Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 05, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SALM | ||
Entity Registrant Name | SALEM MEDIA GROUP, INC. /DE/ | ||
Entity Central Index Key | 0001050606 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 57,213,462 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20,632,416 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,553,696 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 117 | $ 3 |
Trade accounts receivable (net of allowances of $11,019 in 2017 and $9,732 in 2018) | 33,020 | 32,545 |
Unbilled revenue | 2,513 | 2,298 |
Other receivables (net of allowances of $227 in 2017 and $158 in 2018) | 806 | 820 |
Inventories (net of reserves of $1,657 in 2017 and $994 in 2018) | 677 | 730 |
Prepaid expenses | 6,504 | 6,824 |
Assets held for sale | 3,500 | |
Total current assets | 43,637 | 46,720 |
Land held for sale | 1,000 | |
Notes receivable (net of allowance of $759 in 2017 and $733 in 2018) | 218 | 53 |
Property and equipment (net of accumulated depreciation of $164,720 in 2017 and $170,842 in 2018) | 96,508 | 99,480 |
Broadcast licenses | 376,316 | 380,914 |
Goodwill | 26,789 | 26,424 |
Other indefinite-lived intangible assets | 277 | 313 |
Amortizable intangible assets (net of accumulated amortization of $47,179 in 2017 and $53,180 in 2018) | 11,264 | 13,104 |
Deferred financing costs | 381 | 550 |
Deferred income taxes | 1,070 | |
Other assets | 3,638 | 3,191 |
Total assets | 559,028 | 572,819 |
Current liabilities: | ||
Accounts payable | 2,187 | 1,584 |
Accrued expenses | 10,104 | 9,281 |
Accrued compensation and related expenses | 7,582 | 7,643 |
Accrued interest | 1,375 | 1,445 |
Contract liabilities | 11,537 | 12,763 |
Deferred rent expense | 108 | 152 |
Income taxes payable | 267 | 172 |
Current portion of long-term debt and capital lease obligations | 19,718 | 9,109 |
Total current liabilities | 52,878 | 42,149 |
Long-term debt and capital lease obligations, less current portion | 234,135 | 249,579 |
Deferred income taxes | 35,272 | 34,151 |
Deferred rent expense, long-term | 13,431 | 13,644 |
Contract liabilities, long-term | 1,379 | 1,951 |
Other long-term liabilities | 64 | 64 |
Total liabilities | 337,159 | 341,538 |
Commitments and contingencies (Note 14) | ||
Additional paid-incapital | 245,220 | 244,634 |
Accumulated earnings | 10,372 | 20,370 |
Treasury stock, at cost (2,317,650 shares at December 31, 2017 and 2018) | (34,006) | (34,006) |
Total stockholders' equity | 221,869 | 231,281 |
Total liabilities and stockholders' equity | 559,028 | 572,819 |
Common Class A [Member] | ||
Current liabilities: | ||
Common stock | 227 | 227 |
Total stockholders' equity | 227 | 227 |
Common Class B [Member] | ||
Current liabilities: | ||
Common stock | 56 | 56 |
Total stockholders' equity | $ 56 | $ 56 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade accounts receivable, allowances | $ 9,732 | $ 11,019 |
Allowance for Doubtful Other Receivables, Current | 158 | 227 |
Inventories, reserves | 994 | 1,657 |
Notes receivable, allowance | 733 | 759 |
Property and equipment, accumulated depreciation | 170,842 | 164,720 |
Amortizable intangible assets, accumulated amortization | $ 53,180 | $ 47,179 |
Treasury stock, shares | 2,317,650 | 2,317,650 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 80,000,000 | 80,000,000 |
Common stock, issued | 22,950,066 | 22,932,451 |
Common stock, outstanding | 20,632,416 | 20,614,801 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 5,553,696 | 5,553,696 |
Common stock, outstanding | 5,553,696 | 5,553,696 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 262,783,000 | $ 263,736,000 |
Operating expenses: | ||
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $238 and $198 for the years ended December 31, 2017 and 2018, respectively, paid to related parties) | 15,686,000 | 16,255,000 |
Depreciation | 12,034,000 | 12,369,000 |
Amortization | 6,192,000 | 4,593,000 |
Change in the estimated fair value of contingent earn-out consideration | 76,000 | (23,000) |
Impairment of indefinite-lived long-term assets other than goodwill | 2,870,000 | 19,000 |
Net (gain) loss on the disposition of assets | 4,653,000 | 3,905,000 |
Operating expenses | 245,817,000 | 240,762,000 |
Operating income | 16,966,000 | 22,974,000 |
Other income (expense): | ||
Interest income | 5,000 | 4,000 |
Interest expense | (18,328,000) | (16,706,000) |
Change in the fair value of interest rate swap | 357,000 | |
Gain (loss) on early retirement of long-term debt | 648,000 | (2,775,000) |
Net miscellaneous income and (expenses) | (10,000) | (80,000) |
Income (loss) from operations before income taxes | (719,000) | 3,774,000 |
Provision for (benefit from) income taxes | 2,473,000 | (20,870,000) |
Net income (loss) | $ (3,192,000) | $ 24,644,000 |
Basic earnings (loss) per share data: | ||
Basic earnings (loss) per share Class A and Class B common stock | $ (0.12) | $ 0.94 |
Diluted earnings (loss) per share data: | ||
Diluted earnings (loss) per share Class A and Class B common stock | (0.12) | 0.94 |
Distributions per share Class A and Class B common stock | $ 0.26 | $ 0.26 |
Basic weighted average Class A and Class B shares outstanding | 26,179,702 | 26,068,942 |
Diluted weighted average Class A and Class B shares outstanding | 26,179,702 | 26,435,757 |
Broadcast [Member] | ||
Total revenue | $ 198,502,000 | $ 196,197,000 |
Operating expenses: | ||
Operating expenses | 148,614,000 | 145,494,000 |
Digital Media [Member] | ||
Total revenue | 42,595,000 | 43,096,000 |
Operating expenses: | ||
Operating expenses | 33,296,000 | 33,675,000 |
Publishing [Member] | ||
Total revenue | 21,686,000 | 24,443,000 |
Operating expenses: | ||
Operating expenses | $ 22,396,000 | $ 24,475,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses | $ 245,817 | $ 240,762 |
Unallocated corporate expenses exclusive of depreciation and amortization | 15,686 | 16,255 |
Related Party [Member] | ||
Unallocated corporate expenses exclusive of depreciation and amortization | 198 | 238 |
Broadcast [Member] | ||
Operating expenses | 148,614 | 145,494 |
Broadcast [Member] | Related Party [Member] | ||
Operating expenses | $ 2,142 | $ 2,196 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Common Class A [Member] | Common Class B [Member] |
Balance at Jan. 03, 2017 | $ 211,192 | $ 242,400 | $ 2,516 | $ (34,006) | $ 226 | $ 56 |
Balance (in shares) at Jan. 03, 2017 | 22,593,130 | 5,553,696 | ||||
Stock-based compensation | 1,721 | 1,721 | ||||
Options exercised | 514 | 513 | $ 1 | |||
Options exercised (in shares) | 127,663 | |||||
Lapse of restricted shares | 0 | 0 | 0 | 0 | $ 0 | $ 0 |
Lapse of restricted shares (in shares) | 211,658 | |||||
Cash distributions | (6,790) | (6,790) | ||||
Net income (loss) | 24,644 | 24,644 | ||||
Balance at Dec. 31, 2017 | 231,281 | 244,634 | 20,370 | (34,006) | $ 227 | $ 56 |
Balance (in shares) at Dec. 31, 2017 | 22,932,451 | 5,553,696 | ||||
Stock-based compensation | 543 | 543 | ||||
Options exercised | 43 | 43 | ||||
Options exercised (in shares) | 17,615 | |||||
Cash distributions | (6,806) | (6,806) | ||||
Net income (loss) | (3,192) | (3,192) | ||||
Balance at Dec. 31, 2018 | $ 221,869 | $ 245,220 | $ 10,372 | $ (34,006) | $ 227 | $ 56 |
Balance (in shares) at Dec. 31, 2018 | 22,950,066 | 5,553,696 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ (3,192,000) | $ 24,644,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Non-cash stock-based compensation | 543,000 | 1,721,000 |
Depreciation and amortization | 18,226,000 | 16,962,000 |
Amortization of deferred financing costs | 1,114,000 | 940,000 |
Accretion of financing items | 74,000 | |
Accretion of acquisition-related deferred payments and contingent earn-out consideration | 24,000 | 42,000 |
Provision for bad debts | 2,098,000 | 2,196,000 |
Deferred income taxes | 2,191,000 | (20,932,000) |
Impairment of indefinite-lived long-term assets other than goodwill | 2,870,000 | 19,000 |
Change in the fair value of interest rate swap | (357,000) | |
Change in the estimated fair value of contingent earn-out consideration | 76,000 | (23,000) |
Loss on the disposition of assets | 4,653,000 | 3,905,000 |
(Gain) loss on early retirement of debt | (648,000) | 2,775,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable and unbilled revenue | (2,814,000) | 144,000 |
Inventories | 53,000 | (60,000) |
Prepaid expenses and other current assets | 308,000 | (537,000) |
Accounts payable and accrued expenses | 1,031,000 | (2,569,000) |
Deferred rent expense | (287,000) | (133,000) |
Contract liabilities | (3,365,000) | (1,427,000) |
Other liabilities | (15,000) | (3,000) |
Income taxes payable | 95,000 | (51,000) |
Net cash provided by operating activities | 22,961,000 | 27,330,000 |
INVESTING ACTIVITIES | ||
Cash paid for capital expenditures net of tenant improvement allowances | (9,267,000) | (8,534,000) |
Capital expenditures reimbursable under tenant improvement allowances and trade agreements | (77,000) | (50,000) |
Purchases of broadcast assets and radio stations | (6,534,000) | (2,282,000) |
Proceeds from sale of assets | 9,894,000 | 2,456,000 |
Other | (420,000) | (242,000) |
Net cash used in investing activities | (10,724,000) | (10,342,000) |
FINANCING ACTIVITIES | ||
Payments to repurchase 6.75% Senior Secured Notes | (15,443,000) | |
Payment of interest rate swap | (783,000) | |
Proceeds from bond offering | 255,000,000 | |
Payments of debt issuance costs | (50,000) | (7,035,000) |
Payments of acquisition-related contingent earn-out consideration | (140,000) | (14,000) |
Payments of deferred installments due from acquisition activity | (225,000) | |
Proceeds from the exercise of stock options | 43,000 | 514,000 |
Payment of cash distribution on common stock | (6,806,000) | (6,790,000) |
Payments on capital lease obligations | (85,000) | (122,000) |
Book overdraft | (302,000) | (3,184,000) |
Net cash used in financing activities | (12,123,000) | (17,115,000) |
Net increase (decrease) in cash and cash equivalents | 114,000 | (127,000) |
Cash and cash equivalents at beginning of year | 3,000 | 130,000 |
Cash and cash equivalents at end of year | 117,000 | 3,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest net of capitalized interest | 17,231,000 | 14,237,000 |
Cash paid for income taxes, net of refunds | 186,000 | 96,000 |
Other supplemental disclosures of cash flow information: | ||
Barter revenue | 6,837,000 | 5,939,000 |
Barter expense | 6,184,000 | 5,675,000 |
Non-cash investing and financing activities: | ||
Capital expenditures reimbursable under tenant improvement allowances | 77,000 | 50,000 |
Non-cash capital expenditures for property & equipment acquired under trade agreements | 33,000 | 39,000 |
Net assets and liabilities assumed in a non-cash acquisition | 2,852,000 | |
Deferred payments on acquisitions | 275,000 | |
Estimated present value of contingent-earn out consideration | 52,000 | |
Assets acquired under capital lease | 154,000 | 16,000 |
Revolver and ABL Facility [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from borrowings under Revolver and ABL Facility | 153,650,000 | 89,738,000 |
Debt repayment | (142,990,000) | (81,214,000) |
Term Loan B [Member] | ||
FINANCING ACTIVITIES | ||
Debt repayment | (263,000,000) | |
Digital Media [Member] | ||
INVESTING ACTIVITIES | ||
Purchases of digital media businesses,publishing businesses and assets | $ (4,320,000) | $ (1,690,000) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1. BASIS OF PRESENTATION Description of Business Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) is a domestic multimedia company specializing in Christian and conservative content. Our media properties include radio broadcasting, digital media, and publishing entities. We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which are discussed in Note 19—Segment Data. The accompanying Consolidated Financial Statements of Salem include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: • revenue recognition, • asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; • probabilities associated with the potential for contingent earn-out • fair value measurements; • contingency reserves; • allowance for doubtful accounts; • sales returns and allowances; • barter transactions; • inventory reserves; • reserves for royalty advances; • fair value of equity awards; • self-insurance reserves; • estimated lives for tangible and intangible assets; • income tax valuation allowances; and • uncertain tax positions. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash and cash equivalents approximated fair value at each balance sheet date. Trade Accounts Receivable and Unbilled Revenue Trade accounts receivable, net of allowances: Unbilled revenue end-of-flight, Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that may not be collected. The allowance is based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off Inventory Inventories consist of finished goods including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out Inventory Reserves We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We review historical data associated with book and wellness product inventories held by Regnery ® e-commerce Property and Equipment We account for property and equipment in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment Category Estimated Life Buildings 40 years Office furnishings and equipment 5-10 years Antennae, towers and transmitting equipment 10-20 years Studio, production and mobile equipment 5-10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 6—Property and Equipment. Internally Developed Software and Website Development Costs We capitalize costs incurred during the application development stage related to the development of internal-use 350-40 Internal-Use internal-use Broadcast Licenses We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other Goodwill We account for goodwill in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other Other Indefinite-Lived Intangible Assets We account for mastheads in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other Amortizable Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives: Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 Favorable and assigned leases Lease Term Subscriber base and lists 3-7 years Author relationships 1-7 years Non-compete 1 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 Property, Plant and Equipment Deferred Financing Costs Debt issue costs are amortized to non-cash On May 19, 2017, we closed on a private offering of $255.0 million aggregate principal amount of 6.75% senior secured notes due 2024 (the “Notes”) and concurrently entered into a five-year $30.0 million senior secured asset-based revolving credit facility, which includes a $5.0 million subfacility for standby letters of credit and a $7.5 million subfacility for swingline loans (“ABL Facility”) due May 19, 2022. We incurred debt issuance costs of $6.3 million that were recorded as a reduction of the Note proceeds that are being amortized to non-cash non-cash Income Tax Valuation Allowances (Deferred Taxes) We account for income taxes in accordance with FASB ASC Topic 740 Income Taxes We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to earnings in the period in which we make such a determination. Likewise, if we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance. For financial reporting purposes, we recorded a valuation allowance of $5.4 million as of December 31, 2018 to offset the deferred tax assets related to the state net operating loss carryforwards. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017. We have calculated the impact of the Act in our year ending December 31, 2018 income tax provision in accordance with our understanding of the Act and guidance available as of the date of this filing. Income Taxes and Uncertain Tax Positions We are subject to audit and review by various taxing jurisdictions. We may recognize liabilities on our financial statements for positions taken on uncertain tax positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. It is inherently difficult and subjective to estimate such amounts, as this requires us to make estimates based on the various possible outcomes. We review and reevaluate uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. During the years ended December 31, 2018 and 2017, we did not have any material unrecognized tax benefits recorded. Our evaluation was performed for all tax years that remain subject to examination, which range from 2014 through 2017. There is currently one tax examination in process. In August 2017, we received a letter notifying us that the City of New York is initiating an audit of our tax returns for years 2013 and 2014. As of December 31, 2018, we are still currently under audit. We do not anticipate the outcome to be material nor significant. Effective Tax Rate Our provision for income tax as a percentage of operating income before taxes, or our effective tax rate, may be impacted by: (1) changes in the level of income in any of our taxing jurisdictions; (2) changes in statutes and rules applicable to taxable income in the jurisdictions in which we operate; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states’ current taxable income is dependent on factors other than consolidated net income; (6) the addition of operations in states that on average have different income tax rates from states in which we currently operate; and (7) the effect of previously reported temporary differences between the and financial reporting bases of assets and liabilities. Our annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable Business Acquisitions We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 Business Combinations earn-out 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business Estimates of the fair value include discounted estimated cash flows to be generated by the assets and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. The fair value measurement is based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in in Note 12—Fair Value Measurements. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various assets acquired. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third-party reports for reasonableness of the assigned values. We believe that these valuations and analysis provide appropriate estimates of the fair value for the net assets acquired as of the acquisition date. The initial valuations for business acquisitions are subject to refinement during the measurement period, which may be up to one year from the acquisition date. During this measurement period, we may retroactively record adjustments to the net assets acquired based on additional information obtained for items that existed as of the acquisition date. Upon the conclusion of the measurement period, any adjustments are reflected in our Consolidated Statements of Operations. To date, we have not recorded adjustments to the estimated fair values used in our business acquisition consideration during or after the measurement period. Property and equipment are recorded at the estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Goodwill, which represents the organizational systems and procedures in place to ensure the effective operation of the entity, may also be recorded and tested for impairment. Costs associated with business acquisitions, such as consulting and legal fees, are expensed as incurred. We recognized costs associated with acquisitions of $0.2 million during the year ended December 31, 2018 compared to $0.1 million during the year ended December 31, 2017, which are included in unallocated corporate expenses in the accompanying Consolidated Statements of Operations. Contingent Earn-Out Our acquisitions may include contingent earn-out earn-out earn-out Fair Value Measurements and Disclosures, We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out earn-out earn-out earn-out earn-out We recorded a net increase to our estimated contingent earn-out Earn-Out Partial Self-Insurance on Employee Health Plan We provide health insurance benefits to eligible employees under a self-insured plan whereby we pay actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Our estimates are based on historical data and probabilities. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.8 million and $0.7 million at December 31, 2018 and 2017, respectively. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. The following table presents the changes in our partial self-insurance reserves. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period $ 783 $ 747 Self-funded costs 9,735 9,336 Claims paid (9,771 ) (9,255 ) Ending period balance $ 747 $ 828 Derivative Instruments We are exposed to market risk from changes in interest rates. We actively monitor these fluctuations and may use derivative instruments primarily for the purpose of reducing the impact of changing interest rates on our variable rate debt and to reduce the impact of changing fair market values on our fixed rate debt. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. Under FASB ASC Topic 815, Derivatives and Hedging, On May 19, 2017, we entered into a new senior credit facility, which is an asset-based revolving credit facility (“ABL Facility”). The ABL Facility is a five-year $30.0 million (subject to borrowing base) revolving credit facility maturing on May 19, 2022. Amounts outstanding under the ABL Facility bear interest at a rate based on LIBOR plus a spread of 1.50% to 2.0% per annum based on a pricing grid depending on the average available amount for the most recently ended quarter or at the Base Rate (as defined in the Credit Agreement) plus a spread of 0.50% to 1.0% per annum based on a pricing grid depending on the average available amount for the most recently ended quarter. Additionally, we pay a commitment fee on the unused balance of 0.25% to 0.375% per year. If an event of default occurs, the interest rate may increase by 2.00% per annum. Amounts outstanding under the ABL Facility may be paid and then re-borrowed As of December 31, 2018, we did not have any outstanding derivative instruments. Fair Value Measurements and Disclosures As of December 31, 2018, the carrying value of cash and cash equivalents, trade accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying value of the ABL approximates fair value as the related interest rates approximate rates currently available to the company. The carrying amount of the Notes at December 31, 2018 was $238.6 million, compared to the estimated fair value of $218.3 million based on the prevailing interest rates and trading activity of our Notes. See Note 12—Fair Value Measurements and Disclosures. Long-term Debt and Debt Covenant Compliance Our classification of outstanding borrowings on our Notes as long-term debt on our balance sheet is based on our assessment that, under the Indenture and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made within the next twelve months. The Notes have a term of seven years, maturing on June 1, 2024. We may redeem the Notes, in whole or in part, at any time on or before June 1, 2020 at a price equal to 100% of the principal amount of the Notes plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, but not including, the redemption date. At any time on or after June 1, 2020, we may redeem some or all of the Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth in the Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, we may redeem up to 35% of the aggregate principal amount of the Notes before June 1, 2020 with the net cash proceeds from certain equity offerings at a redemption price of 106.75% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem up to 10% of the aggregate original principal amount of the Notes per twelve month period before June 1, 2020 at a redemption price of 103% of the principal amount plus accrued and unpaid interest to, but not including, the redemption date. We report outstanding balances on the ABL Facility as short-term regardless of the maturity date based on use of the ABL Facility to fund ordinary and customary operating cash needs with frequent repayments. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. Reserves for Royalty Advances Royalties due to book authors are paid in advance and capitalized. Royalties are expensed as the related book revenues are earned or when we determine that future recovery of the royalty is not likely. We reviewed historical data associated with royalty advances, earnings and recoverability based on actual results of Regnery ® Contingency Reserves In the ordinary course of business, we are involved in various legal proceedings, lawsuits, arbitration and other claims which are complex in nature and have outcomes that are difficult to predict. Consequently, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. We record contingency reserves to the extent we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The establishment of the reserve is based on a review of all relevant factors, the advice of legal counsel, and the subjective judgment of management. The reserves we have recorded to date have not been material to our consolidated financial position, results of operations or cash flows. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. While we believe that the final resolution of any known maters, individually and in the aggregate, will not have a material adverse effect upon our consolidated financial position, results of operations or cash flows, it is possible that we could incur additional losses. We maintain insurance that may provide coverage for such matters. Future claims against us, whether meritorious or not, could have a material adverse effect upon our consolidated financial position, results of operations or cash flows, including losses due to costly litigation and losses due to matters that require significant amounts of management time that can result in the diversion of significant operational resources. See Note 14—Commitments and Contingencies. Revenue Recognition We adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance. Application of ASC Topic 606 requires a five-step model applicable to all revenue streams as follows: Identification of the contract, or contracts, with a customer A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and, (iii) we determine that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. When a contract includes multiple promised goods or services, we apply judgment to determine whether the promised goods or services are capable of being distinct and are distinct within the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Determination of the transaction price The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods or services to our customer. We estimate any variable consideration included in the transaction price using the expected value method that requires the use of significant estimates for discounts, cancellation periods, refunds and returns. Variable consideration is described in detail below. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. We determine SSP based on the price at which the performance obligation would be sold separately. If the SSP is not observable, we estimate the SSP based on available information, including market conditions and any applicable internally approved pricing guidelines. Recognition of revenue when, or as, we satisfy a performance obligation We recognize revenue at the point in time that the related performance obligation is satisfied by transferring the promised goods or services to our customer. Principal versus Agent Considerations When another party is involved in providing goods or services to our customer, we apply the principal versus agent guidance in ASC Topic 606 to determine if we are the principal or an agent to the transaction. When we control the specified goods or services before they are transferred to our customer, we report revenue gross, as principal. If we do not control the goods or services before they are transferred to our customer, revenue is reported net of the fees paid to the other party, as agent. Our evaluation to determine if we control the goods or services within ASC Topic 606 includes the following indicators: We are primarily responsible for fulfilling the promise to provide the specified good or service. When we are primarily responsible for providing the goods and services, such as when the other party is acting on our behalf, we have indication that we are the principal to the transaction. We consider if we may terminate our relationship with the other party at any time without penalty or without permission from our customer. We have inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer. We may commit to obtaining the services of another party with or without an existing contract with our customer. In these situations, we have risk of loss as principal for any amount due to the other party regardless of the amount(s) we earn as revenue from our customer. The entity has discretion in establishing the price for the specified good or service. We have discretion in establishing the price our customer pays for the specified goods or services. Contract Assets Contract Assets—Costs to Obtain a Contract: Contract Liabilities Contract liabilities consist of customer advance payments and billings in excess of revenue recognized. We may receive payments from our customers in advance of completing our performance obligations. Additionally, new customers, existing customers without approved credit terms and authors purchasing specific self-publishing services, are required to make payments in advance of the delivery of the products or performance of the services. We record contract liabilities equal to the amount of payments received in excess of revenue recognized, including payments that are refundable if the customer cancels the contract according to the contract terms. Contract liabilities were historically recorded under the caption “deferred revenue” and are reported as current liabilities on our consolidated financial statements when the time to fulfill the performance obligations under terms of our contracts is less than one year. Long-term contract liabilities represent the amount of payments received in excess of revenue earned, including those that are refundable, when the time to fulfill the performance obligation is greater than one year. Our long-term liabilities consist of subscriptions with a term of two-years Significant changes in our contract liabilities balances during the period are as follows: Short Term Long-Term (Dollars in thousands) Balance, beginning of period January 1, 2018 $ 12,763 $ 1,951 Revenue recognized during the period that was included in the beginning balance of contract liabilities (7,843 ) — Additional amounts recognized during the period 21,460 830 Revenue recognized during the period that was recorded during the period (16,245 ) — Transfers 1,402 (1,402 ) Balance, end of period December 31, 2018 $ 11,537 $ 1,379 Amount refundable at beginning of period $ 12,450 $ 1,677 Amount refundable at end of period $ 11,410 $ 1,379 We expect to satisfy these performance obligations as follows: Amount (Dollars in thousands) For the Twelve Months Ended December 31, 2019 $ 11,537 2020 606 2021 331 2022 179 2023 94 Thereafter 169 $ 12,916 Significant Financing Component The length of our typical sales agreement is less than 12 months, however, we may sell subscriptions with a two-year Our self-publishing contracts may exceed a one year term due to the length of time for an author to submit and approve a manuscript for publication. The author may pay for publishing services in installments over the production time line with payments due in advance of performance. The timing of the transfer of goods and services under self-publishing arrangements are at the discretion of the author and based on future events that are not substantially within our control. We require advance payments to provide us with protection from incurring costs for products that are unique and only sellable to the author. Based on these considerations, we have concluded that our self-publishing contracts do not contain a significant financing component under ASC Topic 606. Variable Consideration Similar to former revenue recognition guidance, we continue to make significant estimates related to variable consideration at the point of sale, including estimates for refunds and product returns. Under ASC Topic 606, estimates of variable consideration are to be recognized before contingencies are resolved in certain circumstances, including when it is probable that a significant reversal in the amount of any estimated cumulative revenue will not occur. We enter into agreements under which the amount of revenue we earn is contingent upon the amount of money raised by our customer over the contract term. Our customer is typically a charity or programmer that purchases blocks of programming time or spots to generate revenue from our audience members. Contract terms can range from a few weeks to a few months, depending the charity or programmer. If the campaign does not generate a pre-determined Based on the constraints for using estimates of variable consideration within ASC Topic 606, and our historical experience with these campaigns, we will continue to recognize revenue at the base amount of the campaign with variable consideration recognized when the uncertainty of each campaign is resolved. These constraints include: (1) the amount of consideration received is highly susceptible to factors outside of our influence, specifically the extent to which our audience donates or contributes to our customer or programmer, (2) the length of time in which the uncertainty about the amount of consideration expected is to be resolved, and (3) our experience has shown these contracts have a large number and broad range of possible outcomes. Trade and Barter Transactions In broadcasting, trade or barter agreements are commonly used to reduce cash expenses by exchanging advertising time for goods or services. We may enter barter agreements to exchange air time or digital advertising for goods or services that can be used in our business or that can be sold to our audience under Listener Purchase Programs. The terms of these barter agreements permit us to preempt the barter air time or digital campaign in favor of customers who purchase the air time or digital campaign for cash. The value of these non-cash Trade and barter revenues and expenses were as follows: Year Ended 2017 2018 Net broadcast barter revenue $ 5,858 $ 6,702 Net digital media barter revenue 30 124 Net publishing barter revenue 51 11 Net broadcast barter expense $ 5,575 $ 6,161 Net digital media barter expense — 3 Net publishing barter expense 100 20 Practical Expedients and Exemptions We have elected certain practical expedients and policy elections as permitted under ASC Topic 606 as follows: • We applied the transitional guidance to contracts that were not complete at the date of our initial application of ASC Topic 606 on January 1, 2018. • We adopted the practical expedient related to not adjusting the promised amount of consideration for the effects of a significant financing component if the period between transfer of product and customer payment is expected to be less than one year at the time of contract inception; • We made the accounting policy election to not assess promised goods or services as performance obligations if they are immaterial in the context of the contract with the customer; • We made the accounting policy election to exclude sales and similar taxes from the transaction price; • We made the accounting policy election to treat shipping and handling costs that occur after control transfers as fulfillment activities instead of assessing such activities as separate performance obligations; and • We adopted the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The following table presents our revenues disaggregated by revenue source for each of our three operating segments: Year Ended December 31, 2018 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming-National $ 49,864 |
Acquistions and Recent Transact
Acquistions and Recent Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Acquistions and Recent Transactions | NOTE 3. ACQUISITIONS AND RECENT TRANSACTIONS During the year ended December 31, 2018, we completed or entered into the following transactions: 2018 Debt Transactions Based on the then existing market conditions, we completed repurchases of the Notes at amounts less than face value as follows during the year ended December 31, 2018: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) December 21, 2018 $ 2,000 $ 1,835 91.75 % $ 38 $ 127 December 21, 2018 1,850 1,702 92.00 % 35 113 December 21, 2018 1,080 999 92.50 % 21 60 November 17, 2018 1,500 1,357 90.50 % 29 114 May 4, 2018 4,000 3,770 94.25 % 86 144 April 10, 2018 4,000 3,850 96.25 % 87 63 April 9, 2018 2,000 1,930 96.50 % 43 27 $ 16,430 $ 15,443 2018 Equity Transactions Based upon their current assessment of our business, our Board of Directors’ declared equity distributions as follows: Announcement Date Record Date Payment Date Amount Per Cash Distributed (in thousands) November 26, 2018 December 7, 2018 December 21, 2018 $ 0.0650 $ 1,702 September 5, 2018 September 17, 2018 September 28, 2018 0.0650 1,702 May 31, 2018 June 15, 2018 June 29, 2018 0.0650 1,701 February 28, 2018 March 14, 2018 March 28, 2018 0.0650 1,701 $ 6,806 2018 Acquisitions—Broadcast On September 11, 2018, we acquired radio station KTRB-AM On July 25, 2018, we acquired radio station KZTS-AM KDXE-AM) On June 25, 2018, we acquired KDXE-FM KZTS-FM) 2018 Acquisitions—Digital Media On August 9, 2018, we acquired the Hilary Kramer Financial Newsletter and related assets valued at $2.0 million and we assumed deferred subscription liabilities valued at $1.5 million. We paid $0.4 million in cash upon closing and may pay up to an additional $0.1 million of contingent earn-out earn-out earn-out On August 7, 2018, we acquired the Just1Word mobile applications and related assets for $0.3 million in cash upon closing. We may pay up to an additional $0.1 million of contingent earn-out earn-out earn-out On July 24, 2018, we acquired the Childrens-Ministry-Deals.com website and related assets for $3.7 million in cash. We paid $3.5 million in cash upon closing and may pay an additional $0.2 million in cash within twelve months from the closing date provided that the seller meet certain post-closing requirements with regard to intellectual property. We recorded goodwill of $0.7 million attributable to the expected synergies to be realized when combining the operations of this entity into our existing operations. On April 19, 2018, we acquired the HearItFirst.com domain name and related social media assets for $70,000 in cash. A summary of our business acquisitions and asset purchases during the year ended December 31, 2018, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total (Dollars in thousands) September 11, 2018 KTRB-AM, San Francisco, California (asset purchase) $ 5,349 August 9, 2018 Hilary Kramer Financial Newsletter (business acquisition) 439 August 7, 2018 Just1Word (business acquisition) 312 July 25, 2018 KZTS-AM KDXE-AM), 210 July 24, 2018 Childrens-Ministry-Deals.com (business acquisition) 3,700 June 25, 2018 KDXE-FM KZTS-FM), 1,100 April 19, 2018 HearItFirst.com (asset purchase) 70 $ 11,180 Costs associated with business acquisitions, such as consulting and legal fees, are expensed as incurred. During the year ended December 31, 2018, we recognized costs associated with acquisitions of $0.2 million, which are included in unallocated corporate expenses in the accompanying Consolidated Statements of Operations compared to $0.1 million in the same period of the prior year. The total acquisition consideration is equal to the sum of all cash payments, the fair value of any deferred payments and promissory notes, and the present value of any estimated contingent earn-out earn-out The following table summarizes the total acquisition consideration for the year ended December 31, 2018: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 10,854 Deferred payments 150 Present value of estimated fair value of contingent earn-out 51 Closing costs accrued for asset acquisitions 125 Total purchase price consideration $ 11,180 The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Net Total (Dollars in thousands) Assets Property and equipment $ 371 $ 715 $ 1,086 Broadcast licenses 6,281 — 6,281 Goodwill 7 986 993 Customer lists and contracts — 1,882 1,882 Domain and brand names — 1,252 1,252 Subscriber base and lists — 875 875 Non-compete — 19 19 Other amortizable intangible assets — 334 334 $ 6,659 $ 6,063 $ 12,722 Liabilities Contract liabilities, long-term $ — $ (1,542 ) $ (1,542 ) $ 6,659 4,521 11,180 Divestitures On October 31, 2018, we closed on the sale of radio stations KCRO-AM KOTK-AM pre-tax On August 28, 2018, we closed on the sale of radio station WQVN-AM WKAT-AM) pre-tax On August 6, 2018, we closed on the sale of radio station KGBI-FM pre-tax On June 28, 2018, we closed on the sale of land in Lakeside, California for $0.3 million in cash. On June 20, 2018, we closed on the sale of radio station WBIX-AM pre-tax On May 24, 2018, we closed on the sale of land in Covina, California for $0.8 million in cash. The original APA was for $1.0 million and was to close in the latter half of 2020. We accepted the revised purchase price of $0.8 million and recorded a $0.2 million pre-tax 2018—Other Transactions On April 30, 2018, we ceased programming radio station KHTE-FM, On January 2, 2018, we began programming radio stations KPAM-AM KKOV-AM KPAM-AM. Pending Transactions On April 26, 2018, we entered an agreement to exchange radio station KKOL-AM, KPAM-AM KPAM-AM On January 3, 2017, Word Broadcasting began operating our Louisville radio stations (WFIA-AM; WFIA-FM; WGTK-AM) During the year ended December 31, 2017, we completed or entered into the following transactions: 2017 Debt Transactions On May 19, 2017, we closed on a private offering of $255.0 million aggregate principal amount of 6.75% senior secured notes due 2024 (the “Notes”) and concurrently entered into a five-year $30.0 million senior secured asset-based revolving credit facility, which includes a $5.0 million subfacility for standby letters of credit and a $7.5 million subfacility for swingline loans (“ABL Facility”) due May 19, 2022. The net proceeds from the offering of the Notes, together with borrowings under the ABL Facility, were used to repay outstanding borrowings, including accrued and unpaid interest, on our previously existing senior credit facilities consisting of a term loan (“Term Loan B”) and a revolving credit facility of $25.0 million (“Revolver”), and to pay fees and expenses incurred in connection with the Notes offering and the ABL Facility (collectively, the “Refinancing”). In connection with the Refinancing, on May 19, 2017, we repaid $258.0 million in principal on the Term Loan B and paid interest due as of that date. We recorded a $0.6 million pre-tax pre-tax pre-tax On February 28, 2017, we repaid $3.0 million principal on the Term Loan B of $300.0 million, and paid interest due as of that date. We recorded a $6,200 pre-tax On January 30, 2017, we repaid $2.0 million in principal on the Term Loan B and paid interest due as of that date. We recorded a $4,500 pre-tax 2017 Equity Transactions Based upon their then current assessment of our business, our Board of Directors’ declared equity distributions as follows: Announcement Date Record Date Payment Date Amount Per Share Cash Distributed December 7, 2017 December 18, 2017 December 29, 2017 $ 0.0650 $ 1,701 September 12, 2017 September 22, 2017 September 29, 2017 $ 0.0650 $ 1,701 June 1, 2017 June 16, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 20, 2017 March 31, 2017 $ 0.0650 $ 1,691 $ 6,790 On August 9, 2017, a restricted stock award of 33,066 shares was granted to an executive that vested immediately. The fair value of the restricted stock award was measured based on the grant date market price of our common shares and expensed as of the vesting date. The restricted stock award contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until 90 days from the vesting date. The recipient of this restricted stock award is entitled to all of the rights of absolute ownership of the restricted stock from the date of grant, including the right to vote the shares and to receive dividends. Restricted stock awards are independent of option grants and are granted at no cost to the recipient other than applicable taxes owed by the recipient. The award was considered issued and outstanding from the vest date of grant. On February 24, 2017, a restricted stock award of a total of 178,592 shares was granted to certain members of management that vested immediately. The fair value of each restricted stock award was measured based on the grant date market price of our common shares and expensed as of the vesting date. These restricted stock awards contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until three months from the vesting date. Recipients of these restricted stock awards were entitled to all the rights of absolute ownership of the restricted stock from the date of grant, including the right to vote the shares and to receive dividends. Restricted stock awards are independent of option grants and are granted at no cost to the recipient other than applicable taxes owed by the recipient. The awards were considered issued and outstanding from the vest date of grant. 2017 Acquisitions—Broadcast On November 22, 2017, we closed on the acquisition of radio station WSPZ-AM WWRC-AM) On September 15, 2017, we closed on the acquisition of real property, including the land, tower and broadcasting facilities, of radio station WSPZ-AM WWRC-AM) On July 24, 2017, we closed on the acquisition of the FM translator construction permit in Eaglemount, Washington, for $40,000 in cash. The FM translator will be relocated to the Portland, Oregon market for use by our KDZR-AM On June 28, 2017, we closed on the acquisition of an FM translator construction permit in Festus, Missouri for $40,000 in cash. The FM translator will be relocated to the St. Louis, Missouri market for use by our KXFN-FM On March 14, 2017, we closed on the acquisition of an FM translator construction permit in Quartz Site, Arizona for $20,000 in cash. The FM translator will be relocated to the San Diego, California market for use by our KPRZ-AM On March 1, 2017, we closed on the acquisition of an FM translator construction permit in Roseburg, Oregon for $45,000 in cash. The FM translator will be relocated to the Portland, Oregon market for use by our KPDQ-AM On January 16, 2017, we closed on the acquisition of an FM translator in Astoria, Oregon for $33,000 in cash. The FM translator will be relocated to the Seattle, Washington market for use by our KGNW-AM On January 6, 2017, we closed on the acquisition of an FM translator construction permit in Mohave Valley, Arizona for $20,000 in cash. The FM translator will be relocated to the San Diego, California market for use by our KCBQ-AM 2017 Acquisitions—Digital Media On August 31, 2017, we acquired the TeacherTube.com website and related assets for $1.1 million in cash. TeacherTube.com is an online instructional video sharing community for teachers, students and parents. On August 31, 2017, we acquired the Intelligence Report newsletter and related assets valued at $2.5 million and we assumed deferred subscription liabilities of $2.9 million. We paid no cash to the seller upon closing. On July 6, 2017, we acquired the TradersCrux.com website and related assets for $0.3 million in cash. As part of the purchase agreement, we may pay up to an additional $0.1 million in contingent earn-out On June 8, 2017, we acquired a Portuguese Bible mobile application and related assets for $65,000 in cash. As part of the purchase agreement, we may pay up to an additional $20,000 in contingent earn-out On March 15, 2017, we acquired the website prayers-for-special-help.com A summary of our business acquisitions and asset purchases during the year ended December 31, 2017, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) November 22, 2017 WWRC-AM (formerly WSPZ-AM) $ 620 September 15, 2017 Real property of radio station WSPZ-AM 1,500 August 31, 2017 TeacherTube.com (business acquisition) 1,100 August 31, 2017 Intelligence Reporter newsletter (business acquisition) — July 24, 2017 FM Translator construction permit, Eaglemount, Washington (asset acquisition) 40 July 6, 2017 TradersCrux.com (business acquisition) 298 June 28, 2017 FM Translator construction permit, Festus, Missouri (asset acquisition) 40 June 8, 2017 Portuguese Bible Mobile Applications (business acquisition) 82 March 15, 2017 Prayers for Special Help (business acquisition) 245 March 14, 2017 FM Translator construction permit, Quartz Site, Arizona (asset purchase) 20 March 1, 2017 FM Translator construction permit, Roseburg, Oregon (asset purchase) 45 January 16, 2017 FM Translator, Astoria, Oregon (asset purchase) 33 January 1, 2017 FM Translator construction permit, Mohave Valley, Arizona (asset purchase) 20 $ 4,043 The following table summarizes the total acquisition consideration for the year ended December 31, 2017: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 3,972 Escrow deposits paid in prior years 35 Present value of estimated fair value of contingent earn-out 36 Total purchase price consideration $ 4,043 The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Media Total Net (Dollars in thousands) Assets Property and equipment $ 1,915 $ 479 $ 2,394 Broadcast licenses 389 — 389 Goodwill 14 810 824 Customer lists and contracts — 314 314 Domain and brand names — 647 647 Subscriber base and lists — 2,316 2,316 Non-compete — 11 11 $ 2,318 $ 4,577 $ 6,895 Liabilities Deferred revenue $ — (2,852 ) (2,852 ) $ 2,318 $ 1,725 $ 4,043 2017 Divestitures On December 28, 2017, we sold real property, including the land, tower and broadcasting facilities, of radio station WSPZ-AM WWRC-AM) pre-tax On June 1, 2017, we received $0.6 million in cash for a former transmitter site in our Dallas, Texas market that we had leased to a third party. Due to operating results that did not meet management’s expectations, we ceased publishing Preaching Magazine ™ ™ ™ ™ ™ ™ pre-tax On January 3, 2017, Word Broadcasting began operating our Louisville radio stations (WFIA-AM; WFIA-FM; WGTK-AM) |
Contingent Earn-Out Considerati
Contingent Earn-Out Consideration | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Contingent Earn-Out Consideration | NOTE 4. CONTINGENT EARN-OUT Our acquisitions may include contingent earn-out earn-out earn-out Fair Value Measurements and Disclosures, We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out earn-out earn-out earn-out earn-out Hilary Kramer Financial Newsletters We acquired the Hilary Kramer Financial Newsletters and related assets on August 9, 2018. We paid $0.4 million in cash upon closing and may pay up to an additional $0.1 million in contingent earn-out earn-out earn-out We review the fair value of the contingent earn-out earn-out earn-out earn-out Just1Word Mobile Application We acquired the Just1Word mobile application and related assets on August 7, 2018. We paid $0.3 million in cash upon closing and may pay up to an additional $0.1 million in contingent earn-out earn-out earn-out We review the fair value of the contingent earn-out earn-out earn-out earn-out TradersCrux.com We acquired the TradersCrux.com website and related assets for $0.3 million in cash on July 6, 2017. We paid $0.3 million in cash upon closing and may pay up to an additional $0.1 million in contingent earn-out earn-out earn-out We reviewed the fair value of the contingent earn-out earn-out earn-out earn-out earn-out Portuguese Bible Mobile Application We acquired a Portuguese Bible mobile application and related assets on June 8, 2017. We paid $65,000 in cash upon closing and may pay up to an additional $20,000 in contingent earn-out earn-out earn-out We reviewed the fair value of the contingent earn-out earn-out earn-out earn-out earn-out Turner Investment Products We acquired Mike Turner’s line of investment products, including TurnerTrends.com and other domain names and related assets on September 13, 2016. We paid $0.4 million in cash upon closing and may pay up to an additional $0.1 million in contingent earn-out earn-out earn-out We reviewed the fair value of the contingent earn-out earn-out earn-out earn-out earn-out earn-out Daily Bible Devotion We acquired Daily Bible Devotion mobile applications on May 6, 2015. We paid $1.1 million in cash upon closing and may have paid up to an additional $0.3 million in contingent earn-out earn-out two-year earn-out earn-out earn-out earn-out two-year earn-out Bryan Perry Newsletters On February 6, 2015, we acquired the assets and assumed the deferred subscription liabilities for Bryan Perry Newsletters, paying no cash to the seller upon closing. Future contingent earn-out two-year earn-out two-year earn-out earn-out two-year earn-out The following table reflects the changes in the present value of our acquisition-related estimated contingent earn-out Year Ended December 31, 2018 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2018 $ 69 $ — $ 69 Acquisitions 38 13 51 Accretion of acquisition-related contingent earn-out (1 ) — (1 ) Change in the estimated fair value of contingent earn-out 74 2 76 Reclassification of payments due in next 12 months to short-term — — — Payments (140 ) — (140 ) Ending Balance as of December 31, 2018 $ 40 $ 15 $ 55 Year Ended December 31, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 36 — 36 Accretion of acquisition-related contingent earn-out 4 — 4 Change in the estimated fair value of contingent earn-out (23 ) — (23 ) Reclassification of payments due in next 12 months to short-term — — — Payments (14 ) — (14 ) Ending Balance as of December 31, 2017 $ 69 $ — $ 69 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5. INVENTORIES Inventories consist of finished goods including books from Regnery ® First-In First-Out The following table provides details of inventory on hand by segment: As of December 31, 2017 2018 (Dollars in thousands) Regnery ® $ 2,038 $ 1,317 Reserve for obsolescence—Regnery ® (1,621 ) (930 ) Inventory, net—Regnery ® 417 387 Wellness products $ 349 $ 354 Reserve for obsolescence—Wellness products (36 ) (64 ) Inventory, net—Wellness products 313 290 Consolidated inventories, net $ 730 $ 677 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 6. PROPERTY AND EQUIPMENT The following is a summary of the categories of our property and equipment: As of December 31, 2017 2018 (Dollars in thousands) Land $ 32,320 $ 31,822 Buildings 28,962 30,104 Office furnishings and equipment 37,583 36,791 Office furnishings and equipment under capital lease obligations 244 215 Antennae, towers and transmitting equipment 85,632 85,998 Antennae, towers and transmitting equipment under capital lease obligations 795 — Studio, production and mobile equipment 29,697 29,040 Computer software and website development costs 24,477 27,603 Record and tape libraries 27 17 Automobiles 1,385 1,570 Leasehold improvements 19,003 19,357 Construction-in-progress 4,075 4,833 $ 264,200 $ 267,350 Less accumulated depreciation (164,720 ) (170,842 ) $ 99,480 $ 96,508 Depreciation expense was approximately $12.0 million and $12.4 million for the years ended December 31, 2018 and 2017. Included in this amount is $53,000 and $93,000 for the years ended December 31, 2018 and 2017 on assets acquired under capital lease obligations. Accumulated depreciation associated with these capital lease obligations was $0.1 million and $0.8 million at December 31, 2018 and 2017. We periodically review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Our review requires us to estimate the fair value of assets when events or circumstances indicate that they may be impaired. The fair value measurements for our long-lived assets use significant observable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. If actual future results are less favorable than the assumptions and estimates we used, we are subject to future impairment charges, the amount of which may be material. There were no indications of impairment during the year ended December 31, 2018. |
Broadcast Licenses
Broadcast Licenses | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Broadcast Licenses | NOTE 7. BROADCAST LICENSES We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators as discussed in Note 3—Acquisitions and Recent Transactions. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 494,058 $ 486,455 Accumulated loss on impairment (105,541 ) (105,541 ) Balance, beginning of period after cumulative loss on impairment 388,517 380,914 Acquisitions of radio stations 191 6,270 Acquisitions of FM translators and construction permits 198 19 Capital projects to improve broadcast signal and strength 5 — Abandoned capital projects — (40 ) Disposition of radio stations (7,997 ) (8,013 ) Impairments based on the estimated fair value of broadcast licenses — (2,834 ) Balance, end of period before cumulative loss on impairment $ 486,455 $ 484,691 Accumulated loss on impairment (105,541 ) (108,375 ) Balance, end of period after cumulative loss on impairment $ 380,914 $ 376,316 Broadcast Licenses Impairment Test We perform our annual impairment testing during the fourth quarter of each year, which coincides with our budget and planning process for the upcoming year. The unit of accounting we use to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. The first step of our impairment testing is to perform a qualitative assessment as to whether it is more likely than not that a broadcast license is impaired. This qualitative assessment requires significant judgment when considering the events and circumstances that may affect the estimated fair value of our broadcast licenses. We review the significant assumptions and key estimates applicable to our prior year estimated fair value calculations to assess if events and circumstances have occurred that could affect these assumptions and key estimates. We also review internal benchmarks and the economic performance for each market cluster to assess if it is more likely than not that impairment exists. As part of our qualitative assessment, we calculate the excess fair value, or the amount by which our prior year estimated fair value exceeds the current year carrying value. Based on our analysis and review, including the financial performance of each market, we believe that a 25% excess fair value margin is a conservative and reasonable benchmark for our qualitative analysis. Markets with an excess fair value of 25% or more, which have had no significant changes in the prior year assumptions and key estimates, are not likely to be impaired. Of the 17 markets for which an independent third party fair value appraisal was obtained in the prior year, one market was sold, leaving 16 markets applicable to the current year. The table below presents the percentage within a range by which our prior year start-up Geographic Market Clusters as of December 31, 2018 £ >26%-50% >51% to 75% > +than 76% Number of accounting units 9 1 4 2 Broadcast license carrying value (in thousands) $ 200,098 $ 14,743 $ 52,051 $ 9,558 The second part of our qualitative assessment consists of a review of the financial operating results for each market cluster. Radio stations are often sold on the basis of a multiple of projected cash flow, or Station Operating Income (“SOI”) defined as net broadcast revenue less broadcast operating expenses. See Item 6—Selected Financial Data within this annual report for information on SOI, a non-GAAP The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these 16 remaining market clusters: Geographic Market Clusters as of December 31, 2018 £ >26%-50% >51% to 75% > +than 76% Number of accounting units — 2 — 14 Broadcast license carrying value (in thousands) $ — $ 7,692 $ — $ 95,039 Based on our assessment we engaged Bond & Pecaro, an independent third-party appraisal and valuation firm, to assist us with determining the enterprise value of 26 of our market clusters. The estimated fair value of each market cluster was determined using the Greenfield Method, a form of the income approach. The premise of the Greenfield Method is that the value of a broadcast license is equivalent to a hypothetical start-up start-up The primary assumptions used in the Greenfield Method are: (1) gross operating revenue in the station’s designated market area, (2) normalized market share, (3) normalized profit margin, (4) duration of the “ramp-up” (5) estimated start-up (6) ongoing replacement costs of fixed assets and working capital, (7) the calculations of yearly net free cash flows to invested capital; and (8) amortization of the intangible asset, or the broadcast license. The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. The key estimates and assumptions used in the start-up Broadcast Licenses December 31, 2017 December 31, 2018 Risk-adjusted discount rate 9.0% 9.0% Operating profit margin ranges (13.9%) - 30.8% 4.4% - 34.5% Long-term revenue growth rates 1.9% 0.5% - 1.2% The risk-adjusted discount rate reflects the Weighted Average Cost of Capital (“WACC”) developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Based on our review and analysis, we determined that the carrying value of broadcast licenses in three of our market clusters were impaired as of the annual testing period ending December 31, 2018. We recorded an impairment charge of $2.8 million to the value of broadcast licenses in Cleveland, Louisville and Portland. The impairment charge was driven by a decrease in the projected long-term revenue growth rates for the broadcast industry. We believe that these decreases are indicative of trends in the industry as a whole and not unique to our company or operations. The table below presents the results of our impairment testing under the income approach for the 2018 annual testing period. Market Cluster Excess Fair Value Atlanta, GA 21.2 % Cleveland, OH (3.8 %) Columbus, OH 25.4 % Dallas, TX 45.9 % Denver, CO 951.3 % Detroit, MI 47.6 % Greenville, SC 46.5 % Honolulu, HI 131.1 % Houston, TX 1070.4 % Little Rock 21.0 % Los Angeles, CA 102.6 % Louisville, KY (11.2 %) Nashville, TN 675.1 % New York, NY 35.4 % Philadelphia, PA 9.7 % Phoenix, AZ 51.0 % Pittsburgh, PA 292.7 % Portland, OR (3.9 %) Sacramento, CA 3.1 % San Antonio, TX 63.1 % San Diego, CA 47.2 % San Francisco, CA 2.6 % Seattle, WA 597.4 % St Louis 329.5 % Tampa, FL 12.5 % Washington, D.C. 164.9 % |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 8. GOODWILL We account for goodwill in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The following table presents the changes in goodwill including business acquisitions as described in Note 3—Acquisitions and Recent Transactions. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment, $ 27,642 $ 28,453 Accumulated loss on impairment (2,029 ) (2,029 ) Balance, beginning of period after cumulative loss on impairment 25,613 26,424 Acquisitions of radio stations 14 7 Acquisitions of digital media entities 810 986 Disposition of radio stations — (628 ) Sale of income generating broadcast business (13 ) — Balance, end of period before cumulative loss on impairment 28,453 28,818 Accumulated loss on impairment (2,029 ) (2,029 ) Ending period balance $ 26,424 $ 26,789 Goodwill Impairment Testing When performing our annual impairment testing for goodwill, the fair value of each applicable accounting unit is estimated using a discounted cash flow analysis, which is a form of the income approach. The discounted cash flow analysis utilizes a five to ten year projection period to derive operating cash flow projections from a market participant view. We make certain assumptions regarding future revenue growth based on industry market data, historical performance and our expectations of future performance. We also make assumptions regarding working capital requirements and ongoing capital expenditures for fixed assets. Future net free cash flows are calculated on a debt free basis and discounted to present value using a risk adjusted discount rate. The terminal year value is calculated using the Gordon constant growth method and long-term growth rate assumptions based on long-term industry growth and GDP inflation rates. The resulting fair value estimates, net of any interest bearing debt, are then compared to the carrying value of each reporting unit’s net assets. The first step of our impairment testing is to perform a qualitative assessment to determine if events and circumstances have occurred that indicate it is more likely than not that the fair value of the assets, including goodwill, are less than their carrying values. We review the significant inputs used in our prior year fair value estimates to determine if any changes to those inputs should be made. We estimate the fair value using a market approach and compare the estimated fair value of each entity to its carrying value, including goodwill. Under the market approach, we apply a multiple of four to each entities operating income to estimate the fair value. We believe that a multiple of four is a conservative indicator of fair value as described above. If the results of our qualitative assessment indicate that the fair value of a reporting unit may be less than its carrying value, we perform a second quantitative review of the reporting unit. We engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value as part of this quantitative review. Goodwill—Broadcast Markets The unit of accounting we use to test goodwill associated with our radio stations is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. Seventeen of our 33 market clusters have goodwill associated with them as of our annual testing period ended December 31, 2018. The key estimates and assumptions used for our enterprise valuations are as follows: Broadcast Markets Enterprise Valuations December 31, December 31, 2018 Risk-adjusted discount rate 9.0% 9.0% Operating profit margin ranges (7.8%) - 36.2% (4.1%) - 45.1% Long-term revenue growth rates 1.9% 0.5% - 1.1% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Based on our qualitative review, we tested seven of these market clusters for impairment of goodwill. We engaged Bond & Pecaro, an independent appraisal and valuation firm, to assist us in estimating the enterprise of value our market clusters to test goodwill for impairment. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of our broadcast market goodwill as of the annual testing period ended December 31, 2018. The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: Broadcast Market Clusters as of December 31, 2018 < 10% >11% to 20% >21% to 50% > than 51% Number of accounting units 2 3 6 6 Carrying value including goodwill ( in thousands $ 49,525 $ 41,244 $ 100,121 $ 78,471 Goodwill—Broadcast Networks The unit of accounting we use to test goodwill in our radio networks is the entity level, which includes SRN TM ® start-up. The key estimates and assumptions used for our enterprise valuations are as follows: Broadcast Network Valuations December 31, 2017 December 31, Risk adjusted discount rate — 10.0% Operating profit margin ranges — 14.8% - 15.7% Long-term revenue growth rates — 0.5% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Because TCM was not tested in the prior year, our qualitative analysis was limited and we could not make a determination that the goodwill was likely not to be impaired. We proceeded with step 2 to perform a quantitative review of the fair value. We engaged Bond & Pecaro, an independent appraisal and valuation firm, to assist us in estimating the enterprise of value of TCM to test goodwill for impairment. Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of goodwill associated with our TCM Network as of the annual testing period ended December 31, 2018. The estimated fair value exceeded the carrying value by 94.6%. Goodwill—Digital Media The unit of accounting we use to test goodwill in our digital media segment is the entity level, which includes Salem Web Network (“SWN”), SWN Spanish, Townhall.com ® ® e-commerce Four of our digital media businesses had goodwill associated with them as of our annual testing period ended December 31, 2018. We tested one of these entities for impairment because it was note tested in the prior year. We engaged Bond & Pecaro, an independent appraisal and valuation firm, to assist us in estimating the enterprise of value of this entity to test goodwill for impairment. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. The key estimates and assumptions used for our enterprise valuations are as follows: Digital Media Enterprise Valuations December 31, 2017 December 31, 2018 Risk adjusted discount rate 10.0% 10.0% Operating profit margin ranges 8.0% - 36.0% 8.5% - 17.2% Long-term revenue growth rates 1.9% - 2.0% 1.0% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Based on our review and analysis, we determined that that no impairment charges were necessary to the carrying value of goodwill associated with our digital media entities. The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Digital Media Entities as of December 31, 2018 < 10% >10% to 20% >21% to 50% > than 51% Number of accounting units 1 2 — 1 Carrying value including goodwill ( in thousands $ 361 $ 9,836 $ — $ 27,821 Goodwill—Publishing The unit of accounting we use to test goodwill in our publishing segment is the entity level, which includes Regnery ® Singing News ® ® Singing News ® Two of our publishing entities have goodwill associated with them as of our annual testing period ended December 31, 2018. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. start-up. The key estimates and assumptions used for our enterprise valuations are as follows: Publishing Enterprise Valuations December 31, 2017 December 31, 2018 Risk adjusted discount rate 10.0% 10.0% Operating margin ranges 5.0% - 5.5% 4.0% - 5.0% Long-term revenue growth rates 1.9% 1.0% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Based on our review and analysis, we determined that that no impairment charges were necessary to the carrying value of goodwill associated with our publishing entities. The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Publishing Entities as of December 31, 2018 < 10% >11% to 20% >21% to 50% > than 51% Number of accounting units — 1 — 1 Carrying value including goodwill ( in thousands $ — $ 3,976 $ — $ 847 |
Other Indefinite-Lived Intangib
Other Indefinite-Lived Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Other Indefinite-Lived Intangible Assets | NOTE 9. OTHER INDEFINITE-LIVED INTANGIBLE ASSETS Other indefinite-lived intangible consists of mastheads, or the graphic elements that identify our publications to readers and advertisers. These include customized typeset page headers, section headers, and column graphics as well as other name and identity stylized elements within the body of each publication. We are not aware of any legal, competitive, economic or other factors that materially limit the useful life of our mastheads. We account for mastheads in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other We regularly perform quantitative reviews of mastheads due to the low margins by which the estimated fair value has exceeded our carrying value. We engaged Bond & Pecaro, an independent appraisal and valuation firm, to assist us in estimating the fair value of mastheads as of the annual testing period ended December 31, 2018. The estimated fair value of mastheads is determined using a Relief from Royalty method, a form of the income approach. The Relief from Royalty method estimates the fair value of mastheads through use of a discounted cash flow model that incorporates a hypothetical “royalty rate” that a third-party owner would be willing to pay in lieu of owning the asset. The royalty rate is based on observed royalty rates for comparable assets as of the measurement date. We adjust the selected royalty rate to account for a percentage of the royalty fee that could be attributed to the use of other intangibles, such as goodwill, time in existence, trade secrets and industry expertise. The adjusted royalty rate represents the royalty fee remaining that could be attributed to the use of the masthead only. Pre-tax 10-year Mastheads December 31, 2017 December 31, 2018 Risk-adjusted discount rate 10.0% 10.0% Long-term revenue growth rates (3.2%) - 0.9% (4.0%) - (1.0%) Royalty rate 3.0% 3.0% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. Based on our review and analysis, we recorded an impairment charge to mastheads of $36,000 as of the annual testing period ended December 31, 2018. The impairment charge was driven by decreases in the projected long-term revenue growth rates for the print magazine industry. We believe that these decreases are indicative of trends in the industry as a whole and not unique to our company or operations. |
Amortizable Intangible Assets
Amortizable Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | NOTE 10. AMORTIZABLE INTANGIBLE ASSETS The following tables provide a summary of our significant classes of amortizable intangible assets: As of December 31, 2018 Cost Accumulated Net (Dollars in thousands) Customer lists and contracts $ 24,673 $ (21,798 ) $ 2,875 Domain and brand names 21,358 (16,758 ) 4,600 Favorable and assigned leases 2,256 (1,953 ) 303 Subscriber base and lists 9,672 (7,198 ) 2,474 Author relationships 2,771 (2,454 ) 317 Non-compete 2,048 (1,641 ) 407 Other amortizable intangible assets 1,666 (1,378 ) 288 $ 64,444 $ (53,180 ) $ 11,264 As of December 31, 2017 Cost Accumulated Net (Dollars in thousands) Customer lists and contracts $ 22,865 $ (20,888 ) $ 1,977 Domain and brand names 20,109 (14,650 ) 5,459 Favorable and assigned leases 2,379 (2,028 ) 351 Subscriber base and lists 8,797 (4,701 ) 4,096 Author relationships 2,771 (2,237 ) 534 Non-compete 2,029 (1,342 ) 687 Other amortizable intangible assets 1,333 (1,333 ) — $60,283 $(47,179) $13,104 Amortization expense was approximately $6.2 million and $4.6 million for the years ended December 31, 2018 and 2017. Based on the amortizable intangible assets as of December 31, 2018, we estimate amortization expense for the next five years to be as follows: Year ended December 31, Amortization Expense (Dollars in thousands) 2019 $ 4,699 2020 3,275 2021 1,654 2022 969 2023 459 Thereafter 208 Total $ 11,264 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 11. LONG-TERM DEBT Salem Media Group, Inc. has no independent assets or operations, the subsidiary guarantees are full and unconditional and joint and several and any subsidiaries of Salem Media Group, Inc. other than the subsidiary guarantors are minor. 6.75% Senior Secured Notes On May 19, 2017, we issued in a private placement the Notes, which are guaranteed on a senior secured basis by our existing subsidiaries (the “Subsidiary Guarantors”). The Notes bear interest at a rate of 6.75% per year and mature on June 1, 2024, unless they are earlier redeemed or repurchased. Interest initially accrued on the Notes from May 19, 2017 and is payable semi-annually, in cash in arrears, on June 1 and December 1 of each year, commencing December 1, 2017. The Notes and the ABL Facility are secured by liens on substantially all of our and the Subsidiary Guarantors’ assets, other than certain excluded assets. The ABL Facility has a first-priority lien on our and the Subsidiary Guarantors’ accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets (the “ABL Priority Collateral”). The Notes are secured by a first-priority lien on substantially all other assets of ours and the Subsidiary Guarantors (the “Notes Priority Collateral”). There is no direct lien on our FCC licenses to the extent prohibited by law or regulation. We may redeem the Notes, in whole or in part, at any time on or before June 1, 2020 at a price equal to 100% of the principal amount of the Notes plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, but not including, the redemption date. At any time on or after June 1, 2020, we may redeem some or all of the Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth in the Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, we may redeem up to 35% of the aggregate principal amount of the Notes before June 1, 2020 with the net cash proceeds from certain equity offerings at a redemption price of 106.75% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem up to 10% of the aggregate original principal amount of the Notes per twelve-month period before June 1, 2020 at a redemption price of 103% of the principal amount plus accrued and unpaid interest to, but not including, the redemption date. The indenture relating to the Notes (the “Indenture”) contains covenants that, among other things and subject in each case to certain specified exceptions, limit our ability and the ability of our restricted subsidiaries to: (i) incur additional debt; (ii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iii) make investments; (iv) create liens or use assets as security in other transactions; (v) merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; (vi) engage in transactions with affiliates; and (vii) sell or transfer assets. The Indenture provides for the following events of default (each, an “Event of Default”): (i) default in payment of principal or premium on the Notes at maturity, upon repurchase, acceleration, optional redemption or otherwise; (ii) default for 30 days in payment of interest on the Notes; (iii) the failure by us or certain restricted subsidiaries to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (iv) the failure of any guarantee by certain significant Subsidiary Guarantors to be in full force and effect and enforceable in accordance with its terms, subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period) of other indebtedness of ours or any restricted subsidiary if the amount accelerated (or so unpaid) is at least $15 million; (vi) certain judgments for the payment of money in excess of $15 million; (vii) certain events of bankruptcy or insolvency with respect to us or any significant subsidiary; and (vii) certain defaults with respect to any collateral having a fair market value in excess of $15 million. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable immediately, subject to remedy or cure in certain cases. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. Based on the balance of the Notes currently outstanding, we are required to pay $15.9 million per year in interest on the Notes. As of December 31, 2018, accrued interest on the Notes was $1.3 million. We incurred debt issuance costs of $6.3 million that were recorded as a reduction of the debt proceeds that are being amortized to non-cash We may from time to time, depending on market conditions and prices, contractual restrictions, our financial liquidity and other factors, seek to repurchase the Notes in open market transactions, privately negotiated transactions, by tender offer or otherwise, as market conditions warrant. Based on the then existing market conditions, we completed repurchases of our 6.75% Senior Secured Notes at amounts less than face value as follows: Date Principal Cash Paid % of Face Bond Issue Net Gain (Dollars in thousands) December 21, 2018 $ 2,000 $ 1,835 91.75 % $ 38 $ 127 December 21, 2018 1,850 1,702 92.00 % 35 113 December 21, 2018 1,080 999 92.50 % 21 60 November 17, 2018 1,500 1,357 90.50 % 29 114 May 4, 2018 4,000 3,770 94.25 % 86 144 April 10, 2018 4,000 3,850 96.25 % 87 63 April 9, 2018 2,000 1,930 96.50 % 43 27 $ 16,430 $ 15,443 Asset-Based Revolving Credit Facility On May 19, 2017, the Company entered into the ABL Facility pursuant to a Credit Agreement (the “Credit Agreement”) by and among us and our subsidiaries party thereto as borrowers, Wells Fargo Bank, National Association, as administrative agent and lead arranger, and the lenders that are parties thereto. We used the proceeds of the ABL Facility, together with the net proceeds from the Notes offering, to repay outstanding borrowings under our previously existing senior credit facilities, and related fees and expenses. Current proceeds from the ABL Facility are used to provide ongoing working capital and for other general corporate purposes, including permitted acquisitions. The ABL Facility is a five-year $30.0 million revolving credit facility due May 19, 2022, which includes a $5.0 million subfacility for standby letters of credit and a $7.5 million subfacility for swingline loans. All borrowings under the ABL Facility accrue at a rate equal to a base rate or LIBOR rate plus a spread. The spread, which is based on an availability-based measure, ranges from 0.50% to 1.00% for base rate borrowings and 1.50% to 2.00% for LIBOR rate borrowings. If an event of default occurs, the interest rate may increase by 2.00% per annum. Amounts outstanding under the ABL Facility may be paid and then reborrowed at our discretion without penalty or premium. Additionally, we pay a commitment fee on the unused balance from 0.25% to 0.375% per year based on the level of borrowings. The ABL Facility is secured by a first-priority lien on the ABL Priority Collateral and by a second-priority lien on the Notes Priority Collateral. There is no direct lien on the Company’s FCC licenses to the extent prohibited by law or regulation (other than the economic value and proceeds thereof). The Credit Agreement includes a springing fixed charge coverage ratio of 1.0 to 1.0, which is tested during the period commencing on the last day of the fiscal month most recently ended prior to the date on which Availability (as defined in the Credit Agreement) is less than the greater of 15% of the Maximum Revolver Amount (as defined in the Credit Agreement) and $4.5 million and continuing for a period of 60 consecutive days after the first day on which Availability exceeds such threshold amount. The Credit Agreement also includes other negative covenants that are customary for credit facilities of this type, including covenants that, subject to exceptions described in the Credit Agreement, restrict the ability of the borrowers and their subsidiaries (i) to incur additional indebtedness; (ii) to make investments; (iii) to make distributions, loans or transfers of assets; (iv) to enter into, create, incur, assume or suffer to exist any liens, (v) to sell assets; (vi) to enter into transactions with affiliates; (vii) to merge or consolidate with, or dispose of all assets to a third party, except as permitted thereby; (viii) to prepay indebtedness; and (ix) to pay dividends. The Credit Agreement provides for the following events of default: (i) default for non-payment We incurred debt issue costs of $0.7 million that were recorded as an asset and are being amortized to non-cash We report outstanding balances on the ABL Facility as short-term regardless of the maturity date based on use of the ABL Facility to fund ordinary and customary operating cash needs with frequent repayments. We believe that our borrowing capacity under the ABL Facility allows us to meet our ongoing operating requirements, fund capital expenditures and satisfy our debt service requirements for at least the next twelve months. Prior Term Loan B and Revolving Credit Facility Our prior credit facility consisted of a term loan of $300.0 million (“Term Loan B”) and a revolving credit facility of $25.0 million (“Revolver”). The Term Loan B was issued at a discount for total net proceeds of $298.5 million. The discount was amortized to non-cash The Term Loan B had a term of seven years, maturing in March 2020. On May 19, 2017, we used the net proceeds of the Notes and a portion of the ABL Facility to fully repay amounts outstanding under the Term Loan B of $258.0 million and under the Revolver of $4.1 million. We recorded a pre-tax The following payments or prepayments of the Term Loan B were made during the year ended December 31, 2017 through the date of the termination, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) May 19, 2017 $ 258,000 $ 550 February 28, 2017 3,000 6 January 30, 2017 2,000 5 Debt issuance costs were amortized to non-cash Debt issuance costs associated with the Revolver were recorded as an asset in accordance with ASU 2015-15. non-cash Summary of long-term debt obligations Long-term debt consisted of the following: As of December 31, 2017 2018 (Dollars in thousands) 6.75% Senior Secured Notes $ 255,000 $ 238,570 Less unamortized debt issuance costs based on imputed interest rate of 7.08% (5,774 ) (4,540 ) 6.75% Senior Secured Notes net carrying value 249,226 234,030 Asset-Based Revolving Credit Facility principal outstanding 9,000 19,660 Capital leases and other loans 462 163 Long-term debt and capital lease obligations less unamortized debt issuance costs 258,688 253,853 Less current portion (9,109 ) (19,718 ) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 249,579 $ 234,135 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of December 31, 2018: • Outstanding borrowings of $19.7 million under the ABL Facility, with interest spread ranging from 0.50% to 1.00% for base rate borrowings and 1.50% to 2.00% for LIBOR rate borrowings; • $238.6 million aggregate principal amount of Notes with semi-annual interest payments at an annual rate of 6.75%; and • Commitment fee of 0.25% to 0.375% per annum on the unused portion of the ABL Facility. Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2018 and December 31, 2017 represents the present value of future commitments under the capital lease agreements. Maturities of Long-Term Debt and Capital Lease Obligations Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2018 for each of the next five years and thereafter are as follows: Amount (Dollars in thousands) For the Year Ended December 31, 2019 $ 19,718 2020 39 2021 31 2022 27 2023 8 Thereafter 238,570 $ 258,393 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | NOTE 12. FAIR VALUE MEASURMENTS AND DISCLOSURES FASB ASC Topic 820 Fair Value Measurements and Disclosures, • Level 1 Inputs • Level 2 Inputs • Level 3 Inputs As of December 31, 2018, the carrying value of cash and cash equivalents, trade accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying amount of the Notes at December 31, 2018 was $238.6 million, compared to the estimated fair value of $218.3 million based on the prevailing interest rates and trading activity of our Notes. The carrying value of the ABL Facility and capital leases approximates the fair value due to the variable rates and short-term nature of such instruments. We have certain assets that are measured at fair value on a non-recurring The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value: December 31, 2018 Carrying Value on Fair Value Measurement Category Level 1 Level 2 Level 3 (Dollars in thousands) Assets Estimated fair value of other indefinite-lived intangible assets $ 277 $ — $ — $ 277 Liabilities: Estimated fair value of contingent earn-out 55 — — 55 Long-term debt and capital lease obligations less unamortized debt issuance costs 253,853 — 233,575 — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13. INCOME TAXES We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our consolidated financial statement carrying amount of assets and liabilities and their respective tax bases. We measure these deferred tax assets and liabilities using enacted tax rates expected to apply in the years in which these temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017. We have calculated the impact of the Act in our year ending December 31, 2018 income tax provision in accordance with our understanding of the Act and guidance available as of the date of this filing. For financial reporting purposes, we recorded a valuation allowance of $5.4 million as of December 31, 2018 to offset the deferred tax assets related to the state net operating loss carryforwards. For financial reporting purposes, we recorded a valuation allowance of $6.2 million as of December 31, 2017 to offset $6.0 million of the deferred tax assets related to the state net operating loss carryforwards and $0.2 million associated with asset impairments. The consolidated provision for (benefit from) income taxes is as follows: Year Ended December 31, 2017 2018 (Dollars in thousands) Current: Federal $ — $ — State 63 282 63 282 Deferred: Federal (21,167 ) (658 ) State 234 2,849 (20,933 ) 2,191 Provision for (benefit from) income taxes $ (20,870 ) $ 2,473 Consolidated deferred tax assets and liabilities consist of the following: As of December 31, 2017 2018 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 6,220 $ 6,822 Net operating loss, AMT credit and other carryforwards 55,720 50,067 State taxes 103 124 Other 2,191 3,969 Total deferred tax assets 64,234 60,982 Valuation allowance for deferred tax assets (6,154 ) (5,371 ) Net deferred tax assets $ 58,080 $ 55,611 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 1,218 $ 2,763 Excess of net book value of intangible assets for financial reporting purposes over tax basis 89,898 88,112 Other 45 8 Total deferred tax liabilities 91,161 90,883 Net deferred tax liabilities $ (33,081 ) $ (35,272 ) The following table reconciles the above net deferred tax liabilities to the financial statements: As of December 31, 2017 2018 (Dollars in thousands) Deferred income tax asset per balance sheet $ 1,070 $ — Deferred income tax liability per balance sheet (34,151 ) (35,272 ) $ (33,081 ) $ (35,272 ) A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: Year Ended December 31, 2017 2018 (Dollars in thousands) Statutory federal income tax (statutory tax rate) $ 1,321 $ (151 ) Effect of state taxes, net of federal (1,207 ) 2,284 Permanent items 458 318 State rate change (179 ) 248 Valuation allowance 1,667 (147 ) Tax Cuts and Jobs Act of 2017 (23,000 ) — Other, net 70 (79 ) Provision for income taxes $ (20,870 ) $ 2,473 At December 31, 2018, we had net operating loss carryforwards for federal income tax purposes of approximately $148.1 million that expire in 2021 through 2038 and for state income tax purposes of approximately $783.8 million that expire in years 2019 through 2038. For financial reporting purposes at December 31, 2018, we had a valuation allowance of $5.4 million, net of federal benefit, to offset the deferred tax assets related to the state net operating loss carryforwards. Our evaluation was performed for tax years that remain subject to examination by major tax jurisdictions, which range from 2014 through 2017. The amortization of our indefinite-lived intangible assets for tax purposes, but not for book purposes, creates deferred tax liabilities. A reversal of deferred tax liabilities may occur when indefinite-lived intangibles: (1) become impaired; or (2) are sold, which would typically only occur in connection with the sale of the assets of a station or groups of stations or the entire company in a taxable transaction. Due to the amortization for tax purposes and not book purposes of our indefinite-lived intangible assets, we expect to continue to generate deferred tax liabilities in future periods exclusive of any impairment losses in future periods. These deferred tax liabilities and net operating loss carryforwards result in differences between our provision for income tax and cash paid for taxes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 14. COMMITMENTS AND CONTINGENCIES The Company enters into various agreements in the normal course of business that contain minimum guarantees. Minimum guarantees are typically tied to future events, such as future revenue earned in excess of the contractual level. Accordingly, the fair value of these arrangements is zero. The Company also records contingent earn-out earn-out earn-out earn-out earn-out earn-out earn-out The Company and its subsidiaries, incident to its business activities, are parties to a number of legal proceedings, lawsuits, arbitration and other claims. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. The company evaluates claims based on what we believe to be both probable and reasonably estimable. The company maintains insurance that may provide coverage for such matters. Consequently, the company is unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. The company believes, at this time, that the final resolution of these matters, individually and in the aggregate, will not have a material adverse effect upon the Company’s consolidated financial position, results of operations or cash flows. The Company leases various land, offices, studios and other equipment under operating leases that generally expire over the next ten to twenty-five years. The majority of these leases are subject to escalation clauses and may be renewed for successive periods ranging from one to five years on terms similar to current agreements and except for specified increases in lease payments. Rental expense included in operating expense under all lease agreements was $20.2 million and $20.3 million in 2018 and 2017. Future minimum rental payments required under operating leases that have initial or remaining non-cancelable Related Parties Other Total (Dollars in thousands) 2019 $ 1,730 $ 11,633 $ 13,363 2020 1,763 11,592 13,355 2021 1,767 10,596 12,363 2022 1,730 9,490 11,220 2023 1,234 8,584 9,818 Thereafter 13,364 48,109 61,473 $ 21,588 $ 100,004 $ 121,592 |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | NOTE 15. STOCK INCENTIVE PLAN Our Amended and Restated 1999 Stock Incentive Plan (the “Plan”) provides for grants of equity-based awards to employees, non-employee A maximum of 5,000,000 shares of common stock are authorized under the Plan. All awards have restriction periods tied primarily to employment and/or service. The Plan allows for accelerated or continued vesting in certain circumstances as defined in the Plan including death, disability, a change in control, and termination or retirement. The Board of Directors, or a committee appointed by the Board, has discretion subject to limits defined in the Plan, to modify the terms of any outstanding award. Under the Plan, the Board, or a committee appointed by the Board, may impose restrictions on the exercise of awards during pre-defined Rule 10b5-1 pre-established We recognize non-cash Compensation—Stock Compensation 2016-09, Improvements to Employee Share-Based Payment Accounting The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017: Year Ended December 31, 2017 2018 (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses 153 $ 329 Restricted stock shares compensation expense included in unallocated corporate expenses 1,100 — Stock option compensation expense included in broadcast operating expenses 33 122 Restricted stock shares compensation expense included in broadcast operating expenses 224 — Stock option compensation expense included in digital media operating expenses 30 77 Restricted stock shares compensation expense included in digital media operating expenses 124 — Stock option compensation expense included in publishing operating expenses 21 15 Restricted stock shares compensation expense included in publishing operating expenses 36 — Total stock-based compensation expense, pre-tax 1,721 $ 543 Tax expense from stock-based compensation expense (688 ) (141 ) Total stock-based compensation expense, net of tax 1,033 $ 402 Stock option and restricted stock grants Eligible employees may receive stock option awards annually with the number of shares and type of instrument generally determined by the employee’s salary grade and performance level. Incentive and non-qualified The Plan also allows for awards of restricted stock, which have been granted periodically to non-employee non-employee 505-50 Equity Based Payments to Non Employees The fair value of each award is estimated as of the date of the grant using the Black-Scholes valuation model. The expected volatility reflects the consideration of the historical volatility of our common stock as determined by the closing price over a six to ten year term commensurate with the expected term of the award. Expected dividends reflect the amount of quarterly distributions authorized and declared on our Class A and Class B common stock as of the grant date. The expected term of the awards are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rates for periods within the expected term of the award are based on the U.S. Treasury yield curve in effect during the period the options were granted. We have used historical data to estimate future forfeiture rates to apply against the gross amount of compensation expense determined using the valuation model. These estimates have approximated our actual forfeiture rates. There were no stock options granted during the year ended December 31, 2017. The weighted-average assumptions used to estimate the fair value of the stock options and restricted stock awards using the Black-Scholes valuation model were as follows for the years ended December 31, 2018: Year Ended Expected volatility 41.84 % Expected dividends 7.89 % Expected term (in years) 7.4 Risk-free interest rate 2.93 % Activity with respect to the company’s option awards during the two years ended December 31, 2018 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): Options Shares Weighted Weighted Weighted Aggregate Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — Exercised (127,663 ) 4.02 2.03 401 Forfeited or expired (163,875 ) 5.75 2.99 136 Outstanding at December 31, 2017 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Exercisable at December 31, 2017 934,959 5.66 3.77 2.7 years 414 Expected to Vest 468,581 $ 5.21 $ 2.98 3.7 years $ 239 Outstanding at January 1, 2018 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Granted 650,000 3.30 1.86 — Exercised (17,615 ) 2.49 2.11 35 Forfeited or expired (79,875 ) 4.42 3.20 28 Outstanding at December 31, 2018 1,980,972 $ 4.63 $ 2.61 4.1 years $ — Exercisable at December 31, 2018 1,055,716 5.51 3.38 2.2 years — Expected to Vest 878,531 $ 4.65 $ 2.63 4.0 years $ — The aggregate intrinsic value represents the difference between the company’s closing stock price on December 31, 2018 of $2.09 and the option exercise price of the shares for stock options that were in the money, multiplied by the number of shares underlying such options. The total fair value of options vested during the years ended December 31, 2018 and 2017 was $0.3 million and $0.9 million, respectively. As of December 31, 2018, there was $0.3 million of total unrecognized compensation cost related to non-vested There were no restricted stock awards granted during the year ended December 31, 2018. The fair values of shares of restricted stock awards are determined based on the closing price of the company’s common stock on the grant dates. Activity with respect to the company’s restricted stock awards during the year ended December 31, 2017 is as follows: Restricted Stock Awards Shares Weighted Weighted Aggregate Non-Vested — $ — — years $ — Granted 211,658 7.01 — 1,484 Lapse of restrictions (211,658 ) (7.01 ) — 1,488 Forfeited or expired — — — — Outstanding at December 31, 2017 — $ — — $ — Additional information regarding options outstanding as of December 31, 2018, is as follows: Range of Options Weighted Average Weighted Exercisable Weighted $ 2.38 - $3.00 308,755 2.5 $ 2.67 240,755 $ 2.65 $ 3.01 - $3.28 571,000 6.7 3.25 — — $ 3.29 - $4.63 75,750 6.4 3.73 4,250 3.99 $ 4.64 - $4.85 421,292 4.7 4.85 212,036 4.85 $ 4.86 - $6.65 34,625 1.1 5.39 32,125 5.43 $ 6.66 - $8.76 569,550 1.7 6.99 566,550 6.99 1,980,972 4.1 $ 4.63 1,055,716 $ 5.51 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16. RELATED PARTY TRANSACTIONS Our board of directors has adopted a written policy for review, approval and monitoring of transactions between the company and its related parties. Related parties include our directors, executive officers, nominees to become a director, any person beneficially owning more than 5% of any class of our stock, immediate family members of any of the foregoing, and any entity in which any of the foregoing persons is employed or is a general partner or principal or in which the person has a 10% or greater beneficial ownership interest. The policy covers material transactions in which a related party had, has or will have a direct or indirect interest. A summary of our related party transactions for the years ending December 31, 2018 and 2017 is as follows: On September 11, 2018, we acquired radio station KTRB-AM On November 22, 2017, we closed on the acquisition of radio station WSPZ-AM WWRC-AM) WSPZ-AM WWRC-AM) During the year ended December 31, 2017, we paid approximately $21,000 to Delmarva Educational Association Corporation, a related party entity which Nancy A. Epperson, the wife of the Chairman of the Board, and Stuart W. Epperson Jr., the son of the Chairman of the Board, serve as directors. The payments represented commissions due to Delmarva under a revenue sharing promotion. On December 15, 2016, we entered into a related party LMA with East Bay Broadcasting, LLC, a company owned by Edward G. Atsinger III, Chief Executive Officer and Stuart W. Epperson, Chairman of the Board, to operate radio station KTRB-AM Leases with Principal Stockholders A trust controlled by the Chief Executive Officer of the company, Edward G. Atsinger III, owns real estate on which assets of one radio station are located. Salem has entered into a lease agreement with this trust. Rental expense related to this lease included in operating expense for 2018 and 2017 amounted to $197,000 and $191,000. Mr. Ted Atsinger, son of the CEO is the beneficiary and/or successor trustee. Land and buildings occupied by various Salem radio stations are leased from entities owned by the company’s CEO and its Chairman of the Board. Rental expense under these leases included in operating expense for each of the years ending December 31, 2018 and 2017 was $1.5 million. On September 15, 2017, we entered a lease with AM 570, LLC, a company owned by Edward G. Atsinger III, Chief Executive Officer and Stuart W. Epperson, Chairman of the Board for land, tower and broadcasting facilities, of radio station WSPZ-AM WWRC-AM) Radio Stations Owned by the Epperson’s Nancy A. Epperson, the wife of the Chairman of the Board, Stuart W. Epperson and mother of Board member, Stuart W. Epperson Jr., currently serves as officer, director and stockholder of six radio stations in Virginia, five radio stations in North Carolina, and five radio stations in Florida. Chesapeake-Portsmouth Broadcasting Corporation (“Chesapeake-Portsmouth”) is a company controlled by Nancy Epperson, wife of Salem’s Chairman of the Board Stuart W. Epperson, mother of Board member Stuart W. Epperson Jr., sister of CEO Edward G. Atsinger III and nephew of Board member Ted Atsinger. Chesapeake-Portsmouth owns and operates radio stations WJGR-AM, WZNZ-AM, WZAZ-AM, The markets where these radio stations are located are not currently served by stations owned and operated by the company. Under his employment agreement, Mr. Epperson is required to offer the company a right of first refusal of opportunities related to the company’s business. Radio Stations Owned by Mr. Hinz Mr. Hinz, a director of the company, through companies or entities controlled by him, operates three radio stations in Southern California. These radio stations are formatted in Christian Teaching and Talk programming in the Spanish language. Mr. Hinz notified the company on December 12, 2018 of his immediate desire to retire from the board. Truth For Life—Mr. Riddle Truth For Life is a non-profit Know the Truth—Mr. Riddle and Mr. Lewis Know the Truth is a non-profit The Truth Network—Stuart W. Epperson Jr. The Truth Network provides original and broadcast Christian radio that is a customer of Salem Media Group, Inc. During 2018 and 2017, the company billed The Truth Network approximately $15,000 and $11,000 for airtime on its stations. The company had receivable balances of approximately $7,000, and $3,000 related to these sales at December 31, 2018, and 2017, respectively. Mr. Epperson Jr. is the CEO, President and stakeholder of the company. Oaks Christian School—Mr. Edward Atsinger III Oaks Christian School is a customer of Salem Media Group, Inc. During 2018 and 2017 the company billed Oaks Christian approximately $32,000 and $5,000 for airtime on its stations. The company had receivable balances of approximately $9,000 at December 31, 2018 related to these sales. Mr. Atsinger joined the board in 2000 and remains a member of this board. Split-Dollar Life Insurance Salem has maintained split-dollar life insurance policies for its Chairman and Chief Executive Officer since 1997. Since 2003, the company has been the owner of the split-dollar life insurance policies and is entitled to recover all of the premiums paid on these policies. The company records an asset based on the lower of the aggregate premiums paid or the insurance cash surrender value. The premiums were $386,000 for each of the years ended December 31, 2018 and 2017. As of December 31, 2018 and 2017, the company recorded the net cash surrender value of these policies as assets of $1.8 million and $1.4 million, respectively. The cumulative premiums paid on these policies were $3.1 million and $2.8 million, respectively. Benefits above and beyond the cumulative premiums paid will go to the beneficiary trusts established by each of the Chairman and Chief Executive Officer. Transportation Services Supplied by Atsinger Aviation From time to time, the company rents aircraft from a company owned by Edward G. Atsinger III, Chief Executive Officer and director of Salem. As approved by the independent members of the company’s board of directors, the company rents these aircraft on an hourly basis at what the company believes are market rates and uses them for general corporate needs. Total rental expense for these aircraft for the years ended December 31, 2018 and 2017 was approximately $198,000 and $217,000, respectively. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Defined Contribution Plan | NOTE 17. DEFINED CONTRIBUTION PLAN We maintain a 401(k) defined contribution plan (the “401(k) Plan”), which covers eligible employees as defined in the 401(k) Plan. Participants are allowed to make non-forfeitable |
Equity Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Equity Transactions | NOTE 18. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation non-cash paid-in While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial and legal requirements, and other factors. Any future distributions are likely to be comparable to prior declarations unless there are changes in expected future earnings, cash flows, financial and legal requirements. The following table shows distributions that have been declared and paid since January 1, 2017: Announcement Date Payment Date Amount Per Share Cash Distributed in thousands November 26, 2018 December 21, 2018 $0.0650 $1,702 September 5, 2018 September 28, 2018 $0.0650 $1,702 May 31, 2018 June 29, 2018 $0.0650 $1,701 February 28, 2018 March 28, 2018 $0.0650 $1,701 December 7, 2017 December 29, 2017 $0.0650 $1,701 September 12, 2017 September 29, 2017 $0.0650 $1,701 June 1, 2017 June 30, 2017 $0.0650 $1,697 March 9, 2017 March 31, 2017 $0.0650 $1,691 Based on the number of shares of Class A and Class B currently outstanding, we expect to pay total annual distributions of approximately $6.8 million for the year ended December 31, 2019. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Data | NOTE 19. SEGMENT DATA FASB ASC Topic 280, Segment Reporting We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury, which are reported as unallocated corporate expenses in our consolidated statements of operations included in this annual report on Form 10-K. Segment performance, as defined by Salem, is not necessarily comparable to other similarly titled captions of other companies. Broadcasting Our foundational business is radio broadcasting, which includes the ownership and operation of radio stations in large metropolitan markets. Our broadcasting segment includes our national networks and national sales firms. National companies often prefer to advertise across the United States as an efficient and cost effective way to reach their target audiences. Our national platform under which we offer radio airtime, digital campaigns and print advertisements can benefit national companies by reaching audiences throughout the United States. Salem Radio Network TM TM TM TM TM TM TM TM ® Salem Media Representatives (“SMR”) is our national advertising sales firm with offices in 14 U.S. cities. SMR specializes in placing national advertising on Christian and talk formatted radio stations as well as other commercial radio station formats. SMR sells commercial airtime to national advertisers on our radio stations and through our networks, as well as for independent radio station affiliates. SMR also contracts with independent radio stations to create custom advertising campaigns for national advertisers to reach multiple markets. During 2018, we launched Salem Surround, a national multimedia advertising agency with locations in 35 markets across the United States. Salem Surround offers a comprehensive suite of digital marketing services to develop and execute audience-based marketing strategies for clients on both the national and local level. Salem Surround specializes in digital marketing services for each of our radio stations and websites as well as provides a full-service digital marketing strategy for each of our clients. Digital Media Our digital media based businesses provide Christian, conservative, investing and health-themed content, e-commerce, ® ® ® ® ® ® non-individualized Our church e-commerce E-commerce Our web content is accessible through all of our radio station websites that feature content of interest to local audiences throughout the United States . Publishing Our publishing operating segment includes three businesses: (1) Regnery ® Singing News ® , The table below presents financial information for each operating segment as of December 31, 2018 and 2017 based on the composition of our operating segments: Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) Year Ended December 31, 2018 Net revenue $ 198,502 $ 42,595 $ 21,686 $ — $ 262,783 Operating expenses 148,614 33,296 22,396 15,686 219,992 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out $ 49,888 $ 9,299 $ (710 ) $ (15,686 ) $ 42,791 Depreciation 7,520 3,169 510 835 12,034 Amortization 38 5,227 926 1 6,192 Impairment of indefinite-lived long-term assets other than goodwill 2,834 — 36 — 2,870 Change in estimated fair value of contingent earn-out — 76 — — 76 (Gain) loss on the disposition of assets 4,653 — — — 4,653 Operating income (loss) $ 34,843 $ 827 $ (2,182 ) $ (16,522 ) $ 16,966 Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) Year Ended December 31, 2017 Net revenue $ 196,197 $ 43,096 $ 24,443 $ — $ 263,736 Operating expenses 145,494 33,675 24,475 16,255 219,899 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out $ 50,703 $ 9,421 $ (32 ) $ (16,255 ) $ 43,837 Depreciation 7,754 3,166 644 805 12,369 Amortization 56 3,414 1,121 2 4,593 Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Change in estimated fair value of contingent earn-out — (23 ) — — (23 ) (Gain) loss on the disposition of assets 3,898 — (5 ) 12 3,905 Operating income (loss) $ 38,995 $ 2,864 $ (1,811 ) $ (17,074 ) $ 22,974 Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) As of December 31, 2018 Inventories, net $ — $ 290 $ 387 $ — $ 677 Property and equipment, net 81,427 6,190 933 7,958 96,508 Broadcast licenses 376,316 — — — 376,316 Goodwill 2,960 21,933 1,888 8 26,789 Other indefinite-lived intangible assets — — 277 — 277 Amortizable intangible assets, net 303 8,937 2,021 3 11,264 As of December 31, 2017 Inventories, net $ — $ 313 $ 417 $ — $ 730 Property and equipment, net 83,901 6,173 1,281 8,125 99,480 Broadcast licenses 380,914 — — — 380,914 Goodwill 3,581 20,947 1,888 8 26,424 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 351 9,801 2,947 5 13,104 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 20. SUBSEQUENT EVENTS On March 7, 2019, we announced a quarterly equity distribution in the amount of $0.0650 per share on Class A and Class B common stock. The equity distribution will be paid on March 29, 2019 to all Class A and Class B common stockholders of record as of March 19, 2019. On March 1, 2019, we entered into an agreement to acquire the pjmedia.com website for $0.1 million in cash. The purchase is expected to close during the first quarter of 2019. On February 28, 2019, we sold Mike Turner’s line of investment products, including TurnerTrends.com and other domain names and related assets. We received no cash from the buyer who assumed all deferred subscription liabilities for Mike Turner’s investment products. We recognized a loss of approximately $0.2 million associated with the sale reflecting the sales price as compared to the carrying value of the assets and the estimated cost to sell. On February 22, 2019, we entered into an agreement to sell HumanEvents.com, a conservative opinion website that provides news and commentary on conservative issues of interest for $0.3 million. We recognized a loss of approximately $0.2 million associated with the sale that closed on February 27, 2019 reflecting the sales price as compared to the carrying value of the assets and the estimated cost to sell. We completed the following repurchases of our Notes from January 1, 2019 through the date of the filing: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) February 20, 2019 $ 125 $ 114 91.25 % $ 2 $ 9 February 19, 2019 350 319 91.25 % 7 24 February 12, 2019 1,325 1,209 91.25 % 25 91 January 10, 2019 570 526 92.25 % 9 35 $ 2,370 $ 2,168 Subsequent events reflect all applicable transactions through the date of the filing. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: • revenue recognition, • asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; • probabilities associated with the potential for contingent earn-out • fair value measurements; • contingency reserves; • allowance for doubtful accounts; • sales returns and allowances; • barter transactions; • inventory reserves; • reserves for royalty advances; • fair value of equity awards; • self-insurance reserves; • estimated lives for tangible and intangible assets; • income tax valuation allowances; and • uncertain tax positions. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash and cash equivalents approximated fair value at each balance sheet date. |
Trade Accounts Receivable and Unbilled Revenue | Trade Accounts Receivable and Unbilled Revenue Trade accounts receivable, net of allowances: Unbilled revenue end-of-flight, |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts to provide for the estimated amount of receivables that may not be collected. The allowance is based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off |
Inventory | Inventory Inventories consist of finished goods including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out |
Inventory Reserves | Inventory Reserves We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We review historical data associated with book and wellness product inventories held by Regnery ® e-commerce |
Property and Equipment | Property and Equipment We account for property and equipment in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment Category Estimated Life Buildings 40 years Office furnishings and equipment 5-10 years Antennae, towers and transmitting equipment 10-20 years Studio, production and mobile equipment 5-10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 6—Property and Equipment. |
Internally Developed Software and Website Development Costs | Internally Developed Software and Website Development Costs We capitalize costs incurred during the application development stage related to the development of internal-use 350-40 Internal-Use internal-use |
Broadcast Licenses | Broadcast Licenses We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other |
Goodwill | Goodwill We account for goodwill in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other |
Other Indefinite-Lived Intangible Assets | Other Indefinite-Lived Intangible Assets We account for mastheads in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other |
Amortizable Intangible Assets | Amortizable Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives: Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 Favorable and assigned leases Lease Term Subscriber base and lists 3-7 years Author relationships 1-7 years Non-compete 1 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 Property, Plant and Equipment |
Deferred Financing Costs | Deferred Financing Costs Debt issue costs are amortized to non-cash On May 19, 2017, we closed on a private offering of $255.0 million aggregate principal amount of 6.75% senior secured notes due 2024 (the “Notes”) and concurrently entered into a five-year $30.0 million senior secured asset-based revolving credit facility, which includes a $5.0 million subfacility for standby letters of credit and a $7.5 million subfacility for swingline loans (“ABL Facility”) due May 19, 2022. We incurred debt issuance costs of $6.3 million that were recorded as a reduction of the Note proceeds that are being amortized to non-cash non-cash |
Income Tax Valuation Allowances (Deferred Taxes) | Income Tax Valuation Allowances (Deferred Taxes) We account for income taxes in accordance with FASB ASC Topic 740 Income Taxes We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to earnings in the period in which we make such a determination. Likewise, if we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance. For financial reporting purposes, we recorded a valuation allowance of $5.4 million as of December 31, 2018 to offset the deferred tax assets related to the state net operating loss carryforwards. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017. We have calculated the impact of the Act in our year ending December 31, 2018 income tax provision in accordance with our understanding of the Act and guidance available as of the date of this filing. |
Income Taxes and Uncertain Tax Positions | Income Taxes and Uncertain Tax Positions We are subject to audit and review by various taxing jurisdictions. We may recognize liabilities on our financial statements for positions taken on uncertain tax positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. It is inherently difficult and subjective to estimate such amounts, as this requires us to make estimates based on the various possible outcomes. We review and reevaluate uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. During the years ended December 31, 2018 and 2017, we did not have any material unrecognized tax benefits recorded. Our evaluation was performed for all tax years that remain subject to examination, which range from 2014 through 2017. There is currently one tax examination in process. In August 2017, we received a letter notifying us that the City of New York is initiating an audit of our tax returns for years 2013 and 2014. As of December 31, 2018, we are still currently under audit. We do not anticipate the outcome to be material nor significant. |
Effective Tax Rate | Effective Tax Rate Our provision for income tax as a percentage of operating income before taxes, or our effective tax rate, may be impacted by: (1) changes in the level of income in any of our taxing jurisdictions; (2) changes in statutes and rules applicable to taxable income in the jurisdictions in which we operate; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states’ current taxable income is dependent on factors other than consolidated net income; (6) the addition of operations in states that on average have different income tax rates from states in which we currently operate; and (7) the effect of previously reported temporary differences between the and financial reporting bases of assets and liabilities. Our annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable |
Business Acquisitions | Business Acquisitions We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 Business Combinations earn-out 2017-01 Business Combinations (Topic 805) Clarifying the Definition of a Business Estimates of the fair value include discounted estimated cash flows to be generated by the assets and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. The fair value measurement is based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in in Note 12—Fair Value Measurements. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various assets acquired. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third-party reports for reasonableness of the assigned values. We believe that these valuations and analysis provide appropriate estimates of the fair value for the net assets acquired as of the acquisition date. The initial valuations for business acquisitions are subject to refinement during the measurement period, which may be up to one year from the acquisition date. During this measurement period, we may retroactively record adjustments to the net assets acquired based on additional information obtained for items that existed as of the acquisition date. Upon the conclusion of the measurement period, any adjustments are reflected in our Consolidated Statements of Operations. To date, we have not recorded adjustments to the estimated fair values used in our business acquisition consideration during or after the measurement period. Property and equipment are recorded at the estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Goodwill, which represents the organizational systems and procedures in place to ensure the effective operation of the entity, may also be recorded and tested for impairment. Costs associated with business acquisitions, such as consulting and legal fees, are expensed as incurred. We recognized costs associated with acquisitions of $0.2 million during the year ended December 31, 2018 compared to $0.1 million during the year ended December 31, 2017, which are included in unallocated corporate expenses in the accompanying Consolidated Statements of Operations. |
Contingent Earn-Out Consideration | Contingent Earn-Out Our acquisitions may include contingent earn-out earn-out earn-out Fair Value Measurements and Disclosures, We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out earn-out earn-out earn-out earn-out We recorded a net increase to our estimated contingent earn-out Earn-Out |
Partial Self-Insurance on Employee Health Plan | Partial Self-Insurance on Employee Health Plan We provide health insurance benefits to eligible employees under a self-insured plan whereby we pay actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Our estimates are based on historical data and probabilities. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.8 million and $0.7 million at December 31, 2018 and 2017, respectively. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. The following table presents the changes in our partial self-insurance reserves. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period $ 783 $ 747 Self-funded costs 9,735 9,336 Claims paid (9,771 ) (9,255 ) Ending period balance $ 747 $ 828 |
Derivative Instruments | Derivative Instruments We are exposed to market risk from changes in interest rates. We actively monitor these fluctuations and may use derivative instruments primarily for the purpose of reducing the impact of changing interest rates on our variable rate debt and to reduce the impact of changing fair market values on our fixed rate debt. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. Under FASB ASC Topic 815, Derivatives and Hedging, On May 19, 2017, we entered into a new senior credit facility, which is an asset-based revolving credit facility (“ABL Facility”). The ABL Facility is a five-year $30.0 million (subject to borrowing base) revolving credit facility maturing on May 19, 2022. Amounts outstanding under the ABL Facility bear interest at a rate based on LIBOR plus a spread of 1.50% to 2.0% per annum based on a pricing grid depending on the average available amount for the most recently ended quarter or at the Base Rate (as defined in the Credit Agreement) plus a spread of 0.50% to 1.0% per annum based on a pricing grid depending on the average available amount for the most recently ended quarter. Additionally, we pay a commitment fee on the unused balance of 0.25% to 0.375% per year. If an event of default occurs, the interest rate may increase by 2.00% per annum. Amounts outstanding under the ABL Facility may be paid and then re-borrowed As of December 31, 2018, we did not have any outstanding derivative instruments. |
Fair Value Measurements and Disclosures | Fair Value Measurements and Disclosures As of December 31, 2018, the carrying value of cash and cash equivalents, trade accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying value of the ABL approximates fair value as the related interest rates approximate rates currently available to the company. The carrying amount of the Notes at December 31, 2018 was $238.6 million, compared to the estimated fair value of $218.3 million based on the prevailing interest rates and trading activity of our Notes. See Note 12—Fair Value Measurements and Disclosures. |
Long-term Debt and Debt Covenant Compliance | Long-term Debt and Debt Covenant Compliance Our classification of outstanding borrowings on our Notes as long-term debt on our balance sheet is based on our assessment that, under the Indenture and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made within the next twelve months. The Notes have a term of seven years, maturing on June 1, 2024. We may redeem the Notes, in whole or in part, at any time on or before June 1, 2020 at a price equal to 100% of the principal amount of the Notes plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, but not including, the redemption date. At any time on or after June 1, 2020, we may redeem some or all of the Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth in the Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, we may redeem up to 35% of the aggregate principal amount of the Notes before June 1, 2020 with the net cash proceeds from certain equity offerings at a redemption price of 106.75% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date. We may also redeem up to 10% of the aggregate original principal amount of the Notes per twelve month period before June 1, 2020 at a redemption price of 103% of the principal amount plus accrued and unpaid interest to, but not including, the redemption date. We report outstanding balances on the ABL Facility as short-term regardless of the maturity date based on use of the ABL Facility to fund ordinary and customary operating cash needs with frequent repayments. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. |
Reserves for Royalty Advances | Reserves for Royalty Advances Royalties due to book authors are paid in advance and capitalized. Royalties are expensed as the related book revenues are earned or when we determine that future recovery of the royalty is not likely. We reviewed historical data associated with royalty advances, earnings and recoverability based on actual results of Regnery ® |
Contingency Reserves | Contingency Reserves In the ordinary course of business, we are involved in various legal proceedings, lawsuits, arbitration and other claims which are complex in nature and have outcomes that are difficult to predict. Consequently, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. We record contingency reserves to the extent we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The establishment of the reserve is based on a review of all relevant factors, the advice of legal counsel, and the subjective judgment of management. The reserves we have recorded to date have not been material to our consolidated financial position, results of operations or cash flows. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. While we believe that the final resolution of any known maters, individually and in the aggregate, will not have a material adverse effect upon our consolidated financial position, results of operations or cash flows, it is possible that we could incur additional losses. We maintain insurance that may provide coverage for such matters. Future claims against us, whether meritorious or not, could have a material adverse effect upon our consolidated financial position, results of operations or cash flows, including losses due to costly litigation and losses due to matters that require significant amounts of management time that can result in the diversion of significant operational resources. See Note 14—Commitments and Contingencies. |
Revenue Recognition | Revenue Recognition We adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ASC Topic 606 is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance. Application of ASC Topic 606 requires a five-step model applicable to all revenue streams as follows: Identification of the contract, or contracts, with a customer A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and, (iii) we determine that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract. When a contract includes multiple promised goods or services, we apply judgment to determine whether the promised goods or services are capable of being distinct and are distinct within the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Determination of the transaction price The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods or services to our customer. We estimate any variable consideration included in the transaction price using the expected value method that requires the use of significant estimates for discounts, cancellation periods, refunds and returns. Variable consideration is described in detail below. Allocation of the transaction price to the performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. We determine SSP based on the price at which the performance obligation would be sold separately. If the SSP is not observable, we estimate the SSP based on available information, including market conditions and any applicable internally approved pricing guidelines. Recognition of revenue when, or as, we satisfy a performance obligation We recognize revenue at the point in time that the related performance obligation is satisfied by transferring the promised goods or services to our customer. Principal versus Agent Considerations When another party is involved in providing goods or services to our customer, we apply the principal versus agent guidance in ASC Topic 606 to determine if we are the principal or an agent to the transaction. When we control the specified goods or services before they are transferred to our customer, we report revenue gross, as principal. If we do not control the goods or services before they are transferred to our customer, revenue is reported net of the fees paid to the other party, as agent. Our evaluation to determine if we control the goods or services within ASC Topic 606 includes the following indicators: We are primarily responsible for fulfilling the promise to provide the specified good or service. When we are primarily responsible for providing the goods and services, such as when the other party is acting on our behalf, we have indication that we are the principal to the transaction. We consider if we may terminate our relationship with the other party at any time without penalty or without permission from our customer. We have inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer. We may commit to obtaining the services of another party with or without an existing contract with our customer. In these situations, we have risk of loss as principal for any amount due to the other party regardless of the amount(s) we earn as revenue from our customer. The entity has discretion in establishing the price for the specified good or service. We have discretion in establishing the price our customer pays for the specified goods or services. Contract Assets Contract Assets—Costs to Obtain a Contract: Contract Liabilities Contract liabilities consist of customer advance payments and billings in excess of revenue recognized. We may receive payments from our customers in advance of completing our performance obligations. Additionally, new customers, existing customers without approved credit terms and authors purchasing specific self-publishing services, are required to make payments in advance of the delivery of the products or performance of the services. We record contract liabilities equal to the amount of payments received in excess of revenue recognized, including payments that are refundable if the customer cancels the contract according to the contract terms. Contract liabilities were historically recorded under the caption “deferred revenue” and are reported as current liabilities on our consolidated financial statements when the time to fulfill the performance obligations under terms of our contracts is less than one year. Long-term contract liabilities represent the amount of payments received in excess of revenue earned, including those that are refundable, when the time to fulfill the performance obligation is greater than one year. Our long-term liabilities consist of subscriptions with a term of two-years Significant changes in our contract liabilities balances during the period are as follows: Short Term Long-Term (Dollars in thousands) Balance, beginning of period January 1, 2018 $ 12,763 $ 1,951 Revenue recognized during the period that was included in the beginning balance of contract liabilities (7,843 ) — Additional amounts recognized during the period 21,460 830 Revenue recognized during the period that was recorded during the period (16,245 ) — Transfers 1,402 (1,402 ) Balance, end of period December 31, 2018 $ 11,537 $ 1,379 Amount refundable at beginning of period $ 12,450 $ 1,677 Amount refundable at end of period $ 11,410 $ 1,379 We expect to satisfy these performance obligations as follows: Amount (Dollars in thousands) For the Twelve Months Ended December 31, 2019 $ 11,537 2020 606 2021 331 2022 179 2023 94 Thereafter 169 $ 12,916 Significant Financing Component The length of our typical sales agreement is less than 12 months, however, we may sell subscriptions with a two-year Our self-publishing contracts may exceed a one year term due to the length of time for an author to submit and approve a manuscript for publication. The author may pay for publishing services in installments over the production time line with payments due in advance of performance. The timing of the transfer of goods and services under self-publishing arrangements are at the discretion of the author and based on future events that are not substantially within our control. We require advance payments to provide us with protection from incurring costs for products that are unique and only sellable to the author. Based on these considerations, we have concluded that our self-publishing contracts do not contain a significant financing component under ASC Topic 606. Variable Consideration Similar to former revenue recognition guidance, we continue to make significant estimates related to variable consideration at the point of sale, including estimates for refunds and product returns. Under ASC Topic 606, estimates of variable consideration are to be recognized before contingencies are resolved in certain circumstances, including when it is probable that a significant reversal in the amount of any estimated cumulative revenue will not occur. We enter into agreements under which the amount of revenue we earn is contingent upon the amount of money raised by our customer over the contract term. Our customer is typically a charity or programmer that purchases blocks of programming time or spots to generate revenue from our audience members. Contract terms can range from a few weeks to a few months, depending the charity or programmer. If the campaign does not generate a pre-determined Based on the constraints for using estimates of variable consideration within ASC Topic 606, and our historical experience with these campaigns, we will continue to recognize revenue at the base amount of the campaign with variable consideration recognized when the uncertainty of each campaign is resolved. These constraints include: (1) the amount of consideration received is highly susceptible to factors outside of our influence, specifically the extent to which our audience donates or contributes to our customer or programmer, (2) the length of time in which the uncertainty about the amount of consideration expected is to be resolved, and (3) our experience has shown these contracts have a large number and broad range of possible outcomes. Trade and Barter Transactions In broadcasting, trade or barter agreements are commonly used to reduce cash expenses by exchanging advertising time for goods or services. We may enter barter agreements to exchange air time or digital advertising for goods or services that can be used in our business or that can be sold to our audience under Listener Purchase Programs. The terms of these barter agreements permit us to preempt the barter air time or digital campaign in favor of customers who purchase the air time or digital campaign for cash. The value of these non-cash Trade and barter revenues and expenses were as follows: Year Ended 2017 2018 Net broadcast barter revenue $ 5,858 $ 6,702 Net digital media barter revenue 30 124 Net publishing barter revenue 51 11 Net broadcast barter expense $ 5,575 $ 6,161 Net digital media barter expense — 3 Net publishing barter expense 100 20 Practical Expedients and Exemptions We have elected certain practical expedients and policy elections as permitted under ASC Topic 606 as follows: • We applied the transitional guidance to contracts that were not complete at the date of our initial application of ASC Topic 606 on January 1, 2018. • We adopted the practical expedient related to not adjusting the promised amount of consideration for the effects of a significant financing component if the period between transfer of product and customer payment is expected to be less than one year at the time of contract inception; • We made the accounting policy election to not assess promised goods or services as performance obligations if they are immaterial in the context of the contract with the customer; • We made the accounting policy election to exclude sales and similar taxes from the transaction price; • We made the accounting policy election to treat shipping and handling costs that occur after control transfers as fulfillment activities instead of assessing such activities as separate performance obligations; and • We adopted the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The following table presents our revenues disaggregated by revenue source for each of our three operating segments: Year Ended December 31, 2018 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming-National $ 49,864 $ — $ — $ 49,864 Block Programming-Local 33,274 — — 33,274 Spot Advertising-National 16,333 — — 16,333 Spot Advertising-Local 55,863 — — 55,863 Infomercials 1,824 — — 1,824 Network 19,293 — — 19,293 Digital Advertising 7,172 22,351 473 29,996 Digital Streaming 752 4,347 — 5,099 Digital Downloads and eBooks — 5,354 1,481 6,835 Subscriptions 1,056 8,205 907 10,168 Book Sales and e-commerce 483 1,949 11,866 14,298 Self-Publishing fees — — 5,609 5,609 Advertising-Print 42 — 574 616 Other Revenues 12,546 389 776 13,711 $ 198,502 $ 42,595 $ 21,686 $ 262,783 Timing of Revenue Recognition Point in Time $ 196,187 $ 42,500 $ 21,640 $ 260,327 Rental Income(1) 2,315 95 46 2,456 $ 198,502 $ 42,595 $ 21,686 $ 262,783 (1) Rental income is not applicable to ASC Topic 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Consolidated Financial Statements within this report on Form 10-K. A summary of each of our revenue streams under ASC Topic 606 is as follows: Block Programming . 1 2 50-minutes Spot Advertising Network Revenue . Digital Advertising. Broadcast digital advertising revenue consists of local digital advertising, such as the sale of banner advertisements on our owned and operated websites, the sale of advertisements on our own and operated mobile applications, and advertisements in digital newsletters that we produce, as well an national digital advertising, or the sale of custom digital advertising solutions, such as web pages and social media campaigns, that we offer to our customers. Advertising revenue is recorded on a gross basis unless an agency represents the advertiser, in which case, revenue is reported net of the commission retained by the agency. Salem Surround Digital Streaming Digital Downloads and e-books e-books. Subscriptions on-air pro-rata Book Sales e-Commerce E-Commerce re-saleable Self-Publishing Fees Revenue is recognized upon completion of each performance obligation, which represents the point in time that control of the product is transferred to the author, thereby completing our performance obligation. Revenue is recorded at the net amount due from the author, including discounts based on the service package. Advertising—Print Other Revenues . on-air |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation—Stock Compensation first-in, first-out |
Advertising and Promotional Cost | Advertising and Promotional Cost Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $10.9 million and $12.0 million for each of the years ended December 31, 2018 and 2017. |
Leases | Leases We lease broadcast towers, transmitter sites and office space throughout the United States. We review each lease agreement upon inception to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 Leases Deferred rental revenue was $4.1 million and $4.3 million as of December 31, 2018 and 2017, respectively. |
Leasehold Improvements | Leasehold Improvements We may construct or otherwise invest in leasehold improvements to properties. The costs of these leasehold improvements are capitalized and depreciated over the shorter of the estimated useful life of the improvement or the lease term including anticipated renewal periods. |
(Gain) Loss on the Disposition of Assets | (Gain) Loss on the Disposition of Assets We record gains or losses on the disposition of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 Non-Monetary During the year ended December 31, 2018, we recorded a $4.7 million pre-tax pre-tax KGBI-FM pre-tax KCRO-AM KOTK-AM pre-tax pre-tax pre-tax WBIX-AM During the year ended December 31, 2017, we recorded a $3.9 million pre-tax WQVN-AM WKAT-AM) WSPZ-AM |
Discontinued Operations | Discontinued Operations We regularly review underperforming assets to determine if a sale or disposal might be a better way to monetize the assets. When a station, group of stations, or other asset group is considered for sale or disposal, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 Discontinued Operations |
Basic and Diluted Net Earnings Per Share | Basic and Diluted Net Earnings Per Share Basic net earnings per share has been computed using the weighted average number of Class A and Class B shares of common stock outstanding during the period. Diluted net earnings per share is computed using the weighted average number of shares of Class A and Class B common stock outstanding during the period plus the dilutive effects of stock options. Options to purchase 1,980,972 and 1,428,462 shares of Class A common stock were outstanding at December 31, 2018 and 2017. Diluted weighted average shares outstanding exclude outstanding stock options whose exercise price is in excess of the average price of the company’s stock price. These options are excluded from the respective computations of diluted net income or loss per share because their effect would be anti-dilutive. The number of anti-dilutive shares as of December 31, 2018 and 2017 was 1,672,217 and 814,556. The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: Year Ended December 31, 2017 2018 Weighted average shares 26,068,942 26,179,702 Effect of dilutive securities—stock options 366,815 — Weighted average shares adjusted for dilutive securities 26,435,757 26,179,702 |
Segments | Segments We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which also qualify as reportable segments. Our operating segments reflect how our chief operating decision makers, which we define as a collective group of senior executives, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. We continually review our operating segment classifications to align with operational changes in our business and may make changes as necessary. We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury, which are reported as unallocated corporate expenses in our consolidated statements of operations included in this annual report on Form 10-K. |
Variable Interest Entities | Variable Interest Entities We may enter into agreements or investments with other entities that could qualify as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 Consolidation. re-evaluate We may enter into lease arrangements with entities controlled by our principal stockholders or other related parties. We believe that the requirements of FASB ASC Topic 810 do not apply to these entities because the lease arrangements do not contain explicit guarantees of the residual value of the real estate, do not contain purchase options or similar provisions and the leases are at terms that do not vary materially from leases that would have been available with unaffiliated parties. Additionally, we do not have an equity interest in the entities controlled by our principal stockholders or other related parties and we do not guarantee debt of the entities controlled by our principal stockholders or other related parties. We also enter into Local Marketing Agreements (“LMAs”) or Time Brokerage Agreements (“TBAs”) contemporaneously with entering into an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. Typically, both LMAs and TBAs are contractual agreements under which the station owner/licensee makes airtime available to a programmer/licensee in exchange for a fee and reimbursement of certain expenses. LMAs and TBAs are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. The requirements of FASB ASC Topic 810 may apply to entities under LMAs or TBAs, depending on the facts and circumstances related to each transaction. As of December 31, 2018, we did not have implicit or explicit arrangements that required consolidation under the guidance in FASB ASC Topic 810. |
Concentrations of Business Risks | Concentrations of Business Risks We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2018 and 2017, 36.4% and 36.8%, respectively, of our total broadcast revenues were generated from the sale of broadcast advertising. We are particularly dependent on revenue from stations in the Los Angeles and Dallas markets, which generated 14.8% and 19.6% for the year ended December 31, 2018 and 15.4% and 19.3% for the year ended December 31, 2017. Because substantial portions of our revenues are derived from local advertisers in these key markets, our ability to generate revenues in those markets could be adversely affected by local or regional economic downturns. |
Concentrations of Credit Risks | Concentrations of Credit Risks Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of the Federal Deposit Insurance Corporation insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to accounting principles are established by the FASB in the form of ASUs to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, cash flows, or presentation thereof. Described below are ASUs that are not yet effective, but may be applicable to our financial position, results of operations, cash flows, or presentation thereof. ASUs not listed below were assessed and determined to not be applicable to our financial position, results of operations, cash flows, or presentation thereof. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements In November 2018, the FASB issued ASU 2018-18 , Collaborative Arrangements (Tope 818): Clarifying the Interaction Between Topic 808 and Topic 606 In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entites In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): 2018-15 internal-use In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. 2018-13 In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements 2018-11 2016-02. 2016-02 In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases 2018-10 2016-02. 2018-10 2018-10 sale-and-leaseback sale-and-leaseback 2016-02 In July 2018, the FASB issued ASU 2018-09, Codification Improvements 2018-09 In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment 2018-07 non-employees In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220)—Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02 In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient for Transition to Topic 842. 2018-01 2016-02 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), In October 2016, the FASB issued ASU 2016-16 Intra-Entity Transfers of Assets Other Than Inventory In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses, held-to-maturity available-for-sale 2016-13, 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses 2016-13. 2018-19 2016-13. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Depreciation Using the Straight-line Method over Estimated Useful Lives | Depreciation is computed using the straight-line method over estimated useful lives as follows: Category Estimated Life Buildings 40 years Office furnishings and equipment 5-10 years Antennae, towers and transmitting equipment 10-20 years Studio, production and mobile equipment 5-10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term |
Summary of Intangibles are Amortized Using the Straight-line Method over Estimated Useful Lives | These intangibles are amortized using the straight-line method over the following estimated useful lives: Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 Favorable and assigned leases Lease Term Subscriber base and lists 3-7 years Author relationships 1-7 years Non-compete 1 to 5 years |
Schedule of Partial Self Insurance Reserve | The following table presents the changes in our partial self-insurance reserves. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period $ 783 $ 747 Self-funded costs 9,735 9,336 Claims paid (9,771 ) (9,255 ) Ending period balance $ 747 $ 828 |
Significant Changes in Our Contract Liabilities | Significant changes in our contract liabilities balances during the period are as follows: Short Term Long-Term (Dollars in thousands) Balance, beginning of period January 1, 2018 $ 12,763 $ 1,951 Revenue recognized during the period that was included in the beginning balance of contract liabilities (7,843 ) — Additional amounts recognized during the period 21,460 830 Revenue recognized during the period that was recorded during the period (16,245 ) — Transfers 1,402 (1,402 ) Balance, end of period December 31, 2018 $ 11,537 $ 1,379 Amount refundable at beginning of period $ 12,450 $ 1,677 Amount refundable at end of period $ 11,410 $ 1,379 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | We expect to satisfy these performance obligations as follows: Amount (Dollars in thousands) For the Twelve Months Ended December 31, 2019 $ 11,537 2020 606 2021 331 2022 179 2023 94 Thereafter 169 $ 12,916 |
Trade and Barter Transactions Expenses | Trade and barter revenues and expenses were as follows: Year Ended 2017 2018 Net broadcast barter revenue $ 5,858 $ 6,702 Net digital media barter revenue 30 124 Net publishing barter revenue 51 11 Net broadcast barter expense $ 5,575 $ 6,161 Net digital media barter expense — 3 Net publishing barter expense 100 20 |
Reconciliation of Revenue from Segments to Consolidated | The following table presents our revenues disaggregated by revenue source for each of our three operating segments: Year Ended December 31, 2018 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming-National $ 49,864 $ — $ — $ 49,864 Block Programming-Local 33,274 — — 33,274 Spot Advertising-National 16,333 — — 16,333 Spot Advertising-Local 55,863 — — 55,863 Infomercials 1,824 — — 1,824 Network 19,293 — — 19,293 Digital Advertising 7,172 22,351 473 29,996 Digital Streaming 752 4,347 — 5,099 Digital Downloads and eBooks — 5,354 1,481 6,835 Subscriptions 1,056 8,205 907 10,168 Book Sales and e-commerce 483 1,949 11,866 14,298 Self-Publishing fees — — 5,609 5,609 Advertising-Print 42 — 574 616 Other Revenues 12,546 389 776 13,711 $ 198,502 $ 42,595 $ 21,686 $ 262,783 Timing of Revenue Recognition Point in Time $ 196,187 $ 42,500 $ 21,640 $ 260,327 Rental Income(1) 2,315 95 46 2,456 $ 198,502 $ 42,595 $ 21,686 $ 262,783 (1) Rental income is not applicable to ASC Topic 606, but shown for the purpose of identifying each revenue source presented in total revenue on our Consolidated Financial Statements within this report on Form 10-K. |
Shares Used to Compute Basic and Diluted Net Earning Per Share | The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: Year Ended December 31, 2017 2018 Weighted average shares 26,068,942 26,179,702 Effect of dilutive securities—stock options 366,815 — Weighted average shares adjusted for dilutive securities 26,435,757 26,179,702 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Debt Instruments Senior Secured Note | Based on the then existing market conditions, we completed repurchases of our 6.75% Senior Secured Notes at amounts less than face value as follows: Date Principal Cash Paid % of Face Bond Issue Net Gain (Dollars in thousands) December 21, 2018 $ 2,000 $ 1,835 91.75 % $ 38 $ 127 December 21, 2018 1,850 1,702 92.00 % 35 113 December 21, 2018 1,080 999 92.50 % 21 60 November 17, 2018 1,500 1,357 90.50 % 29 114 May 4, 2018 4,000 3,770 94.25 % 86 144 April 10, 2018 4,000 3,850 96.25 % 87 63 April 9, 2018 2,000 1,930 96.50 % 43 27 $ 16,430 $ 15,443 |
Long-Term Debt | Long-term debt consisted of the following: As of December 31, 2017 2018 (Dollars in thousands) 6.75% Senior Secured Notes $ 255,000 $ 238,570 Less unamortized debt issuance costs based on imputed interest rate of 7.08% (5,774 ) (4,540 ) 6.75% Senior Secured Notes net carrying value 249,226 234,030 Asset-Based Revolving Credit Facility principal outstanding 9,000 19,660 Capital leases and other loans 462 163 Long-term debt and capital lease obligations less unamortized debt issuance costs 258,688 253,853 Less current portion (9,109 ) (19,718 ) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 249,579 $ 234,135 |
Principle Repayment Requirements Under Long Term Agreements Outstanding | Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2018 for each of the next five years and thereafter are as follows: Amount (Dollars in thousands) For the Year Ended December 31, 2019 $ 19,718 2020 39 2021 31 2022 27 2023 8 Thereafter 238,570 $ 258,393 |
Term Loan B [Member] | |
Repayments of Term Loan B | The following payments or prepayments of the Term Loan B were made during the year ended December 31, 2017 through the date of the termination, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) May 19, 2017 $ 258,000 $ 550 February 28, 2017 3,000 6 January 30, 2017 2,000 5 |
2018 Debt Transactions [Member] | |
Schedule of Debt Instruments Senior Secured Note | Based on the then existing market conditions, we completed repurchases of the Notes at amounts less than face value as follows during the year ended December 31, 2018: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) December 21, 2018 $ 2,000 $ 1,835 91.75 % $ 38 $ 127 December 21, 2018 1,850 1,702 92.00 % 35 113 December 21, 2018 1,080 999 92.50 % 21 60 November 17, 2018 1,500 1,357 90.50 % 29 114 May 4, 2018 4,000 3,770 94.25 % 86 144 April 10, 2018 4,000 3,850 96.25 % 87 63 April 9, 2018 2,000 1,930 96.50 % 43 27 $ 16,430 $ 15,443 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Cash Distributions Declared and Paid | The following table shows distributions that have been declared and paid since January 1, 2017: Announcement Date Payment Date Amount Per Share Cash Distributed in thousands November 26, 2018 December 21, 2018 $0.0650 $1,702 September 5, 2018 September 28, 2018 $0.0650 $1,702 May 31, 2018 June 29, 2018 $0.0650 $1,701 February 28, 2018 March 28, 2018 $0.0650 $1,701 December 7, 2017 December 29, 2017 $0.0650 $1,701 September 12, 2017 September 29, 2017 $0.0650 $1,701 June 1, 2017 June 30, 2017 $0.0650 $1,697 March 9, 2017 March 31, 2017 $0.0650 $1,691 |
Dividend Paid [Member] | |
Schedule of Cash Distributions Declared and Paid | Based upon their current assessment of our business, our Board of Directors’ declared equity distributions as follows: Announcement Date Record Date Payment Date Amount Per Cash Distributed (in thousands) November 26, 2018 December 7, 2018 December 21, 2018 $ 0.0650 $ 1,702 September 5, 2018 September 17, 2018 September 28, 2018 0.0650 1,702 May 31, 2018 June 15, 2018 June 29, 2018 0.0650 1,701 February 28, 2018 March 14, 2018 March 28, 2018 0.0650 1,701 $ 6,806 Based upon their then current assessment of our business, our Board of Directors’ declared equity distributions as follows: Announcement Date Record Date Payment Date Amount Per Share Cash Distributed December 7, 2017 December 18, 2017 December 29, 2017 $ 0.0650 $ 1,701 September 12, 2017 September 22, 2017 September 29, 2017 $ 0.0650 $ 1,701 June 1, 2017 June 16, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 20, 2017 March 31, 2017 $ 0.0650 $ 1,691 $ 6,790 |
Acquistions and Recent Transa_2
Acquistions and Recent Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
2018 Acquisitions Digital Media [Member] | |
Summary of Business Acquisitions and Asset Purchased | A summary of our business acquisitions and asset purchases during the year ended December 31, 2018, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total (Dollars in thousands) September 11, 2018 KTRB-AM, San Francisco, California (asset purchase) $ 5,349 August 9, 2018 Hilary Kramer Financial Newsletter (business acquisition) 439 August 7, 2018 Just1Word (business acquisition) 312 July 25, 2018 KZTS-AM KDXE-AM), 210 July 24, 2018 Childrens-Ministry-Deals.com (business acquisition) 3,700 June 25, 2018 KDXE-FM KZTS-FM), 1,100 April 19, 2018 HearItFirst.com (asset purchase) 70 $ 11,180 |
Summary of Total Acquisition Consideration | The following table summarizes the total acquisition consideration for the year ended December 31, 2018: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 10,854 Deferred payments 150 Present value of estimated fair value of contingent earn-out 51 Closing costs accrued for asset acquisitions 125 Total purchase price consideration $ 11,180 |
Total Acquisition Consideration Allocated | The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Net Total (Dollars in thousands) Assets Property and equipment $ 371 $ 715 $ 1,086 Broadcast licenses 6,281 — 6,281 Goodwill 7 986 993 Customer lists and contracts — 1,882 1,882 Domain and brand names — 1,252 1,252 Subscriber base and lists — 875 875 Non-compete — 19 19 Other amortizable intangible assets — 334 334 $ 6,659 $ 6,063 $ 12,722 Liabilities Contract liabilities, long-term $ — $ (1,542 ) $ (1,542 ) $ 6,659 4,521 11,180 |
2017 Acquisitions Digital Media [Member] | |
Summary of Business Acquisitions and Asset Purchased | A summary of our business acquisitions and asset purchases during the year ended December 31, 2017, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) November 22, 2017 WWRC-AM (formerly WSPZ-AM) $ 620 September 15, 2017 Real property of radio station WSPZ-AM 1,500 August 31, 2017 TeacherTube.com (business acquisition) 1,100 August 31, 2017 Intelligence Reporter newsletter (business acquisition) — July 24, 2017 FM Translator construction permit, Eaglemount, Washington (asset acquisition) 40 July 6, 2017 TradersCrux.com (business acquisition) 298 June 28, 2017 FM Translator construction permit, Festus, Missouri (asset acquisition) 40 June 8, 2017 Portuguese Bible Mobile Applications (business acquisition) 82 March 15, 2017 Prayers for Special Help (business acquisition) 245 March 14, 2017 FM Translator construction permit, Quartz Site, Arizona (asset purchase) 20 March 1, 2017 FM Translator construction permit, Roseburg, Oregon (asset purchase) 45 January 16, 2017 FM Translator, Astoria, Oregon (asset purchase) 33 January 1, 2017 FM Translator construction permit, Mohave Valley, Arizona (asset purchase) 20 $ 4,043 |
Summary of Total Acquisition Consideration | The following table summarizes the total acquisition consideration for the year ended December 31, 2017: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 3,972 Escrow deposits paid in prior years 35 Present value of estimated fair value of contingent earn-out 36 Total purchase price consideration $ 4,043 |
Total Acquisition Consideration Allocated | The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Media Total Net (Dollars in thousands) Assets Property and equipment $ 1,915 $ 479 $ 2,394 Broadcast licenses 389 — 389 Goodwill 14 810 824 Customer lists and contracts — 314 314 Domain and brand names — 647 647 Subscriber base and lists — 2,316 2,316 Non-compete — 11 11 $ 2,318 $ 4,577 $ 6,895 Liabilities Deferred revenue $ — (2,852 ) (2,852 ) $ 2,318 $ 1,725 $ 4,043 |
Contingent Earn-Out Considera_2
Contingent Earn-Out Consideration (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule Of Changes In Present Value Of Acquisition Related Contingent Earn-Out Consideration | The following table reflects the changes in the present value of our acquisition-related estimated contingent earn-out Year Ended December 31, 2018 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2018 $ 69 $ — $ 69 Acquisitions 38 13 51 Accretion of acquisition-related contingent earn-out (1 ) — (1 ) Change in the estimated fair value of contingent earn-out 74 2 76 Reclassification of payments due in next 12 months to short-term — — — Payments (140 ) — (140 ) Ending Balance as of December 31, 2018 $ 40 $ 15 $ 55 Year Ended December 31, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 36 — 36 Accretion of acquisition-related contingent earn-out 4 — 4 Change in the estimated fair value of contingent earn-out (23 ) — (23 ) Reclassification of payments due in next 12 months to short-term — — — Payments (14 ) — (14 ) Ending Balance as of December 31, 2017 $ 69 $ — $ 69 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory on Hand by Segment | The following table provides details of inventory on hand by segment: As of December 31, 2017 2018 (Dollars in thousands) Regnery ® $ 2,038 $ 1,317 Reserve for obsolescence—Regnery ® (1,621 ) (930 ) Inventory, net—Regnery ® 417 387 Wellness products $ 349 $ 354 Reserve for obsolescence—Wellness products (36 ) (64 ) Inventory, net—Wellness products 313 290 Consolidated inventories, net $ 730 $ 677 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Categories of Property and Equipment | The following is a summary of the categories of our property and equipment: As of December 31, 2017 2018 (Dollars in thousands) Land $ 32,320 $ 31,822 Buildings 28,962 30,104 Office furnishings and equipment 37,583 36,791 Office furnishings and equipment under capital lease obligations 244 215 Antennae, towers and transmitting equipment 85,632 85,998 Antennae, towers and transmitting equipment under capital lease obligations 795 — Studio, production and mobile equipment 29,697 29,040 Computer software and website development costs 24,477 27,603 Record and tape libraries 27 17 Automobiles 1,385 1,570 Leasehold improvements 19,003 19,357 Construction-in-progress 4,075 4,833 $ 264,200 $ 267,350 Less accumulated depreciation (164,720 ) (170,842 ) $ 99,480 $ 96,508 |
Broadcast Licenses (Tables)
Broadcast Licenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Changes in Broadcasting Licenses | The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators as discussed in Note 3—Acquisitions and Recent Transactions. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 494,058 $ 486,455 Accumulated loss on impairment (105,541 ) (105,541 ) Balance, beginning of period after cumulative loss on impairment 388,517 380,914 Acquisitions of radio stations 191 6,270 Acquisitions of FM translators and construction permits 198 19 Capital projects to improve broadcast signal and strength 5 — Abandoned capital projects — (40 ) Disposition of radio stations (7,997 ) (8,013 ) Impairments based on the estimated fair value of broadcast licenses — (2,834 ) Balance, end of period before cumulative loss on impairment $ 486,455 $ 484,691 Accumulated loss on impairment (105,541 ) (108,375 ) Balance, end of period after cumulative loss on impairment $ 380,914 $ 376,316 |
Schedule of Impairment Testing Under the Income Approach | The table below presents the results of our impairment testing under the income approach for the 2018 annual testing period. Market Cluster Excess Fair Value Atlanta, GA 21.2 % Cleveland, OH (3.8 %) Columbus, OH 25.4 % Dallas, TX 45.9 % Denver, CO 951.3 % Detroit, MI 47.6 % Greenville, SC 46.5 % Honolulu, HI 131.1 % Houston, TX 1070.4 % Little Rock 21.0 % Los Angeles, CA 102.6 % Louisville, KY (11.2 %) Nashville, TN 675.1 % New York, NY 35.4 % Philadelphia, PA 9.7 % Phoenix, AZ 51.0 % Pittsburgh, PA 292.7 % Portland, OR (3.9 %) Sacramento, CA 3.1 % San Antonio, TX 63.1 % San Diego, CA 47.2 % San Francisco, CA 2.6 % Seattle, WA 597.4 % St Louis 329.5 % Tampa, FL 12.5 % Washington, D.C. 164.9 % |
Broadcast Licenses [Member] | |
Schedule of Estimates and Assumptions Used in the Start - Up Income Valuation for Broadcast Licenses | The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. The key estimates and assumptions used in the start-up Broadcast Licenses December 31, 2017 December 31, 2018 Risk-adjusted discount rate 9.0% 9.0% Operating profit margin ranges (13.9%) - 30.8% 4.4% - 34.5% Long-term revenue growth rates 1.9% 0.5% - 1.2% |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Changes in Goodwill | The following table presents the changes in goodwill including business acquisitions as described in Note 3—Acquisitions and Recent Transactions. Year Ended December 31, 2017 2018 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment, $ 27,642 $ 28,453 Accumulated loss on impairment (2,029 ) (2,029 ) Balance, beginning of period after cumulative loss on impairment 25,613 26,424 Acquisitions of radio stations 14 7 Acquisitions of digital media entities 810 986 Disposition of radio stations — (628 ) Sale of income generating broadcast business (13 ) — Balance, end of period before cumulative loss on impairment 28,453 28,818 Accumulated loss on impairment (2,029 ) (2,029 ) Ending period balance $ 26,424 $ 26,789 |
Broadcast Markets Enterprise Valuations [Member] | |
Carrying Value and Fair Value of Financial Instrument Disclosure | The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: Broadcast Market Clusters as of December 31, 2018 < 10% >11% to 20% >21% to 50% > than 51% Number of accounting units 2 3 6 6 Carrying value including goodwill ( in thousands $ 49,525 $ 41,244 $ 100,121 $ 78,471 |
Schedule of Assumptions Used | The key estimates and assumptions used for our enterprise valuations are as follows: Broadcast Markets Enterprise Valuations December 31, December 31, 2018 Risk-adjusted discount rate 9.0% 9.0% Operating profit margin ranges (7.8%) - 36.2% (4.1%) - 45.1% Long-term revenue growth rates 1.9% 0.5% - 1.1% |
Broadcast Networks Enterprise Valuations [Member] | |
Schedule of Assumptions Used | The key estimates and assumptions used for our enterprise valuations are as follows: Broadcast Network Valuations December 31, 2017 December 31, Risk adjusted discount rate — 10.0% Operating profit margin ranges — 14.8% - 15.7% Long-term revenue growth rates — 0.5% |
Digital Media [Member] | |
Carrying Value and Fair Value of Financial Instrument Disclosure | The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Digital Media Entities as of December 31, 2018 < 10% >10% to 20% >21% to 50% > than 51% Number of accounting units 1 2 — 1 Carrying value including goodwill ( in thousands $ 361 $ 9,836 $ — $ 27,821 |
Schedule of Assumptions Used | The key estimates and assumptions used for our enterprise valuations are as follows: Digital Media Enterprise Valuations December 31, 2017 December 31, 2018 Risk adjusted discount rate 10.0% 10.0% Operating profit margin ranges 8.0% - 36.0% 8.5% - 17.2% Long-term revenue growth rates 1.9% - 2.0% 1.0% |
Publishing [Member] | |
Carrying Value and Fair Value of Financial Instrument Disclosure | The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Publishing Entities as of December 31, 2018 < 10% >11% to 20% >21% to 50% > than 51% Number of accounting units — 1 — 1 Carrying value including goodwill ( in thousands $ — $ 3,976 $ — $ 847 |
Schedule of Assumptions Used | The key estimates and assumptions used for our enterprise valuations are as follows: Publishing Enterprise Valuations December 31, 2017 December 31, 2018 Risk adjusted discount rate 10.0% 10.0% Operating margin ranges 5.0% - 5.5% 4.0% - 5.0% Long-term revenue growth rates 1.9% 1.0% |
Broadcast Licenses [Member] | |
Carrying Value and Fair Value of Financial Instrument Disclosure | The table below presents the percentage within a range by which our prior year start-up Geographic Market Clusters as of December 31, 2018 £ >26%-50% >51% to 75% > +than 76% Number of accounting units 9 1 4 2 Broadcast license carrying value (in thousands) $ 200,098 $ 14,743 $ 52,051 $ 9,558 |
Station Operating Income [Member] | Broadcast Licenses [Member] | |
Carrying Value and Fair Value of Financial Instrument Disclosure | The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these 16 remaining market clusters: Geographic Market Clusters as of December 31, 2018 £ >26%-50% >51% to 75% > +than 76% Number of accounting units — 2 — 14 Broadcast license carrying value (in thousands) $ — $ 7,692 $ — $ 95,039 |
Other Indefinite-Lived Intang_2
Other Indefinite-Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Key Estimates and Assumptions | The key estimates and assumptions are as follows: Mastheads December 31, 2017 December 31, 2018 Risk-adjusted discount rate 10.0% 10.0% Long-term revenue growth rates (3.2%) - 0.9% (4.0%) - (1.0%) Royalty rate 3.0% 3.0% |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Significant Classes of Amortizable Intangible Assets | The following tables provide a summary of our significant classes of amortizable intangible assets: As of December 31, 2018 Cost Accumulated Net (Dollars in thousands) Customer lists and contracts $ 24,673 $ (21,798 ) $ 2,875 Domain and brand names 21,358 (16,758 ) 4,600 Favorable and assigned leases 2,256 (1,953 ) 303 Subscriber base and lists 9,672 (7,198 ) 2,474 Author relationships 2,771 (2,454 ) 317 Non-compete 2,048 (1,641 ) 407 Other amortizable intangible assets 1,666 (1,378 ) 288 $ 64,444 $ (53,180 ) $ 11,264 As of December 31, 2017 Cost Accumulated Net (Dollars in thousands) Customer lists and contracts $ 22,865 $ (20,888 ) $ 1,977 Domain and brand names 20,109 (14,650 ) 5,459 Favorable and assigned leases 2,379 (2,028 ) 351 Subscriber base and lists 8,797 (4,701 ) 4,096 Author relationships 2,771 (2,237 ) 534 Non-compete 2,029 (1,342 ) 687 Other amortizable intangible assets 1,333 (1,333 ) — $60,283 $(47,179) $13,104 |
Amortizable Intangible Assets, Estimate Amortization Expense | Based on the amortizable intangible assets as of December 31, 2018, we estimate amortization expense for the next five years to be as follows: Year ended December 31, Amortization Expense (Dollars in thousands) 2019 $ 4,699 2020 3,275 2021 1,654 2022 969 2023 459 Thereafter 208 Total $ 11,264 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value: December 31, 2018 Carrying Value on Fair Value Measurement Category Level 1 Level 2 Level 3 (Dollars in thousands) Assets Estimated fair value of other indefinite-lived intangible assets $ 277 $ — $ — $ 277 Liabilities: Estimated fair value of contingent earn-out 55 — — 55 Long-term debt and capital lease obligations less unamortized debt issuance costs 253,853 — 233,575 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Consolidated Provision for Income Taxes | The consolidated provision for (benefit from) income taxes is as follows: Year Ended December 31, 2017 2018 (Dollars in thousands) Current: Federal $ — $ — State 63 282 63 282 Deferred: Federal (21,167 ) (658 ) State 234 2,849 (20,933 ) 2,191 Provision for (benefit from) income taxes $ (20,870 ) $ 2,473 |
Schedule of Consolidated Deferred Tax Asset and Liability | Consolidated deferred tax assets and liabilities consist of the following: As of December 31, 2017 2018 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 6,220 $ 6,822 Net operating loss, AMT credit and other carryforwards 55,720 50,067 State taxes 103 124 Other 2,191 3,969 Total deferred tax assets 64,234 60,982 Valuation allowance for deferred tax assets (6,154 ) (5,371 ) Net deferred tax assets $ 58,080 $ 55,611 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 1,218 $ 2,763 Excess of net book value of intangible assets for financial reporting purposes over tax basis 89,898 88,112 Other 45 8 Total deferred tax liabilities 91,161 90,883 Net deferred tax liabilities $ (33,081 ) $ (35,272 ) |
Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument | The following table reconciles the above net deferred tax liabilities to the financial statements: As of December 31, 2017 2018 (Dollars in thousands) Deferred income tax asset per balance sheet $ 1,070 $ — Deferred income tax liability per balance sheet (34,151 ) (35,272 ) $ (33,081 ) $ (35,272 ) |
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax | A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: Year Ended December 31, 2017 2018 (Dollars in thousands) Statutory federal income tax (statutory tax rate) $ 1,321 $ (151 ) Effect of state taxes, net of federal (1,207 ) 2,284 Permanent items 458 318 State rate change (179 ) 248 Valuation allowance 1,667 (147 ) Tax Cuts and Jobs Act of 2017 (23,000 ) — Other, net 70 (79 ) Provision for income taxes $ (20,870 ) $ 2,473 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments Required Under Operating Leases That Have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year | Future minimum rental payments required under operating leases that have initial or remaining non-cancelable Related Parties Other Total (Dollars in thousands) 2019 $ 1,730 $ 11,633 $ 13,363 2020 1,763 11,592 13,355 2021 1,767 10,596 12,363 2022 1,730 9,490 11,220 2023 1,234 8,584 9,818 Thereafter 13,364 48,109 61,473 $ 21,588 $ 100,004 $ 121,592 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense Recognized | The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017: Year Ended December 31, 2017 2018 (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses 153 $ 329 Restricted stock shares compensation expense included in unallocated corporate expenses 1,100 — Stock option compensation expense included in broadcast operating expenses 33 122 Restricted stock shares compensation expense included in broadcast operating expenses 224 — Stock option compensation expense included in digital media operating expenses 30 77 Restricted stock shares compensation expense included in digital media operating expenses 124 — Stock option compensation expense included in publishing operating expenses 21 15 Restricted stock shares compensation expense included in publishing operating expenses 36 — Total stock-based compensation expense, pre-tax 1,721 $ 543 Tax expense from stock-based compensation expense (688 ) (141 ) Total stock-based compensation expense, net of tax 1,033 $ 402 |
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model | There were no stock options granted during the year ended December 31, 2017. The weighted-average assumptions used to estimate the fair value of the stock options and restricted stock awards using the Black-Scholes valuation model were as follows for the years ended December 31, 2018: Year Ended Expected volatility 41.84 % Expected dividends 7.89 % Expected term (in years) 7.4 Risk-free interest rate 2.93 % |
Schedule of Stock Option Activity | Activity with respect to the company’s option awards during the two years ended December 31, 2018 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): Options Shares Weighted Weighted Weighted Aggregate Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — Exercised (127,663 ) 4.02 2.03 401 Forfeited or expired (163,875 ) 5.75 2.99 136 Outstanding at December 31, 2017 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Exercisable at December 31, 2017 934,959 5.66 3.77 2.7 years 414 Expected to Vest 468,581 $ 5.21 $ 2.98 3.7 years $ 239 Outstanding at January 1, 2018 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Granted 650,000 3.30 1.86 — Exercised (17,615 ) 2.49 2.11 35 Forfeited or expired (79,875 ) 4.42 3.20 28 Outstanding at December 31, 2018 1,980,972 $ 4.63 $ 2.61 4.1 years $ — Exercisable at December 31, 2018 1,055,716 5.51 3.38 2.2 years — Expected to Vest 878,531 $ 4.65 $ 2.63 4.0 years $ — |
Schedule of Information Regarding Restricted Stock Activity | The fair values of shares of restricted stock awards are determined based on the closing price of the company’s common stock on the grant dates. Activity with respect to the company’s restricted stock awards during the year ended December 31, 2017 is as follows: Restricted Stock Awards Shares Weighted Weighted Aggregate Non-Vested — $ — — years $ — Granted 211,658 7.01 — 1,484 Lapse of restrictions (211,658 ) (7.01 ) — 1,488 Forfeited or expired — — — — Outstanding at December 31, 2017 — $ — — $ — |
Stock Options Outstanding Additional Information | Additional information regarding options outstanding as of December 31, 2018, is as follows: Range of Options Weighted Average Weighted Exercisable Weighted $ 2.38 - $3.00 308,755 2.5 $ 2.67 240,755 $ 2.65 $ 3.01 - $3.28 571,000 6.7 3.25 — — $ 3.29 - $4.63 75,750 6.4 3.73 4,250 3.99 $ 4.64 - $4.85 421,292 4.7 4.85 212,036 4.85 $ 4.86 - $6.65 34,625 1.1 5.39 32,125 5.43 $ 6.66 - $8.76 569,550 1.7 6.99 566,550 6.99 1,980,972 4.1 $ 4.63 1,055,716 $ 5.51 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | The table below presents financial information for each operating segment as of December 31, 2018 and 2017 based on the composition of our operating segments: Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) Year Ended December 31, 2018 Net revenue $ 198,502 $ 42,595 $ 21,686 $ — $ 262,783 Operating expenses 148,614 33,296 22,396 15,686 219,992 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out $ 49,888 $ 9,299 $ (710 ) $ (15,686 ) $ 42,791 Depreciation 7,520 3,169 510 835 12,034 Amortization 38 5,227 926 1 6,192 Impairment of indefinite-lived long-term assets other than goodwill 2,834 — 36 — 2,870 Change in estimated fair value of contingent earn-out — 76 — — 76 (Gain) loss on the disposition of assets 4,653 — — — 4,653 Operating income (loss) $ 34,843 $ 827 $ (2,182 ) $ (16,522 ) $ 16,966 Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) Year Ended December 31, 2017 Net revenue $ 196,197 $ 43,096 $ 24,443 $ — $ 263,736 Operating expenses 145,494 33,675 24,475 16,255 219,899 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out $ 50,703 $ 9,421 $ (32 ) $ (16,255 ) $ 43,837 Depreciation 7,754 3,166 644 805 12,369 Amortization 56 3,414 1,121 2 4,593 Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Change in estimated fair value of contingent earn-out — (23 ) — — (23 ) (Gain) loss on the disposition of assets 3,898 — (5 ) 12 3,905 Operating income (loss) $ 38,995 $ 2,864 $ (1,811 ) $ (17,074 ) $ 22,974 Broadcast Digital Publishing Unallocated Corporate Consolidated (Dollars in thousands) As of December 31, 2018 Inventories, net $ — $ 290 $ 387 $ — $ 677 Property and equipment, net 81,427 6,190 933 7,958 96,508 Broadcast licenses 376,316 — — — 376,316 Goodwill 2,960 21,933 1,888 8 26,789 Other indefinite-lived intangible assets — — 277 — 277 Amortizable intangible assets, net 303 8,937 2,021 3 11,264 As of December 31, 2017 Inventories, net $ — $ 313 $ 417 $ — $ 730 Property and equipment, net 83,901 6,173 1,281 8,125 99,480 Broadcast licenses 380,914 — — — 380,914 Goodwill 3,581 20,947 1,888 8 26,424 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 351 9,801 2,947 5 13,104 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Repurchases of Notes From January 1, 2019 Through Date of Filing | We completed the following repurchases of our Notes from January 1, 2019 through the date of the filing: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) February 20, 2019 $ 125 $ 114 91.25 % $ 2 $ 9 February 19, 2019 350 319 91.25 % 7 24 February 12, 2019 1,325 1,209 91.25 % 25 91 January 10, 2019 570 526 92.25 % 9 35 $ 2,370 $ 2,168 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | May 19, 2017USD ($) | Dec. 31, 2018USD ($)Marketsshares | Dec. 31, 2017USD ($)shares | Jan. 03, 2017USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||
Interest Costs Capitalized | $ 100,000 | $ 200,000 | ||
Capitalized computer software, additions | 2,100,000 | 3,700,000 | ||
Capitalized computer software, amortization | 2,800,000 | $ 2,800,000 | ||
Impairment of intangible assets, finite-lived | 0 | |||
Carrying value of notes | $ 238,600,000 | |||
Debt instrument, interest rate, stated percentage | 4.58% | |||
Debt related commitment fees and debt issuance costs | $ 6,300,000 | |||
Debt issuance costs, gross | $ 700,000 | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% | 35.00% | ||
Business combination recognized identifiable assets increase or decrease | $ 200,000 | $ 100,000 | ||
Increase (Decrease) in contingent earn-out liabilities | 76,000 | (23,000) | ||
Self-insurance reserve | 828,000 | 747,000 | $ 783,000 | |
Debt instrument, estimated fair value | 218,300,000 | |||
Prepaid commission expense | $ 700,000 | |||
Number of market locations | Markets | 35 | |||
Operating leases, rent expenses | $ 15,400,000 | 15,500,000 | ||
Deferred rental revenue | 4,100,000 | 4,300,000 | ||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ (4,700,000) | $ 3,900,000 | ||
Option to purchase shares of common stock outstanding | shares | 1,980,972 | 1,428,462 | ||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 1,672,217 | 814,556 | ||
Percentage of total revenue | 36.40% | 36.80% | ||
Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Carrying value of notes | $ 30,000,000 | |||
Debt related commitment fees and debt issuance costs | $ 6,300,000 | |||
Debt instrument, interest rate, increase (decrease) | 2.00% | |||
Debt instrument term | 5 years | |||
Senior Secured Debt [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Carrying value of notes | $ 255,000,000 | |||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% | ||
Debt related commitment fees and debt issuance costs | $ 900,000 | $ 600,000 | ||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Commitment fee percentage on unused balance | 0.25% | |||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Commitment fee percentage on unused balance | 0.375% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.50% | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.00% | 2.00% | ||
Base Rate [Member] | Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | 0.50% | ||
Base Rate [Member] | Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | 1.00% | ||
Production Costs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Marketing and advertising expense | $ 10,900,000 | 12,000,000 | ||
Notes [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument term | 7 years | |||
Debt instrument, maturity date | Jun. 1, 2024 | |||
Miami [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | 4,700,000 | |||
Dallas TX [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ 77,000 | |||
Percentage of total revenue | 19.60% | 19.30% | ||
Tampa FL [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ 2,000 | |||
Dallas Texas Market [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | 500,000 | |||
WQVN-AM Tower Site [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | 400,000 | |||
Print Magazine Segment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ 16,000 | |||
Omaha KGBI-FM [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ (2,400,000) | |||
Omaha KCRO-AM and KOTK-AM [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | (1,800,000) | |||
Lakeside [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | (300,000) | |||
Covina [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | (200,000) | |||
Boston [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax | $ 200,000 | |||
Los Angeles CA [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of total revenue | 14.80% | 15.40% | ||
Debt Instrument Redemption Period One [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, redemption period, start date | Jun. 1, 2020 | |||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | 100.00% | ||
Debt Instrument Redemption Period Two [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, redemption price, percentage of principal amount redeemed | 106.75% | 106.75% | ||
Debt instrument, redemption period, end date | Jun. 1, 2020 | |||
Debt instrument, redemption, percentage of aggregate principal amount | 35.00% | 35.00% | ||
Debt Instrument Redemption Period Three [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, redemption price, percentage of principal amount redeemed | 103.00% | 103.00% | ||
Debt instrument, redemption period, end date | Jun. 1, 2020 | |||
Debt instrument, redemption, percentage of aggregate principal amount | 10.00% | 10.00% | ||
Offset to Deferred Tax [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 5,400,000 | |||
Standby Letters of Credit [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||
Swing Line Loans [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 7,500,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Depreciation Using the Straight-line Method over Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 40 years |
Computer Software and Website Development Costs [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 3 years |
Record and Tape Libraries [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 3 years |
Automobiles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment, description | Lesser of the useful life or remaining lease term |
Minimum [Member] | Office Furnishings and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 5 years |
Minimum [Member] | Antennae, Towers and Transmitting Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 10 years |
Minimum [Member] | Studio, Production and Mobile Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 5 years |
Maximum [Member] | Office Furnishings and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 10 years |
Maximum [Member] | Antennae, Towers and Transmitting Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 20 years |
Maximum [Member] | Studio, Production and Mobile Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of property and equipment | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Intangibles are Amortized Using the Straight-line Method over Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Customer Lists and Contracts [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets, description | Lesser of 5 years or the life of contract |
Favorable and Assigned Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets, description | Lease Term |
Minimum [Member] | Domain and Brand Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Minimum [Member] | Subscriber Base and Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 3 years |
Minimum [Member] | Author Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 1 year |
Minimum [Member] | Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 1 year |
Maximum [Member] | Domain and Brand Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Maximum [Member] | Subscriber Base and Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Maximum [Member] | Author Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Maximum [Member] | Non-Compete Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Partial Self Insurance Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Self Insurance [Abstract] | ||
Balance, beginning of period | $ 747 | $ 783 |
Self-funded costs | 9,336 | 9,735 |
Claims paid | (9,255) | (9,771) |
Ending period balance | $ 828 | $ 747 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Significant Changes in Our Contract Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Change in Contract with Customer, Liability [Abstract] | |
Short Term, Balance, beginning of period | $ 12,763 |
Short Term, Revenue recognized during the period that was included in the beginning balance of contract liabilities | (7,843) |
Short Term, Additional amounts recognized during the period | 21,460 |
Short Term, Revenue recognized during the period that was recorded during the period | (16,245) |
Short Term, Transfers | 1,402 |
Short Term, Balance, end of period | 11,537 |
Short Term, Amount refundable at beginning of period | 12,450 |
Short Term, Amount refundable at end of period | 11,410 |
Long-Term, Balance, beginning of period | 1,951 |
Long-Term, Revenue recognized during the period that was included in the beginning balance of contract liabilities | 0 |
Long-Term, Additional amounts recognized during the period | 830 |
Long-Term, Revenue recognized during the period that was recorded during the period | 0 |
Long-Term, Transfers | (1,402) |
Long-Term, Balance, end of period | 1,379 |
Long-Term, Amount refundable at beginning of period | 1,677 |
Long-Term, Amount refundable at end of period | $ 1,379 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 12,916 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 11,537 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 606 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 331 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 179 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 94 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 169 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Trade and Barter Transactions Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Line Items] | ||
Total revenue | $ 262,783 | $ 263,736 |
Broadcast [Member] | Advertising Barter Transactions [Member] | ||
Revenue Recognition [Line Items] | ||
Total revenue | 6,702 | 5,858 |
Cost | 6,161 | 5,575 |
Digital Media [Member] | ||
Revenue Recognition [Line Items] | ||
Total revenue | 42,595 | |
Digital Media [Member] | Advertising Barter Transactions [Member] | ||
Revenue Recognition [Line Items] | ||
Total revenue | 124 | 30 |
Cost | 3 | |
Publishing [Member] | ||
Revenue Recognition [Line Items] | ||
Total revenue | 21,686 | |
Publishing [Member] | Advertising Barter Transactions [Member] | ||
Revenue Recognition [Line Items] | ||
Total revenue | 11 | 51 |
Cost | $ 20 | $ 100 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | $ 262,783 | $ 263,736 |
Block Programming National [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 49,864 | |
Block Programming Local [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 33,274 | |
Spot Advertising - National [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 16,333 | |
Spot Advertising - Local [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 55,863 | |
Infomercials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 1,824 | |
Network [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 19,293 | |
Digital Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 29,996 | |
Digital Streaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 5,099 | |
Digital Downloads and eBooks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 6,835 | |
Subscriptions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 10,168 | |
Book Sales and e-commerce [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 14,298 | |
Self-Publishing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 5,609 | |
Advertising Print [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 616 | |
Other Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 13,711 | |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 260,327 | |
Rental Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 2,456 | |
Broadcast [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 198,502 | |
Broadcast [Member] | Block Programming National [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 49,864 | |
Broadcast [Member] | Block Programming Local [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 33,274 | |
Broadcast [Member] | Spot Advertising - National [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 16,333 | |
Broadcast [Member] | Spot Advertising - Local [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 55,863 | |
Broadcast [Member] | Infomercials [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 1,824 | |
Broadcast [Member] | Network [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 19,293 | |
Broadcast [Member] | Digital Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 7,172 | |
Broadcast [Member] | Digital Streaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 752 | |
Broadcast [Member] | Subscriptions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 1,056 | |
Broadcast [Member] | Book Sales and e-commerce [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 483 | |
Broadcast [Member] | Advertising Print [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 42 | |
Broadcast [Member] | Other Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 12,546 | |
Broadcast [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 196,187 | |
Broadcast [Member] | Rental Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 2,315 | |
Digital Media [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 42,595 | |
Digital Media [Member] | Digital Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 22,351 | |
Digital Media [Member] | Digital Streaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 4,347 | |
Digital Media [Member] | Digital Downloads and eBooks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 5,354 | |
Digital Media [Member] | Subscriptions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 8,205 | |
Digital Media [Member] | Book Sales and e-commerce [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 1,949 | |
Digital Media [Member] | Other Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 389 | |
Digital Media [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 42,500 | |
Digital Media [Member] | Rental Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 95 | |
Publishing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 21,686 | |
Publishing [Member] | Digital Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 473 | |
Publishing [Member] | Digital Downloads and eBooks [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 1,481 | |
Publishing [Member] | Subscriptions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 907 | |
Publishing [Member] | Book Sales and e-commerce [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 11,866 | |
Publishing [Member] | Self-Publishing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 5,609 | |
Publishing [Member] | Advertising Print [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 574 | |
Publishing [Member] | Other Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 776 | |
Publishing [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | 21,640 | |
Publishing [Member] | Rental Income [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | $ 46 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Shares Used to Compute Basic and Diluted Net Earning Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Weighted average shares | 26,179,702 | 26,068,942 |
Effect of dilutive securities-stock options | 366,815 | |
Weighted average shares adjusted for dilutive securities | 26,179,702 | 26,435,757 |
Acquisitions and Recent Transac
Acquisitions and Recent Transactions - 2018 Debt Transactions - Schedule of Debt Instruments Senior Secured Note (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt [Line Items] | |
Cash Paid | $ 15,443 |
2018 Debt Transactions [Member] | |
Debt [Line Items] | |
Principal Repurchased | 16,430 |
Cash Paid | $ 15,443 |
2018 Debt Transactions [Member] | Senior Secured Note Period One [Member] | |
Debt [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,835 |
Percent face value | 91.75% |
Bond Issue Costs | $ 38 |
Net Gain | $ 127 |
2018 Debt Transactions [Member] | Senior Secured Note Period Two [Member] | |
Debt [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 1,850 |
Cash Paid | $ 1,702 |
Percent face value | 92.00% |
Bond Issue Costs | $ 35 |
Net Gain | $ 113 |
2018 Debt Transactions [Member] | Senior Secured Note Period Three [Member] | |
Debt [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 1,080 |
Cash Paid | $ 999 |
Percent face value | 92.50% |
Bond Issue Costs | $ 21 |
Net Gain | $ 60 |
2018 Debt Transactions [Member] | Senior Secured Note Period Four [Member] | |
Debt [Line Items] | |
Repurchase date | Nov. 17, 2018 |
Principal Repurchased | $ 1,500 |
Cash Paid | $ 1,357 |
Percent face value | 90.50% |
Bond Issue Costs | $ 29 |
Net Gain | $ 114 |
2018 Debt Transactions [Member] | Senior Secured Note Period Five [Member] | |
Debt [Line Items] | |
Repurchase date | May 4, 2018 |
Principal Repurchased | $ 4,000 |
Cash Paid | $ 3,770 |
Percent face value | 94.25% |
Bond Issue Costs | $ 86 |
Net Gain | $ 144 |
2018 Debt Transactions [Member] | Senior Secured Note Period Six [Member] | |
Debt [Line Items] | |
Repurchase date | Apr. 10, 2018 |
Principal Repurchased | $ 4,000 |
Cash Paid | $ 3,850 |
Percent face value | 96.25% |
Bond Issue Costs | $ 87 |
Net Gain | $ 63 |
2018 Debt Transactions [Member] | Senior Secured Note Period Seven [Member] | |
Debt [Line Items] | |
Repurchase date | Apr. 9, 2018 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,930 |
Percent face value | 96.50% |
Bond Issue Costs | $ 43 |
Net Gain | $ 27 |
Acquistions and Recent Transa_3
Acquistions and Recent Transactions - Equity Transactions - Schedule of Equity Distribution Declared (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Equity [Line Items] | ||
Cash Distributed (in thousands) | $ 6,806 | $ 6,790 |
Dividend Payment One [Member] | ||
Schedule Of Equity [Line Items] | ||
Announcement Date | Nov. 26, 2018 | Dec. 7, 2017 |
Record Date | Dec. 7, 2018 | Dec. 18, 2017 |
Payment Date | Dec. 21, 2018 | Dec. 29, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed (in thousands) | $ 1,702 | $ 1,701 |
Dividend Payment Two [Member] | ||
Schedule Of Equity [Line Items] | ||
Announcement Date | Sep. 5, 2018 | Sep. 12, 2017 |
Record Date | Sep. 17, 2018 | Sep. 22, 2017 |
Payment Date | Sep. 28, 2018 | Sep. 29, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed (in thousands) | $ 1,702 | $ 1,701 |
Dividend Payment Three [Member] | ||
Schedule Of Equity [Line Items] | ||
Announcement Date | May 31, 2018 | Jun. 1, 2017 |
Record Date | Jun. 15, 2018 | Jun. 16, 2017 |
Payment Date | Jun. 29, 2018 | Jun. 30, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed (in thousands) | $ 1,701 | $ 1,697 |
Dividend Payment Four [Member] | ||
Schedule Of Equity [Line Items] | ||
Announcement Date | Feb. 28, 2018 | Mar. 9, 2017 |
Record Date | Mar. 14, 2018 | Mar. 20, 2017 |
Payment Date | Mar. 28, 2018 | Mar. 31, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed (in thousands) | $ 1,701 | $ 1,691 |
Acquisitions and Recent Trans_2
Acquisitions and Recent Transactions - 2018 Acquisitions - Broadcast - Additional Information (Detail) - USD ($) | Sep. 11, 2018 | Jul. 25, 2018 | Jun. 25, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | ||||
Goodwill | $ 26,789,000 | $ 26,424,000 | $ 25,613,000 | |||
KDXE-FM [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business combination, consideration transferred | $ 1,100,000 | |||||
Goodwill | $ 7,400 | |||||
KTRB-AM [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Payment for asset acquisition | $ 5,100,000 | |||||
Transaction costs related to asset acquisition | $ 200,000 | |||||
KZTS-AM [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Payment for asset acquisition | $ 200,000 | |||||
Transaction costs related to asset acquisition | $ 30,000 |
Acquisitions and Recent Trans_3
Acquisitions and Recent Transactions - 2018 Acquisitions - Digital Media - Additional Information (Detail) - USD ($) | Aug. 09, 2018 | Aug. 07, 2018 | Apr. 19, 2018 | Jul. 24, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | Jan. 03, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | ||||||
Business combination, liabilities arising from contingencies, amount recognized | $ 500,000 | |||||||
Goodwill | 26,789,000 | 26,424,000 | $ 25,613,000 | |||||
Business combination, contingent consideration arrangements payment | (140,000) | (14,000) | ||||||
Business combination acquisition related costs | 200,000 | $ 100,000 | ||||||
Hilary Kramer Financial Newsletter [Member] | ||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||||
Business combination, consideration transferred | $ 2,000,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, deferred subscription liabilities | 1,500,000 | |||||||
Payments to acquire businesses, gross | 400,000 | |||||||
Additional contingent earnout consideration paid | 100,000 | |||||||
Business combination, liabilities arising from contingencies, amount recognized | 40,617 | |||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | 39,360 | |||||||
Goodwill | $ 300,000 | |||||||
Just1Word [Member] | ||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||||
Business combination, liabilities arising from contingencies, amount recognized | $ 12,750 | |||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | 12,212 | |||||||
Business acquisition cost of acquired entity cash paid net | 300,000 | |||||||
Business combination, contingent consideration arrangements payment | $ 100,000 | |||||||
Childrens Ministry Dealscom Website [Member] | ||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||||
Payments to acquire businesses, gross | $ 3,500,000 | |||||||
Goodwill | 700,000 | |||||||
Business combination, consideration transferred | 3,700,000 | |||||||
Payment up on fulfillments of certain post-closing requirements | $ 200,000 | |||||||
Business combination cash consideration description | $0.2 million in cash within twelve months from the closing date provided that the seller meet certain post-closing requirements with regard to intellectual property. | |||||||
HearItFirst.com (Asset Purchase) [Member] | ||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||||
Acquisition of domain name and related social media assets | $ 70,000 | $ 70,000 |
Acquisitions and Recent Trans_4
Acquisitions and Recent Transactions - Summary of Business Acquisitions and Asset Purchased (Detail) - USD ($) | Apr. 19, 2018 | Aug. 31, 2017 | Jul. 06, 2017 | Jun. 08, 2017 | Mar. 15, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 11,180,000 | $ 4,043,000 | |||||
KTRB-AM, San Francisco, California (Asset Purchase) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Asset purchase | $ 5,349,000 | ||||||
Business acquisition, Effective Date of Acquisition | Sep. 11, 2018 | ||||||
Hilary Kramer Financial Newsletter (Business Acquisition) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 439,000 | ||||||
Business acquisition, Effective Date of Acquisition | Aug. 9, 2018 | ||||||
Just1Word (Business Acquisition) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 312,000 | ||||||
Business acquisition, Effective Date of Acquisition | Aug. 7, 2018 | ||||||
KZTS-AM (formerly KDXE-AM), Little Rock, Arkansas (asset purchase) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Asset purchase | $ 210,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jul. 25, 2018 | ||||||
Childrens-Ministry-Deals.com (Business Acquisition) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 3,700,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jul. 24, 2018 | ||||||
KDXE-FM (Formerly KZTS-FM), Little Rock, Arkansas (Business Acquisition) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 1,100,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jun. 25, 2018 | ||||||
HearItFirst.com (Asset Purchase) [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Asset purchase | $ 70,000 | $ 70,000 | |||||
Business acquisition, Effective Date of Acquisition | Apr. 19, 2018 | ||||||
WWRC-AM Formerly WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 620,000 | ||||||
Business acquisition, Effective Date of Acquisition | Nov. 22, 2017 | ||||||
Real Property of Radio Station WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 1,500,000 | ||||||
Business acquisition, Effective Date of Acquisition | Sep. 15, 2017 | ||||||
Teacher Tube.com Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 1,100,000 | $ 1,100,000 | |||||
Business acquisition, Effective Date of Acquisition | Aug. 31, 2017 | Aug. 31, 2017 | |||||
Intelligence Reporter Newsletter Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 2,500,000 | ||||||
Business acquisition, Effective Date of Acquisition | Aug. 31, 2017 | Aug. 31, 2017 | |||||
FM Translator Construction Permit, Eaglemount, Washington Asset Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 40,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jul. 24, 2017 | ||||||
TradersCrux.com Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 300,000 | $ 298,000 | |||||
Business acquisition, Effective Date of Acquisition | Jul. 6, 2017 | Jul. 6, 2017 | |||||
FM Translator Construction Permit, Festus, Missouri Asset Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 40,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jun. 28, 2017 | ||||||
Portuguese Bible Mobile Applications Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 65,000 | $ 82,000 | |||||
Business acquisition, Effective Date of Acquisition | Jun. 8, 2017 | Jun. 8, 2017 | |||||
Prayers for Special Help Business Acquisition [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 200,000 | $ 245,000 | |||||
Business acquisition, Effective Date of Acquisition | Mar. 15, 2017 | Mar. 15, 2017 | |||||
FM Translator Construction Permit, Quartz Site, Arizona Asset Purchase [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 20,000 | ||||||
Business acquisition, Effective Date of Acquisition | Mar. 14, 2017 | ||||||
FM Translator Construction Permit, Roseburg, Oregon Asset Purchase [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 45,000 | ||||||
Business acquisition, Effective Date of Acquisition | Mar. 1, 2017 | ||||||
FM Translator, Astoria, Oregon Asset Purchase [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 33,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jan. 16, 2017 | ||||||
FM Translator Construction Permit, Mohave Valley, Arizona Asset Purchase [Member] | |||||||
Acquisition Date [Line Items] | |||||||
Business acquisition | $ 20,000 | ||||||
Business acquisition, Effective Date of Acquisition | Jan. 1, 2017 |
Acquisitions and Recent Trans_5
Acquisitions and Recent Transactions - Summary of Total Acquisition Consideration (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Business Combination, Consideration Transferred [Abstract] | ||
Cash payments made upon closing | $ 10,854 | $ 3,972 |
Deferred payments | 150 | |
Escrow deposits paid in prior years | 35 | |
Present value of estimated fair value of contingent earn-out consideration | 51 | |
Present value of estimated fair value of contingent earn-out consideration | 36 | |
Closing costs accrued for asset acquisitions | 125 | |
Total purchase price consideration | 4,043 | |
Total purchase price consideration | $ 11,180 | $ 4,043 |
Acquisitions and Recent Trans_6
Acquisitions and Recent Transactions - Total Acquisition Consideration Allocated (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2017 |
Assets | |||
Property and equipment | $ 1,086 | $ 2,394 | |
Broadcast licenses | 6,281 | 389 | |
Goodwill | 26,789 | 26,424 | $ 25,613 |
Customer lists and contracts | 1,882 | 314 | |
Domain and brand names | 1,252 | 647 | |
Subscriber base and lists | 875 | 2,316 | |
Non-compete agreements | 19 | 11 | |
Other amortizable intangible assets | 334 | ||
Net assets acquired | 12,722 | 6,895 | |
Liabilities | |||
Contract liabilities, long-term | (1,542) | ||
Deferred revenue | (2,852) | ||
Total purchase price consideration | 11,180 | 4,043 | |
Broadcasting and Digital Media [Member] | |||
Assets | |||
Goodwill | 993 | 824 | |
Broadcast [Member] | |||
Assets | |||
Property and equipment | 371 | 1,915 | |
Broadcast licenses | 6,281 | 389 | |
Goodwill | 7 | 14 | |
Net assets acquired | 6,659 | 2,318 | |
Liabilities | |||
Total purchase price consideration | 6,659 | 2,318 | |
Digital Media [Member] | |||
Assets | |||
Property and equipment | 715 | 479 | |
Goodwill | 986 | 810 | |
Customer lists and contracts | 1,882 | 314 | |
Domain and brand names | 1,252 | 647 | |
Subscriber base and lists | 875 | 2,316 | |
Non-compete agreements | 19 | 11 | |
Other amortizable intangible assets | 334 | ||
Net assets acquired | 6,063 | 4,577 | |
Liabilities | |||
Contract liabilities, long-term | (1,542) | ||
Deferred revenue | (2,852) | ||
Total purchase price consideration | $ 4,521 | $ 1,725 |
Acquisitions and Recent Trans_7
Acquisitions and Recent Transactions - Divestitures - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 28, 2018 | Jun. 28, 2018 | Aug. 06, 2018 | Jun. 30, 2018 | Jun. 20, 2018 | May 24, 2018 | Apr. 30, 2018 | Oct. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 9,894 | $ 2,456 | |||||||||
Proceeds from sale of property, plant, and equipment | $ 800 | ||||||||||
Agreement to sell assets in cash | 1,000 | ||||||||||
Gain (loss) on disposition of assets | $ (200) | ||||||||||
Time Brokerage Agreement [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Payments to acquire businesses, gross | $ 1,200 | ||||||||||
Fee for not exercising purchase option | $ 100 | ||||||||||
KGBIFM [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 3,200 | ||||||||||
Gain (loss) on disposition of assets | $ (2,400) | $ (3,200) | |||||||||
Omaha KCRO-AM and KOTK-AM [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 1,400 | ||||||||||
Gain (loss) on disposition of assets | $ (1,600) | $ (100) | |||||||||
WQVN-AM [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 3,500 | ||||||||||
Gain (loss) on disposition of assets | $ (4,700) | ||||||||||
WBIX-AM [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 700 | ||||||||||
Gain (loss) on disposition of assets | $ 200 | ||||||||||
Lakeside [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Proceeds from sale of assets | $ 300 |
Acquisitions and Recent Trans_8
Acquisitions and Recent Transactions - Pending Transactions -Additional Information (Detail) $ in Millions | Mar. 01, 2017USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Business combination, liabilities arising from contingencies, amount recognized | $ 0.5 |
Term of time brokerage agreement | 24 months |
Acquisitions and Recent Trans_9
Acquisitions and Recent Transactions - 2017 Debt Transactions - Additional Information (Detail) - USD ($) | May 19, 2017 | Jan. 30, 2017 | Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Debt instrument, face amount | $ 238,600,000 | ||||
Debt instrument, interest rate, stated percentage | 4.58% | ||||
Payments for loans | $ 2,000,000 | ||||
Gains (losses) on extinguishment of debt, total | (4,500) | $ 648,000 | $ (2,775,000) | ||
Amortization of financing costs | $ 12,000 | $ 18,000 | 1,114,000 | 940,000 | |
Unamortized Discount [Member] | Cycleprophet.com Business Acquisition [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Gains (losses) on extinguishment of debt, total | $ (600,000) | ||||
Swing Line Loans [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 7,500,000 | ||||
Revolver [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Long-term line of credit, noncurrent | 25,000,000 | ||||
Term Loan B [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Debt instrument, face amount | 300,000,000 | ||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | ||||
Payments for loans | 258,000,000 | 3,000,000 | |||
Gains (losses) on extinguishment of debt, total | $ (6,200) | ||||
Term Loan B [Member] | Unamortized Debt Issuance Costs [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Gains (losses) on extinguishment of debt, total | (1,500,000) | ||||
Revolver [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||
Payments for loans | 4,100,000 | ||||
Amortization of financing costs | $ 26,000 | ||||
Revolver [Member] | Unamortized Debt Issuance Costs [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Gains (losses) on extinguishment of debt, total | (56,000) | ||||
Standby Letters of Credit [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 5,000,000 | ||||
Senior Secured Debt [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Debt instrument, face amount | $ 255,000,000 | ||||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% | |||
Asset-Based Revolving Credit Facility [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Debt instrument, face amount | $ 30,000,000 | ||||
Amortization of financing costs | $ 700,000 |
Acquisitions and Recent Tran_10
Acquisitions and Recent Transactions - 2017 Equity Transactions - Additional Information (Detail) - shares | Aug. 09, 2017 | Feb. 24, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 211,658 | |||
Restricted Stock [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Restricted Stock [Member] | Executive Officer [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 33,066 | |||
Restricted Stock [Member] | Management [Member] | ||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 178,592 |
Acquisitions and Recent Tran_11
Acquisitions and Recent Transactions - 2017 Acquisitions - Broadcast - Additional Information (Detail) - USD ($) | Nov. 22, 2017 | Sep. 15, 2017 | Jul. 24, 2017 | Jun. 28, 2017 | Mar. 14, 2017 | Mar. 01, 2017 | Jan. 16, 2017 | Jan. 06, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | |||||||||
Goodwill | $ 26,789,000 | $ 26,424,000 | $ 25,613,000 | ||||||||
WWRC-AM Formerly WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Nov. 22, 2017 | ||||||||||
Business combination, consideration transferred | $ 620,000 | ||||||||||
Real Property of Radio Station WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Sep. 15, 2017 | ||||||||||
Business combination, consideration transferred | $ 1,500,000 | ||||||||||
FM Translator Construction Permit, Eaglemount, Washington Asset Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jul. 24, 2017 | ||||||||||
Business combination, consideration transferred | $ 40,000 | ||||||||||
FM Translator Construction Permit, Festus, Missouri Asset Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jun. 28, 2017 | ||||||||||
Business combination, consideration transferred | $ 40,000 | ||||||||||
FM Translator Construction Permit, Quartz Site, Arizona Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Mar. 14, 2017 | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
FM Translator Construction Permit, Roseburg, Oregon Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Mar. 1, 2017 | ||||||||||
Business combination, consideration transferred | $ 45,000 | ||||||||||
FM Translator, Astoria, Oregon Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jan. 16, 2017 | ||||||||||
Business combination, consideration transferred | $ 33,000 | ||||||||||
FM Translator Construction Permit, Mohave Valley, Arizona Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jan. 1, 2017 | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | WWRC-AM Formerly WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Nov. 22, 2017 | ||||||||||
Business combination, consideration transferred | $ 600,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | Real Property of Radio Station WSPZ-AM in Bethesda, Maryland Business Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Sep. 15, 2017 | ||||||||||
Business combination, consideration transferred | $ 1,500,000 | ||||||||||
Goodwill | $ 13,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator Construction Permit, Eaglemount, Washington Asset Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jul. 24, 2017 | ||||||||||
Business combination, consideration transferred | $ 40,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator Construction Permit, Festus, Missouri Asset Acquisition [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jun. 28, 2017 | ||||||||||
Business combination, consideration transferred | $ 40,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator Construction Permit, Quartz Site, Arizona Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Mar. 14, 2017 | ||||||||||
Business combination, consideration transferred | $ 20,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator Construction Permit, Roseburg, Oregon Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Mar. 1, 2017 | ||||||||||
Business combination, consideration transferred | $ 45,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator, Astoria, Oregon Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jan. 16, 2017 | ||||||||||
Business combination, consideration transferred | $ 33,000 | ||||||||||
2017 Acquisitions Broadcast [Member] | FM Translator Construction Permit, Mohave Valley, Arizona Asset Purchase [Member] | |||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||||||||
Business acquisition, Effective Date of Acquisition | Jan. 6, 2017 | ||||||||||
Business combination, consideration transferred | $ 20,000 |
Acquisitions and Recent Tran_12
Acquisitions and Recent Transactions - 2017 Acquisitions - Digital Media - Additional Information (Detail) - USD ($) | Aug. 31, 2017 | Jul. 06, 2017 | Jun. 08, 2017 | Mar. 15, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | ||||
Teacher Tube.com Business Acquisition [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business acquisition, Effective Date of Acquisition | Aug. 31, 2017 | Aug. 31, 2017 | ||||
Business combination, consideration transferred | $ 1,100,000 | $ 1,100,000 | ||||
Intelligence Reporter Newsletter Business Acquisition [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business acquisition, Effective Date of Acquisition | Aug. 31, 2017 | Aug. 31, 2017 | ||||
Business combination, consideration transferred | $ 2,500,000 | |||||
Business combination, deferred subscription liabilities | $ 2,900,000 | |||||
TradersCrux.com Business Acquisition [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business acquisition, Effective Date of Acquisition | Jul. 6, 2017 | Jul. 6, 2017 | ||||
Business combination, consideration transferred | $ 300,000 | $ 298,000 | ||||
Estimated contingent earn-out consideration | $ 100,000 | |||||
Portuguese Bible Mobile Applications Business Acquisition [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business acquisition, Effective Date of Acquisition | Jun. 8, 2017 | Jun. 8, 2017 | ||||
Business combination, consideration transferred | $ 65,000 | $ 82,000 | ||||
Estimated contingent earn-out consideration | $ 20,000 | |||||
Prayers for Special Help Business Acquisition [Member] | ||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||||||
Business acquisition, Effective Date of Acquisition | Mar. 15, 2017 | Mar. 15, 2017 | ||||
Business combination, consideration transferred | $ 200,000 | $ 245,000 |
Acquisitions and Recent Tran_13
Acquisitions and Recent Transactions - 2017 Divestitures - Additional Information (Detail) - USD ($) | Dec. 28, 2017 | Jun. 01, 2017 | May 30, 2017 | Jan. 03, 2017 | May 24, 2018 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Proceeds from sale of property, plant, and equipment | $ 800,000 | ||||
Gain (loss) on disposition of assets | $ (200,000) | ||||
Proceeds from collection of lease receivables | $ 600,000 | ||||
Proceeds from sale of intangible assets | $ 10,000 | ||||
Gain (loss) on disposition of intangible assets | $ 56,000 | ||||
Word Broadcasting Network [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Proceeds from sale of other assets | $ 500,000 | ||||
WQVN-AM Tower Site [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Proceeds from sale of property, plant, and equipment | $ 1,900,000 | ||||
Gain (loss) on disposition of assets | $ 400,000 |
Contingent Earn-Out Considera_3
Contingent Earn-Out Consideration - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Aug. 09, 2018 | Aug. 07, 2018 | Jun. 08, 2017 | May 06, 2017 | May 06, 2015 | Feb. 06, 2015 | Jul. 06, 2017 | Jun. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 06, 2017 | Mar. 01, 2017 | Sep. 13, 2016 |
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | $ 500,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ 76,000 | $ (23,000) | ||||||||||||||
Business combination, contingent consideration arrangements payment | (140,000) | (14,000) | ||||||||||||||
Portuguese Bible Mobile Application [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 65,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 20,000 | |||||||||||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | $ 16,500 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ (3,200) | 1,700 | ||||||||||||||
Business combination, contingent consideration arrangements payment | 15,000 | |||||||||||||||
TradersCrux com [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 300,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 100,000 | |||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | 18,750 | |||||||||||||||
Business acquisition contingent earn out consideration payable | 100,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ 75,000 | 31,000 | ||||||||||||||
Payments to acquire businesses, gross | $ 300,000 | |||||||||||||||
Business combination, contingent consideration arrangements payment | $ 125,000 | |||||||||||||||
Turner Investment Products [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 400,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 100,000 | |||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | $ 66,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | (53,000) | |||||||||||||||
Daily Bible Devotion (business acquisition) [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 1,100,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 300,000 | |||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | 165,000 | |||||||||||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | $ 142,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ (4,000) | |||||||||||||||
Business combination, contingent consideration arrangements payment | 75,000 | |||||||||||||||
Bryan Perry Newsletters (business acquisition) [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | $ 158,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ 1,000 | |||||||||||||||
Business combination, contingent consideration arrangements payment | $ 14,000 | $ 91,000 | ||||||||||||||
Contingent earn out consideration due to seller net subscriber revenues percentage | 50.00% | |||||||||||||||
Business combination, contingent consideration, liability | $ 171,000 | |||||||||||||||
Hilary Kramer Financial Newsletters [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 400,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 100,000 | |||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | $ 0 | 40,617 | $ 0 | |||||||||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | 39,360 | |||||||||||||||
Business acquisition contingent earn out consideration payable | $ 100,000 | |||||||||||||||
Just1Word Mobile Application [Member] | ||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||
Business acquisition cost of acquired entity cash paid net | $ 300,000 | |||||||||||||||
Business combination, contingent consideration maximum payment | 100,000 | |||||||||||||||
Business combination, liabilities arising from contingencies, amount recognized | 12,750 | |||||||||||||||
Business combination liabilities arising from contingencies amount recognized discounted present value | 12,212 | |||||||||||||||
Business acquisition contingent earn out consideration payable | $ 100,000 | |||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | $ 4,000 |
Contingent Earn-Out Considera_4
Contingent Earn-Out Consideration - Schedule Of Changes In Present Value Of Acquisition Related Contingent Earn-Out Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Beginning Balance | $ 69 | $ 66 |
Acquisitions | 51 | 36 |
Accretion of acquisition-related contingent earn-out consideration | (1) | 4 |
Change in the estimated fair value of contingent earn-out consideration | 76 | (23) |
Reclassification of payments due in next 12 months to short-term | 0 | 0 |
Payments | (140) | (14) |
Ending Balance | 55 | 69 |
Short-Term Accrued Expenses [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Beginning Balance | 69 | 66 |
Acquisitions | 38 | 36 |
Accretion of acquisition-related contingent earn-out consideration | (1) | 4 |
Change in the estimated fair value of contingent earn-out consideration | 74 | (23) |
Reclassification of payments due in next 12 months to short-term | 0 | 0 |
Payments | (140) | (14) |
Ending Balance | 40 | 69 |
Long-Term Other Liabilities [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Acquisitions | 13 | |
Change in the estimated fair value of contingent earn-out consideration | 2 | |
Reclassification of payments due in next 12 months to short-term | 0 | $ 0 |
Ending Balance | $ 15 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory on Hand by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Reserve for obsolescence | $ (994) | $ (1,657) |
Inventories, net | 677 | 730 |
Regnery Publishing [Member] | ||
Inventory [Line Items] | ||
Inventories, gross | 1,317 | 2,038 |
Reserve for obsolescence | (930) | (1,621) |
Inventories, net | 387 | 417 |
Wellness Products [Member] | ||
Inventory [Line Items] | ||
Inventories, gross | 354 | 349 |
Reserve for obsolescence | (64) | (36) |
Inventories, net | $ 290 | $ 313 |
Property and Equipment - Summar
Property and Equipment - Summary of Categories of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 267,350 | $ 264,200 |
Less accumulated depreciation | (170,842) | (164,720) |
Property, Plant and Equipment, Net, Total | 96,508 | 99,480 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 31,822 | 32,320 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 30,104 | 28,962 |
Office Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 36,791 | 37,583 |
Office Furnishings and Equipment Under Capital Lease Obligations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 215 | 244 |
Antennae, Towers and Transmitting Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 85,998 | 85,632 |
Antennae Towers and Transmitting Equipment Under Capital Lease Obligations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 795 | |
Studio, Production and Mobile Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 29,040 | 29,697 |
Computer Software and Website Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 27,603 | 24,477 |
Record and Tape Libraries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 17 | 27 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 1,570 | 1,385 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 19,357 | 19,003 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,833 | $ 4,075 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, total | $ 12,000,000 | $ 12,400,000 |
Accumulated depreciation, depletion and amortization, property, plant, and equipment | 170,842,000 | 164,720,000 |
Capital Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation, total | 53,000 | 93,000 |
Accumulated depreciation, depletion and amortization, property, plant, and equipment | $ 100,000 | $ 800,000 |
Broadcast Licenses - Additional
Broadcast Licenses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Percentage of fair value over carrying value benchmark for qualitative impairment analysis | 94.60% | |
Impairment charge | $ 2,870 | $ 19 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
License renewable term | 8 years | |
Percentage of fair value over carrying value benchmark for qualitative impairment analysis | 25.00% | |
Licensing Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, weighted average period before next renewal or extension | 2 years 7 months 6 days |
Broadcast Licenses - Schedule o
Broadcast Licenses - Schedule of Changes in Broadcasting Licenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance, beginning of period before cumulative loss on impairment | $ 486,455 | $ 494,058 |
Accumulated loss on impairment, Beginning Balance | (105,541) | (105,541) |
Balance, beginning of period after cumulative loss on impairment | 380,914 | 388,517 |
Capital projects to improve broadcast signal and strength | 5 | |
Abandoned capital projects | (40) | |
Impairments based on the estimated fair value of broadcast licenses | (2,834) | |
Balance, end of period before cumulative loss on impairment | 484,691 | 486,455 |
Accumulated loss on impairment, Ending Balance | (108,375) | (105,541) |
Balance, end of period after cumulative loss on impairment | 376,316 | 380,914 |
Radio Stations [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquisitions of FM translators and construction permits | 6,270 | 191 |
Disposition of radio stations | (8,013) | (7,997) |
FM Translators [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquisitions of FM translators and construction permits | $ 19 | $ 198 |
Broadcast Licenses - Carrying V
Broadcast Licenses - Carrying Value and Fair Value of Broadcast Licenses (Detail) - Broadcast Licenses [Member] | 12 Months Ended |
Dec. 31, 2018USD ($)Accounting | |
Less than or equal to 25% [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 9 |
Broadcast license carrying value | $ | $ 200,098,000 |
>26%-50% [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 1 |
Broadcast license carrying value | $ | $ 14,743,000 |
>26%-50% [Member] | Station Operating Income [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 2 |
Broadcast license carrying value | $ | $ 7,692,000 |
>51% to 75% [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 4 |
Broadcast license carrying value | $ | $ 52,051,000 |
> than 76% [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 2 |
Broadcast license carrying value | $ | $ 9,558,000 |
> than 76% [Member] | Station Operating Income [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Number of accounting units | Accounting | 14 |
Broadcast license carrying value | $ | $ 95,039,000 |
Broadcast Licenses - Fair Value
Broadcast Licenses - Fair Value Measurement Inputs and Valuation Techniques for Broadcast Licenses (Detail) - Broadcast Licenses [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Measurement Input, Risk-adjusted Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.090 | 0.090 |
Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.012 | 0.019 |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.044 | (0.139) |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.005 | |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.345 | 0.308 |
Broadcast Licenses - Results of
Broadcast Licenses - Results of Impairment Testing of Broadcast Licenses Under Income Approach (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Atlanta GA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 21.20% |
Cleveland OH [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (3.80%) |
Columbus OH City [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 25.40% |
Dallas TX [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 45.90% |
Denver CO [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 951.30% |
Detroit MI [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 47.60% |
Greenville SC [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 46.50% |
Honolulu HI [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 131.10% |
Houston TX [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 1070.40% |
Little Rock [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 21.00% |
Los Angeles CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 102.60% |
Louisville KY [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (11.20%) |
Nashville TN [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 675.10% |
New York Ny [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 35.40% |
Philadelphia PA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 9.70% |
Phoenix AZ [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 51.00% |
Pittsburgh PA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 292.70% |
Portland OR [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (3.90%) |
Sacramento CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 3.10% |
San Antonio TX [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 63.10% |
San Diego CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 47.20% |
San Francisco CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 2.60% |
Seattle WA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 597.40% |
St Louis [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 329.50% |
Tampa FL [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 12.50% |
Washington D.C. [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 164.90% |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance, beginning of period before cumulative loss on impairment | $ 28,453 | $ 27,642 |
Beginning Balance, Accumulated loss on impairment | (2,029) | (2,029) |
Balance, beginning of period after cumulative loss on impairment | 26,424 | 25,613 |
Balance, end of period before cumulative loss on impairment | 28,818 | 28,453 |
Ending Balance, Accumulated loss on impairment | (2,029) | (2,029) |
Ending period balance | 26,789 | 26,424 |
Radio Stations [Member] | ||
Goodwill [Line Items] | ||
Acquisitions | 7 | 14 |
Goodwill, Written off Related to Sale of Business Unit | (628) | |
Digital Media [Member] | ||
Goodwill [Line Items] | ||
Acquisitions | $ 986 | 810 |
Broadcast Business [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Written off Related to Sale of Business Unit | $ (13) |
Goodwill - Fair Value Measureme
Goodwill - Fair Value Measurement Inputs and Valuation Techniques For Goodwill (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Measurement Input, Risk-adjusted Discount Rate [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.100 | |
Measurement Input, Risk-adjusted Discount Rate [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.090 | 0.090 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.005 | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.010 | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Publishing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.010 | 0.019 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.019 | |
Measurement Input, Discount Rate [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.100 | 0.100 |
Measurement Input, Discount Rate [Member] | Publishing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.100 | 0.100 |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.148 | |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.085 | 0.080 |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | Publishing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.040 | 0.050 |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | (0.041) | (0.078) |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.019 | |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.005 | |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.157 | |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.172 | 0.360 |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | Publishing [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.050 | 0.055 |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.451 | 0.362 |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Digital Media [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.020 | |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | Radio Clusters [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.011 |
Goodwill - Carrying Value and F
Goodwill - Carrying Value and Fair Value of Goodwill (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($)Accounting | |
Less Than 10% [Member] | Radio Clusters [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 2 |
Carrying value including goodwill | $ | $ 49,525,000 |
Less Than 10% [Member] | Digital Media [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 1 |
Carrying value including goodwill | $ | $ 361,000 |
Greater Than 10% to 20% [Member] | Radio Clusters [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 3 |
Carrying value including goodwill | $ | $ 41,244,000 |
Greater Than 10% to 20% [Member] | Digital Media [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 2 |
Carrying value including goodwill | $ | $ 9,836,000 |
Greater Than 20% to 50% [Member] | Radio Clusters [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 6 |
Carrying value including goodwill | $ | $ 100,121,000 |
Greater Than 50% [Member] | Radio Clusters [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 6 |
Carrying value including goodwill | $ | $ 78,471,000 |
Greater Than 51% [Member] | Digital Media [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 1 |
Carrying value including goodwill | $ | $ 27,821,000 |
Greater Than 51% [Member] | Publishing [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 1 |
Carrying value including goodwill | $ | $ 847,000 |
Greater Than11% to 20% [Member] | Publishing [Member] | |
Carrying Amounts And Fair Values Of Financial Instruments [Line Items] | |
Number of accounting units | Accounting | 1 |
Carrying value including goodwill | $ | $ 3,976,000 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Percentage of fair value over carrying value, benchmark for qualitative impairment analysis | 94.60% |
Other Indefinite-Lived Intang_3
Other Indefinite-Lived Intangible Assets - Fair Value Measurement Inputs and Valuation Techniques For Mastheads (Detail) - Mastheads [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Measurement Input, Risk-adjusted Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.10 | 0.10 |
Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.03 | 0.03 |
Minimum [Member] | Measurement Input, Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | (0.040) | (0.032) |
Maximum [Member] | Measurement Input, Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | (0.010) | 0.009 |
Other Indefinite-Lived Intang_4
Other Indefinite-Lived Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 2,870,000 | $ 19,000 |
Goodwill and Mastheads [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 36,000 |
Amortizable Intangible Assets -
Amortizable Intangible Assets - Summary of Significant Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 64,444 | $ 60,283 |
Accumulated Amortization | (53,180) | (47,179) |
Net | 11,264 | 13,104 |
Customer Lists and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 24,673 | 22,865 |
Accumulated Amortization | (21,798) | (20,888) |
Net | 2,875 | 1,977 |
Domain and Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 21,358 | 20,109 |
Accumulated Amortization | (16,758) | (14,650) |
Net | 4,600 | 5,459 |
Favorable and Assigned Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,256 | 2,379 |
Accumulated Amortization | (1,953) | (2,028) |
Net | 303 | 351 |
Subscriber Base and Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 9,672 | 8,797 |
Accumulated Amortization | (7,198) | (4,701) |
Net | 2,474 | 4,096 |
Author Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,771 | 2,771 |
Accumulated Amortization | (2,454) | (2,237) |
Net | 317 | 534 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,048 | 2,029 |
Accumulated Amortization | (1,641) | (1,342) |
Net | 407 | 687 |
Other Amortizable Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,666 | 1,333 |
Accumulated Amortization | (1,378) | $ (1,333) |
Net | $ 288 |
Amortizable Intangible Assets_2
Amortizable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 6.2 | $ 4.6 |
Amortizable Intangible Assets_3
Amortizable Intangible Assets - Amortizable Intangible Assets, Estimate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2019 | $ 4,699 | |
2020 | 3,275 | |
2021 | 1,654 | |
2022 | 969 | |
2023 | 459 | |
Thereafter | 208 | |
Net | $ 11,264 | $ 13,104 |
Long-Term Debt - 6.75% Senior S
Long-Term Debt - 6.75% Senior Secured Notes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | May 19, 2017 | |
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 4.58% | ||
Interest expense, debt | $ 203,000 | ||
Interest payable, current | $ 1,375,000 | $ 1,445,000 | |
Debt related commitment fees and debt issuance costs | $ 6,300,000 | ||
Debt Instrument Redemption Period Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption, percentage of aggregate principal amount | 35.00% | 35.00% | |
Debt instrument, redemption price, percentage of principal amount redeemed | 106.75% | 106.75% | |
Debt Instrument Redemption Period Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption, percentage of aggregate principal amount | 10.00% | 10.00% | |
Debt instrument, redemption price, percentage of principal amount redeemed | 103.00% | 103.00% | |
Debt Instrument Redemption Period One [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | 100.00% | |
Senior Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% | |
Debt instrument, debt default, description of violation or event of default | The Indenture provides for the following events of default (each, an “Event of Default”): (i) default in payment of principal or premium on the Notes at maturity, upon repurchase, acceleration, optional redemption or otherwise; (ii) default for 30 days in payment of interest on the Notes; (iii) the failure by us or certain restricted subsidiaries to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (iv) the failure of any guarantee by certain significant Subsidiary Guarantors to be in full force and effect and enforceable in accordance with its terms, subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period) of other indebtedness of ours or any restricted subsidiary if the amount accelerated (or so unpaid) is at least $15 million; (vi) certain judgments for the payment of money in excess of $15 million; (vii) certain events of bankruptcy or insolvency with respect to us or any significant subsidiary; and (vii) certain defaults with respect to any collateral having a fair market value in excess of $15 million. | ||
Debt instrument debt default percentage | 25.00% | ||
Interest expense, debt | $ 15,900,000 | ||
Interest payable, current | 1,300,000 | ||
Debt related commitment fees and debt issuance costs | $ 900,000 | $ 600,000 |
Long - term Debt - Summary of R
Long - term Debt - Summary of Repurchase of Senior Secured Note (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Cash Paid | $ 15,443 |
Senior Secured Note [Member] | |
Debt Instrument [Line Items] | |
Principal Repurchased | 16,430 |
Cash Paid | $ 15,443 |
Senior Secured Note [Member] | Senior Secured Note Period One [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,835 |
Percent face value | 91.75% |
Bond Issue Costs | $ 38 |
Net Gain | $ 127 |
Senior Secured Note [Member] | Senior Secured Note Period Two [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 1,850 |
Cash Paid | $ 1,702 |
Percent face value | 92.00% |
Bond Issue Costs | $ 35 |
Net Gain | $ 113 |
Senior Secured Note [Member] | Senior Secured Note Period Three [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 1,080 |
Cash Paid | $ 999 |
Percent face value | 92.50% |
Bond Issue Costs | $ 21 |
Net Gain | $ 60 |
Senior Secured Note [Member] | Senior Secured Note Period Four [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Nov. 17, 2018 |
Principal Repurchased | $ 1,500 |
Cash Paid | $ 1,357 |
Percent face value | 90.50% |
Bond Issue Costs | $ 29 |
Net Gain | $ 114 |
Senior Secured Note [Member] | Senior Secured Note Period Five [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | May 4, 2018 |
Principal Repurchased | $ 4,000 |
Cash Paid | $ 3,770 |
Percent face value | 94.25% |
Bond Issue Costs | $ 86 |
Net Gain | $ 144 |
Senior Secured Note [Member] | Senior Secured Note Period Six [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Apr. 10, 2018 |
Principal Repurchased | $ 4,000 |
Cash Paid | $ 3,850 |
Percent face value | 96.25% |
Bond Issue Costs | $ 87 |
Net Gain | $ 63 |
Senior Secured Note [Member] | Senior Secured Note Period Seven [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Apr. 9, 2018 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,930 |
Percent face value | 96.50% |
Bond Issue Costs | $ 43 |
Net Gain | $ 27 |
Long-Term Debt - Asset-Based Re
Long-Term Debt - Asset-Based Revolving Credit Facility - Additional Information (Detail) | May 19, 2017USD ($) | Jan. 30, 2017USD ($) | Feb. 28, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Debt instrument, debt default, description of violation or event of default | $ 238,600,000 | ||||
Amortization of financing costs | $ 12,000 | $ 18,000 | 1,114,000 | $ 940,000 | |
Debt related commitment fees and debt issuance costs | $ 6,300,000 | ||||
Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, debt default, description of violation or event of default | $ 30,000,000 | ||||
Debt instrument, interest rate, increase (decrease) | 2.00% | ||||
Line of credit facility, covenant terms | The Credit Agreement includes a springing fixed charge coverage ratio of 1.0 to 1.0, which is tested during the period commencing on the last day of the fiscal month most recently ended prior to the date on which Availability (as defined in the Credit Agreement) is less than the greater of 15% of the Maximum Revolver Amount (as defined in the Credit Agreement) and $4.5 million and continuing for a period of 60 consecutive days after the first day on which Availability exceeds such threshold amount. | ||||
Fixed charge coverage ratio | 1 | ||||
Debt instrument, debt default, description of violation or event of default | The Credit Agreement provides for the following events of default: (i) default for non-payment of any principal or letter of credit reimbursement when due or any interest, fees or other amounts within five days of the due date; (ii) the failure by any borrower or any subsidiary to comply with any covenant or agreement contained in the Credit Agreement or any other loan document, in certain cases subject to applicable notice and lapse of time; (iii) any representation or warranty made pursuant to the Credit Agreement or any other loan document is incorrect in any material respect when made; (iv) certain defaults of other indebtedness of any borrower or any subsidiary of indebtedness of at least $10 million; (v) certain events of bankruptcy or insolvency with respect to any borrower or any subsidiary; (vi) certain judgments for the payment of money of $10 million or more; (vii) a change of control; and (viii) certain defaults relating to the loss of FCC licenses, cessation of broadcasting and termination of material station contracts. | ||||
Aggregate indebtedness | $ 10,000,000 | ||||
Amortization of financing costs | 700,000 | ||||
Debt related commitment fees and debt issuance costs | $ 6,300,000 | ||||
Debt instrument blended interest rate | 4.45% | ||||
Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, debt default, description of violation or event of default | $ 30,000,000 | ||||
Debt instrument, interest rate, increase (decrease) | 2.00% | ||||
Asset-Based Revolving Credit Facility [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, debt default, description of violation or event of default | $ 5,000,000 | ||||
Asset-Based Revolving Credit Facility [Member] | Swingline Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, debt default, description of violation or event of default | $ 7,500,000 | ||||
Abl Facility [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt related commitment fees and debt issuance costs | $ 200,000 | $ 200,000 | |||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | 0.50% | |||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.50% | 1.50% | |||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | 0.25% | |||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.50% | ||||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | ||||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | 1.00% | |||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | 2.00% | |||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | 0.375% | |||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% |
Long-Term Debt - Prior Term Loa
Long-Term Debt - Prior Term Loan B and Revolving Credit Facility - Additional Information (Detail) - USD ($) | May 19, 2017 | Jan. 30, 2017 | Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||
Interest expense, debt | $ 203,000 | ||||
Gains (losses) on extinguishment of debt, total | $ (4,500) | $ 648,000 | (2,775,000) | ||
Debt instrument, interest rate, stated percentage | 4.58% | ||||
Amortization of financing costs | $ 12,000 | $ 18,000 | $ 1,114,000 | 940,000 | |
Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | ||||
Senior notes, non-current | 298,500,000 | ||||
Interest expense, debt | 74,000 | ||||
Gains (losses) on extinguishment of debt, total | $ (6,200) | ||||
Debt instrument, unamortized discount | $ 600,000 | ||||
Term Loan B [Member] | Abl Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 258,000,000 | ||||
Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | ||||
Amortization of financing costs | $ 26,000 | ||||
Revolver [Member] | Abl Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term line of credit, non-current | 4,100,000 | ||||
Gains (losses) on extinguishment of debt, total | (2,100,000) | ||||
Term Loan B and Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance expense | $ 1,500,000 |
Long-Term Debt - Repayments of
Long-Term Debt - Repayments of Term Loan B (Detail) - USD ($) $ in Thousands | May 19, 2017 | Feb. 28, 2017 | Jan. 30, 2017 |
Debt Instrument [Line Items] | |||
Principal Paid | $ 2,000 | ||
Term Loan B Payment One [Member] | |||
Debt Instrument [Line Items] | |||
Principal Paid | $ 258,000 | $ 3,000 | 2,000 |
Unamortized Discount | $ 550 | $ 6 | $ 5 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long term debt and capital lease obligations current and noncurrent | $ 258,393 | |
Long-term Debt | 19,660 | $ 9,000 |
Long-term debt and capital lease obligations less unamortized debt issuance costs | 253,853 | 258,688 |
Less current portion | (19,718) | (9,109) |
Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion | 234,135 | 249,579 |
Capital Lease Obligations and Other [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt and capital lease obligations current and noncurrent | 163 | 462 |
Senior Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt and capital lease obligations current and noncurrent | 238,570 | 255,000 |
Less unamortized debt issuance costs based on imputed interest rate of 7.08% | (4,540) | (5,774) |
Long-term Debt | $ 234,030 | $ 249,226 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2018 | May 19, 2017 |
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.58% | |
Senior Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% |
Senior Secured Debt [Member] | Debt Issuance Costs [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 7.08% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt Obligations - Additional Information (Detail) - USD ($) | May 19, 2017 | Dec. 31, 2018 |
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, face amount | $ 238,600,000 | |
Debt instrument, interest rate, stated percentage | 4.58% | |
Asset-Based Revolving Credit Facility [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, face amount | $ 30,000,000 | |
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | 0.25% |
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Minimum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | 0.375% |
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | |
Asset-Based Revolving Credit Facility [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Line of credit, current | $ 19,700,000 | |
Debt instrument, face amount | $ 30,000,000 | |
Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | |
Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | 0.50% |
Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | 1.50% |
Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | |
Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | 1.00% |
Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.00% | 2.00% |
Senior Secured Debt [Member] | ||
Shares Issued And Outstanding [Line Items] | ||
Debt instrument, face amount | $ 255,000,000 | |
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% |
Long-Term Debt - Principle Repa
Long-Term Debt - Principle Repayment Requirements Under Long Term Agreements Outstanding (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Maturities of Long-term Debt [Abstract] | |
2019 | $ 19,718 |
2020 | 39 |
2021 | 31 |
2022 | 27 |
2023 | 8 |
Thereafter | 238,570 |
Total | $ 258,393 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Carrying value of notes | $ 238,600,000 | |
Debt instrument, estimated fair value | 218,300,000 | |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | 2,870,000 | $ 19,000 |
Broadcast Market Clusters and Mastheads [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 2,900,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Assets and Liabilities (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | $ 55 |
Long-term debt and capital lease obligations less unamortized debt issuance costs | 253,853 |
Other Indefinite Lived Intangible Assets [Member] | |
Assets | |
Estimated fair value of other indefinite-lived intangible assets | 277 |
Fair Value, Inputs, Level 2 [Member] | Other Indefinite Lived Intangible Assets [Member] | |
Liabilities: | |
Long-term debt and capital lease obligations less unamortized debt issuance costs | 233,575 |
Fair Value, Inputs, Level 3 [Member] | Other Indefinite Lived Intangible Assets [Member] | |
Assets | |
Estimated fair value of other indefinite-lived intangible assets | 277 |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | $ 55 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||
Effective corporate income tax rate | 21.00% | 35.00% |
Deferred tax assets, valuation allowance | $ 5,371 | $ 6,154 |
Deferred tax assets, operating loss carryforwards, state and local | 6,000 | |
Deferred tax assets, impairment losses | $ 200 | |
Valuation allowance | 5,400 | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards for federal income tax purpose | $ 148,100 | |
Beginning year of expiry for net operating loss carry forwards | 2021 | |
Ending year of expiry for net operating loss carryforwards | 2038 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards for federal income tax purpose | $ 783,800 | |
Beginning year of expiry for net operating loss carry forwards | 2019 | |
Ending year of expiry for net operating loss carryforwards | 2038 |
Income Tax - Schedule of Consol
Income Tax - Schedule of Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 282 | 63 |
Current Income Tax Expense (Benefit), Total | 282 | 63 |
Deferred: | ||
Federal | (658) | (21,167) |
State | 2,849 | 234 |
Deferred Income Taxes and Tax Credits, Total | 2,191 | (20,933) |
Provision for (benefit from) income taxes | $ 2,473 | $ (20,870) |
Income Tax - Schedule of Cons_2
Income Tax - Schedule of Consolidated Deferred Tax Asset and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Financial statement accruals not currently deductible | $ 6,822 | $ 6,220 |
Net operating loss, AMT credit and other carryforwards | 50,067 | 55,720 |
State taxes | 124 | 103 |
Other | 3,969 | 2,191 |
Total deferred tax assets | 60,982 | 64,234 |
Valuation allowance for deferred tax assets | (5,371) | (6,154) |
Net deferred tax assets | 55,611 | 58,080 |
Deferred tax liabilities: | ||
Excess of net book value of property and equipment and software for financial reporting purposes over tax basis | 2,763 | 1,218 |
Excess of net book value of intangible assets for financial reporting purposes over tax basis | 88,112 | 89,898 |
Other | 8 | 45 |
Total deferred tax liabilities | 90,883 | 91,161 |
Net deferred tax liabilities | $ (35,272) | $ (33,081) |
Income Tax - Schedule of Reconc
Income Tax - Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred income tax asset per balance sheet | $ 1,070 | |
Deferred income tax liability per balance sheet | $ (35,272) | (34,151) |
Net deferred tax liabilities | $ (35,272) | $ (33,081) |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Statutory federal income tax rate (statutory tax rate) | $ (151) | $ 1,321 |
Effect of state taxes, net of federal | 2,284 | (1,207) |
Permanent items | 318 | 458 |
State rate change | 248 | (179) |
Valuation allowance | (147) | 1,667 |
Tax Cuts and Jobs Act of 2017 | (23,000) | |
Other, net | (79) | 70 |
Provision for (benefit from) income taxes | $ 2,473 | $ (20,870) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitment And Contingencies [Line Items] | ||
Rental expense included in operating expenses | $ 20.2 | $ 20.3 |
Minimum [Member] | ||
Commitment And Contingencies [Line Items] | ||
Operating lease expiration period | 10 years | |
Operating lease renewal period | 1 year | |
Maximum [Member] | ||
Commitment And Contingencies [Line Items] | ||
Operating lease expiration period | 25 years | |
Operating lease renewal period | 5 years |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments Required Under Operating Leases That Have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Business Acquisition, Contingent Consideration [Line Items] | |
2019 | $ 13,363 |
2020 | 13,355 |
2021 | 12,363 |
2022 | 11,220 |
2023 | 9,818 |
Thereafter | 61,473 |
Operating leases future minimum payments due total | 121,592 |
Related Party [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
2019 | 1,730 |
2020 | 1,763 |
2021 | 1,767 |
2022 | 1,730 |
2023 | 1,234 |
Thereafter | 13,364 |
Operating leases future minimum payments due total | 21,588 |
Other [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
2019 | 11,633 |
2020 | 11,592 |
2021 | 10,596 |
2022 | 9,490 |
2023 | 8,584 |
Thereafter | 48,109 |
Operating leases future minimum payments due total | $ 100,004 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options Grants in Period | 0 | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0.3 | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 10 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 211,658 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 5,000,000 | |
Share price | $ 2.09 | |
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 0.3 | $ 0.9 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense, pre-tax | $ 543 | $ 1,721 |
Tax expense from stock-based compensation expense | (141) | (688) |
Total stock-based compensation expense, net of tax | 402 | 1,033 |
Unallocated Corporate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock option compensation expense | 329 | 153 |
Restricted stock shares compensation expenses | 1,100 | |
Broadcast [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock option compensation expense | 122 | 33 |
Restricted stock shares compensation expenses | 224 | |
Digital Media [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock option compensation expense | 77 | 30 |
Restricted stock shares compensation expenses | 124 | |
Publishing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock option compensation expense | $ 15 | 21 |
Restricted stock shares compensation expenses | $ 36 |
Stock Incentive Plan - Schedu_2
Stock Incentive Plan - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected volatility | 41.84% |
Expected dividends | 7.89% |
Expected term (in years) | 7 years 4 months 24 days |
Risk-free interest rate | 2.93% |
Stock Incentive Plan - Schedu_3
Stock Incentive Plan - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||
Beginning Balance | 1,428,462 | |
Granted | 0 | |
Ending Balance | 1,980,972 | 1,428,462 |
Exercisable at end of period | 1,055,716 | |
Weighted Average Exercise Price | ||
Ending Balance | $ 4.63 | |
Weighted Average Remaining Contractual Term | ||
Contractual term | 4 years 1 month 6 days | |
Weighted Average Contractual Life Remaining | 4 years 1 month 6 days | |
Employee Stock Option [Member] | ||
Shares | ||
Beginning Balance | 1,428,462 | 1,720,000 |
Granted | 650,000 | |
Exercised | (17,615) | (127,663) |
Forfeited or expired | (79,875) | (163,875) |
Ending Balance | 1,980,972 | 1,428,462 |
Exercisable at end of period | 1,055,716 | 934,959 |
Expected to Vest | 878,531 | 468,581 |
Weighted Average Exercise Price | ||
Beginning Balance | $ 5.20 | $ 5.12 |
Granted | 3.30 | |
Exercised | 2.49 | 4.02 |
Forfeited or expired | 4.42 | 5.75 |
Ending Balance | 4.63 | 5.20 |
Exercisable at end of period | 5.51 | 5.66 |
Expected to Vest | 4.65 | 5.21 |
Weighted Average Grant Date Fair value | ||
Beginning Balance | 2.96 | 2.89 |
Granted | 1.86 | |
Exercised | 2.11 | 2.03 |
Forfeited or expired | 3.20 | 2.99 |
Ending Balance | 2.61 | 2.96 |
Exercisable at end of period | 3.38 | 3.77 |
Expected to Vest | $ 2.63 | $ 2.98 |
Weighted Average Remaining Contractual Term | ||
Contractual term | 4 years 1 month 6 days | 3 years 8 months 12 days |
Exercisable at end of period | 2 years 2 months 12 days | 2 years 8 months 12 days |
Expected to Vest | 4 years | 3 years 8 months 12 days |
Weighted Average Contractual Life Remaining | 4 years 1 month 6 days | 3 years 8 months 12 days |
Aggregate Intrinsic Value | ||
Beginning Balance | $ 653 | $ 2,428 |
Exercised | 35 | 401 |
Forfeited or expired | $ 28 | 136 |
Ending Balance | 653 | |
Exercisable at end of period | 414 | |
Expected to Vest | $ 239 |
Stock Incentive Plan - Schedu_4
Stock Incentive Plan - Schedule of Information Regarding Restricted Stock Activity (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Non-Vested, Shares, Beginning Balance | shares | 0 |
Non-Vested, Shares, Granted | shares | 211,658 |
Non-Vested, Shares, Lapse of restrictions | shares | (211,658) |
Non-Vested, Shares, Forfeited or expired | shares | 0 |
Non-Vested, Shares, Ending Balance | shares | 0 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.01 |
Weighted Average Grant Date Fair Value, Lapse of restrictions | $ / shares | (7.01) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 0 |
Aggregate Intrinsic Value, Beginning Balance | $ | $ 0 |
Aggregate Intrinsic Value, Granted | $ | 1,484 |
Aggregate Intrinsic Value, Lapse of restrictions | $ | 1,488 |
Aggregate Intrinsic Value, Forfeited or expired | $ | 0 |
Aggregate Intrinsic Value, Ending Balance | $ | $ 0 |
Stock Incentive Plan - Stock Op
Stock Incentive Plan - Stock Options Outstanding Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options | 1,980,972 | 1,428,462 |
Weighted Average Contractual Life Remaining | 4 years 1 month 6 days | |
Weighted Average Exercise Price | $ 4.63 | |
Exercisable Options | 1,055,716 | |
Weighted Average Grant Date Fair Value | $ 5.51 | |
Range of Exercise Prices From $2.38 to $3.37 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 2.38 | |
Range of Exercise Prices, Upper Limit | $ 3 | |
Options | 308,755 | |
Weighted Average Contractual Life Remaining | 2 years 6 months | |
Weighted Average Exercise Price | $ 2.67 | |
Exercisable Options | 240,755 | |
Weighted Average Grant Date Fair Value | $ 2.65 | |
Range of Exercise Prices From $3.38 to $4.42 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 3.01 | |
Range of Exercise Prices, Upper Limit | $ 3.28 | |
Options | 571,000 | |
Weighted Average Contractual Life Remaining | 6 years 8 months 12 days | |
Weighted Average Exercise Price | $ 3.25 | |
Range of Exercise Prices From $4.43 to $4.85 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 3.29 | |
Range of Exercise Prices, Upper Limit | $ 4.63 | |
Options | 75,750 | |
Weighted Average Contractual Life Remaining | 6 years 4 months 24 days | |
Weighted Average Exercise Price | $ 3.73 | |
Exercisable Options | 4,250 | |
Weighted Average Grant Date Fair Value | $ 3.99 | |
Range of Exercise Prices From $4.86 to $6.65 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 4.64 | |
Range of Exercise Prices, Upper Limit | $ 4.85 | |
Options | 421,292 | |
Weighted Average Contractual Life Remaining | 4 years 8 months 12 days | |
Weighted Average Exercise Price | $ 4.85 | |
Exercisable Options | 212,036 | |
Weighted Average Grant Date Fair Value | $ 4.85 | |
Range of Exercise Prices From $6.66 to $7.54 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 4.86 | |
Range of Exercise Prices, Upper Limit | $ 6.65 | |
Options | 34,625 | |
Weighted Average Contractual Life Remaining | 1 year 1 month 6 days | |
Weighted Average Exercise Price | $ 5.39 | |
Exercisable Options | 32,125 | |
Weighted Average Grant Date Fair Value | $ 5.43 | |
Range of Exercise Prices From $7.55 to $8.76 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of Exercise Prices, Lower Limit | 6.66 | |
Range of Exercise Prices, Upper Limit | $ 8.76 | |
Options | 569,550 | |
Weighted Average Contractual Life Remaining | 1 year 8 months 12 days | |
Weighted Average Exercise Price | $ 6.99 | |
Exercisable Options | 566,550 | |
Weighted Average Grant Date Fair Value | $ 6.99 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Sep. 11, 2018 | Nov. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||||
Description of related party transaction | Related parties include our directors, executive officers, nominees to become a director, any person beneficially owning more than 5% of any class of our stock, immediate family members of any of the foregoing, and any entity in which any of the foregoing persons is employed or is a general partner or principal or in which the person has a 10% or greater beneficial ownership interest. The policy covers material transactions in which a related party had, has or will have a direct or indirect interest. | |||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | ||
Operating leases, rent expense | 15,400,000 | 15,500,000 | ||
Related party annual payments for insurance premiums | 386,000 | 386,000 | ||
Net assets | 3,100,000 | 2,800,000 | ||
Split Dollar Life Insurance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combination, consideration transferred | 1,800,000 | 1,400,000 | ||
Chief Executive Officer [Member] | Trust [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating leases, rent expense | 197,000 | 191,000 | ||
AM 570 LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combination, consideration transferred | $ 600,000 | |||
Delmarva Educational Association Corporation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combination, consideration transferred | 21,000 | |||
Edward G Atsinger III Chief Executive Officer And Director [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating leases, rent expense | 198,000 | 217,000 | ||
KTRB-AM [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combination, consideration transferred | $ 5,100,000 | |||
Business Acquisition, asset purchase cost capitalized | $ 200,000 | |||
Easy Bay Broadcasting [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combination, consideration transferred | 400,000 | 500,000 | ||
Chairman And Chief Executive Officer [Member] | Land and Building [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating leases, rent expense | 1,500,000 | 1,500,000 | ||
Truth for Life [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, other revenues from transactions with related party | 2,400,000 | 2,100,000 | ||
Accounts receivable, related parties | 200,000 | 200,000 | ||
Know the Truth [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, other revenues from transactions with related party | 1,400,000 | 1,200,000 | ||
Accounts receivable, related parties | 1,100,000 | 700,000 | ||
The Truth Network [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable, related parties | 7,000 | 3,000 | ||
Related party transaction, amounts of transaction | 15,000 | 11,000 | ||
Oaks Christian School [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable, related parties | 9,000 | |||
Related party transaction, amounts of transaction | $ 32,000 | $ 5,000 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Benefit Plans [Line Items] | ||
Defined contribution plan maximum employee contribution as percentage of base salary | 60.00% | |
Defined benefit plan, contributions by employer | $ 1.9 | $ 1.9 |
First Five Percent Of Each Participants Contributions [Member] | ||
Defined Contribution Benefit Plans [Line Items] | ||
Defined contribution plan employer matching contribution to employee contribution | 50.00% | |
Defined contribution plan employee contributions percentage of eligible compensation | 5.00% |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Non-cash stock-based compensation expense related to additional paid-in capital | $ 543 | $ 1,721 | |
Scenario, Forecast [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Expected dividend payments | $ 6,800 |
Equity Transactions - Schedule
Equity Transactions - Schedule of Cash Distributions Declared and Paid (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Dividend Payment One [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Nov. 26, 2018 | Dec. 7, 2017 |
Payment Date | Dec. 21, 2018 | Dec. 29, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed | $ 1,702 | |
Dividend Payment Two [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Sep. 5, 2018 | Sep. 12, 2017 |
Payment Date | Sep. 28, 2018 | Sep. 29, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed | $ 1,702 | |
Dividend Payment Three [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | May 31, 2018 | Jun. 1, 2017 |
Payment Date | Jun. 29, 2018 | Jun. 30, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed | $ 1,701 | |
Dividend Payment Four [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Feb. 28, 2018 | Mar. 9, 2017 |
Payment Date | Mar. 28, 2018 | Mar. 31, 2017 |
Amount Per Share | $ 0.0650 | $ 0.0650 |
Cash Distributed | $ 1,701 | |
Dividend Payment Five [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Dec. 7, 2017 | |
Payment Date | Dec. 29, 2017 | |
Amount Per Share | $ 0.0650 | |
Cash Distributed | $ 1,701 | |
Dividend Payment Six [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Sep. 12, 2017 | |
Payment Date | Sep. 29, 2017 | |
Amount Per Share | $ 0.0650 | |
Cash Distributed | $ 1,701 | |
Dividend Payment Seven [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Jun. 1, 2017 | |
Payment Date | Jun. 30, 2017 | |
Amount Per Share | $ 0.0650 | |
Cash Distributed | $ 1,697 | |
Dividend Payment Eight [Member] | ||
Dividends Payable [Line Items] | ||
Announcement Date | Mar. 9, 2017 | |
Payment Date | Mar. 31, 2017 | |
Amount Per Share | $ 0.0650 | |
Cash Distributed | $ 1,691 |
Segment Data - Additional Infor
Segment Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Depreciation | $ 12,034 | $ 12,369 | |
Amortization | 6,192 | 4,593 | |
Impairment of indefinite-lived long-term assets other than goodwill | 2,870 | 19 | |
Change in estimated fair value of contingent earn-out consideration | 76 | (23) | |
(Gain) loss on the disposition of assets | (4,653) | (3,905) | |
Operating income (loss) | 16,966 | 22,974 | |
Inventories, net | 677 | 730 | |
Property and equipment, net | 96,508 | 99,480 | |
Broadcast licenses | 376,316 | 380,914 | $ 388,517 |
Goodwill | 26,789 | 26,424 | $ 25,613 |
Other indefinite-lived intangible assets | 277 | 313 | |
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenue | 262,783 | 263,736 | |
Operating expenses | 219,992 | 219,899 | |
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets | 42,791 | 43,837 | |
Depreciation | 12,034 | 12,369 | |
Amortization | 6,192 | 4,593 | |
Impairment of indefinite-lived long-term assets other than goodwill | 2,870 | 19 | |
Change in estimated fair value of contingent earn-out consideration | 76 | (23) | |
(Gain) loss on the disposition of assets | 4,653 | 3,905 | |
Operating income (loss) | 16,966 | 22,974 | |
Inventories, net | 677 | 730 | |
Property and equipment, net | 96,508 | 99,480 | |
Broadcast licenses | 376,316 | 380,914 | |
Goodwill | 26,789 | 26,424 | |
Other indefinite-lived intangible assets | 277 | 313 | |
Amortizable intangible assets, net | 11,264 | 13,104 | |
Operating Segments [Member] | Broadcast [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenue | 198,502 | 196,197 | |
Operating expenses | 148,614 | 145,494 | |
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets | 49,888 | 50,703 | |
Depreciation | 7,520 | 7,754 | |
Amortization | 38 | 56 | |
Impairment of indefinite-lived long-term assets other than goodwill | 2,834 | ||
(Gain) loss on the disposition of assets | 4,653 | 3,898 | |
Operating income (loss) | 34,843 | 38,995 | |
Property and equipment, net | 81,427 | 83,901 | |
Broadcast licenses | 376,316 | 380,914 | |
Goodwill | 2,960 | 3,581 | |
Amortizable intangible assets, net | 303 | 351 | |
Operating Segments [Member] | Digital Media [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenue | 42,595 | 43,096 | |
Operating expenses | 33,296 | 33,675 | |
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets | 9,299 | 9,421 | |
Depreciation | 3,169 | 3,166 | |
Amortization | 5,227 | 3,414 | |
Change in estimated fair value of contingent earn-out consideration | 76 | (23) | |
Operating income (loss) | 827 | 2,864 | |
Inventories, net | 290 | 313 | |
Property and equipment, net | 6,190 | 6,173 | |
Goodwill | 21,933 | 20,947 | |
Amortizable intangible assets, net | 8,937 | 9,801 | |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Net revenue | 21,686 | 24,443 | |
Operating expenses | 22,396 | 24,475 | |
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets | (710) | (32) | |
Depreciation | 510 | 644 | |
Amortization | 926 | 1,121 | |
Impairment of indefinite-lived long-term assets other than goodwill | 36 | 19 | |
(Gain) loss on the disposition of assets | (5) | ||
Operating income (loss) | (2,182) | (1,811) | |
Inventories, net | 387 | 417 | |
Property and equipment, net | 933 | 1,281 | |
Goodwill | 1,888 | 1,888 | |
Other indefinite-lived intangible assets | 277 | 313 | |
Amortizable intangible assets, net | 2,021 | 2,947 | |
Operating Segments [Member] | Unallocated Corporate [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating expenses | 15,686 | 16,255 | |
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the disposition of assets | (15,686) | (16,255) | |
Depreciation | 835 | 805 | |
Amortization | 1 | 2 | |
(Gain) loss on the disposition of assets | 12 | ||
Operating income (loss) | (16,522) | (17,074) | |
Property and equipment, net | 7,958 | 8,125 | |
Goodwill | 8 | 8 | |
Amortizable intangible assets, net | $ 3 | $ 5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 07, 2019 | Mar. 01, 2019 | Feb. 27, 2019 | Feb. 22, 2019 | May 30, 2017 | Feb. 28, 2019 | May 24, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||||||
Business combination, consideration transferred | $ 11,180,000 | $ 4,043,000 | |||||||
Gain (loss) on disposition of intangible assets | $ (200,000) | ||||||||
Proceeds from sale of intangible assets | $ 9,894,000 | $ 2,456,000 | |||||||
Gain (loss) on disposition of intangible assets | $ 56,000 | ||||||||
Proceeds from sale of intangible assets | $ 10,000 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, equity distributions, per share, declared | $ 0.0650 | ||||||||
Subsequent Event [Member] | pjmedia.com website [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Business combination, consideration transferred | $ 100,000 | ||||||||
Turner Investment Products [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Gain (loss) on disposition of intangible assets | $ (200,000) | ||||||||
Proceeds from sale of intangible assets | $ 0 | ||||||||
HumanEvents.Com [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Gain (loss) on disposition of intangible assets | $ (200,000) | ||||||||
Proceeds from sale of intangible assets | $ 300,000 |
Subsequent Events - Repurchases
Subsequent Events - Repurchases of Notes From January 1, 2019 Through Date of Filing (Detail) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended |
Mar. 12, 2019 | Dec. 31, 2018 | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cash Paid | $ 15,443 | |
Subsequent Event [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Principal Repurchased | $ 2,370 | |
Cash Paid | $ 2,168 | |
Subsequent Event [Member] | Senior Secured Note Period One [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Repurchase date | Feb. 20, 2019 | |
Principal Repurchased | $ 125 | |
Cash Paid | $ 114 | |
Percent face value | 91.25% | |
Bond Issue Costs | $ 2 | |
Net Gain | $ 9 | |
Subsequent Event [Member] | Senior Secured Note Period Two [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Repurchase date | Feb. 19, 2019 | |
Principal Repurchased | $ 350 | |
Cash Paid | $ 319 | |
Percent face value | 91.25% | |
Bond Issue Costs | $ 7 | |
Net Gain | $ 24 | |
Subsequent Event [Member] | Senior Secured Note Period Three [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Repurchase date | Feb. 12, 2019 | |
Principal Repurchased | $ 1,325 | |
Cash Paid | $ 1,209 | |
Percent face value | 91.25% | |
Bond Issue Costs | $ 25 | |
Net Gain | $ 91 | |
Subsequent Event [Member] | Senior Secured Note Period Four [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Repurchase date | Feb. 10, 2019 | |
Principal Repurchased | $ 570 | |
Cash Paid | $ 526 | |
Percent face value | 92.25% | |
Bond Issue Costs | $ 9 | |
Net Gain | $ 35 |