%
Measurement Input, Average EBITDA Multiple [Member] | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	5.80%	6.60%

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases
Lease term	50 years
Operating Lease Cost (Cost resulting from lease payments)	$ 2,949	$ 3,246
Variable Lease Cost (Cost excluded from lease payments)	11	10
Total Lease Cost	2,960	3,256
Operating Lease - Operating Cash Flows (Fixed Payments)	3,102	3,503
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 2,251	$ 2,449
Weighted Average Lease Term - Operating Leases	5 years 4 months 2 days	4 years 9 months 18 days
Weighted Average Discount Rate - Operating Leases	11%	11%

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Mar. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For the remaining nine months ending December 31, 2023	$ 8,745
2024	10,822
2025	6,891
2026	5,121
2027	3,550
Thereafter	8,486
Total future lease payments	43,615
Less: imputed interest	(10,748)
Less: leases held for sale	(2,407)
Total lease liabilities	$ 30,460

SUMMARY OF SIGNIFICANT ACCOU_15

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

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Asset Acquisition Pro forma (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
ACQUISITIONS AND DISPOSITIONS
Net revenue	$ 116,493
Operating income	36,689
Net income	$ 17,313

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) - USD ($)			3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Apr. 11, 2023	Aug. 31, 2022	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Jun. 13, 2022
Asset Acquisition [Line Items]
Assets held for sale			$ 2,400,000							$ 3,200,000
Net Revenue			109,869,000			$ 112,131,000
Operating income (loss)			8,120,000	$ 17,996,000	$ 25,375,000	$ 36,461,000	$ 61,836,000	$ 79,832,000	$ 91,089,000
Non Cash Impairment charge			$ 16,800,000
Subsequent events
Asset Acquisition [Line Items]
Assets held for sale	$ 9,900,000
Proceeds from assets sold	7,500,000
Assets, held for sale, tangible and intangible disposed	7,300,000
Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment		$ 200,000
Indiana Radio Cluster Asset Acquisition [Member]
Asset Acquisition [Line Items]
Asset acquisition transaction price		25,000,000
Radio broadcasting licenses		23,600,000
Intangible asset		100,000
Right of use assets		1,200,000
Goodwill, asset acquisition		400,000
Operating lease liabilities		1,200,000
Indiana Radio Cluster Asset Acquisition [Member] | WHHH radio broadcasting license and intellectual property related to WNOW | Disposal group, disposed of by sale, not discontinued operations
Asset Acquisition [Line Items]
Net loss recognized related to disposal transaction									$ (100,000)
Indiana Radio Cluster Asset Acquisition [Member] | Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment		200,000
Indiana Radio Cluster Asset Acquisition [Member] | Transmitters
Asset Acquisition [Line Items]
Property, plant and equipment		300,000
Indiana Radio Cluster Asset Acquisition [Member] | Studios
Asset Acquisition [Line Items]
Property, plant and equipment		200,000
Indiana Radio Cluster Asset Acquisition [Member] | Vehicles
Asset Acquisition [Line Items]
Property, plant and equipment		100,000
Indiana Radio Cluster Asset Acquisition [Member] | Furniture, fixtures, computer equipment and computer software
Asset Acquisition [Line Items]
Property, plant and equipment		$ 27,000
Houston Radio Cluster Asset Acquisition [Member] | Subsequent events
Asset Acquisition [Line Items]
Asset acquisition transaction price	$ 27,500,000

RADIO BROADCASTING LICENSES - C

RADIO BROADCASTING LICENSES - Changes in Radio Broadcasting Licenses (Details) - Radio broadcasting licenses $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Beginning balance	$ 488,419
Impairment charges	$ (16,775)
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Reclassification of amounts to assets held for sale	$ (7,276)
Ending balance	$ 464,368

LONG-TERM DEBT - Schedule of lo

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
Less: current portion of long-term debt	0	0
Less: original issue discount and issuance costs	10,220	11,000
Long-term debt, net	714,780	739,000
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
Interest rate	7.375%

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) $ in Thousands				3 Months Ended
	Jun. 01, 2021 USD ($)	Feb. 19, 2021 USD ($)	Jan. 08, 2021	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Aug. 01, 2021	Jan. 25, 2021 USD ($)	Jan. 07, 2021 USD ($)	Feb. 24, 2015 USD ($)
Debt Instrument [Line Items]
Deferred financing costs included in interest expense				$ 481		$ 501
Repayments of Long-term Debt, Total				22,281
GAIN ON RETIREMENT OF DEBT				(2,356)
Gain (Loss) on Extinguishment of Debt				$ 2,356
2028 Notes Offering
Debt Instrument [Line Items]
Face amount of debt										$ 825,000
Interest rate										7.375%
Percentage of issue price			100
Threshold period after receiving notice from trustee to comply that does not constitute an event of default				120 days
Debt issuance costs				$ 15,400
Deferred financing costs included in interest expense				500		$ 500
GAIN ON RETIREMENT OF DEBT				$ (2,400)
Debt Instrument, Redemption Price, Percentage				89.10%
Amount redeemable				$ 25,000
Debt instrument effective interest rate				7.63%		7.72%
Debt Instrument, Repurchase Amount				$ 25,000
Debt Instrument, Redemption Price, Percentage				89.10%
Gain (Loss) on Extinguishment of Debt				$ 2,400
7.375% Senior Secured Notes due April 2022
Debt Instrument [Line Items]
Interest rate								7.375%
7.375% Senior Secured Notes due February 2028
Debt Instrument [Line Items]
Face amount of debt									$ 825,000
Interest rate				7.375%
Long-term Debt, Gross				$ 725,000			$ 750,000
PPP loan
Debt Instrument [Line Items]
Other Income					$ 7,600
Proceeds from Paycheck Protection Program Loan	$ 7,500
Fixed Rate Of Interest	1%
ABL Facility
Debt Instrument [Line Items]
Debt Instrument, Term		5 years
Period prior to maturity of senior secured notes		91 days
Covenant Compliance Description For Maintaining Fixed Charge Coverage Ratio				The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. The Company has obtained waivers due to certain events of default related to the Company's failure to timely deliver certain financial deliverables.
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000
Letter of credit facility, maximum capacity		$ 5,000		$ 5,000							$ 1,200
Percentage Borrowing Of Eligible Accounts		85%
Borrowings outstanding				0			$ 0
Line of Credit Facility, Current Borrowing Capacity		$ 50,000
Standby Letters of Credit
Debt Instrument [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability				$ 800

LONG-TERM DEBT - Future Minimum

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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
INCOME TAXES
Provision (benefit) for income taxes	$ (1,160,000)	$ 3,213,000	$ 4,125,000	$ 5,465,000	$ 9,590,000	$ 12,803,000	$ 16,418,000
Pre-tax income from continuing operations	$ (3,571,000)	$ 6,959,000	$ 21,069,000	$ 22,579,000	$ 43,648,000	$ 50,607,000	$ 53,078,000
Effective Income Tax Rate Reconciliation, Percent	32.50%
Estimated effective annual income tax rate reconciliation, percentage	27.60%
State tax law changes, tax expense	$ 94,000
Decrease unrecognized tax benefits related to state tax	$ 57,000

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - Stock options - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Number of Options, Outstanding at Beginning of Year	4,594,734
Number of Options, Grants	439,429
Number of Options, Exercised	0
Number of Option, Forfeited/cancelled/expired/settled	0
Number of Options, Balance at End of Year	5,034,163	4,594,734
Number of Options, Vested and expected to vest	4,982,498
Number of Options, Unvested	441,730
Number of Options, Exercisable	4,592,433
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share)	$ 2.59
Weighted-Average Exercise Price, Grants (in dollars per share)	5.14
Weighted-Average Exercise Price, Exercised (in dollars per share)	0
Weighted-Average Exercise Price, Forfeited/cancelled/expired/settled (in dollars per share)	0
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share)	2.81	$ 2.59
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share)	2.80
Weighted-Average Exercise Price, Unvested (in dollars per share)	4.28
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 2.67
Weighted-Average Remaining Contractual Term, Outstanding (in years)	5 years 10 months 9 days	5 years 8 months 19 days
Weighted-Average Remaining Contractual Term, Grants (in years)	0 years
Weighted-Average Remaining Contractual Term, Exercised (in years)	0 years
Weighted-Average Remaining Contractual Term, Forfeited/cancelled/expired/settled (in years)	0 years
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)	5 years 9 months 25 days
Weighted-Average Remaining Contractual Term, Unvested (in years)	9 years 6 months 3 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)	5 years 6 months 3 days
Aggregate Intrinsic Value, Outstanding	$ 13,575,645	$ 5,871,492
Aggregate Intrinsic Value, Grants	0
Aggregate Intrinsic Value, Exercised	0
Aggregate Intrinsic Value, Forfeited/cancelled/expired/settled	0
Aggregate Intrinsic Value, Vested and expected to vest	13,510,620
Aggregate Intrinsic Value, Unvested	539,477
Aggregate Intrinsic Value, Exercisable	$ 13,036,168

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Common Stock Class D - Restricted Stock Awards [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year | shares	434,264
Shares, Grants | shares	743,599
Shares, Vested | shares	(771,729)
Shares, Forfeited/cancelled/expired | shares	0
Shares, Unvested at end of year | shares	406,134
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) | $ / shares	$ 4.27
Average Fair Value at Grant Date, Grants (in dollars per share) | $ / shares	5.13
Average Fair Value at Grant Date, Vested (in dollars per share) | $ / shares	5.04
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	$ 4.39

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Sep. 27, 2022
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Value	$ 1,324,000	$ 10,000	$ 24,669,000	$ 26,486,000	$ 26,543,000
Share-based Compensation, Total	$ 3,278,000	$ 124,000	$ 460,000	$ 5,574,000	$ 9,912,000
Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	439,429
Number of options vested in period	463,497	16,795
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares	0	0
Employee [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options	$ 900,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	14 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 1.76
Certain Executive Officers [Member] | Employees Stock Option [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	439,429
Management Personnel [Member] | Employees Stock Option [Member]
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	415,141
Class A And Class D Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount remaining	$ 10,000,000					$ 443,000
Class A And Class D Common Stock [Member] | Maximum
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount						$ 500,000
Class A And Class D Common Stock [Member] | Share Repurchase Program Two
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares	0
Common Class D [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares	824
Stock Repurchased During Period, Value	$ 3,000
Repurchase of common stock price per share	$ 3.99
Common Class D [Member] | Stock Vest Tax Repurchase [Member]
STOCKHOLDERS' EQUITY
Shares disposed for tax withholding obligation	226,980
Common Class D [Member] | Restricted Stock Awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	12 months
Other than options, granted	743,599	6,887
Total unrecognized compensation, other than options	$ 1,200,000
Common Class D [Member] | Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	439,429	6,887
Common Class D [Member] | Stock Vest Tax Repurchase [Member]
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares	255,618	2,649
Stock Repurchased During Period, Value	$ 1,300,000	$ 10,000
Repurchase of common stock price per share	$ 5.17	$ 3.63
Common Class D [Member] | Chief Executive Officer | Restricted Stock Awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	743,599
Common Class D [Member] | Management Personnel [Member] | Restricted Stock Awards [Member]
STOCKHOLDERS' EQUITY
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	688,987
Class A Common Stock [Member] | Restricted Stock Awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	21 months
Other than options, granted	0	0
Other than options, vested In period	0	0
Other than options, cancelled in period	0	0
Other than options, unvested, number	750,000	0
Total unrecognized compensation, other than options	$ 3,100,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment	4
Net revenue	$ 109,869			$ 112,131
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	82,377			73,265
Depreciation and Amortization:	2,597			2,405
Impairment of goodwill, intangible assets, and long-lived assets	16,775
Operating income (loss):	8,120	$ 17,996	$ 25,375	36,461	$ 61,836	$ 79,832	$ 91,089
Capital expenditures by segment are as follows:	2,009			1,576
Total assets:	1,284,471	$ 1,330,046	$ 1,342,523	1,370,219	$ 1,342,523	$ 1,330,046	1,344,646
All other - corporate/eliminations
SEGMENT INFORMATION
Net revenue	(976)			(1,094)
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	7,460			6,658
Depreciation and Amortization:	338			264
Operating income (loss):	(8,774)			(8,016)
Capital expenditures by segment are as follows:	349			307
Total assets:	218,564						239,917
Radio broadcasting | Operating Segments
SEGMENT INFORMATION
Net revenue	35,180			31,493
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	26,448			23,618
Depreciation and Amortization:	917			815
Impairment of goodwill, intangible assets, and long-lived assets	16,775
Operating income (loss):	(8,960)			7,060
Capital expenditures by segment are as follows:	1,015			640
Total assets:	584,446						605,703
Radio broadcasting | All other - corporate/eliminations
SEGMENT INFORMATION
Net revenue	(976)			(1,094)
Reach Media | Operating Segments
SEGMENT INFORMATION
Net revenue	10,917			10,030
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	7,736			6,196
Depreciation and Amortization:	40			47
Operating income (loss):	3,141			3,787
Capital expenditures by segment are as follows:	34			21
Total assets:	44,228						48,936
Digital | Operating Segments
SEGMENT INFORMATION
Net revenue	15,071			15,486
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	11,350			10,864
Depreciation and Amortization:	337			333
Operating income (loss):	3,384			4,289
Capital expenditures by segment are as follows:	600			225
Total assets:	27,334						35,766
Cable television | Operating Segments
SEGMENT INFORMATION
Net revenue	49,677			56,216
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	29,383			25,929
Depreciation and Amortization:	965			946
Operating income (loss):	19,329			29,341
Capital expenditures by segment are as follows:	11			$ 383
Total assets:	$ 409,899						$ 414,324

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Feb. 19, 2021	Feb. 24, 2015
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Royalty Agreements | RMLC and GMR
COMMITMENTS AND CONTINGENCIES
License term	4 years
Optional extension terms of license	3 years
Standby Letters of Credit
COMMITMENTS AND CONTINGENCIES
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability	$ 0.8
ABL Facility
COMMITMENTS AND CONTINGENCIES
Letter of credit facility, maximum capacity	$ 5	$ 5	$ 1.2

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
CURRENT ASSETS:
Restricted cash	$ 476	$ 26,475	$ 26,474	$ 26,473	$ 26,473
Other current assets	8,563	8,750	8,029	7,049	7,289
Total current assets	258,739	295,406	293,043	316,925	331,960
PROPERTY AND EQUIPMENT, net	27,904	28,258	28,029	27,413	26,743
Total assets	1,284,471	1,344,646	1,330,046	1,342,523	1,370,219
CURRENT LIABILITIES:
Other current liabilities	43,044	39,682	38,757	29,595	33,789
Total current liabilities	112,596	132,818	113,132	110,010	100,175
OTHER LONG-TERM LIABILITIES	31,208	34,856	36,267	38,610	36,810
DEFERRED TAX LIABILITIES, net	38,211	39,389	31,229	30,270	26,834
Total liabilities	927,778	981,973	983,331	997,133	1,016,096
REDEEMABLE NONCONTROLLING INTERESTS	25,116	31,923	28,952	27,059	26,852
STOCKHOLDERS' EQUITY:
Accumulated deficit	(738,343)	(736,010)	(734,102)	(737,571)	(753,865)
Total stockholders' equity	331,577	330,750	317,763	318,331	327,271
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$ 1,284,471	1,344,646	1,330,046	1,342,523	1,370,219
As Previously Reported
CURRENT ASSETS:
Restricted cash		19,975	19,974	19,973	19,973
Other current assets		8,372	7,676	6,774	7,134
Total current assets		289,747	286,190	310,150	325,305
PROPERTY AND EQUIPMENT, net		27,758	27,529	26,913	26,243
Total assets		1,338,487	1,322,693	1,335,248	1,363,064
CURRENT LIABILITIES:
Other current liabilities		36,320	38,624	29,582	33,776
Total current liabilities		130,263	112,999	109,997	100,162
OTHER LONG-TERM LIABILITIES		34,540	35,359	37,555	36,243
DEFERRED TAX LIABILITIES, net		39,704	31,284	30,368	26,843
Total liabilities		979,417	982,345	996,163	1,015,525
REDEEMABLE NONCONTROLLING INTERESTS		25,298	22,327	20,434	20,227
STOCKHOLDERS' EQUITY:
Accumulated deficit		(732,988)	(733,844)	(737,251)	(753,824)
Total stockholders' equity		333,772	318,021	318,651	327,312
Total liabilities, redeemable noncontrolling interests and stockholders' equity		$ 1,338,487	1,322,693	1,335,248	1,363,064
Adjustments
CURRENT ASSETS:
Restricted cash			6,500	6,500	6,500
Other current assets			353	275	155
Total current assets			6,853	6,775	6,655
PROPERTY AND EQUIPMENT, net			500	500	500
Total assets			7,353	7,275	7,155
CURRENT LIABILITIES:
Other current liabilities			133	13	13
Total current liabilities			133	13	13
OTHER LONG-TERM LIABILITIES			908	1,055	567
DEFERRED TAX LIABILITIES, net			(55)	(98)	(9)
Total liabilities			986	970	571
REDEEMABLE NONCONTROLLING INTERESTS			6,625	6,625	6,625
STOCKHOLDERS' EQUITY:
Accumulated deficit			(258)	(320)	(41)
Total stockholders' equity			(258)	(320)	(41)
Total liabilities, redeemable noncontrolling interests and stockholders' equity			$ 7,353	$ 7,275	$ 7,155

QUARTERLY FINANCIAL DATA (UNA_4

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation	$ 11,586	$ 14,886	$ 12,352	$ 9,537	$ 21,889	$ 36,775	$ 59,520
Total operating expenses	101,749	103,254	93,282	75,670	168,952	272,206	393,515
Operating income (loss):	8,120	17,996	25,375	36,461	61,836	79,832	91,089
Income (loss) before (benefit from) provision for income taxes and noncontrolling interests in income of subsidiaries	(3,571)	6,959	21,069	22,579	43,648	50,607	53,078
(BENEFIT FROM) PROVISION FOR INCOME TAXES	(1,160)	3,213	4,125	5,465	9,590	12,803	16,418
NET (LOSS) INCOME	(2,411)	3,746	16,944	17,114	34,058	37,804	36,660
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	277	650	626	1,276	1,553	2,317
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	3,469	16,294	16,488	32,782	36,251	34,343
As Previously Reported
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation		14,908	11,864	9,460	21,324	36,232	56,334
Total operating expenses		103,276	92,794	75,593	168,387	271,663	389,917
Operating income (loss):		17,974	25,863	36,538	62,401	80,375	94,687
Income (loss) before (benefit from) provision for income taxes and noncontrolling interests in income of subsidiaries		6,937	21,557	22,656	44,213	51,150	56,676
(BENEFIT FROM) PROVISION FOR INCOME TAXES		3,170	4,214	5,462	9,676	12,846	16,721
NET (LOSS) INCOME		3,767	17,343	17,194	34,537	38,304	39,955
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		360	770	701	1,471	1,831	2,626
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		3,407	16,573	16,493	33,066	36,473	37,329
Adjustments
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation		(22)	488	77	565	543
Total operating expenses		(22)	488	77	565	543
Operating income (loss):		22	(488)	(77)	(565)	(543)
Income (loss) before (benefit from) provision for income taxes and noncontrolling interests in income of subsidiaries		22	(488)	(77)	(565)	(543)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		43	(89)	3	(86)	(43)
NET (LOSS) INCOME		(21)	(399)	(80)	(479)	(500)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(83)	(120)	(75)	(195)	(278)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 62	$ (279)	$ (5)	$ (284)	$ (222)	$ (2,986)

QUARTERLY FINANCIAL DATA (UNA_5

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Operations - Additional (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Corporate Selling, General and Administrative
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Allocated Share-based Compensation Expense	$ 3,056	$ 5,109	$ 336	$ 124	$ 460	$ 5,569	$ 9,666

QUARTERLY FINANCIAL DATA (UNA_6

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME	$ (2,411)	$ (1,950)	$ 17,019	$ 25,010	$ 42,029	$ 40,079	$ 54,937
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	511	277	650	626	1,276	1,553	2,317
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,922)	(2,227)	16,369	24,384	40,753	38,526	52,620
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		(1,929)	17,418	25,090	42,508	40,579	58,232
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		360	770	701	1,471	1,831	2,626
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		(2,289)	16,648	24,389	41,037	38,748	$ 55,606
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
COMPREHENSIVE (LOSS) INCOME		(21)	(399)	(80)	(479)	(500)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(83)	(120)	(75)	(195)	(278)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 62	$ (279)	$ (5)	$ (284)	$ (222)

QUARTERLY FINANCIAL DATA (UNA_7

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ 330,750	$ 318,331	$ 327,271	$ 303,644	$ 303,644	$ 303,644	$ 303,644
Net income (loss)	(2,922)	3,469	16,294	16,488	32,782	36,251	34,343
Stock-based compensation expense	2,558			124	460	5,469	6,595
Repurchase of shares of common stock	(1,324)			(10)	(24,669)	(26,486)	(26,543)
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,308)			(871)	(1,907)	(3,440)	(5,616)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE	331,577	317,763	318,331	327,271	318,331	317,763	330,750
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	333,772	318,651	327,312	303,680	303,680	303,680	303,680
Net income (loss)		3,407	16,573	16,493	33,066	36,473	37,329
Stock-based compensation expense				124	460	5,469	6,595
Repurchase of shares of common stock				(10)	(24,669)	(26,486)	(26,543)
Adjustment of redeemable noncontrolling interests to estimated redemption value				(871)	(1,907)	(3,440)	(5,616)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE		318,021	318,651	327,312	318,651	318,021	333,772
Adjustments and Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(3,022)	(320)	(41)	(36)	(36)	(36)	(36)
Net income (loss)		62	(279)	(5)	(284)	(222)	(2,986)
BALANCE		(258)	(320)	(41)	(320)	(258)	(3,022)
Preferred Stock | Convertible Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	0		0	0	0	0	0
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	0			0			0
Common Stock | Common Stock Class A
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9	9	9	9	9	9
Net income (loss)	0			0
Stock-based compensation expense	0			0		1	1
Repurchase of shares of common stock	0			0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	10	10	9	9	9	10	10
Common Stock | Common Stock Class A | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	10	9	9	9	9	9	9
Stock-based compensation expense						1	1
BALANCE		10	9	9	9	10	10
Common Stock | Common Stock Class B
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	3	3	3	3	3	3	3
Common Stock | Common Stock Class B | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	3	3	3	3	3	3	3
BALANCE		3	3	3	3	3	3
Common Stock | Common Stock Class C
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	2	2	2	2
Net income (loss)	0			0
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	2	2	2	2	2	2	2
Common Stock | Common Stock Class C | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	2	2	2	2	2	2	2
BALANCE		2	2	2	2	2	2
Common Stock | Common Stock Class D
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	33	37	37	37	37	37
Net income (loss)	0			0
Stock-based compensation expense	0			0		1	1
Repurchase of shares of common stock	0			0	(4)	(4)	(4)
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	34	34	33	37	33	34	34
Common Stock | Common Stock Class D | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	34	33	37	37	37	37	37
Stock-based compensation expense						1	1
Repurchase of shares of common stock					(4)	(4)	(4)
BALANCE		34	33	37	33	34	34
Accumulated Other Comprehensive Income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	62,921	62,846	54,950	54,950	54,950	54,950
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE	73,227	57,225	62,921	62,846	62,921	57,225	73,227
Accumulated Other Comprehensive Income | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	73,227	62,921	62,846	54,950	54,950	54,950	54,950
Other comprehensive income, net of tax				7,896	7,971	2,275	18,277
BALANCE		57,225	62,921	62,846	62,921	57,225	73,227
Additional Paid-In Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	992,934	1,018,239	1,018,996	1,018,996	1,018,996	1,018,996
Net income (loss)	0			0
Stock-based compensation expense	2,558			124	460	5,467	6,593
Repurchase of shares of common stock	(1,324)			(10)	(24,665)	(26,482)	(26,539)
Adjustment of redeemable noncontrolling interests to estimated redemption value	(1,308)			(871)	(1,907)	(3,440)	(5,616)
Exercise of options for common stock					50	50	50
Other comprehensive income, net of tax				0
BALANCE	996,644	994,591	992,934	1,018,239	992,934	994,591	993,484
Additional Paid-In Capital | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	993,484	992,934	1,018,239	1,018,996	1,018,996	1,018,996	1,018,996
Stock-based compensation expense				124	460	5,467	6,593
Repurchase of shares of common stock				(10)	(24,665)	(26,482)	(26,539)
Adjustment of redeemable noncontrolling interests to estimated redemption value				(871)	(1,907)	(3,440)	(5,616)
Exercise of options for common stock					50	50	50
BALANCE		994,591	992,934	1,018,239	992,934	994,591	993,484
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(736,010)	(737,571)	(753,865)	(770,353)	(770,353)	(770,353)	(770,353)
Net income (loss)	(2,922)			16,488	32,782	36,251	34,343
Stock-based compensation expense	0			0
Repurchase of shares of common stock	0			0
Adjustment of redeemable noncontrolling interests to estimated redemption value	0			0
Other comprehensive income, net of tax				0
BALANCE	(738,343)	(734,102)	(737,571)	(753,865)	(737,571)	(734,102)	(736,010)
Accumulated Deficit | As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	(732,988)	(737,251)	(753,824)	(770,317)	(770,317)	(770,317)	(770,317)
Net income (loss)				16,493	33,066	36,473	37,329
BALANCE		(733,844)	(737,251)	(753,824)	(737,251)	(733,844)	(732,988)
Accumulated Deficit | Adjustments and Other Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
BALANCE	$ (3,022)	(320)	(41)	(36)	(36)	(36)	(36)
Net income (loss)				(5)	(284)	(222)	(2,986)
BALANCE		$ (258)	$ (320)	$ (41)	$ (320)	$ (258)	$ (3,022)

QUARTERLY FINANCIAL DATA (UNA_8

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Changes in Stockholders' Equity - Additional (Details) - Common Stock Class D - shares	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased	256,442	2,649	4,684,419	4,684,419	5,124,671
Shares exercised			60,240	60,240	60,240
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares repurchased		2,649	4,684,419	4,684,419	5,124,671
Shares exercised			60,240	60,240	60,240

QUARTERLY FINANCIAL DATA (UNA_9

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED) - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,411)	$ 3,746	$ 16,944	$ 17,114	$ 34,058	$ 37,804	$ 36,660
Adjustments to reconcile net (loss) income to net cash from operating activities:
Deferred income taxes	(1,178)			5,465	8,876	11,639	14,575
Stock-based compensation	3,278			124	460	5,574	9,912
Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets	(1,289)			(329)	(251)	(2,214)	(6,651)
Other liabilities	(846)			(3,955)	(4,993)	3,209	(4,393)
Net cash flows provided by (used in) operating activities	17,104			15,456	43,226	53,586	66,548
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH				278	398	481	512
Net cash flows provided by (used in) financing activities	(25,606)			268	(48,570)	(73,081)	(94,704)
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879	149,503	172,866	158,718	158,718	158,718	158,718
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period	71,931	112,047	149,503	172,866	149,503	112,047	101,879
As Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		3,767	17,343	17,194	34,537	38,304	39,955
Adjustments to reconcile net (loss) income to net cash from operating activities:
Deferred income taxes				5,462	8,962	11,682	14,878
Stock-based compensation				124	460	5,469	6,595
Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets				(592)	(394)	(2,279)	(6,691)
Other liabilities				(3,491)	(5,017)	3,317	(3,710)
Net cash flows provided by (used in) operating activities				15,734	43,624	54,067	67,060
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash flows provided by (used in) financing activities				(10)	(48,968)	(73,562)	(95,216)
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	$ 95,379	143,003	166,366	152,218	152,218	152,218	152,218
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period		105,547	143,003	166,366	143,003	105,547	95,379
Adjustments
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		(21)	(399)	(80)	(479)	(500)
Adjustments to reconcile net (loss) income to net cash from operating activities:
Deferred income taxes				3	(86)	(43)
Stock-based compensation						105
Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets				263	143	65
Other liabilities				(464)	24	(108)
Net cash flows provided by (used in) operating activities				(278)	(398)	(481)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH				278	398	481
Net cash flows provided by (used in) financing activities				278	398	481
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		6,500	6,500	6,500	6,500	6,500	$ 6,500
CASH. CASH EQUIVALENTS AND RESTRICTED CASH, end of period		$ 6,500	$ 6,500	$ 6,500	$ 6,500	$ 6,500

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details)					3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 07, 2023	Apr. 21, 2023 USD ($)	Apr. 01, 2023 USD ($) $ / shares shares	Mar. 08, 2023 D	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Feb. 14, 2023	Jul. 29, 2021 USD ($)
Subsequent Event [Line Items]
Number of days notice for repurchase if put interest for cash | D				30
Repurchase of common stock value | $					$ 1,324,000	$ 10,000	$ 24,669,000	$ 26,486,000	$ 26,543,000
RVAEH
Subsequent Event [Line Items]
Percentage of ownership of equity interest excluding interest in entity										50%
Churchill Downs Incorporated [Member] | RVAEH
Subsequent Event [Line Items]
Percentage of ownership of equity interest excluding interest in entity										50%
RVA Entertainment Holdings [Member] | Host Community Agreement [Member]
Subsequent Event [Line Items]
Upfront payment | $											$ 26,000,000
Stock options
Subsequent Event [Line Items]
Stock options to purchase common stock					439,429
Number of options vested in period					463,497	16,795
MGM National Harbor [Member]
Subsequent Event [Line Items]
Percentage of ownership of equity interest excluding interest in entity				100%
Common Class D [Member]
Subsequent Event [Line Items]
Shares repurchased					824
Repurchase of common stock value | $					$ 3,000
Repurchase of common stock price per share | $ / shares					$ 3.99
Common Class D [Member] | Stock options
Subsequent Event [Line Items]
Stock options to purchase common stock					439,429	6,887
Stock Vest Tax Repurchase [Member] | Common Class D [Member]
Subsequent Event [Line Items]
Shares repurchased					255,618	2,649
Repurchase of common stock value | $					$ 1,300,000	$ 10,000
Repurchase of common stock price per share | $ / shares					$ 5.17	$ 3.63
Subsequent events | RVA Entertainment Holdings [Member] | Host Community Agreement [Member]
Subsequent Event [Line Items]
Percentage of escrowed funds anticipates to receive	50%
Subsequent events | MGM National Harbor [Member]
Subsequent Event [Line Items]
Proceeds from sale of available for sale debt securities | $		$ 136,800,000
Subsequent events | Common Class D [Member] | Restricted Stock Awards [Member]
Subsequent Event [Line Items]
Number of restricted stock that vested upon grant			0
Subsequent events | Common Class D [Member] | Employees Stock Option [Member]
Subsequent Event [Line Items]
Number of share options that vested upon grant			0
Subsequent events | Common Class D [Member] | Executive officer and management personnel | Stock options
Subsequent Event [Line Items]
Stock issued during period, shares, restricted stock award, net of forfeitures			153,996
Stock options to purchase common stock			218,308
Subsequent events | Stock Vest Tax Repurchase [Member] | Common Class D [Member]
Subsequent Event [Line Items]
Shares repurchased			56,830
Repurchase of common stock value | $			$ 306,000
Repurchase of common stock price per share | $ / shares			$ 5.54