Cumulus Media (CMLS) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38108
Entity Registrant Name	Cumulus Media Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5134717
Entity Address, Address Line One	780 Johnson Ferry Road NE
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30342
City Area Code	404
Local Phone Number	949-0700
Title of 12(b) Security	Class A common stock, par value $0.0000001 per share
Trading Symbol	CMLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001058623
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,782,527
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,928,047

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 181,095	$ 177,028
Accounts receivable, less allowance for doubtful accounts of $5,509 and $5,816 at March 31, 2022 and December 31, 2021, respectively	176,328	196,934
Trade receivable	2,554	1,898
Prepaid expenses and other current assets	37,990	30,656
Total current assets	397,967	406,516
Property and equipment, net	188,540	191,520
Operating lease right-of-use assets	143,071	142,937
Broadcast licenses	823,905	823,905
Other intangible assets, net	132,708	138,390
Deferred income tax assets	6,436	6,356
Other assets	7,259	7,758
Total assets	1,699,886	1,717,382
Current liabilities:
Accounts payable and accrued expenses	105,872	109,669
Current portion of operating lease liabilities	28,614	28,395
Trade payable	3,040	1,750
Total current liabilities	137,526	139,814
Term loan due 2026, net of debt issuance costs of $2,196 and $2,404 at March 31, 2022 and December 31, 2021, respectively	341,535	353,836
6.75% senior notes, net of debt issuance costs of $4,387 and $4,607 at March 31, 2022 and December 31, 2021, respectively	445,308	445,088
Operating lease liabilities	127,292	125,638
Financing liabilities, net	217,870	219,649
Other liabilities	11,732	13,860
Total liabilities	1,281,263	1,297,885
Commitments and contingencies (Note 9)
Stockholders’ equity:
Treasury stock, at cost, 368,167 and 230,310 shares at March 31, 2022 and December 31, 2021, respectively	(4,453)	(2,977)
Additional paid-in-capital	343,740	342,233
Retained earnings	79,336	80,241
Total stockholders’ equity	418,623	419,497
Total liabilities and stockholders’ equity	$ 1,699,886	1,717,382
Common stock, shares issued (in shares)	21,059,733
Common stock, shares outstanding (in shares)	20,691,566
Class A Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 0
Common stock, shares issued (in shares)	19,094,969	18,789,029
Common stock, shares outstanding (in shares)	18,726,802	18,558,719
Class B Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 0
Common stock, shares issued (in shares)	1,964,764	1,964,764
Common stock, shares outstanding (in shares)	1,964,764	1,964,764

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Accounts receivable, less allowance for doubtful accounts	$ 5,509	$ 5,816
Debt issuance costs	$ 2,196	$ 2,404
Common stock, shares issued (in shares)	21,059,733
Common stock, shares outstanding (in shares)	20,691,566
Treasury stock, shares (in shares)	368,167	230,310
Class A Common Stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.00	$ 0.00
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,094,969	18,789,029
Common stock, shares outstanding (in shares)	18,726,802	18,558,719
Class B Common Stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.00	$ 0.00
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	1,964,764	1,964,764
Common stock, shares outstanding (in shares)	1,964,764	1,964,764
6.75% Senior Notes | Senior Notes
Condensed Financial Statements, Captions [Line Items]
Debt issuance costs	$ 4,387	$ 4,607
Stated rate	6.75%	6.75%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net revenue	$ 232,032	$ 201,728
Operating expenses:
Content costs	91,325	90,148
Selling, general and administrative expenses	95,292	90,098
Depreciation and amortization	13,554	13,410
Local marketing agreement fees	5	496
Corporate expenses	18,164	16,438
Gain on sale or disposal of assets or stations	(1,111)	(283)
Total operating expenses	217,229	210,307
Operating income (loss)	14,803	(8,579)
Non-operating expense:
Interest expense	(15,865)	(17,549)
Other expense, net	(23)	(138)
Total non-operating expense, net	(15,888)	(17,687)
Loss before income taxes	(1,085)	(26,266)
Income tax benefit	180	4,349
Net loss	$ (905)	$ (21,917)
Basic and diluted loss per common share (see Note 8, "Loss Per Share"):
Basic: Loss per share (in dollars per share)	$ (0.04)	$ (1.07)
Diluted: Loss per share (in dollars per share)	$ (0.04)	$ (1.07)
Weighted average basic common shares outstanding (in shares)	20,627,765	20,419,450
Weighted average diluted common shares outstanding (in shares)	20,627,765	20,419,450

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		17,961,734	2,416,253	174,222
Beginning balance at Dec. 31, 2020	$ 397,591	$ 0	$ 0	$ (2,414)	$ 337,042	$ 62,963
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,917)					(21,917)
Shares returned in lieu of tax payments (in shares)				33,666
Shares returned in lieu of tax payments	(315)			$ (315)
Conversion of Class B Common Stock (in shares)		298,347	(298,347)
Issuance of common stock (in shares)		67,635
Stock based compensation expense	1,057				1,057
Ending balance (in shares) at Mar. 31, 2021		18,327,716	2,117,906	207,888
Ending balance at Mar. 31, 2021	376,416	$ 0	$ 0	$ (2,729)	338,099	41,046
Beginning balance (in shares) at Dec. 31, 2021		18,558,719	1,964,764	230,310
Beginning balance at Dec. 31, 2021	419,497	$ 0	$ 0	$ (2,977)	342,233	80,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(905)					(905)
Shares returned in lieu of tax payments (in shares)				137,857
Shares returned in lieu of tax payments	(1,476)			$ (1,476)
Issuance of common stock (in shares)		168,083
Stock based compensation expense	1,507				1,507
Ending balance (in shares) at Mar. 31, 2022		18,726,802	1,964,764	368,167
Ending balance at Mar. 31, 2022	$ 418,623	$ 0	$ 0	$ (4,453)	$ 343,740	$ 79,336

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (905)	$ (21,917)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,554	13,410
Amortization and write-off of debt issuance costs	553	494
Provision for doubtful accounts	676	(1,078)
Gain on sale or disposal of assets or stations	(1,111)	(283)
Deferred income taxes	(80)	(4,719)
Stock-based compensation expense	1,507	1,057
Non-cash interest expense on financing liabilities	765	996
Non-cash imputed rental income	(1,152)	(1,109)
Changes in assets and liabilities (excluding acquisitions and dispositions):
Accounts receivable	16,194	38,231
Trade receivable	(656)	(647)
Prepaid expenses and other current assets	(14,811)	(6,094)
Operating leases, net	1,739	324
Other assets	359	(118)
Accounts payable and accrued expenses	6,446	7,416
Trade payable	1,290	(111)
Other liabilities	(46)	94
Net cash provided by operating activities	24,322	25,946
Cash flows from investing activities:
Proceeds from sale of assets or stations	748	0
Proceeds from insurance reimbursement	500	0
Capital expenditures	(5,269)	(2,890)
Net cash used in investing activities	(4,021)	(2,890)
Cash flows from financing activities:
Repayment of borrowings under term loan	(12,509)	(1,313)
Proceeds from PPP loans	0	1,681
Payment of contingent consideration	(1,000)	0
Shares returned in lieu of tax payments	(1,476)	(315)
Repayments of financing liabilities	(1,185)	(989)
Repayments of finance lease obligations	(64)	(75)
Net cash used in financing activities	(16,234)	(1,011)
Increase in cash and cash equivalents	4,067	22,045
Cash and cash equivalents at beginning of period	177,028	271,761
Cash and cash equivalents at end of period	$ 181,095	$ 293,806

Nature of Business, Interim Fin

Nature of Business, Interim Financial Data and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com. Basis of Presentation The accompanying unaudited 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. The Company has one reportable segment and presents the comparative periods on a consolidated basis to reflect the one reportable segment. 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 herein. The accompanying condensed consolidated balance sheet as of December 31, 2021, was derived from the Company’s audited financial statements as of December 31, 2021, and our accompanying unaudited Condensed Consolidated Financial Statements as of March 31, 2022 and for the periods ended March 31, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The financial condition and results for the interim periods are not necessarily indicative of those that may be expected for any future interim period or for the full year. The unaudited Condensed Consolidated Financial Statements herein 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, 2021. Use of Estimates The preparation of financial statements in conformity with 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 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 allocations. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. We assessed these aforementioned estimates and judgments utilizing information reasonably available to us and considering the unknown future impacts of the novel coronavirus disease ("COVID-19") pandemic. The business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and assumptions more difficult to calculate. While there was not a material impact to our key estimates as of and for the quarter ended March 31, 2022, our estimates may change based on the magnitude and duration of COVID-19, as well as other factors. Actual amounts and results may differ materially from these estimates. Comprehensive Loss Comprehensive loss includes net loss and certain items that are excluded from net loss and recorded as a separate component of stockholders' equity. During the three months ended March 31, 2022 and 2021, the Company had no items of other comprehensive loss and, therefore, comprehensive loss does not differ from reported net loss. Assets Held for Sale Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. As of March 31, 2022 and December 31, 2021, assets held for sale were not material. Supplemental Cash Flow Information The following summarizes supplemental cash flow information to be read in conjunction with the unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 Supplemental disclosures of cash flow information: Interest paid $ 6,873 $ 8,610 Income taxes (refunded) paid (82) 9 Supplemental disclosures of non-cash flow information: Trade revenue $ 11,927 $ 10,293 Trade expense 11,171 9,534 Noncash principal change in financing liabilities (277) (16) 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 was effective for public business entities, excluding Smaller Reporting Companies ("SRC"), for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The standard is effective for SRCs for fiscal years beginning after December 15, 2022. 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 impact of adopting ASU 2016-13 on its unaudited Condensed Consolidated Financial Statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
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): Three Months Ended 2022 2021 Broadcast radio revenue: Spot $ 103,913 $ 92,896 Network 65,273 62,030 Total broadcast radio revenue 169,186 154,926 Digital 31,893 27,078 Other 30,953 19,724 Net revenue $ 232,032 $ 201,728 Broadcast Radio Revenue Most of our revenue is generated through the sale of terrestrial, broadcast radio spot advertising time to local, regional, and national clients. In addition to local, regional and national spot advertising revenues, we monetize our available inventory in the network sales marketplace. To effectively deliver network advertising for our customers, we distribute content and programming through third party affiliates to reach a broader national audience. Digital Revenue We generate digital advertising revenue from the sale of advertising and promotional opportunities across our podcasting network, streaming audio network, websites, mobile applications and digital marketing services. We operate streaming audio advertising networks in the U.S., including owned and operated internet radio simulcasted stations with either digital ad-inserted or simulcasted ads. We sell display ads across local radio station websites, mobile applications, and ancillary custom client microsites. We also sell premium advertising adjacent to, or embedded in, podcasts through our network of owned and distributed podcasts. In addition, we sell an array of digital marketing services such as, email marketing, geo-targeted display and video solutions, website and microsite building and hosting, social media management, reputation management and search engine marketing and optimization within our Cumulus C-Suite digital marketing solutions portfolio to existing and new advertisers. Other Revenue Other revenue includes trade and barter transactions, remote and event revenues, and non-advertising revenue. Non-advertising revenue represents fees received for licensing content, imputed tower rental income, satellite rental income, revenues from our digital commerce platform, and proprietary software licensing. Trade and Barter Transactions The Company provides commercial advertising inventory in exchange for goods and services used principally for promotional, sales, programming and other business activities. Programming barter revenue is derived from an exchange of programming content, to be broadcast on the Company's airwaves, for commercial advertising inventory, usually in the form of commercial placements inside the show exchanged. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received. Trade and barter revenue is recorded when commercial spots are aired, in the same pattern as the Company's normal cash spot revenue is recognized. Trade and barter expense is recorded when goods or services are consumed. For the three months ended March 31, 2022 and 2021, amounts reflected under trade and barter transactions were: (1) trade and barter revenues of $11.9 million and $10.3 million, respectively; and (2) trade and barter expenses of $11.2 million and $9.5 million, respectively. Capitalized Costs of Obtaining a Contract The Company capitalizes certain incremental costs of obtaining contracts with customers which it expects to recover. For contracts with a customer life of one year or less, commissions are expensed as they are incurred. For new local direct contracts where the new and renewal commission rates are not commensurate, management capitalizes commissions and amortizes the capitalized commissions over the average customer life. These costs are recorded within selling, general and administrative expenses in our unaudited Condensed Consolidated Statements of Operations. As of both March 31, 2022 and December 31, 2021, the Company recorded an asset of approximately $6.7 million related to the unamortized portion of commission expense on new local direct revenue.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): Indefinite-Lived Definite-Lived Total Gross Carrying Amount Trademarks Affiliate and producer relationships Broadcast advertising Tower income contracts Other Balance as of December 31, 2021 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Balance as of March 31, 2022 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Accumulated Amortization Balance as of December 31, 2021 $ — $ — $ (43,598) $ (22,933) $ (5,408) $ (11,053) $ (82,992) Amortization Expense — — (3,705) (1,600) (377) — (5,682) Balance as of March 31, 2022 $ — $ — $ (47,303) $ (24,533) $ (5,785) $ (11,053) $ (88,674) Net Book Value as of March 31, 2022 $ 823,905 $ 19,749 $ 97,697 $ 7,467 $ 7,795 $ — $ 956,613 The Company performs impairment testing of its indefinite-lived intangible assets annually as of December 31 of each year and on an interim basis if management believes events or circumstances indicate that its indefinite-lived intangible assets may be impaired. The Company reviews the carrying amount 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. The Company considered the current and expected future economic and market conditions surrounding COVID-19, and other potential indicators of impairment, and determined a triggering event had not occurred which would necessitate any interim impairment tests during the three months ended March 31, 2022. We will continue to monitor changes in economic and market conditions, including those related to COVID-19, and if any events or circumstances indicate a triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 December 31, 2021 Term Loan due 2026 $ 343,731 $ 356,240 6.75% Senior Notes 449,695 449,695 Less: Total unamortized debt issuance costs (6,583) (7,011) Long-term debt, net $ 786,843 $ 798,924 Refinanced Credit Agreement (Term Loan due 2026) On September 26, 2019, the Company entered into a new credit agreement by and among Cumulus Media New Holdings Inc., a Delaware corporation and an indirect wholly-owned subsidiary of the Company ("Holdings"), certain other subsidiaries of the Company, Bank of America, N.A., as Administrative Agent, and the other banks and financial institutions party thereto as Lenders (the "Refinanced Credit Agreement"). Pursuant to the Refinanced Credit Agreement, the lenders party thereto provided Holdings and its subsidiaries that are party thereto as co-borrowers with a $525.0 million senior secured Term Loan (the "Term Loan due 2026"), which was used to refinance the remaining balance of the then outstanding term loan (the "Term Loan due 2022"). Amounts outstanding under the Refinanced Credit Agreement bear interest at a per annum rate equal to (i) the London Inter-bank Offered Rate ("LIBOR") plus an applicable margin of 3.75%, subject to a LIBOR floor of 1.00%, or (ii) the Alternative Base Rate (as defined below) plus an applicable margin of 2.75%, 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 by Bank of America, N.A. as its "Prime Rate" and (iii) one-month LIBOR plus 1.00%. As of March 31, 2022, the Term Loan due 2026 bore interest at a rate of 4.75% per annum. Amounts outstanding under the Term Loan due 2026 amortize in equal quarterly installments of 0.25% of the original principal amount of the Term Loan due 2026 with the balance payable on the maturity date. As a result of the mandatory prepayments discussed below, the Company is no longer required to make such quarterly installments. The maturity date of the Term Loan due 2026 is March 26, 2026. Debt discounts and issuance costs of $5.1 million were capitalized and amortized over the term of the Term Loan due 2026. As a result of certain of the Company's sales and dispositions and Excess Cash Flow (as defined in the Term Loan due 2026), the Company was required by the provisions of the Term Loan due 2026 to prepay certain amounts outstanding under the facility. The Company made prepayments to the Term Loan due 2026 of approximately $49.0 million, $112.0 million and $12.5 million, in September 2020, May 2021 and March 2022, respectively. In connection with the prepayments, the Company wrote-off approximately $0.4 million, $0.9 million and $0.1 million of debt issuance costs, respectively. As of March 31, 2022, we were in compliance with all required covenants under the Refinanced Credit Agreement. 2020 Revolving Credit Agreement On March 6, 2020, Holdings and certain of the Company’s other subsidiaries, as borrowers (the “Borrowers”), and Intermediate Holdings entered into a $100.0 million revolving credit facility (the “2020 Revolving Credit Facility") pursuant to a Credit Agreement (the "2020 Revolving Credit Agreement"), dated as of March 6, 2020, with Fifth Third Bank, as a lender and Administrative Agent and certain other lenders from time to time party thereto. The 2020 Revolving Credit Facility refinances and replaces the Company’s 2018 Revolving Credit Agreement entered into pursuant to that certain Credit Agreement dated as of August 17, 2018, by and among Holdings, the Borrowers, Intermediate Holdings and certain lenders and Deutsche Bank AG New York Branch, as a lender and Administrative Agent. The 2020 Revolving Credit Facility has a maturity date of March 6, 2025. Availability under the 2020 Revolving Credit Facility is tied to a borrowing base equal to 85% of the accounts receivable of the Borrowers, subject to customary reserves and eligibility criteria and reduced by outstanding letters of credit. Under the 2020 Revolving Credit Facility, up to $10.0 million of availability may be drawn in the form of letters of credit and up to $10.0 million of availability may be drawn in the form of swing line loans. Borrowings under the 2020 Revolving Credit Facility bear interest, at the option of Holdings, based on LIBOR plus a percentage spread of 1.00% or the Alternative Base Rate. The Alternative Base Rate is defined, for any day, as the per annum rate equal to the rate identified as the “Prime Rate” by Fifth Third Bank. In addition, the unused portion of the 2020 Revolving Credit Facility will be subject to a commitment fee of 0.25%. The 2020 Revolving Credit Facility contains customary LIBOR successor provisions. The issuance of the 2020 Revolving Credit Agreement was evaluated in accordance with ASC 470-50-40 - Debt-Modifications and Extinguishments - Derecognition , to determine whether the refinance transaction should be accounted for as a debt modification or extinguishment of the 2018 Revolving Credit Agreement. The Company expensed approximately $0.6 million of unamortized debt issuance costs related to the exiting lender from the Revolving Credit Agreement. Costs incurred with third parties for issuance of the 2020 Revolving Credit Agreement totaled approximately $0.4 million and were capitalized and will be amortized over the term of the 2020 Revolving Credit Agreement. On May 17, 2021, the Company completed a $60.0 million repayment of the 2020 Revolving Credit Facility. As of March 31, 2022, $4.7 million was outstanding under the 2020 Revolving Credit Facility, representing letters of credit. As of March 31, 2022, the Company was in compliance with all required covenants under the 2020 Revolving Credit Agreement. 6.75% Senior Notes On June 26, 2019, Holdings (the "Issuer"), and certain of the Company's other subsidiaries, entered into an indenture, dated as of June 26, 2019 (the "Indenture") with U.S. Bank National Association, as trustee, governing the terms of the Issuer's $500,000,000 aggregate principal amount of 6.75% Senior Secured First-Lien Notes due 2026 (the "6.75% Senior Notes"). The 6.75% Senior Notes were issued on June 26, 2019. The net proceeds from the issuance of the 6.75% Senior Notes were applied to partially repay existing indebtedness under the Term Loan due 2022. In conjunction with the issuance of the 6.75% Senior Notes, debt issuance costs of $7.3 million were capitalized and are being amortized over the term of the 6.75% Senior Notes. As a result of certain of the Company's sales and dispositions, the Company was required by the provisions of the indenture governing the 6.75% Senior Notes to offer to prepay certain amounts outstanding under the 6.75% Senior Notes. In connection with such offers, the Company accepted and cancelled $47.2 million in aggregate principal amount of the 6.75% Notes in November 2020, and wrote-off approximately $0.6 million of debt issuance costs related to the 6.75% Notes accepted and canceled in the transaction, and the Company accepted and cancelled approximately $3 million in aggregate principal amount of the 6.75% Notes in May 2021. As of March 31, 2022, the Issuer was in compliance with all required covenants under the Indenture.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table shows the gross amount and fair value of the Term Loan due 2026 and 6.75% Senior Notes (dollars in thousands): March 31, 2022 December 31, 2021 Term Loan due 2026: Gross value $ 343,731 $ 356,240 Fair value - Level 2 339,434 355,795 6.75% Senior Notes: Gross value $ 449,695 $ 449,695 Fair value - Level 2 447,447 466,559 As of March 31, 2022, the Company used trading prices from a third party of 98.75% and 99.50% to calculate the fair value of the Term Loan due 2026 and the 6.75% Senior Notes, respectively. As of December 31, 2021, the Company used trading prices from a third party of 99.88% and 103.75% to calculate the fair value of the Term Loan 2026 and the 6.75% Senior Notes, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2022, the Company recorded an income tax benefit of $0.2 million on pre-tax book loss of $1.1 million, resulting in an effective tax rate of approximately 16.6%. For the three months ended March 31, 2021, the Company recorded an income tax benefit of $4.3 million on pre-tax book loss of $26.3 million, resulting in an effective tax rate of approximately 16.6%. The differences between the effective tax rates and the federal statutory rate of 21.0% for the three month periods ended March 31, 2022 and 2021, primarily relate to state and local income taxes and the effect of certain statutory non-deductible expenses. 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 reviews the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to utilize existing deferred tax assets. As of March 31, 2022, the Company has not recorded a valuation allowance since the Company continues to believe, on the basis of its evaluation, that its deferred tax assets meet the more likely than not recognition standard for recovery. The Company will continue to monitor the valuation of deferred tax assets, which requires judgment in assessing the likely future tax consequences of events that are recognized in the Company's financial statements or tax returns as well as judgment in projecting future profitability.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock Pursuant to the Company’s amended and restated certificate of incorporation, 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.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss Per Share	Loss Per ShareThe Company calculates basic loss per share by dividing net loss by the weighted average number of common shares outstanding, including warrants. The Company calculates diluted loss per share by dividing net 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. For the three months ended March 31, 2022, due to the net loss attributable to the Company's common stockholders, potential common shares that would cause dilution, such as employee stock options, restricted shares and other stock awards, have been excluded from the diluted share count because their effect would have been anti-dilutive. The Company applies the two-class method to calculate loss per share. Because both classes share the same rights in dividends and losses, loss per share (basic and diluted) is the same for both classes. The following table presents the basic and diluted loss per share, and the reconciliation of basic to diluted weighted average common shares (in thousands): Three Months Ended 2022 2021 Basic Loss Per Share Numerator: Undistributed net loss from operations $ (905) $ (21,917) Basic net loss attributable to common shares $ (905) $ (21,917) Denominator: Basic weighted average shares outstanding 20,628 20,419 Basic undistributed net loss per share attributable to common shares $ (0.04) $ (1.07) Diluted Loss Per Share Numerator: Undistributed net loss from operations $ (905) $ (21,917) Diluted net loss attributable to common shares $ (905) $ (21,917) Denominator: Basic weighted average shares outstanding 20,628 20,419 Effect of dilutive options and restricted share units — — Diluted weighted average shares outstanding 20,628 20,419 Diluted undistributed net loss per share attributable to common shares $ (0.04) $ (1.07)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We have been, and expect in the future to be, a party to various legal proceedings, investigations or claims. In accordance with applicable accounting guidance, we record accruals for certain of our outstanding legal proceedings when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least on a quarterly basis, developments in our legal proceedings or other claims that could affect the amount of any accrual, as well as any developments that would result in a loss contingency to become both probable and reasonably estimable. When a loss contingency is not both probable and reasonably estimable, we do not record a loss accrual. If the loss (or an additional loss in excess of any prior accrual) is reasonably possible and material, we disclose an estimate of the possible loss or range of loss, if such estimate can be made. The assessment of whether a loss is probable or reasonably possible and whether the loss or a range of loss is estimable, involves a series of judgments about future events, which are often complex. Even if a loss is reasonably possible, we may not be able to estimate a range of possible loss, particularly where (i) the damages sought are substantial or indeterminate, (ii) the proceedings are in the early stages, (iii) the matters involve novel or unsettled legal theories or a large number of parties, or (iv) various factors outside of our control could lead to vastly different outcomes. In such cases, there is considerable uncertainty regarding the ultimate resolution of such matters, including the amount of any possible loss. 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 U.S. 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 U.S. 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 (the "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 was, until recently, still being litigated by other parties in California. On August 23, 2021, the Ninth Circuit held in the matter of Flo & Eddie, Inc. v. Sirius XM Radio Inc., Case No. 17-55844, that no such public performance right exists under California law. But those plaintiffs continue to litigate a separate case, Flo & Eddie, Inc. v. Pandora Media, LLC, which is pending in the Ninth Circuit (No. 20-56134). The plaintiffs continue to have certain appeal rights with respect to the ruling. The Company is not a party to that case and is not yet able to determine what effect that proceeding will have, if any, on its financial position, results of operations or cash flows. On February 24, 2020, two individual plaintiffs filed a putative class action lawsuit against the Company in the U.S. District Court for the Northern District of Georgia alleging claims regarding the Cumulus Media Inc. 401(k) Plan (the "Plan"). The case alleges that the Company breached its fiduciary duties under the Employee Retirement Income Security Act of 1974 in the oversight of the Plan, principally by selecting and retaining certain investment options despite their higher fees and costs than other available investment options, causing participants in the Plan to pay excessive recordkeeping fees, and by failing to monitor other fiduciaries. The plaintiffs seek unspecified damages on behalf of a class of Plan participants from February 24, 2014 through the date of any judgment. On May 28, 2020, the Company filed a motion to dismiss the complaint. On December 17, 2020 the Court entered an order dismissing one of the individual plaintiffs and all claims against the Company except those that arose on or after February 24, 2019 (i.e., one year prior to the filing of the Complaint). On March 24, 2021, the Company filed a motion seeking dismissal of all remaining claims. On October 15, 2021, the Court entered an order granting the Company’s motion and dismissing all remaining claims. On November 12, 2021, one of the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Eleventh Circuit. The Company intends to vigorously defend itself in the appeal. The October 15, 2021 order and/or the pending appeal may not foreclose other parties from asserting similar claims against the Company. The Company is currently unable to reasonably estimate what effect the ultimate outcome might have, if any, on its financial position, results of operations or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn May 3, 2022, the Board of Directors authorized a share repurchase program for up to $50 million of outstanding Class A common stock, with a plan to commence share repurchases in the near term. Purchases made pursuant to the program may be made from time to time, at the Company’s discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws including, but not limited to, 10b5-1 trading plans, accelerated stock repurchase programs and tender offers. The specific timing, manner, price and amount of any repurchases will be determined by the Company and may be subject to economic and market conditions, stock price, applicable legal requirements and other factors.

Nature of Business, Interim F_2

Nature of Business, Interim Financial Data and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 PresentationThe accompanying unaudited 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. The Company has one reportable segment and presents the comparative periods on a consolidated basis to reflect the one reportable segment. 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 herein. The accompanying condensed consolidated balance sheet as of December 31, 2021, was derived from the Company’s audited financial statements as of December 31, 2021, and our accompanying unaudited Condensed Consolidated Financial Statements as of March 31, 2022 and for the periods ended March 31, 2022 and 2021, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The financial condition and results for the interim periods are not necessarily indicative of those that may be expected for any future interim period or for the full year. The unaudited Condensed Consolidated Financial Statements herein 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, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 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 allocations. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. We assessed these aforementioned estimates and judgments utilizing information reasonably available to us and considering the unknown future impacts of the novel coronavirus disease ("COVID-19") pandemic. The business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and assumptions more difficult to calculate. While there was not a material impact to our key estimates as of and for the quarter ended March 31, 2022, our estimates may change based on the magnitude and duration of COVID-19, as well as other factors. Actual amounts and results may differ materially from these estimates.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and certain items that are excluded from net loss and recorded as a separate component of stockholders' equity. During the three months ended March 31, 2022 and 2021, the Company had no items of other comprehensive loss and, therefore, comprehensive loss does not differ from reported net loss.
Assets Held for Sale	Assets Held for SaleLong-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets.
Recent Accounting Standards Updates	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 was effective for public business entities, excluding Smaller Reporting Companies ("SRC"), for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The standard is effective for SRCs for fiscal years beginning after December 15, 2022. 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 impact of adopting ASU 2016-13 on its unaudited Condensed 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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Condensed Cash Flow Statement	The following summarizes supplemental cash flow information to be read in conjunction with the unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 Supplemental disclosures of cash flow information: Interest paid $ 6,873 $ 8,610 Income taxes (refunded) paid (82) 9 Supplemental disclosures of non-cash flow information: Trade revenue $ 11,927 $ 10,293 Trade expense 11,171 9,534 Noncash principal change in financing liabilities (277) (16)

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated by Revenue Source	The following table presents revenues disaggregated by revenue source (dollars in thousands): Three Months Ended 2022 2021 Broadcast radio revenue: Spot $ 103,913 $ 92,896 Network 65,273 62,030 Total broadcast radio revenue 169,186 154,926 Digital 31,893 27,078 Other 30,953 19,724 Net revenue $ 232,032 $ 201,728

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): Indefinite-Lived Definite-Lived Total Gross Carrying Amount Trademarks Affiliate and producer relationships Broadcast advertising Tower income contracts Other Balance as of December 31, 2021 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Balance as of March 31, 2022 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Accumulated Amortization Balance as of December 31, 2021 $ — $ — $ (43,598) $ (22,933) $ (5,408) $ (11,053) $ (82,992) Amortization Expense — — (3,705) (1,600) (377) — (5,682) Balance as of March 31, 2022 $ — $ — $ (47,303) $ (24,533) $ (5,785) $ (11,053) $ (88,674) Net Book Value as of March 31, 2022 $ 823,905 $ 19,749 $ 97,697 $ 7,467 $ 7,795 $ — $ 956,613
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s intangible assets as of March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): Indefinite-Lived Definite-Lived Total Gross Carrying Amount Trademarks Affiliate and producer relationships Broadcast advertising Tower income contracts Other Balance as of December 31, 2021 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Balance as of March 31, 2022 $ 823,905 $ 19,749 $ 145,000 $ 32,000 $ 13,580 $ 11,053 $ 1,045,287 Accumulated Amortization Balance as of December 31, 2021 $ — $ — $ (43,598) $ (22,933) $ (5,408) $ (11,053) $ (82,992) Amortization Expense — — (3,705) (1,600) (377) — (5,682) Balance as of March 31, 2022 $ — $ — $ (47,303) $ (24,533) $ (5,785) $ (11,053) $ (88,674) Net Book Value as of March 31, 2022 $ 823,905 $ 19,749 $ 97,697 $ 7,467 $ 7,795 $ — $ 956,613

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The Company’s long-term debt consisted of the following as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 December 31, 2021 Term Loan due 2026 $ 343,731 $ 356,240 6.75% Senior Notes 449,695 449,695 Less: Total unamortized debt issuance costs (6,583) (7,011) Long-term debt, net $ 786,843 $ 798,924

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 due 2026 and 6.75% Senior Notes (dollars in thousands): March 31, 2022 December 31, 2021 Term Loan due 2026: Gross value $ 343,731 $ 356,240 Fair value - Level 2 339,434 355,795 6.75% Senior Notes: Gross value $ 449,695 $ 449,695 Fair value - Level 2 447,447 466,559

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Common Share	The following table presents the basic and diluted loss per share, and the reconciliation of basic to diluted weighted average common shares (in thousands): Three Months Ended 2022 2021 Basic Loss Per Share Numerator: Undistributed net loss from operations $ (905) $ (21,917) Basic net loss attributable to common shares $ (905) $ (21,917) Denominator: Basic weighted average shares outstanding 20,628 20,419 Basic undistributed net loss per share attributable to common shares $ (0.04) $ (1.07) Diluted Loss Per Share Numerator: Undistributed net loss from operations $ (905) $ (21,917) Diluted net loss attributable to common shares $ (905) $ (21,917) Denominator: Basic weighted average shares outstanding 20,628 20,419 Effect of dilutive options and restricted share units — — Diluted weighted average shares outstanding 20,628 20,419 Diluted undistributed net loss per share attributable to common shares $ (0.04) $ (1.07)

Nature of Business, Interim F_4

Nature of Business, Interim Financial Data and Basis of Presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2022stationaffiliatesegmentmarket
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of owned-and-operated stations | station	406
Number of markets | market	86
Number of affiliate stations | affiliate	9,500
Number of reportable segments | segment	1

Nature of Business, Basis of Pr

Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental disclosures of cash flow information:
Interest paid	$ 6,873	$ 8,610
Income taxes (refunded) paid	(82)	9
Supplemental disclosures of non-cash flow information:
Trade revenue	11,927	10,293
Trade expense	11,171	9,534
Noncash principal change in financing liabilities	$ (277)	$ (16)

Revenues - Disaggregated by Rev

Revenues - Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 232,032	$ 201,728
Total broadcast radio revenue
Disaggregation of Revenue [Line Items]
Net revenue	169,186	154,926
Spot
Disaggregation of Revenue [Line Items]
Net revenue	103,913	92,896
Network
Disaggregation of Revenue [Line Items]
Net revenue	65,273	62,030
Digital
Disaggregation of Revenue [Line Items]
Net revenue	31,893	27,078
Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 30,953	$ 19,724

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 232,032	$ 201,728
Asset related to unamortized portion of commission expense	6,700		$ 6,700
Trade and Barter Transactions
Disaggregation of Revenue [Line Items]
Revenues	11,900	10,300
Other expenses	$ 11,200	$ 9,500

Intangible Assets - Gross Carry

Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets, Accumulated Amortization Activity [Roll Forward]
Accumulated Amortization, beginning balance	$ (82,992)
Amortization Expense	(5,682)
Accumulated amortization, ending balance	(88,674)
Intangible Assets Activity [Roll Forward]
Beginning balance	1,045,287
Ending balance	1,045,287
Net Book Value	956,613
FCC licenses
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	823,905
Ending balance	823,905
Net Book Value	823,905
Trademarks
Indefinite-lived Intangible Assets [Roll Forward]
Beginning balance	19,749
Ending balance	19,749
Net Book Value	19,749
Affiliate and producer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	145,000
Ending balance	145,000
Finite-Lived Intangible Assets, Accumulated Amortization Activity [Roll Forward]
Accumulated Amortization, beginning balance	(43,598)
Amortization Expense	(3,705)
Accumulated amortization, ending balance	(47,303)
Net Book Value	97,697
Broadcast advertising
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	32,000
Ending balance	32,000
Finite-Lived Intangible Assets, Accumulated Amortization Activity [Roll Forward]
Accumulated Amortization, beginning balance	(22,933)
Amortization Expense	(1,600)
Accumulated amortization, ending balance	(24,533)
Net Book Value	7,467
Tower income contracts
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	13,580
Ending balance	13,580
Finite-Lived Intangible Assets, Accumulated Amortization Activity [Roll Forward]
Accumulated Amortization, beginning balance	(5,408)
Amortization Expense	(377)
Accumulated amortization, ending balance	(5,785)
Net Book Value	7,795
Other
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	11,053
Ending balance	11,053
Finite-Lived Intangible Assets, Accumulated Amortization Activity [Roll Forward]
Accumulated Amortization, beginning balance	(11,053)
Amortization Expense	0
Accumulated amortization, ending balance	(11,053)
Net Book Value	$ 0

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 26, 2019
Debt Instrument [Line Items]
Less: Total unamortized debt issuance costs	$ (6,583)	$ (7,011)
Long-term debt, net	$ 786,843	798,924
Term Loan due 2026 | Secured Debt
Debt Instrument [Line Items]
Stated rate	4.75%
Long-term debt, gross	$ 343,731	$ 356,240
6.75% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated rate	6.75%	6.75%	6.75%
Long-term debt, gross	$ 449,695	$ 449,695

Long-Term Debt - Refinanced Cre

Long-Term Debt - Refinanced Credit Agreement (Term Loan due 2026) (Details) - Term Loan due 2026 - Secured Debt - USD ($) $ in Millions	Sep. 26, 2019	May 31, 2021	Sep. 30, 2020	Mar. 31, 2022
Debt Instrument [Line Items]
Long-term line of credit	$ 525
Basis spread on variable rate	1.00%
Stated rate				4.75%
Amortization of outstanding loan principal amount, quarterly installment	0.25%
Debt discounts and issuance costs				$ 5.1
Repayments of debt		$ 112	$ 49	12.5
Write off of deferred debt issuance cost		$ 0.9	$ 0.4	$ 0.1
London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
London Interbank Offered Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Alternative Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%

Long-Term Debt - 2020 Revolving

Long-Term Debt - 2020 Revolving Credit Agreement (Details) - USD ($)	May 17, 2021	Mar. 06, 2020	Mar. 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Borrowing base		85.00%
Unused capacity, commitment fee rate		0.25%
Debt instrument, unamortized discount			$ 600,000
Debt discounts and issuance costs			400,000
Repayments of debt	$ 60,000,000
Letters of credit outstanding			$ 4,700,000
Revolving Credit Facility | Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Swing Line Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000

Long-Term Debt - 6.75% Senior N

Long-Term Debt - 6.75% Senior Notes (Details) - USD ($)	1 Months Ended
	May 31, 2021	Nov. 30, 2020	Mar. 31, 2022	Dec. 31, 2021	Jun. 26, 2019
Debt Instrument [Line Items]
Debt issuance costs			$ 2,196,000	$ 2,404,000
6.75% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 500,000,000
6.75% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated rate			6.75%	6.75%	6.75%
Debt issuance costs			$ 4,387,000	$ 4,607,000	$ 7,300,000
Repayments of debt	$ 3,000,000	$ 47,200,000
Write off of deferred debt issuance cost		$ 600,000

Fair Value Measurements - Gross

Fair Value Measurements - Gross Amounts and Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 26, 2019
Term Loan due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross value	$ 343,731	$ 356,240
6.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross value	$ 449,695	$ 449,695
6.75% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated rate	6.75%	6.75%
Fair value - Level 2 | Term Loan due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 339,434	$ 355,795
Fair value - Level 2 | 6.75% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 447,447	$ 466,559
6.75% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated rate	6.75%	6.75%	6.75%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2022	Dec. 31, 2021
Term Loan due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading prices rate to calculate the fair value	98.75%	99.88%
6.75% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading prices rate to calculate the fair value	99.50%	103.75%
6.75% Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated rate	6.75%	6.75%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit	$ 180	$ 4,349
Loss before income taxes	$ 1,085	$ 26,266
Effective tax rate	16.60%	16.60%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Stock shares authorized (in shares)	300,000,000
Preferred stock, shares authorized (in shares)	100,000,000
Common stock, shares issued (in shares)	21,059,733
Common stock, shares outstanding (in shares)	20,691,566
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	19,094,969	18,789,029
Common stock, shares outstanding (in shares)	18,726,802	18,558,719
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	1,964,764	1,964,764
Common stock, shares outstanding (in shares)	1,964,764	1,964,764

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Undistributed net loss from operations	$ (905)	$ (21,917)
Basic net loss attributable to common shares	$ (905)	$ (21,917)
Denominator:
Basic weighted average shares outstanding (in shares)	20,627,765	20,419,450
Basic undistributed net loss per share attributable to common shares (in dollars per share)	$ (0.04)	$ (1.07)
Numerator:
Undistributed net loss from operations	$ (905)	$ (21,917)
Diluted net loss attributable to common shares	$ (905)	$ (21,917)
Denominator:
Basic weighted average shares outstanding (in shares)	20,627,765	20,419,450
Effect of dilutive options and restricted share units (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	20,627,765	20,419,450
Diluted undistributed net loss per share attributable to common shares (in dollars per share)	$ (0.04)	$ (1.07)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Nov. 12, 2021claim	Feb. 24, 2020plaintiff	Aug. 31, 2015lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits | lawsuit			2
Number of plaintiffs | plaintiff		2
Number of claims dismissed | claim	1

Subsequent Event (Details)

Subsequent Event (Details)	May 03, 2022USD ($)
Subsequent Event
Subsequent Event [Line Items]
Share repurchase authorized amount	$ 50,000,000