Cumulus Media (CMLS) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document Information [Line Items]
Entity Registrant Name	CUMULUS MEDIA INC
Trading Symbol	CMLS
Entity Central Index Key	0001058623
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	true
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,155,750
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,766,887

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Current assets:
Restricted cash	$ 2,500		$ 2,500
Assets held for sale	157,559
Operating lease right-of-use asset	151,595
Current liabilities:
Current portion of operating lease liabilities	34,948
Operating lease liabilities	114,414
Successor Company
Current assets:
Cash and cash equivalents	15,333		27,584
Restricted cash	2,460		2,454
Accounts receivable, less allowance for doubtful accounts of $5,078 and $5,483 at March 31, 2019 and December 31, 2018, respectively	223,672		250,111
Trade receivable	5,823		3,390
Assets held for sale	157,559		80,000
Prepaid expenses and other current assets	35,339		31,452
Total current assets	440,186		394,991
Property and equipment, net	233,294		235,898
Operating lease right-of-use asset	151,595	$ 156,100	0
Broadcast licenses	860,848		935,652
Other intangible assets, net	182,367		193,535
Other assets	12,387		15,076
Total assets	1,880,677		1,775,152
Current liabilities:
Accounts payable and accrued expenses	85,303		101,320
Current portion of operating lease liabilities	34,948		0
Trade payable	2,384		2,578
Current portion of term loan	13,000		13,000
Total current liabilities	135,635		116,898
Term loan	1,201,668		1,230,299
Operating lease liabilities	114,414		0
Other liabilities	25,926		25,742
Deferred income taxes	12,179		12,384
Total liabilities	1,489,822		1,385,323
Commitments and contingencies (Note 13)
Stockholders’ equity:
Treasury stock, at cost, 34,704 shares at March 31, 2019	(633)		0
Additional paid-in-capital	329,612		328,404
Retained earnings	61,876		61,425
Total stockholders’ equity	390,855		389,829
Total liabilities and stockholders’ equity	1,880,677		1,775,152
Successor Company | Class A common stock
Stockholders’ equity:
Common stock	0		0
Successor Company | Class B Common Stock
Stockholders’ equity:
Common stock	$ 0		$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 5,078	$ 5,483
Treasury stock, shares	34,704
Class A common stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (usd per share)	$ 0.00	$ 0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	13,992,145	12,995,080
Common stock, shares outstanding	13,992,145	12,995,080
Class B Common Stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (usd per share)	$ 0.00	$ 0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,812,006	3,560,604
Common stock, shares outstanding	2,812,006	3,560,604

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Non-operating (expense) income:
Income (loss) before income tax expense	$ 300	$ (5,100)
Income tax benefit	200	100
Successor Company
Net revenue	267,496
Operating expenses:
Content costs	103,752
Selling, general and administrative expenses	113,503
Depreciation and amortization	14,590
Corporate expenses (including stock-based compensation expense of $1,208 and $166, respectively)	12,517
Loss on sale or disposal of assets or stations	26
Total operating expenses	245,431
Operating income	22,065
Non-operating (expense) income:
Reorganization items, net	0
Interest expense	(22,156)
Interest income	4
Gain on early extinguishment of debt	381
Other (expense) income, net	(28)
Total non-operating expense, net	(21,799)
Income (loss) before income tax expense	266
Income tax benefit	185
Net income (loss)	$ 451
Basic and diluted earnings (loss) per common share (see Note 11, “Earnings (loss) Per Share”):
Basic: Earnings per share (USD per share)	$ 0.02
Diluted: Earnings per share (USD per share)	$ 0.02
Weighted average basic common shares outstanding (in shares)	20,047,342
Weighted average diluted common shares outstanding (in shares)	20,209,082
Predecessor Company
Net revenue		263,679
Operating expenses:
Content costs		102,866
Selling, general and administrative expenses		112,083
Depreciation and amortization		11,981
Corporate expenses (including stock-based compensation expense of $1,208 and $166, respectively)		10,487
Loss on sale or disposal of assets or stations		11
Total operating expenses		238,535
Operating income		25,144
Non-operating (expense) income:
Reorganization items, net		(30,167)
Interest expense		(128)
Interest income		29
Gain on early extinguishment of debt		0
Other (expense) income, net		3
Total non-operating expense, net		(30,263)
Income (loss) before income tax expense		(5,119)
Income tax benefit		118
Net income (loss)		$ (5,001)
Basic and diluted earnings (loss) per common share (see Note 11, “Earnings (loss) Per Share”):
Basic: Earnings per share (USD per share)		$ (0.17)
Diluted: Earnings per share (USD per share)		$ (0.17)
Weighted average basic common shares outstanding (in shares)		29,306,374
Weighted average diluted common shares outstanding (in shares)		29,306,374
Local marketing agreement fees | Successor Company
Operating expenses:
Local marketing agreement fees	$ 1,043
Local marketing agreement fees | Predecessor Company
Operating expenses:
Local marketing agreement fees		$ 1,107

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor Company
Stock-based compensation expense	$ 1,208
Predecessor Company
Stock-based compensation expense		$ 166

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY Statement - USD ($) $ in Thousands	Total	Common StockClass C Common Stock	Common StockClass A common stock	Common StockClass B Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings
Beginning balance (in shares) (Predecessor Company) at Dec. 31, 2017		80,609	32,031,054		2,806,187
Beginning balance (Predecessor Company) at Dec. 31, 2017	$ (696,115)	$ 0	$ 320		$ (229,310)	$ 1,626,428	$ (2,093,554)
Net income | Predecessor Company	(5,001)						(5,001)
Stock-based compensation expense | Predecessor Company	166					166
Ending balance (in shares) (Predecessor Company) at Mar. 31, 2018		80,609	32,031,054		2,806,187
Ending balance (Predecessor Company) at Mar. 31, 2018	(700,950)	$ 0	$ 320		$ (229,310)	1,626,594	(2,098,555)
Beginning balance (in shares) (Successor Company) at Dec. 31, 2018			12,995,080	3,560,604	0
Beginning balance (Successor Company) at Dec. 31, 2018	389,829		$ 0	$ 0	$ 0	328,404	61,425
Net income | Successor Company	$ 451						451
Shares returned in lieu of tax payments (in shares) | Successor Company	34,704
Shares returned in lieu of tax payments | Successor Company	$ (633)
Conversion of Class B Common Stock (in shares) | Successor Company			751,633	(751,633)
Exercise of warrants | Successor Company			177,186	0
Issuance of common stock | Successor Company			68,246	3,035
Stock-based compensation expense | Successor Company	1,208					1,208
Ending balance (in shares) (Successor Company) at Mar. 31, 2019			13,992,145	2,812,006	34,704
Ending balance (Successor Company) at Mar. 31, 2019	$ 390,855		$ 0	$ 0	$ (633)	$ 329,612	$ 61,876

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor Company
Cash flows from operating activities:
Net income (loss)	$ 451
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	14,590
Amortization of right of use assets	6,027
Amortization of debt issuance costs/discounts	134
Provision for doubtful accounts	84
Loss on sale or disposal of assets or stations	26
Gain on early extinguishment of debt	(381)
Deferred income taxes	(205)
Stock-based compensation expense	1,208
Other	0
Changes in assets and liabilities:
Accounts receivable	26,354
Trade receivable	(2,433)
Prepaid expenses and other current assets	(3,887)
Other assets	5,898
Accounts payable and accrued expenses	(23,992)
Trade payable	(116)
Other liabilities	(1,414)
Net cash provided by operating activities	22,344
Cash flows from investing activities:
Capital expenditures	(5,126)
Net cash used in investing activities	(5,126)
Cash flows from financing activities:
Adequate protection payments on term loan	0
Repayment of borrowings under term loan	(28,250)
Financing costs	(176)
Shares returned in lieu of tax payments	(633)
Repayments of financing lease obligations	(404)
Net cash used in financing activities	(29,463)
(Decrease) increase in cash and cash equivalents and restricted cash	(12,245)
Cash and cash equivalents and restricted cash at beginning of period	30,038
Cash and cash equivalents and restricted cash at end of period	$ 17,793
Predecessor Company
Cash flows from operating activities:
Net income (loss)		$ (5,001)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		11,981
Amortization of right of use assets		0
Amortization of debt issuance costs/discounts		0
Provision for doubtful accounts		1,105
Loss on sale or disposal of assets or stations		11
Gain on early extinguishment of debt		0
Deferred income taxes		(118)
Stock-based compensation expense		166
Other		0
Changes in assets and liabilities:
Accounts receivable		22,132
Trade receivable		(1,388)
Prepaid expenses and other current assets		(9,461)
Other assets		(694)
Accounts payable and accrued expenses		35,533
Trade payable		(103)
Other liabilities		(5,791)
Net cash provided by operating activities		48,372
Cash flows from investing activities:
Capital expenditures		(9,005)
Net cash used in investing activities		(9,005)
Cash flows from financing activities:
Adequate protection payments on term loan		(22,131)
Repayment of borrowings under term loan		0
Financing costs		0
Shares returned in lieu of tax payments		0
Repayments of financing lease obligations		0
Net cash used in financing activities		(22,131)
(Decrease) increase in cash and cash equivalents and restricted cash		17,236
Cash and cash equivalents and restricted cash at beginning of period		111,890
Cash and cash equivalents and restricted cash at end of period		$ 129,126

Nature of Business, Interim Fin

Nature of Business, Interim Financial Data and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business, Interim Financial Data and Basis of Presentation	Nature of Business, Interim Financial Data and Basis of Presentation: Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “CUMULUS MEDIA,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2018, and successor to a Delaware corporation with the same name that had been organized in 2002. Nature of Business A leader in the radio broadcasting industry, CUMULUS MEDIA combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 250 million people reached each month through its 434 owned-and-operated stations broadcasting in 87 U.S. media markets (including eight of the top 10), approximately 8,000 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus Radio Station Group and Westwood One platforms make CUMULUS MEDIA one of the few media companies that can provide advertisers with national reach and local impact. The Cumulus Radio Station Group and Westwood One are the exclusive radio broadcast partners to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, and more. Additionally, the Company is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events. Basis of Presentation As previously disclosed, on November 29, 2017 (the “Petition Date”), CM Wind Down Topco Inc. (formerly known as Cumulus Media Inc.), a Delaware corporation (“Old Cumulus”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Petitions”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ chapter 11 cases (the "Chapter 11 Cases") were jointly administered under the caption In re Cumulus Media Inc., et al, Case No. 17-13381. On May 10, 2018, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law and Order Confirming the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization [Docket No. 769] (the “Confirmation Order”), which confirmed the First Amended Joint Plan of Reorganization of Cumulus Media Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 446] (the “Plan”), as modified by the Confirmation Order. On June 4, 2018 (the “Effective Date”), Old Cumulus satisfied the conditions to effectiveness set forth in the Confirmation Order and in the Plan, the Plan was substantially consummated, and Old Cumulus and the other Debtors emerged from Chapter 11. On June 29, 2018, the Bankruptcy Court entered an order closing the Chapter 11 Cases of all of the Debtors other than Old Cumulus, whose case will remain open until its estate has been fully administered including resolving outstanding claims and the Bankruptcy Court enters an order closing its case. In connection with its emergence, Old Cumulus implemented a series of internal reorganization transactions authorized by the Plan pursuant to which it transferred substantially all of its remaining assets to an indirectly wholly owned subsidiary of reorganized Cumulus Media Inc. (formerly known as CM Emergence Newco Inc.), a Delaware corporation (“CUMULUS MEDIA” or the “Company”), prior to winding down its business. References to “Successor” or “Successor Company” relate to CUMULUS MEDIA on and subsequent to June 4, 2018. References to “Predecessor”, “Predecessor Company” or “Old Cumulus” refer to Old Cumulus prior to June 4, 2018. Upon emergence from Chapter 11 on the Effective Date, the Company applied Accounting Standards Codification (“ASC”) 852 - Reorganizations (“ASC 852”) in preparing its consolidated financial statements. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, a new entity for financial reporting purposes was created, and consequently the consolidated financial statements on and after June 4, 2018 are not comparable to the consolidated financial statements prior to that date. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Interim Financial Data In the opinion of management, the Company's unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The results for the interim periods are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018. Revision of Previously Issued Financial Statements During the third quarter of 2018, the Company determined that it had an error in the classification of certain content related costs in the Condensed Consolidated Statement of Operations disclosed in previous periods. The Company should have presented the amounts within Content costs rather than within Selling, general and administrative costs. In the accompanying Condensed Consolidated Statement of Operations, the previous period has been revised to correct this misclassification. This reclassification resulted in an increase in Content costs of $3.1 million and a corresponding decrease in Selling, general and administrative costs for the three months ended March 31, 2018 of the Predecessor Company. The correction was not material to the Predecessor Company consolidated financial statements and had no impact on the Successor Company consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, valuation assumptions for impairment analysis, certain expense accruals, leases and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual amounts and results may differ materially from these estimates. Assets Held for Sale During the year ended December 31, 2015, the Company entered into an agreement to sell certain land in the Company's Washington, DC market ("DC Land") to a third party. The sale is subject to various conditions and approvals, including, without limitation, the receipt by the buyer of certain required permits and approvals for its expected use of the land. There can be no assurance that such sale will be completed in a timely manner or at all. On February 13, 2019, the Company announced that it had entered into an agreement to sell six radio stations to Educational Media Foundation ("EMF Sale"). On the same day the Company also announced that it had entered into a swap agreement with Entercom Communications Corp ("Entercom Swap") under which the Company will obtain three stations in Indianapolis in exchange for three Cumulus stations in two other markets. The closing of these transactions is subject to various conditions and regulatory approvals which remain pending. The Company expects these transactions to close within the next twelve months. The major categories of these assets held for sale are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Entercom Swap EMF Sale DC Land Total DC Land Property and equipment, net $ 703 $ 826 $ 80,000 $ 81,529 $ 80,000 Broadcast licenses 23,565 51,239 — 74,804 — Other intangibles 395 831 — 1,226 — $ 24,663 $ 52,896 $ 80,000 $ 157,559 $ 80,000 Supplemental Cash Flow Information The following summarizes supplemental cash flow information to be read in conjunction with the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 (Successor Company) and March 31, 2018 (Predecessor Company): Successor Company Predecessor Company Three Months Ended March 31, Three Months Ended March 31, 2019 2018 Supplemental disclosures of cash flow information: Interest paid $ 21,252 $ — Income taxes (refunded) paid (675 ) 353 Supplemental disclosures of non-cash flow information: Trade revenue $ 13,308 $ 11,321 Trade expense 10,365 9,732 Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheet: Cash and cash equivalents $ 15,333 $ 120,122 Restricted cash 2,460 9,004 Total cash and cash equivalents and restricted cash $ 17,793 $ 129,126 Adoption of New Accounting Standards ASU 2016-02 - Leases (“ASU 2016-02”) . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, which provides updated guidance for the accounting for leases. This update requires lessees to recognize assets and liabilities for the rights and obligations created by leases with a term longer than one year. Leases will be classified as either financing or operating, thereby impacting the pattern of expense recognition in the statement of operations. In July 2018, the FASB issued ASU 2018-10 - Codification Improvements to Topic 842, Leases ("ASU 2018-10") and ASU 2018-11 - Targeted Improvements ("ASU 2018-11"), which provides technical corrections and clarification to ASU 2016-02. ASU 2016-02 and amendments ASU 2018-10 and ASU 2018-11 will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. Early adoption is permitted. The standard requires the application of a modified retrospective approach by either applying the lease standard to each lease that existed at the beginning of the earliest comparative period presented in the financial statements, as well as leases that commenced after that date and recognizing a cumulative effect adjustment for leases that commenced prior to the beginning of the earliest comparative period presented, or applying the standard to the leases that commenced as of the beginning of the reporting period in which the entity first applies the leases standard with a cumulative effect adjustment as of that date. The Company adopted this standard on January 1, 2019 and elected the "package of practical expedients" and as a result did not recast existing leases prior to January 1, 2019. The new lease standard also provides as a practical expedient and an accounting policy election, the option to not separate nonlease components from the associated lease components and instead account for each separate lease component and its associated nonlease components as a single lease component. The company elected this option for leases under lessor and lessee agreements. The Company aggregated and evaluated lease arrangements, implemented new controls and processes, and implemented a lease accounting system. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of approximately $156.1 million and $154.5 million on January 1, 2019. See Note 12 for further information. ASU 2018-07 - Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting (“ASU 2018-07”). The standard aligns the accounting for share-based payment awards issued to employees and non-employees. Changes to the accounting for non-employee awards include: (1) equity-classified share-based payment awards issued to non-employees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date; (2) for performance conditions, compensation cost associated with the award will be recognized when achievement of the performance condition is probable, rather than upon achievement of the performance condition; and (3) the current requirement to reassess the classification (equity or liability) for nonemployee awards upon vesting will be eliminated, except for awards in the form of convertible instruments. The guidance should be applied to all new awards granted after the date of adoption. In addition, the modified retrospective approach should be used on all liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established by the adoption date by re-measurement at fair value as of the adoption date with a cumulative effect adjustment to opening retained earnings in the fiscal year of adoption. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-07 as of January 1, 2019 and there was no material impact to the Condensed Consolidated Financial Statements. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule is effective on November 5, 2018. The Company has applied the new SEC disclosure requirements in its Condensed Consolidated Financial Statements. Recent Accounting Standards Updates ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). In June 2016, the FASB issued ASU 2016-13 which requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the potential impact of adopting ASU 2016-13 on its Consolidated Financial Statements. ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). In August 2018, the FASB issued ASU 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The update eliminates the following disclosure requirements for all entities: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the entity’s policy for the timing of transfers between levels of the fair value hierarchy, and the entity’s valuation processes for Level 3 fair value measurements. ASU 2018-13 adds the following disclosure requirements: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and for recurring and nonrecurring Level 3 fair value measurements, the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, and interim periods thereafter. Early adoption is permitted for any removed or modified disclosures. The Company is currently evaluating the potential impact of adopting ASU 2016-13 on its Consolidated Financial Statements.

Reorganization Items, Net

Reorganization Items, Net	3 Months Ended
	Mar. 31, 2019
Reorganizations [Abstract]
Reorganization Items, Net	Reorganization Items, Net In accordance with ASC 852, Reorganization Items incurred as a result of the Chapter 11 Cases were presented separately in the Predecessor Company's Condensed Consolidated Statement of Operations prior to the Company's emergence from Chapter 11. For the three months ended March 31, 2018 (Predecessor Company) Reorganization Items were as follows (in thousands): Predecessor Company Three Months Ended March 31, 2018 Professional fees (a) $ 24,826 Other (b) 2,301 Rejected executory contracts (c) 3,040 Reorganization items, net $ 30,167 (a) Legal, financial advisory and other professional costs directly associated with the reorganization process. (b) Federal Communications Commission filing and United States Trustee fees directly associated with the reorganization process. (c) Non-cash expenses to record estimated allowed claim amounts related to rejected executory contracts. During the three months ending March 31, 2018, the Company made payments of approximately $7.9 million for Reorganization Items. Costs incurred as a result of the Chapter 11 Cases by the Successor Company subsequent to its emergence from Chapter 11 are classified as Corporate Expenses in the Successor Company's Condensed Consolidated Statement of Operations.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following table presents revenues disaggregated by revenue source (dollars in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Cumulus Radio Station Group Advertising revenues (broadcast, digital, non-traditional revenue (“NTR”) and trade) $ 165,696 $ 167,327 Non-advertising revenues (tower rental and other) 845 898 Total Cumulus Radio Station Group revenue $ 166,541 $ 168,225 Westwood One Advertising revenues (broadcast, digital and trade) $ 96,309 $ 90,530 Non-advertising revenues (license fees and other) 4,050 4,260 Total Westwood One revenue $ 100,359 $ 94,790 Other (1) $ 596 $ 664 Total Revenue $ 267,496 $ 263,679 (1) Other is comprised of revenue from certain digital commerce and broadcast software sales and services. Trade and Barter Transactions The Company provides advertising time in exchange for goods or services such as products, supplies, or services. Trade revenue totaled $13.3 million and $11.3 million for the three months ended March 31, 2019 (Successor Company) and March 31, 2018 (Predecessor Company), respectively. Contract Costs The Company capitalizes certain incremental costs of obtaining contracts with customers which it expects to recover. For contracts with a client whose customer life covers a year or less, the Company uses the practical expedient that allows expensing commissions as they are incurred. For contracts where the new and renewal commission rates are commensurate, management used the contract life for the amortization period. As such, the Company will continue to expense commissions as incurred for the revenue streams where the new and renewal commission rates are commensurate and the contract life is less than one year. These costs are recorded within Sales, General and Administrative expense. The Company does not apply the practical expedient option to new local direct contracts, because the commission rates for new and renewal contracts is not commensurate and the customer life is typically in excess of one year. As of March 31, 2019 and December 31, 2018, the Company recorded assets of approximately $6.7 million and $6.5 million related to the unamortized portion of commission expense on new local direct revenue. Remaining Performance Obligations The Company has contracts with customers which the Company believes will produce revenue beyond one year. From these contracts, the Company estimates it will recognize approximately $11.3 million of revenue.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2019
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash As of March 31, 2019 and December 31, 2018 , the Condensed Consolidated Balance Sheets included approximately $2.5 million in restricted cash. Restricted cash is used primarily to collateralize standby letters of credit for certain leases and insurance policies.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table presents the intangible assets as of March 31, 2019 and December 31, 2018 (dollars in thousands): Intangible Assets: Indefinite-Lived Definite-Lived Total Balance as of December 31, 2018 $ 956,836 $ 172,351 $ 1,129,187 Transfers to assets held for sale (See Note 1) (75,413 ) (660 ) (76,073 ) Amortization — (7,929 ) (7,929 ) Other (a) — (1,970 ) (1,970 ) Balance as of March 31, 2019 $ 881,423 $ 161,792 $ 1,043,215 (a) Reclassification of leasehold intangibles to right of use assets related to the adoption of ASC 842 The Company's indefinite-lived intangible assets consist of broadcasting licenses and trademarks, while the Company's definite-lived intangible assets consist of broadcast advertising and affiliate relationships. The Company performs impairment testing of its broadcasting licenses annually as of December 31 of each year and on an interim basis if events or circumstances indicate that broadcasting licenses may be impaired. The Company reviews the carrying value of its definite-lived intangible assets, primarily broadcast advertising and affiliate relationships for recoverability prior to its annual impairment test and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Events and circumstances did not necessitate any interim impairment tests during the three months ended March 31, 2019 .

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Term Loan $ 1,201,668 $ 1,230,299 Plus: current portion 13,000 13,000 Long-term debt, net $ 1,214,668 $ 1,243,299 Credit Agreement On the Effective Date, Cumulus Media New Holdings Inc., a Delaware corporation (“Holdings”) and an indirectly wholly-owned subsidiary of the Company, and certain of the Company’s other subsidiaries, entered into the Credit Agreement with the holders of claims with respect to the Predecessor Term Loan under the Canceled Credit Agreement, as term loan lenders. Pursuant to the Credit Agreement, the lenders party thereto were deemed to have provided Holdings and its subsidiaries that are party thereto as co-borrowers with a $1.3 billion senior secured Term Loan. Amounts outstanding under the Credit Agreement bear interest at a per annum rate equal to (i) the London Inter-bank Offered Rate (“LIBOR”) plus an applicable margin of 4.50% , subject to a LIBOR floor of 1.00% , or (ii) the Alternative Base Rate (as defined below) plus an applicable margin of 3.50% , subject to an Alternative Base Rate floor of 2.00% . The Alternative Base Rate is defined, for any day, as the per annum rate equal to the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 1/2 of 1.0%, (ii) the rate identified as the “Prime Rate” and normally published in the Money Rates section of the Wall Street Journal, and (iii) one-month LIBOR plus 1.0% . At March 31, 2019 , the Term Loan bore interest at 7.0% per annum. Amounts outstanding under the Term Loan amortize in equal quarterly installments of 0.25% of the original principal amount of the Term Loan with the balance payable on the maturity date. The maturity date of the Term Loan is May 15, 2022. The Credit Agreement contains representations, covenants and events of default that are customary for financing transactions of this nature. Events of default in the Credit Agreement include, among others: (a) the failure to pay when due the obligations owing thereunder; (b) the failure to comply with (and not timely remedy, if applicable) certain covenants; (c) certain defaults and accelerations under other indebtedness; (d) the occurrence of bankruptcy or insolvency events; (e) certain judgments against Holdings or any of its subsidiaries; (f) the loss, revocation or suspension of, or any material impairment in the ability to use, any one or more of, any material FCC licenses; (g) any representation or warranty made, or report, certificate or financial statement delivered, to the lenders subsequently proven to have been incorrect in any material respect; and (h) the occurrence of a Change in Control (as defined in Credit Agreement). Upon the occurrence of an event of default, the Agent may, with the consent of, or upon the request of, the required lenders, accelerate the Term Loan and exercise any of its rights as a secured party under the Credit Agreement and the ancillary loan documents provided, that in the case of certain bankruptcy or insolvency events with respect to a borrower, the Term Loan will automatically accelerate. The Credit Agreement does not contain any financial maintenance covenants. The Credit Agreement provides that Holdings will be permitted to enter into either a revolving credit facility or receivables facility providing commitments of up to $50.0 million , subject to certain conditions (see below). The borrowers may elect, at their option, to prepay amounts outstanding under the Credit Agreement without premium or penalty. The borrowers may be required to make mandatory prepayments of the Term Loan upon the occurrence of specified events as set forth in the Credit Agreement, including upon the sale of certain assets and from Excess Cash Flow (as defined in the Credit Agreement). On October 11, 2018, the Company purchased $50.2 million of face value of the Term Loan for $50.0 million , a discount to par value of 0.40% . On March 18, 2019, the Company purchased $25.4 million of face value of the Term Loan for $25.0 million , a discount to par value of 1.50% . Amounts outstanding under the Credit Agreement are guaranteed by Cumulus Media Intermediate Inc. (“Intermediate Holdings”), which is a subsidiary of the Company, and the present and future wholly-owned subsidiaries of Holdings that are not borrowers thereunder, subject to certain exceptions as set forth in the Credit Agreement (the “Guarantors”) and secured by a security interest in substantially all of the assets of Holdings, the subsidiaries of Holdings party to the Credit Agreement as borrowers, and the Guarantors. As of March 31, 2019, the Company was in compliance with all required covenants under the Credit Agreement. Revolving Credit Agreement On August 17, 2018, Holdings entered into a $50.0 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a credit agreement (the “Revolving Credit Agreement”), dated as of August 17, 2018, with certain subsidiaries of Holdings as borrowers, Intermediate Holdings as a guarantor, certain lenders, and Deutsche Bank AG New York Branch as a lender and Administrative Agent. The Revolving Credit Facility matures on August 17, 2023. Availability under the Revolving Credit Facility is tied to a borrowing base formula that is based on 85% of the accounts receivable of the borrowers and the guarantors, subject to customary reserves and eligibility criteria. Under the Revolving Credit Facility, up to $10.0 million of availability may be drawn in the form of letters of credit. Borrowings under the Revolving Credit Facility bear interest, at the option of Holdings, based on (i) LIBOR plus a percentage spread (ranging from 1.25 % to 1.75 %) based on the average daily excess availability under the Revolving Credit Facility or (ii) the Alternative Base Rate (as defined below) plus a percentage spread (ranging from 0.25 % to 0.75 %) based on the average daily excess availability under the Revolving Credit Facility. The Alternative Base Rate is defined, for any day, as the per annum rate equal to the highest of (i) the federal funds rate plus 1/2 of 1.0%, (ii) the rate identified as the “Prime Rate” and normally published in the Money Rates section of the Wall Street Journal, and (iii) one-month LIBOR plus 1.0 %. In addition, the unused portion of the Revolving Credit Facility will be subject to a commitment fee ranging from 0.250 % to 0.375 % based on the utilization of the facility. The Revolving Credit Agreement contains representations, covenants and events of default that are customary for financing transactions of this nature. Events of default in the Revolving Credit Agreement include, among others: (a) the failure to pay when due the obligations owing thereunder; (b) the failure to comply with (and not timely remedy, if applicable) certain covenants; (c) certain defaults and accelerations under other indebtedness; (d) the occurrence of bankruptcy or insolvency events; (e) certain judgments against Holdings or any of its subsidiaries; (f) the loss, revocation or suspension of, or any material impairment in the ability to use, any one or more of, any material Federal Communications Commission licenses; (g) any representation or warranty made, or report, certificate or financial statement delivered, to the lenders subsequently proven to have been incorrect in any material respect; and (h) the occurrence of a Change in Control (as defined in the Credit Agreement). Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Revolving Credit Agreement and the ancillary loan documents as a secured party. The Revolving Credit Agreement does not contain any financial maintenance covenants with which the Company must comply. However, if average excess availability under the Revolving Credit Facility is less than the greater of (a) 12.50 % of the total commitments thereunder or (b) $5.0 million , the Company must comply with a fixed charge coverage ratio of not less than 1 .0:1.0. Amounts outstanding under the Revolving Credit Agreement are guaranteed by Intermediate Holdings and the present and future wholly-owned subsidiaries of Holdings that are not borrowers thereunder, subject to certain exceptions as set forth in the Revolving Credit Agreement (the “Revolver Guarantors”) and secured by a security interest in substantially all of the assets of Holdings, the subsidiaries of Holdings party to the Credit Agreement as borrowers, and the Revolver Guarantors. As of March 31, 2019 , and December 31, 2018, $4.1 million and $2.8 million were outstanding in the form of letters of credit under the Revolving Credit Facility, respectively. As of March 31, 2019, the Company was in compliance with all required covenants under the Revolving Credit Agreement.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table shows the gross amount and fair value of the Term Loan (dollars in thousands): March 31, 2019 December 31, 2018 Term Loan: Gross value $ 1,214,668 $ 1,243,299 Fair value - Level 2 $ 1,196,934 $ 1,182,688 As of March 31, 2019 , and December 31, 2018 , the Company used trading prices from a third party of 98.54% and 95.13% to calculate the fair value of the Term Loan, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2019 the Company recorded income tax benefit of $0.2 million on pre-tax book income of $0.3 million , resulting in an effective tax rate for the three months ended March 31, 2019 of approximately (69.8)% . For the three months ended March 31, 2018, the Company recorded an income tax benefit of $0.1 million on pre-tax loss of $5.1 million , resulting in an effective tax rate for the three months ended March 31, 2018 of approximately 2.3% . The difference between the effective tax rate and the federal statutory rate of 21.0% for the three months ended March 31, 2019 primarily relates to state and local income taxes, the effect of certain statutory non-deductible expenses, excess tax benefits related to share-based compensation awards, and the tax effect of changes in uncertain tax positions. The difference between the effective tax rate and the federal statutory rate of 21.0% for the three months ended March 31, 2018 primarily relates to changes in valuation allowance, which was partially offset by state and local income taxes, the tax effect of bankruptcy-related fees and certain statutory non-deductible items. The Company recognizes the benefits of deferred tax assets only as its assessment indicates that it is more likely than not that the deferred tax assets will be recognized in accordance with ASC Topic 740, Income Taxes ("ASC 740"). The Company continually reviews the adequacy of the valuation allowance, and as of March 31, 2019 has not recorded a valuation allowance since the Company continues to believe that its deferred tax assets meet the more likely than not recognition standard for recovery. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns as well as future profitability.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock Pursuant to the Company’s amended and restated certificate of incorporation (the “Charter”), the Company is authorized to issue an aggregate of 300,000,000 shares of stock divided into three classes consisting of: (i) 100,000,000 shares of new Class A common stock; (ii) 100,000,000 shares of new Class B common stock; and (iii) 100,000,000 shares of preferred stock. As of March 31, 2019 , the Successor Company had 16,804,151 aggregate issued and outstanding shares of new common stock consisting of: (i) 13,992,145 shares designated as Class A common stock; and (ii) 2,812,006 shares designated as Class B common stock Stock Purchase Warrants On the Effective Date, the Company entered into a warrant agreement (the “Warrant Agreement”) with Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, as warrant agent. In accordance with the Plan and pursuant to the Warrant Agreement, on the Effective Date, the Company (i) issued 3,016,853 Series 1 warrants (the “ Series 1 warrants”) to purchase shares of new Class A common stock or new Class B common stock, on a one-for-one basis with an exercise price of $0.0000001 per share, to certain claimants with claims against the Predecessor Company and (ii) issued or will issue 712,736 Series 2 warrants (the “ Series 2 warrants” and, together with the Series 1 warrants the “Warrants”) to purchase shares of new Class A common stock or new Class B common stock on a one-for-one basis with an exercise price of $0.0000001 per share, to other claimants. The Warrants expire on June 4, 2038.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense In accordance with the Plan and with the approval of the Board, the Long-Term Incentive Plan (the “Incentive Plan”) became effective as of the Effective Date. The Incentive Plan is intended to, among other things, help attract, motivate and retain key employees and directors and to reward them for making major contributions to the success of the Company. The Incentive Plan permits awards to be made to employees, directors, or consultants of the Company or an affiliate of the Company. Unless otherwise determined by the Board, the Board’s compensation committee will administer the Incentive Plan. The Incentive Plan generally provides for the following types of awards: • stock options (including incentive options and nonstatutory options); • restricted stock; • stock appreciation rights; • dividend equivalents; • other stock-based awards; • performance awards; and • cash awards. The aggregate number of shares of new Class A common stock reserved for issuance pursuant to the Incentive Plan is 2,222,223 on a fully diluted basis. Awards can be made under the Incentive Plan for a period of ten years from June 4, 2018, subject to the right of the stockholders and the Board to terminate the Incentive Plan at any time. On or about the Effective Date and pursuant to the Plan, the Company granted 562,217 restricted stock units (“RSUs”) and 562,217 stock options (“Options”) under the Incentive Plan and the terms of the relevant restricted stock unit agreements (the “Restricted Stock Unit Agreements”) and stock option agreements (the “Option Agreements”), as applicable, to certain employees, including its executive officers (collectively, “Management”), representing an aggregate of 1,124,434 shares of new Class A common stock (collectively, the “Management Emergence Awards”). Fifty percent ( 50% ) of the RSUs granted to Management vest ratably on each of December 31, 2018, 2019 and 2020, subject to certain performance-based criteria. Of the remaining fifty percent ( 50% ) of the RSUs and one hundred percent ( 100% ) of the Options granted to Management, 30% will vest on each of the first two anniversaries of the Effective Date, and 20% will vest on each of the third and fourth anniversaries of the Effective Date. The vesting of each of the Management Emergence Awards is also subject to, among other things, each such employee’s continued employment with the Company. On February 1, 2019, the Company granted an additional 144,000 RSUs to Management. Two-thirds (2/3) of the granted RSUs have time-based vesting under which 30% will vest on each of the first two anniversaries of the grant date, and 20% will vest on each of the third and fourth anniversaries of the grant date. The remaining one-third (1/3) will vest ratably on each of December 31, 2019, 2020 and 2021, subject to certain performance-based criteria. If an employee’s employment is terminated by the Company or its subsidiaries without Cause, by the employee for Good Reason (each, as defined in the award agreement) or by reason of death or Disability (as defined in the award agreement), such employee will become vested in an additional tranche of the unvested awards issued under the Incentive Plan as if the employee’s employment continued for one (1) additional year following the qualifying termination date; provided, that with respect to the Chief Executive Officer and Chief Financial Officer, (i) an amount equal to 50% of the unvested components of the awards issued under the Incentive Plan will accelerate and vest ( 75% if such termination occurs on or before the first (1st) anniversary of the Effective Date) and (ii) vested Options will remain outstanding until the expiration date of such Option. If an employee’s employment is terminated by the Company or its subsidiaries without Cause or by the employee for Good Reason, in either instance at any time within the three month period immediately preceding, or the twelve month period immediately following, a Change in Control (as defined in the award agreement), such employee will become vested in all unvested awards issued under the Incentive Plan. In addition, on or about the Effective Date and pursuant to the Plan, the Company granted each non-employee director certain RSUs and Options under the Incentive Plan and the terms of the relevant Restricted Stock Unit Agreements and Option Agreements, as applicable, representing an aggregate of 56,721 shares of new Class A common stock (the “Director Emergence Awards”). The RSUs and Options granted to each non-employee director vest in four equal installments on the last day of each calendar quarter, commencing on June 30, 2018. The vesting of each of the Director Emergence Awards is also subject to, among other things, each such non-employee director’s continued role as a director with the Company. Upon a Change in Control, all unvested Director Emergence Awards will fully vest. The total share-based compensation expense included in “Corporate expenses” in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and March 31, 2018 was as follows (in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Stock option grants $ 355 $ 166 Restricted stock unit grants 853 — Total expense $ 1,208 $ 166

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding, excluding restricted shares. The Company calculates diluted earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding plus the dilutive effect of all outstanding share-based awards, including stock options and restricted stock awards. Warrants generally are included in basic and diluted shares outstanding because there is little or no consideration paid upon exercise of the Warrants. Antidilutive instruments are not considered in this calculation. The Company applies the two-class method to calculate earnings per share. Because both classes share the same rights in dividends and earnings, earnings per share (basic and diluted) are the same for both classes. The following table presents the reconciliation of basic to diluted weighted average common shares from diluted weighted average common shares (in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from operations $ 451 $ (5,001 ) Basic net income (loss) attributable to common shares $ 451 $ (5,001 ) Denominator: Basic weighted average shares outstanding 20,047 29,306 Basic undistributed net income (loss) per share attributable to common shares $ 0.02 $ (0.17 ) Diluted Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from operations $ 451 $ (5,001 ) Diluted net income (loss) attributable to common shares $ 451 $ (5,001 ) Denominator: Basic weighted average shares outstanding 20,047 29,306 Effect of dilutive options and restricted share units 162 — Diluted weighted average shares outstanding 20,209 29,306 Diluted undistributed net income (loss) per share attributable to common shares $ 0.02 $ (0.17 )

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases As described in Note 1, the Company adopted ASU 2016-02 ("ASC 842") effective January 1, 2019 using a modified retrospective approach and elected the practical expedients allowed under the standard. The Company has entered into various lease agreements both as the lessor and lessee. The leases have been classified as both operating and finance leases in accordance with ASC 842, and primarily consists of leases for land, tower space, office space, certain office equipment and vehicles. The Company also has sublease arrangements that provide a nominal amount of income. A right-of-use asset and lease liability have been recorded on the balance sheet for all leases except those with an original lease term of twelve months or less. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As a lessor, we reserve the rights to the underlying assets in our agreements and do not expect to derive any amounts at the end of the lease terms. The Company's leases typically have lease terms between five to ten years . Most of these leases include one or more renewal options for periods ranging from one to ten years. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use asset and lease liability. The Company assumes that certain tower and land leases will be renewed for one additional term. The Company uses its incremental borrowing rate to calculate the present value of lease payments when the interest rate implicit in a lease is not disclosed. The incremental borrowing rate is based on a 1-year LIBOR rate plus an estimated credit spread consistent with our Credit Agreement. The following table presents the Company's total right-of-use assets and lease liabilities as of March 31, 2019 (dollars in thousands): March 31, 2019 Right-of-use assets Operating $ 151,595 Finance, net of accumulated amortization of $110 627 Total Assets $ 152,222 Liabilities Current Operating $ 34,948 Finance 390 Noncurrent Operating 114,414 Finance 237 Total Liabilities $ 149,989 The following table presents the total lease cost for three months ended March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Operating Lease Cost $ 9,428 Finance Lease Cost Amortization of right-of-use assets $ 115 Interest on lease liabilities 13 Less: Sublease Income (430 ) Total Lease Cost $ 9,126 Total lease income related to lease payments for our lessor arrangements was $0.7 million for the three months ended March 31, 2019. Other Supplementary Data Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,041 Operating cash flows from finance leases 13 Financing cash flows from finance leases 115 March 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 8.1 Finance leases 2.2 Weighted Average Discount Rate Operating leases 7.5 % Finance leases 7.5 % Maturities of lease liabilities as of March 31, 2019 were as follows (dollars in thousands): Operating Leases Finance Leases Total 2019 (a) $ 25,066 $ 324 $ 25,390 2020 31,243 214 31,457 2021 24,708 101 24,809 2022 22,262 35 22,297 2023 20,605 4 20,609 Thereafter 78,592 — 78,592 Total lease payments $ 202,476 $ 678 $ 203,154 Less: interest 53,114 51 53,165 Present value of lease liabilities $ 149,362 $ 627 $ 149,989 Future minimum payments related to the Company's failed sale-leaseback as of March 31, 2019 were as follows (dollars in thousands): Total 2019 (a) $ 895 2020 1,557 2021 1,603 2022 1,650 2023 1,701 Thereafter 2,052 Total lease payments $ 9,458 (a) Excludes the three months ended March 31, 2019. Maturities of lease payments to be received as of March 31, 2019 were as follows (dollars in thousands): Operating Leases 2019 (a) $ 2,082 2020 2,323 2021 1,930 2022 1,671 2023 1,250 Thereafter 2,089 Total lease receivables $ 11,345 (a) Excludes the three months ended March 31, 2019.
Leases	Leases As described in Note 1, the Company adopted ASU 2016-02 ("ASC 842") effective January 1, 2019 using a modified retrospective approach and elected the practical expedients allowed under the standard. The Company has entered into various lease agreements both as the lessor and lessee. The leases have been classified as both operating and finance leases in accordance with ASC 842, and primarily consists of leases for land, tower space, office space, certain office equipment and vehicles. The Company also has sublease arrangements that provide a nominal amount of income. A right-of-use asset and lease liability have been recorded on the balance sheet for all leases except those with an original lease term of twelve months or less. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As a lessor, we reserve the rights to the underlying assets in our agreements and do not expect to derive any amounts at the end of the lease terms. The Company's leases typically have lease terms between five to ten years . Most of these leases include one or more renewal options for periods ranging from one to ten years. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use asset and lease liability. The Company assumes that certain tower and land leases will be renewed for one additional term. The Company uses its incremental borrowing rate to calculate the present value of lease payments when the interest rate implicit in a lease is not disclosed. The incremental borrowing rate is based on a 1-year LIBOR rate plus an estimated credit spread consistent with our Credit Agreement. The following table presents the Company's total right-of-use assets and lease liabilities as of March 31, 2019 (dollars in thousands): March 31, 2019 Right-of-use assets Operating $ 151,595 Finance, net of accumulated amortization of $110 627 Total Assets $ 152,222 Liabilities Current Operating $ 34,948 Finance 390 Noncurrent Operating 114,414 Finance 237 Total Liabilities $ 149,989 The following table presents the total lease cost for three months ended March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Operating Lease Cost $ 9,428 Finance Lease Cost Amortization of right-of-use assets $ 115 Interest on lease liabilities 13 Less: Sublease Income (430 ) Total Lease Cost $ 9,126 Total lease income related to lease payments for our lessor arrangements was $0.7 million for the three months ended March 31, 2019. Other Supplementary Data Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,041 Operating cash flows from finance leases 13 Financing cash flows from finance leases 115 March 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 8.1 Finance leases 2.2 Weighted Average Discount Rate Operating leases 7.5 % Finance leases 7.5 % Maturities of lease liabilities as of March 31, 2019 were as follows (dollars in thousands): Operating Leases Finance Leases Total 2019 (a) $ 25,066 $ 324 $ 25,390 2020 31,243 214 31,457 2021 24,708 101 24,809 2022 22,262 35 22,297 2023 20,605 4 20,609 Thereafter 78,592 — 78,592 Total lease payments $ 202,476 $ 678 $ 203,154 Less: interest 53,114 51 53,165 Present value of lease liabilities $ 149,362 $ 627 $ 149,989 Future minimum payments related to the Company's failed sale-leaseback as of March 31, 2019 were as follows (dollars in thousands): Total 2019 (a) $ 895 2020 1,557 2021 1,603 2022 1,650 2023 1,701 Thereafter 2,052 Total lease payments $ 9,458 (a) Excludes the three months ended March 31, 2019. Maturities of lease payments to be received as of March 31, 2019 were as follows (dollars in thousands): Operating Leases 2019 (a) $ 2,082 2020 2,323 2021 1,930 2022 1,671 2023 1,250 Thereafter 2,089 Total lease receivables $ 11,345 (a) Excludes the three months ended March 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Future Commitments The radio broadcast industry’s principal ratings service is Nielsen Audio (“Nielsen”), which publishes surveys for domestic radio markets. Certain of the Company’s subsidiaries have agreements with Nielsen under which they receive programming ratings information. The remaining aggregate obligation under the agreements with Nielsen is approximately $138.8 million , as of March 31, 2019 , and is expected to be paid in accordance with the agreements through December 2021. The Company engages Katz Media Group, Inc. (“Katz”) as its national advertising sales agent. The national advertising agency contract with Katz contains termination provisions that, if exercised by the Company during the term of the contract, would obligate the Company to pay a termination fee to Katz, based upon a formula set forth in the contract. The Company is committed under various contractual agreements to pay for broadcast rights that include sports and news services and to pay for talent, executives, research, weather information and other services. The Company from time to time enters into radio network contractual obligations to guarantee a minimum amount of revenue share to contractual counterparties on certain programming in future years. As of March 31, 2019, the Company believes that it will meet all such material minimum obligations. Legal Proceedings In August 2015, the Company was named as a defendant in two separate putative class action lawsuits relating to its use and public performance of certain sound recordings fixed prior to February 15, 1972 (the "Pre-1972 Recordings"). The first suit, ABS Entertainment, Inc., et. al. v, Cumulus Media Inc., was filed in the United States District Court for the Central District of California and alleged, among other things, copyright infringement under California state law, common law conversion, misappropriation and unfair business practices. On December 11, 2015, this suit was dismissed without prejudice. The second suit, ABS Entertainment, Inc., v. Cumulus Media Inc., was filed in the United States District Court for the Southern District of New York and claimed, among other things, common law copyright infringement and unfair competition. The New York lawsuit was stayed pending an appeal before the Second Circuit involving unrelated third parties over whether the owner of a Pre-1972 Recording holds an exclusive right to publicly perform that recording under New York common law. On December 20, 2016, the New York Court of Appeals held that New York common law does not recognize a right of public performance for owners of pre-1972 Recordings. As a result of that case (to which Cumulus Media Inc. was not a party) the New York case against Cumulus Media Inc., was voluntarily dismissed by the plaintiffs on April 3, 2017. On October 11, 2018, President Trump signed the Orrin G. Hatch-Bob Goodlatte Music Modernization Act into law, which, among other things, provides new federal rights going forward for owners of pre-1972 Recordings. The question of whether public performance rights existed for Pre-1972 recordings under state law prior to the enactment of the new Music Modernization Act is still being litigated in the Ninth Circuit as a result of a case filed in California. Cumulus is not a party to that case, and the Company is not yet able to determine what effect that proceeding will have, if any, on its financial position, results of operations or cash flows. The Company currently is, and expects that from time to time in the future it will be, party to, or a defendant in, various other claims or lawsuits that are generally incidental to its business. The Company expects that it will vigorously contest any such claims or lawsuits and believes that the ultimate resolution of any such known claim or lawsuit will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Data	Segment Data The Company operates in two reportable segments for which there is discrete financial information available and whose operating results are reviewed by the chief operating decision maker, the Cumulus Radio Station Group and Westwood One. Cumulus Radio Station Group revenue is derived primarily from the sale of broadcasting time on our owned or operated stations to local, regional, and national advertisers. Westwood One revenue is generated primarily through network advertising on our owned or operated stations and on its approximately 8,000 affiliate stations. The Company also reports information for Corporate and Other. Corporate includes overall executive, administrative and support functions for both of the Company’s reportable segments, including accounting, finance, legal, human resources, information technology, and programming functions. The Company presents segment adjusted EBITDA (“Adjusted EBITDA”) as this is the financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company’s reportable segments. Management also uses this measure to determine the contribution of the Company's core operations to the funding of its corporate resources utilized to manage operations and its non-operating expenses including debt service and acquisitions. In addition, Adjusted EBITDA is a key metric for purposes of calculating and determining compliance with certain covenants contained in the Company’s Credit Agreement. In determining Adjusted EBITDA, the Company excludes from net income items not related to core operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations, early extinguishment of debt, local marketing agreement fees, expenses relating to acquisitions, restructuring costs, reorganization items and non-cash impairments of assets, if any. Management believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider the metric to be extremely useful. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited. The Company’s financial data by segment is presented in the tables below (in thousands): Three Months Ended March 31, 2019 (Successor Company) Cumulus Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 166,541 $ 100,359 $ 596 $ 267,496 Three Months Ended March 31, 2018 (Predecessor Company) Cumulus Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 168,225 $ 94,790 $ 664 $ 263,679 Successor Company Predecessor Company Three Months Ended March 31, Three Months Ended March 31, 2019 2018 Adjusted EBITDA by segment Cumulus Radio Station Group $ 34,391 $ 36,186 Westwood One 15,950 12,656 Segment Adjusted EBITDA 50,341 48,842 Adjustments to reconcile to GAAP measure Corporate and other expense (8,537 ) (8,573 ) Income tax benefit 185 118 Non-operating expense, including net interest expense (22,180 ) (96 ) Local marketing agreement fees (1,043 ) (1,107 ) Depreciation and amortization (14,590 ) (11,981 ) Stock-based compensation expense (1,208 ) (166 ) Loss on sale or disposal of assets or stations (26 ) (11 ) Reorganization items, net — (30,167 ) Gain on early extinguishment of debt 381 — Acquisition-related and restructuring costs (2,777 ) (1,721 ) Franchise and state taxes (95 ) (139 ) Consolidated GAAP net income $ 451 $ (5,001 )

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On April 15, 2019, the Company announced that it had entered into an agreement to sell KLOS-FM in Los Angeles, CA to Meruelo Media, for $43 million in cash. Under the terms of the agreement Meruelo Media began programming KLOS-FM under a Local Marketing Agreement on April 16, 2019. On the same day, the Company also announced that it had entered into a swap agreement with Connoisseur Media under which it will obtain four stations in and around Allentown, PA in exchange for two Cumulus stations in Southern Connecticut. Under the terms of the agreement with Connoisseur Media, the Company will receive WODE-FM, WWYY-FM, WEEX-AM and WTKZ-AM in and around Allentown, PA and Connoisseur Media will receive WEBE-FM in Westport, CT, and WICC-AM in Bridgeport, CT. The parties began programming each other’s respective stations under Local Marketing Agreements on May 1, 2019. The transactions are subject to customary closing conditions, including regulatory approval. The Company expects to complete both transactions during the third quarter of 2019. On May 9, 2019, the Company completed its previously announced swap agreement with Entercom. The Company received WNTR-FM, WXNT- AM, and WZPL-FM in Indianapolis and Entercom received WNSH-FM (New York, NY) and WMAS-FM and WHLL-AM (both in Springfield, MA). Prior to the completion of the swap, each party programmed the other party's stations under a local marketing agreement.

Nature of Business, Interim F_2

Nature of Business, Interim Financial Data and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “CUMULUS MEDIA,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2018, and successor to a Delaware corporation with the same name that had been organized in 2002.
Basis of Presentation	Basis of Presentation As previously disclosed, on November 29, 2017 (the “Petition Date”), CM Wind Down Topco Inc. (formerly known as Cumulus Media Inc.), a Delaware corporation (“Old Cumulus”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Petitions”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ chapter 11 cases (the "Chapter 11 Cases") were jointly administered under the caption In re Cumulus Media Inc., et al, Case No. 17-13381. On May 10, 2018, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law and Order Confirming the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization [Docket No. 769] (the “Confirmation Order”), which confirmed the First Amended Joint Plan of Reorganization of Cumulus Media Inc. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code [Docket No. 446] (the “Plan”), as modified by the Confirmation Order. On June 4, 2018 (the “Effective Date”), Old Cumulus satisfied the conditions to effectiveness set forth in the Confirmation Order and in the Plan, the Plan was substantially consummated, and Old Cumulus and the other Debtors emerged from Chapter 11. On June 29, 2018, the Bankruptcy Court entered an order closing the Chapter 11 Cases of all of the Debtors other than Old Cumulus, whose case will remain open until its estate has been fully administered including resolving outstanding claims and the Bankruptcy Court enters an order closing its case. In connection with its emergence, Old Cumulus implemented a series of internal reorganization transactions authorized by the Plan pursuant to which it transferred substantially all of its remaining assets to an indirectly wholly owned subsidiary of reorganized Cumulus Media Inc. (formerly known as CM Emergence Newco Inc.), a Delaware corporation (“CUMULUS MEDIA” or the “Company”), prior to winding down its business. References to “Successor” or “Successor Company” relate to CUMULUS MEDIA on and subsequent to June 4, 2018. References to “Predecessor”, “Predecessor Company” or “Old Cumulus” refer to Old Cumulus prior to June 4, 2018. Upon emergence from Chapter 11 on the Effective Date, the Company applied Accounting Standards Codification (“ASC”) 852 - Reorganizations (“ASC 852”) in preparing its consolidated financial statements. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, a new entity for financial reporting purposes was created, and consequently the consolidated financial statements on and after June 4, 2018 are not comparable to the consolidated financial statements prior to that date. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Interim Financial Data In the opinion of management, the Company's unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The results for the interim periods are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018. Revision of Previously Issued Financial Statements During the third quarter of 2018, the Company determined that it had an error in the classification of certain content related costs in the Condensed Consolidated Statement of Operations disclosed in previous periods. The Company should have presented the amounts within Content costs rather than within Selling, general and administrative costs. In the accompanying Condensed Consolidated Statement of Operations, the previous period has been revised to correct this misclassification. This reclassification resulted in an increase in Content costs of $3.1 million and a corresponding decrease in Selling, general and administrative costs for the three months ended March 31, 2018 of the Predecessor Company. The correction was not material to the Predecessor Company consolidated financial statements and had no impact on the Successor Company consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, valuation assumptions for impairment analysis, certain expense accruals, leases and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual amounts and results may differ materially from these estimates.
Assets Held for Sale	Assets Held for Sale During the year ended December 31, 2015, the Company entered into an agreement to sell certain land in the Company's Washington, DC market ("DC Land") to a third party. The sale is subject to various conditions and approvals, including, without limitation, the receipt by the buyer of certain required permits and approvals for its expected use of the land. There can be no assurance that such sale will be completed in a timely manner or at all. On February 13, 2019, the Company announced that it had entered into an agreement to sell six radio stations to Educational Media Foundation ("EMF Sale"). On the same day the Company also announced that it had entered into a swap agreement with Entercom Communications Corp ("Entercom Swap") under which the Company will obtain three stations in Indianapolis in exchange for three Cumulus stations in two other markets. The closing of these transactions is subject to various conditions and regulatory approvals which remain pending. The Company expects these transactions to close within the next twelve months.
Recent Accounting Standards Updates and Adoption of New Accounting Standards and Recent Accounting Standards Updates	Adoption of New Accounting Standards ASU 2016-02 - Leases (“ASU 2016-02”) . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, which provides updated guidance for the accounting for leases. This update requires lessees to recognize assets and liabilities for the rights and obligations created by leases with a term longer than one year. Leases will be classified as either financing or operating, thereby impacting the pattern of expense recognition in the statement of operations. In July 2018, the FASB issued ASU 2018-10 - Codification Improvements to Topic 842, Leases ("ASU 2018-10") and ASU 2018-11 - Targeted Improvements ("ASU 2018-11"), which provides technical corrections and clarification to ASU 2016-02. ASU 2016-02 and amendments ASU 2018-10 and ASU 2018-11 will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. Early adoption is permitted. The standard requires the application of a modified retrospective approach by either applying the lease standard to each lease that existed at the beginning of the earliest comparative period presented in the financial statements, as well as leases that commenced after that date and recognizing a cumulative effect adjustment for leases that commenced prior to the beginning of the earliest comparative period presented, or applying the standard to the leases that commenced as of the beginning of the reporting period in which the entity first applies the leases standard with a cumulative effect adjustment as of that date. The Company adopted this standard on January 1, 2019 and elected the "package of practical expedients" and as a result did not recast existing leases prior to January 1, 2019. The new lease standard also provides as a practical expedient and an accounting policy election, the option to not separate nonlease components from the associated lease components and instead account for each separate lease component and its associated nonlease components as a single lease component. The company elected this option for leases under lessor and lessee agreements. The Company aggregated and evaluated lease arrangements, implemented new controls and processes, and implemented a lease accounting system. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of approximately $156.1 million and $154.5 million on January 1, 2019. See Note 12 for further information. ASU 2018-07 - Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting (“ASU 2018-07”). The standard aligns the accounting for share-based payment awards issued to employees and non-employees. Changes to the accounting for non-employee awards include: (1) equity-classified share-based payment awards issued to non-employees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date; (2) for performance conditions, compensation cost associated with the award will be recognized when achievement of the performance condition is probable, rather than upon achievement of the performance condition; and (3) the current requirement to reassess the classification (equity or liability) for nonemployee awards upon vesting will be eliminated, except for awards in the form of convertible instruments. The guidance should be applied to all new awards granted after the date of adoption. In addition, the modified retrospective approach should be used on all liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established by the adoption date by re-measurement at fair value as of the adoption date with a cumulative effect adjustment to opening retained earnings in the fiscal year of adoption. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-07 as of January 1, 2019 and there was no material impact to the Condensed Consolidated Financial Statements. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule is effective on November 5, 2018. The Company has applied the new SEC disclosure requirements in its Condensed Consolidated Financial Statements. Recent Accounting Standards Updates ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). In June 2016, the FASB issued ASU 2016-13 which requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the potential impact of adopting ASU 2016-13 on its Consolidated Financial Statements. ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). In August 2018, the FASB issued ASU 2018-13, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The update eliminates the following disclosure requirements for all entities: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the entity’s policy for the timing of transfers between levels of the fair value hierarchy, and the entity’s valuation processes for Level 3 fair value measurements. ASU 2018-13 adds the following disclosure requirements: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and for recurring and nonrecurring Level 3 fair value measurements, the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated. ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019, and interim periods thereafter. Early adoption is permitted for any removed or modified disclosures. The Company is currently evaluating the potential impact of adopting ASU 2016-13 on its Consolidated Financial Statements.

Nature of Business, Interim F_3

Nature of Business, Interim Financial Data and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Assets Held-for-sale	The major categories of these assets held for sale are as follows (dollars in thousands): March 31, 2019 December 31, 2018 Entercom Swap EMF Sale DC Land Total DC Land Property and equipment, net $ 703 $ 826 $ 80,000 $ 81,529 $ 80,000 Broadcast licenses 23,565 51,239 — 74,804 — Other intangibles 395 831 — 1,226 — $ 24,663 $ 52,896 $ 80,000 $ 157,559 $ 80,000
Condensed Cash Flow Statement	The following summarizes supplemental cash flow information to be read in conjunction with the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 (Successor Company) and March 31, 2018 (Predecessor Company): Successor Company Predecessor Company Three Months Ended March 31, Three Months Ended March 31, 2019 2018 Supplemental disclosures of cash flow information: Interest paid $ 21,252 $ — Income taxes (refunded) paid (675 ) 353 Supplemental disclosures of non-cash flow information: Trade revenue $ 13,308 $ 11,321 Trade expense 10,365 9,732 Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheet: Cash and cash equivalents $ 15,333 $ 120,122 Restricted cash 2,460 9,004 Total cash and cash equivalents and restricted cash $ 17,793 $ 129,126

Reorganization Items, Net (Tabl

Reorganization Items, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Reorganizations [Abstract]
Reconciliation of Reorganization Value	Reorganization Items incurred as a result of the Chapter 11 Cases were presented separately in the Predecessor Company's Condensed Consolidated Statement of Operations prior to the Company's emergence from Chapter 11. For the three months ended March 31, 2018 (Predecessor Company) Reorganization Items were as follows (in thousands): Predecessor Company Three Months Ended March 31, 2018 Professional fees (a) $ 24,826 Other (b) 2,301 Rejected executory contracts (c) 3,040 Reorganization items, net $ 30,167 (a) Legal, financial advisory and other professional costs directly associated with the reorganization process. (b) Federal Communications Commission filing and United States Trustee fees directly associated with the reorganization process. (c) Non-cash expenses to record estimated allowed claim amounts related to rejected executory contracts.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues disaggregated by revenue source (dollars in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Cumulus Radio Station Group Advertising revenues (broadcast, digital, non-traditional revenue (“NTR”) and trade) $ 165,696 $ 167,327 Non-advertising revenues (tower rental and other) 845 898 Total Cumulus Radio Station Group revenue $ 166,541 $ 168,225 Westwood One Advertising revenues (broadcast, digital and trade) $ 96,309 $ 90,530 Non-advertising revenues (license fees and other) 4,050 4,260 Total Westwood One revenue $ 100,359 $ 94,790 Other (1) $ 596 $ 664 Total Revenue $ 267,496 $ 263,679 (1) Other is comprised of revenue from certain digital commerce and broadcast software sales and services.

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The following table presents the intangible assets as of March 31, 2019 and December 31, 2018 (dollars in thousands): Intangible Assets: Indefinite-Lived Definite-Lived Total Balance as of December 31, 2018 $ 956,836 $ 172,351 $ 1,129,187 Transfers to assets held for sale (See Note 1) (75,413 ) (660 ) (76,073 ) Amortization — (7,929 ) (7,929 ) Other (a) — (1,970 ) (1,970 ) Balance as of March 31, 2019 $ 881,423 $ 161,792 $ 1,043,215 (a) Reclassification of leasehold intangibles to right of use assets related to the adoption of ASC 842
Schedule of Finite-Lived Intangible Assets	The following table presents the intangible assets as of March 31, 2019 and December 31, 2018 (dollars in thousands): Intangible Assets: Indefinite-Lived Definite-Lived Total Balance as of December 31, 2018 $ 956,836 $ 172,351 $ 1,129,187 Transfers to assets held for sale (See Note 1) (75,413 ) (660 ) (76,073 ) Amortization — (7,929 ) (7,929 ) Other (a) — (1,970 ) (1,970 ) Balance as of March 31, 2019 $ 881,423 $ 161,792 $ 1,043,215

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Components of Long-term Debt	The Company’s long-term debt consisted of the following as of March 31, 2019 and December 31, 2018 (dollars in thousands): March 31, 2019 December 31, 2018 Term Loan $ 1,201,668 $ 1,230,299 Plus: current portion 13,000 13,000 Long-term debt, net $ 1,214,668 $ 1,243,299

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Gross Amounts and Fair Value	The following table shows the gross amount and fair value of the Term Loan (dollars in thousands): March 31, 2019 December 31, 2018 Term Loan: Gross value $ 1,214,668 $ 1,243,299 Fair value - Level 2 $ 1,196,934 $ 1,182,688

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Grants Awarded	The total share-based compensation expense included in “Corporate expenses” in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and March 31, 2018 was as follows (in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Stock option grants $ 355 $ 166 Restricted stock unit grants 853 — Total expense $ 1,208 $ 166

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Common Share	The following table presents the reconciliation of basic to diluted weighted average common shares from diluted weighted average common shares (in thousands): Successor Company Predecessor Company Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Basic Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from operations $ 451 $ (5,001 ) Basic net income (loss) attributable to common shares $ 451 $ (5,001 ) Denominator: Basic weighted average shares outstanding 20,047 29,306 Basic undistributed net income (loss) per share attributable to common shares $ 0.02 $ (0.17 ) Diluted Earnings (Loss) Per Share Numerator: Undistributed net income (loss) from operations $ 451 $ (5,001 ) Diluted net income (loss) attributable to common shares $ 451 $ (5,001 ) Denominator: Basic weighted average shares outstanding 20,047 29,306 Effect of dilutive options and restricted share units 162 — Diluted weighted average shares outstanding 20,209 29,306 Diluted undistributed net income (loss) per share attributable to common shares $ 0.02 $ (0.17 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Supplemental Balance Sheet Information	The following table presents the Company's total right-of-use assets and lease liabilities as of March 31, 2019 (dollars in thousands): March 31, 2019 Right-of-use assets Operating $ 151,595 Finance, net of accumulated amortization of $110 627 Total Assets $ 152,222 Liabilities Current Operating $ 34,948 Finance 390 Noncurrent Operating 114,414 Finance 237 Total Liabilities $ 149,989 March 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 8.1 Finance leases 2.2 Weighted Average Discount Rate Operating leases 7.5 % Finance leases 7.5 %
Lease Cost	The following table presents the total lease cost for three months ended March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Operating Lease Cost $ 9,428 Finance Lease Cost Amortization of right-of-use assets $ 115 Interest on lease liabilities 13 Less: Sublease Income (430 ) Total Lease Cost $ 9,126 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,041 Operating cash flows from finance leases 13 Financing cash flows from finance leases 115
Operating Lease Maturity	Maturities of lease liabilities as of March 31, 2019 were as follows (dollars in thousands): Operating Leases Finance Leases Total 2019 (a) $ 25,066 $ 324 $ 25,390 2020 31,243 214 31,457 2021 24,708 101 24,809 2022 22,262 35 22,297 2023 20,605 4 20,609 Thereafter 78,592 — 78,592 Total lease payments $ 202,476 $ 678 $ 203,154 Less: interest 53,114 51 53,165 Present value of lease liabilities $ 149,362 $ 627 $ 149,989 Future minimum payments related to the Company's failed sale-leaseback as of March 31, 2019 were as follows (dollars in thousands): Total 2019 (a) $ 895 2020 1,557 2021 1,603 2022 1,650 2023 1,701 Thereafter 2,052 Total lease payments $ 9,458 (a) Excludes the three months ended March 31, 2019.
Finance Leases Maturity	Maturities of lease liabilities as of March 31, 2019 were as follows (dollars in thousands): Operating Leases Finance Leases Total 2019 (a) $ 25,066 $ 324 $ 25,390 2020 31,243 214 31,457 2021 24,708 101 24,809 2022 22,262 35 22,297 2023 20,605 4 20,609 Thereafter 78,592 — 78,592 Total lease payments $ 202,476 $ 678 $ 203,154 Less: interest 53,114 51 53,165 Present value of lease liabilities $ 149,362 $ 627 $ 149,989 Future minimum payments related to the Company's failed sale-leaseback as of March 31, 2019 were as follows (dollars in thousands): Total 2019 (a) $ 895 2020 1,557 2021 1,603 2022 1,650 2023 1,701 Thereafter 2,052 Total lease payments $ 9,458 (a) Excludes the three months ended March 31, 2019.
Sale Leaseback Maturity	Maturities of lease liabilities as of March 31, 2019 were as follows (dollars in thousands): Operating Leases Finance Leases Total 2019 (a) $ 25,066 $ 324 $ 25,390 2020 31,243 214 31,457 2021 24,708 101 24,809 2022 22,262 35 22,297 2023 20,605 4 20,609 Thereafter 78,592 — 78,592 Total lease payments $ 202,476 $ 678 $ 203,154 Less: interest 53,114 51 53,165 Present value of lease liabilities $ 149,362 $ 627 $ 149,989 Future minimum payments related to the Company's failed sale-leaseback as of March 31, 2019 were as follows (dollars in thousands): Total 2019 (a) $ 895 2020 1,557 2021 1,603 2022 1,650 2023 1,701 Thereafter 2,052 Total lease payments $ 9,458 (a) Excludes the three months ended March 31, 2019.
Lease Receivable, Maturity	Maturities of lease payments to be received as of March 31, 2019 were as follows (dollars in thousands): Operating Leases 2019 (a) $ 2,082 2020 2,323 2021 1,930 2022 1,671 2023 1,250 Thereafter 2,089 Total lease receivables $ 11,345

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The Company’s financial data by segment is presented in the tables below (in thousands): Three Months Ended March 31, 2019 (Successor Company) Cumulus Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 166,541 $ 100,359 $ 596 $ 267,496 Three Months Ended March 31, 2018 (Predecessor Company) Cumulus Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 168,225 $ 94,790 $ 664 $ 263,679 Successor Company Predecessor Company Three Months Ended March 31, Three Months Ended March 31, 2019 2018 Adjusted EBITDA by segment Cumulus Radio Station Group $ 34,391 $ 36,186 Westwood One 15,950 12,656 Segment Adjusted EBITDA 50,341 48,842 Adjustments to reconcile to GAAP measure Corporate and other expense (8,537 ) (8,573 ) Income tax benefit 185 118 Non-operating expense, including net interest expense (22,180 ) (96 ) Local marketing agreement fees (1,043 ) (1,107 ) Depreciation and amortization (14,590 ) (11,981 ) Stock-based compensation expense (1,208 ) (166 ) Loss on sale or disposal of assets or stations (26 ) (11 ) Reorganization items, net — (30,167 ) Gain on early extinguishment of debt 381 — Acquisition-related and restructuring costs (2,777 ) (1,721 ) Franchise and state taxes (95 ) (139 ) Consolidated GAAP net income $ 451 $ (5,001 )

Nature of Business, Interim F_4

Nature of Business, Interim Financial Data and Basis of Presentation (Nature of Business) (Details)	3 Months Ended
	Mar. 31, 2019audiencemarketstation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weekly audience reach, number of people | audience	250,000,000
Number of owned and operated stations	434
Number of markets | market	87
Number of radio stations	8,000

(Revision of Previously Issued

(Revision of Previously Issued Financial Statements) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Predecessor Company
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prior period reclassification adjustment	$ 3.1

Nature of Business, Interim F_5

Nature of Business, Interim Financial Data and Basis of Presentation (Assets Held for Sale) (Details)	Feb. 13, 2019marketstation
Educational Media Foundation
Real Estate Properties [Line Items]
Number of radio stations selling	6
Entercom
Real Estate Properties [Line Items]
Number of radio stations exchanging	3
Number of markets for radio stations exchanged | market	2

Nature of Business, Interim F_6

Nature of Business, Interim Financial Data and Basis of Presentation (Schedule of Assets Held for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 157,559
Entercom Swap
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	24,663
EMF Sale
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	52,896
DC Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	80,000	$ 80,000
Property and equipment, net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	81,529
Property and equipment, net | Entercom Swap
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	703
Property and equipment, net | EMF Sale
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	826
Property and equipment, net | DC Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	80,000	80,000
Broadcast licenses
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	74,804
Broadcast licenses | Entercom Swap
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	23,565
Broadcast licenses | EMF Sale
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	51,239
Broadcast licenses | DC Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	0	0
Other intangible assets
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	1,226
Other intangible assets | Entercom Swap
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	395
Other intangible assets | EMF Sale
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	831
Other intangible assets | DC Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 0	$ 0

Nature of Business, Interim F_7

Nature of Business, Interim Financial Data and Basis of Presentation (Condensed Supplemental Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Supplemental disclosures of non-cash flow information:
Trade revenue	$ 13,300		$ 11,300
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheet:
Restricted cash	2,500			$ 2,500
Successor Company
Supplemental disclosures of cash flow information:
Interest paid		$ 21,252
Income taxes (refunded) paid		(675)
Supplemental disclosures of non-cash flow information:
Trade revenue		13,308
Trade expense		10,365
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheet:
Cash and cash equivalents	15,333			27,584
Restricted cash	2,460			2,454
Total cash and cash equivalents and restricted cash	$ 17,793			$ 30,038
Predecessor Company
Supplemental disclosures of cash flow information:
Interest paid		0
Income taxes (refunded) paid		353
Supplemental disclosures of non-cash flow information:
Trade revenue		11,321
Trade expense		9,732
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheet:
Cash and cash equivalents		120,122
Restricted cash		9,004
Total cash and cash equivalents and restricted cash		$ 129,126			$ 111,890

Nature of Business, Interim F_8

Nature of Business, Interim Financial Data and Basis of Presentation (Adoption) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use asset	$ 151,595
Operating lease liability	$ 149,362	$ 154,500

Reorganization Items, Net (Reor

Reorganization Items, Net (Reorganization Reconciliation) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Reorganizations [Abstract]
Professional fees (a)	$ 24,826
Other (b)	2,301
Rejected executory contracts (c)	3,040
Reorganization items, net	$ 30,167

Reorganization Items, Net (Narr

Reorganization Items, Net (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Reorganizations [Abstract]
Payments for reorganizational cost	$ 7.9

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor Company
Disaggregation of Revenue [Line Items]
Net revenue	$ 267,496
Successor Company | Radio Station Group
Disaggregation of Revenue [Line Items]
Net revenue	166,541
Successor Company | Radio Station Group | Advertising revenues (broadcast, digital, non-traditional revenue (NTR) and trade)
Disaggregation of Revenue [Line Items]
Net revenue	165,696
Successor Company | Radio Station Group | Non-advertising revenues (tower rental and other)
Disaggregation of Revenue [Line Items]
Net revenue	845
Successor Company | Westwood One
Disaggregation of Revenue [Line Items]
Net revenue	100,359
Successor Company | Westwood One | Advertising revenues (broadcast, digital, non-traditional revenue (NTR) and trade)
Disaggregation of Revenue [Line Items]
Net revenue	96,309
Successor Company | Westwood One | Non-advertising revenues (tower rental and other)
Disaggregation of Revenue [Line Items]
Net revenue	4,050
Successor Company | Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 596
Predecessor Company
Disaggregation of Revenue [Line Items]
Net revenue		$ 263,679
Predecessor Company | Radio Station Group
Disaggregation of Revenue [Line Items]
Net revenue		168,225
Predecessor Company | Radio Station Group | Advertising revenues (broadcast, digital, non-traditional revenue (NTR) and trade)
Disaggregation of Revenue [Line Items]
Net revenue		167,327
Predecessor Company | Radio Station Group | Non-advertising revenues (tower rental and other)
Disaggregation of Revenue [Line Items]
Net revenue		898
Predecessor Company | Westwood One
Disaggregation of Revenue [Line Items]
Net revenue		94,790
Predecessor Company | Westwood One | Advertising revenues (broadcast, digital, non-traditional revenue (NTR) and trade)
Disaggregation of Revenue [Line Items]
Net revenue		90,530
Predecessor Company | Westwood One | Non-advertising revenues (tower rental and other)
Disaggregation of Revenue [Line Items]
Net revenue		4,260
Predecessor Company | Other
Disaggregation of Revenue [Line Items]
Net revenue		$ 664

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	4 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade revenue	$ 13.3	$ 11.3
Contract with customer asset	6.7		$ 6.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 11.3
Expected timing of satisfaction	1 year

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 2.5	$ 2.5

Intangible Assets (Changes in I

Intangible Assets (Changes in Intangible Assets Other Than Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Intangible Assets And Goodwill [Line Items]
Beginning balance, Indefinite	$ 956,836
Beginning balance, Definite	172,351
Beginning balance, total	1,129,187
Transfers to assets held for sale (See Note 1)	(76,073)
Amortization	7,929
Other (a)	(1,970)
Ending balance, Indefinite	881,423
Ending balance, Definite	161,792
Ending balance, total	1,043,215
Definite-Lived
Intangible Assets And Goodwill [Line Items]
Transfers to assets held for sale (See Note 1)	(660)
Amortization	7,929
Indefinite-Lived
Intangible Assets And Goodwill [Line Items]
Transfers to assets held for sale (See Note 1)	$ (75,413)

Long-Term Debt (Schedule of Deb

Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Term Loan	$ 1,201,668	$ 1,230,299
Plus: current portion	$ 13,000	13,000
Long-term debt, net		$ 1,243,299

Long-Term Debt (Credit Agreemen

Long-Term Debt (Credit Agreement) (Details) - Term loan - USD ($)	Jun. 04, 2018	Mar. 31, 2019	Mar. 18, 2019	Oct. 11, 2018
Debt Instrument [Line Items]
Amortization of outstanding loan principal amount, quarterly installment	0.25%
Credit Agreement
Debt Instrument [Line Items]
Long-term line of credit	$ 1,300,000,000
Basis spread on variable rate	1.00%
Interest rate	7.00%
Maximum borrowing capacity		$ 50,000,000
Repurchased face amount			$ 25,400,000	$ 50,200,000
Repurchase amount			$ 25,000,000	$ 50,000,000
Par value discount rate			1.50%	0.40%
London Interbank Offered Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Alternative Base Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Federal Funds Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Minimum | London Interbank Offered Rate | Credit Agreement
Debt Instrument [Line Items]
Interest rate	1.00%
Minimum | Alternative Base Rate | Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Long-Term Debt (Revolving Credi

Long-Term Debt (Revolving Credit Agreement) (Details) - USD ($)	Aug. 17, 2018	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Letters of credit outstanding		$ 4,100,000	$ 2,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Debt covenant, total commitments	1250.00%
Debt covenant, commitment	$ 5,000,000
Fixed charge coverage ratio	1
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee rate	25.00%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee rate	37.50%
Revolving Credit Facility | London Interbank Offered Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	125.00%
Revolving Credit Facility | London Interbank Offered Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	175.00%
Revolving Credit Facility | Alternative Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	25.00%
Revolving Credit Facility | Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	75.00%
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	100.00%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000

Fair Value Measurements (Gross

Fair Value Measurements (Gross Amounts and Fair Value of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross value		$ 1,243,299
Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross value	$ 1,214,668	1,243,299
Fair value - Level 2 | Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities	$ 1,196,934	$ 1,182,688

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	Mar. 31, 2019	Dec. 31, 2018
Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading prices rate to calculate the fair value	98.54%	95.13%

Income Taxes (Reconciliation) (

Income Taxes (Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0.2	$ 0.1
Income (loss) before income taxes	$ 0.3	$ (5.1)
Effective tax rate	(69.80%)	2.30%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Jun. 04, 2018	Mar. 31, 2019	Dec. 31, 2018
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized		100,000,000	100,000,000
Common stock, shares issued		13,992,145	12,995,080
Common stock, shares outstanding		13,992,145	12,995,080
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		100,000,000	100,000,000
Common stock, shares issued		2,812,006	3,560,604
Common stock, shares outstanding		2,812,006	3,560,604
Successor Company
Class of Stock [Line Items]
Stock shares authorized (in shares)		300,000,000
Preferred stock, shares authorized		100,000,000
Common stock, shares issued		16,804,151
Common stock, shares outstanding		16,804,151
Successor Company | Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized		100,000,000
Common stock, shares issued		13,992,145
Common stock, shares outstanding		13,992,145
Successor Company | Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		100,000,000
Common stock, shares issued		2,812,006
Common stock, shares outstanding		2,812,006
Successor Company | Series I Warrants
Class of Stock [Line Items]
Number of warrants issued (shares)	3,016,853
Warrants exercise price (usd per share)	$ 0.00
Successor Company | Series 2 warrants
Class of Stock [Line Items]
Number of warrants issued (shares)	712,736
Warrants exercise price (usd per share)	$ 0.00

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Narrative) (Details)	Feb. 01, 2019shares	Jun. 04, 2018installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period		10 years
Number of equal annual installments | installment		4
Additional tranche (period)		1 year
Period preceding Change in Control when terminated employee becomes vested in all unvested awards		3 months
Period following Change in Control when terminated employee becomes vested in all unvested awards		12 months
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved for issuance		2,222,223
Aggregate number of shares granted		1,124,434
Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity grants (shares)	144,000	562,217
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants (shares)		562,217
Award vesting percentage		100.00%
Non-employee director Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants (shares)		56,721
Tranche one | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		30.00%
Tranche two | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		30.00%
Tranche three | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%
Tranche four | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%
Vesting ratably on each of December 31, 2018, 2019 and 2020, subject to certain performance-based criteria | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		50.00%
Vesting on each of the first, second, third and fourth anniversaries of the Effective Date | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		50.00%
Vesting on each of the first, second, third and fourth anniversaries of the Effective Date | Tranche one | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		30.00%
Vesting on each of the first, second, third and fourth anniversaries of the Effective Date | Tranche two | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		30.00%
Vesting on each of the first, second, third and fourth anniversaries of the Effective Date | Tranche three | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%
Vesting on each of the first, second, third and fourth anniversaries of the Effective Date | Tranche four | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%
Accelerated vesting due to termination of employment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting (percent)		50.00%
Accelerated vesting due to termination on or before the first (1st) anniversary of the Effective Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting (percent)		75.00%

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense (Schedule of Grants Awarded) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense	$ 1,208
Successor Company | Stock option grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense	355
Successor Company | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense	$ 853
Predecessor Company
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense		$ 166
Predecessor Company | Stock option grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense		166
Predecessor Company | Restricted stock unit grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense		$ 0

Earnings (Loss) Per Share (Comp

Earnings (Loss) Per Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Successor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations	$ 451
Basic weighted average shares outstanding (in shares)	20,047,342
Diluted weighted average shares outstanding (in shares)	20,209,082
Predecessor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations		$ (5,001)
Basic weighted average shares outstanding (in shares)		29,306,374
Diluted weighted average shares outstanding (in shares)		29,306,374
Basic Share | Successor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations	$ 451
Basic net income (loss) attributable to common shares	$ 451
Basic weighted average shares outstanding (in shares)	20,047,000
Basic undistributed net income (loss) per share attributable to common shares (usd per share)	$ 0.02
Basic Share | Predecessor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations		$ (5,001)
Basic net income (loss) attributable to common shares		$ (5,001)
Basic weighted average shares outstanding (in shares)		29,306,000
Basic undistributed net income (loss) per share attributable to common shares (usd per share)		$ (0.17)
Diluted Share | Successor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations	$ 451
Basic weighted average shares outstanding (in shares)	20,047,000
Basic undistributed net income (loss) per share attributable to common shares (usd per share)	$ 0.02
Diluted net income (loss) attributable to common shares	$ 451
Effect of dilutive options and restricted share units (in shares)	162,000
Diluted weighted average shares outstanding (in shares)	20,209,000
Diluted Share | Predecessor Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Undistributed net income (loss) from operations		$ (5,001)
Basic weighted average shares outstanding (in shares)		29,306,000
Basic undistributed net income (loss) per share attributable to common shares (usd per share)		$ (0.17)
Diluted net income (loss) attributable to common shares		$ (5,001)
Effect of dilutive options and restricted share units (in shares)		0
Diluted weighted average shares outstanding (in shares)		29,306,000

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lease income, lessor arrangements	$ 0.7
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

Leases (Assets and Liabilities)

Leases (Assets and Liabilities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Right of Use Assets [Abstract]
Operating	$ 151,595
Finance, net of accumulated amortization of $110	627
Total Assets	152,222
Liabilities
Operating, current	34,948
Finance, current	390
Operating lease, noncurent	114,414
Finance lease, noncurrent	237
Total Liabilities	$ 149,989

Leases (Lease Cost) (Details)

Leases (Lease Cost) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating Lease Cost	$ 9,428
Finance Lease Cost
Amortization of right-of-use assets	115
Interest on lease liabilities	13
Less: Sublease Income	(430)
Total Lease Cost	$ 9,126

Leases (Maturities) (Details)

Leases (Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Operating Leases, After Adoption of 842:
2019	$ 25,066
2020	31,243
2021	24,708
2022	22,262
2023	20,605
Thereafter	78,592
Total lease payments	202,476
Less: interest	53,114
Present value of lease liabilities	149,362	$ 154,500
Finance Leases, After Adoption of 842:
2019	324
2020	214
2021	101
2022	35
2023	4
Thereafter	0
Total lease payments	678
Less: interest	51
Present value of lease liabilities	627
Leases, After Adoption of 842
2019	25,390
2020	31,457
2021	24,809
2022	22,297
2023	20,609
Thereafter	78,592
Total lease payments	203,154
Less: interest	53,165
Present value of lease liabilities	$ 149,989

Leases (Lease Receivable) (Deta

Leases (Lease Receivable) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019	$ 2,082
2020	2,323
2021	1,930
2022	1,671
2023	1,250
Thereafter	2,089
Total lease receivables	$ 11,345

Leases (Other Supplementary Dat

Leases (Other Supplementary Data) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 8,041
Operating cash flows from finance leases	13
Financing cash flows from finance leases	$ 115
Weighted Average Remaining Lease Term (in years)
Operating leases	8 years 1 month 6 days
Finance leases	2 years 2 months 12 days
Weighted Average Discount Rate
Operating leases	7.50%
Finance leases	7.50%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Nielson Audio
Supply Commitment [Line Items]
Remaining aggregate obligation under the agreements with Nielsen Audio	$ 138.8

Segment Data (Details)

Segment Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Income tax expense (benefit)	$ 200	$ 100
Reorganization items, net		30,167
Successor Company
Segment Reporting Information [Line Items]
Net revenue	267,496
Segment adjusted EBITDA	50,341
Income tax expense (benefit)	185
Non-operating (income) expense, including net interest expense	(21,799)
Depreciation and amortization	14,590
Stock-based compensation expense	1,208
(Loss) gain on sale or disposal of assets or stations	(26)
Gain on early extinguishment of debt	381
Net income (loss)	451
Successor Company | Radio Station Group
Segment Reporting Information [Line Items]
Net revenue	166,541
Successor Company | Westwood One
Segment Reporting Information [Line Items]
Net revenue	100,359
Successor Company | Operating Segments | Radio Station Group
Segment Reporting Information [Line Items]
Net revenue	166,541
Segment adjusted EBITDA	34,391
Successor Company | Operating Segments | Westwood One
Segment Reporting Information [Line Items]
Net revenue	100,359
Segment adjusted EBITDA	15,950
Successor Company | Corporate and Other
Segment Reporting Information [Line Items]
Net revenue	596
Successor Company | Adjustments to reconcile to GAAP measure
Segment Reporting Information [Line Items]
Corporate and other expense	(8,537)
Non-operating (income) expense, including net interest expense	(22,180)
Depreciation and amortization	(14,590)
Stock-based compensation expense	(1,208)
(Loss) gain on sale or disposal of assets or stations	(26)
Reorganization items, net	0
Gain on early extinguishment of debt	381
Acquisition-related and restructuring costs	(2,777)
Franchise and state taxes	(95)
Predecessor Company
Segment Reporting Information [Line Items]
Net revenue		263,679
Segment adjusted EBITDA		48,842
Income tax expense (benefit)		118
Non-operating (income) expense, including net interest expense		(30,263)
Depreciation and amortization		11,981
Stock-based compensation expense		166
(Loss) gain on sale or disposal of assets or stations		(11)
Gain on early extinguishment of debt		0
Net income (loss)		(5,001)
Predecessor Company | Radio Station Group
Segment Reporting Information [Line Items]
Net revenue		168,225
Predecessor Company | Westwood One
Segment Reporting Information [Line Items]
Net revenue		94,790
Predecessor Company | Operating Segments | Radio Station Group
Segment Reporting Information [Line Items]
Net revenue		168,225
Segment adjusted EBITDA		36,186
Predecessor Company | Operating Segments | Westwood One
Segment Reporting Information [Line Items]
Net revenue		94,790
Segment adjusted EBITDA		12,656
Predecessor Company | Corporate and Other
Segment Reporting Information [Line Items]
Net revenue		664
Predecessor Company | Adjustments to reconcile to GAAP measure
Segment Reporting Information [Line Items]
Corporate and other expense		(8,573)
Income tax expense (benefit)		118
Non-operating (income) expense, including net interest expense		(96)
Depreciation and amortization		(11,981)
Stock-based compensation expense		(166)
(Loss) gain on sale or disposal of assets or stations		(11)
Reorganization items, net			$ 30,167
Gain on early extinguishment of debt		0
Acquisition-related and restructuring costs		(1,721)
Franchise and state taxes		(139)
Local marketing agreement fees | Adjustments to reconcile to GAAP measure
Segment Reporting Information [Line Items]
Local marketing agreement fees		(1,107)
Local marketing agreement fees | Successor Company
Segment Reporting Information [Line Items]
Local marketing agreement fees	1,043
Local marketing agreement fees | Successor Company | Adjustments to reconcile to GAAP measure
Segment Reporting Information [Line Items]
Local marketing agreement fees	$ (1,043)
Local marketing agreement fees | Predecessor Company
Segment Reporting Information [Line Items]
Local marketing agreement fees		$ 1,107

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	Apr. 15, 2019USD ($)station
Subsequent Event [Line Items]
Potential sale amount | $	$ 43
Potential Swap of Radio Stations, Receiving	4
Potential Swap of Radio Stations, Giving	2