Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Entercom Communications Corp. | |
Entity Central Index Key | 0001067837 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | ETM | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 138,563,358 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 4,045,199 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Abstract | |||
Cash | $ 68,266 | $ 122,893 | $ 34,167 |
Restricted Cash | 0 | 69,365 | |
Accounts receivable, net of allowance for doubtful accounts | 269,945 | 342,766 | |
Prepaid expenses, deposits and other | 33,840 | 25,205 | |
Total current assets | 372,051 | 560,229 | |
Investments | 11,205 | 11,205 | |
Net property and equipment | 327,901 | 317,030 | |
Operating Lease ROU Asset | 293,638 | 0 | |
Radio broadcasting licenses | 2,499,490 | 2,516,625 | |
Goodwill | 534,607 | 539,469 | |
Assets held for sale | 22,795 | 19,603 | |
Deferred charges and other assets, net of accumulated amortization | 38,517 | 56,197 | |
TOTAL ASSETS | 4,100,204 | 4,020,358 | |
Liabilities Abstract | |||
Accounts payable | 2,826 | 1,858 | |
Accrued expenses | 46,890 | 58,449 | |
Accrued compensation and other current liabilities | 114,491 | 118,438 | |
Operating Lease Liability Current | 37,434 | 0 | |
Long-term debt, current portion | 0 | 0 | |
Total current liabilities | 201,641 | 178,745 | |
Long-term debt, net of current portion | 1,692,258 | 1,872,203 | |
Operating Lease Liability Noncurrent | 275,739 | 0 | |
Deferred tax liabilities | 546,971 | 545,982 | |
Other long-term liabilities | 52,097 | 89,168 | |
Total long-term liabilities | 2,567,065 | 2,507,353 | |
Total liabilities | 2,768,706 | 2,686,098 | |
CONTINGENCIES AND COMMITMENTS | |||
Perpetual Cumulative Convertible Preferred Stock | 0 | 0 | |
SHAREHOLDERS' EQUITY: | |||
Preferred stock | 0 | 0 | |
Common stock | 1,427 | 1,412 | |
Additional paid-in capital | 1,682,891 | 1,693,512 | |
Accumulated deficit | (352,820) | (360,664) | |
Total shareholders' equity | 1,331,498 | 1,334,260 | $ 1,764,360 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,100,204 | 4,020,358 | |
Common Class A [Member] | |||
SHAREHOLDERS' EQUITY: | |||
Common stock | 1,387 | 1,372 | |
Common Class B [Member] | |||
SHAREHOLDERS' EQUITY: | |||
Common stock | 40 | 40 | |
Common Class C Member | |||
SHAREHOLDERS' EQUITY: | |||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Common Stock, Value | $ 1,427 | $ 1,412 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | 1,387 | 1,372 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | 40 | 40 |
Common Class C Member | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement Abstract | ||
Revenues | $ 309,005 | $ 300,560 |
OPERATING EXPENSE: | ||
Station operating expenses, including non-cash compensation expense | 248,985 | 255,725 |
Depreciation and amortization expense | 11,104 | 8,471 |
Corporate general and administrative expenses, including non-cash compensation expense | 20,935 | 18,669 |
Integration Costs | 1,135 | 9,729 |
Restructuring Charges | 1,014 | 1,481 |
Merger and acquisition costs and restructuring charges | 9 | 1,383 |
Net time brokerage agreement (income) fees | 40 | (426) |
Net (gain) loss on sale or disposal of assets | (4,600) | (161) |
Total operating expense | 278,622 | 294,871 |
OPERATING INCOME (LOSS) | 30,383 | 5,689 |
OTHER (INCOME) EXPENSE: | ||
Net interest expense | 25,220 | 23,404 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 5,163 | (17,715) |
INCOME TAXES (BENEFIT) | 2,038 | (3,509) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 0 | 0 |
Preferred stock dividend | 0 | 0 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | 3,125 | (14,206) |
Income Loss From Discontinued Operations Net Of Tax | 0 | 328 |
NET INCOME (LOSS) | $ 3,125 | $ (13,878) |
NET INCOME (LOSS) PER SHARE - BASIC | ||
Income (loss) from continuing operations | $ 0.02 | $ (0.1) |
Income (loss) from discontinued operations, net of income (taxes) benefit | 0 | 0 |
NET INCOME (LOSS) PER SHARE - BASIC | 0.02 | (0.1) |
NET INCOME (LOSS) PER SHARE - DILUTED | ||
NET INCOME (LOSS) PER SHARE - DILUTED | $ 0.02 | $ (0.1) |
WEIGHTED AVERAGE SHARES: | ||
Basic | 138,099,180 | 138,939,309 |
Diluted | 138,523,371 | 138,939,309 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Opening Balance SHARES at Dec. 31, 2017 | 139,675,781 | 4,045,199 | |||
Compensation expense related to granting of restricted stock awards SHARES | (157,680) | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 39,196 | 0 | |||
Common stock repurchase SHARES | (1,833,200) | 0 | |||
Exercise of stock options SHARES | 10,000 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (328,196) | 0 | |||
Ending Balance SHARES at Mar. 31, 2018 | 137,405,901 | 4,045,199 | |||
Opening Balance VALUE at Dec. 31, 2017 | $ 1,764,360 | $ 1,397 | $ 40 | $ 1,737,132 | $ 25,791 |
NET INCOME (LOSS) | (13,878) | 0 | 0 | 0 | (13,878) |
Compensation expense related to granting of restricted stock awards VALUE | 3,913 | (2) | 0 | 3,915 | 0 |
Issuance of common stock related to an incentive plan VALUE | 321 | 0 | 0 | 321 | 0 |
Common stock repurchase VALUE | (19,379) | (18) | 0 | (19,361) | 0 |
Purchase of vested employee restricted stock units | (3,463) | (3) | 0 | (3,460) | 0 |
Payments of dividends VALUE | (13,036) | 0 | 0 | (13,036) | 0 |
Exercise of stock options VALUE | 13 | 0 | 0 | 13 | 0 |
Dividend equivalents, net of forfeitures | 342 | 0 | 0 | 342 | 0 |
Ending Balance VALUE at Mar. 31, 2018 | 1,719,193 | $ 1,374 | $ 40 | 1,705,866 | 11,913 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 0 | ||||
Opening Balance SHARES at Dec. 31, 2017 | 139,675,781 | 4,045,199 | |||
Ending Balance SHARES at Dec. 31, 2018 | 137,180,213 | 4,045,199 | |||
Opening Balance VALUE at Dec. 31, 2017 | 1,764,360 | $ 1,397 | $ 40 | 1,737,132 | 25,791 |
Ending Balance VALUE at Dec. 31, 2018 | 1,334,260 | $ 1,372 | $ 40 | 1,693,512 | (360,664) |
Opening Balance SHARES at Mar. 31, 2018 | 137,405,901 | 4,045,199 | |||
Compensation expense related to granting of restricted stock awards SHARES | 1,053,514 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 189,031 | 0 | |||
Common stock repurchase SHARES | (1,393,100) | 0 | |||
Exercise of stock options SHARES | 103,137 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (178,270) | 0 | |||
Ending Balance SHARES at Dec. 31, 2018 | 137,180,213 | 4,045,199 | |||
Opening Balance VALUE at Mar. 31, 2018 | 1,719,193 | $ 1,374 | $ 40 | 1,705,866 | 11,913 |
NET INCOME (LOSS) | (347,557) | 0 | 0 | 0 | (347,557) |
Compensation expense related to granting of restricted stock awards VALUE | 11,236 | 11 | 0 | 11,225 | 0 |
Issuance of common stock related to an incentive plan VALUE | 1,107 | 2 | 0 | 1,105 | 0 |
Common stock repurchase VALUE | (10,028) | (14) | 0 | (10,014) | 0 |
Purchase of vested employee restricted stock units | (1,723) | (2) | 0 | (1,721) | 0 |
Payments of dividends VALUE | (37,607) | 0 | 0 | (12,746) | (24,861) |
Exercise of stock options VALUE | 140 | 1 | 0 | 139 | 0 |
Dividend equivalents, net of forfeitures | (501) | 0 | 0 | (342) | (159) |
Ending Balance VALUE at Dec. 31, 2018 | $ 1,334,260 | $ 1,372 | $ 40 | 1,693,512 | (360,664) |
Compensation expense related to granting of stock options SHARES | 0 | ||||
Compensation expense related to granting of restricted stock awards SHARES | 1,406,722 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 84,958 | 0 | |||
Exercise of stock options SHARES | 180,300 | 180,300 | 0 | ||
Purchase of vested employee restricted stock units SHARES | (204,499) | 0 | |||
Ending Balance SHARES at Mar. 31, 2019 | 138,647,694 | 4,045,199 | |||
NET INCOME (LOSS) | $ 3,125 | $ 0 | $ 0 | 0 | 3,125 |
Compensation expense related to granting of restricted stock awards VALUE | 3,573 | 14 | 0 | 3,559 | 0 |
Issuance of common stock related to an incentive plan VALUE | 379 | 1 | 0 | 378 | 0 |
Purchase of vested employee restricted stock units | (1,426) | (2) | 0 | (1,424) | 0 |
Payments of dividends VALUE | (12,913) | 0 | 0 | (12,913) | 0 |
Exercise of stock options VALUE | 244 | 2 | 0 | 242 | 0 |
Dividend equivalents, net of forfeitures | (463) | 0 | 0 | (463) | 0 |
Ending Balance VALUE at Mar. 31, 2019 | 1,331,498 | $ 1,387 | $ 40 | $ 1,682,891 | $ (352,820) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | |
NET INCOME (LOSS) | 3,125 | (13,878) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 11,104 | 8,471 | |
Amortization of deferred financing costs | 86 | 79 | |
Net deferred taxes (benefit) and other | (2,669) | (5,252) | |
Provision for bad debts | 326 | 2,982 | |
Net (gain) loss on sale or disposal of assets | (4,600) | (161) | |
Non-cash stock-based compensation expense | 3,573 | 3,913 | |
Deferred rent | 0 | 0 | |
Deferred compensation | 2,802 | 126 | |
Net accretion expense for asset retirement obligations | 17 | 15 | |
Changes in assets and liabilities: | |||
Accounts receivable | 72,495 | 66,692 | |
Prepaid expenses and deposits | (8,808) | (3,968) | |
Accounts payable and accrued liabilities | (12,789) | 206 | |
Accrued interest expense | 6,698 | 7,155 | |
Accrued liabilities - long-term | (5,629) | (455) | |
Prepaid expenses - long-term | 0 | (40) | |
Contract assets | 0 | 0 | |
Contract Liabilities | 0 | 0 | |
Net cash provided by (used in) operating activities | 65,731 | 65,885 | |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (18,622) | (5,413) | |
Proceeds from sale of property, equipment, intangibles and other assets | 24,503 | 461 | |
Purchases of radio station assets | 0 | 0 | |
Payments To Acquire non-amortizable intangible assets | (1,888) | (1,578) | |
Purchases of investments | 0 | (1,250) | |
Consolidation of a VIE | 0 | 0 | |
Net cash provided by (used in) investing activities | 3,993 | (7,780) | |
FINANCING ACTIVITIES: | |||
Proceeds from the financing method of lease obligations | 0 | $ 0 | |
Payments of long-term debt | (180,000) | (21,325) | |
Purchase of the Company's common stock | 0 | (20,012) | |
Proceeds from issuance of employee stock plan | 379 | 321 | |
Proceeds from the exercise of stock options | 244 | 13 | |
Purchase of vested employee restricted stock units | (1,426) | (3,463) | |
Payment of dividend equivalents on vested restricted stock units | (483) | (595) | |
Payment of dividends on common stock | (12,430) | (12,441) | |
Payments of dividends on preferred stock | 0 | 0 | |
ProceedsFromShortTermDebt | 0 | $ 0 | |
Net cash provided by (used in) financing activities | (193,716) | (57,502) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (123,992) | 603 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | 34,770 | ||
Cash paid during the period for: | |||
Interest | 18,446 | 16,497 | |
Income taxes | 1,790 | 45 | |
Dividends on common stock | 12,430 | 12,441 | |
Dividends on preferred stock | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | |
Business Description And Basis Of Presentation Text Block | 1 . BASIS OF PRESENTATION AND SIGNIFICANT POLICIES The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year. This Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company’s audited financial statements as of and for the year ended December 31, 2018 , and filed with the SEC on February 27, 2019 , as part of the Company’s Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company conside rs the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. As of March 31, 2019 , there were no VIEs requiring consolidation in these financial statements. As of December 31, 2018 , there was o ne VIE that required consolidation in these financial statements. During 2018 , the Company entered into an agreement with a third party qualified intermediary (“QI”), under which the Company was primarily responsible for the oversight and completi on of certain construction projects. This agreement related to the creation of leasehold improvement assets on property that had already been made available for tenant use. The Company believed it was the primary beneficiary of the VIE as the Company had the power to direct the activities that were most significant to the VIE and the Company had the obligation to absorb losses or the right to receive returns that would be significant to the VIE during the period of the agreement. The use of a QI in a like-kind exchange enabled the Company to reduce its current tax liability in connection with certain asset dispositions. Under Section 1031 of the Internal Revenue Code (the “Code”), the property to be exchanged in the like-kind exchange was required to be received by the Company within 180 days. This period of time lapsed during the first quarter of 2019, at which point, the Company acquired the interests of the QI. This arrangement effectively transformed the QI from a consolidated VIE to a consolidat ed subsidiary of the Company. Total results of operations of the VIE for the three months ended March 31, 2019 an d the year ended December 31, 2018 were not significant. The VIE had no impact on the Company’s results of operations for the three months ended March 31, 2018 . The consolidated VIE had a material amount of cash as of December 31, 2018 , which was reflected as restricted cash on the consolidated balance sheet. Restrictions on these deposits lapsed during the first quarter of 2019. As a result, t he Company does not present restricted cash at March 31, 2019 . The VIE had no other assets or l iabilities as of December 31, 2018 . The assets of the Company’s consolidated VIE could only be used to settle the obligations of the VIE. There was a lack of recours e by the creditors of the VIE against the Company’s general creditors. Refer to Note 14 , Contingencies And Commitments, for additional information. There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company’s financial statements contained in its Form 10-K for the year ended December 31, 2018 , that was filed with the SEC on February 27, 2019 , other than as described below. Changes in Accounting Policies – Leases In February 2016, the ac counting guidance was modified to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. The guidance was effective for the Company as of January 1, 2019, and was implemented using a modified retrospective approach at the beginning of the period of adoption, rather than at the beginning of the earliest comparative period presented in these financial statements. As a result, the Company has changed its accounting policy for leases as described below. Except for the changes below, the Company has consistently applied its accounting policies to all periods presented in these consolidated financial statements. Refer to Note 4 , Leases, for add itional information . Under certain practical expedients elected, the Company did not reassess whether any expired or existing contracts are or contain leases. The C ompany did not reassess lease classification between operating and finance leases for a ny expired or existing leases. The Company did not reassess initial direct costs for any existing leases. Results for reporting periods beginning after January 1, 2019 are presented under the amended accounting guidance, while prior period amounts are n ot adjusted and continue to be reported in accordance with the Company’s historic accounting guidance. Based upon the Company’s assessment, the impact of this guidance had a material impact on the Company’s financial position and the impact to the Company ’s results of operations and cash flows through March 31, 2019 was not material. As of January 1, 2019, the Company recorded a cumulative-effect adjustment to its accumulated deficit of $ 4.7 million , net of taxes of $ 1.7 million . This adjustment was attributable to the recognition of deferred gains from sale and leaseback transactions under the previous accounting guidance for leases. The Company recognizes the assets and liabilities that arise from leases on the commencement date of the lease. The Company recognizes the liability to make lease payments as a lease liability as well as a ROU asset representing its right to use the underlying asset for the lease term, on th e consolidated balance sheet. Recent Accounting Pronouncements All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued (other than as noted below or those included in the notes to the Company’s financial statements contained in its Form 10-K for the year ended December 31, 2018 , that was filed with the SEC on February 27, 2019 ) that might have a material imp act on the Company’s financial position, results of operations or cash flows. Leasing Transactions As discussed above, the Company implemented the amended accounting guidance for leasing transactions on January 1, 2019. There was no impact to previously reported results of operations for any interim period. The most significant impact of the adoption of the new leasing guidance was the recognition of ROU assets and lease liabilities for operating leases on the balance sheet of $ 288.7 million and $ 306.2 million, respectively , on January 1, 2019. The difference between the ROU assets and lease liabilities recorded upon implementation is primarily attributable to deferred rent balances and unfavorable lease liabilities w hich were combined and presented net within the ROU assets. Refer to Note 4 , Leases, for additional information. Reclassifications Certain reclassifications have been made to the prior year ’ s notes to the consolidated financial statements to conform to the presentation in the current year, which did not have a material impact on the Company’s previously reported financial statements. |
REVENUE FROM CONTRACT WITH CUST
REVENUE FROM CONTRACT WITH CUSTOMER | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
RevenueFromContractWithCustomerTextBlock | 3 . REVENUE Nature O f G oods A nd S ervices The following is a description of principal activities from which the Company generates its revenue. The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: ( i) commercial broadcast time; (ii) digital advertising; (iii ) promotional a nd sponsorship event revenue; (iv ) e-commerce revenue; and ( v ) trade and barter revenue. Services and products may be sold separately or in bundled packages. The typical length of a contract for service is less than 12 months. Revenue is recognized when or as performance obligations under the terms of a contract with customers are satisfied. This typically occurs at the point in time that advertisements are broadcast, marketing se rvices are provided, or as an event occurs. For commercial broadcast time and digital advertising, the Company recognizes revenue at the point in time when the advertisement is broadcast . For e-commerce revenue transactions, revenue is recognized as each t hird party sale is made and the advertisers’ good or service is transferred to the end customer. For trade and barter transactions, revenue is recognized at the point in time when the promotional advertising is aired. For bundled packages, the Company acc ounts for each product or performance obligation separately if they are distinct. A product or service is distinct if it is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other reso urces that are readily available to the customer. The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the commercial broadcast time, digital advertising, or digital product and marketing solutions. Broadcast Revenues Commercial broadcast time - The Company sells air-time to advertisers and broadcasts commercials at agreed upon dat es and times. The Company’s performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts . The amount of consideration the Company receives and revenue it recognizes is fixed based upon contractuall y agreed upon rates. The Company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied . Revenues are recorded on a net basis, after the deduction of advertising agency fees by the adverti sing agencies. Digital advertising - The Company sells digital marketing services to advertisers. The Company’s performance obligations are providing broadcasting advertisements and integrated marketing services for advertisers. The Company recognizes re venue at a point in time when the advertisements are broadcast, the marketing services are provided and the performance obligations are satisfied . Revenues are recorded on a gross basis as the Company acts as a principal in these transactions. Event And Other Revenues Promotional and Sponsorship Event revenue - The Company provides promotional advertising to advertisers in exchange for cash proceeds from ticket sales. Performance obligations are broadcasting advertisements for advertisers’ even ts at specifically identifiable days and dayparts . The Company also sells sponsorships to advertisers at various local events. Performance obligations include providing advertising space at the Company’s event. The Company recognizes revenue at a point in time, as the event occurs. Revenues are recorded on a net basis when the Company is not the primary party hosting the event and acts as an agent in these transactions. E-Commerce r evenue - The Company sells discount certificates to listeners on its web sites. Listeners purchase goods and services from the advertiser at a discount to the fair value of the merchandise or service. Performance obligations include the promotion of advertisers’ discount offers on the Company’s website as well as revenue shar e payments to the advertiser. The Company records revenue on a net basis as it acts as an agent in these transactions. Trade And Barter Revenues Trade and barter – The Company provides advertising broadcast time in exchange for certain products, supplies , and services. The term of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. Other than network barter programming, which is reflected on a net basis, t he Company includ es the value of such exchanges in both broadcasting net revenues and station operating expenses. Trade and barter value is based upon management’s estimate of the fair value of the products, supplies and services received. Contract B alances Refer to the table below for information about receivables, contract assets and contract liabilities from contracts with customers . Accounts receivable balances in the table below exclude other receivables that are not generated from contracts with customers. These amounts are $ 9.1 million and $ 11.8 million as of March 31, 2019 and December 31, 2018 , respectively. March 31, December 31, Description 2019 2018 (amounts in thousands) Receivables, included in "Accounts receivable net of allowance for doubtful accounts" $ 260,857 $ 330,983 Unearned revenue - current 21,208 22,692 Unearned revenue - noncurrent 700 1,138 Changes in Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, and customer advances and deposits (unearned revenue) on the Company ’s consolidated balance sheet. At times, however, the Company receives advance payments or deposits from its customers before revenue is recognized, resulting in contract liabilities. The contra ct l iabilities primarily relate to the advance consideration received from customers on certain contracts. For these contracts, revenue is recognized in a manner that is consistent with the satisfaction of the underlying performance obligations. The cont ract liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each respective reporting period within the other current liabilities and other long-term liabilities line items. Significant changes in the co ntract liabilities balances during the period are as follows: Three Months Ended March 31, 2019 Description Unearned Revenue (amounts in thousands) Beginning balance on January 1, 2019 $ 23,830 Revenue recognized during the period that was included in the beginning balance of contract liabilities (7,438) Additional amounts recognized during period 5,516 Ending balance $ 21,908 Disaggregation of revenue The following table presents the Company’s revenues disaggregated by revenue source : Three Months Ended March 31, 2019 2018 Revenue by Source (amounts in thousands) Broadcast revenues $ 284,465 $ 274,453 Event and other revenues 19,526 22,609 Trade and barter revenues 5,014 3,498 Net revenues $ 309,005 $ 300,560 Performance obligations A performance obligation is a promise in a contract with a customer to transfer a good or service to the customer, and is the unit of account under this guidance. A contract’s transaction price is allocated to each distinct performance obligation and is recognized as revenue when the performance obligation is satisfied. Some of the Company’s contracts have one performance obligation which requires no allocation. For other contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. The Company’s performance obligations are either satisfied at a point in time or are satisfied over a period of time. As the Company’s inpu ts are expended evenly throughout the performance period, the Company recognizes revenue on a straight-line basis over the life of a contract. For performance obligations that are satisfied at a point in time, the Company recognizes revenue when an advert isement is aired and the customer has received the benefits of advertising. Performance obligations for all products and services, with the exception of e vent revenues, are satisfied over the term of the contracts, which are typically less than 12 month s. Practical expedients As a practical expedient, when the period of time between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less, the Company will not adjust the promised amount of consideration for the effects of a significant financing component. The Company elected to apply the practical expedient which allows it to not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company has contracts with customers which will result in the recognition of revenue beyond one year. From these contracts, the Company expects to recognize $ 0 .7 million of revenue in excess of one year. The Company al so elected to apply the practical expedient which allows it to not disclose the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize that amount as revenue for all re porting periods presented before January 1, 2018. The Company elected to apply the practical expedient which allow s the Company to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in station operating expenses on the consolidated statements of operations. Significant judgments For performance obligations satisfied at a point in time, the Company does not estimate when a customer obtains control of the promised goods or services. Rather, the Company recognizes revenues at the point in time in which performance obligations are satisfied . The Company records a provision against revenues for estimated sales adjustments when information indicates allowances are required. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of ea ch distinct good or service in the contract. For all revenue streams with the exception of barter revenues, the transaction price is contractually determined. Accordingly, no estimates are required and there is no variable consideration. For trade and ba rter revenues, the Company estimates the consideration by estimating the fair value of the goods and services received. Net revenues from network barter programming have historically been recorded on a net basis. This treatment will continue to be the Company’s policy under the amended accounting guidance for revenue recognition. |
LEASES (Block)
LEASES (Block) | 3 Months Ended |
Mar. 31, 2019 | |
LeasesAbstract | |
LesseeOperatingLeasesTextBlock | 4 . LEASES Leasing Transactions The Company’s leased assets primarily include real estate, broadcasting towers and equipment. The Company’s leases have remaining lease terms of less than 1 year up to 30 years, some of which include one or more options to extend the leases, with renewal terms up to fifteen years and some of which include options to terminate the leases within the next year. Many of the Company’s leases include options to extend the terms of the agreements. Generally, renewal options are excluded wh en calculating the lease liabilities, as the Company does not consider the exercise of such options to be reasonably certain. Unless a renewal options is considered reasonably assured, the optional terms and related payments are not included within the le ase liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company’s operating leases are reflected on the Company’s balance sheet within the Operating lease right-of-use ass ets line item and the related current and non-current liabilities are included within the Operating lease liabilities and Operating lease liabilities, net of current portion line items, respectively. ROU assets represent the right to use an underlying ass et for the lease term, and lease liabilities represent the obligation to make lease payments arising from leases. Operating lease ROU assets and liabilities are recognized at commencement date based upon the present value of lease payments over the respec tive lease term. Lease expense is recognized on a straight-line basis over the lease term. As the rate implicit in the lease is not readily determinable for the Company’s operating leases, the Company generally uses an incremental borrowing rate based upon information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term a n amount equal to the lease payments in similar economic environment. In order to measure the operating lease liability and determine the present value of lease payments, the Company estimated what the incremental borrowing rate was for each lease using a n applicable treasury rate compatible to the remaining life of the lease and the applicable margin for the Company’s Revolver. In determining whether a contract is or contains a lease at inception of a contract, the Company considers all relevant facts a nd circumstances, including whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This consideration involves judgment with respect to whether the Company has the right to obtai n substantially all of the economic benefits from the use of the identified asset and whether the Company has the right to direct the use of the identified asset. On January 1, 2019, the Company implemented the new leasing guidance using a modified retro spective approach with a cumulative-effect adjustment to its accumulated deficit of $ 4.7 million, net of taxes of $ 1.7 million. Practical Expedients The Company elec ted the practical expedient which allows it to: (i) apply the new lease requirements at the effective date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption; (ii) continue to report comparati ve periods presented in the financial statements in the period of adoption under the former U.S. GAAP; and (iii) provide the required disclosures under former U.S. GAAP for all periods presented under former U.S. GAAP. The Company elected the package of pr actical expedients, which were applied consistently to all of its leases, and enable it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direc t costs for any existing leases. As a practical expedient, the Company may choose not to separate nonlease components from lease components as an accounting policy election by class of underlying asset. The Company elected this practical expedient by al l classes of underlying assets in instances where leases contain common area maintenance. In certain leases, the right to control the use of an asset that meets the lease criteria is combined with the related common area maintenance services provided under the contract into a single lease component. As an accounting policy election, the Company elected not to apply the recognition requirements to short-term leases for all underlying classes of assets. For these leases which have a term of twelve months or less at lease inception, the Company will recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for these payments is incurred. Lease Expense The components of lease expense were as follows: Three Months Ended March 31, Lease Cost 2019 (amounts in thousands) Operating lease cost $ 12,468 Variable lease cost 2,052 Short-term lease cost 98 Total lease cost $ 14,618 Supplemental Cash Flow Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, Description 2019 (amounts in thousands) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from operating leases $ 13,109 Right-of-use assets obtained in exchange for lease obligations Operating leases (1) $ 307,618 ROU assets obtained in exchange for lease obligations include transition liabilities upon implementation of the amended leasing guidance, as well as new leases entered into during the three months ended March 31, 2019 . Balance Sheet Supplemental balance sheet information related to leases was as follows: March 31, Description 2019 (amounts in thousands) Operating Leases Operating Leases right-of-use assets $ 293,638 Operating lease liabilities (current) $ 37,434 Operating lease liabilities (noncurrent) 275,739 Total operating lease liabilities $ 313,173 Weighted Average Remaining Lease Term Operating leases 9 years Weighted Average Discount Rate Operating leases 4.9% Maturities The aggregate maturities of the Company’s lease liabilities are as follows: Lease Maturities Operating Leases (amounts in thousands) Years ending December 31: Remainder of 2019 $ 38,695 2020 51,819 2021 48,116 2022 42,763 2023 39,563 Thereafter 168,387 Total lease payments $ 389,343 Less: imputed interest (76,170) Total $ 313,173 As of March 31, 2019 , the Company has not entered into any leases that have not yet commenced. The aggregate maturities of the Company’s lease liabilities as of December 31, 2018 , which were based on the former accounting guidance for leases, were as follows: Lease Maturities Operating Leases (amounts in thousands) Years ending December 31: 2019 $ 51,375 2020 50,504 2021 46,847 2022 41,457 2023 38,230 Thereafter 165,905 Total lease payments $ 394,318 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwil And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure Text Block | 5 . INTANGIBLE ASSETS AND GOODWILL Goodwill and certain intangible assets are not amortized for book purposes. They may be, however, amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair va lue is less than the carrying value of the reporting unit, then a charge is recorded to the results of operations. The following table presents the changes in the carrying value of broadcasting licenses. Refer to Note 12 , Assets Held For Sale And Discontinued Operations, for additional information. Broadcasting Licenses Carrying Amount March 31, December 31, 2019 2018 (amounts in thousands) Broadcasting licenses balance as of January 1, $ 2,516,625 $ 2,649,959 Acquisition of radio stations - Emmis Acquisition - 12,785 Acquisition of a radio station - Jerry Lee Transaction - 27,346 Loss on impairment - (148,564) Disposition of a radio station - WXTU Transaction - (24,901) Assets held for sale - (See Note 12) (17,135) - Ending period balance $ 2,499,490 $ 2,516,625 The following table presents the changes in goodwill. Refer to Note 12 , Assets Held For Sale And Discontinued Operations, for additional information . Goodwill Carrying Amount March 31, December 31, 2019 2018 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 982,663 $ 988,056 Accumulated loss on impairment as of January 1, (443,194) (126,056) Goodwill beginning balance after cumulative loss on impairment as of January 1, 539,469 862,000 Loss on impairment during year - (317,138) Disposition of a radio station - WXTU Transaction - (8,623) Measurement period adjustments to acquired goodwill - (21,498) Acquisition of radio stations - Emmis Acquisition - 332 Acquisition of a radio station - Jerry Lee Transaction - 24,396 Assets held for sale - (See Note 12) (4,862) - Ending period balance $ 534,607 $ 539,469 Broadcasting Licenses Impairment Test The Company performs its annual broadcasting license impairment test during the second quarter of each year by evaluating its broadcasting licenses for impairment at the market level using the Greenfield method . There were no events or circumstances since the Company’s prior year fourth quarter interim broadcasting licenses impairment test that indicated an interim review of broadcasting licenses was required. Goodwill Impairment Test The Company performs its annual goodwill impairment test during the second quarter of each year by assessing goodwill for its single reporting unit on a consolidated basis . There were no events or circumstances since the Company’s prior year fourth quarter interim goodwill impairment test that indicated an interim review of goodwill was required. |
OTHER CURRENT LIABILITIES (Bloc
OTHER CURRENT LIABILITIES (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure Abstract | |
Other Liabilities Disclosure Text Block | During the third quarter of 2018, the Company disposed of certain property that the Company considered as surplus to its operations and that resulted in significant gains reportable for tax purposes. Upon the successful completion of a like-kind exchange under Section 1031 of the Code, a portion of t he income taxes payable generated from these gains were reclassified to a deferred tax li abil ity. Refer to Note 14 , Contingencies And Commitments, for additional information. |
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Current Text Block | 6 . OTHER CURRENT LIABILITIES Other current liabilities consist of the following as of the periods indicated: Other Current Liabilities March 31, December 31, 2019 2018 (amounts in thousands) Accrued compensation $ 32,618 $ 31,192 Accounts receivable credits 5,101 5,743 Advertiser obligations 7,046 4,190 Accrued interest payable 12,705 6,007 Unearned revenue 21,208 22,692 Unfavorable lease liabilities - 2,852 Unfavorable sports liabilities 4,634 4,634 Accrued benefits 8,183 8,646 Non-income tax liabilities 6,662 6,748 Income taxes payable 11,357 10,558 Other 4,977 15,176 Total other current liabilities $ 114,491 $ 118,438 |
LONG-TERM DEBT (Block)
LONG-TERM DEBT (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure Text Block | 7 . LONG-TERM DEBT (A) Senior Debt The Credit Facility On November 17, 2017, in connection with the Merger, the Company refinanced its previously outstanding indebtedness and also assumed CBS Radio’s outstanding indebtedness. As a result of the refinancing activity and the Merger, the Company’s outstanding Credit Facility is comprised of the Revolver and a term loan component (the “Term B-1 Loan”). The $ 250.0 million Revolver has a maturity date of November 17, 2022. The amount available under the R evolver, which includes the impact of outstanding letters of credit, was $ 244.1 million as of March 31, 2019 . The Term B-1 Loan has a maturity date of November 17, 2024. The Term B-1 Loan amortizes: (i) with equal quarterly in stallments of principal in annual amounts equal to 1.0 % of the original principal amount of the Term B-1 Loan; and (ii) mandatory yearly prepayments based upon a percentage of Excess Cash Flow as defined in the agreement. The Term B-1 Loan requires mandatory prepayments equal to a percentage of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs, depending on the Consolidated Net Secured Leverage Ratio as defined in the agreement. The Exce ss Cash Flow payment, if any, is due in the first quarter of each year, and is based on the Excess Cash Flow and Consolidated Net Secured Leverage Ratio for the prior year. Because the Company made voluntary prepayments against the Term B-1 Loan in 2018, which may be applied toward the Excess Cash Flow payment, no Excess Cash Flow payment was due in the first quarter of 2019. The Company expects to use the Revolver to: ( i ) pro vide for working capital; and (ii ) provide for general corporate purposes, inc luding capital expenditures and any or all of the following (subject to certain restrictions): repurchase of Class A common stock, dividends, investments and acquisitions. In addition, the Credit Facility is secured by a lien on substantially all of the a ssets (including material real property) of Entercom Media Corp. and its subsidiaries with limited exclusions. A ll of the Company’s subsidiaries, jointly and severally guaranteed the Credit Facility. The assets securing the Credit Facility are subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. The Credit Facility has usual and customary covenants including, but not limited to, a net secure d leverage ratio, restricted payments and the incurrence of additional debt. Specifically, the Credit Facility requires the Company to comply with a certain financial covenant which is a defined term within the agreement, including a maximum Consolidated N et Secured Leverage Ratio that cannot exceed 4.0 times at March 31, 2019 . In certain circumstances, if the Company consummates additional acquisition activity permitted under the terms of the Credit Facility, the Conso lidated Net Secured Leverage Ratio will be increased to 4.5 times for a one year period following the consummation of such permitted acquisition. As of March 31, 2019 , the Company’s Consolidated Net Secured Leverage Ratio w as 3.3 times . Failure to comply with the Company’s financial covenant or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default und er the Company’s Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt repayment could have a material adverse effect on its business. The Com pany may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates. Management believes that over the next 12 months, the Company can continue to maintain compliance with its financial covenant. The Company’s operating cash flow is positive, and management believes that it is adequate to fund the Company’s operating needs and mandatory debt repayments under the Company’s Credit Facility. As of March 31, 2019 , the Company is in compliance with the financial covenant and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenant is highly dependent on its results of operations. Management believes that cash on hand, borrowing capacity from the Revolver and cash from operating activities will be sufficient to permit the Company to meet its liquidity requirements over the next 12 months, including its debt repayments. The cash available from the Revolver is depen dent on the Company’s Consolidated Net Secured Leverage Ratio at the time of such borrowing. Long-term debt was comprised of the following as of March 31, 2019 : Long-Term Debt March 31, December 31, 2019 2018 (amounts in thousands) Credit Facility Revolver, due November 17, 2022 $ - $ 180,000 Term B-1 Loan, due November 17, 2024 1,291,700 1,291,700 Plus unamortized premium 2,362 2,470 1,294,062 1,474,170 Senior Notes 7.250% senior unsecured notes, due October 17, 2024 400,000 400,000 Plus unamortized premium 13,551 14,158 413,551 414,158 Other Debt Other 889 912 Total debt before deferred financing costs 1,708,502 1,889,240 Current amount of long-term debt - - Deferred financing costs (excludes the revolving credit) (16,244) (17,037) Total long-term debt, net of current debt $ 1,692,258 $ 1,872,203 Outstanding standby letters of credit $ 5,862 $ 5,862 ( B ) Senior Unsecured Debt The Senior Notes Simultaneously with entering into the Merger and assuming the Credit Facility on November 17, 2017, the Company also assumed the 7.250 % unsecured senior notes (the “Senior Notes”) that were subsequently modified and mature on October 17, 2024 in the amount of $ 400.0 million. The Senior Notes were originally issued by CBS Radio (now Entercom Media Corp) on October 17, 2016. The deferred financing costs and debt premium on the Seni or Notes will be amortized over the term under the effective interest rate method. As of any reporting period, the amount of any unamortized debt finance costs and debt premium costs are reflected on the balance sheet as a subtraction and an addition to t he $ 400.0 million liability, respectively. Interest on the Senior Notes accrues at the rate of 7.250 % per annum and is payable semi-annually in arrears on May 1 and November 1 of eac h year. ( C ) Net Interest Expense The components of net interest expense are as follows: Net Interest Expense Three Months Ended March 31, 2019 2018 (amounts in thousands) Interest expense $ 25,734 $ 23,334 Amortization of deferred financing costs 801 795 Amortization of original issue discount (premium) of senior notes (715) (716) Interest income and other investment income (600) (9) Total net interest expense $ 25,220 $ 23,404 |
SHAREHOLDERS' EQUITY (Block)
SHAREHOLDERS' EQUITY (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note Abstract | |
Stockholders Equity Note Disclosure Text Block | 13 . SHAREHOLDERS’ EQUITY Dividends On November 2, 2017, the Company’s Board of Directors approved an increase to the annual common stock dividend program to $ 0.36 per share, beginning with the dividend paid in the fourth quarter of 2017. Management estimates quarterly dividend payments to approximate $ 12.4 million per quarter (without considering any further reduction in shares from the Company’s stock buyback program). Any future dividends will be at t he discretion of the Board based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the Senior Notes. During the second quarter of 201 6, the Company’s Board of Directors commenced an annual $ 0.30 per share common stock dividend program, with payments that approximate d $ 2.9 million per quarter. Dividend Equivalents The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period. The following table presents the amounts accrued an d unpaid on unvested RSUs: Dividend Equivalent Liabilities Balance Sheet March 31, December 31, Location 2019 2018 (amounts in thousands) Short-term Other current liabilities $ 1,878 $ 1,279 Long-term Other long-term liabilities 888 1,041 Total $ 2,766 $ 2,320 Employee Stock Purchase Plan The Company ’s Entercom Employee Stock Purchase Plan (the “ESPP”) allows participants to purchase the Company’s stock at a price equal to 85 % of the market value of such shares on the purchase date. The maximum number of shares authorized to be issued under the ESPP is 1.0 million. Pursuant to the ESPP , the Company does not record compensation expense to the employee as income subject to tax on the difference between the market v alue and the purchase price, as the ESPP was designed to meet the requirements of Section 423(b) of the Code. The Company recognizes the 15 % discount in the Company’s consolidated statements of operations as non-cash compensation expen se. Pursuant to the CBS Radio Merger Agreement, the Company agreed not to issue or authorize any shares of its capital stock until the earlier of the termination of the CBS Radio Merger Agreement or the consummation of the Merger. As a result, the Compan y effectively suspended the ESPP during the second quarter of 2017. There were no shares purchased and the Company did not recognize any non-cash compensation expense in connection with the ESPP during the second, third or fourth quarters of 2017. The C ompany resumed the ESPP in the first quarter of 2018. Three Months Ended March 31, 2019 2018 (amounts in thousands) Number of shares purchased 85 39 Non-cash compensation expense recognized $ 67 $ 57 Share Repurchase Program On November 2, 2017 , the Company’s Board of Directors a nnounced a share repurchase program (the “2017 Share Repurchase Program”) to permit the Company to purchase up to $ 100.0 million of the Company’s issued and outstanding shares of Class A common stock through open market purchases . Shares repurchased by the Company under the 2017 Share Repurchase Program will be at the discretion of the Company based upon the relevant facto rs at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the Senior Notes. During the three months ended March 31, 2019 , the Company did not repurchase any shares under the 2017 Share Repurchase Program. |
SHARE-BASED COMPENSATION (Block
SHARE-BASED COMPENSATION (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 9 . SHARE-BASED COMPENSATION Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. Restricted Stock Units (“RSUs”) Activity The following is a summary of the changes in RSUs under the Plan during the current period: Number Weighted Aggregate of Weighted Average Intrinsic Restricted Average Remaining Value as of Stock Purchase Contractual March 31, Period Ended Units Price Term (Years) 2019 (amounts in thousands) RSUs outstanding as of: December 31, 2018 3,685 RSUs awarded 1,489 RSUs released (636) RSUs forfeited (83) RSUs outstanding as of: March 31, 2019 4,455 $ - 1.6 $ 23,350 RSUs vested and expected to vest as of: March 31, 2019 4,455 $ - 1.6 $ 23,347 RSUs exercisable (vested and deferred) as of: March 31, 2019 41 $ - - $ 217 Weighted average remaining recognition period in years 2.5 Unamortized compensation expense $ 27,619 RSUs With Service and Market Conditions T he Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: ( i ) the Company’s stock achieves certain shareholder performance targets ov er a defined measurement period; and (ii ) the employee fulfills a minimum service period. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not met, as all of the conditions ne ed to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years. Three Months Year Ended Ended March 31, December 31, 2019 2018 (amounts in thousands, except per share data) Reconciliation of RSUs with Service And Market Conditions Beginning of period balance 226 650 Number of RSUs granted - - Number of RSUs forfeited (6) (110) Number of RSUs vested - (314) End of period balance 220 226 Weighted average fair value of RSUs granted with market conditions $ - $ - The fair value of RSUs with service conditions is estimated using the Company’s closing stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company’s determination of the fair value was based on the number of shares granted, the Company’s stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ. Option Activity The following table provides summary information related to the exercise of stock options: Three Months Ended March 31, Option Exercise Data 2019 2018 (amounts in thousands) Intrinsic value of options exercised $ 1,272 $ 101 Tax benefit from options exercised (1) $ 73 $ 27 Cash received from exercise price of options exercised $ 242 $ 13 The following table presents the option activity during the current period under the Plan: Weighted Intrinsic Weighted Average Value Average Remaining as of Number of Exercise Contractual March 31, Period Ended Options Price Term (Years) 2019 Options outstanding as of: December 31, 2018 755,210 $ 9.42 Options granted - - Options exercised (180,300) 1.34 Options forfeited - - Options expired (24,828) 11.69 Options outstanding as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Options vested and expected to vest as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Options vested and exercisable as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Weighted average remaining recognition period in years - Unamortized compensation expense $ - The following table summarizes significant ranges of outstanding and exercisable options as of the current period: Options Outstanding Options Exercisable Number of Weighted Number of Options Average Weighted Options Weighted Range of Outstanding Remaining Average Exercisable Average Exercise Prices March 31, Contractual Exercise March 31, Exercise From To 2019 Life Price 2019 Price $ 4.76 $ 9.66 209,375 1.6 $ 9.50 209,375 $ 9.50 $ 13.11 $ 13.98 340,707 1.6 $ 13.48 340,707 $ 13.48 $ 4.76 $ 13.98 550,082 1.6 $ 11.97 550,082 $ 11.97 Recognized Non-Cash Stock-Based Compensation Expense The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in the Company’s statement of operations: Three Months Ended March 31, 2019 2018 (amounts in thousands) Station operating expenses $ 1,416 $ 1,958 Corporate general and administrative expenses 2,157 1,955 Stock-based compensation expense included in operating expenses 3,573 3,913 Income tax benefit (1) 748 816 After-tax stock-based compensation expense $ 2,825 $ 3,097 |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share Abstract | |
Earnings Per Share Text Block | 8 . NET INCOME (LOSS) PER COMMON SHARE The following table presents the computations of basic and diluted net income (loss) per share: Three Months Ended March 31, 2019 2018 (amounts in thousands except per share data) Basic Income (Loss) Per Share Numerator Net income available to common shareholders from continuing operations $ 3,125 $ (14,206) Income (loss) from discontinued operations, net of tax - 328 Net income (loss) available to common shareholders $ 3,125 $ (13,878) Denominator Basic weighted average shares outstanding 138,099 138,939 Net Income (Loss) Per Common Share - Basic: Net income (loss) from continuing operations per share available to common shareholders - Basic $ 0.02 $ (0.10) Net income (loss) from discontinued operations per share available to common shareholders - Basic - - Net income (loss) per share available to common shareholders - Basic $ 0.02 $ (0.10) Diluted Income (Loss) Per Share Numerator Net income available to common shareholders from continuing operations $ 3,125 $ (14,206) Income (loss) from discontinued operations, net of tax - 328 Net income (loss) available to common shareholders $ 3,125 $ (13,878) Denominator Basic weighted average shares outstanding 138,099 138,939 Effect of RSUs and options under the treasury stock method 424 - Diluted weighted average shares outstanding 138,523 138,939 Net Income (Loss) Per Common Share - Diluted: Net income (loss) from continuing operations per share available to common shareholders - Diluted $ 0.02 $ (0.10) Net income (loss) from discontinued operations per share available to common shareholders - Diluted - - Net income (loss) per share available to common shareholders - Diluted $ 0.02 $ (0.10) Disclosure o f Anti-Dilutive Shares The following table presents those shares excluded as they were anti-dilutive: Three Months Ended March 31, Impact Of Equity Issuances 2019 2018 (amounts in thousands, except per share data) Shares excluded as anti-dilutive under the treasury stock method: Options 553 367 Price range of options: from $ 6.43 $ 9.66 Price range of options: to $ 13.98 $ 13.98 RSUs with service conditions 1,666 - RSUs excluded with service and market conditions as market conditions not met 220 226 Excluded shares as anti-dilutive when reporting a net loss - 1,313 |
INCOME TAXES (Block)
INCOME TAXES (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure Abstract | |
Income Tax Disclosure Text Block | 10 . INCOME TAXES Tax Rate For The Three Months Ended March 31, 2019 The effective income tax rate was 39.5 % which was determined using a forecasted rate based upon taxable income for the year. The effective income tax rate is typically higher in the first quarter of the year primarily due to: (i) the seasonality of the business which results in a lower reported figure for income before income taxes; and (ii) the disproportionate impact that discrete items may have on such lower reported income before income taxes figures . Tax Rate For The Three Months Ended March 31, 2018 The effective income tax rate was 19.8 %, which was determined using a forecasted rate based upon taxable income for the year. The income tax rate was estimated to be lower than in previous years primarily due to: ( i ) an income tax benefit resulting from the Tax Cuts and Jobs Act that was enacted on December 22, 2017 which reduced the U.S. federal corporate tax rate ; and (ii) a reduction in non-deductible transaction costs in 2018 due to the closing of the Merger on November 17, 2017. Net Deferred Tax Assets And Liabilities As of March 31, 2019 , and December 31, 2018 , net deferred tax liabilities were $ 547.0 million and $ 546.0 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the diffe rences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures Abstract | |
Fair Value Disclosures Text Block | 11 . FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value o f Financial Instruments Subject t o Fair Value Measurements Recurring Fair Value Measurements The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair valu e hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels. Fair Value Measurements At Reporting Date Quoted prices Significant Significant Measured at Balance at in active other observable unobservable Net Asset Value March 31, markets inputs inputs as a Practical Description 2019 Level 1 Level 2 Level 3 Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,626 $ 23,506 $ - $ - $ 7,120 Quoted prices Significant Significant Measured at Balance at in active other observable unobservable Net Asset Value December 31, markets inputs inputs as a Practical Description 2018 Level 1 Level 2 Level 3 Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,928 $ 23,476 $ - $ - $ 7,452 The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of t he underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance , these investments have not been classified in the fair value hierarchy. Fair Value o f Financial Instruments Subject t o Disclosures The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: ( i ) cash and cash equivalents; (ii ) accounts receivable; and (iii ) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: March 31, December 31, 2019 2018 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loans (1) $ 1,291,700 $ 1,259,408 $ 1,291,700 $ 1,243,261 Revolver (2) $ - $ - $ 180,000 $ 180,000 Senior Notes (3) $ 400,000 $ 399,500 $ 400,000 $ 378,000 Other debt (4) $ 889 $ 912 Letters of credit (4) $ 5,862 $ 5,862 The following methods and assumptions were used to estimate the fair value of financial instruments: (1) The Company’s determination of the fair value of the Term B-1 Loans w a s based on quoted prices for these instruments and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . (2) The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . (3) The Company utilizes a Level 2 valuation input based upon the market trading prices of the Senior Notes to compute the fair value as these Senio r Notes are traded in the debt securities market. The Senior Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. ( 4 ) The Company does not believe it is practicable to estimate the fair value of the other debt or the outstanding standby letters of credit . Investments Valued Under the Measurement Alternative The Company h olds investments in privately held companies that are not exchange-traded and therefore not supported with observable market prices. The Company does not have significant influence over the investees. The amended accounting guidance for financial instruments provides an alternative to measure equity securities without readily determinable fair values at cost l ess impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (the “measurement alternative”). The Company elected the measurement alternative for its qualifying equity securities. The Company ’s investments are recognized on the consolidated balance sheet at their cost basis, which represents the amount the Company paid to acquire the investments. The Company periodically evaluates the carrying value of its investments, when events and circum stances indicate that the carrying amount of the assets may not be recoverable. The Company considers investee financial performance and other information received from the investee companies, as well as any other available estimates of the fair value of the investee companies in its evaluation. If certain impairment indicators exist, the Company determines the fair value of its investments. If the Company determines the carrying value of an investment exceeds its fair value, the Company writes down the v alue of the investment to its fair value. The fair value of the investments are not adjusted if there are no identified adverse events or changes in circumstances that may have a material effect on the fair value of the investment. Since its initial date of investment, the Company has not identified any events or changes in circumstances which would require the Company to estimate the fair value of its investments. Accordingly, there has been no impairment in the Company’s investments measured under the m easurement alternative. Additionally, there have been no returns of capital or changes resulting from observable price changes in orderly transactions. As a result, the investments measured under the measurement alternative continue to be presented at th eir original cost basis on the consolidated balance sheets. There was no material change in the carrying value of the Company’s cost-method investments since the year ended December 31, 2018 . The following table presents the Company’s investments valued u nder the measurement alternative: Investments Valued Under the Measurement Alternative March 31, December 31, 2019 2018 (amounts in thousands) Investment balance before cumulative impairment as of January 1, $ 11,205 $ 9,955 Accumulated impairment as of January 1, - - Investment beginning balance after cumulative impairment as of January 1, 11,205 9,955 Acquisition of interest in a privately held company - 1,250 Ending period balance $ 11,205 $ 11,205 |
ACQUISITIONS AND OTHER (Block)
ACQUISITIONS AND OTHER (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Mergers Acquisitions And Dispositions Disclosures Text Block | 2 . BUSINESS COMBINATIONS The Company records acquisitions under the acquisition method of accounting, and allocates the purchase price to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed for book purposes and amortized for tax purposes. 2018 WXTU Transaction On July 18, 2018, the Company entered into an agreement with Beasley Broadcast Group, Inc. (“Beasley”) to sell certain assets of WXTU-FM, serving the Philadelphia, Pennsylvania radio market for $ 38.0 million in cash (the “WXTU Transaction”). The Company also simultaneously entered into a time brokerage agreement (“TBA”) with Beasley where Beasley commenced operations of WXTU-FM on July 23, 2018. During the period of the TBA, the Company excluded net revenues and station operating expenses associated with operating WXTU-FM in the Company’s consolidated financial statements. The Company completed this disposition, which was subject to customary regulatory approvals, during the third quarter of 2018 an d recognized a gain of approximately $ 4.4 million. Based on this timing, the Company’s consolidated financial statements for the three months ended March 31, 2019 do not reflect the results of this divested station, whereas the Company’s consolidated financ ial statements for the three months ended March 31, 2018 do reflect the results of this divested station. 2018 Jerry Lee Transaction On September 27, 2018, the Company completed a transaction to acquire the assets of WBEB-FM, serving the Philadelphia, Pennsylvania radio market from Jerry Lee Radio, LLC (“Jerry Lee”) for a purchase price of $ 57.5 million in cash, less certain working capital and other credits (the “Jerry Lee Transaction”). The Company used proceeds from the WXTU Transa ction and cash on hand to fund this acquisition. Upon the completion of the WTXU Transaction and the Jerry Lee Transaction, the Company will continue to operate six radio stations in the Philadelphia, Pennsylvania market. On August 7, 2018, the Company e ntered into a TBA with Jerry Lee. During the period of the TBA, the Company included net revenues, station operating expenses and monthly TBA fees associated with operating WBEB-FM in the Company’s consolidated financial statements. Based on this timing, the Company’s consolidated financial statements for the three months ended March 31, 2019 reflect the results of this acquired station, whereas the Company’s consolidated financial statements for the three months ended March 31, 2018 do not reflect the result s of this acquired station. The allocations presented in the table below are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired FCC bro adcasting licenses, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume an expected future growth rate of 1.0 % and an estimated discount rate of 9.0 %. The gross profit margins utilized were considered appropriate based on management’s expectations and experience in equivalent sized markets. The Company determines the fair value of the broadcasting licenses by relying on a discounted cash flow approach assum ing a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about fut ure performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the assets acquired was reported as goodwill. The Company recorded goodwill on its books, which is fully deductibl e for income tax purposes. Management believes that this acquisition provides the Company with an opportunity to benefit from operational efficiencies from combining operations of the acquired station with the Company’s existing stations within the Philad elphia market. The following preliminary purchase price allocations are based upon the valuation of assets and these estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. These assets pending finalization include intangible assets. Differences between the preliminary and final valuation could be substantially different from the initial estimates. Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Equipment $ 981 3 7 Total tangible property 981 Advertising contracts 477 1 1 Radio broadcasting licenses 27,346 non-amortizing Goodwill 24,396 non-amortizing Net working capital 3,234 not applicable Total intangible and other assets 55,453 Total assets $ 56,434 Preliminary fair value of net assets acquired $ 56,434 2018 Emmis Acquisition On April 30, 2018, the Company completed a transaction to acquire two radio stations in St. Louis, Missouri from Emmis Communications Corporation (“Emmis”) for a purchase price of $ 15.0 million in cash (the “Emmis Acquisition”). The Company borrowed under its revolving credit facility (the “Revolver”) to fund the acquisition. With this acquisition, the Company increased its presence in St. Louis, Missouri, to five radio stations. On March 1, 2018, the Company entered into an as set purchase agreement and a TBA with Emmis to operate two radio stations. During the period of the TBA, the Company included in net revenues, station operating expenses and monthly TBA fees associated with operating these stations in the Company’s consol idated financial statements. Based on this timing, the Company’s consolidated financial statements for the three months ended March 31, 2019 reflect the results of these acquired stations, whereas the Company’s consolidated financial statements for the three months ended March 31, 2018 reflect the results of these acquired stations only for the portion of the period in which the TBA was in effect . The allocations presented in the table below are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired FCC broadcasting licenses, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume an expected future growth rate of 1.0 % and an estima ted discount rate of 9.0 %. The gross profit margins utilized were considered appropriate based on management’s expectations and experience in equivalent sized markets. The Company determines the fair value of the broadcasting licenses by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the assets acquired was reported as goodwill. The following tabl e reflects the final allocation of the purchase price to the assets acquired and liabilities assumed. Final Value (amounts in thousands) Assets Equipment $ 1,558 Total tangible property 1,558 Advertiser relationships 207 Advertising contracts 114 Radio broadcasting licenses 12,785 Goodwill 332 Other noncurrent assets 4 Total intangible and other assets 13,442 Total assets $ 15,000 Fair value of assets acquired $ 15,000 2017 CBS Radio Business Acquisition On February 2, 2017, the Company and its wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “CBS Radio Merger Agreement”) with CBS Corporation (“CBS”) and its wholly-owned subsidiary CBS Radio Inc. (“CBS Radio”). Pursuant to the CBS Radio Merger Agreement, Merger Sub merged with and into CBS Radio with CBS Radio surviving as the Company’s wholly-owned subsidiary (the “Merger”). On November 13, 2018, the Company changed the name of CBS Radio Inc. to Entercom Media Corp. The parties to the Merger believe that the Merger was tax-free to CBS and its shareholders. The Merger was effected through a stock for stock Reverse Morris Trust transaction. On November 17, 2017, the Comp any acquired the CBS Radio business from CBS to further strengthen its scale and capabilities to compete more effectively with other media for a larger share of advertising dollars. The purchase price was $ 2.56 billion and consisted of $ 1. 17 billion of to tal equity consideration and $ 1.39 billion of assumed debt. The CBS Radio business acquisition was completed pursuant to the CBS Radio Merger Agreement, dated February 2, 2017, by and among the Company, CBS, CBS Radio, and Merger Sub. On November 17, 2017 , (i) Merger Sub was merged with and into CBS Radio, with CBS Radio continuing as the surviving corporation and a direct, wholly-owned subsidiary of the Company and (ii) each share of CBS Radio common stock was converted into one share of the Company’s com mon stock. The Company issued 101,407,494 shares of its Class A common Stock to the former holders of CBS Radio common stock . At the time of the Merger, each outstanding restricted stock unit (“RSU”) and stock option with respect to CBS Class B common stock held by employees of CBS Radio was canceled and converted into equity awards for the Company’s Class A common stock. The conversion was based on the ratio of the volume-weighted average per share closing prices of CBS stock on the five tra ding days prior to the date of acquisition and the Company’s stock on the five trading days following the date of acquisition. Entercom Communications Corp. is considered to be the acquiring company for accounting purposes. To complete the Merger, certa in divestitures were required by the FCC in order to comply with the FCC’s ownership rules and policies. These divestitures consisted of: (i) the exchange transaction with iHeartMedia, Inc. (“iHeart”); (ii) a station exchange with Beasley; (iii) a cash sa le to Bonneville International Corporation (“Bonneville”); and (iv) a cash sale to Educational Media Foundation (“EMF”). Due to the structure of the transaction, there was no step-up in tax basis for the assets acquired as the Company assumed the existi ng tax basis in the assets of CBS Radio. The absence of a step-up in tax basis will limit the Company’s tax deductions in future years and impacts the amount of deferred tax liabilities recorded as part of purchase price accounting. If any of the Interna l Distributions or the Final Distribution, each as defined in the CBS Radio Merger Agreement, does not qualify as a transaction that is tax-free for U.S. federal income tax purposes under Section 355 of the Code or the Merger does not qualify as a tax-free “reorganization” under Section 368(a) of the Code, including as a result of actions taken in connection with the distributions made by CBS to facilitate the Merger or as a result of subsequent acquisitions of shares of CBS, Entercom, or CBS Radio, then CB S and/or holders of CBS Common Stock that received Radio Common Stock in the Final Distribution may be required to pay substantial U.S. federal income taxes, and, in certain circumstances, CBS Radio and Entercom may be required to indemnify CBS for any suc h tax liability. 2017 Local Marketing Agreement: The Bonneville Transaction On November 1, 2017, the Company assigned assets to a trust and the trust subsequently entered into two local marketing agreements (“LMAs”) with Bonneville. The LMAs, which were effective upon the closing of the Merger, allowed Bonneville to operate eight radio stations in the San Francisco, California and Sacramento, California markets. Of the eight radio stations operated by Bonneville, three were originally owned by the Company and the remai ning five were originally owned by CBS Radio. The Company conducted an analysis and determined the assets of the eight stations satisfied the criteria to be presented as assets held for sale. The stations which were acquired from CBS Radio and were never operated by the Company are included within discontinued operations. On August 2, 2018, the Company entered into an asset purchase agreement with Bonneville to dispose of the eight radio stations in the San Francisco, California and Sacramento, California markets for $ 141.0 million in cash. During the year ended December 31, 2018 , the Company closed on this sale, which resulted in a loss of approximately $ 0.4 million to the Company . Refer to Note 12 , Assets Held for Sale and Discontinu ed Operations, for additional information. Restructuring Charges Restructuring charges were expensed as a separate line item in the consolidated statements of operations. The components of restructuring charges are as follows: Three Months Ended March 31, 2019 2018 (amounts in thousands) Costs to exit duplicative contracts $ - $ 143 Workforce reduction 693 590 Lease abandonment costs - 257 Other restructuring costs 321 491 Total restructuring charges $ 1,014 $ 1,481 Restructuring Plan During the fourth quarter of 2017, the Company initiated a restructuring plan as a result of the integration of the CBS Radio stations acquired in November 2017. The restructuring plan included: (i ) a workforce reduction and realignment charges that included one-time termination benefits and related costs; (ii ) lease abandonment costs; and (iii ) costs associated with realigning radio stations within the overlap markets between CBS Radio and the Company. A portion of unpaid res tructuring charges as of March 31, 2019 were including in accrued expenses as these expenses are expected to be paid in less than one year. The est imated amount of unpaid restructuring charges as of March 31, 2019 includes amounts in accrued expenses that are expected to be paid in less than one year and long-term restructuring costs for lease abandonment costs covering the remaining non-cancellable lease term. Three Months Twelve Months Ended Ended March 31, December 31, 2019 2018 (amounts in thousands) Restructuring charges and lease abandonment costs, beginning balance $ 7,077 $ 16,086 Additions resulting from the integration of CBS Radio 1,014 5,830 Payments (2,659) (14,839) Restructuring charges and lease abandonment costs unpaid and outstanding 5,432 7,077 Restructuring charges and lease abandonment costs - noncurrent portion (650) (988) Restructuring charges and lease abandonment costs - current portion $ 4,782 $ 6,089 Integration Costs The Company incurred integration costs of $ 1.1 million and $ 9.7 million during the three months ended March 31, 2019 and March 31, 2018 , respectively. Integration costs were expensed as a separate line item in the consolidated statements of operations. These costs primarily relate to change management consultants and technology-related costs incurred subsequent to the Merger. Unaudited Pro Forma Summary Of Financial Information The following unaudited pro forma information for the three months ended March 31, 2019 and 2018 assumes that the acquisitions in 2018 had occurred as of January 1, 2017 . Refer to information within this Note 2 , Business Combination s , and to the financial statements and related notes included in the Company’s audited financial statements as of and for the year ended December 31, 2018 , and filed with the SEC on February 27, 2019 , for a description of the Company’s acquisition and disposition activities. The unaudited pro forma information presented gives effect to certain adjustments, inclu ding: (i) depreciation and amortization of assets; (ii) change in the effective tax rate; (iii) merger and acquisition costs; and (iv) interest expense on any debt incurred to fund the acquisitions which would have been incurred had such acquisitions had b een consummated at an earlier time. For purposes of this presentation, the pro forma data: ( i ) includes revenue and earnings of stations divested to Bonneville during 2018; and (ii ) includes revenue and earnings of the station divested to Beasley during 2018. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable. These unaudited pro forma results have been prepared for comparative purposes only an d do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future. Three Months Ended March 31, 2019 2018 (amounts in thousands, except per share data) Actual Pro Forma Net revenues $ 309,005 $ 305,425 Income (loss) from continuing operations $ 3,125 $ (13,681) Income (loss) from discontinued operations $ - $ 328 Net income (loss) available to the Company $ 3,125 $ (13,353) Net income (loss) available to common shareholders $ 3,125 $ (13,353) Income (loss) from continuing operations per common share - basic $ 0.02 $ (0.10) Income (loss) from discontinued operations per common share - basic $ - $ - Net income (loss) available to common shareholders per common share - basic $ 0.02 $ (0.10) Income (loss) from continuing operations per common share - diluted $ 0.02 $ (0.10) Income (loss) from discontinued operations per common share - diluted $ - $ - Net income (loss) available to common shareholders per common share - diluted $ 0.02 $ (0.10) Weighted shares outstanding basic 138,099,180 138,939,309 Weighted shares outstanding diluted 138,523,371 138,939,309 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure Abstract | |
Commitments And Contingencies Disclosure Text Block | 14 . CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially aff ect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on February 27, 2019 , except as described below. Like-Kind Exchange Proc eeds During the third quarter of 2018, the Company disposed of certain property that the Company considered as surplus to its operations and that resulted in significant gains reportable for tax purposes. In order to minimize the tax impact on a certain portion of these taxable gains, the Company created an entity that serves as a QI for tax purposes and that held the net sales proceeds of $ 70.2 million. The net sales proceeds were deposited into the account of the QI to comply with requirements under S ection 1031 of the Code to execute a like-kind exchange and were reflected as restricted cash on the Company consolidated balance sheet at December 31, 2018 . The Company used a portion of these funds in a tax-free exchange by using the net sales proceeds f rom relinquished property for the purchase of replacement property. This QI was treated as a VIE and was included in the Company’s prior year consolidated financial statements as the Company was considered the primary beneficiary. Under Section 1031 of t he Code, the property to be exchanged in the like-kind exchange was required to be received by the Company within 180 days. This period of time lapsed during the first quarter of 2019, at which point, the restrictions on the cash balances were released. As a result, the Company does not present restricted cash on its balance sheet at March 31, 2019 . The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet that aggregate to th e total of the same such amounts shown in the consolidated statement of cash flows: Cash, Cash Equivalents and Restricted Cash March 31, December 31, 2019 2018 (amounts in thousands) Cash and cash equivalents $ 68,266 $ 122,893 Restricted cash - 69,365 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 68,266 $ 192,258 |
ASSETS HELD FOR SALE (Block)
ASSETS HELD FOR SALE (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations And Disposal Groups Abstract | |
Disposal Groups Including Discontinued Operations Disclosure Text Block | 12 . ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Assets Held f or 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. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. As of December 31, 2018 , the Company entered into an agreement with a third party to dispose of land and land improvements, buildings and equipment . The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale. In aggregat e, these assets had a carr ying value of approximately $19.6 million. In the first quarter of 2019, the Company completed this sale for $ 24.5 million in cash. The Company recognized a gain on the sale, net of sales commission s and other expenses, of approximately $ 4.5 million. On February 13, 2019, the Company entered into an agreement with Cumulus Media Inc. (“Cumulus”) under which the Company will exchange three of its stations in Indianapolis, Indiana for two Cumulus stations in Springfield, Massachusetts, and one Cumulus station in New York City, New York. The Company and Cumulus began programming the respective stations under an LMA on March 1, 2019. The Company conducted an analysis and det ermined the assets to be exchanged to Cumulus met the criteria to be classified as held for sale at March 31, 2019 . The exchange transaction (the “Cumulus Exchange”) is expected to close in the second quarter of 2019. Long-lived assets are reviewed for impai rment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. This is considered a Level 3 measurement. The major categories of these assets held for sale are as follows: Assets Held for Sale March 31, 2019 December 31, 2018 Other Other Cumulus Assets Held Cumulus Assets Held Total Exchange for Sale Total Exchange for Sale (amounts in thousands) Land and land improvements $ 401 $ 401 $ - $ 2,645 $ - $ 2,645 Building 8 8 - 1,053 - 1,053 Equipment 389 389 - 15,905 - 15,905 Net property and equipment 798 798 - 19,603 - 19,603 Net radio broadcasting licenses 17,135 17,135 - - - - Goodwill 4,862 4,862 - - - - Total intangibles 21,997 21,997 - - - - Net assets held for sale $ 22,795 $ 22,795 $ - $ 19,603 $ - $ 19,603 Discontinued Operations The results of operations for several radio stations acquired from CBS, which were never a part of the Company’s continuing operations as these radio stations have been disposed, were classified as discontinued operations for the period commencing after the Merger. Refer to Note 2 , Business Combinations, f or additional information on the Bonneville Transaction. The following table presents the results of operations of the discontinued operations: Three Months Ended March 31, 2019 2018 (amounts in thousands) Net time brokerage agreement (income) fees - 415 Income before income taxes - 415 Income taxes - 87 Income from discontinued operations, net of income taxes $ - $ 328 |
SUBSEQUENT EVENTS (Block)
SUBSEQUENT EVENTS (Block) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events Abstract | |
Schedule Of Subsequent Events Text Block | 15 . SUBSEQUENT EVENTS Events occurring after March 31, 2019 , and through the date that these consolidated financial statements were issued , were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows : On April 30, 2019, the Company’s finance subsidiary, Entercom Media Corp., issued $ 325.0 million in aggregate principal amount of senior secured second-lien notes due 2027 (the “Notes”). Interest on the Notes ac crues at the rate of 6.5 % per annum. The Company used net proceeds of the offering, along with cash on hand and $ 89.0 million under its Revolver, to repay $ 425.0 million of existin g indebtedness under its Term B-1 Loan. The Notes are fully and unconditionally guaranteed on a senior secured second-lien basis by each direct and indirect subsidiary of Entercom Media Corp. The Notes and the related guarantees are secured on a second-p riority basis by liens on substantially all of the assets of Entercom Media Corp. and the guarantors. The Notes will not be a registered security and there are no plans to register the Notes as a security in the future. In addition, on April 30, 2019, Ent ercom Media Corp amended the financial covenant in its Senior Secured Credit Agreement such that the calculation of Consolidated Secured Net Leverage Ratio only includes first lien secured debt. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
LeasesAbstract | |
OperatingLeasesByBalanceSheetLocationTableTextBlock | March 31, Description 2019 (amounts in thousands) Operating Leases Operating Leases right-of-use assets $ 293,638 Operating lease liabilities (current) $ 37,434 Operating lease liabilities (noncurrent) 275,739 Total operating lease liabilities $ 313,173 |
LeaseCostTableTextBlock | Three Months Ended March 31, Lease Cost 2019 (amounts in thousands) Operating lease cost $ 12,468 Variable lease cost 2,052 Short-term lease cost 98 Total lease cost $ 14,618 Three Months Ended March 31, Description 2019 (amounts in thousands) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from operating leases $ 13,109 Right-of-use assets obtained in exchange for lease obligations Operating leases (1) $ 307,618 Weighted Average Remaining Lease Term Operating leases 9 years Weighted Average Discount Rate Operating leases 4.9% |
LesseeOperatingLeaseLiabilityMaturityTableTextBlock | Lease Maturities Operating Leases (amounts in thousands) Years ending December 31: Remainder of 2019 $ 38,695 2020 51,819 2021 48,116 2022 42,763 2023 39,563 Thereafter 168,387 Total lease payments $ 389,343 Less: imputed interest (76,170) Total $ 313,173 |
ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock | Lease Maturities Operating Leases (amounts in thousands) Years ending December 31: 2019 $ 51,375 2020 50,504 2021 46,847 2022 41,457 2023 38,230 Thereafter 165,905 Total lease payments $ 394,318 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of the changes in broadcasting license | Broadcasting Licenses Carrying Amount March 31, December 31, 2019 2018 (amounts in thousands) Broadcasting licenses balance as of January 1, $ 2,516,625 $ 2,649,959 Acquisition of radio stations - Emmis Acquisition - 12,785 Acquisition of a radio station - Jerry Lee Transaction - 27,346 Loss on impairment - (148,564) Disposition of a radio station - WXTU Transaction - (24,901) Assets held for sale - (See Note 12) (17,135) - Ending period balance $ 2,499,490 $ 2,516,625 |
Schedule of changes in goodwill | Goodwill Carrying Amount March 31, December 31, 2019 2018 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 982,663 $ 988,056 Accumulated loss on impairment as of January 1, (443,194) (126,056) Goodwill beginning balance after cumulative loss on impairment as of January 1, 539,469 862,000 Loss on impairment during year - (317,138) Disposition of a radio station - WXTU Transaction - (8,623) Measurement period adjustments to acquired goodwill - (21,498) Acquisition of radio stations - Emmis Acquisition - 332 Acquisition of a radio station - Jerry Lee Transaction - 24,396 Assets held for sale - (See Note 12) (4,862) - Ending period balance $ 534,607 $ 539,469 |
OTHER CURRENT AND LONG-TERM LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities | Other Current Liabilities March 31, December 31, 2019 2018 (amounts in thousands) Accrued compensation $ 32,618 $ 31,192 Accounts receivable credits 5,101 5,743 Advertiser obligations 7,046 4,190 Accrued interest payable 12,705 6,007 Unearned revenue 21,208 22,692 Unfavorable lease liabilities - 2,852 Unfavorable sports liabilities 4,634 4,634 Accrued benefits 8,183 8,646 Non-income tax liabilities 6,662 6,748 Income taxes payable 11,357 10,558 Other 4,977 15,176 Total other current liabilities $ 114,491 $ 118,438 |
LONG-TERM DEBT LIABILITIES (Tab
LONG-TERM DEBT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-Term Debt March 31, December 31, 2019 2018 (amounts in thousands) Credit Facility Revolver, due November 17, 2022 $ - $ 180,000 Term B-1 Loan, due November 17, 2024 1,291,700 1,291,700 Plus unamortized premium 2,362 2,470 1,294,062 1,474,170 Senior Notes 7.250% senior unsecured notes, due October 17, 2024 400,000 400,000 Plus unamortized premium 13,551 14,158 413,551 414,158 Other Debt Other 889 912 Total debt before deferred financing costs 1,708,502 1,889,240 Current amount of long-term debt - - Deferred financing costs (excludes the revolving credit) (16,244) (17,037) Total long-term debt, net of current debt $ 1,692,258 $ 1,872,203 Outstanding standby letters of credit $ 5,862 $ 5,862 |
Schedule Of Net Interest Expense | Net Interest Expense Three Months Ended March 31, 2019 2018 (amounts in thousands) Interest expense $ 25,734 $ 23,334 Amortization of deferred financing costs 801 795 Amortization of original issue discount (premium) of senior notes (715) (716) Interest income and other investment income (600) (9) Total net interest expense $ 25,220 $ 23,404 |
TOWER SALE AND LEASEBACK (Table
TOWER SALE AND LEASEBACK (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Financing Method Lease Obligations [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases Table Text Block | Lease Maturities Operating Leases (amounts in thousands) Years ending December 31: 2019 $ 51,375 2020 50,504 2021 46,847 2022 41,457 2023 38,230 Thereafter 165,905 Total lease payments $ 394,318 |
SHAREHOLDER'S EQUITY (Tables)
SHAREHOLDER'S EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note Abstract | |
Schedule of dividends payable on unvested restricted stock units | Dividend Equivalent Liabilities Balance Sheet March 31, December 31, Location 2019 2018 (amounts in thousands) Short-term Other current liabilities $ 1,878 $ 1,279 Long-term Other long-term liabilities 888 1,041 Total $ 2,766 $ 2,320 |
ESPP Shares Purchased and Non-Cash Comp Expense | Three Months Ended March 31, 2019 2018 (amounts in thousands) Number of shares purchased 85 39 Non-cash compensation expense recognized $ 67 $ 57 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Restricted Stock Units Market Based | Three Months Year Ended Ended March 31, December 31, 2019 2018 (amounts in thousands, except per share data) Reconciliation of RSUs with Service And Market Conditions Beginning of period balance 226 650 Number of RSUs granted - - Number of RSUs forfeited (6) (110) Number of RSUs vested - (314) End of period balance 220 226 Weighted average fair value of RSUs granted with market conditions $ - $ - |
Schedule Of Other Options Dislcosure | Three Months Ended March 31, Option Exercise Data 2019 2018 (amounts in thousands) Intrinsic value of options exercised $ 1,272 $ 101 Tax benefit from options exercised (1) $ 73 $ 27 Cash received from exercise price of options exercised $ 242 $ 13 |
Schedule Of significant ranges of outstanding and exercisable options | Options Outstanding Options Exercisable Number of Weighted Number of Options Average Weighted Options Weighted Range of Outstanding Remaining Average Exercisable Average Exercise Prices March 31, Contractual Exercise March 31, Exercise From To 2019 Life Price 2019 Price $ 4.76 $ 9.66 209,375 1.6 $ 9.50 209,375 $ 9.50 $ 13.11 $ 13.98 340,707 1.6 $ 13.48 340,707 $ 13.48 $ 4.76 $ 13.98 550,082 1.6 $ 11.97 550,082 $ 11.97 |
Schedule of recognized stock-based compensation expense | Three Months Ended March 31, 2019 2018 (amounts in thousands) Station operating expenses $ 1,416 $ 1,958 Corporate general and administrative expenses 2,157 1,955 Stock-based compensation expense included in operating expenses 3,573 3,913 Income tax benefit (1) 748 816 After-tax stock-based compensation expense $ 2,825 $ 3,097 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | Number Weighted Aggregate of Weighted Average Intrinsic Restricted Average Remaining Value as of Stock Purchase Contractual March 31, Period Ended Units Price Term (Years) 2019 (amounts in thousands) RSUs outstanding as of: December 31, 2018 3,685 RSUs awarded 1,489 RSUs released (636) RSUs forfeited (83) RSUs outstanding as of: March 31, 2019 4,455 $ - 1.6 $ 23,350 RSUs vested and expected to vest as of: March 31, 2019 4,455 $ - 1.6 $ 23,347 RSUs exercisable (vested and deferred) as of: March 31, 2019 41 $ - - $ 217 Weighted average remaining recognition period in years 2.5 Unamortized compensation expense $ 27,619 |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding | Weighted Intrinsic Weighted Average Value Average Remaining as of Number of Exercise Contractual March 31, Period Ended Options Price Term (Years) 2019 Options outstanding as of: December 31, 2018 755,210 $ 9.42 Options granted - - Options exercised (180,300) 1.34 Options forfeited - - Options expired (24,828) 11.69 Options outstanding as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Options vested and expected to vest as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Options vested and exercisable as of: March 31, 2019 550,082 $ 11.97 1.6 $ 2,450 Weighted average remaining recognition period in years - Unamortized compensation expense $ - |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Change In Contract With Customer Asset [Abstract] | |
Change in Contract Assets and Liabilities Table | Three Months Ended March 31, 2019 Description Unearned Revenue (amounts in thousands) Beginning balance on January 1, 2019 $ 23,830 Revenue recognized during the period that was included in the beginning balance of contract liabilities (7,438) Additional amounts recognized during period 5,516 Ending balance $ 21,908 |
Contract With Customer Asset And Liability [Abstract] | |
Contract Assets and Liabilities Table | March 31, December 31, Description 2019 2018 (amounts in thousands) Receivables, included in "Accounts receivable net of allowance for doubtful accounts" $ 260,857 $ 330,983 Unearned revenue - current 21,208 22,692 Unearned revenue - noncurrent 700 1,138 |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue Table | Three Months Ended March 31, 2019 2018 Revenue by Source (amounts in thousands) Broadcast revenues $ 284,465 $ 274,453 Event and other revenues 19,526 22,609 Trade and barter revenues 5,014 3,498 Net revenues $ 309,005 $ 300,560 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | Three Months Ended March 31, 2019 2018 (amounts in thousands except per share data) Basic Income (Loss) Per Share Numerator Net income available to common shareholders from continuing operations $ 3,125 $ (14,206) Income (loss) from discontinued operations, net of tax - 328 Net income (loss) available to common shareholders $ 3,125 $ (13,878) Denominator Basic weighted average shares outstanding 138,099 138,939 Net Income (Loss) Per Common Share - Basic: Net income (loss) from continuing operations per share available to common shareholders - Basic $ 0.02 $ (0.10) Net income (loss) from discontinued operations per share available to common shareholders - Basic - - Net income (loss) per share available to common shareholders - Basic $ 0.02 $ (0.10) Diluted Income (Loss) Per Share Numerator Net income available to common shareholders from continuing operations $ 3,125 $ (14,206) Income (loss) from discontinued operations, net of tax - 328 Net income (loss) available to common shareholders $ 3,125 $ (13,878) Denominator Basic weighted average shares outstanding 138,099 138,939 Effect of RSUs and options under the treasury stock method 424 - Diluted weighted average shares outstanding 138,523 138,939 Net Income (Loss) Per Common Share - Diluted: Net income (loss) from continuing operations per share available to common shareholders - Diluted $ 0.02 $ (0.10) Net income (loss) from discontinued operations per share available to common shareholders - Diluted - - Net income (loss) per share available to common shareholders - Diluted $ 0.02 $ (0.10) |
Equity Award Impact Schedule | Three Months Ended March 31, Impact Of Equity Issuances 2019 2018 (amounts in thousands, except per share data) Shares excluded as anti-dilutive under the treasury stock method: Options 553 367 Price range of options: from $ 6.43 $ 9.66 Price range of options: to $ 13.98 $ 13.98 RSUs with service conditions 1,666 - RSUs excluded with service and market conditions as market conditions not met 220 226 Excluded shares as anti-dilutive when reporting a net loss - 1,313 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures Abstract | |
Schedule of recurring fair value measurements | Fair Value Measurements At Reporting Date Quoted prices Significant Significant Measured at Balance at in active other observable unobservable Net Asset Value March 31, markets inputs inputs as a Practical Description 2019 Level 1 Level 2 Level 3 Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,626 $ 23,506 $ - $ - $ 7,120 Quoted prices Significant Significant Measured at Balance at in active other observable unobservable Net Asset Value December 31, markets inputs inputs as a Practical Description 2018 Level 1 Level 2 Level 3 Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,928 $ 23,476 $ - $ - $ 7,452 |
Schedule Of Carrying Value Of Financial Instruments | March 31, December 31, 2019 2018 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loans (1) $ 1,291,700 $ 1,259,408 $ 1,291,700 $ 1,243,261 Revolver (2) $ - $ - $ 180,000 $ 180,000 Senior Notes (3) $ 400,000 $ 399,500 $ 400,000 $ 378,000 Other debt (4) $ 889 $ 912 Letters of credit (4) $ 5,862 $ 5,862 |
Schedule of Cost Method Investments Table Text Block | Investments Valued Under the Measurement Alternative March 31, December 31, 2019 2018 (amounts in thousands) Investment balance before cumulative impairment as of January 1, $ 11,205 $ 9,955 Accumulated impairment as of January 1, - - Investment beginning balance after cumulative impairment as of January 1, 11,205 9,955 Acquisition of interest in a privately held company - 1,250 Ending period balance $ 11,205 $ 11,205 |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of merger and acquisition costs | Three Months Ended March 31, 2019 2018 (amounts in thousands) Costs to exit duplicative contracts $ - $ 143 Workforce reduction 693 590 Lease abandonment costs - 257 Other restructuring costs 321 491 Total restructuring charges $ 1,014 $ 1,481 |
Schedule of unaudited pro forma summary of financial information | Three Months Ended March 31, 2019 2018 (amounts in thousands, except per share data) Actual Pro Forma Net revenues $ 309,005 $ 305,425 Income (loss) from continuing operations $ 3,125 $ (13,681) Income (loss) from discontinued operations $ - $ 328 Net income (loss) available to the Company $ 3,125 $ (13,353) Net income (loss) available to common shareholders $ 3,125 $ (13,353) Income (loss) from continuing operations per common share - basic $ 0.02 $ (0.10) Income (loss) from discontinued operations per common share - basic $ - $ - Net income (loss) available to common shareholders per common share - basic $ 0.02 $ (0.10) Income (loss) from continuing operations per common share - diluted $ 0.02 $ (0.10) Income (loss) from discontinued operations per common share - diluted $ - $ - Net income (loss) available to common shareholders per common share - diluted $ 0.02 $ (0.10) Weighted shares outstanding basic 138,099,180 138,939,309 Weighted shares outstanding diluted 138,523,371 138,939,309 |
Schedule of Restrucutring Reserve by Type | Three Months Twelve Months Ended Ended March 31, December 31, 2019 2018 (amounts in thousands) Restructuring charges and lease abandonment costs, beginning balance $ 7,077 $ 16,086 Additions resulting from the integration of CBS Radio 1,014 5,830 Payments (2,659) (14,839) Restructuring charges and lease abandonment costs unpaid and outstanding 5,432 7,077 Restructuring charges and lease abandonment costs - noncurrent portion (650) (988) Restructuring charges and lease abandonment costs - current portion $ 4,782 $ 6,089 |
Emmis [Member] | |
Acquisition [Line Items] | |
Schedule Of Acquisition Valuation [Table Text Block] | Final Value (amounts in thousands) Assets Equipment $ 1,558 Total tangible property 1,558 Advertiser relationships 207 Advertising contracts 114 Radio broadcasting licenses 12,785 Goodwill 332 Other noncurrent assets 4 Total intangible and other assets 13,442 Total assets $ 15,000 Fair value of assets acquired $ 15,000 |
WBEB [Member] | |
Acquisition [Line Items] | |
Schedule Of Acquisition Valuation [Table Text Block] | Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Equipment $ 981 3 7 Total tangible property 981 Advertising contracts 477 1 1 Radio broadcasting licenses 27,346 non-amortizing Goodwill 24,396 non-amortizing Net working capital 3,234 not applicable Total intangible and other assets 55,453 Total assets $ 56,434 Preliminary fair value of net assets acquired $ 56,434 |
CONTINGENCIES, GUARANTOR ARRANG
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |
Schedule Of Restricted Cash And Cash Equivalents [Table Text Block] | Cash, Cash Equivalents and Restricted Cash March 31, December 31, 2019 2018 (amounts in thousands) Cash and cash equivalents $ 68,266 $ 122,893 Restricted cash - 69,365 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 68,266 $ 192,258 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Disclosure Of Long Lived Assets Held For Sale [Text Block] | Assets Held for Sale March 31, 2019 December 31, 2018 Other Other Cumulus Assets Held Cumulus Assets Held Total Exchange for Sale Total Exchange for Sale (amounts in thousands) Land and land improvements $ 401 $ 401 $ - $ 2,645 $ - $ 2,645 Building 8 8 - 1,053 - 1,053 Equipment 389 389 - 15,905 - 15,905 Net property and equipment 798 798 - 19,603 - 19,603 Net radio broadcasting licenses 17,135 17,135 - - - - Goodwill 4,862 4,862 - - - - Total intangibles 21,997 21,997 - - - - Net assets held for sale $ 22,795 $ 22,795 $ - $ 19,603 $ - $ 19,603 |
Discontinued Operations | Three Months Ended March 31, 2019 2018 (amounts in thousands) Net time brokerage agreement (income) fees - 415 Income before income taxes - 415 Income taxes - 87 Income from discontinued operations, net of income taxes $ - $ 328 |
BASIS OF PRESENTATION AND ORG_2
BASIS OF PRESENTATION AND ORGANIZATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | |||
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 4,719 | ||
NewAccountingPronouncementOrChangeInAccountingPrincipleRetrospectiveAdjustmentsAbstract | |||
Cumulative Effect Adj - Modified Retrospective - Net Impact on Accumulated Deficit | $ 4,700 | ||
Cumulative Effect Adj - Modified Retrospective - Tax Impact on Accum Deficit | $ 1,700 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Operating Costs and Expenses | $ 248,985 | $ 255,725 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Summary of the categories of property and equipment | ||
Property, Plant and Equipment, net of accumulated depreciation | $ 327,901 | $ 317,030 |
Deferred Revenue | ||
Current - accrued compensation and other current liabilities | 21,208 | 22,692 |
Long-term - other long term liabilities | $ 700 | $ 1,138 |
REVENUE - Contract Balances
REVENUE - Contract Balances - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Contract With Customer Asset And Liability [Abstract] | ||
Accounts Receivable Net Current | $ 269,945 | $ 342,766 |
ContractWithCustomerAssetNetCurrent | 260,857 | 330,983 |
Deferred Revenue, Current | 21,208 | 22,692 |
Deferred Revenue, Noncurrent | 700 | 1,138 |
ReceivablesNotGeneratedFromCustomers | 9,100 | 11,800 |
Contract Liabilities [Member] | ||
Contract Assets or Liabilities Line Items [Line Items} | ||
Beginning Balance | $ 23,830 | |
Satisfaction of Liability | (7,438) | |
Additional amounts recognized | 5,516 | |
Ending Balance | $ 21,908 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | ||
Broadcast revenues | $ 284,465 | $ 274,453 |
Event and other revenues | 19,526 | 22,609 |
Trade and barter revenues | $ 5,014 | $ 3,498 |
ACCOUNTS RECEIVABLE AND RELATED
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Net [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 269,945 | $ 342,766 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
AssetAndLiabilityLessee[Abstract] | |||
OperatingLeaseRightOfUseAsset | $ 293,638 | $ 0 | |
OperatingLeaseLiabilityCurrent | 37,434 | 0 | |
OperatingLeaseLiabilityNoncurrent | 275,739 | 0 | |
OperatingLeaseLiability | 313,173 | ||
LeaseCostAbstract | |||
OperatingLeaseCost | 12,468 | ||
ShortTermLeaseCost | 98 | ||
VariableLeaseCost | 2,052 | ||
LeaseCost | 14,618 | ||
LeasesAbstract | |||
ROU Asset obtained in exchange for lease obligation | 307,618 | ||
Operating cash flows from operating leases | $ 13,109 | ||
Weighted Average Remaining Lease Term - Operating | 9 years | ||
Weighted Average Discount Rate - Operating | 4.90% | ||
Due in 2019 | 51,375 | ||
Due in 2020 | 50,504 | ||
Due in 2021 | 46,847 | ||
Due in 2022 | 41,457 | ||
Due in 2023 | 38,230 | ||
Due Thereafter | 165,905 | ||
Total Minimum Lease Payments | $ 394,318 | ||
RightOfUseAssetRecordedUponImplementation | $ 288,700 | ||
LesseeOperatingLeaseLiabilityRecordedUponImplementation | $ 306,200 | ||
LeasesOperatingAbstract | |||
LesseeOperatingLeaseRenewalTerm | 15 years | ||
LesseeOperatingLeaseRemainingLeaseTerm | 30 years | ||
OperatingLeaseLiabilitiesPaymentsDueAbstract | |||
Due in Remainder of Year | $ 38,695 | ||
Due in 2020 | 51,819 | ||
Due in 2021 | 48,116 | ||
Due in 2022 | 42,763 | ||
Due in 2023 | 39,563 | ||
Due Thereafter | 168,387 | ||
Total Lease Payments | 389,343 | ||
Less Imputed Interest | (76,170) | ||
Total lease Liability | $ 313,173 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Intangible assets [Line Items] | |||
Goodwill | $ 534,607 | $ 539,469 | |
Radio Broadcasting Licences [Member] | |||
Changes in Intangible assets [Line Items] | |||
Beginning of period balance | 2,516,625 | 2,649,959 | |
Assets held for sale | (17,135) | 0 | |
Acquisition of radio stations - Emmis Acquisition | 0 | 12,785 | |
Acquisition Of Radio Station - Jerry Lee Acquisition | 0 | 27,346 | |
Impairment loss | 0 | (148,564) | |
Disposition Of Radio Stations -WXTU Transaction | 0 | (24,901) | |
Ending period balance | 2,499,490 | 2,516,625 | |
Goodwill [Member] | |||
Changes in Intangible assets [Line Items] | |||
Goodwill before cumulative loss on impairment | 982,663 | $ 988,056 | |
Accumulated loss on impairment | (443,194) | (126,056) | |
Goodwill | 534,607 | 539,469 | $ 862,000 |
Assets held for sale | (4,862) | 0 | |
Acquisition of radio stations - Emmis Acquisition | 0 | 332 | |
Acquisition Of Radio Station - Jerry Lee Acquisition | 0 | 24,396 | |
Disposition Of Radio Stations -WXTU Transaction | 0 | (8,623) | |
Goodwill, Impairment Loss | 0 | (317,138) | |
Adjustments to Acquired Goodwill | $ 0 | $ (21,498) |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Deferred Costs | |||
Total Net | $ 38,517 | $ 56,197 | |
Amortization Expense | |||
Deferred financing expense | $ 801 | $ 795 |
OTHER CURRENT AND LONG-TERM L_2
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $ 32,618 | $ 31,192 |
Accounts receivable credits | 5,101 | 5,743 |
Advertiser obligations | 7,046 | 4,190 |
Accrued interest payable | 12,705 | 6,007 |
Deferred Revenue, Current | 21,208 | 22,692 |
Unfavorable lease liabilities | 0 | 2,852 |
Unfavorable sports contracts | 4,634 | 4,634 |
Accrued benefits | 8,183 | 8,646 |
Non income tax liabilities | 6,662 | 6,748 |
Income Taxes payable | 11,357 | 10,558 |
Other | 4,977 | 15,176 |
Total other current liabilities | 114,491 | 118,438 |
LiabilitiesNoncurrentAbstract | ||
Deferred Revenue, Noncurrent | 700 | 1,138 |
Other Liabilities Noncurrent | $ 52,097 | $ 89,168 |
LONG-TERM DEBT LIABILITIES (Det
LONG-TERM DEBT LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 17, 2017 |
Debt Instrument [Line Items] | |||
Senior unsecured notes | $ 413,551 | $ 414,158 | |
Total | 1,708,502 | 1,889,240 | |
Current amount of long-term debt | 0 | 0 | |
Total long-term debt | 1,692,258 | 1,872,203 | |
Outstanding standby letter of credit | 5,862 | 5,862 | |
Stated interest rate percentage, senior unsecured debt | 7.25% | ||
Capital Lease Obligations | |||
Debt Instrument [Line Items] | |||
Other | 889 | 912 | |
Total Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
New Credit Facility | 1,294,062 | 1,474,170 | |
Deferred Financing Costs [Member] | |||
Debt Instrument [Line Items] | |||
Total | (16,244) | (17,037) | |
Term B Loan, due November 17, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
New Credit Facility | 1,291,700 | 1,291,700 | |
Unamortized Premium on Debt | 2,362 | 2,470 | |
Senior Notes due October 17, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes | 400,000 | 400,000 | |
Unamortized Premium on Debt | 13,551 | 14,158 | |
RevolverDueNovember172022Member [Member] | |||
Debt Instrument [Line Items] | |||
New Credit Facility | $ 0 | $ 180,000 |
LONG-TERM DEBT LIABILITIES - Se
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) - Senior Debt Obligations $ in Millions | Nov. 17, 2017USD ($) | Mar. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||
Consolidated Leverage Ratio | 3.3 | |
Through December 31, 2017 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Leverage Ratio | 4 | |
ThroughDecember312018Member [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Leverage Ratio | 4.5 | |
New Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Undrawn amount of the Revolver | $ 244.1 | |
New Credit Facility, Amount Outstanding | $ 250 | |
New Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
DebtInstrumentAnnualPrincipalPayment | 1.00% |
LONG-TERM DEBT LIABILITIES - _2
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 17, 2017 |
Debt Instrument [Line Items] | |||
Senior Notes | $ 413,551 | $ 414,158 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||
DebtInstrumentFaceAmount | $ 400,000 |
LONG-TERM DEBT LIABILITIES - De
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Interest Expense | ||
Interest expense | $ 25,734 | $ 23,334 |
Amortization of deferred financing costs | 801 | 795 |
Amortization of original issue discount of senior notes | (715) | (716) |
Interest income and other investment income | (600) | (9) |
Total net interest expense | $ 25,220 | $ 23,404 |
LONG-TERM DEBT LIABILITIES - Ma
LONG-TERM DEBT LIABILITIES - Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Aggregate Principal Maturities [Line Items] | ||
Total | $ 1,708,502 | $ 1,889,240 |
SHAREHOLDER'S EQUITY (Details)
SHAREHOLDER'S EQUITY (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2016 | |
Dividends And Shares Activitiy [Line Items] | |||||
Dvidend Equivalent liability - short term | $ 1,878 | $ 1,279 | |||
Dvidend Equivalent liability - long term | 888 | 1,041 | |||
Total Dividend Equivalent Liability | $ 2,766 | 2,320 | |||
CommonStockDividendsPerShareDeclared | $ 0.36 | ||||
Dividend payments | $ 12,430 | $ 12,441 | $ 2,900 | ||
Amount recorded as financing activity | $ (1,426) | (3,463) | (1,723) | ||
The total cost to repurchase | (19,379) | (10,028) | |||
Employee stock purchase plan, authorized shares | 1,000 | ||||
Stock Issued During Period Value Employee Stock Purchase Plan | $ 379 | 321 | $ 1,107 | ||
Total Non cash compensation expense recognized | $ 2,825 | 3,097 | |||
Espp Shares Market Value | 85.00% | ||||
Espp Share Discount | 15.00% | ||||
PaymentsOfDividendsAbstract | |||||
Payments of Dividends, Common Stock | $ 12,430 | 12,441 | $ 2,900 | ||
PaymentsOfDividendsPreferredStockAndPreferenceStock | 0 | $ 0 | |||
Treasury Stock Line Items | |||||
Stock Repurchase Prgram Authorized Amount | $ 100,000 | ||||
Dividends | |||||
Dividends And Shares Activitiy [Line Items] | |||||
CommonStockDividendsPerShareDeclared | $ 0.3 | ||||
ESPP [Member] | |||||
Dividends And Shares Activitiy [Line Items] | |||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 85 | 39 | |||
Total Non cash compensation expense recognized | $ 67 | $ 57 |
SHARE-BASED COMPENSATION - Equi
SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019shares | |
Restricted Stock Unit Activity [Abstract] | |
RSUs issued | 1,489 |
RSUs forfeited | (83) |
RSUs vested and released | 636 |
SHARE-BASED COMPENSATION - RSU
SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Number of Restricted Stock Units [Roll Forward] | |
RSUs beginning | 3,685 |
RSUs awarded | 1,489 |
RSUs assumed in Merger | 0 |
RSUs released | (636) |
RSUs forfeited | (83) |
RSUs ending | 4,455 |
Weighted Average Purchase Price RSUs | $ / shares | $ 0 |
Weighted Average Remaining Contractual Term (Years) RSUs | 1 year 7 months 6 days |
Aggregate Intrinsic Value RSUs | $ | $ 23,350 |
Number of RSUs vested and expected to vest | 4,455 |
Weighted Average Purchase Price of RSUs vested and expected to vest | $ / shares | $ 0 |
Weighted Average Remaining Contractual Term (Years) of RUSs vested and expected to vest | 1 year 7 months 6 days |
Aggregate Intrinsic Value RSUs vested and expected to vest | $ | $ 23,347 |
Number of RSUs exercisable | 41 |
Weighted Average Purchase Price of RUSs exercisable | $ / shares | $ 0 |
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable | 0 years |
Aggregate Intrinsic Value RSUs exercisable | $ | $ 217 |
Weighted average remaining recognition period in years | 2 years 6 months |
Unamortized compensation expense, net of estimated forfeitures | $ | $ 27,619 |
SHARE-BASED COMPENSATION - RSUs
SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ||||
RSUs issued | 1,489 | |||
Reconciliation Of RSUs With Market Conditions [Abstract] | ||||
RSUs beginning | 3,685 | |||
Number of RSUs granted | 1,489 | |||
Number of RSUs forfeited | (83) | |||
Number of RSUs vested | (636) | |||
RSUs ending | 4,455 | 3,685 | 3,685 | |
Net RSUs increase (decrease) to APIC | $ 3,573 | $ 3,913 | $ 11,236 | |
Restricted Stock Units With Market Conditions [Member] | ||||
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ||||
RSUs issued | 0 | 0 | ||
Reconciliation Of RSUs With Market Conditions [Abstract] | ||||
RSUs beginning | 226 | 650 | 650 | |
Number of RSUs granted | 0 | 0 | ||
Number of RSUs forfeited | (6) | (110) | ||
Number of RSUs vested | 0 | (314) | ||
RSUs ending | 220 | 226 | 226 | |
Fair value of each RSU issued with market conditions | $ 0 | $ 0 |
SHARE-BASED COMPENSATION - Othe
SHARE-BASED COMPENSATION - Other Options Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Options Disclosures [Line Items] | ||
Intrinsic value of options exercised | $ 1,272 | $ 101 |
Cash received from exercise price of options exercised | 244 | 13 |
Tax benefit from options exercised | $ 73 | $ 27 |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options Activity (Details) | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Options activity [Roll Forward] | |
Options beginning | 755,210 |
Options granted | 0 |
Options assumed in Merger | 0 |
Options exercised | (180,300) |
Options forfeited | 0 |
Options expired | (24,828) |
Options ending | 550,082 |
Weighted average exercise price - beginning | $ / shares | $ 9.42 |
Weighted average exercise price - options exercised | $ / shares | 1.34 |
Weighted average exercise price - options forfeited | $ / shares | 0 |
Weighted average excercise price - options assumed in merger | $ / shares | 0 |
Weighted average exercise price - options expired | $ / shares | 11.69 |
Weighted average exercise price - ending | $ / shares | $ 11.97 |
Weighted Average Remaining Contractual Term (Years) Options | 1 year 7 months 6 days |
Intrinsic Value Options | $ | $ 2,450 |
Options vested and expected to vest | 550,082 |
Options vested and exercisable | 550,082 |
Weighted average exercise price options vested and expected to vest | $ / shares | $ 11.97 |
Weighted average exercise price options vested and exerciable | $ / shares | $ 11.97 |
Weighted average remaining contractual period (Years) options vested and expected to vest | 1 year 7 months 6 days |
Weighted average remaining contractual period (years) options vested and exercisable | 1 year 7 months 6 days |
Intrinsic value options vested and expected to vest | $ | $ 2,450 |
Intrinsic value options vested and exercisable | $ | $ 2,450 |
Weighted average remaining recognition period in years | 0 years |
Unamortized compensation expense, net of estimated forfeitures | $ | $ 0 |
SHARE-BASED COMPENSATION - Ot_2
SHARE-BASED COMPENSATION - Other Award Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 550,082 | 755,210 | |
Weighted average remaining contractual life options outstanding | 1 year 7 months 6 days | ||
Weighted average exercise price options outstanding | $ 11.97 | $ 9.42 | |
Number of options exercisable | 550,082 | ||
Weighted average exercise price options exercisable | $ 11.97 | ||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 2,825 | $ 3,097 | |
Exercise prices from 4.76 to 9.66 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 209,375 | ||
Weighted average remaining contractual life options outstanding | 1 year 7 months 6 days | ||
Weighted average exercise price options outstanding | $ 9.5 | ||
Number of options exercisable | 209,375 | ||
Weighted average exercise price options exercisable | $ 9.5 | ||
Exercise prices from 13.11 to 13.98 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 340,707 | ||
Weighted average remaining contractual life options outstanding | 1 year 7 months 6 days | ||
Weighted average exercise price options outstanding | $ 13.48 | ||
Number of options exercisable | 340,707 | ||
Weighted average exercise price options exercisable | $ 13.48 | ||
Station operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 1,416 | 1,958 | |
Corporate general and administrative expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 2,157 | 1,955 | |
Stock-based compensation expense included in operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 3,573 | 3,913 | |
Income tax benefit (net of a fully reserved valuation allowance for prior year) [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 748 | $ 816 |
NET INCOME PER COMMON SHARE (De
NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive when reporting loss | 0 | 1,313 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | $ 0 | $ 0 | |
Preferred stock dividend | 0 | 0 | |
Income available to common shareholders from continuing operations | 3,125 | (14,206) | |
Income Loss From Discontinued Operations Net Of Tax | 0 | 328 | |
Net income (loss) available to common shareholders | 3,125 | (13,878) | $ (347,557) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 3,125 | $ (14,206) | |
Weighted Average Number Of Shares Outstanding Basic | 138,099,180 | 138,939,309 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 424 | 0 | |
Weighted Average Number Of Diluted Shares Outstanding | 138,523,371 | 138,939,309 | |
Basic net income (loss) per common share from continuing operations | $ 0.02 | $ (0.1) | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | |
Earnings Per Share Basic | 0.02 | (0.1) | |
Earnings Per Share Diluted | $ 0.02 | $ (0.1) | |
Options Activity [Member] | |||
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive under the treasury stock method | 553 | 367 | |
Price range of option: from | $ 6.43 | $ 9.66 | |
Price range of option: to | $ 13.98 | $ 13.98 | |
Restricted Stock Units Activity [Member] | Restricted Stock Units Service Conditions [Member] | |||
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive under the treasury stock method | 1,666 | 0 | |
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Market Conditions But Market Not Met [Member] | |||
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive under the treasury stock method | 220 | 226 | |
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Performance Conditions But Performance Not Met [Member] | |||
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive under the treasury stock method | 0 | 0 | |
Restricted Stock Units Activity [Member] | Perpetual Cumulative Convertible Preferred Stock [Member] | |||
Impact Of Equity Awards [Line Items] | |||
Excluded shares as anti-dilutive under the treasury stock method | 0 | 0 |
INCOME TAXES - Expected And Rep
INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||
Income taxes (benefit) | $ 2,038 | $ (3,509) |
Effective income tax rate | 39.50% | 19.80% |
INCOME TAXES - Expense (Benefit
INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Deferred: | ||
Total deferred | $ (2,669) | $ (5,252) |
Income taxes (benefit) | $ 2,038 | $ (3,509) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Deferred Tax Assets (Liabilities), Net | $ 547 | $ 546 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - Other Long Term Liabilities [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities | ||
Deferred Compensation | $ (30,626) | $ (30,928) |
Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Deferred Compensation | (23,506) | (23,476) |
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Deferred Compensation | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Deferred Compensation | 0 | 0 |
Measured at Net Asset Value as Practical Expedient [Member] | ||
Liabilities | ||
Deferred Compensation | $ (7,120) | $ (7,452) |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Cost-method Investments Line Items | |||
Original Cost | $ 11,205 | $ 9,955 | |
Other Than Temporary Impairment | $ 0 | 0 | |
Carrying Amount Not Evaluated for Impairment | 11,205 | $ 9,955 | |
Payments to Acquire Restricted Investments | 0 | 1,250 | |
Cost Method Invetsment, after adjustments | 11,205 | 11,205 | |
Senior Notes | |||
Fair Value Of Instruments [Line Items] | |||
Carrying value of debt | 400,000 | 400,000 | |
Fair value of debt | 399,500 | 378,000 | |
Finance Method Lease Obligations | |||
Fair Value Of Instruments [Line Items] | |||
Carrying value of debt | 889 | 912 | |
Letter of credit | |||
Fair Value Of Instruments [Line Items] | |||
Carrying value of debt | 5,862 | 5,862 | |
New Term B Loan [Member] | |||
Fair Value Of Instruments [Line Items] | |||
Carrying value of debt | 1,291,700 | 1,291,700 | |
Fair value of debt | 1,259,408 | 1,243,261 | |
New Revolver [Member] | |||
Fair Value Of Instruments [Line Items] | |||
Carrying value of debt | 0 | 180,000 | |
Fair value of debt | $ 0 | $ 180,000 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | |
Assets Held-for-sale, at Carrying Value1 [Abstract] | ||||
GainLossOnSaleOfProperties | $ 4,500 | |||
IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems | ||||
Revenues | 309,005 | $ 300,560 | ||
Net Revenues | 0 | 0 | $ 0 | |
Station operating expenses | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
TBA income | 0 | (415) | 0 | |
Total Operating Expenses | 0 | 0 | 0 | |
Income before taxes | 0 | 415 | 0 | |
Tax Expense attributable to Discontinued Operations | 0 | 87 | 0 | |
Income from Discontinued Operations, Net of Tax | 0 | $ 328 | $ 0 | |
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 327,901 | $ 317,030 | ||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Net Assets Held for Sale | 22,795 | 19,603 | ||
Goodwill | 534,607 | 539,469 | ||
IntangibleAssetsNetIncludingGoodwill | 21,997 | 0 | ||
CumulusTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Net Assets Held for Sale | 22,795 | 0 | ||
IntangibleAssetsNetIncludingGoodwill | 21,997 | 0 | ||
OtherTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Net Assets Held for Sale | 0 | 19,603 | ||
IntangibleAssetsNetIncludingGoodwill | 0 | 0 | ||
Land and Land Improvements [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 401 | 2,645 | ||
Land and Land Improvements [Member] | CumulusTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 401 | 0 | ||
Land and Land Improvements [Member] | OtherTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 2,645 | ||
Building [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 8 | 1,053 | ||
Building [Member] | CumulusTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 8 | 0 | ||
Building [Member] | OtherTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 1,053 | ||
Leasehold improvements [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 0 | ||
Leasehold improvements [Member] | CumulusTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 0 | ||
Leasehold improvements [Member] | OtherTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 0 | ||
Equipment [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 389 | 15,905 | ||
Equipment [Member] | CumulusTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 389 | 0 | ||
Equipment [Member] | OtherTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 15,905 | ||
Property Plant and Equipment Net Member [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 798 | 19,603 | ||
Property Plant and Equipment Net Member [Member] | CumulusTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 798 | 0 | ||
Property Plant and Equipment Net Member [Member] | OtherTransactionMember [Member] | ||||
Summary of the categories of property and equipment | ||||
Property Plant And Equipment Net | 0 | 19,603 | ||
Radio Broadcasting Licences [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Radio broadcasting licenses | 17,135 | 0 | ||
Radio Broadcasting Licences [Member] | CumulusTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Radio broadcasting licenses | 17,135 | 0 | ||
Radio Broadcasting Licences [Member] | OtherTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Radio broadcasting licenses | 0 | 0 | ||
Other Intangibles | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
OtherIntangibleAssetsNet | 0 | 0 | ||
Other Intangibles | CumulusTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
OtherIntangibleAssetsNet | 0 | 0 | ||
Other Intangibles | OtherTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
OtherIntangibleAssetsNet | 0 | 0 | ||
Goodwill [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Goodwill | 4,862 | 0 | ||
Goodwill [Member] | CumulusTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Goodwill | 4,862 | 0 | ||
Goodwill [Member] | OtherTransactionMember [Member] | ||||
IntangibleAssetsGrossExcludingGoodwillAbstract | ||||
Goodwill | $ 0 | $ 0 |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2016 | Nov. 17, 2017 | |
Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 0 | $ 0 | |||
Purchase price allocation [Abstract] | |||||
Property Plant And Equipment Net | 327,901 | $ 317,030 | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Merger and acquisition costs and restructuring charges | 9 | 1,383 | |||
Restructuring Charges | 1,014 | 1,481 | $ 0 | ||
Transition Services Costs | 0 | 0 | 0 | ||
Other Restructuring Costs | 321 | 491 | 0 | ||
Lease Abandonment Costs | 0 | 257 | 0 | ||
Changes in Estimates | 0 | 0 | |||
Workforce Reduction | 693 | 590 | 0 | ||
Costs to Exit Duplicative Contracts | 0 | 143 | $ 0 | ||
Unaudited Pro Forma Summary Of Financial Information | |||||
Net revenues | 309,005 | 305,425 | |||
Net income | $ 3,125 | $ (13,353) | |||
Net income per common share - basic | $ 0.02 | $ (0.1) | |||
Net income per common share - diluted | $ 0.02 | $ (0.1) | |||
Net income, available to common shareholders | $ 3,125 | $ (13,353) | |||
ProFormaWeightedAverageSharesOutstandingDiluted | 138,523,371 | 138,939,309 | |||
WeightedAverageBasicSharesOutstandingProForma | 138,099,180 | 138,939,309 | |||
Income (Loss) from Continuing Operations, Per Outstanding Share, Total | $ 0.02 | $ (0.1) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $ 0 | $ 0 | |||
Weighted Average Number Of Shares Outstanding Basic | 138,099,180 | 138,939,309 | |||
Weighted Average Number Of Diluted Shares Outstanding | 138,523,371 | 138,939,309 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | |||
Income Loss From Discontinued Operations Net Of Tax | $ 0 | $ 328 | |||
CBS Radio [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Net assets acquired | $ 1,170,000 | ||||
Total liabilities acquired | 1,390,000 | ||||
Unaudited Pro Forma Summary Of Financial Information | |||||
CBS Radio Total Consideration | $ 2,560,000 | ||||
CBS Radio [Member] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Shares Issued Pursuant to Acquisition | 101,407,494 | ||||
Cumulus Transaction - CBS Radio Member | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Gain Loss on sale of station | $ 400 | ||||
ProceedsFromDivestitureOfBusinesses | 141,000 | ||||
Emmis [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | 15,000 | ||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 13,442 | ||||
Total assets | 15,000 | ||||
Net assets acquired | $ 15,000 | ||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Discount Rates | 9.00% | ||||
Emmis [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | MeasurementInputLongTermRevenueGrowthRateMemberMember [Member] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
LongTermRevenueGrowthRate | 1.00% | ||||
Emmis [Member] | Equipment [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | $ 1,558 | ||||
Emmis [Member] | Total Tangible Property Member [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | 1,558 | ||||
Emmis [Member] | Radio Broadcasting Licences [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 12,785 | ||||
Emmis [Member] | Goodwill [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 332 | ||||
Emmis [Member] | Advertiser lists and customer relationships [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 207 | ||||
Emmis [Member] | Acquired advertising contracts [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 114 | ||||
Emmis [Member] | Other Noncurrent Assets [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 4 | ||||
Jerry Lee [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | 57,500 | ||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 55,453 | ||||
Total assets | 56,434 | ||||
Net assets acquired | $ 56,434 | ||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Discount Rates | 9.00% | ||||
LongTermRevenueGrowthRate | 1.00% | ||||
Jerry Lee [Member] | Maximum [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 7 years | ||||
Jerry Lee [Member] | Minimum [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 3 years | ||||
Jerry Lee [Member] | Equipment [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | $ 981 | ||||
Jerry Lee [Member] | Equipment [Member] | Minimum [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 3 years | ||||
Jerry Lee [Member] | Total Tangible Property Member [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | $ 981 | ||||
Jerry Lee [Member] | Radio Broadcasting Licences [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 27,346 | ||||
Jerry Lee [Member] | Goodwill [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 24,396 | ||||
Jerry Lee [Member] | Acquired advertising contracts [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | $ 477 | ||||
Jerry Lee [Member] | Acquired advertising contracts [Member] | Maximum [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Intangible assets amortization period | 1 year | ||||
Jerry Lee [Member] | Acquired advertising contracts [Member] | Minimum [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Intangible assets amortization period | 1 year | ||||
Jerry Lee [Member] | Other Noncurrent Assets [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | $ 3,234 | ||||
Beasley - WXTU [Member] | CurrentLiabilitiesDomain [Domain] | LongTermLiabilitiesDomain [Domain] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Gain Loss on sale of station | 4,400 | ||||
ProceedsFromDivestitureOfBusinesses | $ 38,000 |
BUSINESS COMBINATIONS - Accrued
BUSINESS COMBINATIONS - Accrued Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Abstract] | ||
Restructuring charges, beginning balance | $ 7,077 | $ 16,086 |
Increase in Restructuring Charges | 1,014 | 5,830 |
Payments for Restructuring | (2,659) | (14,839) |
Restructuring Charges Assumed in Merger | 0 | 0 |
Restructuring charges, ending balance | 5,432 | 7,077 |
RestructuringReserveNoncurrent | (650) | (988) |
Restructuring Reserve Current | $ 4,782 | $ 6,089 |
PERPETUAL CUMULATIVE CONVERTIBA
PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Preferred Stock Carrying Value [Abstract] | |
Perpetual Convertible Preferred Stock, Value, Issued | $ 0 |
CONTINGENCIES AND COMMITMENTS_2
CONTINGENCIES AND COMMITMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments And Contingencies Disclosure Abstract | |||
Letter of credit requirement | $ 5,862 | $ 5,862 | |
OtherCommitmentsLineItems | |||
RestrictedCash | 69,365 | 0 | |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 34,770 | ||
Total Proceeds | 70,200 | ||
Cash and Cash Equivalents Member | |||
OtherCommitmentsLineItems | |||
Cash | 122,893 | 68,266 | |
RestrictedCash | 69,365 | 0 | |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 192,258 | $ 68,266 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Notes Issued Subsequent to Period End | $ 325,000 | |
Interest Rate of Notes Issued Subsequent to Period End | 6.50% | |
Note Proceeds Used to Repay Term Loan | $ 425,000 | |
Draw on Revolver to Pay Term Loan | 89,000 | |
PaymentsToAcquirePropertyPlantAndEquipmentAbstract | ||
Deferred charges and other assets | $ 1,888 | $ 1,578 |
Uncategorized Items - etm-20190
Label | Element | Value |
Common Class B [Member] | ||
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Additional Paid In Capital [Member] | ||
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Common Class A [Member] | ||
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Retained Earnings [Member] | ||
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 4,719,000 |