Urban One (UONE) 10-Q 20 Nov 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001041657
Current Fiscal Year End Date	--12-31
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
NET REVENUE	$ 129,652	$ 118,657	$ 239,521	$ 230,788
OPERATING EXPENSES:
Programming and technical, including stock-based compensation of $7, $0, $70, and $0, respectively	32,554	28,351	66,471	56,869
Selling, general and administrative, including stock-based compensation of $154, $0, $313, and $0, respectively	49,931	35,193	86,805	70,403
Corporate selling, general and administrative, including stock-based compensation of $2,160, $336, $5,215, and $460, respectively	13,545	12,352	25,130	21,889
Depreciation and amortization	1,886	2,481	4,483	4,886
Impairment of goodwill, intangible assets, and long-lived assets	22,081	14,905	38,856	14,905
Total operating expenses	119,997	93,282	221,745	168,952
Operating income	9,655	25,375	17,776	61,836
INTEREST INCOME	1,898		2,232	59
INTEREST EXPENSE	13,972	15,886	28,040	31,813
GAIN ON RETIREMENT OF DEBT	0	1,855	2,356	1,855
Other income, net	96,773	9,725	96,460	11,711
Income before provision for income taxes and noncontrolling interests in income of subsidiaries	94,354	21,069	90,784	43,648
PROVISION FOR INCOME TAXES	23,197	4,125	22,037	9,590
NET INCOME	71,157	16,944	68,747	34,058
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	791	650	1,303	1,276
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 70,366	$ 16,294	$ 67,444	$ 32,782
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Basic	$ 1.48	$ 0.32	$ 1.42	$ 0.64
Diluted	$ 1.39	$ 0.30	$ 1.34	$ 0.60
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	47,629,163	50,806,346	47,514,722	50,994,612
Diluted	50,616,435	54,658,543	50,373,714	54,871,963

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Programming And Technical
Allocated Share-based Compensation Expense	$ 7	$ 0	$ 70	$ 0
Selling, General and Administrative Expenses
Allocated Share-based Compensation Expense	154	0	313	0
Corporate Selling, General and Administrative
Allocated Share-based Compensation Expense	$ 2,160	$ 336	$ 5,215	$ 460

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
NET INCOME	$ 71,157	$ 16,944	$ 68,747	$ 34,058
OTHER COMPREHENSIVE (LOSS) INCOME, BEFORE TAX:
Unrealized gain on available-for-sale securities		100		10,500
Income tax expense related to unrealized gain on available-for-sale securities		25		2,529
Reclassification adjustment for realized gain included in net income	(96,826)		(96,826)
Income tax provision related to reclassification for realized gain	23,599		23,599
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(73,227)	75	(73,227)	7,971
COMPREHENSIVE (LOSS) INCOME	(2,070)	17,019	(4,480)	42,029
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	791	650	1,303	1,276
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (2,861)	$ 16,369	$ (5,783)	$ 40,753

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 230,731	$ 75,404
Restricted cash	477	26,475
Trade accounts receivable, net of allowance for expected credit losses of $7,103 and $9,223	122,582	142,045
Prepaid expenses	6,828	8,729
Current portion of content assets	38,793	34,003
Assets held for sale	9,907	0
Other current assets	8,391	8,750
Total current assets	417,709	295,406
CONTENT ASSETS, NET	78,459	86,378
PROPERTY AND EQUIPMENT, NET	28,178	28,258
GOODWILL	216,599	216,599
RIGHT OF USE ASSETS	26,792	31,879
RADIO BROADCASTING LICENSES	442,288	488,419
OTHER INTANGIBLE ASSETS, NET	51,419	55,193
DEBT SECURITIES - available-for-sale, at fair value; amortized cost of $0 and $40,000 at June 30, 2023 and December 31, 2022	0	136,826
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	13,125	0
OTHER ASSETS	5,278	5,688
Total assets	1,279,847	1,344,646
CURRENT LIABILITIES:
Accounts payable	16,497	17,196
Accrued interest	22,342	23,111
Accrued compensation and related benefits	9,002	17,421
Current portion of content payables	25,817	26,718
Current portion of lease liabilities	8,138	8,690
Liabilities held for sale	2,356	0
Other current liabilities	32,552	39,682
Total current liabilities	116,704	132,818
LONG-TERM DEBT, net of original issue discount and issuance costs	715,204	739,000
CONTENT PAYABLES, net of current portion	6,032	10,365
LONG-TERM LEASE LIABILITIES	20,526	25,545
OTHER LONG-TERM LIABILITIES	28,407	34,856
DEFERRED TAX LIABILITIES, NET	37,155	39,389
Total liabilities	924,028	981,973
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS	24,288	31,923
STOCKHOLDERS' EQUITY:
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at June 30, 2023 and December 31, 2022	0	0
Accumulated other comprehensive income	0	73,227
Additional paid-in capital	999,459	993,484
Accumulated deficit	(667,977)	(736,010)
Total stockholders' equity	331,531	330,750
Total liabilities, redeemable noncontrolling interests and stockholders' equity	1,279,847	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	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivable (in dollars)	$ 7,103	$ 9,223
DEBT SECURITIES - available-for-sale, at fair value; amortized cost	$ 0	$ 40,000
Convertible Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized	1,000,000	1,000,000
Convertible Preferred stock, shares outstanding	0	0
Common Stock Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	9,853,682	9,854,682
Common stock, shares outstanding	9,853,682	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	34,006,297	33,618,227
Common stock, shares outstanding	34,006,297	33,618,227

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT 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
Other comprehensive income, net of tax																										7,971
BALANCE at Jun. 30, 2022			0			9			3			2			33		62,921			992,934			(737,571)			318,331
BALANCE at Mar. 31, 2022			0			9			3			2			37		62,846			1,018,239			(753,865)			327,271
Net income (loss)			0			0			0			0			0					0			16,294			16,294
Stock-based compensation expense			0			0			0			0			0					336			0			336
Repurchase of shares of common stock			0			0			0			0			(4)					(24,655)			0			(24,659)
Exercise of options for common stock			0			0			0			0			0					50			0			50
Adjustment of redeemable noncontrolling interests to estimated redemption value			0			0			0			0			0					(1,036)			0			(1,036)
Other comprehensive income, net of tax			0			0			0			0			0		75			0			0			75
BALANCE at Jun. 30, 2022			0			9			3			2			33		62,921			992,934			(737,571)			318,331
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)
BALANCE at Mar. 31, 2023			0			10			3			2			34		73,227			996,644			(738,343)			331,577
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)																										67,444
Other comprehensive income, net of tax																										(73,227)
BALANCE at Jun. 30, 2023			0			10			3			2			34					999,459			(667,977)			331,531
BALANCE at Mar. 31, 2023			0			10			3			2			34		73,227			996,644			(738,343)			331,577
Net income (loss)			0			0			0			0			0								70,366			70,366
Stock-based compensation expense			0			0			0			0			0					1,305			0			1,305
Repurchase of shares of common stock			0			0			0			0			0					(111)						(111)
Sale of MGM investment			0			0			0			0			0		$ (73,227)			0			0			(73,227)
Adjustment of redeemable noncontrolling interests to estimated redemption value			0			0			0			0			0					1,621			0			1,621
Other comprehensive income, net of tax																										(73,227)
BALANCE at Jun. 30, 2023			$ 0			$ 10			$ 3			$ 2			$ 34					$ 999,459			$ (667,977)			$ 331,531

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Shares exercised			60,240
Common Stock Class D
Shares repurchased	18,459	256,442	4,684,419	2,649

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 68,747	$ 34,058
Adjustments to reconcile net income to net cash from operating activities:
Bad debt expense	(311)	(35)
Depreciation and amortization	4,483	4,886
Amortization of debt financing costs	968	1,005
Amortization of launch assets	2,490	1,897
Amortization of content assets	24,374	20,341
Deferred income taxes	21,365	8,876
Amortization of right of use assets	4,248	4,330
Impairment of goodwill, intangible assets, and long-lived assets	38,856	14,905
Non-cash fair value adjustment of Employment Agreement Award	(1,818)	1,482
Stock-based compensation	5,598	460
Gain on retirement of debt	(2,356)	(1,855)
Loss on deconsolidation of RVAEH	187	0
Non-cash income on PPP loan forgiveness	0	(7,575)
Realized gain on available for sale debt securities	(96,826)	0
Effect of change in operating assets and liabilities, net of assets acquired:
Trade accounts receivable, net	19,774	3,444
Prepaid expenses and other current assets	2,260	(251)
Other assets	1,249	(698)
Content assets	(26,479)	(27,595)
Accounts payable	(699)	42
Accrued interest	(769)	(810)
Accrued compensation and related benefits	(8,419)	(3,688)
Other liabilities	(15,147)	(4,993)
Launch Support	0	(5,000)
Net cash flows provided by operating activities	41,775	43,226
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(4,118)	(3,871)
Restricted cash derecognized in deconsolidation of RVAEH	(26,000)	0
Proceeds from sale of RVAEH interest	6,563	0
Proceeds from sale of available for sale debt securities	136,826	0
Net cash flows (used in) provided by investing activities	113,271	(3,871)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH	0	398
Payment of long-term debt	(22,281)	(22,750)
Repurchase of common stock	(1,435)	(24,669)
Payment of dividends to noncontrolling interest members of Reach Media	(2,001)	(1,599)
Proceeds from exercise of stock options	0	50
Net cash flows used in financing activities	(25,717)	(48,570)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	129,329	(9,215)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	101,879	158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	231,208	149,503
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	27,723	31,543
Cash paid for: Income taxes, net of refunds	69	698
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:
Right of use asset and lease liability additions	1,396	435
Non-cash launch additions	0	13,750
Adjustment of redeemable noncontrolling interests to estimated redemption value	$ (313)	$ 1,907

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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 June 30, 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. During the three months ended June 30, 2023, the Company completed the sale of its investment in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. Please refer to Note 2(m) – Investments 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 8 – 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	​ 2. 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, RVA Entertainment Holdings, LLC, RVAEH, a previously consolidated joint venture of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort, (the “Project”), and the partners of RVAEH made an initial investment of $26.0 million (the “Upfront Payment”) into an escrow account. In February 2023, given a change in the joint venture ownership structure, RVAEH no longer met the consolidation requirements and therefore, the Company began accounting for its investment in RVAEH under the equity method. Accordingly, the Company deconsolidated RVAEH (including $26.0 million in restricted cash) from its consolidated balance sheets. See (m) Investments (b) Trade Accounts Receivable The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Trade accounts receivable, which consist of both billed and unbilled receivables, are recorded at their invoiced amount, and presented as net of an allowance for expected credit loss. Inactive delinquent accounts that are past due beyond a certain number of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. Subsequent recoveries of these amounts are recorded as received. Allowance for Expected Credit Loss The changes in the allowance for expected credit loss are as follows: ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expense, net ​ (311) Less: Deductions ​ (1,229) Balance at End of Period ​ $ 7,103 (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 June 30, 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 June 30, 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 $634.4 million as of June 30, 2023, and had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022. The fair values of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date. ​ (d) Revenue Recognition In accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers” ​ 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 $4.6 million and $4.4 million for the three months ended June 30, ​ 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 $5.3 million for the three months ended June 30, 2023 and 2022, respectively, and $10.0 million and $10.5 million for the six months ended June 30, 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 and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In thousands) Radio advertising ​ $ 45,135 ​ $ 44,067 ​ $ 88,242 ​ $ 83,817 Political advertising ​ 410 ​ 1,686 ​ 658 ​ 2,199 Digital advertising ​ 18,861 ​ 17,881 ​ 33,932 ​ 33,363 Cable television advertising ​ 30,247 ​ 29,120 ​ 56,069 ​ 59,535 Cable television affiliate fees ​ 22,184 ​ 24,165 ​ 46,020 ​ 49,917 Event revenues & other ​ 12,815 ​ 1,738 ​ 14,600 ​ 1,957 Net revenue ​ $ 129,652 ​ $ 118,657 ​ $ 239,521 ​ $ 230,788 ​ 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 June 30, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 9,613 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 3,058 ​ $ 6,123 Reserve for audience deficiency ​ ​ 11,697 ​ ​ 9,629 Unearned event income ​ 639 ​ 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 represent 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, $1.5 million and $3.5 million was recognized as revenue during the three and six months ended June 30, 2023, respectively. For the reserve for audience deficiency as of January 1, 2023, $0.8 million and $1.3 million was recognized as revenue during the three and six months ended June 30, 2023. For unearned event income as of January 1, 2023, $5.7 million was recognized as revenue during the three and six months ended June 30, 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. The Company did not pay any launch support for carriage initiation during the six months ended June 30, 2023 and 2022. The weighted-average amortization period for launch support was approximately 8.1 years as of June 30, 2023 and December 31, 2022. The remaining weighted-average amortization period for launch support was 3.3 years and 3.8 years as of June 30, 2023 and December 31, 2022, respectively. Amortization is recorded as a reduction to revenue. Launch support asset amortization was approximately $1.3 million and $1.2 million for the three months ended June 30, ​ (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. Barter transaction revenues were approximately $0.6 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.1 million and $0.9 million for the six months ended June 30 2023 and 2022, respectively. Barter transaction costs reflected in programming and technical expenses were approximately $0.4 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.8 million and $0.6 million, respectively for the six months ended June 30, 2023 and 2022. Barter transaction costs reflected in selling, general and administrative expenses were approximately $0.2 million for each of the three months ended June 30, 2023 and 2022, and approximately $0.4 million and $0.3 million, for the six months ended June 30, 2023 and 2022, respectively. ​ (g) Advertising and Promotions (h) Earnings Per Share Basic and diluted net income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights. ​ Basic net 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 during the period. ​ For the calculation of diluted earnings per share, net income 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. The undistributed earnings 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 for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method. ​ The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In Thousands) ​ (In Thousands) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders ​ $ 70,366 ​ $ 16,294 ​ $ 67,444 ​ $ 32,782 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic net income per share - weighted average outstanding shares ​ 47,629,163 ​ 50,806,346 ​ 47,514,722 ​ 50,994,612 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ 2,987,272 ​ 3,852,197 ​ 2,858,992 ​ 3,877,351 Denominator for diluted net income per share - weighted-average outstanding shares ​ 50,616,435 ​ 54,658,543 ​ 50,373,714 ​ 54,871,963 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic ​ $ 1.48 ​ $ 0.32 ​ $ 1.42 ​ $ 0.64 Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted ​ $ 1.39 ​ $ 0.30 ​ $ 1.34 ​ $ 0.60 ​ For the three and six months ended June 30, 2023 and 2022 there were no material potentially antidilutive securities excluded from the computation of diluted EPS: ​ (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 ​ 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 June 30, 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 June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 23,923 ​ $ — ​ $ — ​ $ 23,923 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 24,288 ​ $ — ​ $ — ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Cash equivalents - money market funds (d) ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — Total ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ $ 25,299 ​ $ — ​ $ — ​ $ 25,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) During the three months ended June 30, 2023, the Company completed the sale of its MGM Investment. Please refer to Note 2(m) – Investments for more details. 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 June 30, 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 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,299 Net income attributable to noncontrolling interests ​ — ​ — ​ 1,303 Sale of available-for-sale securities ​ (136,826) ​ — ​ — Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (1,818) ​ (313) Balance at June 30, 2023 ​ $ — ​ $ 23,923 ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (loses)/ income for the period included in earnings attributable to the change in unrealized income relating to assets and liabilities still held at the reporting date ​ $ — ​ $ 1,818 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ — ​ 1,471 Dividends paid to redeemable noncontrolling interests ​ ​ — ​ ​ — ​ ​ (1,599) Change in fair value included within other comprehensive income ​ ​ 10,500 ​ ​ — ​ ​ — Change in fair value ​ — ​ 1,482 ​ 1,907 Balance at June 30, 2022 ​ $ 123,100 ​ $ 29,675 ​ $ 20,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date ​ $ — ​ $ (1,482) ​ $ — ​ 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 and six months ended June 30, 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 ​ ​ ​ ​ ​ ​ June 30, ​ 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 ​ 32.6% - 44.3 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.5)% - 2.5 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.7 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 12.0 % 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 ​ 26.3% - 30.1 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.3% - 12.4 % 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 4 – 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 June 30, ​ ​ Six Months Ended June 30, ​ ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (cost resulting from lease payments) ​ $ 2,890 ​ $ 3,169 ​ ​ $ 5,839 ​ $ 6,414 ​ ​ Variable lease cost (cost excluded from lease payments) ​ 11 ​ ​ 10 ​ ​ 22 ​ ​ 20 ​ ​ Total lease cost ​ $ 2,901 ​ $ 3,179 ​ ​ $ 5,861 ​ $ 6,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ $ 3,127 ​ $ 3,503 ​ ​ $ 6,229 ​ $ 7,006 ​ ​ Operating lease - operating cash flows (liability reduction) ​ $ 2,277 ​ $ 2,479 ​ ​ $ 4,528 ​ $ 4,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ 5.34 years ​ 4.68 years ​ ​ 5.34 years ​ 4.68 years ​ Weighted average discount rate - operating leases ​ 11.00 % ​ 11.00 % ​ ​ 11.00 % ​ 11.00 % ​ ​ As of June 30, 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 six months ending December 31, 2023 ​ $ 5,646 2024 ​ 10,932 2025 ​ 7,046 2026 ​ 5,280 2027 ​ 3,670 Thereafter ​ 8,540 Total future lease payments ​ 41,114 Less: imputed interest ​ (10,094) Less: leases held for sale ​ (2,356) Total future lease payments ​ $ 28,664 ​ (k) Impact of Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates ​ 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 ​ On April 10, 2015, the Company made a $5 million investment in MGM’s world-class casino property, MGM National Harbor, LLC (“MGMNH” or “MGM National Harbor”) located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. In return for this investment, the Company received preferred stock and a non-transferable put right, exercisable for a thirty-day period each year. The price of the put right was determined based on the “Put Price” definition as defined in the agreement between the Company and MGM National Harbor. ​ The Company classified its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available-for-sale were carried at fair value with unrealized gains and losses, net of deferred taxes, reflected in accumulated other comprehensive income. Net realized gains and losses on sales of available-for-sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the consolidated statements of operations. ​ On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), a wholly owned subsidiary of the Company, issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGMNH. On April 21, 2023, ROEH closed on the sale of the Put Interest and the Company received approximately $136.8 million in proceeds from the sale of the available-for-sale debt security and recognized pre-tax gains of $96.8 million, which is included in other income, net on the consolidated statements of operations. The cost of the available for sale security sold was determined using the specific identification method. ​ The investment entitled the Company to an annual cash distribution based on net gaming revenue. As the Company exercised its Put Inter

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2023
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS: 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. In anticipation of the transaction with CMG, the Company agreed to sell its KROI-FM radio broadcasting license along with the associated station assets from the radio broadcasting segment to a third party for approximately $7.5 million which represents estimated fair value as of March 31, 2023. As part of customary closing terms, the KROI assets are held in an irrevocable trust until the transaction is complete, which is anticipated to close in 2024. The identified assets and liabilities, with a combined carrying value of approximately $9.9 million (net of impairments of approximately $16.8 million) and $2.4 million, respectively, were classified as held for sale in the consolidated balance sheet at June 30, 2023. The major category of the assets held for sale included radio broadcasting licenses in the amount of approximately $7.3 million (net of impairments). The Company recognized an impairment charge of approximately $16.8 million related to the held for sale assets during the six months ended June 30, 2023. In addition, the Company is required to divest of KTHT-FM as part of the closing conditions of the CMG transaction. The assets are held in an irrevocable trust until the divestiture is complete which is anticipated to close in 2024. ​ On June 13, 2022, the Company entered into a definitive asset purchase agreement with Emmis Communications (“Emmis”) to purchase its Indianapolis Radio Cluster to expand the Company’s market presence. The deal was subject to FCC approval and other customary closing conditions and, after obtaining the approvals, closed on August 31, 2022. Urban One acquired radio stations WYXB (B105.7FM), WLHK (97.1FM), WIBC (93.1FM), translators W228CX and W298BB (The Fan 93.5FM and 107.5FM), and Network Indiana for $25.0 million. As part of the transaction, the Company disposed of its former WHHH radio broadcasting license along with the intellectual property related to WNOW (there was a call letter change from WHHH to WNOW immediately prior to the close) to a third party for approximately $3.2 million. The fair value of the assets disposed approximated the carrying value of the assets. The Company recognized a net loss of approximately $0.1 million related to the disposal transaction during the year ended December 31, 2022. ​ The Company’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. The purchase price allocation was finalized during fiscal year 2022, and no significant changes were recorded from the original estimation. ​ Unaudited Pro Forma Information ​ The table below sets forth unaudited pro forma results of operations, assuming that the Emmis acquisition occurred on January 1, 2022: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2022 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ Net revenue $ 123,439 ​ $ 239,932 Operating income ​ 25,846 ​ ​ 62,578 Net income ​ 17,340 ​ ​ 34,670 ​ 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 the Company 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	6 Months Ended
	Jun. 30, 2023
RADIO BROADCASTING LICENSES
RADIO BROADCASTING LICENSES	4. RADIO BROADCASTING LICENSES: Broadcasting Licenses Impairment As of June 30, 2023, certain impairment indicators were identified, which triggered a qualitative impairment assessment for radio broadcasting licenses in all markets. Based on the results of the qualitative assessment, the Company performed a quantitative assessment for radio broadcasting licenses in certain markets to determine whether they were impaired. To determine the fair value of the broadcasting licenses, the Company utilized the income approach which values a license by calculating the value of a hypothetical start-up company that initially has no assets except the asset to be valued (the license). The key assumptions used in the discounted cash flow analysis for broadcasting licenses include market revenue and projected revenue growth by market, mature market share, mature operating profit margin for average stations in the markets where the Company operates, terminal growth rate, and discount rate. The Company carried out a discounted cash flow analysis to determine the fair value of broadcasting licenses for eight markets. Based on this analysis, the Company recognized an impairment loss of approximately $22.1 million associated with five markets, included in impairment of goodwill, intangible assets, and long-lived assets, on the consolidated statement of operations during the three months ended June 30, 2023. The primary factor leading to the impairments was a decline in the projected gross market revenues. In addition , the Company recognized an impairment loss of $16.8 million associated with the sale of the KROI-FM radio broadcasting license as discussed in Note 3 – , during the three months ended March 31, 2023 . Below are the key assumptions used in the income approach model for estimating the fair value of the broadcasting licenses in the interim impairment assessment as of June 30, 2023. ​ ​ ​ ​ ​ Discount rate ​ 9.5 % Revenue growth rate range ​ 0.3% - 1.4 % Terminal growth rate ​ 0.3% - 0.8 % Mature market share ​ 0.9% - 28.8 % Mature operating profit margin range ​ 18.8% - 34.6 % ​ The following table presents the changes in the Company’s radio broadcasting licenses carrying value during the six months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ (In thousands) Balance at January 1, 2023 ​ ​ $ 488,419 Impairment charges ​ ​ ​ (38,856) Assets held for sale ​ (7,275) Balance at June 30, 2023 ​ ​ $ 442,288 ​

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2023
LONG-TERM DEBT
LONG-TERM DEBT	5. LONG-TERM DEBT: Long-term debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ 9,796 ​ 11,000 Long-term debt, net ​ $ 715,204 ​ $ 739,000 ​ 7.375% 2028 Notes On January 7, 2021, the Company launched an offering (the “2028 Notes Offering”) of $825.0 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 and six months ended June 30, 2023 and 2022, was approximately $0.5 million and $1.0 million. The Company’s effective interest rate for 2023 was 7.74% and for 2022 was 7.83% . During the quarter ended March 31, 2023, the Company repurchased approximately $25.0 million of its 2028 Notes at an average price of approximately 89.1% of par. The Company recorded a net gain on retirement of debt of approximately $2.4 million 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 three months ended June 30, 2022, the PPP loan and related accrued interest was forgiven and recorded as other income, net in the amount of $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 June 30, 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) until execution of the Waiver and Amendment (as defined below) took effect, the then applicable margin relative to LIBOR Loans (as defined in the Current ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter. Advances under the Current ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the Current ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the Current ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the Current ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the Current ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by Administrative Agent. All obligations under the Current ABL Facility are secured by a first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the Current ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company. The Current ABL Facility includes a covenant requiring the Company’s fixed charge coverage ratio, as defined in the agreement, to not be less than 1.00 to 1.00. The Company has obtained waivers due to certain events of default related to the Company's failure to timely deliver certain financial deliverables. See Note 10 – Subsequent Events On April 30, 2023, the Company entered into a waiver and amendment (the “Waiver and Amendment”) to the Current ABL Facility. The Waiver and Amendment waived certain events of default under the Current ABL Facility related to the Company’s failure to timely deliver 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. ​ Between June 5, 2023 and November 9, 2023, the Company entered into four more waiver and amendments related to the Company’s failure to timely deliver both the Annual Financial Deliverables for the Fiscal Year ended December 31, 2022 and Quarterly Financial Deliverables for the Quarters ended March 31, 2023, June 30, 2023 and September 30, 2023 as required under the Current ABL Facility . ​ The Current ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the Current ABL Facility, and (b) 91 days prior to the maturity of the Company’s 2028 Notes. The Current ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association. See Note 10 – 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 June 30, 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 June 30, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ 7.375% Senior ​ ​ Secured Notes due ​ February 2028 ​ ​ (In thousands) July - December 2023 $ — 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ — 2028 and thereafter ​ ​ 725,000 Total debt $ 725,000 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	6. 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 provision for income taxes of approximately $22.0 million on pre-tax income from continuing operations of approximately $90.8 million for the six months ended June 30, 2023, which results in an effective tax rate of approximately 24.4% . This rate is based on the estimated annual effective tax rate of approximately 30.5% , and discrete tax expense of approximately $23.9 million related to the gain on the sale of the Company’s MGM investment. In accordance with ASC 740, “Accounting for Income Taxes,” the Company continues to evaluate the realizability of its net deferred tax assets (“DTAs”) by assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of June 30, 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 approximately $0.1 million of unrecognized tax benefits related to state tax exposures may occur within the next twelve months.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	7. 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 six months ended June 30, 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 and 415,141 stock options to purchase of the Company’s Class D common stock vested upon grant. In connection with the vesting of these awards, a total of 245,439 shares were disposed of to settle the recipients’ tax obligations. On September 27, 2022, the Compensation Committee authorized the repurchase of up to $0.5 million worth of shares in the aggregate from employees who want to sell in connection with the Company’s most recent employee stock grant. During the three months ended June 30, 2023 the Company did not repurchase any shares of Class A or Class D stock under this authorization. The Company has $0.4 million remaining under its most recent and open 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 June 30, 2023 and 2022, the Company executed a Stock Vest Tax Repurchase of 18,459 shares of Class D Common Stock in the amount of $0.1 million at an average price of $6.00 per share and 16,181 shares of Class D Common Stock in the amount of $0.1 million at an average price of $5.64 per share, respectively. During the six months ended June 30, 2023 and 2022, the Company executed Stock Vest Tax Repurchases of 274,077 shares of Class D Common Stock in the amount of approximately $1.4 million at a price of $5.22 per share and 18,830 shares of Class D Common Stock in the amount of $0.1 million at an average price of $5.36 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 three months ended June 30, 2023, 54,612 restricted shares of the Company’s Class D common stock, and stock options to purchase 24,288 shares of the Company’s Class D common stock vested. These awards were previously granted by the Compensation Committee during the three months ended March 31, 2023. In connection with the vesting of these awards, a total of 18,459 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 did not grant any options for the three months ended June 30, 2023 and granted a total of 6,887 options to purchase the Company’s Class D shares during the three months ended June 30, 2022. The Company granted a total of 439,429 and 6,887 options to purchase the Company’s Class D shares during the six months ended June 30, 2023, and 2022, respectively. Transactions and other information relating to stock options for the six months ended June 30, 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 June 30, 2023 5,034,163 ​ $ 2.81 5.61 ​ $ 16,082,268 Vested and expected to vest at June 30, 2023 4,983,200 ​ ​ 2.80 5.57 ​ ​ 15,992,008 Unvested at June 30, 2023 417,442 ​ ​ 4.23 9.24 ​ ​ 739,697 Exercisable at June 30, 2023 4,616,721 ​ ​ 2.68 5.28 ​ ​ 15,342,571 ​ The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 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 June 30, 2023. This amount changes based on the fair market value of the Company’s stock. There were no options exercised during the six months ended June 30, 2023, and 60,240 options exercised six months ending June 30, 2022. A total of 24,288 options vested during the three months ended June 30, 2023 and no options vested during the three months ended June 30, 2022. A total of 487,785 and 16,795 options vested during the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023, $0.6 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 12 months. The weighted-average fair value per share of shares underlying stock options was $1.76 on June 30, 2023. The Company did not grant any options to purchase shares of Class A common stock during the three and six months ended June 30, 2023 and 2022. The Company granted a total of 743,599 and 54,759 restricted shares of Class D common stock during the three and six months ended June 30, 2023 and 2022, respectively Activity relating to grants of restricted shares of Class D common stock for the six months ended June 30, 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 (826,341) ​ ​ 5.04 Forfeited/cancelled/expired — ​ ​ — Unvested at June 30, 2023 351,522 ​ $ 4.27 ​ The Company did not award any restricted shares of Class A common stock during the six months ended June 30, 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 June 30, 2023 and no unvested shares of restricted Class A common stock as of June 30, 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 June 30, 2023, approximately $2.7 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 18 months. As of June 30, 2023, approximately $1.0 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 10 months.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	8. 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 2 – Summary of Significant Accounting Policies ​ Detailed segment data for the three and six months ended June 30, 2023 and 2022, is presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, ​ 2023 2022 ​ ​ (In thousands) Net Revenue: ​ ​ Radio Broadcasting ​ $ 39,196 ​ $ 37,192 Reach Media ​ 20,052 ​ 11,093 Digital ​ 18,908 ​ 17,881 Cable Television ​ 52,430 ​ 53,296 All other - corporate/eliminations* ​ (934) ​ (805) Consolidated ​ $ 129,652 ​ $ 118,657 ​ ​ ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio Broadcasting ​ $ 29,424 ​ $ 25,538 Reach Media ​ 15,624 ​ 6,279 Digital ​ 12,818 ​ 10,218 Cable Television ​ 28,601 ​ 25,398 All other - corporate/eliminations ​ 9,563 ​ 8,463 Consolidated ​ $ 96,030 ​ $ 75,896 ​ ​ ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio Broadcasting ​ $ 888 ​ $ 825 Reach Media ​ 40 ​ 46 Digital ​ 364 ​ 332 Cable Television ​ 251 ​ 952 All other - corporate/eliminations ​ 343 ​ 326 Consolidated ​ $ 1,886 ​ $ 2,481 ​ ​ ​ ​ ​ ​ ​ Impairment of goodwill, intangible assets, and long-lived assets: ​ ​ ​ ​ Radio Broadcasting ​ $ 22,081 ​ $ 14,905 Reach Media ​ — ​ — Digital ​ — ​ — Cable Television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 22,081 ​ $ 14,905 ​ ​ ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio Broadcasting ​ $ (13,197) ​ $ (4,076) Reach Media ​ 4,388 ​ 4,768 Digital ​ 5,726 ​ 7,331 Cable Television ​ 23,578 ​ 26,946 All other - corporate/eliminations ​ (10,840) ​ (9,594) Consolidated ​ $ 9,655 ​ $ 25,375 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio Broadcasting $ (934) $ (805) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ ​ ​ ​ Radio broadcasting $ 1,372 $ 616 Reach Media ​ 17 ​ 153 Digital ​ 365 ​ 410 Cable television ​ — ​ 233 All other - corporate/eliminations ​ 354 ​ 883 Consolidated ​ $ 2,108 ​ $ 2,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ 2023 2022 ​ ​ (In thousands) Net revenue: ​ ​ Radio broadcasting ​ $ 74,376 ​ $ 68,684 Reach Media ​ 30,968 ​ 21,123 Digital ​ 33,979 ​ 33,367 Cable television ​ 102,108 ​ 109,512 All other - corporate/eliminations* ​ (1,910) ​ (1,898) Consolidated ​ $ 239,521 ​ $ 230,788 ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio broadcasting ​ $ 55,872 ​ $ 49,156 Reach Media ​ 23,361 ​ 12,475 Digital ​ 24,168 ​ 21,081 Cable television ​ 57,984 ​ 51,327 All other - corporate/eliminations ​ 17,021 ​ 15,122 Consolidated ​ $ 178,406 ​ $ 149,161 ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio broadcasting ​ $ 1,805 ​ $ 1,640 Reach Media ​ 79 ​ 93 Digital ​ 701 ​ 665 Cable television ​ 1,216 ​ 1,899 All other - corporate/eliminations ​ 682 ​ 589 Consolidated ​ $ 4,483 ​ $ 4,886 ​ ​ ​ ​ ​ Impairment of goodwill, intangible assets, and long-lived assets: ​ ​ ​ ​ Radio broadcasting ​ $ 38,856 ​ $ 14,905 Reach Media ​ — ​ — Digital ​ — ​ — Cable television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 38,856 ​ $ 14,905 ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio broadcasting ​ $ (22,157) ​ $ 2,983 Reach Media ​ 7,528 ​ 8,555 Digital ​ 9,110 ​ 11,621 Cable television ​ 42,908 ​ 56,286 All other - corporate/eliminations ​ (19,613) ​ (17,609) Consolidated ​ $ 17,776 ​ $ 61,836 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio broadcasting $ (1,910) $ (1,898) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ Radio broadcasting ​ $ 2,387 ​ $ 1,256 Reach Media ​ 51 ​ 174 Digital ​ 965 ​ 635 Cable television ​ 11 ​ 589 All other - corporate/eliminations ​ 704 ​ 1,190 Consolidated (a) ​ $ 4,118 ​ $ 3,844 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ Radio broadcasting ​ $ 563,939 ​ $ 605,703 Reach Media ​ 48,589 ​ 48,936 Digital ​ 26,167 ​ 35,766 Cable television ​ 409,599 ​ 414,324 All other - corporate/eliminations ​ 231,553 ​ 239,917 Consolidated ​ $ 1,279,847 ​ $ 1,344,646 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. 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 June 30, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	10. SUBSEQUENT EVENTS: 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. O ​ 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©(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. ​ As discussed in Note 3 – Acquisitions and Dispositions ​ Since July 1, 2023, and through the date of this filing, the Company executed Stock Vest Tax Repurchases of 38,371 shares of Class D common stock for $195,000 at an average price of $5.09 per share. ​ Since July 1, 2023, and through the date of this filing, the Compensation Committee awarded certain executive officers and management personnel 187,668 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 ​ 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 $26.0 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)	6 Months Ended
	Jun. 30, 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 June 30, 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. During the three months ended June 30, 2023, the Company completed the sale of its investment in MGM National Harbor (the “MGM Investment”), a gaming resort located in Prince George’s County, Maryland. Please refer to Note 2(m) – Investments 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 8 – 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	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)	6 Months Ended
	Jun. 30, 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, RVA Entertainment Holdings, LLC, RVAEH, a previously consolidated joint venture of the Company, entered into a Host Community Agreement (the “Original HCA”) with the City of Richmond (the “City”) for the development of the ONE Casino + Resort, (the “Project”), and the partners of RVAEH made an initial investment of $26.0 million (the “Upfront Payment”) into an escrow account. In February 2023, given a change in the joint venture ownership structure, RVAEH no longer met the consolidation requirements and therefore, the Company began accounting for its investment in RVAEH under the equity method. Accordingly, the Company deconsolidated RVAEH (including $26.0 million in restricted cash) from its consolidated balance sheets. See (m) Investments
Trade Accounts Receivable	(b) Trade Accounts Receivable The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Trade accounts receivable, which consist of both billed and unbilled receivables, are recorded at their invoiced amount, and presented as net of an allowance for expected credit loss. Inactive delinquent accounts that are past due beyond a certain number of days are written off and often pursued by other collection efforts. Bankruptcy accounts are immediately written off upon receipt of the bankruptcy notice from the courts. Subsequent recoveries of these amounts are recorded as received. Allowance for Expected Credit Loss The changes in the allowance for expected credit loss are as follows: ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expense, net ​ (311) Less: Deductions ​ (1,229) Balance at End of Period ​ $ 7,103 (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 June 30, 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 June 30, 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 $634.4 million as of June 30, 2023, and had a carrying value of approximately $750.0 million and fair value of approximately $646.9 million as of December 31, 2022. The fair values of the 2028 Notes, classified as a Level 2 instrument, was determined based on the trading values of this instrument in an inactive market as of the reporting date.
Revenue Recognition	​ (d) Revenue Recognition In accordance with Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers” ​ 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 $4.6 million and $4.4 million for the three months ended June 30, ​ 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 $5.3 million for the three months ended June 30, 2023 and 2022, respectively, and $10.0 million and $10.5 million for the six months ended June 30, 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 and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In thousands) Radio advertising ​ $ 45,135 ​ $ 44,067 ​ $ 88,242 ​ $ 83,817 Political advertising ​ 410 ​ 1,686 ​ 658 ​ 2,199 Digital advertising ​ 18,861 ​ 17,881 ​ 33,932 ​ 33,363 Cable television advertising ​ 30,247 ​ 29,120 ​ 56,069 ​ 59,535 Cable television affiliate fees ​ 22,184 ​ 24,165 ​ 46,020 ​ 49,917 Event revenues & other ​ 12,815 ​ 1,738 ​ 14,600 ​ 1,957 Net revenue ​ $ 129,652 ​ $ 118,657 ​ $ 239,521 ​ $ 230,788 ​ 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 June 30, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 9,613 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 3,058 ​ $ 6,123 Reserve for audience deficiency ​ ​ 11,697 ​ ​ 9,629 Unearned event income ​ 639 ​ 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 represent 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, $1.5 million and $3.5 million was recognized as revenue during the three and six months ended June 30, 2023, respectively. For the reserve for audience deficiency as of January 1, 2023, $0.8 million and $1.3 million was recognized as revenue during the three and six months ended June 30, 2023. For unearned event income as of January 1, 2023, $5.7 million was recognized as revenue during the three and six months ended June 30, 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. The Company did not pay any launch support for carriage initiation during the six months ended June 30, 2023 and 2022. The weighted-average amortization period for launch support was approximately 8.1 years as of June 30, 2023 and December 31, 2022. The remaining weighted-average amortization period for launch support was 3.3 years and 3.8 years as of June 30, 2023 and December 31, 2022, respectively. Amortization is recorded as a reduction to revenue. Launch support asset amortization was approximately $1.3 million and $1.2 million for the three months ended June 30, ​
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. Barter transaction revenues were approximately $0.6 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.1 million and $0.9 million for the six months ended June 30 2023 and 2022, respectively. Barter transaction costs reflected in programming and technical expenses were approximately $0.4 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.8 million and $0.6 million, respectively for the six months ended June 30, 2023 and 2022. Barter transaction costs reflected in selling, general and administrative expenses were approximately $0.2 million for each of the three months ended June 30, 2023 and 2022, and approximately $0.4 million and $0.3 million, for the six months ended June 30, 2023 and 2022, respectively.
Advertising and Promotions	(g) Advertising and Promotions
Earnings Per Share	(h) Earnings Per Share Basic and diluted net income per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C, and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights. ​ Basic net 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 during the period. ​ For the calculation of diluted earnings per share, net income 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. The undistributed earnings 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 for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method. ​ The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In Thousands) ​ (In Thousands) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders ​ $ 70,366 ​ $ 16,294 ​ $ 67,444 ​ $ 32,782 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic net income per share - weighted average outstanding shares ​ 47,629,163 ​ 50,806,346 ​ 47,514,722 ​ 50,994,612 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ 2,987,272 ​ 3,852,197 ​ 2,858,992 ​ 3,877,351 Denominator for diluted net income per share - weighted-average outstanding shares ​ 50,616,435 ​ 54,658,543 ​ 50,373,714 ​ 54,871,963 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic ​ $ 1.48 ​ $ 0.32 ​ $ 1.42 ​ $ 0.64 Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted ​ $ 1.39 ​ $ 0.30 ​ $ 1.34 ​ $ 0.60 ​ For the three and six months ended June 30, 2023 and 2022 there were no material potentially antidilutive securities excluded from the computation of diluted EPS: ​
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 ​ 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 June 30, 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 June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 23,923 ​ $ — ​ $ — ​ $ 23,923 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 24,288 ​ $ — ​ $ — ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Cash equivalents - money market funds (d) ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — Total ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ $ 25,299 ​ $ — ​ $ — ​ $ 25,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) During the three months ended June 30, 2023, the Company completed the sale of its MGM Investment. Please refer to Note 2(m) – Investments for more details. 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 June 30, 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 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,299 Net income attributable to noncontrolling interests ​ — ​ — ​ 1,303 Sale of available-for-sale securities ​ (136,826) ​ — ​ — Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (1,818) ​ (313) Balance at June 30, 2023 ​ $ — ​ $ 23,923 ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (loses)/ income for the period included in earnings attributable to the change in unrealized income relating to assets and liabilities still held at the reporting date ​ $ — ​ $ 1,818 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ — ​ 1,471 Dividends paid to redeemable noncontrolling interests ​ ​ — ​ ​ — ​ ​ (1,599) Change in fair value included within other comprehensive income ​ ​ 10,500 ​ ​ — ​ ​ — Change in fair value ​ — ​ 1,482 ​ 1,907 Balance at June 30, 2022 ​ $ 123,100 ​ $ 29,675 ​ $ 20,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date ​ $ — ​ $ (1,482) ​ $ — ​ 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 and six months ended June 30, 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 ​ ​ ​ ​ ​ ​ June 30, ​ 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 ​ 32.6% - 44.3 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.5)% - 2.5 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.7 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 12.0 % 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 ​ 26.3% - 30.1 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.3% - 12.4 % 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 4 – 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 June 30, ​ ​ Six Months Ended June 30, ​ ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (cost resulting from lease payments) ​ $ 2,890 ​ $ 3,169 ​ ​ $ 5,839 ​ $ 6,414 ​ ​ Variable lease cost (cost excluded from lease payments) ​ 11 ​ ​ 10 ​ ​ 22 ​ ​ 20 ​ ​ Total lease cost ​ $ 2,901 ​ $ 3,179 ​ ​ $ 5,861 ​ $ 6,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ $ 3,127 ​ $ 3,503 ​ ​ $ 6,229 ​ $ 7,006 ​ ​ Operating lease - operating cash flows (liability reduction) ​ $ 2,277 ​ $ 2,479 ​ ​ $ 4,528 ​ $ 4,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ 5.34 years ​ 4.68 years ​ ​ 5.34 years ​ 4.68 years ​ Weighted average discount rate - operating leases ​ 11.00 % ​ 11.00 % ​ ​ 11.00 % ​ 11.00 % ​ ​ As of June 30, 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 six months ending December 31, 2023 ​ $ 5,646 2024 ​ 10,932 2025 ​ 7,046 2026 ​ 5,280 2027 ​ 3,670 Thereafter ​ 8,540 Total future lease payments ​ 41,114 Less: imputed interest ​ (10,094) Less: leases held for sale ​ (2,356) Total future lease payments ​ $ 28,664
Impact of Recently Issued Accounting Pronouncements	(k) Impact of Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, “ Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates ​ 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	​
Investments	(m) Investments ​ Available-for-sale securities ​ On April 10, 2015, the Company made a $5 million investment in MGM’s world-class casino property, MGM National Harbor, LLC (“MGMNH” or “MGM National Harbor”) located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. In return for this investment, the Company received preferred stock and a non-transferable put right, exercisable for a thirty-day period each year. The price of the put right was determined based on the “Put Price” definition as defined in the agreement between the Company and MGM National Harbor. ​ The Company classified its investment in MGM National Harbor as an available-for-sale debt security. Investments classified as available-for-sale were carried at fair value with unrealized gains and losses, net of deferred taxes, reflected in accumulated other comprehensive income. Net realized gains and losses on sales of available-for-sale securities, and unrealized losses considered to be other-than-temporary, are recorded to other income, net in the consolidated statements of operations. ​ On March 8, 2023, Radio One Entertainment Holdings, LLC (“ROEH”), a wholly owned subsidiary of the Company, issued a put notice (the “Put Notice”) with respect to one hundred percent (100%) of its interest (the “Put Interest”) in MGMNH. On April 21, 2023, ROEH closed on the sale of the Put Interest and the Company received approximately $136.8 million in proceeds from the sale of the available-for-sale debt security and recognized pre-tax gains of $96.8 million, which is included in other income, net on the consolidated statements of operations. The cost of the available for sale security sold was determined using the specific identification method. ​ The investment entitled the Company to an annual cash distribution based on net gaming revenue. As the Company exercised its Put Interest in March 2023, the Company did not have any distribution income for the three and six months ended June 30, 2023. The Company recognized approximately $2.1 million and $4.1 million in distribution income, which is included in other income, net on the consolidated statements of operations for three and six months ended June 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortized cost, estimated fair value, and gains and losses on the debt security classified as available-for-sale as of June 30, 2023 and December 31, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Gross ​ Gross ​ ​ Gross ​ ​ ​ ​ ​ Cost ​ Unrealized ​ Unrealized ​ ​ Realized ​ ​ Fair ​ ​ Basis ​ Gains ​ Losses ​ ​ Gains ​ ​ Value ​ ​ (In thousands) June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ — ​ $ — ​ $ — ​ $ 96,826 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MGM Investment ​ $ 40,000 ​ $ 104,326 ​ $ (7,500) ​ $ — ​ $ 136,826 ​ RVA Entertainment Holding ​ In 2021, the Company and Peninsula Pacific Entertainment (succeeded by Churchill Downs Incorporated (“CDI”) on November 1, 2022) formed a joint venture, RVAEH, to develop and operate a casino resort in Richmond. At the time, the Company owned 75% of the joint venture and met the requirements to consolidate the joint venture under the VIE method as the Company had control to direct the activities of RVAEH and the obligation to absorb losses and the right to receive benefits that could potentially be significant to RVAEH. The investment included a put right allowing the noncontrolling interest holder the option to require the Company to purchase all shares of the noncontrolling interest holder starting 10 years after reaching a certain milestone. Therefore, the put rights were required to be presented as mezzanine equity and were recorded at cost, adjusted for the noncontrolling 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 or six months ended June 30, 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 June 30, 2023, and December 31, 2022, to be approximately $23.9 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 $1.7 million and $(0.9) million for the three months ended June 30, 2023 and 2022, respectively, $1.8 million and $(1.5) million for the six months ended June 30, 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 of the Board of Directors of the Company (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 June 30, 2023, Reach Media owed the Foundation approximately $159,000 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. As of June 30, 2023, the Foundation owed approximately $1.5 million to Reach Media related to vessel payments for the Fantastic Voyage 2024. 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 of Reach Media. For the six months ended June 30, 2023, Reach Media's revenues, expenses, and operating income for the Fantastic Voyage were approximately $10.0 million, $8.2 million, and $1.75 million, respectively. The Fantastic Voyage was not operated in 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 each of the six months ended June 30, 2023 and 2022, the Company incurred expense of approximately $1.8 million. As of June 30, 2023 and December 31, 2022, the Company owed BMI approximately $1.1 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 ​ ​ (In thousands) Balance at Beginning of Period (1) ​ $ 8,643 Charged to Expense, net ​ (311) Less: Deductions ​ (1,229) Balance at End of Period ​ $ 7,103 (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 and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In thousands) Radio advertising ​ $ 45,135 ​ $ 44,067 ​ $ 88,242 ​ $ 83,817 Political advertising ​ 410 ​ 1,686 ​ 658 ​ 2,199 Digital advertising ​ 18,861 ​ 17,881 ​ 33,932 ​ 33,363 Cable television advertising ​ 30,247 ​ 29,120 ​ 56,069 ​ 59,535 Cable television affiliate fees ​ 22,184 ​ 24,165 ​ 46,020 ​ 49,917 Event revenues & other ​ 12,815 ​ 1,738 ​ 14,600 ​ 1,957 Net revenue ​ $ 129,652 ​ $ 118,657 ​ $ 239,521 ​ $ 230,788 ​
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 June 30, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ (In thousands) Contract assets: ​ ​ Unbilled receivables ​ $ 9,613 ​ $ 12,597 Contract liabilities: ​ ​ ​ ​ Customer advances and unearned income ​ $ 3,058 ​ $ 6,123 Reserve for audience deficiency ​ ​ 11,697 ​ ​ 9,629 Unearned event income ​ 639 ​ 5,708
Schedule of calculation of basic and diluted earnings per share from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ (In Thousands) ​ (In Thousands) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders ​ $ 70,366 ​ $ 16,294 ​ $ 67,444 ​ $ 32,782 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic net income per share - weighted average outstanding shares ​ 47,629,163 ​ 50,806,346 ​ 47,514,722 ​ 50,994,612 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Stock options and restricted stock ​ 2,987,272 ​ 3,852,197 ​ 2,858,992 ​ 3,877,351 Denominator for diluted net income per share - weighted-average outstanding shares ​ 50,616,435 ​ 54,658,543 ​ 50,373,714 ​ 54,871,963 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Class A, Class B, Class C and Class D stockholders per share – basic ​ $ 1.48 ​ $ 0.32 ​ $ 1.42 ​ $ 0.64 Net income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted ​ $ 1.39 ​ $ 0.30 ​ $ 1.34 ​ $ 0.60
Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis	As of June 30, 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 June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities subject to fair value measurement: ​ ​ ​ ​ Employment Agreement Award (a) ​ $ 23,923 ​ $ — ​ $ — ​ $ 23,923 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine equity subject to fair value measurement: ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests (b) ​ $ 24,288 ​ $ — ​ $ — ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets subject to fair value measurement: ​ ​ ​ ​ Cash equivalents - money market funds (d) ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — Total ​ $ 188,238 ​ $ 188,238 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ $ 25,299 ​ $ — ​ $ — ​ $ 25,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) During the three months ended June 30, 2023, the Company completed the sale of its MGM Investment. Please refer to Note 2(m) – Investments for more details. 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 June 30, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment Redeemable ​ ​ Available-for-Sale ​ Agreement ​ Noncontrolling ​ ​ Securities ​ Award ​ Interests ​ ​ (In thousands) Balance at December 31, 2022 ​ $ 136,826 ​ $ 25,741 ​ $ 25,299 Net income attributable to noncontrolling interests ​ — ​ — ​ 1,303 Sale of available-for-sale securities ​ (136,826) ​ — ​ — Dividends paid to noncontrolling interests ​ ​ — ​ ​ — ​ ​ (2,001) Change in fair value ​ — ​ (1,818) ​ (313) Balance at June 30, 2023 ​ $ — ​ $ 23,923 ​ $ 24,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (loses)/ income for the period included in earnings attributable to the change in unrealized income relating to assets and liabilities still held at the reporting date ​ $ — ​ $ 1,818 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ — ​ 1,471 Dividends paid to redeemable noncontrolling interests ​ ​ — ​ ​ — ​ ​ (1,599) Change in fair value included within other comprehensive income ​ ​ 10,500 ​ ​ — ​ ​ — Change in fair value ​ — ​ 1,482 ​ 1,907 Balance at June 30, 2022 ​ $ 123,100 ​ $ 29,675 ​ $ 20,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date ​ $ — ​ $ (1,482) ​ $ —
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 ​ ​ ​ ​ ​ ​ June 30, ​ 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 ​ 32.6% - 44.3 % 33.7% - 46.6 % Employment Agreement Award Discounted cash flow ​ Revenue growth rate range ​ (2.5)% - 2.5 % (4.1)% - 4.2 % Employment Agreement Award ​ Market Approach ​ Average recurring EBITDA multiple ​ 5.7 x 6.6 x Redeemable noncontrolling interest Discounted cash flow Discount rate 12.0 % 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 ​ 26.3% - 30.1 % 25.8% - 29.8 % Redeemable noncontrolling interest Discounted cash flow ​ Revenue growth rate range ​ 0.3% - 12.4 % 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 June 30, ​ ​ Six Months Ended June 30, ​ ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (cost resulting from lease payments) ​ $ 2,890 ​ $ 3,169 ​ ​ $ 5,839 ​ $ 6,414 ​ ​ Variable lease cost (cost excluded from lease payments) ​ 11 ​ ​ 10 ​ ​ 22 ​ ​ 20 ​ ​ Total lease cost ​ $ 2,901 ​ $ 3,179 ​ ​ $ 5,861 ​ $ 6,434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease - operating cash flows (fixed payments) ​ $ 3,127 ​ $ 3,503 ​ ​ $ 6,229 ​ $ 7,006 ​ ​ Operating lease - operating cash flows (liability reduction) ​ $ 2,277 ​ $ 2,479 ​ ​ $ 4,528 ​ $ 4,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average lease term - operating leases ​ 5.34 years ​ 4.68 years ​ ​ 5.34 years ​ 4.68 years ​ Weighted average discount rate - operating leases ​ 11.00 % ​ 11.00 % ​ ​ 11.00 % ​ 11.00 % ​ ​
Schedule of maturities of lease liabilities	As of June 30, 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 six months ending December 31, 2023 ​ $ 5,646 2024 ​ 10,932 2025 ​ 7,046 2026 ​ 5,280 2027 ​ 3,670 Thereafter ​ 8,540 Total future lease payments ​ 41,114 Less: imputed interest ​ (10,094) Less: leases held for sale ​ (2,356) Total future lease payments ​ $ 28,664
Schedule of available-for-sale securities reconciliation	The amortized cost, estimated fair value, and gains and losses on the debt security classified as available-for-sale as of June 30, 2023 and December 31, 2022 are summarized as follows:

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, 2022 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ Net revenue $ 123,439 ​ $ 239,932 Operating income ​ 25,846 ​ ​ 62,578 Net income ​ 17,340 ​ ​ 34,670

RADIO BROADCASTING LICENSES (Ta

RADIO BROADCASTING LICENSES (Tables)	6 Months Ended
	Jun. 30, 2023
RADIO BROADCASTING LICENSES
Schedule of Radio Broadcasting licenses impairment test	​ ​ ​ ​ ​ Discount rate ​ 9.5 % Revenue growth rate range ​ 0.3% - 1.4 % Terminal growth rate ​ 0.3% - 0.8 % Mature market share ​ 0.9% - 28.8 % Mature operating profit margin range ​ 18.8% - 34.6 %
Schedule of broadcasting licenses carrying value	​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ (In thousands) Balance at January 1, 2023 ​ ​ $ 488,419 Impairment charges ​ ​ ​ (38,856) Assets held for sale ​ (7,275) Balance at June 30, 2023 ​ ​ $ 442,288 ​

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
LONG-TERM DEBT
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ 9,796 ​ 11,000 Long-term debt, net ​ $ 715,204 ​ $ 739,000
Schedule of future scheduled minimum principal payments	Future scheduled minimum principal payments of debt as of June 30, 2023, are as follows: ​ ​ ​ ​ ​ ​ ​ 7.375% Senior ​ ​ Secured Notes due ​ February 2028 ​ ​ (In thousands) July - December 2023 $ — 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ — 2028 and thereafter ​ ​ 725,000 Total debt $ 725,000 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 5,034,163 ​ $ 2.81 5.61 ​ $ 16,082,268 Vested and expected to vest at June 30, 2023 4,983,200 ​ ​ 2.80 5.57 ​ ​ 15,992,008 Unvested at June 30, 2023 417,442 ​ ​ 4.23 9.24 ​ ​ 739,697 Exercisable at June 30, 2023 4,616,721 ​ ​ 2.68 5.28 ​ ​ 15,342,571
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 (826,341) ​ ​ 5.04 Forfeited/cancelled/expired — ​ ​ — Unvested at June 30, 2023 351,522 ​ $ 4.27

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
SEGMENT INFORMATION
Schedule of segment reporting information	Detailed segment data for the three and six months ended June 30, 2023 and 2022, is presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, ​ 2023 2022 ​ ​ (In thousands) Net Revenue: ​ ​ Radio Broadcasting ​ $ 39,196 ​ $ 37,192 Reach Media ​ 20,052 ​ 11,093 Digital ​ 18,908 ​ 17,881 Cable Television ​ 52,430 ​ 53,296 All other - corporate/eliminations* ​ (934) ​ (805) Consolidated ​ $ 129,652 ​ $ 118,657 ​ ​ ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio Broadcasting ​ $ 29,424 ​ $ 25,538 Reach Media ​ 15,624 ​ 6,279 Digital ​ 12,818 ​ 10,218 Cable Television ​ 28,601 ​ 25,398 All other - corporate/eliminations ​ 9,563 ​ 8,463 Consolidated ​ $ 96,030 ​ $ 75,896 ​ ​ ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio Broadcasting ​ $ 888 ​ $ 825 Reach Media ​ 40 ​ 46 Digital ​ 364 ​ 332 Cable Television ​ 251 ​ 952 All other - corporate/eliminations ​ 343 ​ 326 Consolidated ​ $ 1,886 ​ $ 2,481 ​ ​ ​ ​ ​ ​ ​ Impairment of goodwill, intangible assets, and long-lived assets: ​ ​ ​ ​ Radio Broadcasting ​ $ 22,081 ​ $ 14,905 Reach Media ​ — ​ — Digital ​ — ​ — Cable Television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 22,081 ​ $ 14,905 ​ ​ ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio Broadcasting ​ $ (13,197) ​ $ (4,076) Reach Media ​ 4,388 ​ 4,768 Digital ​ 5,726 ​ 7,331 Cable Television ​ 23,578 ​ 26,946 All other - corporate/eliminations ​ (10,840) ​ (9,594) Consolidated ​ $ 9,655 ​ $ 25,375 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio Broadcasting $ (934) $ (805) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ ​ ​ ​ Radio broadcasting $ 1,372 $ 616 Reach Media ​ 17 ​ 153 Digital ​ 365 ​ 410 Cable television ​ — ​ 233 All other - corporate/eliminations ​ 354 ​ 883 Consolidated ​ $ 2,108 ​ $ 2,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ 2023 2022 ​ ​ (In thousands) Net revenue: ​ ​ Radio broadcasting ​ $ 74,376 ​ $ 68,684 Reach Media ​ 30,968 ​ 21,123 Digital ​ 33,979 ​ 33,367 Cable television ​ 102,108 ​ 109,512 All other - corporate/eliminations* ​ (1,910) ​ (1,898) Consolidated ​ $ 239,521 ​ $ 230,788 ​ ​ ​ ​ ​ Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets): ​ ​ ​ ​ Radio broadcasting ​ $ 55,872 ​ $ 49,156 Reach Media ​ 23,361 ​ 12,475 Digital ​ 24,168 ​ 21,081 Cable television ​ 57,984 ​ 51,327 All other - corporate/eliminations ​ 17,021 ​ 15,122 Consolidated ​ $ 178,406 ​ $ 149,161 ​ ​ ​ ​ ​ Depreciation and Amortization: ​ ​ ​ ​ Radio broadcasting ​ $ 1,805 ​ $ 1,640 Reach Media ​ 79 ​ 93 Digital ​ 701 ​ 665 Cable television ​ 1,216 ​ 1,899 All other - corporate/eliminations ​ 682 ​ 589 Consolidated ​ $ 4,483 ​ $ 4,886 ​ ​ ​ ​ ​ Impairment of goodwill, intangible assets, and long-lived assets: ​ ​ ​ ​ Radio broadcasting ​ $ 38,856 ​ $ 14,905 Reach Media ​ — ​ — Digital ​ — ​ — Cable television ​ — ​ — All other - corporate/eliminations ​ — ​ — Consolidated ​ $ 38,856 ​ $ 14,905 ​ ​ ​ ​ ​ Operating income (loss): ​ ​ ​ ​ Radio broadcasting ​ $ (22,157) ​ $ 2,983 Reach Media ​ 7,528 ​ 8,555 Digital ​ 9,110 ​ 11,621 Cable television ​ 42,908 ​ 56,286 All other - corporate/eliminations ​ (19,613) ​ (17,609) Consolidated ​ $ 17,776 ​ $ 61,836 ​ ​ ​ ​ ​ ​ ​ * Intercompany revenue included in net revenue above is as follows: ​ ​ ​ ​ ​ ​ Radio broadcasting $ (1,910) $ (1,898) ​ ​ ​ ​ ​ ​ ​ Capital expenditures by segment are as follows: ​ ​ Radio broadcasting ​ $ 2,387 ​ $ 1,256 Reach Media ​ 51 ​ 174 Digital ​ 965 ​ 635 Cable television ​ 11 ​ 589 All other - corporate/eliminations ​ 704 ​ 1,190 Consolidated (a) ​ $ 4,118 ​ $ 3,844 (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, December 31, ​ ​ 2023 ​ 2022 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ Radio broadcasting ​ $ 563,939 ​ $ 605,703 Reach Media ​ 48,589 ​ 48,936 Digital ​ 26,167 ​ 35,766 Cable television ​ 409,599 ​ 414,324 All other - corporate/eliminations ​ 231,553 ​ 239,917 Consolidated ​ $ 1,279,847 ​ $ 1,344,646 ​

ORGANIZATION Narrative (Details

ORGANIZATION Narrative (Details)	6 Months Ended
	Jun. 30, 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 Reportable Segments | segment	4
Reach Media Inc
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	80%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for expected credit loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Changes in allowance for expected credit loss
Balance at Beginning of Period	$ 9,223
Charged to Expense, net	(311)	$ (35)
Less: Deductions	(1,229)
Balance at End of Period	7,103
Adjusted Balance
Changes in allowance for expected credit loss
Balance at Beginning of Period	$ 8,643

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net revenue	$ 129,652	$ 118,657	$ 239,521	$ 230,788
Radio advertising
Net revenue	45,135	44,067	88,242	83,817
Political advertising
Net revenue	410	1,686	658	2,199
Digital advertising
Net revenue	18,861	17,881	33,932	33,363
Cable television advertising
Net revenue	30,247	29,120	56,069	59,535
Cable television affiliate fees
Net revenue	22,184	24,165	46,020	49,917
Event revenues & other
Net revenue	$ 12,815	$ 1,738	$ 14,600	$ 1,957

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract assets and liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Contract assets:
Unbilled receivables	$ 9,613	$ 12,597
Contract liabilities:
Customer advances and unearned income	3,058	6,123
Reserve for audience deficiency	11,697	9,629
Unearned Event Income	$ 639	$ 5,708

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share)
Net income attributable to Class A, Class B, Class C and Class D stockholders	$ 70,366	$ (2,922)	$ 16,294	$ 16,488	$ 67,444	$ 32,782
Denominator:
Denominator for basic net income per share - weighted average outstanding shares	47,629,163		50,806,346		47,514,722	50,994,612
Effect of dilutive securities:
Stock options and restricted stock	2,987,272		3,852,197		2,858,992	3,877,351
Denominator for diluted net income per share - weighted-average outstanding shares	50,616,435		54,658,543		50,373,714	54,871,963
Net income attributable to Class A, Class B, Class C and Class D stockholders per share - basic	$ 1.48		$ 0.32		$ 1.42	$ 0.64
Net income attributable to Class A, Class B, Class C and Class D stockholders per share - diluted	$ 1.39		$ 0.30		$ 1.34	$ 0.60

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Potential common shares excluded from the diluted calculation (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Potential common shares excluded from the diluted calculation	0	0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities subject to fair value measurement:
Employment Agreement Award	$ 23,923	$ 25,741
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	24,288	25,299
Assets subject to fair value measurement:
Available-for-sale securities	0	136,826
Cash equivalents - money market funds	188,238	39,798
Assets subject to fair value measurement value	188,238	176,624
Level 1
Assets subject to fair value measurement:
Cash equivalents - money market funds	188,238	39,798
Assets subject to fair value measurement value	188,238	39,798
Level 3
Liabilities subject to fair value measurement:
Employment Agreement Award	23,923	25,741
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests	$ 24,288	25,299
Assets subject to fair value measurement:
Available-for-sale securities		136,826
Assets subject to fair value measurement value		$ 136,826

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measured on recurring basis (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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	136,826,000	$ 112,600,000
Sale of available-for-sale securities	(136,826,000)
Change in fair value included within other comprehensive income		10,500,000
Balance, end of period		123,100,000
Employment Agreement Award
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,741,000	28,193,000
Change in fair value	(1,818,000)	1,482,000
Balance, end of period	23,923,000	29,675,000
Amount of total income/(losses) for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	1,818,000	(1,482,000)
Redeemable Noncontrolling Interest
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	25,299,000	18,655,000
Net income attributable to noncontrolling interests	1,303,000	1,471,000
Dividends paid to noncontrolling interests	(2,001,000)	(1,599,000)
Change in fair value	(313,000)	1,907,000
Balance, end of period	$ 24,288,000	$ 20,434,000

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value measurements on recurring and nonrecurring valuation techniques (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 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
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	12%	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
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	32.60%	33.70%
Operating profit margin range | Minimum | Redeemable Noncontrolling Interest
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	26.30%	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	44.30%	46.60%
Operating profit margin range | Maximum | Redeemable Noncontrolling Interest
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	30.10%	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	(2.50%)	(4.10%)
Revenue growth rate range | Minimum | Redeemable Noncontrolling Interest
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	0.30%	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	2.50%	4.20%
Revenue growth rate range | Maximum | Redeemable Noncontrolling Interest
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	12.40%	32.20%
Average recurring EBITDA multiple | Employment Agreement Award
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions Measurement Rate	5.70%	6.60%

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating lease cost (cost resulting from lease payments)	$ 2,890	$ 3,169	$ 5,839	$ 6,414
Variable lease cost (cost excluded from lease payments)	11	10	22	20
Total lease cost	2,901	3,179	5,861	6,434
Operating lease - operating cash flows (fixed payments)	3,127	3,503	6,229	7,006
Operating lease - operating cash flows (liability reduction)	$ 2,277	$ 2,479	$ 4,528	$ 4,928
Weighted average lease term - operating leases	5 years 4 months 2 days	4 years 8 months 4 days	5 years 4 months 2 days	4 years 8 months 4 days
Weighted average discount rate - operating leases	11%	11%	11%	11%

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Maturities of lease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For the remaining six months ending December 31, 2023	$ 5,646
2024	10,932
2025	7,046
2026	5,280
2027	3,670
Thereafter	8,540
Total future lease payments	41,114
Less: imputed interest	(10,094)
Less: leases held for sale	(2,356)
Total	$ 28,664

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)					1 Months Ended			3 Months Ended			6 Months Ended		12 Months Ended
	Apr. 21, 2023 USD ($)	Feb. 14, 2023 USD ($)	Nov. 01, 2022	Nov. 30, 2016 USD ($)	Feb. 28, 2023 USD ($)	Oct. 31, 2022 item segment	Jul. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 08, 2023	Jan. 01, 2023 USD ($)	Jul. 29, 2021 USD ($)	Jan. 25, 2021 USD ($)	Apr. 10, 2015 USD ($)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Restricted cash								$ 477,000			$ 477,000		$ 26,475,000
Number of Reportable Segments | segment											4
Allowance for doubtful accounts receivable (in dollars)								7,103,000			$ 7,103,000		9,223,000
Revenue from Contract with Customer, Including Assessed Tax								129,652,000		$ 118,657,000	239,521,000	$ 230,788,000
Operating Expenses, Total								119,997,000		93,282,000	221,745,000	168,952,000
Operating income (loss)								9,655,000		25,375,000	17,776,000	61,836,000
Reassessed Estimated Fair Value of Award								23,900,000			23,900,000		25,700,000
Selling, General and Administrative Expense, Total								49,931,000		35,193,000	86,805,000	70,403,000
Exercisable period of put rights				30 days
Other income, net								96,773,000		9,725,000	96,460,000	11,711,000
Proceeds from sale of available for sale debt securities											136,826,000	0
Debt Securities, Available-for-Sale, Realized Gain											96,826,000	0
Redeemable noncontrolling interest								24,288,000			24,288,000		31,923,000
Operating Lease, Liability								28,664,000			28,664,000
Impairment of goodwill, intangible assets, and long-lived assets								22,081,000		14,905,000	38,856,000	14,905,000
Related party expenses											1,800,000	1,800,000
Due to Other Related Parties, Current								1,100,000			1,100,000		1,500,000
Due from related party													2,300,000
Number of reporting units | item						16
Number of radio markets | item						13
Number of other business segments | segment						3
Reach Media Inc
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Amount owed by related party								159,000			159,000
Amount owed to related party								1,500,000			1,500,000
Host Community Agreement [Member] | RVA Entertainment Holdings LLC [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		$ 600,000
Event revenues & other
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax								12,815,000		1,738,000	14,600,000	1,957,000
Reserve for audience deficiency
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Contract with customer liability revenue recognized								800,000			1,300,000
Continuing Operations [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Marketing and Advertising Expense								8,700,000		7,600,000	15,800,000	15,000,000
Barter Transactions [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax								600,000		500,000	1,100,000	900,000
Cost of Goods and Services Sold								400,000		300,000	800,000	600,000
Selling, General and Administrative Expense, Total								200,000		200,000	400,000	300,000
Radio broadcasting and Reach Media segments [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Sales Commissions and Fees								4,600,000		4,400,000	8,800,000	8,000,000
Fantastic Voyage [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Operating Income Guarantee											$ 1,750,000
Fantastic Voyage [Member] | Reach Media
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax								10,000,000
Operating Expenses, Total								8,200,000
Operating income (loss)								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 3 months 18 days		3 years 9 months 18 days
Payment for launch support											$ 0	0
Amortization of Intangible Assets								$ 1,300,000		1,200,000	$ 2,500,000	1,900,000
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									$ 16,800,000		$ 38,856,000
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%			4%
7.375% Senior Secured Notes due February 2028
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Long-term Debt, Gross								$ 725,000,000			$ 725,000,000		$ 750,000,000
Fair value of debt								$ 634,400,000			$ 634,400,000		646,900,000
Debt Instrument, Interest Rate, Stated Percentage								7.375%			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		5,300,000	$ 10,000,000	10,500,000
Customer Advances [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax								1,500,000			3,500,000
Unearned Income [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Revenue from Contract with Customer, Including Assessed Tax								5,700,000			5,700,000
Employment Agreement Award [Member] | Corporate selling, general and administrative
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Income (expense) associated with the Employment Agreement Award								1,700,000		(900,000)	1,800,000	(1,500,000)
MGM National Harbor [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Investment Owned, at Cost				$ 35,000,000														$ 5,000,000
Percentage of ownership of equity interest excluding interest in entity														100%
Proceeds from sale of available for sale debt securities	$ 136,800,000
Debt Securities, Available-for-Sale, Realized Gain	$ 96,800,000										96,826,000
Other Income								$ 0		$ 2,100,000	0	$ 4,100,000
RVAEH
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Initial investment in escrow account							$ 26,000,000
Amount derecognized from restricted cash					$ 26,000,000						0		26,000,000
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 of equity interest excluding interest in entity		50%
Investment in unconsolidated joint venture		$ 200,000									$ 13,100,000
RVAEH | Churchhill Downs Incorporated [Member]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]
Percentage of ownership of equity interest excluding interest in entity		50%
Percentage of ownership interest purchased		25%
Investment purchased		$ 6,600,000

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Available for sale securities (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 21, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Amortized Cost Basis		$ 0		$ 40,000
Gross realized gains		96,826	$ 0
MGM National Harbor [Member]
Amortized Cost Basis				40,000
Gross Unrealized Gains				104,326
Gross Unrealized Losses				(7,500)
Gross realized gains	$ 96,800	$ 96,826
Fair Value				$ 136,826

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Asset Acquisition Pro forma (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
ACQUISITIONS AND DISPOSITIONS
Net revenue	$ 123,439	$ 239,932
Operating income	25,846	62,578
Net income	$ 17,340	$ 34,670

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) - USD ($)				3 Months Ended			6 Months Ended		12 Months Ended
	Apr. 11, 2023	Mar. 31, 2023	Aug. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 13, 2022
Asset Acquisition [Line Items]
Assets held for sale										$ 3,200,000
Net Revenue				$ 129,652,000		$ 118,657,000	$ 239,521,000	$ 230,788,000
Operating income (loss)				$ 9,655,000		$ 25,375,000	$ 17,776,000	$ 61,836,000
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)
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal Statement Of Income Extensible List Not Disclosed Flag									true
Indiana Radio Cluster Asset Acquisition [Member] | Towers and antennas
Asset Acquisition [Line Items]
Property, plant and equipment			200,000
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]
Asset Acquisition [Line Items]
Asset acquisition transaction price	$ 27,500,000
Assets held for sale	9,900,000
Liabilities held for sale	2,400,000
Proceeds from assets sold		$ 7,500,000
Assets, held for sale, tangible and intangible disposed	7,300,000
Non cash Impairment charge	$ 16,800,000				$ 16,800,000

RADIO BROADCASTING LICENSES - A

RADIO BROADCASTING LICENSES - Additional Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Impairment charge	$ 22,081		$ 14,905	$ 38,856	$ 14,905
Radio Broadcasting Licenses	$ 442,288			442,288		$ 488,419
Radio Broadcasting Licenses [Member]
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Impairment of indefinite lived intangible assets		$ 16,800		$ 38,856
Radio Broadcasting Licenses [Member] | Radio Broadcasting Segment
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Number of radio markets | item	8
Radio Broadcasting Licenses, Five markets for which impairment loss is recognized | Radio Broadcasting Segment
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Number of radio markets | item	5
Radio Broadcasting Licenses, Five markets for which impairment loss is recognized | Radio Broadcasting Segment | Impairment of goodwill, intangible assets, and long-lived assets
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Goodwill, impairment loss	$ 22,100

RADIO BROADCASTING LICENSES - R

RADIO BROADCASTING LICENSES - Radio Broadcasting Licenses (Details) - Radio Broadcasting Licenses [Member]	Jun. 30, 2023
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Discount rate	9.50%
Minimum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	0.30%
Terminal Growth Rate Range	0.30%
Mature market share range	0.90%
Mature operating profit margin range	18.80%
Maximum
Schedule of Goodwill, Radio Broadcasting Licenses And Other Intangible Assets [Line Items]
Revenue growth rate range	1.40%
Terminal Growth Rate Range	0.80%
Mature market share range	28.80%
Mature operating profit margin range	34.60%

RADIO BROADCASTING LICENSES - C

RADIO BROADCASTING LICENSES - Changes in Radio Broadcasting Licenses (Details) - Radio broadcasting licenses - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Schedule of Goodwill, Radio Broadcasting Licenses [Line Items]
Beginning balance	$ 488,419	$ 488,419
Impairment charges	$ (16,800)	$ (38,856)
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment of Long-Lived Assets Held-for-use
Assets held for sale		$ (7,275)
Ending balance		$ 442,288

LONG-TERM DEBT - Schedule of lo

LONG-TERM DEBT - Schedule of long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 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	9,796	11,000
Long-term debt, net	715,204	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 - Future Minimum

LONG-TERM DEBT - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
LONG-TERM DEBT
Total debt	$ 725,000	$ 750,000
7.375% Senior Secured Notes due February 2028
LONG-TERM DEBT
July - 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%

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) $ in Thousands				3 Months Ended			6 Months Ended
	Jun. 01, 2021 USD ($)	Feb. 19, 2021 USD ($)	Jan. 08, 2021	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 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							$ 968	$ 1,005
Repayments of Long-term Debt, Total							22,281	22,750
Gains (losses) on extinguishment of debt				$ 0		$ 1,855	2,356	1,855
2028 Notes Offering
Debt Instrument [Line Items]
Face amount of debt												$ 825,000
Interest rate												7.375%
Percentage of issue price			100
Debt issuance costs				15,400			15,400
Deferred financing costs included in interest expense				$ 500		$ 500	$ 1,000	$ 1,000
Debt redemption price, percentage					89.10%
Amount redeemable					$ 25,000
Debt instrument effective interest rate				7.74%		7.83%	7.74%	7.83%
Gains (losses) 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%			7.375%
Long-term Debt				$ 725,000			$ 725,000		$ 750,000
PPP loan
Debt Instrument [Line Items]
Other income						$ 7,600
Proceeds from PPP Loan	$ 7,500
Fixed interest rate per year	1%
ABL Facility
Debt Instrument [Line Items]
Debt 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.
Line of credit facility, maximum borrowing capacity		$ 50,000
Letter of credit facility, maximum capacity		$ 5,000		5,000			$ 5,000						$ 1,200
Percentage borrowing of eligible accounts		85%
Borrowings outstanding				0			0		$ 0
Standby Letters of Credit
Debt Instrument [Line Items]
Letters of credit under the agreement, leases and insurance policies				$ 800			$ 800

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Provision for income taxes	$ 23,197	$ 4,125	$ 22,037	$ 9,590
Pre-tax income from continuing operations	94,354	$ 21,069	$ 90,784	$ 43,648
Effective tax rate			24.40%
Estimated annual effective tax rate			30.50%
Discrete tax expense related to gain on investment			$ 23,900
Reasonably possible decrease in unrecognized tax benefits	$ 100		$ 100

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Number of Options, Exercised	(60,240)
Stock options
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		4,983,200
Number of Options, Unvested		417,442
Number of Options, Exercisable		4,616,721
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)		4.23
Weighted-Average Exercise Price, Exercisable (in dollars per share)		$ 2.68
Weighted-Average Remaining Contractual Term, Outstanding (in years)		5 years 7 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 6 months 25 days
Weighted-Average Remaining Contractual Term, Unvested (in years)		9 years 2 months 26 days
Weighted-Average Remaining Contractual Term, Exercisable (in years)		5 years 3 months 10 days
Aggregate Intrinsic Value, Outstanding		$ 16,082,268	$ 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		15,992,008
Aggregate Intrinsic Value, Unvested		739,697
Aggregate Intrinsic Value, Exercisable		$ 15,342,571

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted stock grants (Details) - Common Stock Class D - Restricted Stock Awards [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
STOCKHOLDERS' EQUITY
Shares, Unvested at beginning of year | shares	434,264
Shares, Grants | shares	743,599
Shares, Vested | shares	(826,341)
Shares, Forfeited/cancelled/expired | shares	0
Shares, Unvested at end of year | shares	351,522
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	$ 4.27

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 27, 2022
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Value	$ 111,000	$ 1,324,000	$ 24,659,000	$ 10,000
Share-based Compensation, Total					$ 5,598,000	$ 460,000
Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock					439,429
Number of options vested in period	24,288		0		487,785	16,795
Share-based Compensation Arrangement by Share-based Payment Award Options exercised Number of Shares					0	60,240
Employee [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Stock Options	$ 600,000				$ 600,000
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition					12 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 1.76
Class A And Class D Common Stock [Member]
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount remaining							$ 400,000
Class A And Class D Common Stock [Member] | Maximum
STOCKHOLDERS' EQUITY
Stock repurchase , Authorized amount							$ 500,000
Common Class D | Certain executive officers and management personnel
STOCKHOLDERS' EQUITY
Shares withheld for tax withholding obligation					245,439
Common Class D | Restricted Stock Awards [Member]
STOCKHOLDERS' EQUITY
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition					10 months
Other than options, granted	743,599		54,759		743,599	54,759
Total unrecognized compensation, other than options	$ 1,000,000				$ 1,000,000
Common Class D | Restricted Stock Awards [Member] | Certain executive officers and management personnel
STOCKHOLDERS' EQUITY
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures					$ 743,599
Other than options, vested In period					688,987
Common Class D | Stock options
STOCKHOLDERS' EQUITY
Stock options to purchase common stock	0		6,887		439,429	6,887
Common Class D | Stock options | Certain executive officers and management personnel
STOCKHOLDERS' EQUITY
Stock options to purchase common stock					439,429
Number of options vested in period					415,141
Common Class D | Stock Vest Tax Repurchase
STOCKHOLDERS' EQUITY
Stock Repurchased During Period, Shares	18,459		16,181		274,077	18,830
Stock Repurchased During Period, Value	$ 100,000		$ 100,000		$ 1,400,000	$ 100,000
Repurchase of common stock price per share	$ 6		$ 5.64		$ 5.22	$ 5.36
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					18 months
Other than options, granted	0		0		0	0
Other than options, vested In period					0
Other than options, unvested, number	750,000		0		750,000	0
Total unrecognized compensation, other than options	$ 2,700,000				$ 2,700,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segments | segment			4
Net revenue	$ 129,652	$ 118,657	$ 239,521	$ 230,788
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	96,030	75,896	178,406	149,161
Depreciation and Amortization:	1,886	2,481	4,483	4,886
Impairment of goodwill, intangible assets, and long-lived assets:	22,081	14,905	38,856	14,905
Operating income (loss)	9,655	25,375	17,776	61,836
Capital expenditures by segment are as follows:	2,108	2,295	4,118	3,844
Total assets:	1,279,847		1,279,847		$ 1,344,646
All other - corporate/eliminations
SEGMENT INFORMATION
Net revenue	(934)	(805)	(1,910)	(1,898)
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	9,563	8,463	17,021	15,122
Depreciation and Amortization:	343	326	682	589
Operating income (loss)	(10,840)	(9,594)	(19,613)	(17,609)
Capital expenditures by segment are as follows:	354	883	704	1,190
Total assets:	231,553		231,553		239,917
Radio broadcasting | Operating Segments
SEGMENT INFORMATION
Net revenue	39,196	37,192	74,376	68,684
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	29,424	25,538	55,872	49,156
Depreciation and Amortization:	888	825	1,805	1,640
Impairment of goodwill, intangible assets, and long-lived assets:	22,081	14,905	38,856	14,905
Operating income (loss)	(13,197)	(4,076)	(22,157)	2,983
Capital expenditures by segment are as follows:	1,372	616	2,387	1,256
Total assets:	563,939		563,939		605,703
Radio broadcasting | All other - corporate/eliminations
SEGMENT INFORMATION
Net revenue	(934)	(805)	(1,910)	(1,898)
Reach Media | Operating Segments
SEGMENT INFORMATION
Net revenue	20,052	11,093	30,968	21,123
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	15,624	6,279	23,361	12,475
Depreciation and Amortization:	40	46	79	93
Operating income (loss)	4,388	4,768	7,528	8,555
Capital expenditures by segment are as follows:	17	153	51	174
Total assets:	48,589		48,589		48,936
Digital | Operating Segments
SEGMENT INFORMATION
Net revenue	18,908	17,881	33,979	33,367
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	12,818	10,218	24,168	21,081
Depreciation and Amortization:	364	332	701	665
Operating income (loss)	5,726	7,331	9,110	11,621
Capital expenditures by segment are as follows:	365	410	965	635
Total assets:	26,167		26,167		35,766
Cable television | Operating Segments
SEGMENT INFORMATION
Net revenue	52,430	53,296	102,108	109,512
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	28,601	25,398	57,984	51,327
Depreciation and Amortization:	251	952	1,216	1,899
Operating income (loss)	23,578	26,946	42,908	56,286
Capital expenditures by segment are as follows:		$ 233	11	$ 589
Total assets:	$ 409,599		$ 409,599		$ 414,324

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Feb. 19, 2021	Feb. 24, 2015
COMMITMENTS AND CONTINGENCIES
Radio broadcasting licenses term	8 years
Noncancelable operating lease term	50 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

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)		3 Months Ended				6 Months Ended
	Jul. 01, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Nov. 07, 2023	Jul. 29, 2021
SUBSEQUENT EVENTS
Repurchase of common stock value		$ 111,000	$ 1,324,000	$ 24,659,000	$ 10,000
Stock options
SUBSEQUENT EVENTS
Stock options to purchase common stock						439,429
RVA Entertainment Holdings LLC | Host Community Agreement
SUBSEQUENT EVENTS
Upfront payment (refund)									$ 26,000,000
Common Class D | Stock options
SUBSEQUENT EVENTS
Stock options to purchase common stock		0		6,887		439,429	6,887
Stock Vest Tax Repurchase | Common Class D
SUBSEQUENT EVENTS
Shares repurchased		18,459		16,181		274,077	18,830
Repurchase of common stock value		$ 100,000		$ 100,000		$ 1,400,000	$ 100,000
Repurchase of common stock price per share		$ 6		$ 5.64		$ 5.22	$ 5.36
Subsequent events | RVA Entertainment Holdings LLC | Host Community Agreement
SUBSEQUENT EVENTS
Percentage of escrowed funds anticipates to receive								50%
Subsequent events | Common Class D | Restricted stock awards
SUBSEQUENT EVENTS
Number of restricted stock that vested upon grant	0
Subsequent events | Common Class D | Stock options
SUBSEQUENT EVENTS
Number of share options that vested upon grant	0
Subsequent events | Common Class D | Executive officers and management personnel | Restricted stock awards
SUBSEQUENT EVENTS
Stock issued during period, shares, restricted stock award, net of forfeitures	187,668
Subsequent events | Common Class D | Executive officers and management personnel | Stock options
SUBSEQUENT EVENTS
Stock options to purchase common stock	218,308
Subsequent events | Stock Vest Tax Repurchase | Common Class D
SUBSEQUENT EVENTS
Shares repurchased	38,371
Repurchase of common stock value	$ 195,000
Repurchase of common stock price per share	$ 5.09