Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Trading Symbol | SALM | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SALEM MEDIA GROUP, INC. | |
Entity Central Index Key | 0001050606 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | |
Entity File Number | 000-26497 | |
Entity Tax Identification Number | 77-0121400 | |
Entity Address, Address Line One | 6400 NORTH BELT LINE ROAD | |
Entity Address, City or Town | IRVING | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75063 | |
City Area Code | 469 | |
Local Phone Number | 586-0080 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 21,661,091 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,553,696 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,540 | $ 1,785 |
Accounts receivable (net of allowances of $13,022 in 2021 and $7,496 in 2022) | 29,271 | 25,663 |
Unbilled revenue | 2,960 | 3,406 |
Other receivables (net of allowances of $455 in 2021 and $586 in 2022) | 2,721 | 1,377 |
Inventories | 1,528 | 960 |
Prepaid expenses | 8,380 | 6,772 |
Assets held for sale | 267 | 1,551 |
Total current assets | 47,667 | 41,514 |
Notes receivable (net of allowance of $938 in 2021 and $427 in 2022) | 1,072 | 274 |
Property and equipment (net of accumulated depreciation of $186,053 in 2021 and $186,881 in 2022) | 79,713 | 79,339 |
Operating lease right-of-use assets | 44,020 | 43,560 |
Financing lease right-of-use assets | 90 | 105 |
Broadcast licenses | 313,500 | 320,008 |
Goodwill | 23,861 | 23,986 |
Amortizable intangible assets (net of accumulated amortization of $58,110 in 2021 and $58,777 in 2022) | 1,799 | 2,444 |
Deferred financing costs | 774 | 843 |
Other assets | 2,773 | 4,039 |
Total assets | 515,269 | 516,112 |
Current liabilities: | ||
Accounts payable | 2,623 | 2,661 |
Accrued expenses | 18,679 | 12,006 |
Accrued compensation and related expenses | 12,278 | 13,054 |
Accrued interest | 952 | 1,030 |
Contract liabilities | 12,401 | 12,294 |
Deferred rent income | 144 | 157 |
Income taxes payable | 222 | 1,544 |
Current portion of operating lease liabilities | 8,795 | 8,651 |
Current portion of financing lease liabilities | 57 | 58 |
Current portion of long-term debt | 10 | 0 |
Total current liabilities | 56,161 | 51,455 |
Long-term debt, less current portion | 155,595 | 170,581 |
Operating lease liabilities, less current portion | 42,599 | 42,208 |
Financing (capital) lease liabilities, less current portion | 53 | 65 |
Deferred income taxes | 65,808 | 67,012 |
Contract liabilities, long-term | 1,948 | 2,222 |
Deferred rent income, less current portion | 3,705 | 3,772 |
Other long-term liabilities | 65 | 586 |
Total liabilities | 325,934 | 337,901 |
Commitments and contingencies (Note 14) | ||
Stockholders' Equity: | ||
Additional paid-in capital | 248,706 | 248,438 |
Accumulated deficit | (25,653) | (36,509) |
Treasury stock, at cost (2,317,650 shares at December 31, 2021 and June 30, 2022) | (34,006) | (34,006) |
Total stockholders' equity | 189,335 | 178,211 |
Total liabilities and stockholders' equity | 515,269 | 516,112 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 232 | 232 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 56 | $ 56 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowances | $ 7,496 | $ 13,022 |
Other receivables | 586 | 455 |
Notes receivable, allowance | 427 | 938 |
Property and equipment, accumulated depreciation | 186,881 | 186,053 |
Amortizable intangible assets, accumulated amortization | $ 58,777 | $ 58,110 |
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 | 23,978,741 | 23,922,974 |
Common stock, outstanding | 21,661,091 | 21,605,324 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total net revenue | $ 68,682 | $ 63,782 | $ 131,291 | $ 123,135 |
Operating expenses: | ||||
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $446 and $453 for the three months ended June 30, 2021 and 2022, respectively, and $889 and $901 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties) | 42,489 | 36,162 | 80,610 | 69,505 |
Digital media operating expenses, exclusive of depreciation and amortization shown below | 8,273 | 8,338 | 16,746 | 17,011 |
Publishing operating expenses, exclusive of depreciation and amortization shown below | 5,432 | 6,426 | 9,899 | 11,631 |
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $2 and $159 for the three months ended June 30, 2021 and 2022, respectively, and $5 and $168 for the six months ended June 30, 2021 and 2022, respectively, paid to related parties) | 4,781 | 4,192 | 9,591 | 8,480 |
Debt modification costs | 20 | 0 | 248 | 0 |
Depreciation | 2,858 | 2,741 | 5,800 | 5,330 |
Amortization | 332 | 545 | 666 | 1,126 |
Change in the estimated fair value of contingent earn-out consideration | 0 | 0 | (5) | 0 |
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | 0 | 3,935 | 0 |
Impairment of goodwill | 127 | 0 | 127 | 0 |
Net (gain) loss on the disposition of assets | (6,893) | (263) | (8,628) | 55 |
Total operating expenses | 61,354 | 58,141 | 118,989 | 113,138 |
Operating income (loss) | 7,328 | 5,641 | 12,302 | 9,997 |
Other income (expense): | ||||
Interest income | 149 | 0 | 149 | 1 |
Interest expense | (3,389) | (3,935) | (6,783) | (7,861) |
Gain (loss) on early retirement of long-term debt | 35 | 0 | (18) | 0 |
Earnings from equity method investment | 3,913 | 0 | 3,913 | 0 |
Net miscellaneous income and (expenses) | (1) | 63 | 0 | 85 |
Net income before income taxes | 8,035 | 1,769 | 9,563 | 2,222 |
Benefit from income taxes | (1,082) | (488) | (1,293) | (358) |
Net income | $ 9,117 | $ 2,257 | $ 10,856 | $ 2,580 |
Basic income per share data: | ||||
Basic income per share | $ 0.33 | $ 0.08 | $ 0.39 | $ 0.1 |
Diluted income per share data: | ||||
Diluted income per share | $ 0.33 | $ 0.08 | $ 0.39 | $ 0.1 |
Basic weighted average shares outstanding | 27,214,787 | 26,869,145 | 27,196,081 | 26,802,892 |
Diluted weighted average shares outstanding | 27,570,881 | 27,232,423 | 27,590,644 | 27,185,598 |
Broadcast Revenue [Member] | ||||
Total net revenue | $ 52,452 | $ 46,783 | $ 100,884 | $ 90,831 |
Digital Media [Member] | ||||
Total net revenue | 10,804 | 10,339 | 21,104 | 19,958 |
Publishing [Member] | ||||
Total net revenue | $ 5,426 | $ 6,660 | $ 9,303 | $ 12,346 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Unallocated corporate expenses exclusive of depreciation and amortization | $ 4,781 | $ 4,192 | $ 9,591 | $ 8,480 |
Related Party [Member] | ||||
Unallocated corporate expenses exclusive of depreciation and amortization | 159 | 2 | 168 | 5 |
Broadcast [Member] | Related Party [Member] | ||||
Operating expenses | $ 453 | $ 446 | $ 901 | $ 889 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED 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 Stock [Member] | Common Class B [Member] Common Stock [Member] |
Balance at Dec. 31, 2020 | $ 135,279 | $ 247,025 | $ (78,023) | $ (34,006) | $ 227 | $ 56 |
Balance (in shares) at Dec. 31, 2020 | 23,447,317 | 5,553,696 | ||||
Stock-based compensation | 78 | 78 | ||||
Options exercised | 392 | 390 | $ 2 | |||
Options exercised (in shares) | 185,782 | |||||
Net income | 323 | 323 | ||||
Balance at Mar. 31, 2021 | 136,072 | 247,493 | (77,700) | (34,006) | $ 229 | $ 56 |
Balance (in shares) at Mar. 31, 2021 | 23,633,099 | 5,553,696 | ||||
Balance at Dec. 31, 2020 | 135,279 | 247,025 | (78,023) | (34,006) | $ 227 | $ 56 |
Balance (in shares) at Dec. 31, 2020 | 23,447,317 | 5,553,696 | ||||
Stock-based compensation | 200 | |||||
Net income | 2,580 | |||||
Balance at Jun. 30, 2021 | 138,413 | 247,577 | (75,443) | (34,006) | $ 229 | $ 56 |
Balance (in shares) at Jun. 30, 2021 | 23,633,099 | 5,553,696 | ||||
Balance at Mar. 31, 2021 | 136,072 | 247,493 | (77,700) | (34,006) | $ 229 | $ 56 |
Balance (in shares) at Mar. 31, 2021 | 23,633,099 | 5,553,696 | ||||
Stock-based compensation | 84 | 84 | ||||
Net income | 2,257 | 2,257 | ||||
Balance at Jun. 30, 2021 | 138,413 | 247,577 | (75,443) | (34,006) | $ 229 | $ 56 |
Balance (in shares) at Jun. 30, 2021 | 23,633,099 | 5,553,696 | ||||
Balance at Dec. 31, 2021 | 178,211 | 248,438 | (36,509) | (34,006) | $ 232 | $ 56 |
Balance (in shares) at Dec. 31, 2021 | 23,922,974 | 5,553,696 | ||||
Stock-based compensation | 106 | 106 | ||||
Options exercised | 94 | 94 | ||||
Options exercised (in shares) | 40,913 | |||||
Lapse of restricted shares (in shares) | 14,854 | |||||
Net income | 1,739 | 1,739 | ||||
Balance at Mar. 31, 2022 | 180,150 | 248,638 | (34,770) | (34,006) | $ 232 | $ 56 |
Balance (in shares) at Mar. 31, 2022 | 23,978,741 | 5,553,696 | ||||
Balance at Dec. 31, 2021 | 178,211 | 248,438 | (36,509) | (34,006) | $ 232 | $ 56 |
Balance (in shares) at Dec. 31, 2021 | 23,922,974 | 5,553,696 | ||||
Net income | 10,856 | |||||
Balance at Jun. 30, 2022 | 189,335 | 248,706 | (25,653) | (34,006) | $ 232 | $ 56 |
Balance (in shares) at Jun. 30, 2022 | 23,978,741 | 5,553,696 | ||||
Balance at Mar. 31, 2022 | 180,150 | 248,638 | (34,770) | (34,006) | $ 232 | $ 56 |
Balance (in shares) at Mar. 31, 2022 | 23,978,741 | 5,553,696 | ||||
Stock-based compensation | 68 | 68 | ||||
Net income | 9,117 | 9,117 | ||||
Balance at Jun. 30, 2022 | $ 189,335 | $ 248,706 | $ (25,653) | $ (34,006) | $ 232 | $ 56 |
Balance (in shares) at Jun. 30, 2022 | 23,978,741 | 5,553,696 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 10,856 | $ 2,580 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Non-cash stock-based compensation | 174 | 162 |
Depreciation and amortization | 6,466 | 6,456 |
Amortization of deferred financing costs | 496 | 426 |
Non-cash lease expense | 4,414 | 4,348 |
Provision for bad debts | (102) | (325) |
Deferred income taxes | (1,204) | (403) |
Change in the estimated fair value of contingent earn-out consideration | (5) | 0 |
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | 0 |
Impairment of goodwill | 127 | 0 |
(Gain) loss on early retirement of long-term debt | 18 | 0 |
Net (gain) loss on the disposition of assets | (8,628) | 55 |
Changes in operating assets and liabilities: | ||
Accounts receivable and unbilled revenue | (5,314) | 421 |
Inventories | (568) | (224) |
Prepaid expenses and other current assets | (1,608) | (319) |
Accounts payable and accrued expenses | 5,162 | 453 |
Operating lease liabilities | (4,324) | (4,931) |
Contract liabilities | (167) | 1,310 |
Deferred rent income | (88) | 111 |
Other liabilities | (518) | 35 |
Income taxes payable | (1,322) | 42 |
Net cash provided by operating activities | 7,800 | 10,197 |
INVESTING ACTIVITIES | ||
Cash paid for capital expenditures net of tenant improvement allowances | (6,153) | (3,994) |
Capital expenditures reimbursable under tenant improvement allowances and trade agreements | (52) | (19) |
Deposit on broadcast assets and radio station acquisitions | 0 | (100) |
Purchases of broadcast assets and radio stations | (548) | (600) |
Return of equity investment in OneParty America LLC | 4,500 | 0 |
Equity investment in OneParty America LLC | (3,500) | (500) |
Proceeds from sale of assets | 14,150 | 3,627 |
Other | 106 | (314) |
Net cash provided by (used in) investing activities | 8,313 | (3,200) |
FINANCING ACTIVITIES | ||
Payments to repurchase 2024 Notes | (15,394) | 0 |
Proceeds from borrowings under PPP Loans | 0 | 11,195 |
Payments of debt issuance costs | (37) | (19) |
Proceeds from the exercise of stock options | 94 | 392 |
Payments on financing lease liabilities | (31) | (32) |
Net cash provided by (used in) financing activities | (15,358) | 6,536 |
Net increase in cash and cash equivalents | 755 | 13,533 |
Cash and cash equivalents at beginning of year | 1,785 | 6,325 |
Cash and cash equivalents at end of period | 2,540 | 19,858 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest, net of capitalized interest | 6,156 | 7,391 |
Cash paid for interest on finance lease liabilities | 4 | 4 |
Net cash paid for (received from) income taxes | 1,233 | 3 |
Other supplemental disclosures of cash flow information: | ||
Barter revenue | 1,525 | 1,065 |
Barter expense | 1,632 | 1,092 |
Non-cash investing and financing activities: | ||
Capital expenditures reimbursable under tenant improvement allowances | 52 | 19 |
Right-of-use assets acquired through operating leases | 5,569 | 1,957 |
Right-of-use assets acquired through financing leases | 17 | 4 |
Non-cash capital expenditures for property & equipment acquired under trade agreements | 0 | 27 |
Net assets and liabilities assumed in a non-cash acquisition | 0 | 129 |
Estimated present value of contingent-earn out consideration | 6 | 11 |
Abl Facility [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from borrowings under ABL Facility | 26,229 | 16 |
Payments on ABL Facility | (26,219) | (5,016) |
Digital Media [Member] | ||
INVESTING ACTIVITIES | ||
Purchases of digital media businesses and assets | $ (190) | $ (1,300) |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | NOTE 1. BUSINESS AND BASIS OF PRESENTATION 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 17 – Segment Data. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of Salem include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in entities for which we have a significant influence, but less than a controlling financial interest, are accounted for using the equity method. Information with respect to the three and six months ended June 30, 2022 and 2021 is unaudited. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q S-X. 10-K The balance sheet at December 31, 2021 included in this report has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP. Certain reclassifications have been made to the prior year financial statements to conform to the presentation in the current year, which had no impact on the previously reported financial statements. Impact of the COVID-19 During 2020 we implemented several measures to reduce costs and conserve cash to ensure that we had adequate liquidity to meet our debt servicing requirements. As the economy began to show signs of recovery, we reversed several of these cost reduction initiatives during 2021. We continue to operate with lower staffing levels where appropriate, we have not declared or paid equity distributions on our common stock, and the company 401(k) match was not reinstated until January 2022. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided emergency economic assistance for individuals and businesses impacted by the COVID-19 • We deferred $3.3 million of employer FICA taxes from April 2020 through December 2020, of which 50% was paid in December 2021 and the remaining 50% is payable in December 2022; • A relaxation of interest expense deduction limitation for income tax purposes; • We received Paycheck Protection Program (“PPP”) loans of $11.2 million in total during the first quarter of 2021 through the Small Business Association (“SBA”) based on the eligibility as determined on a per-location • In July 2021, the SBA forgave all but $20,000 of the PPP loans, with the remaining PPP loan repaid in July 2021. Equity Method Investment We invested in OneParty America LLC (“OPA”), an entity formed for the purpose of developing, producing, and distributing a documentary motion picture. We analyzed our investment to determine the degree to which we influenced OPA. The determination of the degree to which we can influence an investee requires extensive analysis depending on the terms and nature of each investment. We reviewed OPA in accordance with the guidance within Accounting Standards Codification (“ASC”) 810 , Consolidation 323-30 , Investments – Equity Method and Joint Ventures We recorded our equity method investment at cost with subsequent adjustments to the carrying value for our share of the earnings or losses of OPA. Distributions received from the equity method investment were recorded as reductions in the carrying value of such investment and are classified on the unaudited condensed consolidated interim statements of cash flows pursuant to the cumulative earnings approach. Under the cumulative earnings approach, distributions received are accounted for as a return on investment in cash inflows from operating activities unless the cumulative distributions received exceed the cumulative equity in earnings recognized from the investment. When such an excess occurs, the current period distributions up to this excess are considered returns of investment and are classified as cash inflows from investing activities. The documentary motion picture, 2,000 Mules We monitor equity method investments for impairment and records a reduction in the carrying value if the carrying exceeds the estimated fair value. An impairment charge is recorded when such impairment is deemed to be other than temporary. To determine whether an impairment is other than temporary, we consider our ability and intent to hold the investment until the carrying amount is fully recovered. Circumstances that indicate an impairment may have occurred include factors such as decreases in quoted market prices or declines in the operations of the investee. The evaluation of the investment for potential impairment requires us to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. There were no indications of impairment at June 30, 2022. Use of Estimates Our consolidated financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. These estimates require the use of judgment as future events, and the effect of these events cannot be predicted with certainty. The COVID-19 Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary. Significant areas for which management uses estimates include: • revenue recognition; • asset impairments, including broadcasting licenses and goodwill; • contingency reserves; • allowance for doubtful accounts; • barter transactions; • assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting Right-Of-Use • determining the Incremental Borrowing Rate (“IBR”) for calculating ROU assets and lease liabilities, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except for our accounting policies for investments, there have been no changes to our significant accounting policies described in Note 2 to our Annual Report on Form 10-K We may make strategic investments in entities that share similar interests in Christian and conservative content. The accounting for these investments depends on the degree to which we influence the investee. The determination of the degree to which we can influence the investee requires extensive analysis depending on the terms and nature of each investment. For material investments that we directly or indirectly hold a controlling financial interest, we apply the guidance within Accounting Standards Codification (“ASC”) 810 , Consolidation 323-30, Investments – Equity Method and Joint Ventures – Investments Equity Securities Recent Accounting Pronouncements Changes to accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Update (“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 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. Accounting Standards Adopted in 2022 In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance No. 2021-10 Recent Accounting Standards or Updates Not Yet Effective In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures Financial Instruments – Credit Losses In October 2021, 2021 08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 606 |
Recent Transactions
Recent Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Recent Transactions | NOTE 3. RECENT TRANSACTIONS During the six-month Debt Transactions We completed repurchases of our 2024 Notes as follows: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) June 13, 2022 $ 5,000 $ 4,947 98.95 % $ 35 $ 18 June 10, 2022 3,000 2,970 99.00 % 21 9 June 7, 2022 2,464 2,446 99.25 % 17 1 May 17, 2022 2,525 2,500 99.00 % 18 7 January 12, 2022 2,500 2,531 101.26 % 22 (53 ) Acquisitions On May 2, 2022, we acquired websites and the related assets of Retirement Media for $0.2 million in cash. We recorded goodwill of approximately $2,400 associated with the expected synergies to be realized upon combining the operations into our digital media platform within Eagle Financial Publications. The accompanying Condensed Consolidated Statement of Operations reflects the operating results of this entity as of the closing date within our digital media segment. On February 15, 2022, we closed on the acquisition of radio station WLCC-AM WTBN-AM WTBN-AM The total purchase price consideration for our business acquisitions and asset purchases during the six-month Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 738 Escrow deposits paid in prior years 60 Total purchase price consideration $ 798 The allocations presented in the table below are based upon estimates of the fair values using valuation techniques including income, cost, and market approaches. The following preliminary purchase price allocations are based upon the valuation of assets and these estimates and assumptions are subject to change as we obtain additional information during the measurement period, which may be up to one year from the acquisition date. Differences between the preliminary and final valuation could be substantially different from the initial estimate. Net Broadcast Net Digital Total Assets Property and equipment $ 418 166 584 Broadcast licenses 190 — 190 Goodwill — 2 2 Domain and brand names — 11 11 Non-Compete — 11 11 $ 608 $ 190 $ 798 Divestitures On June 27, 2022, we sold 9.3 acres of land in the Denver area for $8.2 million resulting in a pre-tax KRKS-AM KBJD-AM KRKS-AM KBJD-AM On May 25, 2022, we sold radio stations WFIA-AM, WFIA-FM WGTK-AM pre-tax On January 10, 2022, we closed on the sale of 4.5 acres of land in Phoenix, Arizona for $2.0 million in cash. The land was being used as the transmitter site for radio station KXXT-AM pre-tax Pending Transactions On June 2, 2021, we entered into an Asset Purchase Agreement (“APA”) to acquire radio station KKOL-AM |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | NOTE 4. REVENUE RECOGNITION The following table presents our revenues disaggregated by revenue source for each of our operating segments: Six Months Ended June 30, 2022 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming – National $ 26,399 $ — $ — $ 26,399 Block Programming – Local 12,049 — — 12,049 Broadcast Programming Revenue 38,448 — — 38,448 Spot Advertising – National 7,700 — — 7,700 Spot Advertising – Local 21,552 — — 21,552 Network Advertising 10,240 — — 10,240 Broadcast Advertising Revenue 39,492 — — 39,492 Infomercials 373 — — 373 Other Revenue 4,484 — — 4,484 Other Broadcast Revenue 4,857 — — 4,857 Digital Advertising 14,112 9,088 — 23,200 Digital Streaming 2,492 1,798 — 4,290 Digital Downloads 387 3,797 — 4,184 Digital Subscriptions 503 6,343 — 6,846 Other Digital Revenue 593 78 — 671 Digital Revenue 18,087 21,104 — 39,191 Book Sales — — 6,204 6,204 Estimated Sales Returns & Allowances — — (1,444 ) (1,444 ) Net Book Sales — — 4,760 4,760 E-Book — — 625 625 Self-Publishing Fees — — 3,379 3,379 Other Publishing Revenue — — 539 539 Publishing Revenue — — 9,303 9,303 $ 100,884 $ 21,104 $ 9,303 $ 131,291 Timing of Revenue Recognition Point in Time $ 99,744 $ 21,104 $ 9,303 $ 130,151 Rental Income (1) 1,140 — — 1,140 $ 100,884 $ 21,104 $ 9,303 $ 131,291 Six Months Ended June 30, 2021 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming – National $ 23,322 $ — $ — $ 23,322 Block Programming – Local 11,773 — — 11,773 Broadcast Programming Revenue 35,095 — — 35,095 Spot Advertising – National 7,118 — — 7,118 Spot Advertising – Local 19,441 — — 19,441 Network Advertising 9,821 — — 9,821 Broadcast Advertising Revenue 36,380 — — 36,380 Infomercials 462 — — 462 Other Revenue 4,097 — — 4,097 Other Broadcast Revenue 4,559 — — 4,559 Digital Advertising 11,745 8,806 132 20,683 Digital Streaming 2,093 1,706 — 3,799 Digital Downloads 200 3,267 — 3,467 Digital Subscriptions 562 6,072 — 6,634 Other Digital Revenue 197 107 — 304 Digital Revenue 14,797 19,958 132 34,887 Book Sales — — 10,513 10,513 Estimated Sales Returns & Allowances — — (3,011 ) (3,011 ) Net Book Sales — — 7,502 7,502 E-Book — — 792 792 Self-Publishing Fees — — 3,174 3,174 Publishing Magazine Subscriptions — — 262 262 Other Publishing Revenue — — 484 484 Publishing Revenue — — 12,214 12,214 $ 90,831 $ 19,958 $ 12,346 $ 123,135 Timing of Revenue Recognition — Point in Time $ 89,583 $ 19,958 $ 12,346 $ 121,887 Rental Income (1) 1,248 — — 1,248 $ 90,831 $ 19,958 $ 12,346 $ 123,135 (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 Condensed Consolidated Financial Statements within this report on Form 10-Q. A summary of each of our revenue streams under ASC 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 owned and operated mobile applications, and advertisements in digital newsletters that we produce, as well as 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, our national multimedia advertising agency, 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. In our role as a digital agency, our sales team provides our customers with integrated digital advertising solutions that optimize the performance of their campaign, which we view as one performance obligation. Our advertising campaigns are designed to be “white label” agreements between Salem and our advertiser, meaning we provide special care and attention to the details of the campaign. We provide custom digital product offerings, including tools for metasearch, retargeting, website design, reputation management, online listing services, and social media marketing. Digital advertising solutions may include third-party websites, such as Google or Facebook, which can be included in a digital advertising social media campaign. We manage all aspects of the digital campaign, including social media placements, review and approval of target audiences, and the monitoring of actual results to make modifications as needed. We may contract directly with a third-party, however, we are responsible for delivering the campaign results to our customer with or without the third-party. We are responsible for any payments due to the third-party regardless of the campaign results and without regard to the status of payment from our customer. We have discretion in setting the price to our customer without input or approval from the third-party. Accordingly, revenue is reported gross, as principal, as the performance obligation is delivered, which represents the point in time that control is transferred to the customer thereby completing our performance obligation. Digital Streaming Digital Downloads and e-books e-books. Subscriptions on-air three 30-day pro-rata Book Sales 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. Other Revenue . on-air 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 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. 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, 2022 $ 12,294 $ 2,222 Revenue recognized during the period that was included in the beginning balance of contract liabilities (6,868 ) — Additional amounts recognized during the period 12,525 424 Revenue recognized during the period that was recorded during the period (6,248 ) — Transfers 698 (698 ) Balance, end of period June 30, 2022 $ 12,401 $ 1,948 Amount refundable at beginning of period $ 12,282 $ 2,222 Amount refundable at end of period $ 12,389 $ 1,948 We expect to satisfy these performance obligations as follows: Amount For the Year Ended June 30, (Dollars in thousands) 2023 $ 12,401 2024 1,264 2025 448 2026 138 2027 98 Thereafter — $ 14,349 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 Variable Consideration We make significant estimates related to variable consideration at the point of sale, including estimates for refunds and product returns. Under ASC 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 on 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 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 airtime 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 airtime or digital campaign in favor of customers who purchase the airtime or digital campaign for cash. The value of these non-cash Trade and barter revenues and expenses were as follows: Three Months Ended Six Months Ended 2021 2022 2021 2022 (Dollars in thousands) Net broadcast barter revenue $ 674 $ 679 $ 1,065 $ 1,525 Net digital media barter revenue — — — — Net publishing barter revenue — — — — Net broadcast barter expense $ 712 $ 873 $ 1,085 $ 1,632 Net digital media barter expense — — — — Net publishing barter expense 7 — 7 — |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5. INVENTORIES Inventories consist of finished books from Salem Publishing. All inventories are valued at the lower of cost or net realizable value as determined on a weighted average cost method. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 6. PROPERTY AND EQUIPMENT We account for property and equipment in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment The following is a summary of the categories of our property and equipment: As of December 31, 2021 June 30, 2022 (Dollars in thousands) Buildings $ 28,593 $ 28,406 Office furnishings and equipment 36,598 36,601 Antennae, towers and transmitting equipment 77,813 74,937 Studio, production, and mobile equipment 29,498 29,094 Computer software and website development costs 38,271 39,265 Automobiles 1,515 1,556 Leasehold improvements 18,104 17,739 $ 230,392 $ 227,598 Less accumulated depreciation (186,053 ) (186,881 ) 44,339 $ 40,717 Land $ 26,896 26,893 Construction-in-progress 8,104 12,103 Property and Equipment, net $ 79,339 $ 79,713 Depreciation expense was approximately $2.9 million and $2.7 million for the three-month periods ended June 30, 2022 and 2021, respectively, and $5.8 million and $5.3 million for the six-month |
Operating and Finance Lease Rig
Operating and Finance Lease Right-of-Use Assets | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating and Finance Lease Right-of-Use Assets | NOTE 7. OPERATING AND FINANCE LEASE RIGHT-OF-USE Leases We account for leases in accordance with ASC 842, “ Leases Leasing Transactions Our leased assets include offices and studios, transmitter locations, antenna sites, tower and tower sites, and land. Our lease portfolio has terms remaining from less than one-year which we can extend fiv Operating leases are reflected on our balance sheet within operating lease ROU assets and the related current and non-current Balance Sheet Supplemental balance sheet information related to leases is as follows: June 30, 2022 (Dollars in thousands) Operating Leases Related Party Other Total Operating leases ROU assets $ 6,717 $ 37,303 $ 44,020 Operating lease liabilities (current) $ 877 $ 7,918 $ 8,795 Operating lease liabilities (non-current) 5,944 36,655 42,599 Total operating lease liabilities $ 6,821 $ 44,573 $ 51,394 Weighted Average Remaining Lease Term Operating leases 7.6 years Finance leases 2.6 years Weighted Average Discount Rate Operating leases 8.11 % Finance leases 6.18 % Lease Expense The components of lease expense were as follows: Six Months Ended (Dollars in thousands) Amortization of finance lease ROU Assets $ 30 Interest on finance lease liabilities 4 Finance lease expense 34 Operating lease expense 6,479 Variable lease expense 290 Short-term lease expense 623 Total lease expense $ 7,426 Supplemental Cash Flow Supplemental cash flow information related to leases was as follows: Six Months Ended (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,519 Operating cash flows from finance leases 2 Financing cash flows from finance leases 31 Leased assets obtained in exchange for new operating lease liabilities $ 5,569 Leased assets obtained in exchange for new finance lease liabilities 17 Maturities Future minimum lease payments under leases that had initial or remaining non-cancelable Operating Leases Related Party Other Total Finance Leases Total (Dollars in thousands) 2023 (July-Dec) $ 1,308 $ 10,620 $ 11,928 $ 60 $ 11,988 2024 1,250 10,022 11,272 26 11,298 2025 1,274 8,547 9,821 21 9,842 2026 1,280 7,475 8,755 8 8,763 2027 865 4,355 5,220 4 5,224 Thereafter 3,955 22,801 26,756 1 26,757 Undiscounted Cash Flows $ 9,932 $ 63,820 $ 73,752 $ 120 $ 73,872 Less: imputed interest (3,111 ) (19,247 ) (22,358 ) (10 ) (22,368 ) Total $ 6,821 $ 44,573 $ 51,394 $ 110 $ 51,504 Reconciliation to lease liabilities: Lease liabilities – current $ 877 $ 7,918 $ 8,795 $ 57 $ 8,852 Lease liabilities – long-term 5,944 36,655 42,599 53 42,652 Total Lease Liabilities $ 6,821 $ 44,573 $ 51,394 $ 110 $ 51,504 |
Broadcast Licenses
Broadcast Licenses | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Broadcast Licenses | NOTE 8. BROADCAST LICENSES We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other As a result of changes in macroeconomic conditions and rising interest rates that increase the Weighted Average Cost of Capital (“WACC”), we performed an interim review of broadcast licenses for impairment at June 30, 2022. We updated our 2021 year-end year-to-date start-up Impairment testing requires an estimate of the fair value of our indefinite-lived intangible assets. We believe that these estimates of fair value are critical accounting estimates as the value is significant in relation to our total assets and the estimates incorporate variables and assumptions based on our experiences and judgment about our future operating performance. Fair value measurements use significant unobservable 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 used in our estimates, we are subject to future impairment charges, the amount of which may be material. The unobservable inputs are defined in FASB ASC Topic 820 “Fair Value Measurements and Disclosures” as Level 3 inputs discussed in detail in Note 15 – Fair Value Measurements. 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 17 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, 2020 June 30, 2022 Risk-adjusted discount rate 8.5% 9.5% Operating profit margin ranges 3.9% - 30.9%% 3.9% - 30.9% Long-term revenue growth rates 0.4% - 0.7% 0.4% - 0.7% 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 the carrying value of broadcast licenses in seven of our market clusters were impaired as of the interim testing period ending June 30, 2022. We r e year-end The table below presents the results of our interim impairment testing under the start-up Market Cluster Excess Fair Value Atlanta, GA 61.2% Boston, MA 2.0% Chicago, IL 1.7% Cleveland, OH 10.0% Col Springs, CO 36.9% Columbus, OH (7.8)% Dallas, TX (3.0)% Greenville, SC (4.2)% Honolulu, HI (4.8)% Little Rock, AR 8.9% Minneapolis, MN 126.6% Orlando FL (5.5)% Philadelphia, PA 1.1% Portland, OR (0.5)% Sacramento, CA (5.6)% San Diego, CA 31.2% San Francisco, CA 7.0% |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 9. GOODWILL We account for goodwill in accordance with FASB ASC Topic 350 “ Intangibles—Goodwill and Other As a result of changes in macroeconomic conditions and rising interest rates that increase the WACC, we performed an interim review of goodwill for impairment at June 30, 2022. The first step of our impairment testing was 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 reviewed 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 entity’s operating income to estimate the fair value. 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. The key estimates and assumptions used for our enterprise valuations were as follows: Broadcast Markets Enterprise Valuations December 31, 2021 June 30, 2022 Risk-adjusted discount rate 8.5% 9.5% Operating profit margin ranges (1.4%) – 15.0% (7.8%) – 15.0% Long-term revenue growth rates 0.4% 0.4% 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 one market cluster for goodwill impairment. We engaged Bond & Pecaro, an independent appraisal and valuation firm, to assist us in estimating the enterprise value of our market cluster 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 recorded an impairment charge of $0.1 million to goodwill in one of our broadcast markets at June 30, 2022. The impairment charge was driven by an increase in the WACC that was partially offset with improvements in revenue growth rates over those used in the year-end The following table presents the changes in goodwill including business acquisitions discussed in Note 3 of our Condensed Consolidated Financial Statements. Goodwill Twelve Months Ended Six Months Ended (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment, $ 28,520 $ 28,749 Accumulated loss on impairment (4,763 ) (4,763 ) Balance, beginning of period after cumulative loss on impairment 23,757 23,986 Acquisitions of radio stations 4 — Acquisitions of digital media entities 225 2 Loss on impairment — (127 ) Ending period balance $ 23,986 $ 23,861 Balance, end of period before cumulative loss on impairment 28,749 28,751 Accumulated loss on impairment (4,763 ) (4,890 ) Ending period balance $ 23,986 $ 23,861 |
Amortizable Intangible Assets
Amortizable Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 23,700 $ (22,609 ) $ 1,091 Domain and brand names 19,886 (19,581 ) 305 Favorable and assigned leases 2,188 (1,968 ) 220 Subscriber base and lists 8,647 (8,474 ) 173 Author relationships 2,771 (2,771 ) — Non-compete 2,052 (2,042 ) 10 Other amortizable intangible assets 1,332 (1,332 ) — $ 60,576 $ (58,777 ) $ 1,799 As of December 31, 2021 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 23,700 $ (22,198 ) $ 1,502 Domain and brand names 19,875 (19,421 ) 454 Favorable and assigned leases 2,188 (1,960 ) 228 Subscriber base and lists 8,647 (8,387 ) 260 Author relationships 2,771 (2,771 ) — Non-compete 2,041 (2,041 ) — Other amortizable intangible assets 1,332 (1,332 ) — $60,554 $(58,110) $2,444 Amortization expense was approximately $0.3 million and $0.5 million for the three-month periods ended June 30, 2022 and 2021, respectively and $0.7 million and $1.1 million for the six-month Year Ended December 31, Amortization Expense (Dollars in thousands) 2022 (July – Dec) $ 557 2023 803 2024 209 2025 24 2026 14 Thereafter 192 Total $ 1,799 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 11. LONG-TERM DEBT Salem Media Group, Inc. has no independent assets or operations, the subsidiary guarantees relating to certain debt are full and unconditional and joint and several, and any subsidiaries of Salem Media Group, Inc. other than the subsidiary guarantors are minor. Long-term debt consists of the following: December 31, 2021 June 30, 2022 (Dollars in thousands) 2028 Notes $ 114,731 $ 114,731 Less unamortized discount and debt issuance costs based on imputed interest rate of 7.64% (3,844 ) (3,549 ) 2028 Notes, net carrying value 110,887 111,182 2024 Notes 60,174 44,685 Less unamortized debt issuance costs based on imputed interest rate of 7.10% (480 ) (272 ) 2024 Notes, net carrying value 59,694 44,413 Asset-Based Revolving Credit Facility principal outstanding (1) — 10 Long-term debt less unamortized discount and debt issuance costs $ 170,581 $ 155,605 Less current portion — (10 ) Long-term debt less unamortized discount and debt issuance costs, net of current portion $ 170,581 $ 155,595 (1) As of June 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.3 million, outstanding borrowings of $10,000, and $0.3 million of outstanding letters of credit, resulting in a $24.0 million borrowing base availability. Our weighted average interest rate was 6.99% and 7.01% at December 31, 2021, and June 30, 2022, respectively. In addition to the outstanding amounts listed above, we also have interest obligations related to our long-term debt as follows as of June 30, 2022: • $114.7 million aggregate principal amount of 2028 Notes with semi-annual interest payments at an annual rate of 7.125%; • $44.7 million aggregate principal amount of 2024 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. 2028 Notes On September 10, 2021, we refinanced $112.8 million of the 2024 Notes for $114.7 million (reflecting a call premium of 1.688%) of newly issued 7.125% Senior Secured Notes due 2028 (“2028 Notes”). Contemporaneously with the refinancing, we obtained commitments from the holders of the 2028 Notes to purchase up to $50 million in additional 2028 Notes (“Delayed Draw 2028 Notes”), contingent upon satisfying certain performance benchmarks, the proceeds of which are to be used exclusively to repurchase or repay the remaining balance outstanding of the 2024 Notes. We used the cash proceeds from 2028 Notes to fund the repurchase of a portion of our 2024 Notes. The 2028 Notes and the related guarantees were sold to certain holders of the 2024 Notes, whom we believe to be qualified institutional buyers, in a private placement. The 2028 Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or any state securities laws. The transaction was assessed on a lender-specific level and was accounted for as a debt modification in accordance with FASB ASC Topic 470. The 2028 Notes are guaranteed on a senior secured basis. We may redeem the 2028 Notes, in whole or in part, at any time prior to June 1, 2024, at a price equal to 100% of the principal amount of the 2028 Notes plus a “make-whole” premium as of, and accrued and unpaid interest, if any, up to, but not including, the redemption date. At any time on or after June 1, 2024, we may redeem some or all of the 2028 Notes at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth in the 2028 Notes indenture, plus accrued and unpaid interest, if any, up to, but not including the redemption date. In addition, we may redeem up to 35% of the aggregate principal amount of the 2028 Notes before June 1, 2024, with the net cash proceeds from certain equity offerings at a redemption price of 107.125% of the principal amount plus accrued and unpaid interest, if any, up to, but not including the redemption date. We may also redeem up to 10% of the aggregate original principal amount of the 2028 Notes per twelve-month period, in connection with up to two redemptions in such twelve-month period, at a redemption price of 101% of the principal amount plus accrued and unpaid interest up to, but not including, the redemption date. The 2028 Notes mature on June 1, 2028, unless earlier redeemed or repurchased. Interest accrues on the 2028 Notes from September 10, 2021, and is payable semi-annually, in cash in arrears, on June 1 and December 1 of each year, commencing December 1, 2021. Based on the balance of the 2028 Notes outstanding, we are required to pay $8.2 million per year in interest. At June 30, 2022, accrued interest on the 2028 Notes was $0.7 million. The indenture to the 2028 Notes contains covenants that, among other things and subject in each case to certain specified exceptions, limit the ability 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 assets; (vi) engage in transactions with affiliates; and (vii) sell or transfer assets. At June 30, 2022, we were, and we remain, in compliance with all of the covenants under the indenture. We recorded debt issuance costs of $4.7 million, of which $2.5 million of third-party debt modification costs were expensed during 2021 and $0.2 million were expensed during the three months ended March 31, 2022, $0.8 million was deferred with the Delayed Draw 2028 Notes, and $1.1 million, along with $3.0 million from the exchanged 2024 Notes, is being amortized as part of the effective yield on the 2028 Notes. During the three and six months ended June 30, 2022, $0.2 million and $0.4 million, respectively, of debt issuance costs and delayed draw fees associated with the Notes were amortized to interest expense. SBA PPP Loans We received $11.2 million in aggregate principal amount of PPP loans through the SBA during the first quarter of 2021 based on the eligibility of our radio stations and networks as determined on a per-location pre-tax 2024 Notes On May 19, 2017, we issued 6.75% Senior Secured Notes (“2024 Notes”) in a private placement. The 2024 Notes are guaranteed on a senior secured basis by our existing subsidiaries (“Subsidiary Guarantors”). The 2024 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 is payable semi-annually, in cash in arrears, on June 1 and December 1 of each year. The 2024 Notes are secured by a first-priority lien on substantially all assets of ours and the Subsidiary Guarantors other than the ABL Facility Priority Collateral as described below. There is no direct lien on our FCC licenses to the extent prohibited by law or regulation other than the economic value and proceeds thereof. The indenture relating to the 2024 Notes 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. At June 30, 2022, we were, and we remain, in compliance with all of the covenants under the indenture. We recorded debt issuance costs of $6.3 million as a reduction of the debt proceeds being amortized to non-cash Based on the balance of the 2024 Notes outstanding of $44.7 million, we are required to pay $3.0 million per year in interest on the 2024 Notes. At June 30, 2022, accrued interest on the 2024 Notes was $0.3 million. We may from time to time, depending on market conditions and prices, contractual restrictions, our financial liquidity, and other factors, seek to repurchase the 2024 Notes in open market transactions, privately negotiated transactions, by tender offer or otherwise, as market conditions warrant. As described above within the 2028 Notes, on September 10, 2021, we exchanged $112.8 million of the 2024 Notes for $114.7 million of newly issued 2028 Notes, reflecting a call premium of 1.688%. Bond issuance costs of $1.1 million associated with the $112.8 million of the 2024 Notes are being amortized as part of the effective yield on the 2028 Notes. Based on the then existing market conditions, we also completed repurchases of our 2024 Notes as follows: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) June 13, 2022 $ 5,000 $ 4,947 98.95 % $ 35 $ 18 June 10, 2022 3,000 2,970 99.00 % 21 9 June 7, 2022 2,464 2,446 99.25 % 17 1 May 17, 2022 2,525 2,500 99.00 % 18 7 January 12, 2022 2,500 2,531 101.26 % 22 (53 ) December 10, 2021 35,000 35,591 101.69 % 321 (912 ) October 25, 2021 2,000 2,020 101.00 % 19 (39 ) October 12, 2021 250 251 100.38 % 2 (3 ) October 5, 2021 763 766 100.38 % 7 (10 ) October 4, 2021 628 629 100.13 % 6 (7 ) September 24, 2021 4,700 4,712 100.25 % 44 (56 ) January 30, 2020 2,250 2,194 97.50 % 34 22 January 27, 2020 1,245 1,198 96.25 % 20 27 December 27, 2019 3,090 2,874 93.00 % 48 167 November 27, 2019 5,183 4,548 87.75 % 82 553 November 15, 2019 3,791 3,206 84.58 % 61 524 March 28, 2019 2,000 1,830 91.50 % 37 134 March 28, 2019 2,300 2,125 92.38 % 42 133 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 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 $ 97,489 $ 94,949 $ 1,218 $ 1,322 Asset-Based Revolving Credit Facility On May 19, 2017, we entered into the ABL Facility pursuant to a Credit Agreement (“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 $30.0 million revolving credit facility due March 1, 2024, 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 interest at a rate equal to a base rate or LIBOR 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 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. On October 20, 2020, we entered into a fourth amendment to our ABL Facility that provides a one-time On April 7, 2020, we entered into a third amendment to ABL Facility that increased the advance rate on eligible accounts receivable from 85% to 90% and extended the maturity date from May 19, 2022 to March 1, 2024. The April 7, 2020 amendment also allows for an alternative benchmark rate that may include SOFR due to LIBOR being scheduled to be discontinued at the end of calendar year 2021. Availability under the ABL Facility is subject to a borrowing base consisting of (a) 90% of the eligible accounts receivable plus (b) a calculated amount based on the value of certain real property. As of June 30, 2022, the amount available under the ABL Facility was $24.0 million of which $10,000 was outstanding. 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, and by a second-priority lien on the Notes Priority Collateral. There is no direct lien on our 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 our ability and the ability of our 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 recorded debt issue costs of $0.9 million as an asset 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. Maturities of Long-Term Debt Principal repayment requirements under all long-term debt agreements outstanding at June 30, 2022 for each of the next five years and thereafter are as follows: Amount For the Year Ended June 30, (Dollars in thousands) 2023 $ 10 2024 44,685 2025 — 2026 — 2027 — Thereafter 114,731 $ 159,426 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 12. FAIR VALUE MEASUREMENTS As of June 30, 2022, the carrying value of cash and cash equivalents, 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 June 30, 2022, was $159.4 million compared to the estimated fair value of $153.1 million, based on the prevailing interest rates and trading activity of our Notes. 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: June 30, 2022 Carrying Value on Fair Value Measurement Category Level 1 Level 2 Level 3 (Dollars in thousands) Liabilities: Estimated fair value of contingent earn-out $ 6 — — $ 6 Long-term debt less unamortized debt issuance costs 155,605 — 151,923 — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
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. At December 31, 2021, we had net operating loss carryforwards for federal income tax purposes of approximately $98.4 million that expire in years 2024 through 2038 and for state income tax purposes of approximately $607.7 million that expire in years 2022 through 2041. As a result of our adjusted cumulative three-year pre-tax COVID-19 stay-at-home During the interim period ended June 30, 2022, we computed the income tax provision using the estimated effective annual rate applicable for the full year. We updated our forecast to project income for the 2022 calendar year. In accordance with the guidance under FASB ASC Topic 740-270-25-4, 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. 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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, arbitrations, 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 condensed consolidated financial position, results of operations or cash flows. |
Stock Incentive Plan
Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | NOTE 15. STOCK INCENTIVE PLAN We recognize non-cash Compensation—Stock Compensation The following table reflects the components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and six-month Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 (Dollars in thousands) (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses $ 24 $ 34 $ 52 $ 36 Restricted stock shares compensation expense included in corporate expenses — — — 54 Stock option compensation expense included in broadcast operating expenses 33 19 61 49 Stock option compensation expense included in digital media operating expenses 27 15 49 35 Total stock-based compensation expense, pre-tax $ 84 $ 68 $ 162 $ 174 Tax expense for stock-based compensation expense (22 ) (18 ) (42 ) (45 ) Total stock-based compensation expense, net of tax $ 62 $ 50 $ 120 $ 129 The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes valuation model were as follows for the three and six-month Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 June 30, 2022 June 30, 2022 Expected volatility n/a 74.83 % n/a 84.69 % Expected dividends n/a 0.00 % n/a 0.00 % Expected term (in years) n/a 7.7 n/a 9.5 Risk-free interest rate n/a 0.96 % n/a 1.61 % Activity with respect to the company’s option awards during the six-month Options Shares Weighted Weighted Average Weighted Average Aggregate (Dollars in thousands, except weighted average exercise price and weighted average Outstanding at January 1, 2022 1,900,417 $ 3.01 $ 1.37 4.4 years $ 1,310 Granted 100,000 3.26 2.66 — Exercised (40,913 ) 2.31 1.16 50 Forfeited or expired (166,164 ) 6.10 3.47 — Outstanding at June 30, 2022 1,793,340 2.76 1.25 4.5 years $ 549 Exercisable at June 30, 2022 1,066,090 3.36 1.40 3.0 years 174 Expected to Vest 690,524 2.78 1.26 4.5 years $ 530 Activity with respect to the company’s restricted stock awards during the six-month Restricted Stock Awards Shares Weighted Average Weighted Average Aggregate (Dollars in thousands, except weighted average exercise price and weighted average Outstanding at January 1, 2022 — — — — Granted 14,854 3.66 — $ 54 Lapsed — — — — Forfeited — — — — Outstanding at June 30, 2022 14,854 3.66 1.7 $ 31 The aggregate intrinsic value represents the difference between the company’s closing stock price on June 30, 2022 of $2.12 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 periods ended June 30, 2022 and 2021, was $0.3 million. As of June 30, 2022, there was $0.4 million of total unrecognized compensation cost related to non-vested |
Equity Transactions
Equity Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Equity Transactions | NOTE 16. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation non-cash paid-in six-month |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | NOTE 17. 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 condensed consolidated statements of operations included in this quarterly report on Form 10-Q. Segment performance, as defined by Salem, is not necessarily comparable to other similarly titled captions of other companies. Broadcast 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 other 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 9 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. Salem Surround, our national multimedia advertising agency with locations in 29 markets across the United States, 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. Salem Podcast Network (“SPN”), launched in January 2021, is our platform for conservative, political, news, and family-oriented podcasts. SPN reaches over 11 million downloads per month, with one show already in the top 10 of all podcasts, and another in the top 10 in the News category according to the Apple Podcast Rankings. Digital Media Our digital media-based businesses provide Christian, conservative, investing content, audio and video streaming, and other resources digitally through the web. Salem Web Network (“SWN”) websites include Christian content websites; BibleStudyTools.com, Crosswalk.com ® ® ™ ™ ® ™ ® ® non-individualized Our church product websites, including SermonSearch ™ ™ 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 two businesses: (1) Regnery ® The table below presents financial information for each operating segment as of June 30, 2022 and 2021 based on the composition of our operating segments: Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended June 30, 2022 Net revenue $ 52,452 $ 10,804 $ 5,426 $ — $ 68,682 Operating expenses 42,489 8,273 5,432 4,781 60,975 Net operating income (loss) before debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets $ 9,963 $ 2,531 $ (6 ) $ (4,781 ) $ 7,707 Debt modification costs — — — 20 20 Depreciation 1,530 979 89 260 2,858 Amortization 4 328 — — 332 Impairment of indefinite-lived long-term assets other than goodwill 3,935 — — — 3,935 Impairment of goodwill 127 — — — 127 Net (gain) loss on the disposition of assets (6,919 ) (1 ) — 27 (6,893 ) Net operating income (loss) $ 11,286 $ 1,225 $ (95 ) $ (5,088 ) $ 7,328 Three Months Ended June 30, 2021 Net revenue $ 46,783 $ 10,339 $ 6,660 $ — $ 63,782 Operating expenses 36,162 8,338 6,426 4,192 55,118 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out $ 10,621 $ 2,001 $ 234 $ (4,192 ) $ 8,664 Depreciation 1,603 860 44 234 2,741 Amortization 4 397 144 — 545 Net (gain) loss on the disposition of assets — 65 (328 ) — (263 ) Net operating income (loss) $ 9,014 $ 679 $ 374 $ (4,426 ) $ 5,641 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Six Months Ended June 30, 2022 Net revenue $ 100,884 $ 21,104 $ 9,303 $ — $ 131,291 Operating expenses 80,610 16,746 9,899 9,591 116,846 Net operating income (loss) before debt modification costs, depreciation, amortization, change in the estimated fair value of contingent earn-out $ 20,274 $ 4,358 $ (596 ) $ (9,591 ) $ 14,445 Debt modification costs — — — 248 248 Depreciation 3,186 1,920 169 525 5,800 Amortization 8 658 — — 666 Change in the estimated fair value of contingent earn-out — (5 ) — — (5 ) Impairment of indefinite-lived long-term assets other than goodwill 3,935 — — — 3,935 Impairment of goodwill 127 — — — 127 Net (gain) loss on the disposition of assets (8,657 ) (1 ) — 30 (8,628 ) Net operating income (loss) $ 21,675 $ 1,786 $ (765 ) $ (10,394 ) $ 12,302 Six Months Ended June 30, 2021 Net revenue $ 90,831 $ 19,958 $ 12,346 $ — $ 123,135 Operating expenses 69,505 17,011 11,631 8,480 106,627 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out $ 21,326 $ 2,947 $ 715 $ (8,480 ) $ 16,508 Depreciation 3,128 1,641 91 470 5,330 Amortization 8 829 289 — 1,126 Net (gain) loss on the disposition of assets 318 65 (328 ) — 55 Net operating income (loss) $ 17,872 $ 412 $ 663 $ (8,950 ) $ 9,997 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of June 30, 2022 Inventories, net $ — $ — $ 1,528 $ — $ 1,528 Property and equipment, net 62,370 8,115 641 8,587 79,713 Broadcast licenses 313,500 — — — 313,500 Goodwill 2,622 19,793 1,446 — 23,861 Amortizable intangible assets, net 221 1,578 — — 1,799 As of December 31, 2021 Inventories, net $ — $ — $ 960 $ — $ 960 Property and equipment, net 61,694 8,447 746 8,452 79,339 Broadcast licenses 320,008 — — — 320,008 Goodwill 2,750 19,790 1,446 — 23,986 Amortizable intangible assets, net 229 2,215 — — 2,444 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18. SUBSEQUENT EVENTS None. Subsequent events reflect all applicable transactions through the date of the filing. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business | 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 17 – Segment Data. |
Basis Of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements of Salem include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Investments in entities for which we have a significant influence, but less than a controlling financial interest, are accounted for using the equity method. Information with respect to the three and six months ended June 30, 2022 and 2021 is unaudited. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q S-X. 10-K The balance sheet at December 31, 2021 included in this report has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP. Certain reclassifications have been made to the prior year financial statements to conform to the presentation in the current year, which had no impact on the previously reported financial statements. |
Impact Of The COVID19 Pandemic | Impact of the COVID-19 During 2020 we implemented several measures to reduce costs and conserve cash to ensure that we had adequate liquidity to meet our debt servicing requirements. As the economy began to show signs of recovery, we reversed several of these cost reduction initiatives during 2021. We continue to operate with lower staffing levels where appropriate, we have not declared or paid equity distributions on our common stock, and the company 401(k) match was not reinstated until January 2022. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provided emergency economic assistance for individuals and businesses impacted by the COVID-19 • We deferred $3.3 million of employer FICA taxes from April 2020 through December 2020, of which 50% was paid in December 2021 and the remaining 50% is payable in December 2022; • A relaxation of interest expense deduction limitation for income tax purposes; • We received Paycheck Protection Program (“PPP”) loans of $11.2 million in total during the first quarter of 2021 through the Small Business Association (“SBA”) based on the eligibility as determined on a per-location • In July 2021, the SBA forgave all but $20,000 of the PPP loans, with the remaining PPP loan repaid in July 2021. |
Equity Method Investment | Equity Method Investment We invested in OneParty America LLC (“OPA”), an entity formed for the purpose of developing, producing, and distributing a documentary motion picture. We analyzed our investment to determine the degree to which we influenced OPA. The determination of the degree to which we can influence an investee requires extensive analysis depending on the terms and nature of each investment. We reviewed OPA in accordance with the guidance within Accounting Standards Codification (“ASC”) 810 , Consolidation 323-30 , Investments – Equity Method and Joint Ventures We recorded our equity method investment at cost with subsequent adjustments to the carrying value for our share of the earnings or losses of OPA. Distributions received from the equity method investment were recorded as reductions in the carrying value of such investment and are classified on the unaudited condensed consolidated interim statements of cash flows pursuant to the cumulative earnings approach. Under the cumulative earnings approach, distributions received are accounted for as a return on investment in cash inflows from operating activities unless the cumulative distributions received exceed the cumulative equity in earnings recognized from the investment. When such an excess occurs, the current period distributions up to this excess are considered returns of investment and are classified as cash inflows from investing activities. The documentary motion picture, 2,000 Mules We monitor equity method investments for impairment and records a reduction in the carrying value if the carrying exceeds the estimated fair value. An impairment charge is recorded when such impairment is deemed to be other than temporary. To determine whether an impairment is other than temporary, we consider our ability and intent to hold the investment until the carrying amount is fully recovered. Circumstances that indicate an impairment may have occurred include factors such as decreases in quoted market prices or declines in the operations of the investee. The evaluation of the investment for potential impairment requires us to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. There were no indications of impairment at June 30, 2022. |
Use of Estimates | Use of Estimates Our consolidated financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. These estimates require the use of judgment as future events, and the effect of these events cannot be predicted with certainty. The COVID-19 Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary. Significant areas for which management uses estimates include: • revenue recognition; • asset impairments, including broadcasting licenses and goodwill; • contingency reserves; • allowance for doubtful accounts; • barter transactions; • assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting Right-Of-Use • determining the Incremental Borrowing Rate (“IBR”) for calculating ROU assets and lease liabilities, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Update (“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 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. Accounting Standards Adopted in 2022 In November 2021, the FASB issued ASU No. 2021-10, Disclosures by Business Entities about Government Assistance No. 2021-10 Recent Accounting Standards or Updates Not Yet Effective In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures Financial Instruments – Credit Losses In October 2021, 2021 08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers 606 |
Recent Transactions (Tables)
Recent Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Instrument, Redemption [Line Items] | |
Schedule of Repurchases of 2024 Notes | We completed repurchases of our 2024 Notes as follows: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) June 13, 2022 $ 5,000 $ 4,947 98.95 % $ 35 $ 18 June 10, 2022 3,000 2,970 99.00 % 21 9 June 7, 2022 2,464 2,446 99.25 % 17 1 May 17, 2022 2,525 2,500 99.00 % 18 7 January 12, 2022 2,500 2,531 101.26 % 22 (53 ) |
Disclosure Details Of Purchase Consideration Business Combination | The total purchase price consideration for our business acquisitions and asset purchases during the six-month Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 738 Escrow deposits paid in prior years 60 Total purchase price consideration $ 798 |
Fair value of the net assets acquired | Differences between the preliminary and final valuation could be substantially different from the initial estimate. Net Broadcast Net Digital Total Assets Property and equipment $ 418 166 584 Broadcast licenses 190 — 190 Goodwill — 2 2 Domain and brand names — 11 11 Non-Compete — 11 11 $ 608 $ 190 $ 798 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table presents our revenues disaggregated by revenue source for each of our operating segments: Six Months Ended June 30, 2022 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming – National $ 26,399 $ — $ — $ 26,399 Block Programming – Local 12,049 — — 12,049 Broadcast Programming Revenue 38,448 — — 38,448 Spot Advertising – National 7,700 — — 7,700 Spot Advertising – Local 21,552 — — 21,552 Network Advertising 10,240 — — 10,240 Broadcast Advertising Revenue 39,492 — — 39,492 Infomercials 373 — — 373 Other Revenue 4,484 — — 4,484 Other Broadcast Revenue 4,857 — — 4,857 Digital Advertising 14,112 9,088 — 23,200 Digital Streaming 2,492 1,798 — 4,290 Digital Downloads 387 3,797 — 4,184 Digital Subscriptions 503 6,343 — 6,846 Other Digital Revenue 593 78 — 671 Digital Revenue 18,087 21,104 — 39,191 Book Sales — — 6,204 6,204 Estimated Sales Returns & Allowances — — (1,444 ) (1,444 ) Net Book Sales — — 4,760 4,760 E-Book — — 625 625 Self-Publishing Fees — — 3,379 3,379 Other Publishing Revenue — — 539 539 Publishing Revenue — — 9,303 9,303 $ 100,884 $ 21,104 $ 9,303 $ 131,291 Timing of Revenue Recognition Point in Time $ 99,744 $ 21,104 $ 9,303 $ 130,151 Rental Income (1) 1,140 — — 1,140 $ 100,884 $ 21,104 $ 9,303 $ 131,291 Six Months Ended June 30, 2021 Broadcast Digital Media Publishing Consolidated (Dollars in thousands) By Source of Revenue: Block Programming – National $ 23,322 $ — $ — $ 23,322 Block Programming – Local 11,773 — — 11,773 Broadcast Programming Revenue 35,095 — — 35,095 Spot Advertising – National 7,118 — — 7,118 Spot Advertising – Local 19,441 — — 19,441 Network Advertising 9,821 — — 9,821 Broadcast Advertising Revenue 36,380 — — 36,380 Infomercials 462 — — 462 Other Revenue 4,097 — — 4,097 Other Broadcast Revenue 4,559 — — 4,559 Digital Advertising 11,745 8,806 132 20,683 Digital Streaming 2,093 1,706 — 3,799 Digital Downloads 200 3,267 — 3,467 Digital Subscriptions 562 6,072 — 6,634 Other Digital Revenue 197 107 — 304 Digital Revenue 14,797 19,958 132 34,887 Book Sales — — 10,513 10,513 Estimated Sales Returns & Allowances — — (3,011 ) (3,011 ) Net Book Sales — — 7,502 7,502 E-Book — — 792 792 Self-Publishing Fees — — 3,174 3,174 Publishing Magazine Subscriptions — — 262 262 Other Publishing Revenue — — 484 484 Publishing Revenue — — 12,214 12,214 $ 90,831 $ 19,958 $ 12,346 $ 123,135 Timing of Revenue Recognition — Point in Time $ 89,583 $ 19,958 $ 12,346 $ 121,887 Rental Income (1) 1,248 — — 1,248 $ 90,831 $ 19,958 $ 12,346 $ 123,135 (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 Condensed Consolidated Financial Statements within this report on Form 10-Q. |
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, 2022 $ 12,294 $ 2,222 Revenue recognized during the period that was included in the beginning balance of contract liabilities (6,868 ) — Additional amounts recognized during the period 12,525 424 Revenue recognized during the period that was recorded during the period (6,248 ) — Transfers 698 (698 ) Balance, end of period June 30, 2022 $ 12,401 $ 1,948 Amount refundable at beginning of period $ 12,282 $ 2,222 Amount refundable at end of period $ 12,389 $ 1,948 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | We expect to satisfy these performance obligations as follows: Amount For the Year Ended June 30, (Dollars in thousands) 2023 $ 12,401 2024 1,264 2025 448 2026 138 2027 98 Thereafter — $ 14,349 |
Trade and Barter Transactions Expenses | Trade and barter revenues and expenses were as follows: Three Months Ended Six Months Ended 2021 2022 2021 2022 (Dollars in thousands) Net broadcast barter revenue $ 674 $ 679 $ 1,065 $ 1,525 Net digital media barter revenue — — — — Net publishing barter revenue — — — — Net broadcast barter expense $ 712 $ 873 $ 1,085 $ 1,632 Net digital media barter expense — — — — Net publishing barter expense 7 — 7 — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 June 30, 2022 (Dollars in thousands) Buildings $ 28,593 $ 28,406 Office furnishings and equipment 36,598 36,601 Antennae, towers and transmitting equipment 77,813 74,937 Studio, production, and mobile equipment 29,498 29,094 Computer software and website development costs 38,271 39,265 Automobiles 1,515 1,556 Leasehold improvements 18,104 17,739 $ 230,392 $ 227,598 Less accumulated depreciation (186,053 ) (186,881 ) 44,339 $ 40,717 Land $ 26,896 26,893 Construction-in-progress 8,104 12,103 Property and Equipment, net $ 79,339 $ 79,713 |
Operating and Finance Lease R_2
Operating and Finance Lease Right-of-Use Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: June 30, 2022 (Dollars in thousands) Operating Leases Related Party Other Total Operating leases ROU assets $ 6,717 $ 37,303 $ 44,020 Operating lease liabilities (current) $ 877 $ 7,918 $ 8,795 Operating lease liabilities (non-current) 5,944 36,655 42,599 Total operating lease liabilities $ 6,821 $ 44,573 $ 51,394 Weighted Average Remaining Lease Term Operating leases 7.6 years Finance leases 2.6 years Weighted Average Discount Rate Operating leases 8.11 % Finance leases 6.18 % |
Components of Lease Expense | The components of lease expense were as follows: Six Months Ended (Dollars in thousands) Amortization of finance lease ROU Assets $ 30 Interest on finance lease liabilities 4 Finance lease expense 34 Operating lease expense 6,479 Variable lease expense 290 Short-term lease expense 623 Total lease expense $ 7,426 |
Schedule of other information related to leases | Supplemental cash flow information related to leases was as follows: Six Months Ended (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,519 Operating cash flows from finance leases 2 Financing cash flows from finance leases 31 Leased assets obtained in exchange for new operating lease liabilities $ 5,569 Leased assets obtained in exchange for new finance lease liabilities 17 |
Schedule of Future Minimum Lease Payments Based on Former Accounting Guidance | Future minimum lease payments under leases that had initial or remaining non-cancelable Operating Leases Related Party Other Total Finance Leases Total (Dollars in thousands) 2023 (July-Dec) $ 1,308 $ 10,620 $ 11,928 $ 60 $ 11,988 2024 1,250 10,022 11,272 26 11,298 2025 1,274 8,547 9,821 21 9,842 2026 1,280 7,475 8,755 8 8,763 2027 865 4,355 5,220 4 5,224 Thereafter 3,955 22,801 26,756 1 26,757 Undiscounted Cash Flows $ 9,932 $ 63,820 $ 73,752 $ 120 $ 73,872 Less: imputed interest (3,111 ) (19,247 ) (22,358 ) (10 ) (22,368 ) Total $ 6,821 $ 44,573 $ 51,394 $ 110 $ 51,504 Reconciliation to lease liabilities: Lease liabilities – current $ 877 $ 7,918 $ 8,795 $ 57 $ 8,852 Lease liabilities – long-term 5,944 36,655 42,599 53 42,652 Total Lease Liabilities $ 6,821 $ 44,573 $ 51,394 $ 110 $ 51,504 |
Broadcast Licenses (Tables)
Broadcast Licenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | |
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. Broadcast Licenses Twelve Months Ended Six Months Ended June 30, 2022 (Dollars in thousands) Balance before cumulative loss on impairment, beginning $ 434,209 $ 434,444 Accumulated loss on impairment, beginning of period (114,436 ) (114,436 ) Balance after cumulative loss on impairment, beginning of period 319,773 320,008 Acquisitions of radio stations 235 190 Dispositions of radio stations and FM translators — (2,763 ) Loss on impairment — (3,935 ) Balance, end of period after cumulative loss on impairment $ 320,008 $ 313,500 Balance, end of period before cumulative loss on impairment $ 434,444 $ 429,566 Accumulated loss on impairment, end of period (114,436 ) (116,066 ) Balance, end of period after cumulative loss on impairment $ 320,008 $ 313,500 |
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, 2020 June 30, 2022 Risk-adjusted discount rate 8.5% 9.5% Operating profit margin ranges 3.9% - 30.9%% 3.9% - 30.9% Long-term revenue growth rates 0.4% - 0.7% 0.4% - 0.7% |
Schedule of Interim Impairment Testing Under Start-Up Income Approach | The table below presents the results of our interim impairment testing under the start-up Market Cluster Excess Fair Value Atlanta, GA 61.2% Boston, MA 2.0% Chicago, IL 1.7% Cleveland, OH 10.0% Col Springs, CO 36.9% Columbus, OH (7.8)% Dallas, TX (3.0)% Greenville, SC (4.2)% Honolulu, HI (4.8)% Little Rock, AR 8.9% Minneapolis, MN 126.6% Orlando FL (5.5)% Philadelphia, PA 1.1% Portland, OR (0.5)% Sacramento, CA (5.6)% San Diego, CA 31.2% San Francisco, CA 7.0% |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Changes in Goodwill | The following table presents the changes in goodwill including business acquisitions discussed in Note 3 of our Condensed Consolidated Financial Statements. Goodwill Twelve Months Ended Six Months Ended (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment, $ 28,520 $ 28,749 Accumulated loss on impairment (4,763 ) (4,763 ) Balance, beginning of period after cumulative loss on impairment 23,757 23,986 Acquisitions of radio stations 4 — Acquisitions of digital media entities 225 2 Loss on impairment — (127 ) Ending period balance $ 23,986 $ 23,861 Balance, end of period before cumulative loss on impairment 28,749 28,751 Accumulated loss on impairment (4,763 ) (4,890 ) Ending period balance $ 23,986 $ 23,861 |
Broadcast Markets Enterprise Valuations [Member] | |
Schedule of Assumptions Used | The key estimates and assumptions used for our enterprise valuations were as follows: Broadcast Markets Enterprise Valuations December 31, 2021 June 30, 2022 Risk-adjusted discount rate 8.5% 9.5% Operating profit margin ranges (1.4%) – 15.0% (7.8%) – 15.0% Long-term revenue growth rates 0.4% 0.4% |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 23,700 $ (22,609 ) $ 1,091 Domain and brand names 19,886 (19,581 ) 305 Favorable and assigned leases 2,188 (1,968 ) 220 Subscriber base and lists 8,647 (8,474 ) 173 Author relationships 2,771 (2,771 ) — Non-compete 2,052 (2,042 ) 10 Other amortizable intangible assets 1,332 (1,332 ) — $ 60,576 $ (58,777 ) $ 1,799 As of December 31, 2021 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 23,700 $ (22,198 ) $ 1,502 Domain and brand names 19,875 (19,421 ) 454 Favorable and assigned leases 2,188 (1,960 ) 228 Subscriber base and lists 8,647 (8,387 ) 260 Author relationships 2,771 (2,771 ) — Non-compete 2,041 (2,041 ) — Other amortizable intangible assets 1,332 (1,332 ) — $60,554 $(58,110) $2,444 |
Amortizable Intangible Assets, Estimate Amortization Expense | Amortization expense was approximately $0.3 million and $0.5 million for the three-month periods ended June 30, 2022 and 2021, respectively and $0.7 million and $1.1 million for the six-month Year Ended December 31, Amortization Expense (Dollars in thousands) 2022 (July – Dec) $ 557 2023 803 2024 209 2025 24 2026 14 Thereafter 192 Total $ 1,799 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following: December 31, 2021 June 30, 2022 (Dollars in thousands) 2028 Notes $ 114,731 $ 114,731 Less unamortized discount and debt issuance costs based on imputed interest rate of 7.64% (3,844 ) (3,549 ) 2028 Notes, net carrying value 110,887 111,182 2024 Notes 60,174 44,685 Less unamortized debt issuance costs based on imputed interest rate of 7.10% (480 ) (272 ) 2024 Notes, net carrying value 59,694 44,413 Asset-Based Revolving Credit Facility principal outstanding (1) — 10 Long-term debt less unamortized discount and debt issuance costs $ 170,581 $ 155,605 Less current portion — (10 ) Long-term debt less unamortized discount and debt issuance costs, net of current portion $ 170,581 $ 155,595 (1) As of June 30, 2022, the Asset-Based Revolving Credit Facility (“ABL”), had a borrowing base of $24.3 million, outstanding borrowings of $10,000, and $0.3 million of outstanding letters of credit, resulting in a $24.0 million borrowing base availability. |
Schedule of Debt Instruments Senior Secured Note | Based on the then existing market conditions, we also completed repurchases of our 2024 Notes as follows: Date Principal Cash % of Face Bond Issue Net Gain (Dollars in thousands) June 13, 2022 $ 5,000 $ 4,947 98.95 % $ 35 $ 18 June 10, 2022 3,000 2,970 99.00 % 21 9 June 7, 2022 2,464 2,446 99.25 % 17 1 May 17, 2022 2,525 2,500 99.00 % 18 7 January 12, 2022 2,500 2,531 101.26 % 22 (53 ) December 10, 2021 35,000 35,591 101.69 % 321 (912 ) October 25, 2021 2,000 2,020 101.00 % 19 (39 ) October 12, 2021 250 251 100.38 % 2 (3 ) October 5, 2021 763 766 100.38 % 7 (10 ) October 4, 2021 628 629 100.13 % 6 (7 ) September 24, 2021 4,700 4,712 100.25 % 44 (56 ) January 30, 2020 2,250 2,194 97.50 % 34 22 January 27, 2020 1,245 1,198 96.25 % 20 27 December 27, 2019 3,090 2,874 93.00 % 48 167 November 27, 2019 5,183 4,548 87.75 % 82 553 November 15, 2019 3,791 3,206 84.58 % 61 524 March 28, 2019 2,000 1,830 91.50 % 37 134 March 28, 2019 2,300 2,125 92.38 % 42 133 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 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 $ 97,489 $ 94,949 $ 1,218 $ 1,322 |
Principle Repayment Requirements Under Long Term Agreements Outstanding | Principal repayment requirements under all long-term debt agreements outstanding at June 30, 2022 for each of the next five years and thereafter are as follows: Amount For the Year Ended June 30, (Dollars in thousands) 2023 $ 10 2024 44,685 2025 — 2026 — 2027 — Thereafter 114,731 $ 159,426 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 Carrying Value on Fair Value Measurement Category Level 1 Level 2 Level 3 (Dollars in thousands) Liabilities: Estimated fair value of contingent earn-out $ 6 — — $ 6 Long-term debt less unamortized debt issuance costs 155,605 — 151,923 — |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 Condensed Consolidated Statements of Operations for the three and six-month Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 (Dollars in thousands) (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses $ 24 $ 34 $ 52 $ 36 Restricted stock shares compensation expense included in corporate expenses — — — 54 Stock option compensation expense included in broadcast operating expenses 33 19 61 49 Stock option compensation expense included in digital media operating expenses 27 15 49 35 Total stock-based compensation expense, pre-tax $ 84 $ 68 $ 162 $ 174 Tax expense for stock-based compensation expense (22 ) (18 ) (42 ) (45 ) Total stock-based compensation expense, net of tax $ 62 $ 50 $ 120 $ 129 |
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model | The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes valuation model were as follows for the three and six-month Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 June 30, 2022 June 30, 2022 Expected volatility n/a 74.83 % n/a 84.69 % Expected dividends n/a 0.00 % n/a 0.00 % Expected term (in years) n/a 7.7 n/a 9.5 Risk-free interest rate n/a 0.96 % n/a 1.61 % |
Schedule of Stock Option Activity | Activity with respect to the company’s option awards during the six-month Options Shares Weighted Weighted Average Weighted Average Aggregate (Dollars in thousands, except weighted average exercise price and weighted average Outstanding at January 1, 2022 1,900,417 $ 3.01 $ 1.37 4.4 years $ 1,310 Granted 100,000 3.26 2.66 — Exercised (40,913 ) 2.31 1.16 50 Forfeited or expired (166,164 ) 6.10 3.47 — Outstanding at June 30, 2022 1,793,340 2.76 1.25 4.5 years $ 549 Exercisable at June 30, 2022 1,066,090 3.36 1.40 3.0 years 174 Expected to Vest 690,524 2.78 1.26 4.5 years $ 530 |
Schedule of Information Regarding Restricted Stock Activity | Activity with respect to the company’s restricted stock awards during the six-month Restricted Stock Awards Shares Weighted Average Weighted Average Aggregate (Dollars in thousands, except weighted average exercise price and weighted average Outstanding at January 1, 2022 — — — — Granted 14,854 3.66 — $ 54 Lapsed — — — — Forfeited — — — — Outstanding at June 30, 2022 14,854 3.66 1.7 $ 31 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | The table below presents financial information for each operating segment as of June 30, 2022 and 2021 based on the composition of our operating segments: Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended June 30, 2022 Net revenue $ 52,452 $ 10,804 $ 5,426 $ — $ 68,682 Operating expenses 42,489 8,273 5,432 4,781 60,975 Net operating income (loss) before debt modification costs, depreciation, amortization, impairments, and net (gain) loss on the disposition of assets $ 9,963 $ 2,531 $ (6 ) $ (4,781 ) $ 7,707 Debt modification costs — — — 20 20 Depreciation 1,530 979 89 260 2,858 Amortization 4 328 — — 332 Impairment of indefinite-lived long-term assets other than goodwill 3,935 — — — 3,935 Impairment of goodwill 127 — — — 127 Net (gain) loss on the disposition of assets (6,919 ) (1 ) — 27 (6,893 ) Net operating income (loss) $ 11,286 $ 1,225 $ (95 ) $ (5,088 ) $ 7,328 Three Months Ended June 30, 2021 Net revenue $ 46,783 $ 10,339 $ 6,660 $ — $ 63,782 Operating expenses 36,162 8,338 6,426 4,192 55,118 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out $ 10,621 $ 2,001 $ 234 $ (4,192 ) $ 8,664 Depreciation 1,603 860 44 234 2,741 Amortization 4 397 144 — 545 Net (gain) loss on the disposition of assets — 65 (328 ) — (263 ) Net operating income (loss) $ 9,014 $ 679 $ 374 $ (4,426 ) $ 5,641 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Six Months Ended June 30, 2022 Net revenue $ 100,884 $ 21,104 $ 9,303 $ — $ 131,291 Operating expenses 80,610 16,746 9,899 9,591 116,846 Net operating income (loss) before debt modification costs, depreciation, amortization, change in the estimated fair value of contingent earn-out $ 20,274 $ 4,358 $ (596 ) $ (9,591 ) $ 14,445 Debt modification costs — — — 248 248 Depreciation 3,186 1,920 169 525 5,800 Amortization 8 658 — — 666 Change in the estimated fair value of contingent earn-out — (5 ) — — (5 ) Impairment of indefinite-lived long-term assets other than goodwill 3,935 — — — 3,935 Impairment of goodwill 127 — — — 127 Net (gain) loss on the disposition of assets (8,657 ) (1 ) — 30 (8,628 ) Net operating income (loss) $ 21,675 $ 1,786 $ (765 ) $ (10,394 ) $ 12,302 Six Months Ended June 30, 2021 Net revenue $ 90,831 $ 19,958 $ 12,346 $ — $ 123,135 Operating expenses 69,505 17,011 11,631 8,480 106,627 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out $ 21,326 $ 2,947 $ 715 $ (8,480 ) $ 16,508 Depreciation 3,128 1,641 91 470 5,330 Amortization 8 829 289 — 1,126 Net (gain) loss on the disposition of assets 318 65 (328 ) — 55 Net operating income (loss) $ 17,872 $ 412 $ 663 $ (8,950 ) $ 9,997 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of June 30, 2022 Inventories, net $ — $ — $ 1,528 $ — $ 1,528 Property and equipment, net 62,370 8,115 641 8,587 79,713 Broadcast licenses 313,500 — — — 313,500 Goodwill 2,622 19,793 1,446 — 23,861 Amortizable intangible assets, net 221 1,578 — — 1,799 As of December 31, 2021 Inventories, net $ — $ — $ 960 $ — $ 960 Property and equipment, net 61,694 8,447 746 8,452 79,339 Broadcast licenses 320,008 — — — 320,008 Goodwill 2,750 19,790 1,446 — 23,986 Amortizable intangible assets, net 229 2,215 — — 2,444 |
Business and Basis of Present_2
Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 31, 2021 | |
Payroll taxes, specifically employer | $ 3,300 | $ 3,300 | ||||
Income (loss) from equity method investments | $ 3,900 | 3,913 | $ 0 | 3,913 | $ 0 | |
Other Receivables [Member] | ||||||
Net receivable | 1,300 | 1,300 | ||||
Payroll Protection Plans [Member] | ||||||
Long-term Debt, Gross | 11,200 | 11,200 | ||||
Unforgiven loans payable | $ 20,000 | $ 20,000 | $ 20,000 |
Recent Transactions - Schedule
Recent Transactions - Schedule of Repurchases of 2024 Notes (Detail) - 2024 Notes [member] - USD ($) $ in Thousands | Jun. 13, 2022 | Jun. 10, 2022 | Jun. 07, 2022 | May 17, 2022 | Jan. 12, 2022 |
June 13, 2022 [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 13, 2022 | ||||
Principal Repurchased | $ 5,000 | ||||
Cash Paid | $ 4,947 | ||||
% of Face Value | 98.95% | ||||
Bond Issue Costs | $ 35 | ||||
Net Gain (Loss) | $ 18 | ||||
June 10, 2022 [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 10, 2022 | ||||
Principal Repurchased | $ 3,000 | ||||
Cash Paid | $ 2,970 | ||||
% of Face Value | 99% | ||||
Bond Issue Costs | $ 21 | ||||
Net Gain (Loss) | $ 9 | ||||
June 7, 2022 [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Maturity Date | Jun. 07, 2022 | ||||
Principal Repurchased | $ 2,464 | ||||
Cash Paid | $ 2,446 | ||||
% of Face Value | 99.25% | ||||
Bond Issue Costs | $ 17 | ||||
Net Gain (Loss) | $ 1 | ||||
May 17, 2022 [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Maturity Date | May 17, 2022 | ||||
Principal Repurchased | $ 2,525 | ||||
Cash Paid | $ 2,500 | ||||
% of Face Value | 99% | ||||
Bond Issue Costs | $ 18 | ||||
Net Gain (Loss) | $ 7 | ||||
January 12, 2022 [Member] | |||||
Debt Instrument, Redemption [Line Items] | |||||
Debt Instrument, Maturity Date | Jan. 12, 2022 | ||||
Principal Repurchased | $ 2,500 | ||||
Cash Paid | $ 2,531 | ||||
% of Face Value | 101.26% | ||||
Bond Issue Costs | $ 22 | ||||
Net Gain (Loss) | $ (53) |
Recent Transactions - Debt Tran
Recent Transactions - Debt Transactions - Additional Information (Detail) $ in Millions | Feb. 15, 2022 USD ($) |
FL [Member] | WlccamMember [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Payments to acquired asset | $ 0.6 |
Recent Transactions - Acquisiti
Recent Transactions - Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | May 02, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 23,861 | $ 23,986 | $ 23,757 | |
Retirement Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Productive Assets | $ 200 | |||
Retirement Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,400 |
Recent Transactions - Summary o
Recent Transactions - Summary of Fair Value of the Net Assets Acquired (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Assets | |
Property and equipment | $ 584 |
Broadcast licenses | 190 |
Goodwill | 2 |
Domain and brand names | 11 |
Non-compete agreements | 11 |
Net assets acquired | 798 |
Net Broadcast Assets [Member] | |
Assets | |
Property and equipment | 418 |
Broadcast licenses | 190 |
Net assets acquired | 608 |
Net Digital Media Assets [Member] | |
Assets | |
Property and equipment | 166 |
Goodwill | 2 |
Domain and brand names | 11 |
Non-compete agreements | 11 |
Net assets acquired | $ 190 |
Recent Transactions - Divestitu
Recent Transactions - Divestitures - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||||
Jun. 27, 2022 USD ($) a | May 25, 2022 USD ($) | Jan. 10, 2022 USD ($) a | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Proceeds from sale of productive assets | $ 14,150 | $ 3,627 | |||
Radio Stations [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Proceeds from sale of productive assets | $ 4,000 | ||||
Pretax loss on sale of assets | $ 500 | ||||
Phoenix Arizona [Member] | Land [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Gain (loss) on disposition of assets | $ 1,800 | ||||
Proceeds from sale of real estate | $ 2,000 | ||||
Area of Land | a | 9.3 | 4.5 | |||
Denver [Member] | Land [Member] | |||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,500 | ||||
Proceeds from sale of real estate | $ 8,200 |
Recent Transactions - Pending T
Recent Transactions - Pending Transactions -Additional Information (Detail) - Radio Station KKOL In Seattle [Member] - USD ($) $ in Millions | Jun. 02, 2021 | Jul. 07, 2021 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Escrow Deposit | $ 0.1 | |
Proceeds from sale of real estate | $ 0.5 |
Recent Transactions - Summary
Recent Transactions - Summary of Purchase Consideration Business Combination (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Escrow deposits paid in prior years | $ 60 |
Two Thousand And Twenty One Acquistions [Member] | |
Business Acquisition [Line Items] | |
Cash payments made upon closing | 738 |
Total purchase price consideration | $ 798 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) Segments | |
Disaggregation of Revenue [Line Items] | |
Prepaid commission expense | $ | $ 0.7 |
Number of operating segments | Segments | 3 |
Minimum [Member] | |
Disaggregation of Revenue [Line Items] | |
Sale of subscription revenue term | 3 months |
Maximum [Member] | |
Disaggregation of Revenue [Line Items] | |
Sale of subscription revenue term | 2 years |
Revenue Recognition - Reconcili
Revenue Recognition - Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | $ 68,682 | $ 63,782 | $ 131,291 | $ 123,135 | |
Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 38,448 | 35,095 | |||
Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 39,492 | 36,380 | |||
Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,857 | 4,559 | |||
Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 39,191 | 34,887 | |||
Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 9,303 | 12,214 | |||
Block Programming – National [Member] | Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 26,399 | 23,322 | |||
Block Programming – Local [Member] | Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 12,049 | 11,773 | |||
Spot Advertising – National [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 7,700 | 7,118 | |||
Spot Advertising – Local [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 21,552 | 19,441 | |||
Network Advertising [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 10,240 | 9,821 | |||
Infomercials [Member] | Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 373 | 462 | |||
Other Revenue [Member] | Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,484 | 4,097 | |||
Digital Advertising [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 23,200 | 20,683 | |||
Digital Streaming [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,290 | 3,799 | |||
Self-Publishing fees [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 3,379 | 3,174 | |||
Other Digital Revenue [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 671 | 304 | |||
Digital downloads [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,184 | 3,467 | |||
Digital subscriptions [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 6,846 | 6,634 | |||
Rental Income [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 1,248 | |||
Rental Income [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 1,140 | |||
Estimated Sales Returns And Allowances [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | (1,444) | (3,011) | |||
Net Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,760 | 7,502 | |||
E Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 625 | 792 | |||
Publishing Magazine Subscriptions [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 262 | ||||
Other Publishing Revenue [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 539 | 484 | |||
Point In Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 121,887 | ||||
Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 6,204 | 10,513 | |||
Transferred at Point in Time [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 130,151 | ||||
Broadcast [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 100,884 | 90,831 | |||
Broadcast [Member] | Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 38,448 | 35,095 | |||
Broadcast [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 39,492 | 36,380 | |||
Broadcast [Member] | Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,857 | 4,559 | |||
Broadcast [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 18,087 | 14,797 | |||
Broadcast [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Broadcast [Member] | Block Programming – National [Member] | Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 26,399 | 23,322 | |||
Broadcast [Member] | Block Programming – Local [Member] | Broadcast programming Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 12,049 | 11,773 | |||
Broadcast [Member] | Spot Advertising – National [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 7,700 | 7,118 | |||
Broadcast [Member] | Spot Advertising – Local [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 21,552 | 19,441 | |||
Broadcast [Member] | Network Advertising [Member] | Broadcast Advertising Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 10,240 | 9,821 | |||
Broadcast [Member] | Infomercials [Member] | Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 373 | 462 | |||
Broadcast [Member] | Other Revenue [Member] | Other Broadcast Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,484 | 4,097 | |||
Broadcast [Member] | Digital Advertising [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 14,112 | 11,745 | |||
Broadcast [Member] | Digital Streaming [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 2,492 | 2,093 | |||
Broadcast [Member] | Self-Publishing fees [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Broadcast [Member] | Other Digital Revenue [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 593 | 197 | |||
Broadcast [Member] | Digital downloads [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 387 | 200 | |||
Broadcast [Member] | Digital subscriptions [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 503 | 562 | |||
Broadcast [Member] | Rental Income [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 1,248 | |||
Broadcast [Member] | Rental Income [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 1,140 | |||
Broadcast [Member] | Other Publishing Revenue [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Broadcast [Member] | Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 89,583 | ||||
Broadcast [Member] | Transferred at Point in Time [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 99,744 | ||||
Digital [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 21,104 | 19,958 | |||
Digital [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 21,104 | 19,958 | |||
Digital [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | Digital Advertising [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 9,088 | 8,806 | |||
Digital [Member] | Digital Streaming [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 1,798 | 1,706 | |||
Digital [Member] | Self-Publishing fees [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | Other Digital Revenue [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 78 | 107 | |||
Digital [Member] | Digital downloads [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 3,797 | 3,267 | |||
Digital [Member] | Digital subscriptions [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 6,343 | 6,072 | |||
Digital [Member] | Rental Income [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 0 | |||
Digital [Member] | Rental Income [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 0 | |||
Digital [Member] | Estimated Sales Returns And Allowances [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | Net Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | E Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | Other Publishing Revenue [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Digital [Member] | Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 19,958 | ||||
Digital [Member] | Transferred at Point in Time [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 21,104 | ||||
Publishing [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 9,303 | 12,346 | |||
Publishing [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | 132 | |||
Publishing [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 9,303 | 12,214 | |||
Publishing [Member] | Digital Advertising [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | 132 | |||
Publishing [Member] | Digital Streaming [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Publishing [Member] | Self-Publishing fees [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 3,379 | 3,174 | |||
Publishing [Member] | Other Digital Revenue [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Publishing [Member] | Digital downloads [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Publishing [Member] | Digital subscriptions [Member] | Digital Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 0 | ||||
Publishing [Member] | Rental Income [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 0 | |||
Publishing [Member] | Rental Income [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | [1] | 0 | |||
Publishing [Member] | Estimated Sales Returns And Allowances [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | (1,444) | (3,011) | |||
Publishing [Member] | Net Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 4,760 | 7,502 | |||
Publishing [Member] | E Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 625 | 792 | |||
Publishing [Member] | Publishing Magazine Subscriptions [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 262 | ||||
Publishing [Member] | Other Publishing Revenue [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 539 | 484 | |||
Publishing [Member] | Book Sales [Member] | Publishing Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | 6,204 | 10,513 | |||
Publishing [Member] | Transferred at Point in Time [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | $ 12,346 | ||||
Publishing [Member] | Transferred at Point in Time [Member] | Timing Of Revenue Recognition [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Net | $ 9,303 | ||||
[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 Condensed Consolidated Financial Statements within this report on Form 10-Q. |
Revenue Recognition - Significa
Revenue Recognition - Significant Changes in Our Contract Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Change in Contract with Customer, Liability [Abstract] | |
Short Term, Balance, beginning of period | $ 12,294 |
Short Term, Revenue recognized during the period that was included in the beginning balance of contract liabilities | (6,868) |
Short Term, Additional amounts recognized during the period | 12,525 |
Short Term, Revenue recognized during the period that was recorded during the period | (6,248) |
Short Term, Transfers | 698 |
Short Term, Balance, end of period | 12,401 |
Short Term, Amount refundable at beginning of period | 12,282 |
Short Term, Amount refundable at end of period | 12,389 |
Long-Term, Balance, beginning of period | 2,222 |
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 | 424 |
Long-Term, Revenue recognized during the period that was recorded during the period | 0 |
Long-Term, Transfers | (698) |
Long-Term, Balance, end of period | 1,948 |
Long-Term, Amount refundable at beginning of period | 2,222 |
Long-Term, Amount refundable at end of period | $ 1,948 |
Revenue Recognition - Revenue,
Revenue Recognition - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 14,349 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 12,401 |
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 | $ 1,264 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 448 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 138 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | $ 98 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue, Remaining Performance Obligation | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue Recognition - Trade and
Revenue Recognition - Trade and Barter Transactions Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue Recognition [Line Items] | ||||
Total net revenue | $ 68,682 | $ 63,782 | $ 131,291 | $ 123,135 |
Broadcast [Member] | Advertising Barter Transactions [Member] | ||||
Revenue Recognition [Line Items] | ||||
Total net revenue | 679 | 674 | 1,525 | 1,065 |
Cost | 873 | 712 | 1,632 | 1,085 |
Digital Media [Member] | ||||
Revenue Recognition [Line Items] | ||||
Total net revenue | 21,104 | 19,958 | ||
Digital Media [Member] | Advertising Barter Transactions [Member] | ||||
Revenue Recognition [Line Items] | ||||
Total net revenue | 0 | 0 | 0 | 0 |
Cost | 0 | 0 | ||
Publishing [Member] | ||||
Revenue Recognition [Line Items] | ||||
Total net revenue | 9,303 | 12,346 | ||
Publishing [Member] | Advertising Barter Transactions [Member] | ||||
Revenue Recognition [Line Items] | ||||
Total net revenue | 0 | 0 | 0 | 0 |
Cost | $ 0 | $ 7 | $ 0 | $ 7 |
Property and Equipment - Summar
Property and Equipment - Summary of Categories of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 227,598 | $ 230,392 |
Less accumulated depreciation | (186,881) | (186,053) |
Property, Plant and Equipment Net | 40,717 | 44,339 |
Property, Plant and Equipment, Net, Total | 79,713 | 79,339 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 26,893 | 26,896 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 28,406 | 28,593 |
Office Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 36,601 | 36,598 |
Antennae, Towers and Transmitting Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 74,937 | 77,813 |
Studio, Production and Mobile Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 29,094 | 29,498 |
Computer Software and Website Development Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 39,265 | 38,271 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 1,556 | 1,515 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 17,739 | 18,104 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 12,103 | $ 8,104 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 2,858 | $ 2,741 | $ 5,800 | $ 5,330 |
Operating and Finance Lease R_3
Operating and Finance Lease Right-of-Use Assets - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Operating lease, option to extend | true |
Finance lease, option to extend | Many of these leases contain options under which we can extend the term from five to twenty years |
Operating lease, extension term | 5 years |
Finance lease, extension term | 5 years |
Minimum [Member] | |
Operating lease, extension term | 1 year |
Finance lease, extension term | 20 years |
Maximum [Member] | |
Operating lease, remaining lease term | 20 years |
Operating lease, extension term | 20 years |
Operating and Finance Lease R_4
Operating and Finance Lease Right-of-Use Assets - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating leases ROU assets | $ 44,020 | $ 43,560 |
Operating lease liabilities (current) | 8,795 | 8,651 |
Operating lease liabilities (non-current) | 42,599 | $ 42,208 |
Total operating lease liabilities | $ 51,394 | |
Weighted Average Remaining Lease Term, Operating leases | 7 years 7 months 6 days | |
Weighted Average Remaining Lease Term, Finance leases | 2 years 7 months 6 days | |
Weighted Average Discount Rate, Operating leases | 8.11% | |
Weighted Average Discount Rate, Finance leases | 6.18% | |
Related Party Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases ROU assets | $ 6,717 | |
Operating lease liabilities (current) | 877 | |
Operating lease liabilities (non-current) | 5,944 | |
Total operating lease liabilities | 6,821 | |
Other Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating leases ROU assets | 37,303 | |
Operating lease liabilities (current) | 7,918 | |
Operating lease liabilities (non-current) | 36,655 | |
Total operating lease liabilities | $ 44,573 |
Operating and Finance Lease R_5
Operating and Finance Lease Right-of-Use Assets - Components of Lease Expense (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases [Abstract] | |
Amortization of finance lease ROU Assets | $ 30 |
Interest on finance lease liabilities | 4 |
Finance lease expense | 34 |
Operating lease expense | 6,479 |
Variable lease expense | 290 |
Short-term lease expense | 623 |
Total lease expense | $ 7,426 |
Operating and Finance Lease R_6
Operating and Finance Lease Right-of-Use Assets - Schedule of Impact to Financial Statements of the Adoption of ASU 842 (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 7,519 | |
Operating cash flows from finance leases | 2 | |
Financing cash flows from finance leases | 31 | |
Leased assets obtained in exchange for new operating lease liabilities | 5,569 | |
Leased assets obtained in exchange for new finance lease liabilities | $ 17 | $ 4 |
Operating and Finance Lease R_7
Operating and Finance Lease Right-of-Use Assets - Summary of Future Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating Leases, 2023 | $ 11,928 | |
Operating Leases, 2024 | 11,272 | |
Operating Leases, 2025 | 9,821 | |
Operating Leases, 2026 | 8,755 | |
Operating Leases, 2027 | 5,220 | |
Operating Leases, Thereafter | 26,756 | |
Undiscounted Cash Flows | 73,752 | |
Less: imputed interest | (22,358) | |
Reconciliation to lease liabilities: | ||
Lease liabilities - current | 8,795 | $ 8,651 |
Lease liabilities - long-term | 42,599 | 42,208 |
Total operating lease liabilities | 51,394 | |
Finance Leases, 2023 | 60 | |
Finance Leases, 2024 | 26 | |
Finance Leases, 2025 | 21 | |
Finance Leases, 2026 | 8 | |
Finance Leases, 2027 | 4 | |
Finance Leases, Thereafter | 1 | |
Finance Leases, Undiscounted Cash Flows | 120 | |
Less: Finance Leases, imputed interest | (10) | |
Finance Leases, Reconciliation to lease liabilities: | ||
Finance Leases, Lease liabilities - current | 57 | 58 |
Finance Leases, Lease liabilities - long-term | 53 | $ 65 |
Total Finance Lease Liabilities | 110 | |
Contractual Obligations, 2023 | 11,988 | |
Contractual Obligations, 2024 | 11,298 | |
Contractual Obligations, 2025 | 9,842 | |
Contractual Obligations, 2026 | 8,763 | |
Contractual Obligations, 2027 | 5,224 | |
Contractual Obligations, Thereafter | 26,757 | |
Contractual Obligations, Undiscounted Cash Flows | 73,872 | |
Less: Contractual Obligations, imputed interest | (22,368) | |
Contractual Obligations, Reconciliation to lease liabilities: | ||
Contractual Obligations, Lease liabilities - current | 8,852 | |
Contractual Obligations, Lease liabilities - long-term | 42,652 | |
Total Contractual Obligations, Lease Liabilities | 51,504 | |
Related Party Lease [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Leases, 2023 | 1,308 | |
Operating Leases, 2024 | 1,250 | |
Operating Leases, 2025 | 1,274 | |
Operating Leases, 2026 | 1,280 | |
Operating Leases, 2027 | 865 | |
Operating Leases, Thereafter | 3,955 | |
Undiscounted Cash Flows | 9,932 | |
Less: imputed interest | (3,111) | |
Reconciliation to lease liabilities: | ||
Lease liabilities - current | 877 | |
Lease liabilities - long-term | 5,944 | |
Total operating lease liabilities | 6,821 | |
Other Operating Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Leases, 2023 | 10,620 | |
Operating Leases, 2024 | 10,022 | |
Operating Leases, 2025 | 8,547 | |
Operating Leases, 2026 | 7,475 | |
Operating Leases, 2027 | 4,355 | |
Operating Leases, Thereafter | 22,801 | |
Undiscounted Cash Flows | 63,820 | |
Less: imputed interest | (19,247) | |
Reconciliation to lease liabilities: | ||
Lease liabilities - current | 7,918 | |
Lease liabilities - long-term | 36,655 | |
Total operating lease liabilities | $ 44,573 |
Broadcast Licenses - Additional
Broadcast Licenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment charge | $ 3,935 | $ 0 | $ 3,935 | $ 0 | |
Broadcast Licenses [Member] | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
License renewable term | 8 years | ||||
Impairment charge | $ 3,900 | $ 0 |
Broadcast Licenses - Fair Value
Broadcast Licenses - Fair Value Measurement Inputs and Valuation Techniques for Broadcast Licenses (Detail) | Jun. 30, 2022 Accounting | Dec. 31, 2021 Accounting |
Risk-adjusted Discount Rate [Member] | Broadcast Licenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 9.5 | 8.5 |
Minimum [Member] | Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | (7.8) | (1.4) |
Minimum [Member] | Operating Profit Margin [Member] | Broadcast Licenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 3.9 | 3.9 |
Minimum [Member] | Long-term Revenue Growth Rate [Member] | Broadcast Licenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.4 | 0.4 |
Maximum [Member] | Operating Profit Margin [Member] | Broadcast Licenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 30.9 | 30.9 |
Maximum [Member] | Long-term Revenue Growth Rate [Member] | Broadcast Licenses [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.7 | 0.7 |
Broadcast Licenses - Results of
Broadcast Licenses - Results of Impairment Testing of Broadcast Licenses Under Income Approach (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Atlanta GA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 61.20% |
Boston MA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 2% |
Chicago IL [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 1.70% |
Cleveland OH [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 10% |
Col Springs, CO [Memeber] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 36.90% |
Columbus OH [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (7.80%) |
Dallas TX [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (3.00%) |
GreenvilleSC [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (4.20%) |
Honolulu, HI [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (4.80%) |
Little Rock AR [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 8.90% |
Minneapolis MN [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 126.60% |
Orlando FL [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (5.50%) |
Philadelphia PA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 1.10% |
Portland OR [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (0.50%) |
Sacramento CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | (5.60%) |
San Diego CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 31.20% |
San Francisco CA [Member] | |
Goodwill And Other Intangible Assets [Line Items] | |
Excess fair value estimate | 7% |
Broadcast Licenses - Schedule o
Broadcast Licenses - Schedule of Changes in Broadcasting Licenses (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance, beginning of period before cumulative loss on impairment | $ 434,444 | $ 434,209 |
Accumulated loss on impairment, Beginning Balance | (114,436) | (114,436) |
Balance, beginning of period after cumulative loss on impairment | 320,008 | 319,773 |
Loss on impairment | (3,935) | 0 |
Balance, end of period before cumulative loss on impairment | 429,566 | 434,444 |
Accumulated loss on impairment, Ending Balance | (116,066) | (114,436) |
Balance, end of period after cumulative loss on impairment | 313,500 | 320,008 |
Radio Stations [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquisitions of radio stations | 190 | $ 235 |
Dispositions of radio stations and FM translators | $ (2,763) |
Goodwill - Fair Value Measureme
Goodwill - Fair Value Measurement Inputs and Valuation Techniques For Goodwill (Detail) | Jun. 30, 2022 | Dec. 31, 2021 |
Measurement Input Risk Adjusted Discount Rate [Member] | Radio Clusters [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 9.5 | 8.5 |
Long-term Revenue Growth Rate [Member] | Radio Clusters [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 0.4 | 0.4 |
Minimum [Member] | Measurement Input Operating Profit Margin [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | (7.8) | (1.4) |
Maximum [Member] | Measurement Input Operating Profit Margin [Member] | Radio Clusters [Member] | Broadcast Networks Enterprise Valuations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Intangible asset measurement input percentage | 15 | 15 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||||
Balance, beginning of period before cumulative loss on impairment | $ 28,749 | $ 28,520 | $ 28,520 | ||
Accumulated loss on impairment | (4,763) | (4,763) | (4,763) | ||
Balance, beginning of period after cumulative loss on impairment | 23,986 | 23,757 | 23,757 | ||
Loss on impairment | $ (127) | $ 0 | (127) | $ 0 | |
Balance, end of period before cumulative loss on impairment | 28,751 | 28,751 | 28,749 | ||
Accumulated loss on impairment | (4,890) | (4,890) | (4,763) | ||
Ending period balance | $ 23,861 | 23,861 | 23,986 | ||
Radio Stations [Member] | |||||
Goodwill [Line Items] | |||||
Acquisitions | 4 | ||||
Digital Media [Member] | |||||
Goodwill [Line Items] | |||||
Acquisitions | $ 2 | $ 225 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Impairment of goodwill | $ 127 | $ 0 | $ 127 | $ 0 |
Goodwill [Member] | Broad Cast Markets Due to Cost/Benefit [Member] | ||||
Impairment of goodwill | $ 100 |
Amortizable Intangible Assets -
Amortizable Intangible Assets - Summary of Significant Classes of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 60,576 | $ 60,554 |
Accumulated Amortization | (58,777) | (58,110) |
Net | 1,799 | 2,444 |
Customer Lists and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 23,700 | 23,700 |
Accumulated Amortization | (22,609) | (22,198) |
Net | 1,091 | 1,502 |
Domain and Brand Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 19,886 | 19,875 |
Accumulated Amortization | (19,581) | (19,421) |
Net | 305 | 454 |
Favorable and Assigned Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,188 | 2,188 |
Accumulated Amortization | (1,968) | (1,960) |
Net | 220 | 228 |
Subscriber Base and Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 8,647 | 8,647 |
Accumulated Amortization | (8,474) | (8,387) |
Net | 173 | 260 |
Author Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,771 | 2,771 |
Accumulated Amortization | (2,771) | (2,771) |
Net | 0 | 0 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,052 | 2,041 |
Accumulated Amortization | (2,042) | (2,041) |
Net | 10 | 0 |
Other Amortizable Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,332 | 1,332 |
Accumulated Amortization | (1,332) | (1,332) |
Net | $ 0 | $ 0 |
Amortizable Intangible Assets_2
Amortizable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Amortization of intangible assets | $ 0.3 | $ 0.5 | $ 0.7 | $ 1.1 |
Amortizable Intangible Assets_3
Amortizable Intangible Assets - Amortizable Intangible Assets, Estimate Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 557 | |
2023 | 803 | |
2024 | 209 | |
2025 | 24 | |
2026 | 14 | |
Thereafter | 192 | |
Net | $ 1,799 | $ 2,444 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt less unamortized debt issuance costs | $ 155,605 | $ 170,581 |
Less current portion | (10) | 0 |
Long-term Debt | 155,595 | 170,581 |
Asset-Based Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 10 | 0 |
7.125% Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt and capital lease obligations current and noncurrent | 114,731 | 114,731 |
Less unamortized debt issuance costs based on imputed interest rate of 7.08% | (3,549) | (3,844) |
Long-term Debt | 111,182 | 110,887 |
6.75% Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt and capital lease obligations current and noncurrent | 44,685 | 60,174 |
Less unamortized debt issuance costs based on imputed interest rate of 7.08% | (272) | (480) |
Long-term Debt | $ 44,413 | $ 59,694 |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt (Parenthetical) (Detail) | Jun. 30, 2022 USD ($) |
Asset Based Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 24,300,000 |
Long-term Debt, Gross | 10,000 |
Line of Credit Facility, Current Borrowing Capacity | 24,000,000 |
7.125% Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 114,700,000 |
7.125% Senior Secured Notes [Member] | Debt Issuance Costs [Member] | |
Debt Instrument [Line Items] | |
Imputed interest rate percentage | 7.64% |
6.75% Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 44,700,000 |
6.75% Senior Secured Notes [Member] | Debt Issuance Costs [Member] | |
Debt Instrument [Line Items] | |
Imputed interest rate percentage | 7.10% |
Letter of Credit [Member] | Asset Based Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | $ 300,000 |
Long-Term Debt - 7.125% Senior
Long-Term Debt - 7.125% Senior Secured Notes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Sep. 10, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 10, 2022 | Jun. 07, 2022 | May 17, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||||||
Accrued interest | $ 952 | $ 952 | $ 1,030 | ||||||
Debt related commitment fees and debt issuance costs | 6,300 | ||||||||
Amortization of financing costs | 496 | $ 426 | |||||||
2024 Notes [member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Debt Default, Amount | $ 112,800 | ||||||||
Debt Conversion, Converted Instrument, Amount | 112,800 | ||||||||
Interest expense, debt | 3,000 | ||||||||
Accrued interest | 300 | $ 300 | |||||||
2024 Notes [member] | Debt Instrument Redemption Period Two [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 21 | ||||||||
2024 Notes [member] | Debt Instrument Redemption Period Three [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 17 | ||||||||
2024 Notes [member] | Debt Instrument, Redemption, Period Four [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Issuance Costs, Net | $ 18 | ||||||||
2028 Notes [member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 114,700 | ||||||||
Debt Conversion, Converted Instrument, Rate | 7.125% | ||||||||
Debt Instrument, Maturity Date | Jun. 01, 2028 | ||||||||
Debt Instrument, Payment Terms | Interest accrues on the 2028 Notes from September 10, 2021, and is payable semi-annually, in cash in arrears, on June 1 and December 1 of each year, commencing December 1, 2021. | ||||||||
Interest expense, debt | $ 8,200 | ||||||||
Accrued interest | 700 | $ 700 | |||||||
Purchase Obligation | $ 50,000 | ||||||||
Percentage Of Call Premium | 1.688% | ||||||||
Deferred Withdrawn Amount | $ 800 | ||||||||
2028 Notes [member] | Debt Instrument Redemption Period Two [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 100% | ||||||||
2028 Notes [member] | Debt Instrument Redemption Period Three [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 107.125% | ||||||||
Debt Instrument, Redemption , Percentage | 35% | ||||||||
2028 Notes [member] | Debt Instrument, Redemption, Period Four [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 101% | ||||||||
Debt Instrument, Redemption , Percentage | 10% | ||||||||
7.125% Senior Secured Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt related commitment fees and debt issuance costs | $ 1,100 | ||||||||
Debt Issuance Costs, Net | 4,700 | ||||||||
Amortization of financing costs | $ 200 | $ 400 | |||||||
7.125% Senior Secured Notes [Member] | 2024 Notes [member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt related commitment fees and debt issuance costs | 3,000 | ||||||||
7.125% Senior Secured Notes [Member] | 2028 Notes [member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest expense, debt | $ 200 | ||||||||
7.125% Senior Secured Notes [Member] | 2028 Notes [member] | Operating Expense [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Third party debt modification costs | $ 2,500 |
Long-Term Debt - 6.75% Senior S
Long-Term Debt - 6.75% Senior Secured Notes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Sep. 10, 2021 | Jul. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 19, 2017 | |
Debt Instrument [Line Items] | |||||||||
Interest payable, current | $ 952,000 | $ 952,000 | $ 1,030,000 | ||||||
Debt related commitment fees and debt issuance costs | 6,300,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 11,200,000 | 35,000 | $ 0 | (18,000) | $ 0 | ||||
Ppp Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument Repayment date description | July 2021 | ||||||||
Small Business Association [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 11,200,000 | $ 11,200,000 | |||||||
6.75% Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% | 6.75% | ||||||
Debt instrument, debt default, description of violation or event of default | The indenture relating to the 2024 Notes 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. | ||||||||
Debt related commitment fees and debt issuance costs | $ 45,000 | $ 200,000 | $ 100,000 | $ 400,000 | |||||
Debt Instrument, Face Amount | $ 44,700,000 | 44,700,000 | |||||||
Payroll Protection Plans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | 11,200,000 | 11,200,000 | |||||||
Unforgiven loans payable | $ 20,000,000 | 20,000,000 | 20,000,000 | ||||||
2024 Notes [member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest expense, debt | 3,000,000 | ||||||||
Interest payable, current | 300,000 | 300,000 | |||||||
Debt Conversion, Converted Instrument, Amount | $ 112,800,000 | ||||||||
Long-term Debt, Gross | 44,700,000 | 44,700,000 | |||||||
Bond Issuance Cost | 1,100,000 | ||||||||
Debt Instrument, Face Amount | 112,800,000 | ||||||||
2028 Notes [member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest expense, debt | 8,200,000 | ||||||||
Interest payable, current | $ 700,000 | $ 700,000 | |||||||
Debt Conversion, Converted Instrument, Amount | $ 114,700,000 | ||||||||
Percentage of call premium | 1.688% |
Long - term Debt - Summary of R
Long - term Debt - Summary of Repurchase of Senior Secured Note (Detail) - Senior Secured Note [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Principal Repurchased | $ 97,489 |
Cash Paid | 94,949 |
Bond Issue Costs | 1,218 |
Net Gain (Loss) | $ 1,322 |
Senior Secured Note Period One [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jun. 13, 2022 |
Principal Repurchased | $ 5,000 |
Cash Paid | $ 4,947 |
Percent face value | 98.95% |
Bond Issue Costs | $ 35 |
Net Gain (Loss) | $ 18 |
Senior Secured Note Period Two [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jun. 10, 2022 |
Principal Repurchased | $ 3,000 |
Cash Paid | $ 2,970 |
Percent face value | 99% |
Bond Issue Costs | $ 21 |
Net Gain (Loss) | $ 9 |
Senior Secured Note Period Three [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jun. 07, 2022 |
Principal Repurchased | $ 2,464 |
Cash Paid | $ 2,446 |
Percent face value | 99.25% |
Bond Issue Costs | $ 17 |
Net Gain (Loss) | $ 1 |
Senior Secured Note Period Four [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | May 17, 2022 |
Principal Repurchased | $ 2,525 |
Cash Paid | $ 2,500 |
Percent face value | 99% |
Bond Issue Costs | $ 18 |
Net Gain (Loss) | $ 7 |
Senior Secured Note Period Five [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jan. 12, 2022 |
Principal Repurchased | $ 2,500 |
Cash Paid | $ 2,531 |
Percent face value | 101.26% |
Bond Issue Costs | $ 22 |
Net Gain (Loss) | $ (53) |
Senior Secured Note Period Six [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 10, 2021 |
Principal Repurchased | $ 35,000 |
Cash Paid | $ 35,591 |
Percent face value | 101.69% |
Bond Issue Costs | $ 321 |
Net Gain (Loss) | $ (912) |
Senior Secured Note Period Seven [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Oct. 25, 2021 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 2,020 |
Percent face value | 101% |
Bond Issue Costs | $ 19 |
Net Gain (Loss) | $ (39) |
Senior Secured Note Period Eight [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Oct. 12, 2021 |
Principal Repurchased | $ 250 |
Cash Paid | $ 251 |
Percent face value | 100.38% |
Bond Issue Costs | $ 2 |
Net Gain (Loss) | $ (3) |
Senior Secured Note Period Nine [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Oct. 05, 2021 |
Principal Repurchased | $ 763 |
Cash Paid | $ 766 |
Percent face value | 100.38% |
Bond Issue Costs | $ 7 |
Net Gain (Loss) | $ (10) |
Senior Secured Note Period Ten [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Oct. 04, 2021 |
Principal Repurchased | $ 628 |
Cash Paid | $ 629 |
Percent face value | 100.13% |
Bond Issue Costs | $ 6 |
Net Gain (Loss) | $ (7) |
Senior Secured Note Period Eleven [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Sep. 24, 2021 |
Principal Repurchased | $ 4,700 |
Cash Paid | $ 4,712 |
Percent face value | 100.25% |
Bond Issue Costs | $ 44 |
Net Gain (Loss) | $ (56) |
Senior Secured Note Period Twelve [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jan. 30, 2020 |
Principal Repurchased | $ 2,250 |
Cash Paid | $ 2,194 |
Percent face value | 97.50% |
Bond Issue Costs | $ 34 |
Net Gain (Loss) | $ 22 |
Senior Secured Note Period Thirteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jan. 27, 2020 |
Principal Repurchased | $ 1,245 |
Cash Paid | $ 1,198 |
Percent face value | 96.25% |
Bond Issue Costs | $ 20 |
Net Gain (Loss) | $ 27 |
Senior Secured Note Period Fourteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 27, 2019 |
Principal Repurchased | $ 3,090 |
Cash Paid | $ 2,874 |
Percent face value | 93% |
Bond Issue Costs | $ 48 |
Net Gain (Loss) | $ 167 |
Senior Secured Note Period Fifteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Nov. 27, 2019 |
Principal Repurchased | $ 5,183 |
Cash Paid | $ 4,548 |
Percent face value | 87.75% |
Bond Issue Costs | $ 82 |
Net Gain (Loss) | $ 553 |
Senior Secured Note Period Sixteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Nov. 15, 2019 |
Principal Repurchased | $ 3,791 |
Cash Paid | $ 3,206 |
Percent face value | 84.58% |
Bond Issue Costs | $ 61 |
Net Gain (Loss) | $ 524 |
Senior Secured Note Period Seventeen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Mar. 28, 2019 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,830 |
Percent face value | 91.50% |
Bond Issue Costs | $ 37 |
Net Gain (Loss) | $ 134 |
Senior Secured Note Period Eighteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Mar. 28, 2019 |
Principal Repurchased | $ 2,300 |
Cash Paid | $ 2,125 |
Percent face value | 92.38% |
Bond Issue Costs | $ 42 |
Net Gain (Loss) | $ 133 |
Senior Secured Note Period Nineteen [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Feb. 20, 2019 |
Principal Repurchased | $ 125 |
Cash Paid | $ 114 |
Percent face value | 91.25% |
Bond Issue Costs | $ 2 |
Net Gain (Loss) | $ 9 |
Senior Secured Note Period Twenty [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Feb. 19, 2019 |
Principal Repurchased | $ 350 |
Cash Paid | $ 319 |
Percent face value | 91.25% |
Bond Issue Costs | $ 7 |
Net Gain (Loss) | $ 24 |
Senior Secured Note Period Twenty One [Member] | |
Debt Instrument [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 (Loss) | $ 91 |
Senior Secured Note Period Twenty Two [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Jan. 10, 2019 |
Principal Repurchased | $ 570 |
Cash Paid | $ 526 |
Percent face value | 92.25% |
Bond Issue Costs | $ 9 |
Net Gain (Loss) | $ 35 |
Senior Secured Note Period Twenty Three [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 (Loss) | $ 127 |
Senior Secured Note Period Twenty Four [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Dec. 21, 2018 |
Principal Repurchased | $ 1,850 |
Cash Paid | $ 1,702 |
Percent face value | 92% |
Bond Issue Costs | $ 35 |
Net Gain (Loss) | $ 113 |
Senior Secured Note Period Twenty Five [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 (Loss) | $ 60 |
Senior Secured Note Period Twenty Six [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 (Loss) | $ 114 |
Senior Secured Note Period Twenty Seven [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | May 04, 2018 |
Principal Repurchased | $ 4,000 |
Cash Paid | $ 3,770 |
Percent face value | 94.25% |
Bond Issue Costs | $ 86 |
Net Gain (Loss) | $ 144 |
Senior Secured Note Period Twenty Eight [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 (Loss) | $ 63 |
Senior Secured Note Period Twenty Nine [Member] | |
Debt Instrument [Line Items] | |
Repurchase date | Apr. 09, 2018 |
Principal Repurchased | $ 2,000 |
Cash Paid | $ 1,930 |
Percent face value | 96.50% |
Bond Issue Costs | $ 43 |
Net Gain (Loss) | $ 27 |
Long-Term Debt - Asset-Based Re
Long-Term Debt - Asset-Based Revolving Credit Facility - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
May 19, 2017 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | |||||
Amortization of financing costs | $ 496,000 | $ 426,000 | |||
Debt related commitment fees and debt issuance costs | $ 6,300,000 | ||||
Line of credit facility covenant compliance | we entered into a fourth amendment to our ABL Facility that provides a one-time waiver with respect to the current covenant testing period allowing the covenant trigger event date be the first day after the availability on the ABL Facility had equaled or exceeded (1) 15% of the maximum revolver amount and (2) $4.5 million and a waiver permitting | ||||
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% | ||||
Line of credit facility, covenant terms | The Credit Agreement includes a springing fixed charge coverage ratio | ||||
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 | ||||
Aggregate indebtedness | $ 10,000,000 | $ 10,000,000 | |||
Amortization of financing costs | $ 900,000 | ||||
Debt instrument blended interest rate | 0% | 0% | |||
Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
ABL Borrowings descriptions | Availability under the ABL Facility is subject to a borrowing base consisting of (a) 90% of the eligible accounts receivable plus (b) a calculated amount based on the value of certain real property. | ||||
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 | $ 28,000 | $ 29,000 | $ 100,000 | $ 100,000 | |
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] | |||||
Debt Instrument [Line Items] | |||||
Percentage of advance rate on eligible accounts receivable | 85% | ||||
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% | 0.375% | |||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of advance rate on eligible accounts receivable | 90% | ||||
Maximum [Member] | Asset-Based Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1% | ||||
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% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt Obligations - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
May 19, 2017 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate | 7.01% | 6.99% | |
Asset-Based Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 30,000,000 | ||
Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | 0.25% | |
Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | 0.375% | |
6.75% Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 44,700,000 | ||
Debt instrument, interest rate, stated percentage | 6.75% | 6.75% | |
7.125% Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 114,700,000 | ||
Debt instrument, interest rate, stated percentage | 7.125% |
Long-Term Debt - Principle Repa
Long-Term Debt - Principle Repayment Requirements Under Long Term Agreements Outstanding (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Maturities of Long-term Debt [Abstract] | |
2023 | $ 10 |
2024 | 44,685 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 114,731 |
Total | $ 159,426 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Carrying value of notes | $ 153.1 |
Debt instrument, estimated fair value | $ 159.4 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Assets and Liabilities (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Other Indefinite Lived Intangible Assets [Member] | |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | $ 6 |
Long-term debt less unamortized discount and debt issuance costs | 155,605 |
Fair Value, Inputs, Level 1 [Member] | |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Indefinite Lived Intangible Assets [Member] | |
Liabilities: | |
Long-term debt less unamortized discount and debt issuance costs | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Indefinite Lived Intangible Assets [Member] | |
Liabilities: | |
Long-term debt less unamortized discount and debt issuance costs | 151,923 |
Fair Value, Inputs, Level 3 [Member] | |
Liabilities: | |
Estimated fair value of contingent earn-out consideration included in accrued expenses | 6 |
Long-term debt less unamortized discount and debt issuance costs | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Income Tax Contingency [Line Items] | ||
Valuation allowance | $ 39,100 | |
Net operating loss carryforwards for federal income tax purpose | 98,400 | |
Cumulative adjusted pre-tax book loss | (36,509) | $ (25,653) |
Deferred tax assets, valuation allowance provided | 9,000 | |
Revision of Prior Period, Adjustment [Member] | ||
Income Tax Contingency [Line Items] | ||
Cumulative adjusted pre-tax book loss | $ 48,100 | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Beginning year of expiry for net operating loss carry forwards | 2024 | |
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 | $ 607,700 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0.4 | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 3 years 1 month 6 days | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price | $ 2.12 | |
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 0.3 | $ 0.3 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense, pre-tax | $ 68 | $ 84 | $ 174 | $ 162 |
Tax expense for stock-based compensation expense | (18) | (22) | (45) | (42) |
Total stock-based compensation expense, net of tax | 50 | 62 | 129 | 120 |
Corporate [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock option compensation expense included in unallocated corporate expenses | 34 | 24 | 36 | 52 |
Restricted stock shares compensation expense included in corporate expenses | 0 | 0 | 54 | 0 |
Broadcast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock option compensation expense included in unallocated corporate expenses | 19 | 33 | 49 | 61 |
Digital Media [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock option compensation expense included in unallocated corporate expenses | $ 15 | $ 27 | $ 35 | $ 49 |
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) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Expected volatility | 84.69% | 74.83% | ||
Expected dividends | 0% | 0% | ||
Expected term (in years) | 9 years 6 months | 7 years 8 months 12 days | ||
Risk-free interest rate | 1.61% | 0.96% |
Stock Incentive Plan - Schedu_3
Stock Incentive Plan - Schedule of Stock Option Activity (Detail) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Shares | ||
Beginning Balance | 1,900,417 | |
Granted | 100,000 | |
Exercised | (40,913) | |
Forfeited or expired | (166,164) | |
Ending Balance | 1,793,340 | 1,900,417 |
Exercisable | 1,066,090 | |
Expected to Vest | 690,524 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 3.01 | |
Granted | 3.26 | |
Exercised | 2.31 | |
Forfeited or expired | 6.1 | |
Ending Balance | 2.76 | $ 3.01 |
Exercisable | 3.36 | |
Expected to Vest | 2.78 | |
Weighted Average Grant Date Fair value | ||
Beginning Balance | 1.37 | |
Granted | 2.66 | |
Exercised | 1.16 | |
Forfeited or expired | 3.47 | |
Ending Balance | 1.25 | $ 1.37 |
Exercisable | 1.4 | |
Expected to Vest | $ 1.26 | |
Weighted Average Remaining Contractual Term | ||
Contractual term | 4 years 6 months | 4 years 4 months 24 days |
Exercisable | 3 years | |
Expected to Vest | 4 years 6 months | |
Aggregate Intrinsic Value | ||
Beginning Balance | $ 1,310 | |
Granted | $ 0 | |
Exercised | $ 50 | |
Forfeited or expired | 0 | |
Ending Balance | 549 | $ 1,310 |
Exercisable | 174 | |
Expected to Vest | $ 530 |
Stock Incentive Plan - Schedu_4
Stock Incentive Plan - Schedule of Information Regarding Restricted Stock Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding Shares, Beginning Balance | shares | 0 |
Outstanding Shares, Granted | shares | 14,854 |
Outstanding Shares, Lapse of restrictions | shares | 0 |
Outstanding Shares, Forfeited | shares | 0 |
Outstanding Shares, Ending Balance | shares | 14,854 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.66 |
Weighted Average Grant Date Fair Value, Lapse of restrictions | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 3.66 |
Weighted Average Contractual Life Remaining | 1 year 8 months 12 days |
Aggregate Intrinsic Value, Beginning Balance | $ | $ 0 |
Aggregate Intrinsic Value, Granted | $ | 54 |
Aggregate Intrinsic Value, Lapse of restrictions | $ | 0 |
Aggregate Intrinsic Value, Forfeited | $ | 0 |
Aggregate Intrinsic Value, Ending Balance | $ | $ 31 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
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 | $ 68 | $ 106 | $ 84 | $ 78 | $ 200 |
Segment Data - Additional Infor
Segment Data - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 shares Segments | |
Segment Reporting [Abstract] | |
Number of operating segments | Segments | 3 |
Number of downloads per month | shares | 11 |
Segment Data - Schedule of Segm
Segment Data - Schedule of Segment Data (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Operating expenses | $ 61,354,000 | $ 58,141,000 | $ 118,989,000 | $ 113,138,000 | ||
Depreciation | 2,858,000 | 2,741,000 | 5,800,000 | 5,330,000 | ||
Amortization | 332,000 | 545,000 | 666,000 | 1,126,000 | ||
Change in the estimated fair value of contingent earn-out consideration | 0 | 0 | (5,000) | 0 | ||
Impairment of indefinite-lived long-term assets other than goodwill | 3,935,000 | 0 | 3,935,000 | 0 | ||
Impairment of goodwill | 127,000 | 0 | 127,000 | 0 | ||
Net (gain) loss on the disposition of assets | 6,893,000 | 263,000 | 8,628,000 | (55,000) | ||
Net operating income (loss) | 7,328,000 | 5,641,000 | 12,302,000 | 9,997,000 | ||
Inventories, net | 1,528,000 | 1,528,000 | $ 960,000 | |||
Property and equipment, net | 79,713,000 | 79,713,000 | 79,339,000 | |||
Broadcast licenses | 313,500,000 | 313,500,000 | 320,008,000 | $ 319,773,000 | ||
Goodwill | 23,861,000 | 23,861,000 | 23,986,000 | $ 23,757,000 | ||
Operating Segments [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Net revenue | 68,682,000 | 63,782,000 | 131,291,000 | 123,135,000 | ||
Operating expenses | 60,975,000 | 55,118,000 | 116,846,000 | 106,627,000 | ||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets | 7,707,000 | 8,664,000 | 16,508,000 | 14,445,000 | ||
Debt modification costs | 20 | 248 | ||||
Depreciation | 2,858,000 | 2,741,000 | 5,800,000 | 5,330,000 | ||
Amortization | 332,000 | 545,000 | 666,000 | 1,126,000 | ||
Change in the estimated fair value of contingent earn-out consideration | (5) | |||||
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | 3,935 | ||||
Impairment of goodwill | 127 | 127 | ||||
Net (gain) loss on the disposition of assets | (6,893,000) | (263,000) | (8,628,000) | 55,000 | ||
Net operating income (loss) | 7,328,000 | 5,641,000 | 12,302,000 | 9,997,000 | ||
Inventories, net | 1,528,000 | 1,528,000 | 960,000 | |||
Property and equipment, net | 79,713,000 | 79,713,000 | 79,339,000 | |||
Broadcast licenses | 313,500,000 | 313,500,000 | 320,008,000 | |||
Goodwill | 23,861,000 | 23,861,000 | 23,986,000 | |||
Amortizable intangible assets, net | 1,799,000 | 1,799,000 | 2,444,000 | |||
Operating Segments [Member] | Broadcast [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Net revenue | 52,452,000 | 46,783,000 | 100,884,000 | 90,831,000 | ||
Operating expenses | 42,489,000 | 36,162,000 | 80,610,000 | 69,505,000 | ||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets | 9,963,000 | 10,621,000 | 21,326,000 | 20,274,000 | ||
Depreciation | 1,530,000 | 1,603,000 | 3,186,000 | 3,128,000 | ||
Amortization | 4,000 | 4,000 | 8,000 | 8,000 | ||
Impairment of indefinite-lived long-term assets other than goodwill | 3,935 | 3,935 | ||||
Impairment of goodwill | 127 | 127 | ||||
Net (gain) loss on the disposition of assets | (6,919,000) | 0 | (8,657,000) | 318,000 | ||
Net operating income (loss) | 11,286,000 | 9,014,000 | 21,675,000 | 17,872,000 | ||
Inventories, net | 0 | 0 | ||||
Property and equipment, net | 62,370,000 | 62,370,000 | 61,694,000 | |||
Broadcast licenses | 313,500,000 | 313,500,000 | 320,008,000 | |||
Goodwill | 2,622,000 | 2,622,000 | 2,750,000 | |||
Amortizable intangible assets, net | 221,000 | 221,000 | 229,000 | |||
Operating Segments [Member] | Digital Media [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Net revenue | 10,804,000 | 10,339,000 | 21,104,000 | 19,958,000 | ||
Operating expenses | 8,273,000 | 8,338,000 | 16,746,000 | 17,011,000 | ||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets | 2,531,000 | 2,001,000 | 2,947,000 | 4,358,000 | ||
Depreciation | 979,000 | 860,000 | 1,920,000 | 1,641,000 | ||
Amortization | 328,000 | 397,000 | 658,000 | 829,000 | ||
Change in the estimated fair value of contingent earn-out consideration | (5) | |||||
Net (gain) loss on the disposition of assets | (1,000) | 65,000 | (1,000) | 65,000 | ||
Net operating income (loss) | 1,225,000 | 679,000 | 1,786,000 | 412,000 | ||
Inventories, net | 0 | 0 | ||||
Property and equipment, net | 8,115,000 | 8,115,000 | 8,447,000 | |||
Broadcast licenses | 0 | 0 | ||||
Goodwill | 19,793,000 | 19,793,000 | 19,790,000 | |||
Amortizable intangible assets, net | 1,578,000 | 1,578,000 | 2,215,000 | |||
Operating Segments [Member] | Publishing [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Net revenue | 5,426,000 | 6,660,000 | 9,303,000 | 12,346,000 | ||
Operating expenses | 5,432,000 | 6,426,000 | 9,899,000 | 11,631,000 | ||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets | (6,000) | 234,000 | 715,000 | (596,000) | ||
Depreciation | 89,000 | 44,000 | 169,000 | 91,000 | ||
Amortization | 0 | 144,000 | 0 | 289,000 | ||
Net (gain) loss on the disposition of assets | 0 | (328,000) | 0 | (328,000) | ||
Net operating income (loss) | (95,000) | 374,000 | (765,000) | 663,000 | ||
Inventories, net | 1,528,000 | 1,528,000 | 960,000 | |||
Property and equipment, net | 641,000 | 641,000 | 746,000 | |||
Broadcast licenses | 0 | 0 | ||||
Goodwill | 1,446,000 | 1,446,000 | 1,446,000 | |||
Amortizable intangible assets, net | 0 | 0 | 0 | |||
Operating Segments [Member] | Corporate [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Net revenue | 0 | 0 | 0 | 0 | ||
Operating expenses | 4,781,000 | 4,192,000 | 9,591,000 | 8,480,000 | ||
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets | (4,781,000) | (4,192,000) | (8,480,000) | (9,591,000) | ||
Debt modification costs | 20 | 248 | ||||
Depreciation | 260,000 | 234,000 | 525,000 | 470,000 | ||
Amortization | 0 | 0 | 0 | 0 | ||
Net (gain) loss on the disposition of assets | 27,000 | 0 | 30,000 | 0 | ||
Net operating income (loss) | (5,088,000) | $ (4,426,000) | (10,394,000) | $ (8,950,000) | ||
Inventories, net | 0 | 0 | ||||
Property and equipment, net | 8,587,000 | 8,587,000 | $ 8,452,000 | |||
Broadcast licenses | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Amortizable intangible assets, net | $ 0 | $ 0 |