Audacy (AUDAQ) 10-K 2 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-14461
Entity Registrant Name	Entercom Communications Corp
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1701044
Entity Address, Address Line One	2400 Market Street
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	610
Local Phone Number	660-5610
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Trading Symbol	ETM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 676,512,998
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001067837
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		133,868,099
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,045,199

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Cash	$ 20,393	$ 122,893
Restricted cash	0	69,365
Accounts receivable, net of allowance for doubtful accounts	378,912	342,766
Prepaid expenses, deposits and other	25,375	25,205
Total current assets	424,680	560,229
Investments	3,305	11,205
Net property and equipment	350,666	317,030
Operating lease right-of-use assets	259,613
Radio broadcasting licenses	2,508,121	2,516,625
Goodwill	43,920	539,469
Assets held for sale	10,188	19,603
Other assets, net of accumulated amortization	43,185	56,197
TOTAL ASSETS	3,643,678	4,020,358
LIABILITIES:
Accounts payable	5,961	1,858
Accrued expenses	76,078	58,449
Other current liabilities	76,837	118,438
Operating lease liabilities	35,335
Long-term debt, current portion	16,377	0
Total current liabilities	210,588	178,745
Long-term debt, net of current portion	1,697,114	1,872,203
Operating lease liabilities, net of current portion	253,346
Net deferred tax liabilities	549,658	545,982
Other long-term liabilities	51,529	89,168
Total long-term liabilities	2,551,647	2,507,353
Total liabilities	2,762,235	2,686,098
CONTINGENCIES AND COMMITMENTS
SHAREHOLDERS’ EQUITY:
Additional paid-in capital	1,655,781	1,693,512
Retained earnings (accumulated deficit)	(775,578)	(360,664)
Accumulated other comprehensive income (loss)	(139)	0
Total shareholders’ equity	881,443	1,334,260
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	3,643,678	4,020,358
Common Class A
SHAREHOLDERS’ EQUITY:
Common stock	1,339	1,372
Common Class B
SHAREHOLDERS’ EQUITY:
Common stock	40	40
Common Class C
SHAREHOLDERS’ EQUITY:
Common stock	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
NET REVENUES	$ 1,489,929,000	$ 1,462,567,000	$ 592,884,000
OPERATING EXPENSE:
Station operating expenses	1,086,617,000	1,099,278,000	443,512,000
Depreciation and amortization expense	45,331,000	44,288,000	15,546,000
Corporate general and administrative expenses	84,304,000	69,492,000	47,859,000
Integration costs	4,297,000	25,372,000	0
Restructuring Charges	6,976,000	5,830,000	16,922,000
Impairment loss	545,457,000	493,988,000	952,000
Merger and acquisition costs	941,000	3,014,000	41,313,000
Other expenses related to financing	4,397,000	0	2,213,000
Net time brokerage agreement (income) fees	106,000	(918,000)	130,000
Net (gain) loss on sale or disposal of assets	(7,640,000)	(12,158,000)	11,853,000
Total operating expense	1,770,786,000	1,728,186,000	580,300,000
OPERATING INCOME (LOSS)	(280,857,000)	(265,619,000)	12,584,000
NET INTEREST EXPENSE	100,103,000	101,121,000	32,521,000
Net loss on extinguishment of debt	2,046,000	0	4,135,000
OTHER (INCOME) EXPENSE	(2,046,000)	0	(4,135,000)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)	(383,006,000)	(366,740,000)	(24,072,000)
INCOME TAXES (BENEFIT)	37,206,000	(4,153,000)	(257,085,000)
NET INCOME (LOSS) AVAILABLE TO THE COMPANY - CONTINUING OPERATIONS	(420,212,000)	(362,587,000)	233,013,000
Preferred stock dividend	0	0	(2,015,000)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS - CONTINUING OPERATIONS	(420,212,000)	(362,587,000)	230,998,000
Income from discontinued operations, net of income taxes (benefit)	0	1,152,000	836,000
NET INCOME (LOSS)	$ (420,212,000)	$ (361,435,000)	$ 231,834,000
Earnings Per Share, Basic [Abstract]
Net income (loss) from continuing operations per share available to common shareholders - Basic (in dollars per share)	$ (3.07)	$ (2.63)	$ 4.49
Net income (loss) from discontinued operations per share available to common shareholders - Basic (in dollars per share)	0	0.01	0.02
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - BASIC (in dollars per share)	(3.07)	(2.62)	4.51
Earnings Per Share, Diluted [Abstract]
Net income (loss) from continuing operations per share available to common shareholders - Diluted (in dollars per share)	(3.07)	(2.63)	4.37
Net income (loss) from discontinued operations per share available to common shareholders - Diluted (in dollars per share)	0	0.01	0.02
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED (in dollars per share)	$ (3.07)	$ (2.62)	$ 4.38
WEIGHTED AVERAGE SHARES:
Basic (in shares)	136,967,455	138,069,608	51,392,899
Diluted (in shares)	136,967,455	138,069,608	52,885,156

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (420,212,000)	$ (361,435,000)	$ 231,834,000
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES (BENEFIT):
Net unrealized gain (loss) on derivatives	(139,000)	0	0
COMPREHENSIVE INCOME (LOSS)	$ (420,351,000)	$ (361,435,000)	$ 231,834,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Common Class A	Common Class B	Common StockCommon Class A	Common StockCommon Class B	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Parent
Opening Balance (in shares) at Dec. 31, 2016				33,510,184	7,197,532
Opening Balance at Dec. 31, 2016	$ 393,374,000			$ 335,000	$ 72,000	$ 605,603,000	$ (212,636,000)
NET INCOME (LOSS)	231,834,000						233,849,000		$ 233,849,000
Conversion of Class B common stock to Class A common stock in the Merger (in shares)				3,152,333	(3,152,333)
Conversion of Class B common stock to Class A common stock in the Merger				$ 32,000	$ (32,000)
Issuance of Class A common stock in the Merge (in shares)				101,407,494
Issuance of Class A common stock in the Merger	1,161,116,000			$ 1,014,000		1,160,102,000
Equity awards assumed in the Merger (in shares)				618,325
Equity awards assumed in the Merger	6,777,000			$ 6,000		6,771,000
Stock options assumed in the Merger	1,007,000					1,007,000
Compensation expense related to granting of stock awards (in shares)				2,066,241
Compensation expense related to granting of stock awards	9,567,000			$ 21,000		9,546,000
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”) (in shares)				14,833
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”)	182,000					182,000
Exercise of stock options (in shares)				8,250
Exercise of stock options	42,000					42,000
Common stock repurchase (in shares)				(932,600)
Common stock repurchase	$ (10,675,000)			$ (9,000)		(10,666,000)
Purchase of vested employee restricted stock units (in shares)	(169,000)			(169,279)
Purchase of vested employee restricted stock units	$ (2,565,000)			$ (2,000)		(2,563,000)
Payment of dividends on common stock	(29,296,000)					(29,296,000)
Dividend equivalents, net of forfeitures	(1,556,000)					(1,556,000)
Payment of dividends on preferred stock	(2,574,000)					(2,574,000)
Net unrealized gain (loss) on derivatives	0
Ending Balance (in shares) at Dec. 31, 2017				139,675,781	4,045,199
Ending Balance at Dec. 31, 2017	1,764,360,000			$ 1,397,000	$ 40,000	1,737,132,000	25,791,000
NET INCOME (LOSS)	(361,435,000)						(361,435,000)
Compensation expense related to granting of stock awards (in shares)				895,834
Compensation expense related to granting of stock awards	15,149,000			$ 9,000		15,140,000
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”) (in shares)				228,227
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”)	1,428,000			$ 2,000		1,426,000
Exercise of stock options (in shares)				113,137
Exercise of stock options	153,000			$ 1,000		152,000
Common stock repurchase (in shares)				(3,226,300)
Common stock repurchase	$ (29,407,000)			$ (32,000)		(29,375,000)
Purchase of vested employee restricted stock units (in shares)	(506,000)			(506,466)
Purchase of vested employee restricted stock units	$ (5,186,000)			$ (5,000)		(5,181,000)
Payment of dividends on common stock	(50,643,000)					(25,782,000)	(24,861,000)
Dividend equivalents, net of forfeitures	(159,000)						(159,000)
Net unrealized gain (loss) on derivatives	0
Ending Balance (in shares) at Dec. 31, 2018		137,180,213	4,045,199	137,180,213	4,045,199
Ending Balance at Dec. 31, 2018	1,334,260,000			$ 1,372,000	$ 40,000	1,693,512,000	(360,664,000)	$ 0
NET INCOME (LOSS)	(420,212,000)						(420,212,000)
Compensation expense related to granting of stock awards (in shares)				1,631,529
Compensation expense related to granting of stock awards	13,382,000			$ 16,000		13,366,000
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”) (in shares)				334,782
Issuance of common stock related to the Employee Stock Purchase Plan (“ESPP”)	$ 1,329,000			$ 4,000		1,325,000
Exercise of stock options (in shares)	180,300			180,300
Exercise of stock options	$ 244,000			$ 2,000		242,000
Common stock repurchase (in shares)	(5,000,000)			(5,000,000)
Common stock repurchase	$ (18,340,000)			$ (50,000)		(18,290,000)
Purchase of vested employee restricted stock units (in shares)	(459,000)			(459,203)
Purchase of vested employee restricted stock units	$ (2,905,000)			$ (5,000)		(2,900,000)
Payment of dividends on common stock	(31,474,000)					(31,474,000)
Dividend equivalents, net of forfeitures	(579,000)						(579,000)
Net unrealized gain (loss) on derivatives	(139,000)							(139,000)
Ending Balance (in shares) at Dec. 31, 2019		133,867,621	4,045,199	133,867,621	4,045,199
Ending Balance at Dec. 31, 2019	$ 881,443,000			$ 1,339,000	$ 40,000	$ 1,655,781,000	$ (775,578,000)	$ (139,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (420,212,000)	$ (361,435,000)	$ 231,834,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	45,331,000	44,288,000	15,546,000
Net amortization of deferred financing costs (net of original issue discount and debt premium)	157,000	327,000	1,371,000
Net deferred taxes (benefit) and other	5,407,000	(61,798,000)	(263,551,000)
Provision for bad debts	4,549,000	8,909,000	3,715,000
Net (gain) loss on sale or disposal of assets	(7,640,000)	(12,158,000)	11,853,000
Non-cash stock-based compensation expense	15,882,000	15,149,000	9,567,000
Net loss on extinguishment of debt	2,046,000	0	4,135,000
Deferred compensation	6,118,000	(1,357,000)	4,247,000
Impairment loss	545,457,000	493,988,000	952,000
Accretion expense (income), net of asset retirement obligation adjustments	65,000	60,000	37,000
Changes in assets and liabilities (net of effects of acquisitions, dispositions, consolidation, and deconsolidation of Variable Interest Entities (VIEs)):
Accounts receivable	(30,856,000)	1,777,000	(14,127,000)
Prepaid expenses, deposits and other	(283,000)	1,431,000	14,267,000
Accounts payable, accrued expenses and other current liabilities	(27,777,000)	1,217,000	8,370,000
Accrued interest expense	3,875,000	(6,278,000)	4,169,000
Accrued liabilities - long-term	(9,931,000)	(21,871,000)	(2,414,000)
Prepaid expenses - long-term	0	0	(2,874,000)
Net cash provided by (used in) operating activities	132,188,000	102,249,000	29,112,000
INVESTING ACTIVITIES:
Additions to property and equipment	(70,476,000)	(29,837,000)	(20,530,000)
Proceeds from sale of property, equipment, intangibles and other assets	29,321,000	185,761,000	60,505,000
Purchases of audio assets	(40,136,000)	(71,434,000)	(24,000,000)
Additions to amortizable intangible assets	(7,425,000)	(11,949,000)	(663,000)
Purchases of investments	(1,800,000)	(1,250,000)	(9,700,000)
Proceeds from sale of property reflected as restricted cash	0	70,187,000	0
(Deconsolidation) consolidation of a VIE	0	0	(302,000)
Proceeds from disposition of radio stations	0	0	12,000,000
Net cash provided by (used in) investing activities	(90,516,000)	141,478,000	17,310,000
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	430,000,000	0	500,000,000
Borrowing under the revolving senior debt	194,000,000	80,000,000	200,500,000
Payments of long-term debt	(521,700,000)	(81,348,000)	(669,750,000)
Payments of revolving senior debt	(257,000,000)	0	0
Payment for debt issuance costs	(7,691,000)	0	(16,302,000)
Proceeds from issuance of employee stock plan	1,329,000	1,428,000	182,000
Retirement of perpetual cumulative convertible preferred stock	0	0	(27,737,000)
Proceeds from the exercise of stock options	244,000	153,000	42,000
Purchase of vested employee restricted stock units	(2,905,000)	(5,186,000)	(2,565,000)
Payment of dividends on common stock	(30,273,000)	(49,770,000)	(29,296,000)
Payment of dividend equivalents on vested restricted stock units	(1,201,000)	(873,000)	(1,556,000)
Repurchase of common stock	(18,340,000)	(30,040,000)	(10,042,000)
Payment of dividends on preferred stock	0	0	(2,574,000)
Net cash provided by (used in) financing activities	(213,537,000)	(85,636,000)	(59,098,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(171,865,000)	158,091,000	(12,676,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	192,258,000	34,167,000	46,843,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	20,393,000	192,258,000	34,167,000
Cash paid during the period for:
Interest	101,155,000	96,843,000	24,813,000
Income taxes	39,100,000	54,217,000	2,030,000
Dividends on common stock	30,273,000	49,770,000	29,296,000
Dividends on preferred stock	$ 0	$ 0	$ 2,574,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock shares issued (in shares)	133,867,621	137,180,213
Common stock shares outstanding (in shares)	133,867,621	137,180,213
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock shares issued (in shares)	4,045,199	4,045,199
Common stock shares outstanding (in shares)	4,045,199	4,045,199
Common Class C
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock shares issued (in shares)	0	0
Common stock shares outstanding (in shares)	0	0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Nature of Business – Entercom Communications Corp. (the “Company”) is the second-largest radio broadcasting company in the United States. The Company is also a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 16 markets and 22 of the top 25 markets. 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 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. Upon obtaining required approvals from the Federal Communications Commission (the "FCC"), the Antitrust Division of the U.S. Department of Justice ("DOJ"), and the Company's shareholders, the Merger closed on November 17, 2017. The results of CBS Radio have been included in the Company’s consolidated financial statements since the date of acquisition. Refer to Note 3, Business Combinations, for additional information. The Company’s strategy focuses on providing compelling content in the communities it serves to enable the Company to offer its advertisers an effective marketing platform to reach a large targeted local audience. The principal components of the Company’s strategy are to: (i) focus on creating effective integrated marketing solutions for its customers that incorporate its audio, digital and experiential assets; (ii) build strongly-branded radio stations with highly compelling content; (iii) develop market leading station clusters; and (iv) recruit, develop, motivate and retain superior employees. Reclassifications Certain reclassifications have been made to the prior years’ statements of cash flow and 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) or local marketing agreement (“LMA”) in connection with a pending acquisition or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE or separately present activity as discontinued operations may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2019, there were no VIEs requiring consolidation in these financial statements. As of December 31, 2018, there was one VIE that required consolidation in these consolidated 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 completion 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. Total results of operations of the VIE for the year ended December 31, 2019, and December 31, 2018, were not significant. 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, the Company does not have restricted cash as of December 31, 2019. The VIE had no other assets or liabilities aside from the restricted cash balances and capitalized leasehold improvements 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 recourse by the creditors of the VIE against the Company’s general creditors. Refer to Note 22, Contingencies And Commitments, for further discussion of VIEs requiring consolidation. See Note 21, Assets Held For Sale And Discontinued Operations, for further discussion on discontinued operations. Reportable Segment – The Company operates under one reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Operating Segment - Following the Company's Merger with CBS Radio in November 2017, the Company's radio broadcasting operations increased from 28 radio markets to 48 radio markets. In connection with the Merger, management further considered its operating segment and reportable segment conclusions. Management considered factors including, but not limited to: (i) the favorable impact of the significant synergies generated through more centralized operating activities; and (ii) how the value of the portfolio of radio markets is greater than the sum of the value of the individual radio markets in that portfolio. These factors impact how the Chief Operating Decision Maker ("CODM") evaluates the results of a significantly larger company and how operating decisions are made, which are now performed at the Company level. This approach is consistent with how operating and capital investment decisions are made as needed, at the Company level, irrespective of any given market's size or location. Furthermore, technological enhancements and systems integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Management also considered its organizational structure in assessing its operating segments and reportable segments. Managers at the market level are often responsible for the operational oversight of multiple markets, the assignment of which is nether dependent upon geographical region nor size. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. After consideration of the above, the Company changed its operating segment conclusions during the second quarter of 2018. The Company has one operating segment and one reportable segment. Management’s Use of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (i) asset impairments, including broadcasting licenses and goodwill; (ii) income tax valuation allowances for deferred tax assets; (iii) allowance for doubtful accounts and allowance for sales reserves; (iv) self-insurance reserves; (v) fair value of equity awards; (vi) estimated lives for tangible and intangible assets; (vii) contingency and litigation reserves; (viii) fair value measurements; (ix) acquisition purchase price asset and liability allocations; and (x) uncertain tax positions. The Company’s accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates. Income Taxes – The Company applies the asset and liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for 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 periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. The Company applies the guidance for income taxes and intra-period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (i) income (loss) from continuing operations; (ii) income (loss) from discontinued operations; (iii) other comprehensive income (loss); (iv) the cumulative effects of accounting changes; and (v) other charges or credits recorded directly to shareholders’ equity. See Note 17, Income Taxes, for a further discussion of income taxes. Property and Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. Depreciation expense on property and equipment is determined on a straight-line basis. Depreciation expense for property and equipment is reflected in the following table: Property And Equipment Years Ended December 31, 2019 2018 2017 (amounts in thousands) Depreciation expense $ 31,866 $ 28,709 $ 13,215 As of December 31, 2019, the Company had capital expenditure commitments outstanding of $2.8 million. The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2019 2018 Land, land easements and land improvements 0 15 $ 107,281 $ 110,570 Buildings 20 40 34,777 36,038 Equipment 3 40 210,872 222,847 Furniture and fixtures 5 10 19,393 18,426 Other * * 44 44 Leasehold improvements * * 98,833 71,688 471,200 459,613 Accumulated depreciation (163,416) (158,341) 307,784 301,272 Capital improvements in progress 42,882 15,758 Net property and equipment $ 350,666 $ 317,030 * Shorter of economic life or lease term Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 7, Intangible Assets And Goodwill, for further discussion. Certain of the Company’s equipment, such as broadcast towers, can provide economic benefit over a longer period of time resulting in the use of longer lives of up to 40 years. If events or changes in circumstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair value of long-lived assets requires the use of significant judgments and estimates. Future events may impact these judgments and estimates. Revenue Recognition – 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) local events; (iv) e-commerce where an advertiser’s goods and services are sold through the Company’s websites; and (v) a suite of digital products. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the products or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. Refer to the recent accounting pronouncements section within this note for additional information on recently issued accounting guidance on revenue recognition. Refer to Note 4, Revenue, for additional information on the Company’s revenue. Refer to Note 4, Revenue, Note 9, Other Current Liabilities, and Note 10, Other Long-Term Liabilities, for additional information on unearned revenue. The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2019 2018 (amounts in thousands) Current Other current liabilities $ 9,894 $ 22,692 Long-term Other long-term liabilities $ 2,113 $ 1,138 Concentration of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The balance in the Company’s allowance for doubtful accounts is based on the Company’s historical collections, the age of the receivables, specific customer information, and current economic conditions. Delinquent accounts are written off if collections efforts have been unsuccessful and the likelihood of recovery is considered remote. Debt Issuance Costs and Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense. See Note 11, Long-Term Debt, for further discussion for the amount of deferred financing expense that was included in interest expense in the accompanying consolidated statements of operations. In 2019, the Company issued senior secured second-lien notes and used proceeds to partially repay amounts outstanding under existing indebtedness. In connection with this refinancing activity, a portion of the unamortized deferred financing costs associated with the Company's former term loan was written off and included in the statement of operations under loss on extinguishment of debt. Lender fees and third party fees incurred during the refinancing were capitalized or expensed as appropriate based on accounting guidance for debt modifications and extinguishments. In 2017, the Company refinanced its outstanding debt in conjunction with the Merger. In connection with this refinancing activity, a portion of the unamortized deferred financing costs associated with the Company’s former revolving credit facility and a portion of the unamortized deferred financing costs associated with the Company’s former term loan was written off and included in the statement of operations under loss on extinguishment of debt. Lender fees and third party fees incurred during the refinancing were capitalized or expensed as appropriate based on accounting guidance for debt modifications and extinguishments. Refer to Note 11, Long-Term Debt, for further discussion of the 2019 and 2017 refinancing activities. Extinguishment of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. On December 13, 2019, April 30, 2019, and November 17, 2017, the Company refinanced certain of its outstanding debt. In each refinancing event, a portion of the Company’s outstanding debt was accounted for as an extinguishment. See Note 11, Long-Term Debt for a discussion of the Company’s long-term debt. Corporate General and Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties. Time Brokerage Agreement (Income) Fees – TBA fees or income consists of fees paid or received under agreements that permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement to market, but not to program, a station for a defined period of time. A portion of the Company’s TBA income earned is presented in income (loss) from discontinued operations, net of income taxes (benefit) in the Company’s consolidated statement of operations. TBA fees or income earned from continuing operations are recorded as a separate line item in the Company’s consolidated statement of operations. Trade and Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Trade and Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. See Note 18, Supplemental Cash Flow Disclosures On Non-Cash Activities, for a summary of the Company’s barter transactions. Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses an income or cost method to determine the fair value of all intangible assets required to be recognized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 7, Intangible Assets And Goodwill. Asset Retirement Obligations – The Company reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probability factor as the obligation depends upon a future event that may or may not be within the control of the Company. The following table presents the changes in asset retirement obligations: Asset Retirement Obligations December 31, 2019 2018 (amounts in thousands) Beginning Balance $ 2,030 $ 1,714 Additions — 456 Settlements (20) (204) Revision of estimate — 4 Accretions 64 60 Ending Balance $ 2,074 $ 2,030 Asset retirement obligations - short term $ 380 $ 342 Asset retirement obligations - long term 1,694 1,688 Total asset retirement obligations $ 2,074 $ 2,030 Accrued Compensation – Certain types of employee compensation are paid in subsequent periods. See Note 9, Other Current Liabilities, for amounts reflected in the balance sheets. Cash, Cash Equivalents and Restricted Cash – Cash consists primarily of amounts held on deposit with financial institutions. The Company’s cash deposits with banks are insured by the Federal Deposit Insurance Corporation up to $250,000 per account. At times, the cash balances held by the Company in financial institutions may exceed these insured limits. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in high credit quality financial institutions. The Company has not experienced any losses in such accounts. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Restricted cash balances consist of amounts that the Company may be restricted in its ability to access or amounts that are reserved for a specific purpose and therefore not available for immediate or general business use. As of December 31, 2018, the Company had investments in money market instruments of approximately $69.4 million, which are reflected on the consolidated balance sheet as restricted cash as the Company was temporarily restricted in its ability to access these funds. The Company deposited proceeds from the sale of a parcel of land in Chicago, Illinois and proceeds from the sale of land and buildings in Los Angeles, California into accounts of a QI. Refer to Note 22, Contingencies and Commitments, for additional information on these transactions. The Company deposited these proceeds into a QI account to comply with requirements under Section 1031 of the Internal Revenue Code (the “Code”) to execute a like-kind exchange. This process allowed the Company to effectively minimize its current tax liability in connection with the gains recognized on these asset sales. The cash proceeds in the accounts of the QI were invested in money market accounts. The Company does not believe it had any material credit exposure with respect to these assets. Restrictions on these restricted cash deposits lapsed during the first quarter of 2019. As a result, the Company does not have restricted cash on its balance sheet at December 31, 2019. As of December 31, 2019 and December 31, 2018, the Company had no other cash equivalents on hand. Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities. Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 10, Other Long-Term Liabilities. The operating lease obligations represent scheduled future minimum operating lease payments under non-cancellable operating leases, including rent obligations under escalation clauses that are defined increases and not escalations that depend on variable indices. The minimum lease payments do not include common area maintenance, variable real estate taxes, insurance and other costs for which the Company may be obligated as most of these payments are primarily variable rather than fixed. See Note 22, Contingencies and Commitments, for a discussion of the Company’s leases. In addition, refer to the recent accounting pronouncements section of this note, Leasing Transactions, for a change in the Company’s reporting requirements as of January 1, 2019. Share-Based Compensation – The Company records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further discussion of share-based compensation, see Note 16, Share-Based Compensation. Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. At December 31, 2019, and 2018, the Company held no equity method investments. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company has minority equity investments in privately held companies that are separately presented in the Investments line item. The Company monitors these investments for impairment and makes appropriate reductions to the carrying value when events and circumstances indicated that the carrying value of the investments may not be recoverable. In determining whether a decline in fair value exists, the Company considers various factors, including market price (when available), investment ratings, the financial condition and near-term prospects of the investee, the length of time and the extent to which the fair value has been less than the Company’s cost basis, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Company also provides certain quantitative and qualitative disclosures for those investments that are impaired at the balance sheet date and for those investments for which an impairment has not been recognized. The Company's investments continue to be carried at their original cost. There have been no impairments in the investments valued under the measurement alternative, returns of capital, or any adjustments resulting from observable price changes in orderly transactions for the investments. Refer to Note 20, Fair Value Of Financial Instruments, for additional information on the Company’s investments valued under the measurement alternative. Advertising and Promotion Costs – Costs of media advertising and associated production costs are expensed when incurred. For the years ended December 31, 2019, 2018, and 2017, the costs incurred were $7.1 million, $3.6 million, and $0.7 million. Insurance and Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property, director and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. Recognition of Insurance Claims and Other Recoveries – The Company recognizes insurance recoveries and other claims when all contingencies have been satisfied. Sports Programming Costs and Unfavorable/Favorable Sports Liabilities/Assets – Sports programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. Prepaid expenses which are not directly allocable to any one particular season are amortized on a straight-line basis over the life of the agreement. In connection with certain acquisitions, the Company assumed contracts at above or below market rates. These liabilities and assets are being amortized over the life of the contracts and are reflected within current and long-term assets and liabilities. Accrued Litigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Company expenses legal costs as incurred in professional fees. See Note 22, Contingencies and Commitments. Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development stage. Internal-use software includes website development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites. Costs related to the maintenance, content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method. 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 those listed below, that might have a material impact on the Company’s financial position or results of operations. Stock-Based Compensation In June 2018, the accounting guidance was amended to address several aspects of accounting for nonemployee share-based payment transactions to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance was effective for the Company as of January 1, 2019. The Company adopted the new guidance using a modified retrospective approach, without the need to make a cumulative-effect adjustment to retained earnings as of the effective date. The Company believes that this amendment to the accounting guidance did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2016, the accounting guidance for stock-based compensation was modified primarily to: (i) record excess tax benefits or deficiencies on stock-based compensation in the statement of operations, regardless of whether the tax benefits reduce taxes payable in the period; (ii) allow an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation up to the maximum statutory tax rates in the applicable jurisdictions; and (iii) allow entities to make an accounting policy election to either estimate the number of award forfeitures or to account for forfeitures when they occur. The guidance was effective for the Company on January 1, 2017. As of January 1, 2017, the Company recorded a cumulative-effect adjustment to its accumulated deficit of $5.1 million on a modified retrospective transition basis. This adjustment was comprised of previously unrecognized excess tax benefits of $4.6 million as adjusted for the Company’s effective income tax rate, and a change to recognize stock-based compensation forfeitures when they occur of $0.5 million, net of tax. Revenue Recognition The Company adopted the amended accounting guidance for revenue recognition on January 1, 2018, using the modified retrospective transition method, without a need to make a cumulative-effect adjustment to retained earnings as of the effective date. As a result, the Company has changed its accounting policy for revenue recognition 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, Revenue, for additional information. Under certain practical expedients elected, the Company did not disclose the amount of consideration allocated to the remaining performance obligations or an explanation of when the Company expects to recognize that amount as revenue for all reporting periods presented before January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under the amended accounting guidance, while prior period amounts are not 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 is not material to the Company's financial position, results of operations or cash flows through December 31, 2019. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer, in an amount that reflects the consideration it expects to be entitled to in exchange for those products or services. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. Leasing Transactions In February 2016, the accounting 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 bal

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONSThe 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. 2019 Cadence 13 Acquisition On October 16, 2019, the Company completed its acquisition of Cadence 13, Inc. ("Cadence 13") by purchasing the remaining shares in Cadence 13 that it did not already own. The Company initially acquired a 45% interest in Cadence 13 in July 2017. The Company acquired the remaining interest in Cadence 13 for a purchase price of $24.3 million in cash plus working capital (The "Cadence 13 Acquisition"). In connection with this step acquisition of Cadence 13, the Company remeasured its previously held equity interest to fair value and recognized a gain of $5.3 million and removed the investment in Cadence 13 from its records. Upon completion of the Cadence 13 Acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. Based on the timing of the Cadence 13 Acquisition, the Company's consolidated financial statements for the year ended December 31, 2019, reflect the results of Cadence 13's operations for a portion of the period after the completion of the Cadence 13 Acquisition. The Company's consolidated financial statements for the years ended December 31, 2018, and 2017 do not reflect the results of Cadence 13's operations. The allocations presented in the table below are based upon management's estimates of the fair values using valuation techniques including income, cost and market approaches. The Company's fair value analysis contains assumptions based on past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. Using a residual method, any excess between the fair values of the net assets acquired and the total fair value of assets acquired was recorded as goodwill. The Company recorded goodwill on its books, which is fully deductible for income tax purposes. Management believes that this acquisition provides the Company with an opportunity to benefit from customer relationships, technical knowledge and trade secrets. 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 estimate. Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Property, plant and equipment $ 654 3 7 Total tangible property 654 Operating lease right-of-use asset 62 Deferred tax asset 2,900 Cadence 13 brand 5,977 3 3 Goodwill 31,392 non-amortizing Total intangible and other assets 40,331 Operating lease liabilities (985) Net working capital (757) Preliminary fair value of net assets acquired $ 39,243 2019 Pineapple Acquisition On July 19, 2019, the Company completed a transaction to acquire the assets of Pineapple Street Media ("Pineapple") for a purchase price of $14.0 million in cash plus working capital (the "Pineapple Acquisition"). Upon completion of the Pineapple Acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. Based on the timing of the Pineapple Acquisition, the Company's consolidated financial statements for the year ended December 31, 2019, reflect the results of Pineapple's operations for a portion of the period after the completion of the Pineapple Acquisition. The Company's consolidated financial statements for the years ended December 31, 2018 and 2017 do not reflect the results of Pineapple's operations. The allocations presented in the table below are based upon management's estimates of the fair values using valuation techniques including income, cost and market approaches. The Company's fair value analysis contains assumptions based on past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information. Using a residual method, any excess between the fair values of the net assets acquired and the total fair value of assets acquired was recorded as goodwill. The Company recorded goodwill on its books, which is fully deductible for income tax purposes. Management believes that this acquisition provides the Company with an opportunity to benefit from customer relationships, technical knowledge and trade secrets. 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 estimate. Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Accounts receivable $ 997 Pineapple Street Media brand 1,793 non-amortizing Goodwill 12,445 non-amortizing Total intangible and other assets 15,235 Total assets 15,235 Unearned revenue 238 Accounts payable 30 Total liabilities $ 268 Preliminary fair value of net assets acquired $ 14,967 2019 Cumulus Exchange On February 13, 2019, the Company entered into an agreement with Cumulus Media Inc. ("Cumulus") under which the Company exchanged 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 "Cumulus Exchange"). The Company and Cumulus began programming the respective stations under local marketing agreements ("LMAs") on March 1, 2019. Upon completion of the Cumulus Exchange on May 9, 2019, the Company: (i) removed from its records the assets of the divested stations, which were previously classified as assets held for sale; (ii) recorded the assets of the acquired stations at fair value; and (iii) recognized a loss on the exchange transaction of approximately $1.8 million. Based on the timing of the Cumulus Exchange, the Company's consolidated financial statements for the year ended December 31, 2019: (i) reflect the results of the acquired stations for a portion of the period in which the LMAs were in effect and after the completion of the Cumulus Exchange; and (ii) reflect the results of the divested stations for a portion of the period until the commencement date of the LMAs. The Company's consolidated financial statements for the years ended December 31, 2018, and 2017: (i) do not reflect the results of the acquired stations; and (ii) reflect the results of the divested stations. 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 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 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 on 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. Using a residual method, any excess between the fair value of the net assets acquired and the total fair value of stations acquired was recorded as goodwill. The Company recorded goodwill on its books, which is fully deductible for income tax purposes. Management believes that this exchange provides the Company with an opportunity to benefit from operational efficiencies from combining the operation of the acquired stations with the Company's existing stations within the Springfield, Massachusetts, and New York City, New York markets. 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 estimate. Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Equipment $ 844 3 7 Total tangible property 844 Radio broadcasting licenses 19,576 non-amortizing Goodwill 2,080 non-amortizing Total intangible and other assets 21,656 Total assets $ 22,500 Preliminary fair value of net assets acquired $ 22,500 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 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 and recognized a gain of approximately $4.4 million. 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 Transaction and cash on hand to fund this acquisition. Upon the completion of the WXTU 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 entered 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. 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 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 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 Company recorded goodwill on its books, which is fully deductible 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 Philadelphia market. The following table reflects the final allocation of the purchase price of the assets acquired. Final Value (amounts in thousands) Assets Equipment $ 981 Total tangible property 981 Advertising contracts 477 Radio broadcasting licenses 27,346 Goodwill 24,396 Net working capital 3,234 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 asset 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 consolidated financial statements. 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 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 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 table reflects the final allocation of the purchase price to the assets acquired. 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 Preliminary 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 Company 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 total 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 common 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 trading 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, certain 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 sale 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 existing 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. The aggregate fair value purchase price allocation of the assets and liabilities acquired in the CBS Radio Merger as reported on the Company’s Form 10-K filed with the SEC on March 16, 2018, were revised during the year ended December 31, 2018 primarily due to: (i) a change to the deferred tax liabilities associated with certain stations acquired in the CBS Radio Merger which resulted in a decrease to goodwill of $3.3 million; (ii) a change to other current assets acquired in the CBS Radio Merger which resulted in a decrease to goodwill of $1.3 million; (iii) a change to prepaid assets acquired in the CBS Radio Merger which resulted in a decrease to goodwill of $0.5 million; (iv) a change to accrued expenses acquired in the CBS Radio Merger which resulted in an increase to goodwill of $2.3 million; (v) the recording of current and noncurrent lease abandonment liabilities assumed and a corresponding receivable for reimbursement from CBS Corporation; (vi) a change to tenant improvement allowances outstanding that were acquired in the CBS Radio Merger which resulted in a decrease to goodwill of $2.3 million; (vii) a change to the purchase price allocated to acquired tangible property which resulted in a decrease to goodwill of $16.4 million; and (viii) reclassification between the categories of acquired tangible property. The reclassification between categories of acquired tangible property did not have a material impact on depreciation and amortization expense. 2017 Exchange Transaction: The iHeartMedia Transaction On November 1, 2017, the Company entered into an agreement (the “iHeartMedia Transaction”) with iHeart to exchange three CBS Radio stations in Seattle, Washington, and two CBS Radio and two Company radio stations in Boston, Massachusetts, for four iHeart radio stations in Chattanooga, Tennessee, and six iHeart radio stations in Richmond, Virginia, respectively. Upon consummation of the CBS Merger, the Company contributed the stations to be divested to iHeart into an FCC Disposition trust. Concurrently with the Company entering into an asset exchange agreement, the FCC Disposition Trust and iHeart entered into TBAs which provided for iHeart and the Company, respectively, to operate certain radio stations pending closing. Operation under each TBA commenced at various times and for certain stations after the Merger. During the period of the TBA, the Company: (i) included net revenues and station operating expenses associated with operating the Richmond and Chattanooga stations in the Company’s consolidated financial statements; and (ii) excluded net revenues and station operating expenses associated with iHeart’s operation of the Seattle stations and Boston stations from the Company’s consolidated financial statements. As a result of this iHeartMedia Transaction, the Company entered into two new markets in Richmond, Virginia and Chattanooga, Tennessee. The results of operations of KZOK FM and KJAQ FM from November 17, 2017, to December 18, 2017, are presented within discontinued operations as these stations were acquired from CBS Radio and were never operated by the Company and immediately qualified as held for sale. Refer to Note 21, Assets Held For Sale And Discontinued Operations, for additional information. 2017 Exchange Transaction: The Beasley Transaction On November 1, 2017, the Company entered into an agreement (the “Beasley Transaction”) with Beasley Broadcast Group (“Beasley”) to exchange a CBS Radio station (WBZ FM) in Boston, Massachusetts for another station in the same market (WMJX FM) and cash proceeds of $12.0 million. Concurrently with entering into the asset exchange agreement, the Company entered into a TBA to operate WMJX FM and included net revenues and station operating expenses in the Company’s consolidated financial statements for the period from December 4, 2017, through December 19, 2017. The results of operations of WBZ FM from November 17, 2017, to December 18, 2017, are presented within discontinued operations as this station was originally owned by CBS Radio and was never a part of the Company’s continuing operations. Prior to the commencement of operations under the TBA, the Company contributed WBZ FM to a trust and the trust operated the station for a period of time. Refer to Note 21, Assets Held For Sale And Discontinued Operations, for additional information. In valuing the non-monetary assets that were part of the consideration transferred, the Company utilized the fair value as of the acquisition date, with any excess of the purchase price over the net assets acquired reported as goodwill. The fair value of the acquired assets and liabilities was measured from the perspective of a market participant, applying the same methodology and types of assumptions as described above. Applying these methodologies requires significant judgment. Summary of iHeart and Beasley Transactions by Radio Station iHeartMedia Transaction Market Radio Stations Transactions TBA Commencement Date Disposition or Acquisition Date Richmond, VA WRVA AM Company acquired from iHeart December 4, 2017 December 19, 2017 WRXL FM WTVR FM WBTJ FM WRNL AM WRVQ FM Chattanooga, TN WKXJ FM Company acquired from iHeart December 4, 2017 December 19, 2017 WUSY FM WRXR FM WLND FM Boston, MA WBZ AM Company divested to iHeart November 18, 2017 December 19, 2017 WZLX FM WKAF FM WRKO AM Not applicable Seattle, WA KZOK FM Company divested to iHeart Not Applicable December 19, 2017 KJAQ FM KFNQ AM November 18, 2017 Beasley Transaction Market Radio Stations Transactions TBA Commencement Date Disposition or Acquisition Date Boston, MA WMJX FM Company acquired from Beasley December 4, 2017 December 19, 2017 Boston, MA WBZ FM Company divested to Beasley Not Applicable December 19, 2017 Valuation of the iHeartMedia Transaction and The Beasley Transaction As discussed above, the Company completed a partial non-monetary transaction with Beasley and a non-monetary transaction with iHeart to exchange several radio stations in certain markets. In valuing the non-monetary assets that were part of the consideration transferred, the Company utilized the fair value as of the date the assets were exchanged. 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 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 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 on 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 between the fair values of the net assets given up over the fair values of the net assets acquired was reported as goodwill. The following table reflects the final aggregate fair value purchase price allocation of these assets and liabilities assumed. Beasley Transaction Assets Acquired Assets Disposed (amounts in thousands) Assets Total property plant and equipment $ 667 $ 807 Total tangible assets 667 807 Sports rights agreement — 267 Radio broadcasting licenses 35,944 35,944 Goodwill 289 11,882 Total intangible assets 36,233 48,093 Additional cash consideration 12,000 — Total value $ 48,900 $ 48,900 iHeart Transaction Assets Acquired Assets Disposed (amounts in thousands) Assets Total property plant and equipment $ 13,725 $ 8,149 Total tangible assets 13,725 8,149 Acquired advertising contracts 265 — Advertiser relationships 1,041 — Radio broadcasting licenses 50,621 56,299 Goodwill 11,700 6,852 Total intangible assets 63,627 63,151 Liabilities Unfavorable lease agreements assumed (1,301) — Deferred tax liabilities (4,751) — Total value $ 71,300 $ 71,300 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 remaining 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 21, Assets Held for Sale and Discontinued Operations, for additional information. 2017 Charlotte Acquisition On January 6, 2017, the Company completed a transaction to acquire four radio stations in Charlotte, North Carolina from Beasley for a purchase price of $24 million in cash. The Company used cash on hand to fund the acquisition. On October 17, 2016, the Company entered into an asset purchase agreement and a TBA with Beasley to operate three of the four radio stations that were held in a trust (the “Charlotte Trust”). On November 1, 2016, the Company commenced operations of the radio stations held in the Charlotte Trust and began operating the fourth station upon closing on the acquisition with Beasley in January 2017. During the period of the TBA, the Company included net revenues, station operating expenses and monthly TBA fees associated with operating these stations in the Company’s consolidated financial statements. 2017 Dispositions In October 2017, the Company divested three radio stations to EMF in order to facilitate the Merger. The Company disposed of equipment, radio broadcasting licenses, goodwill, and other assets across three of its markets for $57.8 million in cash. The Company reported a gain, net of expenses, of $2.5 million on the disposition of these assets. Merger and Acquisition Costs Merger and acquisition costs were expensed as a separate line item in the statement of operations. The Company records merger and acquisition costs whether or not an acquisition occurs. Merger and acquisition costs incurred consist primarily of legal, professional and advisory services related to the acquisition activities described above. Based on the timing of the Merger, there was a significant reduction in merger and acquisition costs incurred in 2019. Restructuring Charges Restructuring charges were expensed as a separate line item in the statement of operations. The following table presents the components of restructuring charges. Years Ended December 31 2019 2018 2017 (amounts in thousands) Costs to exit duplicative contracts $ — $ 229 $ 500 Workforce reduction 6,171 3,599 10,441 Other restructuring costs 805 2,002 3,021 Transition services costs — — 2,960 Total restructuring charges $ 6,976 $ 5,830 $ 16,922 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; and (ii) costs associated with realigning radio stations within the overlap markets between CBS Radio and the Company. A portion of unpaid restructuring charges as of December 31, 2019, were included in accrued expenses as these expenses are expected to be paid in less than one year. In connection with the sale of a radio station and the consolidation of studio facilities in a few markets, the Company abandoned certain leases. The Company computed the present value of the remaining lease payments of the lease and recorded lease abandonment costs. These lease abandonment costs include future lease liabilities offset by estimated sublease income. Due to the timing of the lease expirations, the Company assumed there is minimal sublease income. The Company will continue to evaluate the opportunities to sublease this space and revise its sublease estimates accordingly. Any increase in the estimate of sublease income will be reflected through the income statement and such amount will also reduce the lease abandonment liability. The leases expire in 2022. During 2016, the Company initiated a restructuring plan primarily as a result of the integration of radio stations acquired in July 2015. The restructuring plan included: (i) costs associated with exiting contractual vendor obligations as these obligations were duplicative; (ii) a workforce reduction and realignment charges that included one-time termination benefits and related costs; and (iii) lease abandonment costs as described below. A portion of unpaid restructuring charges as of December 31, 2019, were included in accrued expenses as these expenses are expected to be paid in less than one year. In connection with this acquisition, the Company assumed a studio lease in one of its markets that included excess space. During 2016, the Company ceased using a portion of the space after analyzing its future needs as well as comparing its space utilization in other of the Company’s markets. As a result, the Company recorded a lease abandonment expense during the fourth quarter of 2016. Lease abandonment costs include future lease liabilities offset by estimated sublease income. Due to the location of the space in an area of the city that is not considered prime, including a very high vacancy rate in the existing an

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Nature Of Goods And Services 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 and 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 services 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 third 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 accounts 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 resources 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 dates 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 contractually 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 advertising 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 revenue 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’ events 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 revenue - The Company sells discount certificates to listeners on its websites. 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 share 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, the Company includes 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 Balances 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 $5.1 million and $11.8 million as of December 31, 2019, and December 31, 2018, respectively. December 31, Description 2019 2018 (amounts in thousands) Receivables, included in “Accounts receivable net of allowance for doubtful accounts” $ 376,504 $ 330,983 Unearned revenue - current 9,894 22,692 Unearned revenue - noncurrent 2,113 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 contract liabilities 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 contract 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 contract liabilities balances during the period are as follows: Year Ended December 31, 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 (23,830) Additional amounts recognized during period 12,007 Ending balance $ 12,007 Disaggregation of revenue The following table presents the Company’s revenues disaggregated by revenue source: Years Ended December 31, 2019 2018 2017 Revenue by Source (amounts in thousands) Broadcast revenues $ 1,360,092 $ 1,327,803 $ 530,553 Event and other revenues 112,924 115,399 51,434 Trade and barter revenues 16,913 19,365 10,897 Net revenues $ 1,489,929 $ 1,462,567 $ 592,884 Performance obligations 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 primarily satisfied at a point in time and revenue is recognized when an advertisement is aired and the customer has received the benefits of advertising. In rare instances, the Company will enter into contracts when performance obligations are satisfied over a period of time. In these instances, inputs are expended evenly throughout the performance period and the Company recognizes revenue on a straight line basis over the life of the contract. Contract lives are typically less than 12 months. 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 $2.1 million of revenue in excess of one year. The Company also 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 reporting periods presented before January 1, 2018. The Company elected to apply the practical expedient which allows 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. Refer to Note 5, Accounts Receivable And Related Allowance For Doubtful Accounts And Sales Reserves, for additional information. 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 each 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 barter revenues, the Company estimates the consideration by estimating the fair value of the goods and services received. Net revenues from network barter programming are recorded on a net basis. The adoption of the amended accounting guidance for revenue recognition had no impact on the Company’s consolidated statements of operations, balance sheets, statements of shareholders’ equity, or statements of cash flows for the year ended December 31, 2019.

ACCOUNTS RECEIVABLE AND RELATED

ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS AND SALES RESERVES	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS AND SALES RESERVES	ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS AND SALES RESERVES Accounts receivable are primarily attributable to advertising which has been provided and for which payment has not been received from the advertiser. Accounts receivable are net of agency commissions and an estimated allowance for doubtful accounts and sales reserves. Estimates of the allowance for doubtful accounts and sales reserves are recorded based on management’s judgment of the collectability of the accounts receivable based on historical information, relative improvements or deterioration in the age of the accounts receivable and changes in current economic conditions. The accounts receivable balances, and the allowance for doubtful accounts and sales reserves, are presented in the following table: Net Accounts Receivable December 31, 2019 2018 (amounts in thousands) Accounts receivable $ 396,427 $ 359,456 Allowance for doubtful accounts and sales reserve (17,515) (16,690) Accounts receivable, net of allowance for doubtful accounts and sales reserves $ 378,912 $ 342,766 See the table in Note 9, Other Current Liabilities, for accounts receivable credits outstanding as of the periods indicated. The following table presents the changes in the allowance for doubtful accounts: Changes In Allowance For Doubtful Accounts Year Ended Balance At Beginning Of Year Additions Charged To Costs And Expenses Deductions From Reserves Balance At End Of Year (amounts in thousands) December 31, 2019 $ 9,419 $ 4,549 $ (5,703) $ 8,265 December 31, 2018 3,885 8,909 (3,375) 9,419 December 31, 2017 2,137 3,715 (1,967) 3,885 In the course of arriving at practical business solutions to various claims arising from the sale to advertisers of various services and products, the Company estimates sales allowances. The Company records a provision against revenue for estimated sales adjustments in the same period the related revenues are recorded or when current information indicates additional allowances are required. These estimates are based on the Company’s historical experience, specific customer information and current economic conditions. If the historical data utilized does not reflect management’s expected future performance, a change in the allowance is recorded in the period such determination is made. The balance of sales reserves is reflected in the accounts receivable, net of allowance for doubtful accounts line item on the Consolidated Balance Sheets. The following table presents the changes in the sales reserves: Changes in Allowance for Sales Reserves Year Ended Balance At Beginning Of Year Additions Charged To Revenues Deductions From Reserves Balance At End Of Year (amounts in thousands) December 31, 2019 $ 7,271 $ 11,394 $ (9,415) $ 9,250 December 31, 2018 $ 390 $ 14,254 $ (7,373) $ 7,271 December 31, 2017 $ — $ 390 $ — $ 390

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
LEASES	LEASES Leasing Guidance As discussed above, the accounting guidance for leases was modified to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. Except for the changes described below, the Company has consistently applied its accounting policies to all periods presented in these consolidated financial statements. Results for the periods beginning after January 1, 2019, are presented under the amended accounting guidance, while prior period amounts are not 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 December 31, 2019, was not material. 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 an ROU asset representing the right to use the underlying asset for the lease term, on the consolidated balance sheet. 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 when calculating the lease liabilities, as the Company does not consider the exercise of such options to be reasonably certain. Unless a renewal option is considered reasonably assured, the optional terms and related payments are not included within the lease 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 assets 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 asset 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 respective 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 an amount equal to the lease payments in a 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 an 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 and 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 obtain 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 retrospective approach with 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. Practical Expedients The Company elected 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 comparative 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 practical 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 direct 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 all 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: Lease Cost Year Ended December 31, 2019 (amounts in thousands) Operating lease cost $ 50,169 Variable lease cost 9,691 Short-term lease cost 182 Total lease cost $ 60,042 Supplemental Cash Flow Supplemental cash flow information related to leases was as follows: Description Year Ended December 31, 2019 (amounts in thousands) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from operating leases $ 52,056 Right-of-use assets obtained in exchange for lease obligations Operating leases (1) $ 315,377 (1) 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 year ended December 31, 2019. Balance Sheet Supplemental balance sheet information related to leases was as follows: Description December 31, (amounts in thousands) Operating Leases Operating leases right-of-use assets $ 259,613 Operating lease liabilities (current) $ 35,335 Operating lease liabilities (noncurrent) 253,346 Total operating lease liabilities $ 288,681 Weighted Average Remaining Lease Term Operating leases 8 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 Years ending December 31: 2020 $ 49,298 2021 49,550 2022 44,250 2023 40,549 2024 37,284 Thereafter 134,071 Total lease payments $ 355,002 Less: imputed interest (66,321) Total $ 288,681 As of December 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 Years ending December 31: 2020 $ 51,375 2021 50,504 2022 46,847 2023 41,457 2024 38,230 Thereafter 165,905 Total lease payments $ 394,318

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL (A) Indefinite-Lived Intangibles 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 value is less than the carrying value of the reporting unit, then a charge is recorded to the results of operations. The annual impairment assessment conducted during the fourth quarter of the current year indicated: (i) that the fair value of the Company's broadcasting licenses exceeded their respective carrying amounts; and (ii) the fair value of the Company's goodwill was less than its carrying value. Accordingly, the Company recorded a $537.4 million impairment charge ($519.6 million, net of tax) on its goodwill during the fourth quarter of 2019. The Company historically performed its annual broadcasting license and goodwill impairment test during the second quarter of each year. During the second quarter of 2019, however, the Company voluntarily changed the date of its annual broadcasting license and goodwill impairment test date from April 1 to December 1. The change was made to more closely align the impairment testing date with the Company's long-term planning and forecasting process. The Company determined this change in method of applying an accounting principle is preferable and does not result in adjustments to its financial statements when applied retrospectively. The change in the annual impairment testing date did not delay, accelerate or avoid an impairment charge. In evaluating whether events or changes in circumstances indicate that an interim impairment assessment is required, management considers several factors in determining whether it is more likely than not that the carrying value of the Company’s broadcasting licenses or goodwill exceeds the fair value of the Company’s broadcasting licenses or goodwill. The qualitative analysis considers: (i) macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; (ii) industry and market considerations such as deterioration in the environment in which the Company operates, an increased competitive environment, a change in the market for the Company’s products or services, or a regulatory or political development; (iii) cost factors such as increases in labor or other costs that have a negative effect on earnings and cash flows; (iv) overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; (v) other relevant entity-specific events such as changes in management, key personnel, strategy, or customers, bankruptcy, or litigation; (vi) events affecting a reporting unit such as a change in the composition or carrying amount of the Company’s net assets; and (vii) a sustained decrease in the Company’s share price. The Company evaluates the significance of identified events and circumstances on the basis of the weight of evidence along with how they could affect the relationship between the carrying value of the Company’s broadcasting licenses and goodwill and their respective fair value amounts, including positive mitigating events and circumstances. There were material changes in the carrying value of broadcasting licenses and goodwill during the year ended December 31, 2019, primarily as a result of: (i) the impairment recorded in the fourth quarter of 2019; and (ii) acquisition and disposition activities described further in Note 3, Business Combinations. The Company may only write down the carrying value of its indefinite-lived intangibles. The Company is not permitted to increase the carrying value if the fair value of these assets subsequently increases. The following table presents the changes in the carrying value of broadcasting licenses: Broadcasting Licenses Carrying Amount December 31, December 31, (amounts in thousands) Broadcasting licenses balance as of January 1, $ 2,516,625 $ 2,649,959 Disposition of radio stations (see Notes 3, 21) (17,940) (24,901) Acquisitions (see Note 3) 19,576 40,131 Loss on impairment — (148,564) Assets held for sale (see Note 21) (10,140) — Ending period balance $ 2,508,121 $ 2,516,625 The following table presents the changes in goodwill. Goodwill Carrying Amount December 31, December 31, (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 (537,353) (317,138) Dispositions (see Note 3) (4,862) (8,623) Acquisitions (see Note 3) 46,666 24,728 Measurement period adjustments to acquired goodwill — (21,498) Ending period balance $ 43,920 $ 539,469 Goodwill balance before cumulative loss on impairment as of December 31, $ 1,024,467 $ 982,663 Accumulated loss on impairment as of December 31, (980,547) (443,194) Goodwill ending balance as of December 31, $ 43,920 $ 539,469 Broadcasting Licenses Impairment Test The annual impairment assessment conducted during the second quarter of 2018 indicated that the fair value of the Company's broadcasting licenses exceeded their respective carrying amount. Accordingly, no impairment charge was recorded. The Company historically performed 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. Historically, the Company evaluated its broadcast licenses annually for impairment during the second quarter each year. Subsequent to the annual impairment test conducted during the second quarter of 2018, the Company continued to monitor the impairment indicators listed above and determined that a sustained decrease in the Company's share price required the Company to conduct an interim impairment assessment on its broadcasting licenses. Due to changes in facts and circumstances, the Company revised its estimates with respect to its estimated operating profit margins and long-term revenue growth rates used in the impairment assessment. As a result of the Company's interim impairment assessment conducted in the fourth quarter of 2018, the Company recorded a $147.9 million impairment ($108.8 million, net of tax) on its broadcasting licenses. The interim impairment assessment conducted on its broadcasting licenses in the fourth quarter of 2018 followed the same methodology used in the annual impairment assessment conducted in the second quarter of 2018. During the second quarter of 2019, however, the Company voluntarily changed the date of its annual broadcasting license impairment test date from April 1 to December 1. In response to the changing of the annual broadcasting license impairment test date, during the three months ended June 30, 2019, the Company made an evaluation based on factors such as each market's total market share and changes in operating cash flow margins, and concluded that it was more likely than not that the fair value of each market's broadcasting licenses exceeded their carrying values at the time of the change in impairment test date. The change in the annual impairment testing date did not delay, accelerate or avoid an impairment charge. During the fourth quarter of the current year, the Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company’s markets and, accordingly, no impairment was recorded. All of the Company’s broadcasting licenses were subject to the annual impairment test conducted in the fourth quarter of the current year. Methodology The Company performs its broadcasting license impairment test by using the Greenfield method at the market level. Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. The broadcasting licenses are assessed for recoverability at the market level. Potential impairment is identified by comparing the fair value of a market's broadcasting licenses to its carrying value. The Company determines the fair value of the broadcasting licenses in each of its markets by using the Greenfield method at the market level, which is a discounted cash flow approach (a 10-year income model) 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. The cash flow projections for the broadcasting licenses include significant judgments and assumptions relating to the market share and profit margin of an average station within a market based upon market size and station type, the forecasted growth rate of each radio market (including long-term growth rate) and the discount rate. Changes in the Company's estimates of the fair value of these assets could result in material future period write-downs of the carrying value of the Company's broadcasting licenses. The methodology used by the Company in determining its key estimates and assumptions was applied consistently to each market. The Company believes that the assumptions identified above are the most important and sensitive in the determination of fair value. Assumptions and Results – Broadcasting Licenses The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. Estimates And Assumptions Fourth Fourth Second Second Second Discount rate 8.50 % 9.00 % 9.00 % 9.25 % 9.5 % Operating profit margin ranges expected for average stations in the markets where the Company operates 18% to 36% 22% to 37% 22% to 37% 19% to 40% 14% to 40% Forecasted growth rate (including long-term growth rate) range of the Company's markets 0.0% to 0.8% 0.0% to 0.9% 0.5% to 1.0% 1.0% to 2.0% 1.0% to 2.0% The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. Goodwill Impairment Test The Company historically performed its annual goodwill impairment test during the second quarter of each year by assessing goodwill for its single reporting unit on a consolidated basis. In prior years, the Company determined that each individual radio market was a reporting unit and the Company assessed goodwill in each of the Company’s markets. Under the amended guidance, if the fair value of any reporting unit was less than the amount reflected on the balance sheet, the Company would recognize an impairment charge for the amount by which the carrying amount exceeded the reporting unit’s fair value. The loss recognized would not exceed the total amount of goodwill allocated to the reporting unit. As a result of the change to a single operating segment in 2018, the Company reassessed its reporting unit determination in 2018. Following the Company’s Merger with CBS Radio in November 2017, the Company’s radio broadcasting operations increased from 28 radio markets to 48 radio markets. Each market was a component one level beneath the single operating segment. Since each market was economically similar, all 48 markets were aggregated into a single reporting unit for the goodwill impairment assessment conducted in 2018. In response to the realignment in the Company’s operating segments and reporting units, the Company considered whether the event represented a triggering event for interim goodwill impairment testing. During the three months ended June 30, 2018, and prior to conducting the prior year annual impairment testing described below, the Company made an evaluation, based on factors such as each reporting unit’s total market share and changes in operating cash flow margins, and concluded that it was more likely than not that the fair value of each of the Company’s reporting units exceeded their carrying values at the time of the realignment. The annual impairment assessment conducted during the second quarter of 2018 indicated that the fair value of the Company's goodwill exceeded its carrying value. Accordingly, no impairment charge was recorded. Subsequent to the annual impairment test conducted during the second quarter of 2018, the Company continued to monitor the impairment indicators listed above and determined that a sustained decrease in the Company's share price required the Company to conduct an interim impairment assessment on its goodwill. Due to changes in facts and circumstances, the Company revised its estimates with respect to its estimated operating profit margins and long-term revenue growth rates used in the impairment assessment. As a result of its interim impairment assessment conducted in the fourth quarter of 2018, the Company recorded a $317.1 million impairment ($314.4 million, net of tax) on its goodwill. The interim impairment assessment conducted on its goodwill in the fourth quarter of 2018 followed the same methodology used in the annual impairment assessment conducted in the second quarter of 2018. During the second quarter of 2019, however, the Company voluntarily changed the date of its annual goodwill impairment test date from April 1 to December 1. In response to the changing of the annual goodwill impairment test date, during the three months ended June 30, 2019, the Company made an evaluation based on factors such as changes in the Company's long-term growth rate, changes in the Company's operating cash flow margin, and trends in the Company's market capitalization, and concluded that it was more likely than not that the fair value of the Company's goodwill exceeded its carrying value at the time of the change in impairment test date. The change in the annual impairment testing date did not delay, accelerate or avoid an impairment charge. During the three months ended September 30, 2019, the Company considered key factors and circumstances that could have potentially indicated a need to conduct an interim impairment assessment. Such factors and circumstances included, but were not limited to: (i) forecasted financial information; (ii) discount rates; (iii) long-term growth rates; (iv) the Company's stock price; and (v) analyst expectations. After giving consideration to all available evidence arising from these facts and circumstances, the Company concluded that it did not have a requirement to perform an interim impairment test for goodwill. As a result of disposition activity in 2019, the Company now operates in 47 radio markets. Each market is a component one level beneath the single operating segment. Since each market is economically similar, all 47 markets were aggregated into a single broadcast reporting unit for the current year goodwill impairment assessment. As a result of the acquisition of Pineapple and Cadence 13 in 2019, the Company significantly increased its podcasting operations. Cadence 13 and Pineapple represent a single podcasting division one level beneath the single operating segment. Since the operations are economically similar, Cadence 13 and Pineapple were aggregated into a single podcasting reporting unit. All of the Company's goodwill was subject to the annual impairment test conducted in the fourth quarter of the current year. For the goodwill acquired in the Cadence 13 Acquisition and the Pineapple Acquisition, similar valuation techniques that were applied in the valuation of goodwill under purchase price accounting were also used in the annual impairment testing process. The valuation of the acquired goodwill approximated fair value. Methodology In connection with the Company’s current year annual, prior year annual and prior year interim impairment goodwill impairment assessment, the Company used an income approach in computing the fair value of the Company. This approach utilized a discounted cash flow method by projecting the Company’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price. Potential impairment is identified by comparing the fair value of the Company's reporting unit to its carrying value, including goodwill. Cash flow projections for the reporting unit include significant judgments and assumptions relating to projected operating profit margin (including revenue and expense growth rates) and the discount rate. Management believes that this approach is commonly used and is an appropriate methodology for valuing the Company. Factors contributing to the determination of the Company’s operating performance were historical performance and/or management’s estimates of future performance. The Assumptions And Results - Goodwill The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year: Estimates And Assumptions Fourth Fourth Second Second Second Discount rate 8.50 % 9.00 % 9.00 % 9.25 % 9.5 % The annual impairment assessment conducted during the fourth quarter of the current year indicated that the fair value of the Company's goodwill was less than its carrying value. All of the Company's goodwill at the broadcast reporting unit was subject to the annual impairment test conducted in the fourth quarter of the current year. The annual impairment assessment indicated the fair value of the Company's goodwill attributable to the broadcast reporting unit was less than its carrying value. Accordingly, the Company recorded a $537.4 million impairment charge ($519.6 million, net of tax) on its goodwill during the fourth quarter of 2019. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. (B) Definite-Lived Intangibles The Company has definite-lived intangible assets that consist of advertiser lists and customer relationships, and acquired advertising contracts. These assets are amortized over the period for which the assets are expected to contribute to the Company’s future cash flows and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For 2019, 2018 and 2017, the Company reviewed the carrying value and the useful lives of these assets and determined they were appropriate. See Note 8, Other Assets, for: (i) a listing of the assets comprising definite-lived assets, which are included in other assets on the balance sheets; (ii) the amount of amortization expense for definite-lived assets; and (iii) the Company’s estimate of amortization expense for definite-lived assets in future periods.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSESTS	OTHER ASSETS Other assets consist of the following: Other Assets December 31, 2019 2018 Asset Accumulated Amortization Net Asset Accumulated Amortization Net Period Of Amortization (amounts in thousands) Deferred contracts $ 1,362 $ 1,213 $ 149 $ 1,588 $ 1,390 $ 198 Term of contract Leasehold premium — — — 17,028 2,440 14,588 Term of contract Advertiser lists and customer relationships 29,281 15,399 13,882 29,332 10,780 18,552 3 to 5 years Other definite-lived assets 15,108 7,588 7,520 7,600 6,601 999 Term of contract Total definite-lived intangibles 45,751 24,200 21,551 55,548 21,211 34,337 Debt issuance costs 2,466 97 2,369 619 52 567 Term of debt Prepaid assets - long-term 2,983 — 2,983 4,259 — 4,259 Software costs and other 27,876 11,594 16,282 24,589 7,555 17,034 $ 79,076 $ 35,891 $ 43,185 $ 85,015 $ 28,818 $ 56,197 The following table presents the various categories of amortization expense, including deferred financing costs which are reflected as interest expense: Amortization Expense Other Assets For The Years Ended December 31, 2019 2018 2017 (amounts in thousands) Definite-lived assets $ 7,140 $ 12,132 $ 1,240 Deferred financing expense 4,866 3,189 2,333 Software costs 6,325 3,447 1,091 Total $ 18,331 $ 18,768 $ 4,664 The following table presents the Company’s estimate of amortization expense, for each of the five succeeding years for: (1) other assets; and (2) definite-lived assets: Future Amortization Expense Total Other Definite-Lived Assets Years ending December 31, (amounts in thousands) 2020 $ 14,973 $ 7,930 $ 7,043 2021 12,379 5,455 6,924 2022 7,920 2,144 5,776 2023 415 400 15 2024 399 399 — Thereafter — — — Total $ 36,086 $ 16,328 $ 19,758

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	9. OTHER CURRENT LIABILITIES Other current liabilities consist of the following as of the periods indicated: Other Current Liabilities December 31, 2019 2018 (amounts in thousands) Accrued compensation $ 28,871 $ 31,192 Accounts receivable credits 3,798 5,743 Advertiser obligations 4,095 4,190 Accrued interest payable 9,882 6,007 Unearned revenue 9,894 22,692 Unfavorable lease liabilities — 2,852 Unfavorable sports liabilities 4,634 4,634 Accrued benefits 6,321 8,646 Non-income tax liabilities 1,685 6,748 Income taxes payable 3,925 10,558 Other 3,732 15,176 Total other current liabilities $ 76,837 $ 118,438 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. The income taxes payable generated from these gains and losses are included within the current portion of income taxes payable in the schedule above. Upon the successful completion of a like-kind exchange under Section 1031 of the Code, a portion of the income taxes payable generated from these gains were reclassified to a deferred tax liability. Refer to Note 22, Contingencies And Commitments, for additional information.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	10. OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following as of the periods indicated: Other Long-Term Liabilities December 31, 2019 2018 (amounts in thousands) Deferred compensation $ 33,229 $ 30,928 Unfavorable lease liabilities — 9,367 Unfavorable sports liabilities 13,001 17,633 Unearned revenue 2,113 1,138 Deferred rent liabilities — 17,671 Other 3,186 12,431 Total other long-term liabilities $ 51,529 $ 89,168

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt was comprised of the following as of December 31, 2019: Long-Term Debt December 31, 2019 2018 (amounts in thousands) Credit Facility Revolver $ 117,000 $ 180,000 Term B-1 Loan, due November 17, 2024 — 1,291,700 Term B-2 Loan, due November 17, 2024 770,000 — Plus unamortized premium 1,968 2,470 888,968 1,474,170 Senior Notes 7.250% senior unsecured notes, due October 17, 2024 400,000 400,000 Plus unamortized premium 11,732 14,158 411,732 414,158 Notes 6.500% notes, due May 1, 2027 425,000 — Plus unamortized premium 5,000 — 430,000 — Other Debt Other 873 912 Total debt before deferred financing costs 1,731,573 1,889,240 Current amount of long-term debt (16,377) — Deferred financing costs (excludes the revolving credit) (18,082) (17,037) Total long-term debt, net of current debt $ 1,697,114 $ 1,872,203 Outstanding standby letters of credit $ 5,862 $ 5,862 (A) Senior Debt Refinancing – CBS Radio (Now Entercom Media Corp.) Indebtedness In connection with the Merger, the Company assumed CBS Radio’s (now Entercom Media Corp.'s) indebtedness outstanding under: (i) a credit agreement (the “Credit Facility”) among CBS Radio (now Entercom Media Corp.), the guarantors named therein, the lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent; and (ii) the senior notes (described below). On March 3, 2017, CBS Radio (now Entercom Media Corp.) entered into an amendment to the Credit Facility, to, among other things, create a tranche of Term B-1 Loans (the “Term B-1Tranche”) in an aggregate principal amount not to exceed $500 million. The Term B-1Tranche was governed by the Credit Facility and was scheduled to mature on November 17, 2024. Immediately prior to the Merger, the Credit Facility was comprised of a revolving credit facility and a term B loan. On the closing date of the Merger and the refinancing, the term B loan was converted into the Term B-1Tranche and both were simultaneously refinanced (“Term B-1 Loan”). As a result of the refinancing activities described above, in the fourth quarter of 2017: (i) the Company refinanced its then-outstanding indebtedness; (ii) fully redeemed its outstanding perpetual cumulative convertible preferred stock ("Preferred"); (iii) wrote off $3.1 million of unamortized deferred financing costs; and (iv) recorded a loss on the extinguishment of debt of $4.1 million. The loss included the write off of deferred financing expense, a loss on the early retirement of the Preferred, and certain fees paid to lenders in connection with the refinancing activities. 2019 Refinancing Activities - The Notes During the second quarter of 2019, the Company and its finance subsidiary, Entercom Media Corp., issued $325.0 million in aggregate principal amount of senior secured second-lien notes due 2027 (the "Notes") under an Indenture dated as of April 30, 2019 (the "Base Indenture"). Interest on the Notes accrues at the rate of 6.500% per annum and is payable semi-annually in arrears on May 1 and November 1 of each year. Until May 1, 2022, only a portion of the Notes may be redeemed at a price of 106.500% of their principal amount plus accrued interest. On or after May 1, 2022, the Notes may be redeemed, in whole or in part, at a price of 104.875% of their principal amount plus accrued interest. The prepayment premium continues to decrease over time to 100% of their principal amount plus accrued interest. The Company used net proceeds of the offering, along with cash on hand and $89.0 million borrowed under its Revolver, to repay $425.0 million of existing indebtedness under the Company's Term B-1 Loan. In connection with this refinancing activity described above, during the second quarter of 2019, the Company: (i) wrote off $1.6 million of unamortized deferred financing costs associated with the Term B-1 Loan; (ii) wrote off $0.2 million of unamortized premium associated with the Term B-1 Loan; and (iii) recorded $3.9 million of new deferred financing costs which will be amortized over the term of the Notes under the effective interest rate method. During the fourth quarter of 2019, the Company and its finance subsidiary, Entercom Media Corp., issued $100.0 million of additional 6.500% senior secured second-lien notes due 2027 (the "Additional Notes"). The Additional Notes were issued as additional notes under the Base Indenture, as supplemented by a first supplemental indenture, dated December 13, 2019 (the "First Supplemental Indenture"), and, together with the Base Indenture (the "Indenture"). The Additional Notes are treated as a single series with the $325.0 million Notes (together, with the Additional Notes, the "Notes") and have substantially the same terms as the Notes. The Additional Notes were issued at a price of 105.0% of their principal amount, plus accrued interest from November 1, 2019. The premium on the Notes will be amortized over the term under the effective interest rate method. As of any reporting period, the unamortized premium on the Notes is reflected on the balance sheet as an addition to the $425.0 million Notes. The Company used net proceeds of the Additional Notes offering to repay $96.7 million of existing indebtedness under the Company's Term B-1 Loan. Contemporaneous with this partial pay-down of the Term B-1 Loan, the Company replaced the remaining amount outstanding under the Term B-1 Loan with a Term B-2 loan (the "Term B-2 Loan"). In connection with this refinancing activity described above, during the fourth quarter of 2019, the Company: (i) wrote off $0.3 million of unamortized deferred financing costs associated with the Term B-1 Loan; and (ii) recorded $3.8 million of new deferred financing costs. The Notes are fully and unconditionally guaranteed on a senior secured second-lien basis by most of the direct and indirect subsidiaries of Entercom Media Corp. The Notes and the related guarantees are secured on a second-lien priority basis by liens on substantially all of the assets of Entercom Media Corp. and the guarantors. A default under the Company's Notes could cause a default under the Company's Credit Facility or Senior Notes. Any event of default, therefore, could have a material adverse effect the Company's business and financial condition. The Notes are not a registered security and there are no plans to register the Notes as a security in the future. As a result, Rule 3-10 of Regulation S-X promulgated by the SEC is not applicable and no separate financial statements are required for the guarantor subsidiaries as of December 31, 2019, and 2018 and for the years ended December 31, 2019, 2018 and 2017. The Credit Facility Immediately following the refinancing activities described above, the Credit Facility, as amended, was comprised of a $250.0 million Revolver and a $770.0 million Term B-2 Loan. On December 13, 2019, the Company executed an amendment to the Credit Facility ("Amendment No. 4") which, among other things,: (i) replaced the Term B-1 Loans with the Term B-2 Loan; (ii) established a new class of revolving credit commitments from a portion of its existing Revolver with a later maturity date; and (iii) made certain other amendments to the Credit Facility. The Company executed Amendment No. 4 which established a new class of revolving credit commitments from a portion of its existing revolving commitments with a later maturity date than the revolving credit commitments immediately prior to the effectiveness of the amendment. All but one of the original lenders in the Revolver agreed to extend the maturity date from November 17, 2022, to August 19, 2024. As a result, approximately $227.3 million (the "New Class Revolver") of the $250.0 million Revolver has a maturity date of August 19, 2024, and approximately $22.7 million (the "Original Class Revolver") of the $250.0 million Revolver has a maturity date of November 17, 2022. The Original Class Revolver provides for interest based upon the Base Rate or LIBOR plus a margin. The Base Rate is the highest of: (i) the administrative agent's prime rate; (ii) the Federal Reserve Bank of New York's Rate plus 0.5%; or (iii) the one month LIBOR Rate plus 1.0%.. The margin may increase or decrease based upon the Consolidated Net Secured Leverage Ratio as defined in the agreement. The initial margin is at LIBOR plus 2.25% or the Base Rate plus 1.25%. The New Class Revolver provides for interest based upon the Base Rate or LIBOR plus a margin. The margin may increase or decrease based upon the Consolidated Net First-Lien Leverage Ratio as defined in the agreement. The initial margin is LIBOR plus 2.00% or the prime rate plus 1.00%. In addition, the Original Class Revolver requires the payment of a commitment fee ranging from 0.375% per annum to of 0.5% per annum on the unused amount and the New Class Revolver requires the payment of a commitment fee ranging from 0.375% per annum to 0.5% per annum on the unused amount. As of December 31, 2019, the amount available under the Revolver, which includes the impact of outstanding letters of credit, was $127.1 million. The Company expects to use the Revolver to: (i) provide for working capital; and (ii) provide for general corporate purposes, including 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 assets (including material real property) of Entercom Media Corp. and its subsidiaries with limited exclusions. Most 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 Term B-2 Loan has a maturity date of November 17, 2024 and provides for interest based upon LIBOR plus 2.5% or the Base Rate plus 1.5%. The Term B-2 Loan amortizes, commencing on March 31, 2020: (i) with equal quarterly installments of principal in annual amounts equal to 1.0% of the original principal amount of the Term B-2 Loan; and (ii) mandatory yearly prepayments based upon a percentage of Excess Cash Flow as defined in the agreement. The Term B-2 Loan requires mandatory prepayments equal to a percentage of Excess Cash Flow, subject to incremental step-downs, depending on the Consolidated Net Secured Leverage Ratio. The Excess Cash Flow payment is based on the Excess Cash Flow and Consolidated Net Secured Leverage Ratio for the prior year. The Credit Facility has usual and customary covenants including, but not limited to, a net first-lien 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 Net First-Lien Leverage Ratio that cannot exceed 4.0 times at December 31, 2019. In certain circumstances, if the Company consummates additional acquisition activity permitted under the terms of the Credit Facility, the Consolidated Net First-Lien Leverage Ratio will be increased to 4.5 times for a one year period following the consummation of such permitted acquisition. As of December 31, 2019, the Company’s Consolidated Net First Lien Leverage Ratio was 2.5 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 under 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 Company 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. As of December 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. Entercom Media Corp., which is a wholly-owned subsidiary of the Company, holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits, authorizations and cash royalties. Entercom Media Corp. is the borrower under 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. Under certain covenants, the Company’s subsidiary guarantors are restricted from paying dividends or distributions in excess of amounts defined under the Credit Facility, and the subsidiary guarantors are limited in their ability to incur additional indebtedness under certain restrictive covenants. (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 Senior 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 the $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 each year. The Senior Notes may be redeemed on or after November 1, 2019, at a redemption price of 105.438% of their principal amount plus accrued interest. The redemption price decreases to 103.625% of their principal amount plus accrued interest on or after November 1, 2020, 101.813% of their principal amount plus accrued interest on or after November 1, 2021, and 100% of their principal amount plus accrued interest on or after November 1, 2022. The Senior Notes are unsecured and rank: (i) senior in right of payment to the Company’s future subordinated debt; (ii) equally in right of payment with all of the Company’s existing and future senior debt; (iii) effectively subordinated to the Company’s existing and future secured debt (including the debt under the Company’s Credit Facility), to the extent of the value of the collateral securing such debt; and (iv) structurally subordinated to all of the liabilities of the Company’s subsidiaries that do not guarantee the Senior Notes, to the extent of the assets of those subsidiaries. Most of the Company’s existing subsidiaries jointly and severally guaranteed the Senior Notes. A default under the Company’s Senior Notes could cause a default under the Company’s Credit Facility or the Notes. Any event of default, therefore, could have a material adverse effect on the Company’s business and financial condition. The Company may from time to time seek to repurchase or retire its outstanding debt through open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. The Senior Notes are not a registered security and there are no plans to register the Company’s Senior Notes as a security in the future. As a result, Rule 3-10 of Regulation S-X promulgated by the SEC is not applicable and no separate financial statements are required for the guarantor subsidiaries as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. (C) Net Interest Expense The components of net interest expense are as follows: Net Interest Expense Years Ended December 31, 2019 2018 2017 (amounts in thousands) Interest expense $ 100,757 $ 101,497 $ 31,266 Amortization of deferred financing costs 3,085 3,189 2,333 Amortization of original issue discount (premium) of senior notes (2,928) (2,862) (962) Interest income and other investment income (811) (703) (116) Total net interest expense $ 100,103 $ 101,121 $ 32,521 The weighted average interest rate under the Credit Facility (before taking into account the fees on the unused portion of the Revolver) was: (i) 4.3% as of December 31, 2019; and (ii) 5.2% as of December 31, 2018. (D) Interest Rate Transactions As of December 31, 2018, there were no derivative interest rate transactions outstanding. During the quarter ended June 30, 2019, the Company entered into an interest rate collar transaction in the notional amount of $560.0 million to hedge the Company's exposure to fluctuations in interest rates on its variable-rate debt. Refer to Note 12, Derivative and Hedging Activities, for additional information. The Company from time to time enters into interest rate transactions with different lenders to diversify its risk associated with interest rate fluctuations of its variable rate debt. Under these transactions, the Company agrees with other parties to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional principal amount against the variable debt. (E) Aggregate Principal Maturities The minimum aggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follows: Principal Debt Maturities Term B-2 Revolver Senior Notes Notes Other Total (amounts in thousands) Years ending December 31 2020 $ 16,377 $ — $ — $ — $ 30 $ 16,407 2021 7,700 — — — 30 7,730 2022 7,700 10,636 — — 30 18,366 2023 7,700 — — — 30 7,730 2024 7,700 106,364 — — 30 114,094 Thereafter 722,823 — 400,000 425,000 723 1,548,546 Total $ 770,000 $ 117,000 $ 400,000 $ 425,000 $ 873 $ 1,712,873 (F) Outstanding Letters of Credit The Company is required to maintain standby letters of credit in connection with insurance coverage as described in Note 22, Contingencies And Commitments. (G) Guarantor and Non-Guarantor Financial Information As of December 31, 2019, most of the direct and indirect subsidiaries of Entercom Media Corp. are guarantors of Entercom Media Corp.’s obligations under the Credit Facility, the Notes and the Senior Notes. Under certain covenants, the Company’s subsidiary guarantors are restricted from paying dividends or distributions in excess of amounts defined under the Notes and the Senior Notes, and the subsidiary guarantors are limited in their ability to incur additional indebtedness under certain restricted covenants. The Company’s borrowing agreements contain restrictions on its ability to pay dividends to its parent under certain facts and circumstances. As of December 31, 2019, these restrictions did not apply. Under the Credit Facility, Entercom Media Corp. is permitted to make distributions to Entercom Communications Corp., which are required to pay Entercom Communications Corp.’s reasonable overhead costs, including income taxes, and other costs associated with conducting the operations of Entercom Media Corp. and its subsidiaries.

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING ACTIVITIES	DERIVATIVE AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt. Accounting For Derivative Instruments and Hedging Activities The Company recognizes at fair value all derivatives, whether designated in hedging relationships or not, in the balance sheet as either net assets or net liabilities. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the statement of operations when the hedged item affects net income. If a derivative does not qualify as a hedge, it is marked to fair value through the statement of operations. Any fees associated with these derivatives are amortized over their term. Cash flows from derivatives are classified in the statement of cash flows within the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. Under these derivatives, the differentials to be received or paid are recognized as an adjustment to interest expense over the life of the contract. In the event the cash flow hedges are terminated early, any amount previously included in comprehensive income (loss) would be reclassified as interest expense to the statement of operations as the forecasted transaction settles. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes ongoing effectiveness assessments by relating all derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company’s derivative activities, all of which are for purposes other than trading, are initiated within the guidelines of corporate risk-management policies. The Company reviews the correlation and effectiveness of its derivatives on a periodic basis. The fair value of these derivatives is determined using observable market based inputs (a Level 2 measurement, as described in Note 20, Fair Value Of Financial Instruments) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities). Hedge Accounting Treatment During the quarter ended June 30, 2019, the Company entered into a derivative rate hedging transaction in the aggregate notional amount of $560.0 million to manage interest rate risk on the Company’s variable rate debt. During the period of the hedging relationship, the beginning and ending balance of the Company’s variable rate debt was greater than the notional amount of the derivative rate hedging transaction. This transaction is tied to the one-month LIBOR interest rate. Under the Collar transaction, two separate agreements are established with an upper limit, or cap, and a lower limit, or floor, for the Company’s LIBOR borrowing rate. As of December 31, 2019, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment: Type Notional Effective Collar Fixed Expiration Notional Amount (amounts (amounts Jun. 29, 2020 $ 460.0 Cap 2.75% Jun. 28, 2021 $ 340.0 Collar $ 560.0 Jun. 25, 2019 Floor 0.402% Jun. 28, 2024 Jun. 28, 2022 $ 220.0 Jun. 28, 2023 $ 90.0 Total $ 560.0 For the year ended December 31, 2019, the Company recorded the net change in the fair value of this derivative as a loss of $(0.2) million (net of a tax benefit of $0.1 million as of December 31, 2019) to the statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of December 31, 2019, the fair value of these derivatives was a liability of $(0.2) million, and is recorded as other long-term liabilities on the balance sheet. The Company does not expect to reclassify any portion of this amount to the statement of operations over the next twelve months. During the year ended December 31, 2018, the Company had no derivatives that qualified for hedge accounting treatment. The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of December 31, 2019, and December 31, 2018: Accumulated Derivative Gain (Loss) Description December 31, December 31, (amounts in thousands) Accumulated derivative unrealized gain (loss) $ (139) $ — The following table presents the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017: Other Comprehensive Income (Loss) Net Change in Accumulated Derivative Unrealized Gain (Loss) Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations Years Ended December 31, 2019 2018 2017 2019 2018 2017 (amounts in thousands) $ (139) $ — $ — $ — $ — $ —

IMPAIRMENT LOSS

IMPAIRMENT LOSS	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
IMPAIRMENT LOSS	IMPAIRMENT LOSS The following table presents the various categories of impairment loss: Impairment Loss For The Years Ended December 31, 2019 2018 2017 (amounts in thousands) Broadcasting licenses $ — $ 148,564 $ — Goodwill 537,353 317,138 441 ROU Asset 5,956 — — Property and equipment and other $ 2,148 $ 28,286 $ 511 Total $ 545,457 $ 493,988 $ 952

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Class B Common Stock Shares of Class B common stock are transferable only to Joseph M. Field, David J. Field, certain of their family members, their estates and trusts for any of their benefit. Upon any other transfer, shares of Class B common stock automatically convert into shares of Class A common stock on a one-for-one basis. In connection with the Merger, during 2017, certain members of the Field family caused to be converted an aggregate of 3,152,333 shares of Class B common stock to Class A common stock in accordance with the provisions for voluntary conversion of Class B common stock pursuant to Section 10(e)(i) of the Company’s Articles of Incorporation. Dividends On August 9, 2019, the Company's Board of Directors reduced the annual stock dividend program to $0.08 per share. The Company expects quarterly dividend payments to approximate $2.7 million per quarter. Any future dividends will be at the discretion of the Board of Directors 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, the Notes and the Senior Notes. On November 2, 2017, the Company’s Board of Directors approved an increase to the Company’s annual common stock dividend program from $0.30 per share to $0.36 per share, beginning with the dividend paid in the fourth quarter of 2017, with payments that approximated $12.4 million per quarter. During the second quarter of 2016, the Company’s Board of Directors commenced an annual $0.30 per share common stock dividend program, with payments that approximated $2.9 million per quarter. In addition to the quarterly dividend, the Company paid a special one-time cash dividend of $0.20 per share of common stock on August 30, 2017. Pursuant to the Merger Agreement, the Company agreed not to declare or pay any dividends or make other distributions in respect of any shares of the Company’s capital stock, except for the Company’s regular quarterly cash dividend. The special one-time cash dividend, which approximated $7.8 million, was permitted under the Merger Agreement. Under the Credit Facility, the Notes and the Senior Notes, the Company may be restricted in the amount available for dividends, share repurchases, investments, and debt repurchases in the future based upon its Consolidated Net First-Lien Leverage Ratio. The amount available can increase over time based upon the Company’s financial performance and used when its Consolidated Net First-Lien Leverage Ratio is less than or equal to the maximum Secured Leverage Ratio permitted at the time. There are certain other limitations that apply to its use. The following table presents a summary of the Company’s dividend activity during the past two years ending December 31, 2019: Equity Type Payment Date Dividends per Share Aggregate Payment Amount Common stock March 28, 2018 $ 0.090 $ 12,440,990 June 28, 2018 $ 0.090 $ 12,475,445 September 14, 2018 $ 0.090 $ 12,486,825 December 14, 2018 $ 0.090 $ 12,366,985 March 28, 2019 $ 0.090 $ 12,430,279 June 28, 2019 $ 0.090 $ 12,486,441 September 13, 2019 $ 0.020 $ 2,676,900 December 16, 2019 $ 0.020 $ 2,679,826 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 and unpaid on unvested RSUs: Balance Sheet Location Dividend Equivalent Liabilities December 31, 2019 2018 (amounts in thousands) Short-term Other current liabilities $ 811 $ 1,279 Long-term Other long-term liabilities 913 1,041 Total $ 1,724 $ 2,320 Deemed Stock Repurchase When RSUs Vest Upon vesting of RSUs, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock. The following table provides summary information on the deemed repurchase of vested RSUs: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Shares of stock deemed repurchased 459 506 169 Amount recorded as financing activity $ 2,905 $ 5,186 $ 2,565 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 this plan, the Company does not record compensation expense to the employee as income subject to tax on the difference between the market value and the purchase price, as this plan 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 expense. 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 Company 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 Company resumed the ESPP in the first quarter of 2018. Years Ended December 31, 2019 2018 2017 (amounts in thousands) Number of shares purchased 335 228 15 Non-cash compensation expense recognized $ 234 $ 252 $ 32 Share Repurchase Program On November 2, 2017, the Company’s Board of Directors announced 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 factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility, the Notes and the Senior Notes.

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	15. NET INCOME (LOSS) PER COMMON SHARE Net income per common share is calculated as basic net income per share and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes the potential dilution that could occur: (i) if the RSUs with service conditions were fully vested (using the treasury stock method); (ii) if all of the Company’s outstanding stock options that are in-the-money were exercised (using the treasury stock method); (iii) if the RSUs with service and market conditions were considered contingently issuable; and (iv) if the RSUs with service and performance conditions were considered contingently issuable. The Company considered whether the options to purchase Class A common stock in connection with the ESPP were potentially dilutive and concluded there were no dilutive shares as all options are automatically exercised at the balance sheet date. The Company considered the allocation of undistributed net income for multiple classes of common stock and determined that it was appropriate to allocate undistributed net income between the Company’s Class A and Class B common stock on an equal basis. For purposes of making this determination, the Company’s charter provides that the holders of Class A and Class B common stock have equal rights and privileges except with respect to voting on most other matters where Class B shares voted by Joseph Field or David Field have a 10 to 1 super vote. The following tables present the computations of basic and diluted net income (loss) per share from continuing operations and discontinued operations: Year Ended December 31, 2019 2018 2017 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income available to the Company - continuing operations $ (420,212) $ (362,587) $ 233,013 Preferred stock dividends — — 2,015 Net income available to common shareholders from continuing operations (420,212) (362,587) 230,998 Income (loss) from discontinued operations, net of tax — 1,152 836 Net income (loss) available to common shareholders $ (420,212) $ (361,435) $ 231,834 Denominator Basic weighted average shares outstanding 136,967,455 138,069,608 51,392,899 Net Income (Loss) Per Common Share - Basic: Net income (loss) from continuing operations per share available to common shareholders - Basic $ (3.07) $ (2.63) $ 4.49 Net income (loss) from discontinued operations per share available to common shareholders - Basic — 0.01 0.02 Net income (loss) per share available to common shareholders - Basic $ (3.07) $ (2.62) $ 4.51 Diluted Income (Loss) Per Share Numerator Net income available to the Company - continuing operations $ (420,212) $ (362,587) $ 233,013 Preferred stock dividends — — 2,015 Net income available to common shareholders from continuing operations (420,212) (362,587) 230,998 Income (loss) from discontinued operations, net of tax — 1,152 836 Net income (loss) available to common shareholders $ (420,212) $ (361,435) $ 231,834 Denominator Basic weighted average shares outstanding 136,967,455 138,069,608 51,392,899 Effect of RSUs and options under the treasury stock method — — 1,492,257 Diluted weighted average shares outstanding 136,967,455 138,069,608 52,885,156 Net Income (Loss) Per Common Share - Diluted: Net income (loss) from continuing operations per share available to common shareholders - Diluted $ (3.07) $ (2.63) $ 4.37 Net income (loss) from discontinued operations per share available to common shareholders - Diluted — 0.01 0.02 Net income (loss) per share available to common shareholders - Diluted $ (3.07) $ (2.62) $ 4.38 Disclosure of Anti-Dilutive Shares The following table presents those shares excluded as they were anti-dilutive: Impact Of Equity Awards Years Ended December 31, 2019 2018 2017 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares anti-dilutive anti-dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded 543 564 548 Price range of options excluded: from $ 9.66 $ 6.43 $ 11.69 Price range of options excluded: to $ 13.98 $ 13.98 $ 13.98 RSUs with service conditions 2,953 1,394 163 Excluded RSUs with service and market conditions as market conditions not met 70 226 336 Excluded RSUs with service and performance conditions until performance criteria is probable — — — Excluded preferred stock as anti-dilutive under the as if method — — — Excluded shares as anti-dilutive when reporting a net loss 331 755 —

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Equity Compensation Plan Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. The RSUs and options that have been issued generally vest over periods of up to four years. The options expire ten years from the date of grant. The Company issues new shares of Class A common stock upon the exercise of stock options and the later of vesting or issuance of RSUs. On January 1 of each year, the number of shares of Class A common stock authorized under the Plan is automatically increased by 1.5 million, or a lesser number as may be determined by the Company’s Board of Directors. The amount of shares available for grant automatically increased by 1.5 million on January 1, 2019, and January 1, 2018. As of December 31, 2019, the shares available for grant were 1.6 million shares. The Plan included certain performance criteria for purposes of satisfying expense deduction requirements for income tax purposes. This expense deduction exemption does not apply under the new tax legislation that was enacted during the fourth quarter of 2017 and was effective as of January 1, 2018. Accounting for Share-Based Compensation The measurement and recognition of compensation expense, for all share-based payment awards made to employees and directors, is based on estimated fair values. The fair value is determined at the time of grant: (i) using the Company’s stock price for RSUs; and (ii) using the Black Scholes model for options. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Forfeitures are recognized as they occur. RSU Activity The following is a summary of the changes in RSUs under the Plan during the current period: Period Ended Number of Restricted Stock Units Weighted Average Purchase Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value as of December 31, 2019 (amounts in thousands) RSUs outstanding as of: December 31, 2018 3,685 RSUs awarded 1,955 RSUs released (1,456) RSUs forfeited (323) RSUs outstanding as of: December 31, 2019 3,861 $ — 1.3 $ 17,993 RSUs vested and expected to vest as of: December 31, 2019 3,861 $ — 1.3 $ 17,993 RSUs exercisable (vested and deferred) as of: December 31, 2019 41 $ — — $ 193 Weighted average remaining recognition period in years 2.2 Unamortized compensation expense $ 19,840 The following table presents additional information on RSU activity: Years Ended December 31, 2019 2018 2017 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 1,955 $ 12,926 1,292 $ 10,078 3,064 $ 35,628 RSUs forfeited - service based (323) (1,753) (396) (1,228) (379) (1,117) Net RSUs issued and increase (decrease) to paid-in capital 1,632 $ 11,173 896 $ 8,850 2,685 $ 34,511 Weighted average grant date fair value per share $ 6.61 $ 9.71 $ 13.42 Fair value of shares vested per share $ 10.72 $ 11.07 $ 10.76 RSUs vested and released 1,456 1,496 474 RSUs With Service and Market Conditions The 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 over 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 need to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one The following table presents the changes in outstanding RSUs with market conditions: Years Ended December 31, 2019 2018 2017 (amounts in thousands, except per share data) Reconciliation of RSUs with Service And Market Conditions Beginning of period balance 226 650 630 Number of RSUs granted — — 70 Number of RSUs forfeited (156) (110) — Number of RSUs vested — (314) (50) End of period balance 70 226 650 Weighted average fair value of RSUs granted with market conditions $ — $ — $ 9.81 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. The specific assumptions used for these valuations are as follows: Years Ended December 31, 2019 2018 2017 Expected Volatility Structure (1) — — % 54 % Risk Free Interest Rate (2) — — % 1.8 % Annual Dividend Payment Per Share (Constant) (3) — — % 3.3 % _______________ (1) Expected Volatility Term Structure - The Company estimated the volatility term structure using: (i) the historical volatility of its stock; and (ii) the implied volatility provided by its traded options from a trailing month’s average of the closing bid-ask price quotes. (2) Risk-Free Interest Rate - The Company estimated the risk-free interest rate based upon the implied yield available on U.S. Treasury issues using the Treasury bond rate as of the date of grant. (3) Annual Dividend Payment Per Share (Constant) - The Company assumed the historical dividend yield in effect at the date of the grant. RSUs with Service and Performance Conditions In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed. The Company determines the requisite service period on a case-by-case basis to determine the expense recognition period for non-vested performance based RSUs. The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability assessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change. There was no activity in 2019, 2018, or 2017. As of December 31, 2019, no non-cash compensation expense was recognized for RSUs with performance conditions. Option Activity The following table presents the option activity during the current year ended under the Plan: Period Ended Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Intrinsic Value as of December 31, 2019 Options outstanding as of: December 31, 2018 755,210 $ 9.42 Options granted — — Options exercised (180,300) 1.34 Options forfeited — — Options expired (32,328) 10.21 Options outstanding as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Options vested and expected to vest as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Options vested and exercisable as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Weighted average remaining recognition period in years 0 Unamortized compensation expense $ — The following table summarizes significant ranges of outstanding and exercisable options as of the current period: Range of Exercise Prices Options Outstanding Options Exercisable Number of Options Outstanding December 31, 2019 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Options Exercisable December 31, 2019 Weighted Average Exercise Price From To $9.66 $ 9.66 201,875 0.9 $ 9.66 201,875 $ 9.66 $13.11 $ 13.98 340,707 0.9 $ 13.48 340,707 $ 13.48 $9.66 $ 13.98 542,582 0.9 $ 12.06 542,582 $ 12.06 The following table provides summary information on the granting and vesting of options: Years Ended December 31, Option Issuance and Exercise Data 2019 2018 2017 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ 1.34 $ 1.34 $ 1.34 $ 2.02 $ 1.34 $ 11.31 Upon vesting, period to exercise in years 1 10 1 10 1 10 Fair value per share upon grant $ — $ — $ 4 Number of options granted — — 686 Intrinsic value per share upon exercise $ 7.06 $ 7.33 $ 7.24 Intrinsic value of options exercised $ 1,272 $ 829 $ 60 Tax benefit from options exercised $ 73 $ 220 $ 21 Cash received from exercise price of options exercised $ 244 $ 153 $ 42 Valuation Of Options The Company estimates the fair value of option awards on the date of grant using an option-pricing model. The Company used the straight-line single option method for recognizing compensation expense, which was reduced for estimated forfeitures based on awards ultimately expected to vest. The Company’s determination of the fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. The Company’s stock options have certain characteristics that are different from traded options, and changes in the subjective assumptions could affect the estimated value. For options granted, the Company used the Black-Scholes option-pricing model and determined: (i) the term by using the simplified plain-vanilla method as the Company’s employee exercise history may not be indicative for estimating future exercises; (ii) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; (iii) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant; and (iv) an annual dividend yield based upon the Company’s most recent quarterly dividend at the time of grant. In connection with the Merger, the Company applied the above described valuation methodologies to determine the fair value for those options assumed as part of the Merger in 2017. 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: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Station operating expenses $ 4,673 $ 6,855 $ 1,694 Corporate general and administrative expenses 11,511 8,294 7,873 Stock-based compensation expense included in operating expenses 16,184 15,149 9,567 Income tax benefit (1) 3,703 3,160 3,328 After-tax stock-based compensation expense $ 12,481 $ 11,989 $ 6,239 (1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Effective Tax Rate - Overview The Company’s effective income tax rate may be impacted by: (i) changes in the level of income in any of the Company’s taxing jurisdictions; (ii) changes in the statutes, rules and tax rates applicable to taxable income in the jurisdictions in which the Company operates; (iii) changes in the expected outcome of income tax audits; (iv) changes in the estimate of expenses that are not deductible for tax purposes; (v) income taxes in certain states where the states’ current taxable income is dependent on factors other than the Company’s consolidated net income; and (vi) adding facilities in states that on average have different income tax rates from states in which the Company currently operates and the resulting effect on previously reported temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities. The Company’s annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable assets such as broadcasting licenses and goodwill and changes in the deferred tax valuation allowance. An impairment loss for financial statement purposes will result in an income tax benefit during the period incurred as the amortization of some portion of the Company’s broadcasting licenses and goodwill is deductible for income tax purposes. Expected and Reported Income Taxes (Benefit) Income tax expense (benefit) from continuing operations computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) from continuing operations as follows: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Federal statutory income tax rate 21 % 21 % 35 % Computed tax expense at federal statutory rates on income before income $ (80,432) $ (77,016) $ (8,425) State income tax expense, net of federal benefit 13,661 (4,779) 23,045 Goodwill impairment 98,910 64,465 — Valuation allowance current year activity (321) (2,593) 2,395 Tax impact of share-based awards 950 872 1,383 Transaction costs 105 391 8,477 Recognized gain on Exchange Transactions — — 6,435 U.S. federal income tax reform — 883 (291,497) Tax benefit shortfall associated with share-based awards — — — Taxable gain on sale of radio stations — 5,511 — Nondeductible expenses and other 4,333 8,113 1,102 Income taxes $ 37,206 $ (4,153) $ (257,085) Effective Income Tax Rates The effective income tax rate was (9.7)% for 2019. This rate was lower than the federal statutory rate of 21% primarily due to an impairment on the Company’s goodwill during the fourth quarter of 2019 which is not deductible for income tax purposes. The income tax rate is lower than in previous years primarily due to an increase in the impairment charge recorded on the Company's goodwill in 2019. The effective income tax rate was 1.1% for 2018. This rate was lower than the federal statutory rate of 21% primarily due to an impairment on the Company's goodwill during the fourth quarter of 2018 which is not deductible for income tax purposes. The income tax rate is lower than in previous years primarily due to an income tax benefit resulting from the Tax Cuts and Jobs Act ("TCJA") that was enacted on December 22, 2017, which reduced the U.S. federal corporate tax rate from the previous rate of 35% to 21%. The Company’s deferred tax balances were re-measured using the new federal income tax rate. The effective income tax rate for 2017 was significantly impacted by an income tax benefit resulting from the TCJA that was enacted on December 22, 2017, which reduced the U.S. federal corporate tax rate from the previous rate of 35% to 21%. The Company's deferred tax balances were re-measured using the new federal income tax rate. Income Tax Expense Income tax expense (benefit) for each year is summarized in the table below. The table does not include income tax expense from discontinued operations of $0.7 million and $0.5 million in 2018 and 2017, respectively. Years Ended December 31, 2019 2018 2017 Current: Federal $ 20,751 $ 38,481 $ 5,178 State 11,685 17,836 1,289 Total current 32,436 56,317 6,467 Deferred: Federal (837) (37,678) (295,467) State 5,607 (22,792) 31,915 Total deferred 4,770 (60,470) (263,552) Total income taxes (benefit) $ 37,206 $ (4,153) $ (257,085) Deferred Tax Assets and Deferred Tax Liabilities The income tax accounting process to determine the Company’s deferred tax assets and liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. These estimates include assessing the likely future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Changes to these estimates could have a future impact on the Company’s financial position or results of operations. At December 31, 2017, the Company calculated the accounting for the tax effects of enactment of TCJA as written, and made a reasonable estimate of the effects on the existing deferred tax balances. The Company recorded an estimated income tax benefit from continuing operations of $291.5 million to adjust the Company’s deferred income tax balances as a result of the reduced corporate income tax rate. The estimated amounts are included as components of income tax expense from continuing operations. To determine the Company’s estimated amounts, the Company re-measured its deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally a 21% federal tax rate and its related impact on the state tax rate. The Company completed its assessment of the impact of the TCJA as of December 22, 2018. In connection with this final assessment of the impact of the TCJA, the Company recorded an additional $0.9 million income tax benefit from continuing operations during 2018. The components of deferred tax assets and liabilities as of December 31, 2019 and 2018, are as detailed below. December 31, 2019 2018 (amounts in thousands) Deferred tax assets: Federal and state income tax loss carryforwards 70,982 81,368 Share-based compensation 4,221 3,382 Investments - impairments 350 347 Lease rental obligations 4,709 15,080 Deferred compensation 10,253 9,097 Deferred gain on tower transaction — 1,732 Debt fair value adjustment 4,987 4,390 Reserves — — Property, equipment and certain intangibles (other than broadcasting licenses — — Lease liability 77,722 — Employee benefits 2,011 2,396 Provision for doubtful accounts 4,671 4,406 Other non-current 2,432 5,799 Total deferred tax assets before valuation allowance 182,338 127,997 Valuation allowance (25,440) (25,761) Total deferred tax assets $ 156,898 $ 102,236 Deferred tax liabilities: Advertiser broadcasting obligations $ — $ 47 Lease ROU asset (69,243) — Property, equipment and certain intangibles (43,788) (49,662) Broadcasting licenses and goodwill (593,525) (598,603) Total deferred tax liabilities $ (706,556) $ (648,218) Total net deferred tax liabilities $ (549,658) $ (545,982) Valuation Allowance for Deferred Tax Assets Judgment is required in estimating valuation allowances for deferred tax assets. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these assets will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the carryforward periods under tax law. The Company periodically assesses the need for valuation allowances for deferred tax assets based on more-likely-than-not realization threshold criteria. In the Company’s assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, forecasts of future profitability, the duration of statutory carryforward periods and any ownership change limitations under Section 382 of the Code on the Company’s future income that can be used to offset historic losses. For 2019, the Company’s ability to utilize net operating loss carryforwards (“NOLs”) will be limited under Section 382 of the Code as a result of the CBS Radio Merger. For federal income tax purposes, the acquisition of CBS Radio (now Entercom Media Corp.) was treated as a reverse acquisition which caused the Company to undergo an ownership change under Section 382 of the Code. The utilization of these NOLs in future years will be subject to an annual limitation. In addition, Entercom Media Corp. has federal NOLs that are subject to a separate IRC Section 382 annual limitation. As changes occur in the Company’s assessments regarding its ability to recover its deferred tax assets, the Company’s tax provision is increased in any period in which the Company determines that the recovery is not probable. The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated: Year Ended Balance at Increase Increase Purchase Balance At (amounts in thousands) December 31, 2019 $ 25,761 $ (321) $ — $ — $ 25,440 December 31, 2018 37,154 (11,393) — — 25,761 December 31, 2017 12,861 17,785 151 6,357 37,154 Liabilities for Uncertain Tax Positions The Company recognizes liabilities for uncertain tax positions based on whether evidence indicates that it is more likely than not that the position will be sustained on audit. It is inherently difficult and subjective to estimate such amounts, as this requires the Company to estimate the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. The Company classifies interest and penalties that are related to income tax liabilities as a component of income tax expense. The income tax liabilities and accrued interest and penalties are presented as non-current liabilities, as payments are not anticipated within one year of the balance sheet date. These non-current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets. The Company’s liabilities for uncertain tax positions are reflected in the following table: December 31, 2019 2018 (amounts in thousands) Liabilities for uncertain tax positions Tax $ — $ 370 Total $ — $ 370 The amounts for interest and penalties expense reflected in the statements of operations were eliminated in the statements of cash flows under net deferred taxes (benefit) and other as no cash payments were made during these periods. The following table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Tax expense (income) $ — $ — $ — Interest and penalties (income) — — — Total income taxes (benefit) from uncertain tax positions $ — $ — $ — The decrease in liabilities for uncertain tax positions for 2019 is related to the lapse of statutes of limitations. The following table presents the gross amount of changes in unrecognized tax benefits: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Beginning of year balance $ (7,285) $ (7,820) $ (7,138) Prior year positions Gross Increases — — (710) Gross Decreases — — — Current year positions Gross Increases — — — Gross Decreases — — — Settlements with tax authorities — — — Reductions due to statute lapse 566 535 28 End of year balance $ (6,719) $ (7,285) $ (7,820) Ending liability balance included above that was reflected as an offset to $ (6,719) $ (6,915) $ (7,110) The gross amount of the Company’s unrecognized tax benefits is reflected in the above table which, if recognized, would impact the Company’s effective income tax rate in the period of recognition. The total amount of unrecognized tax benefits could increase or decrease within the next 12 months for a number of reasons including the expiration of statutes of limitations, audit settlements and tax examination activities. As of December 31, 2019, there were no significant unrecognized net tax benefits (exclusive of interest and penalties) that over the next 12 months are subject to the expiration of various statutes of limitation. Interest and penalties accrued on uncertain tax positions are released upon the expiration of statutes of limitations. Federal and State Income Tax Audits The Company is subject to federal, state and local income tax audits from time to time that could result in proposed assessments. Management believes that the Company has made sufficient tax provisions for tax periods that are within the statutory period of limitations not previously audited and that are potentially open for examination by the taxing authorities. Potential liabilities associated with these years will be resolved when an event occurs to warrant closure, primarily through the completion of audits by the taxing jurisdictions, or if the statute of limitations expires. To the extent audits or other events result in a material adjustment to the accrued estimates, the effect would be recognized during the period of the event. There can be no assurance, however, that the ultimate outcome of audits will not have a material adverse impact on the Company’s financial position, results of operations or cash flows. The Company cannot predict with certainty how these audits will be resolved and whether the Company will be required to make additional tax payments, which may include penalties and interest. For most states where the Company conducts business, the Company is subject to examination for the preceding three to six years. In certain states, the period could be longer. Income Tax Payments, Refunds and Credits For federal taxation purposes, the TCJA repealed the Alternative Minimum Tax (“AMT”) for corporations. Accordingly, the Company did not make any AMT payments in 2018 or 2019. The Company is now subject to regular corporate income tax. The following table provides the amount of income tax payments and income tax refunds for the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Federal and state income tax payments $ 39,100 $ 54,217 $ 2,030 Net Operating Loss Carryforwards As a result of the Merger with CBS Radio on November 17, 2017, changes in the cumulative ownership percentages triggered a significant limitation in its NOL carryforward utilization. The Company’s ability to use its federal NOL and credit carryforwards is subject to annual limitations as defined in Section 382 of the Code. Entercom Media Corp. also had federal NOLs that are subject to a separate IRS Section 382 limitation. As a result, the Company has recorded a valuation allowance against a portion of its federal NOLs as it anticipates utilizing $209.2 million of its NOL carryovers. The Company has recorded a valuation allowance for its state NOLs as the Company does not expect to obtain a benefit in future periods. In addition, utilization in future years of the NOL carryforwards may be subject to limitations due to the changes in ownership provisions under Section 382 of the Code and similar state provisions. The Company will continue to assess the ability of these carryforwards to be realized in subsequent periods. The NOLs in the following table reflect an estimate of the NOLs for the 2019 tax filing year as these returns will not be filed until later in 2020: Net Operating Losses December 31, 2019 NOLs NOL Expiration Period (amounts in (in years) Federal NOL carryforwards $ 214,387 2030 to 2033 State NOL carryforwards $ 502,156 2020 to 2035

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH ACTIVITIES	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH ACTIVITIES	SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH ACTIVITIES The following table provides non-cash disclosures during the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Operating Activities Barter revenues $ 16,914 $ 19,365 $ 10,898 Barter expenses $ 16,741 $ 19,324 $ 9,440 Transition services costs incurred in the integration of CBS Radio $ — $ 5,456 $ 1,917 Reduction to the transition services asset $ — $ (5,456) $ (1,917) Financing Activities Increase in paid-in capital from the issuance of RSUs $ 12,926 $ 10,078 $ 35,628 Decrease in paid-in capital from the forfeiture of RSUs (1,753) (1,228) (1,117) Net paid-in capital of RSUs issued (forfeited) $ 11,173 $ 8,850 $ 34,511 Dividend accrued on perpetual cumulative convertible preferred stock $ — $ — $ — Debt assumed in a business combination or merger $ — $ — $ 1,387,500 Investing Activities Cash acquired through consolidation (deconsolidation) of a VIE $ — $ — $ (302) Noncash additions to property and equipment and intangibles $ 803 $ 818 $ 2,213 Net radio station assets given up in a market $ 22,795 $ — $ 124,500 Net radio station assets acquired in a market $ 22,500 $ — $ 124,500 Fair value of net assets acquired through the issuance of common stock $ — $ — $ 1,168,848

EMPLOYEE SAVINGS AND BENEFIT PL

EMPLOYEE SAVINGS AND BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
EMPLOYEE SAVINGS AND BENEFIT PLANS	EMPLOYEE SAVINGS AND BENEFIT PLANS Deferred Compensation Plans The Company provides certain of its employees and the Board of Directors with an opportunity to defer a portion of their compensation on a tax-favored basis. The obligations by the Company to pay these benefits under the deferred compensation plans represent unsecured general obligations that rank equally with the Company’s other unsecured indebtedness. Amounts deferred under these plans were included in other long-term liabilities in the consolidated balance sheets. Any change in the deferred compensation liability for each period is recorded to corporate general and administrative expenses and to station operating expenses in the statement of operations. Further contributions under these plans have been frozen beginning with any contribution elections covering the 2018 year. Years Ended December 31, Benefit Plan Disclosures 2019 2018 2017 (amounts in thousands) Deferred compensation Beginning of period balance $ 30,928 $ 40,995 $ 10,875 Assumption of deferred compensation in Merger — — 27,057 Employee compensation deferrals 15 384 840 Employee compensation payments (3,826) (8,709) (1,184) Increase (decrease) in plan fair value 6,112 (1,742) 3,407 End of period balance $ 33,229 $ 30,928 $ 40,995 401(k) Savings Plan The Company has a savings plan which is intended to be qualified under Section 401(k) of the Code. The plan is a defined contribution plan, available to all eligible employees, and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Company’s discretionary matching contribution is subject to certain conditions. The Company’s contributions for 2019, 2018 and 2017 were $5.6 million, $6.1 million and $2.9 million, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments Subject to Fair Value Measurements The Company has determined the types of financial assets and liabilities subject to fair value measurement are: (i) certain tangible and intangible assets subject to impairment testing as described in Note 7, Intangible Assets And Goodwill; (ii) financial instruments as described in Note 11, Long-Term Debt; (iii) deemed deferred compensation plans as described in Note 19, Employee Savings And Benefit Plans; (iv) lease abandonment liabilities as described in Note 3, Business Combinations; and (v) interest rate derivative transactions that are outstanding from time to time as described in Note 12, Derivative And Hedging Activities. The fair value is the price that would be received upon the sale of an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent to the inputs of the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. 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 value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels. Fair Value Measurements At Reporting Date Description Balance at December 31, Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Measured at Net Asset Value as a Practical Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 33,229 $ 25,592 $ — $ — $ 7,637 Interest rate cash flow hedge (3) $ 189 $ — $ 189 $ — $ — Description Balance at December 31, Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Measured at Net Asset Value as a Practical Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,928 $ 23,476 $ — $ — $ 7,452 (1) 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. (2) 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 the 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. (3) The Company's interest rate collar, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company's creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. As discussed in Note 7, Intangible Assets And Goodwill, the Company voluntarily changed the date of its annual impairment test for its broadcasting licenses and goodwill. As a result of this change, the Company did not determine the fair value of its broadcasting licenses and goodwill during the quarter ended June 30, 2019. During the fourth quarter of 2019, the Company reviewed the fair value of its broadcasting licenses and goodwill. As a result of this assessment, the Company concluded that its broadcasting licenses were not impaired as the fair value of these assets exceeded their carrying value. As a result of this assessment, the Company concluded that its goodwill attributable to its broadcast reporting unit was impaired as the fair value was less than its carrying value. Accordingly, the Company recorded a $537.4 million impairment charge ($519.6 million, net of tax) on its goodwill in the fourth quarter of 2019. During the quarter ended June 30, 2018, the Company reviewed the fair value of its broadcasting licenses and goodwill, and concluded that its broadcasting licenses were not impaired as the fair value of these assets exceeded their carrying value. During the second quarter of 2018, the Company concluded that the fair value of goodwill exceeded the carrying value of goodwill and determined that no goodwill impairment charge was required. Subsequent to the annual impairment test conducted during the second quarter of 2018, the Company determined that a sustained decrease in the Company's share price required the Company to conduct an interim impairment assessment on its broadcasting licenses and goodwill. This interim impairment assessment conducted during the fourth quarter of 2018 indicated that the carrying value of the Company's broadcasting licenses and goodwill exceeded their respective carrying amount. Accordingly, the Company recorded a $147.9 million impairment charge ($108.8 million, net of tax) on its broadcasting licenses and a $317.1 million impairment charge ($314.4 million, net of tax) on its goodwill in the fourth quarter of 2018. Refer to Note 7, Intangible Assets And Goodwill, for additional information. There were no events or changes in circumstances which indicated the Company’s investments, property and equipment, or other intangible assets may not be recoverable, other than as described below. The Company performs reviews of its ROU assets for impairment when evidence exists that the carrying value of an asset may not be recoverable. During the fourth quarter of 2019, the Company recorded a $6.0 million impairment charge related to ROU asset impairment. The impairment charge was recognized within the impairment loss line item on the consolidated statement of operations. Refer to Note 13, Impairment Loss, for additional information. During the fourth quarter of 2019, the Company recorded a $2.2 million impairment charge related to impairment of property and equipment. The impairment charge was recorded within the impairment loss line item on the consolidated statement of operations. Refer to Note 13, Impairment Loss, for additional information. During the second quarter of 2018, the Company recorded a $2.1 million impairment charge related to assets expected to be disposed of in one of its markets. The impairment charge was recognized within the impairment loss line item on the consolidated statement of operations. Refer to Note 13, Impairment Loss, for additional information. During the second quarter of 2018, events or circumstances changed which indicated that a portion of the Company’s assets which had been classified as held for sale may not be recoverable. Accordingly, the Company estimated the fair value of these assets and recognized an impairment charge of $26.9 million. The impairment charge was recognized within the impairment loss line item on the consolidated statement of operations. Refer to Note 21, Assets Held For Sale And Discontinued Operations, and Note 13, Impairment Loss, for additional information. Fair Value of Financial Instruments Subject to Disclosures The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. 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: December 31, December 31, Carrying Value Fair Value Carrying Value Fair Value (amounts in thousands) Term B Loans (1) $ 770,000 $ 774,813 $ 1,291,700 $ 1,243,261 Revolver (2) $ 117,000 $ 117,000 $ 180,000 $ 180,000 Senior Notes (3) $ 400,000 $ 423,250 $ 400,000 $ 378,000 Notes (4) $ 425,000 $ 454,750 $ — $ — Other debt (5) $ 873 $ 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-2 Loans was 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 Senior 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 utilizes a Level 2 valuation input based upon the market trading prices of the Notes to compute the fair value as these Notes are traded in the debt securities market. The Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (5) 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 holds 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 less 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 circumstances 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 value 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 measurement 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 their 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, other than as described below. During the second quarter of 2019, the Company purchased a minority ownership interest in AnalyticOwl, a company whose attribution platform facilitates tracking for broadcast advertising, for $1.5 million. During the fourth quarter of 2019, the Company purchased a minority ownership interest in The Action Network, a media company featuring news, information and an industry-leading app focused on sports betting and fantasy content, for $0.30 million. During the fourth quarter of 2019, the Company completed its acquisition of Cadence 13 by purchasing the remaining shares of Cadence 13 that it did not already own. The Company initially acquired a 45% interest in Cadence 13 in July 2017. In connection with this acquisition, the Company remeasured its previously held equity interest in Cadence 13 to fair value, removed the investment in Cadence 13 from its records, recognized the identifiable asset and liabilities of Cadence 13 as of the date of acquisition, and recognized a gain of $5.3 million. The following table presents the Company’s investments valued under the measurement alternative: Investments Valued Under the Measurement Alternative 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 Removal of investment in connection with step acquisition (9,700) — Acquisition of interest in a privately held company 1,800 1,250 Ending period balance $ 3,305 $ 11,205

ASSETS HELD FOR SALE AND DISCON

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS	ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Assets Held for Sale Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. 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. On November 17, 2017, in order to facilitate the Merger, the Company assigned assets to a trust and the trust subsequently entered into two separate LMAs with Bonneville which became effective upon the closing of the Merger. Under the terms of the LMAs, Bonneville began operating four stations in Sacramento, California and four stations in San Francisco, California. On August 2, 2018, the Company entered into an asset purchase agreement with Bonneville to dispose of the eight radio stations for $141.0 million in cash. The LMAs terminated on September 21, 2018, upon the consummation of a final agreement to divest the stations as required under a DOJ consent order agreed to by the Company, as a condition to complete the Merger. Of the eight radio stations placed in the trust, three were originally owned by the Company and the remaining five were originally owned by CBS Radio. The Company conducted an analysis and determined the assets of the eight radio stations met the criteria to be classified as held for sale, pending disposition. The five CBS Radio stations met the criteria to be classified within discontinued operations, pending disposition. 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 aggregate, these assets had a carrying 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 sale commissions and other expenses, of approximately $4.5 million. As of February 13, 2019, the Company entered into an agreement with Cumulus under which the Company exchanged 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 determined the assets exchanged to Cumulus met the criteria to be classified as held for sale at March 31, 2019. The Cumulus Exchange closed in the second quarter of 2019 and the Company recognized a loss on the exchange of approximately $1.8 million. On May 1, 2019, the Company entered into an agreement with a third party to dispose of land, buildings, equipment and broadcasting licenses in Victor Valley, California. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at June 30, 2019. In aggregate, these assets had a carrying value of $1.1 million. The sale closed in the third quarter of 2019 and the Company recognized a loss of $0.1 million. On May 9, 2019, the Company entered into an agreement with a third party to dispose of land and buildings in Miami, Florida. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at June 30, 2019. In aggregate, these assets had a carrying value of $2.2 million. The sale closed in the third quarter of 2019 and the Company recognized a loss of $0.1 million. During the third quarter of 2019, the Company entered into negotiations with a third party to dispose of land and buildings in Miami, Florida. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at September 30, 2019. In aggregate, these assets had a carrying value of $1.9 million. The sale closed in the fourth quarter of 2019 and the Company recognized a loss of $0.4 million. During the fourth quarter of 2019, the Company entered into an agreement with a third party to dispose of equipment and a broadcasting license in Boston, Massachusetts. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at December 31, 2019. In aggregate, these assets had a carrying value of $10.2 million. This transaction is expected to close within one year. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company determined the fair value of the assets held for sale related to the Bonneville LMA by utilizing an offer from a third party for the bundle of assets. This is considered a Level 3 measurement. Based upon the agreed-upon price in the asset purchase agreement, the Company determined that the carrying value of these assets was greater than the fair value. During the second quarter of 2018, the Company recorded a non-cash impairment charge of $25.6 million to reflect the change in the carrying value of these assets held for sale from $165.9 million to $140.3 million and to reduce the carrying value of these assets to the recoverable value. During the third quarter of 2018, the Company closed on this sale, which resulted in a loss of approximately $0.2 million to the Company. The major categories of these assets held for sale are as follows: Assets Held for Sale December 31, 2019 December 31, 2018 (amounts in thousands) Land and land improvements $ — $ 2,645 Building — 1,053 Leasehold improvements — — Equipment 48 15,905 Net property and equipment 48 19,603 Radio broadcasting licenses 10,140 — Other intangibles — — Goodwill — — Total intangibles 10,140 — Net assets held for sale $ 10,188 $ 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 3, Business Combinations, and elsewhere within this Note, for additional information on the Bonneville Transaction. The following table presents the results of operations of the discontinued operations: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Net broadcast revenues $ — $ — $ 5,494 Station operating expenses — — 4,749 Depreciation and amortization expense — — 9 Net time brokerage agreement (income) fees — 1,765 (652) Total operating expenses — — 4,106 Income before income taxes — 1,765 1,388 Income taxes — 613 552 Income from discontinued operations, net of income taxes $ — $ 1,152 $ 836

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	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 affect the Company’s financial position, results of operations or cash flows. FCC Matter In January 2019, the Company received the first of three letters of inquiry from the FCC staff in response to a complaint from an individual who claimed to have purchased time on three Company stations in Buffalo, but was not charged the lowest unit rate. The Company cooperated with the FCC in this matter and timely responded to these letters of inquiry, which also addressed the timeliness of the Company's compliance with respect to the political file record keeping obligations for its Buffalo stations. On October 10, 2019, the Company met with the FCC staff and was advised that the lowest unit rate inquiry was concluded. At the same meeting, however, the FCC staff advised the Company that it had separately conducted a more extensive investigation into the timeliness of the Company's compliance with respect to the political file record keeping obligations for all of the Company's stations. The Company is in discussions with the FCC staff with respect to this investigation. The Company has assessed the FCC staff's allegations with respect to the Company's compliance with these filing obligations and the underlying facts and will continue to cooperate with the FCC and engage in discussions as to a potential conclusion or settlement of the matter. The Company is unable to reasonably estimate the ultimate outcome that will result from this matter at this time. The Company determined that this matter had an immaterial impact on the current period. The Company does not currently expect that the final resolution of this matter in future periods will have a material effect on the financial position of the Company. However, it is reasonably possible that such a resolution could have a material effect on the Company's results of operations for a given reporting period. Like-Kind Exchange Proceeds 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 holds the net sales proceeds of $70.2 million from these transactions. The Company used a portion of these funds in a tax-free exchange by using the net sales proceeds from relinquished property for the purchase of replacement property. This entity was treated as a VIE and is included in the Company’s 2018 consolidated financial statements as the Company was considered the primary beneficiary. The use of a QI in a like-kind exchange enables the Company to effectively minimize its current tax liability in connection with certain asset dispositions. In connection with these transactions, the Company sold: (i) a parcel of land in Chicago, Illinois in 2018 for net proceeds of $45.5 million; and (ii) a former studio building in Los Angeles, California in 2018 for net proceeds of $24.7 million. These net sales proceeds were deposited into the account of the QI to comply with requirements under Section 1031 of the Code to execute a like-kind exchange and are reflected as restricted cash on the Company’s consolidated balance sheet as of December 31, 2018. Restrictions on these deposits lapsed during the first quarter of 2019. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet that aggregate to the total of the same such amounts shown in the consolidated statement of cash flows: Cash, Cash Equivalents and December 31, 2019 2018 (amounts in thousands) Cash and cash equivalents $ 20,393 $ 122,893 Restricted cash — 69,365 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 20,393 $ 192,258 Insurance The Company uses a combination of insurance and self-insurance mechanisms to mitigate the potential liabilities for workers’ compensation, general liability, property, directors’ and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. Under these policies, the Company is required to maintain letters of credit. Broadcast Licenses The Company could face increased costs in the form of fines and a greater risk that the Company could lose any one or more of its broadcasting licenses if the FCC concludes that programming broadcast by a Company station was obscene, indecent or profane and such conduct warrants license revocation. The FCC’s authority to impose a fine for the broadcast of such material is $414,454 for a single incident, with a maximum fine of up to $3,825,726 for a continuing violation. The Company has determined that, at this time, the amount of potential fines and penalties, if any, cannot be estimated. The Company has filed, on a timely basis, renewal applications for those radio stations with radio broadcasting licenses that are subject to renewal with the FCC. The Company’s costs to renew its licenses with the FCC are nominal and are expensed as incurred rather than capitalized. From time to time, the renewal of certain licenses may be delayed. The Company continues to operate these radio stations under their existing licenses until the licenses are renewed. The FCC may delay the renewal pending the resolution of open inquiries. The affected stations are, however, authorized to continue operations until the FCC acts upon the renewal applications. Currently, all of the Company’s licenses have been renewed or we have timely filed license renewal applications. The FCC initiated an investigation in January 2007, related to a contest at one of the Company’s stations. In October 2016, the FCC designated for a hearing whether the Company operated this station in the public interest and whether such station’s license should be renewed. In February 2017, the Company permanently discontinued operation of the station and returned the station’s broadcasting license to the FCC for cancellation, in order to facilitate the Merger. As a result, the Company recorded a $13.5 million loss in the statement of operations in net gain/loss on sale or disposal of assets in 2017. Licenses The Radio Music Licensing Committee (the “RMLC”), of which the Company is a represented participant: (i) entered into an industry-wide settlement with American Society of Composers, Authors and Publishers ("ASCAP"), resulting in a new license made available to RMLC members, that became effective January 1, 2017, for a five-year term; (ii) is currently seeking reasonable terms and fees for a new license that would be retroactively effective to January 1, 2017, from Broadcast Music, Inc. ("BMI") through settlement negotiations and potential rate court proceedings; (iii) is currently subject to arbitration proceedings with SESAC, Inc. ("SESAC") to determine fair and reasonable fees that would be effective January 1, 2019; and (iv) commencing on January 1, 2017, entered into a series of interim licenses with Global Music Rights ("GMR"), the most current of which expires March 31, 2020. The RMLC filed a motion in the U.S. District Court for the Eastern District of Pennsylvania against GMR in November 2016 arguing that GMR is a monopoly demanding monopoly prices and asking the Court to subject GMR to an antitrust consent decree. GMR filed a counterclaim in the U.S. District Court for the Central District of California and a motion to dismiss the RMLC’s claim in the U.S. District Court for the Eastern District of Pennsylvania. There have been subsequent claims and counterclaims to establish jurisdiction. In 2019, all claims between the RMLC and GMR were transferred to the U.S. District Court of California. The United States Copyright Royalty Board will be initiating a proceeding in March 2020 that will establish the royalty rates the Company pays under federal statutory license for the public performance of sound recordings on the Internet for 2021-2026. Leases and Other Contracts Rental expense is incurred principally for office and broadcasting facilities. Certain of the leases contain clauses that provide for contingent rental expense based upon defined events such as cost of living adjustments and/or maintenance costs in excess of pre-defined amounts. The Company also has rent obligations under sale and leaseback transactions whereby the Company sold certain of its radio broadcasting towers to third parties for cash in return for long-term leases on these towers. These sale and leaseback obligations are listed in the future minimum annual commitments table. The Company sold these towers as operating these towers to maximize tower rental income was not part of the Company’s core strategy. The following table provides the Company’s rent expense for the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Rent expense $ 58,947 $ 53,948 $ 23,742 The Company also has various commitments under the following types of contracts: Future Minimum Annual Commitments Rent Under Sale Programming Total (amounts in thousands) Years ending December 31, 2020 $ 47,024 $ 2,274 $ 163,392 $ 212,690 2021 47,208 2,342 108,286 157,836 2022 41,838 2,412 70,752 115,002 2023 38,064 2,485 48,775 89,324 2024 35,088 2,196 7,304 44,588 Thereafter 123,612 10,459 6,158 140,229 $ 332,834 $ 22,168 $ 404,667 $ 759,669

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS Events occurring after December 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 February 14, 2020, the Company entered into an agreement with EMF to sell Boston, Massachusetts station WAAF-FM for $10.8 million in cash. EMF began programming WAAF-FM on February 22, 2020 under a network affiliation

SUMMARIZED QUARTERLY FINANCIAL

SUMMARIZED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
SUMMARIZED QUARTERLY FINANCIAL DATA	SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to the Company’s acquisitions and dispositions activities as described in Note 3, Business Combinations, and due to the seasonality of revenues, with revenues usually the lowest in the first quarter of each year. Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2019 Net revenues $ 414,118 $ 386,141 $ 380,665 $ 309,005 Operating income $ (455,492) $ 79,490 $ 64,762 $ 30,383 Net income (loss) available to the Company from continuing operations $ (487,537) $ 38,208 $ 25,992 $ 3,125 Preferred stock dividend $ — $ — $ — $ — Net income available to common shareholders from continuing operations $ (487,537) $ 38,208 $ 25,992 $ 3,125 Income (loss) from discontinued operations, net of income taxes $ — $ — $ — $ — Net income (loss) available to common shareholders $ (487,537) $ 38,208 $ 25,992 $ 3,125 Net income (loss) from continuing operations per share - basic (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Net income (loss) from discontinued operations, net of tax, per share - basic (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - basic (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Weighted average common shares outstanding - basic 133,985 136,449 138,760 138,099 Net income (loss) from continuing operations per share - diluted (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Net income (loss) from discontinued operations, net of tax, per share - diluted (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - diluted (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Weighted average common shares outstanding - diluted 133,985 136,453 139,074 138,523 Preferred stock dividends declared and paid $ — $ — $ — $ — Common stock dividends declared and paid $ 2,679 $ 2,677 $ 12,487 $ 12,430 Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2018 Net revenues $ 411,375 $ 378,508 $ 372,124 $ 300,560 Operating income $ (377,593) $ 78,733 $ 27,552 $ 5,689 Income (loss) available to the Company from continuing operations $ (386,568) $ 36,590 $ 1,597 $ (14,206) Preferred stock dividend $ — $ — $ — $ — Net income available to common shareholders from continuing operations $ (386,568) $ 36,590 $ 1,597 $ (14,206) Income (loss) from discontinued operations, net of income taxes $ (378) $ 358 $ 844 $ 328 Net income (loss) available to common shareholders $ (386,946) $ 36,948 $ 2,441 $ (13,878) Net income (loss) from continuing operations per share - basic (1) $ (2.80) $ 0.26 $ 0.01 $ (0.10) Net income (loss) from discontinued operations, net of tax, per share - basic (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - basic (1) $ (2.80) $ 0.27 $ 0.02 $ (0.10) Weighted average common shares outstanding - basic 138,033 138,740 138,639 138,939 Net income (loss) from continuing operations per share - diluted (1) $ (2.80) $ 0.26 $ 0.01 $ (0.10) Net income (loss) from discontinued operations, net of tax, per share - diluted (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - diluted (1) $ (2.80) $ 0.27 $ 0.02 $ (0.10) Weighted average common shares outstanding - diluted 138,033 139,103 139,263 138,939 Preferred stock dividends declared and paid $ — $ — $ — $ — Common stock dividends declared and paid $ 12,367 $ 12,486 $ 12,475 $ 12,441 _______________ (1) Income (loss) from continuing operations per share, income (loss) from discontinued operations per share, and net income (loss) per share are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain reclassifications have been made to the prior years’ statements of cash flow and 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.
Principles of Consolidation	Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) or local marketing agreement (“LMA”) in connection with a pending acquisition or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE or separately present activity as discontinued operations may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2019, there were no VIEs requiring consolidation in these financial statements. As of December 31, 2018, there was one VIE that required consolidation in these consolidated 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 completion 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. Total results of operations of the VIE for the year ended December 31, 2019, and December 31, 2018, were not significant. 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, the Company does not have restricted cash as of December 31, 2019. The VIE had no other assets or liabilities aside from the restricted cash balances and capitalized leasehold improvements 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 recourse by the creditors of the VIE against the Company’s general creditors. Refer to Note 22, Contingencies And Commitments, for further discussion of VIEs requiring consolidation. See Note 21, Assets Held For Sale And Discontinued Operations, for further discussion on discontinued operations.
Reportable and Operating Segment	Reportable Segment – The Company operates under one reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Operating Segment - Following the Company's Merger with CBS Radio in November 2017, the Company's radio broadcasting operations increased from 28 radio markets to 48 radio markets. In connection with the Merger, management further considered its operating segment and reportable segment conclusions. Management considered factors including, but not limited to: (i) the favorable impact of the significant synergies generated through more centralized operating activities; and (ii) how the value of the portfolio of radio markets is greater than the sum of the value of the individual radio markets in that portfolio. These factors impact how the Chief Operating Decision Maker ("CODM") evaluates the results of a significantly larger company and how operating decisions are made, which are now performed at the Company level. This approach is consistent with how operating and capital investment decisions are made as needed, at the Company level, irrespective of any given market's size or location. Furthermore, technological enhancements and systems integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Management also considered its organizational structure in assessing its operating segments and reportable segments. Managers at the market level are often responsible for the operational oversight of multiple markets, the assignment of which is nether dependent upon geographical region nor size. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. After consideration of the above, the Company changed its operating segment conclusions during the second quarter of 2018. The Company has one operating segment and one reportable segment.
Management's Use of Estimates	Management’s Use of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (i) asset impairments, including broadcasting licenses and goodwill; (ii) income tax valuation allowances for deferred tax assets; (iii) allowance for doubtful accounts and allowance for sales reserves; (iv) self-insurance reserves; (v) fair value of equity awards; (vi) estimated lives for tangible and intangible assets; (vii) contingency and litigation reserves; (viii) fair value measurements; (ix) acquisition purchase price asset and liability allocations; and (x) uncertain tax positions. The Company’s accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates.
Income Taxes	Income Taxes – The Company applies the asset and liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for 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 periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. The Company applies the guidance for income taxes and intra-period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (i) income (loss) from continuing operations; (ii) income (loss) from discontinued
Property and Equipment	Property and Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. Depreciation expense on property and equipment is determined on a straight-line basis.
Long-Lived Assets	Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 7, Intangible Assets And Goodwill, for further discussion. Certain of the Company’s equipment, such as broadcast towers, can provide economic benefit over a longer period of time resulting in the use of longer lives of up to 40 years. If events or changes in circumstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair value of long-lived assets requires the use of significant judgments and estimates. Future events may impact these judgments and estimates.
Revenue Recognition	Revenue Recognition – 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) local events; (iv) e-commerce where an advertiser’s goods and services are sold through the Company’s websites; and (v) a suite of digital products. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the products or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. Refer to the recent accounting pronouncements section within this note for additional information on recently issued accounting guidance on revenue recognition. Refer to Note 4, Revenue, for additional information on the Company’s revenue. Refer to Note 4, Revenue, Note 9, Other Current Liabilities, and Note 10, Other Long-Term Liabilities, for additional information on unearned revenue.
Concentration of Credit Risk	Concentration of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The balance in the Company’s allowance for doubtful accounts is based on the Company’s historical collections, the age of the receivables, specific customer information, and current economic conditions. Delinquent accounts are written off if collections efforts have been unsuccessful and the likelihood of recovery is considered remote.
Debt Issuance Costs and Original Issue Discount	Debt Issuance Costs and Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense. See Note 11, Long-Term Debt, for further discussion for the amount of deferred financing expense that was included in interest expense in the accompanying consolidated statements of operations. In 2019, the Company issued senior secured second-lien notes and used proceeds to partially repay amounts outstanding under existing indebtedness. In connection with this refinancing activity, a portion of the unamortized deferred financing costs associated with the Company's former term loan was written off and included in the statement of operations under loss on extinguishment of debt. Lender fees and third party fees incurred during the refinancing were capitalized or expensed as appropriate based on accounting guidance for debt modifications and extinguishments. In 2017, the Company refinanced its outstanding debt in conjunction with the Merger. In connection with this refinancing activity, a portion of the unamortized deferred financing costs associated with the Company’s former revolving credit facility and a portion of the unamortized deferred financing costs associated with the Company’s former term loan was written off and included in the statement of operations under loss on extinguishment of debt. Lender fees and third party fees incurred during the refinancing were capitalized or expensed as appropriate based on accounting guidance for debt modifications and extinguishments. Refer to Note 11, Long-Term Debt, for further discussion of the 2019 and 2017 refinancing activities.
Extinguishment Of Debt	Extinguishment of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. On December 13, 2019, April 30, 2019, and November 17, 2017, the Company refinanced certain of its outstanding debt. In each refinancing event, a portion of the Company’s outstanding debt was accounted for as an extinguishment. See Note 11, Long-Term Debt for a discussion of the Company’s long-term debt.
Corporate General and Administrative Expense	Corporate General and Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties.
Time Brokerage Agreement (Income) Fees	Time Brokerage Agreement (Income) Fees – TBA fees or income consists of fees paid or received under agreements that permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement to market, but not to program, a station for a defined period of time. A portion of the Company’s TBA income earned is presented in income (loss) from discontinued operations, net of income taxes (benefit) in the Company’s consolidated statement of operations. TBA fees or income earned from continuing operations are recorded as a separate line item in the Company’s consolidated statement of operations.
Trade and Barter Transactions	Trade and Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Trade and Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. See Note 18, Supplemental Cash Flow Disclosures On Non-Cash Activities, for a summary of the Company’s barter transactions.
Business Combinations	Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses an income or cost method to determine the fair value of all intangible assets required to be recognized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 7, Intangible Assets And Goodwill.
Asset Retirement Obligation	Asset Retirement Obligations – The Company reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probability factor as the obligation depends upon a future event that may or may not be within the control of the Company.
Accrued Compensation	Accrued Compensation – Certain types of employee compensation are paid in subsequent periods. See Note 9, Other Current Liabilities, for amounts reflected in the balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash – Cash consists primarily of amounts held on deposit with financial institutions. The Company’s cash deposits with banks are insured by the Federal Deposit Insurance Corporation up to $250,000 per account. At times, the cash balances held by the Company in financial institutions may exceed these insured limits. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in high credit quality financial institutions. The Company has not experienced any losses in such accounts. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. The Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. Restricted cash balances consist of amounts that the Company may be restricted in its ability to access or amounts that are reserved for a specific purpose and therefore not available for immediate or general business use. As of December 31, 2018, the Company had investments in money market instruments of approximately $69.4 million, which are reflected on the consolidated balance sheet as restricted cash as the Company was temporarily restricted in
Derivatives Financial Instruments	Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities.
Leases	Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 10, Other Long-Term Liabilities. The operating lease obligations represent scheduled future minimum operating lease payments under non-cancellable operating leases, including rent obligations under escalation clauses that are defined increases and not escalations that depend on variable indices. The minimum lease payments do not include common area maintenance, variable real estate taxes, insurance and other costs for which the Company may be obligated as most of these payments are primarily variable rather than fixed. See Note 22, Contingencies and Commitments, for a discussion of the Company’s leases. In addition, refer to the recent accounting pronouncements section of this note, Leasing Transactions, for a change in the Company’s reporting requirements as of January 1, 2019.
Share-based Compensation	Share-Based Compensation – The Company records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further discussion of share-based compensation, see Note 16, Share-Based Compensation.
Investments	Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. At December 31, 2019, and 2018, the Company held no equity method investments. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company has minority equity investments in privately held companies that are separately presented in the Investments line item. The Company monitors these investments for impairment and makes appropriate reductions to the carrying value when events and circumstances indicated that the carrying value of the investments may not be recoverable. In determining whether a decline in fair value exists, the Company considers various factors, including market price (when available), investment ratings, the financial condition and near-term prospects of the investee, the length of time and the extent to which the fair value has been less than the Company’s cost basis, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Company also provides certain quantitative and qualitative disclosures for those investments that are impaired at the balance sheet date and for those investments for which an impairment has not been recognized. The Company's investments continue to be carried at their original cost. There have been no impairments in the investments valued under the measurement alternative, returns of capital, or any adjustments resulting from observable price changes in orderly transactions for the investments. Refer to Note 20, Fair Value Of Financial Instruments, for additional information on the Company’s investments valued under the measurement alternative.
Advertising and Promotion Cost	Advertising and Promotion Costs –
Insurance and Self-Insurance Liabilities	Insurance and Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property, director and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated,
Recognition of Insurance Claims and Other Recoveries	Recognition of Insurance Claims and Other Recoveries –
Sports Programming Costs and Unfavorable/Favorable Sports Liabilities/Assets	Sports Programming Costs and Unfavorable/Favorable Sports Liabilities/Assets – Sports programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. Prepaid expenses which are not directly allocable to any one particular season are amortized on a straight-line basis over the life of the agreement. In connection with certain acquisitions, the Company assumed contracts at above or below market rates. These liabilities and assets are being amortized over the life of the contracts and are reflected within current and long-term assets and liabilities.
Accrued Litigation	Accrued Litigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Company expenses legal costs as incurred in professional fees. See Note 22, Contingencies and Commitments.
Software Cost	Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development stage. Internal-use software includes website development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites. Costs related to the maintenance, content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method.
Recent Accounting Pronouncements	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 those listed below, that might have a material impact on the Company’s financial position or results of operations. Stock-Based Compensation In June 2018, the accounting guidance was amended to address several aspects of accounting for nonemployee share-based payment transactions to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance was effective for the Company as of January 1, 2019. The Company adopted the new guidance using a modified retrospective approach, without the need to make a cumulative-effect adjustment to retained earnings as of the effective date. The Company believes that this amendment to the accounting guidance did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2016, the accounting guidance for stock-based compensation was modified primarily to: (i) record excess tax benefits or deficiencies on stock-based compensation in the statement of operations, regardless of whether the tax benefits reduce taxes payable in the period; (ii) allow an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation up to the maximum statutory tax rates in the applicable jurisdictions; and (iii) allow entities to make an accounting policy election to either estimate the number of award forfeitures or to account for forfeitures when they occur. The guidance was effective for the Company on January 1, 2017. As of January 1, 2017, the Company recorded a cumulative-effect adjustment to its accumulated deficit of $5.1 million on a modified retrospective transition basis. This adjustment was comprised of previously unrecognized excess tax benefits of $4.6 million as adjusted for the Company’s effective income tax rate, and a change to recognize stock-based compensation forfeitures when they occur of $0.5 million, net of tax. Revenue Recognition The Company adopted the amended accounting guidance for revenue recognition on January 1, 2018, using the modified retrospective transition method, without a need to make a cumulative-effect adjustment to retained earnings as of the effective date. As a result, the Company has changed its accounting policy for revenue recognition 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, Revenue, for additional information. Under certain practical expedients elected, the Company did not disclose the amount of consideration allocated to the remaining performance obligations or an explanation of when the Company expects to recognize that amount as revenue for all reporting periods presented before January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under the amended accounting guidance, while prior period amounts are not 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 is not material to the Company's financial position, results of operations or cash flows through December 31, 2019. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer, in an amount that reflects the consideration it expects to be entitled to in exchange for those products or services. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. Leasing Transactions In February 2016, the accounting 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 6, Leases, for additional information. Under certain practical expedients elected, the Company did not reassess whether any expired or existing contracts are or contain leases. The Company did not reassess lease classification between operating and finance leases for any 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 not 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 December 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 liability as well as a ROU asset representing its right to use the underlying asset for the lease term, on the consolidated balance sheet.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Depreciation Expense on Property And Equipment	Depreciation expense for property and equipment is reflected in the following table: Property And Equipment Years Ended December 31, 2019 2018 2017 (amounts in thousands) Depreciation expense $ 31,866 $ 28,709 $ 13,215
Schedule of Property And Equipment By Category	The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2019 2018 Land, land easements and land improvements 0 15 $ 107,281 $ 110,570 Buildings 20 40 34,777 36,038 Equipment 3 40 210,872 222,847 Furniture and fixtures 5 10 19,393 18,426 Other * * 44 44 Leasehold improvements * * 98,833 71,688 471,200 459,613 Accumulated depreciation (163,416) (158,341) 307,784 301,272 Capital improvements in progress 42,882 15,758 Net property and equipment $ 350,666 $ 317,030 * Shorter of economic life or lease term
Contract Assets and Liabilities	The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2019 2018 (amounts in thousands) Current Other current liabilities $ 9,894 $ 22,692 Long-term Other long-term liabilities $ 2,113 $ 1,138 December 31, Description 2019 2018 (amounts in thousands) Receivables, included in “Accounts receivable net of allowance for doubtful accounts” $ 376,504 $ 330,983 Unearned revenue - current 9,894 22,692 Unearned revenue - noncurrent 2,113 1,138
Schedule of Change in Asset Retirement Obligation	The following table presents the changes in asset retirement obligations: Asset Retirement Obligations December 31, 2019 2018 (amounts in thousands) Beginning Balance $ 2,030 $ 1,714 Additions — 456 Settlements (20) (204) Revision of estimate — 4 Accretions 64 60 Ending Balance $ 2,074 $ 2,030 Asset retirement obligations - short term $ 380 $ 342 Asset retirement obligations - long term 1,694 1,688 Total asset retirement obligations $ 2,074 $ 2,030

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Purchase Price Allocation	Differences between the preliminary and final valuation could be substantially different from the initial estimate. Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Property, plant and equipment $ 654 3 7 Total tangible property 654 Operating lease right-of-use asset 62 Deferred tax asset 2,900 Cadence 13 brand 5,977 3 3 Goodwill 31,392 non-amortizing Total intangible and other assets 40,331 Operating lease liabilities (985) Net working capital (757) Preliminary fair value of net assets acquired $ 39,243 Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Accounts receivable $ 997 Pineapple Street Media brand 1,793 non-amortizing Goodwill 12,445 non-amortizing Total intangible and other assets 15,235 Total assets 15,235 Unearned revenue 238 Accounts payable 30 Total liabilities $ 268 Preliminary fair value of net assets acquired $ 14,967 Useful Lives in Years Preliminary Value From To (amounts in thousands) Assets Equipment $ 844 3 7 Total tangible property 844 Radio broadcasting licenses 19,576 non-amortizing Goodwill 2,080 non-amortizing Total intangible and other assets 21,656 Total assets $ 22,500 Preliminary fair value of net assets acquired $ 22,500 The following table reflects the final allocation of the purchase price of the assets acquired. Final Value (amounts in thousands) Assets Equipment $ 981 Total tangible property 981 Advertising contracts 477 Radio broadcasting licenses 27,346 Goodwill 24,396 Net working capital 3,234 Total intangible and other assets 55,453 Total assets $ 56,434 Preliminary fair value of net assets acquired $ 56,434 The following table reflects the final allocation of the purchase price to the assets acquired. 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 Preliminary fair value of assets acquired $ 15,000 The following table reflects the final aggregate fair value purchase price allocation of these assets and liabilities assumed. Beasley Transaction Assets Acquired Assets Disposed (amounts in thousands) Assets Total property plant and equipment $ 667 $ 807 Total tangible assets 667 807 Sports rights agreement — 267 Radio broadcasting licenses 35,944 35,944 Goodwill 289 11,882 Total intangible assets 36,233 48,093 Additional cash consideration 12,000 — Total value $ 48,900 $ 48,900 iHeart Transaction Assets Acquired Assets Disposed (amounts in thousands) Assets Total property plant and equipment $ 13,725 $ 8,149 Total tangible assets 13,725 8,149 Acquired advertising contracts 265 — Advertiser relationships 1,041 — Radio broadcasting licenses 50,621 56,299 Goodwill 11,700 6,852 Total intangible assets 63,627 63,151 Liabilities Unfavorable lease agreements assumed (1,301) — Deferred tax liabilities (4,751) — Total value $ 71,300 $ 71,300
Summary of iHeart and Beasley Transaction by Radio Station	Summary of iHeart and Beasley Transactions by Radio Station iHeartMedia Transaction Market Radio Stations Transactions TBA Commencement Date Disposition or Acquisition Date Richmond, VA WRVA AM Company acquired from iHeart December 4, 2017 December 19, 2017 WRXL FM WTVR FM WBTJ FM WRNL AM WRVQ FM Chattanooga, TN WKXJ FM Company acquired from iHeart December 4, 2017 December 19, 2017 WUSY FM WRXR FM WLND FM Boston, MA WBZ AM Company divested to iHeart November 18, 2017 December 19, 2017 WZLX FM WKAF FM WRKO AM Not applicable Seattle, WA KZOK FM Company divested to iHeart Not Applicable December 19, 2017 KJAQ FM KFNQ AM November 18, 2017 Beasley Transaction Market Radio Stations Transactions TBA Commencement Date Disposition or Acquisition Date Boston, MA WMJX FM Company acquired from Beasley December 4, 2017 December 19, 2017 Boston, MA WBZ FM Company divested to Beasley Not Applicable December 19, 2017
Components of Restructuring Charges	The following table presents the components of restructuring charges. Years Ended December 31 2019 2018 2017 (amounts in thousands) Costs to exit duplicative contracts $ — $ 229 $ 500 Workforce reduction 6,171 3,599 10,441 Other restructuring costs 805 2,002 3,021 Transition services costs — — 2,960 Total restructuring charges $ 6,976 $ 5,830 $ 16,922
Changes in Restructuring Reserve	Years Ended 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 6,976 5,830 Restructuring charges assumed from the Merger — — Payments (9,802) (14,839) Restructuring charges and lease abandonment costs unpaid and outstanding 4,251 7,077 Restructuring charges and lease abandonment costs - noncurrent portion (1,483) (988) Restructuring charges and lease abandonment costs - current portion $ 2,768 $ 6,089
Pro Forma Information	These unaudited pro forma results have been prepared for comparative purposes only and 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. Years Ended December 31 2019 2018 2017 (amounts in thousands, except per share data) Pro Forma Pro Forma Pro Forma Net revenues $ 1,528,434 $ 1,501,146 $ 1,607,777 Income (loss) from continuing operations $ (419,808) $ (360,085) $ 374,135 Income (loss) from discontinued operations $ — $ 1,152 $ 836 Net income (loss) available to the Company $ (419,808) $ (358,933) $ 374,971 Net income (loss) available to common shareholders $ (419,808) $ (358,933) $ 372,956 Income (loss) from continuing operations per common share - basic $ (3.07) $ (2.61) $ 2.67 Income (loss) from discontinued operations per common share - basic $ — $ 0.01 $ 0.01 Net income (loss) available to common shareholders per common share - basic $ (3.07) $ (2.60) $ 2.66 Income (loss) from continuing operations per common share - diluted $ (3.07) $ (2.61) $ 2.64 Income (loss) from discontinued operations per common share - diluted $ — $ 0.01 $ 0.01 Net income (loss) available to common shareholders per common share - diluted $ (3.07) $ (2.60) $ 2.63 Weighted shares outstanding basic 136,967 138,070 140,298 Weighted shares outstanding diluted 136,967 138,070 141,790

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2019 2018 (amounts in thousands) Current Other current liabilities $ 9,894 $ 22,692 Long-term Other long-term liabilities $ 2,113 $ 1,138 December 31, Description 2019 2018 (amounts in thousands) Receivables, included in “Accounts receivable net of allowance for doubtful accounts” $ 376,504 $ 330,983 Unearned revenue - current 9,894 22,692 Unearned revenue - noncurrent 2,113 1,138
Change in Contract Assets and Liabilities	Significant changes in the contract liabilities balances during the period are as follows: Year Ended December 31, 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 (23,830) Additional amounts recognized during period 12,007 Ending balance $ 12,007
Disaggregation of Revenue Table	The following table presents the Company’s revenues disaggregated by revenue source: Years Ended December 31, 2019 2018 2017 Revenue by Source (amounts in thousands) Broadcast revenues $ 1,360,092 $ 1,327,803 $ 530,553 Event and other revenues 112,924 115,399 51,434 Trade and barter revenues 16,913 19,365 10,897 Net revenues $ 1,489,929 $ 1,462,567 $ 592,884

ACCOUNTS RECEIVABLE AND RELAT_2

ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS AND SALES RESERVES (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of accounts receivable balances and reserve for doubtful amount	The accounts receivable balances, and the allowance for doubtful accounts and sales reserves, are presented in the following table: Net Accounts Receivable December 31, 2019 2018 (amounts in thousands) Accounts receivable $ 396,427 $ 359,456 Allowance for doubtful accounts and sales reserve (17,515) (16,690) Accounts receivable, net of allowance for doubtful accounts and sales reserves $ 378,912 $ 342,766
Schedule of changes in allowance for doubtful accounts	The following table presents the changes in the allowance for doubtful accounts: Changes In Allowance For Doubtful Accounts Year Ended Balance At Beginning Of Year Additions Charged To Costs And Expenses Deductions From Reserves Balance At End Of Year (amounts in thousands) December 31, 2019 $ 9,419 $ 4,549 $ (5,703) $ 8,265 December 31, 2018 3,885 8,909 (3,375) 9,419 December 31, 2017 2,137 3,715 (1,967) 3,885
Schedule of Changes in Allowance for Sales Reserves	The following table presents the changes in the sales reserves: Changes in Allowance for Sales Reserves Year Ended Balance At Beginning Of Year Additions Charged To Revenues Deductions From Reserves Balance At End Of Year (amounts in thousands) December 31, 2019 $ 7,271 $ 11,394 $ (9,415) $ 9,250 December 31, 2018 $ 390 $ 14,254 $ (7,373) $ 7,271 December 31, 2017 $ — $ 390 $ — $ 390

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Lease Cost Year Ended December 31, 2019 (amounts in thousands) Operating lease cost $ 50,169 Variable lease cost 9,691 Short-term lease cost 182 Total lease cost $ 60,042
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Description Year Ended December 31, 2019 (amounts in thousands) Cash paid for amounts included in measurement of lease liabilities Operating cash flows from operating leases $ 52,056 Right-of-use assets obtained in exchange for lease obligations Operating leases (1) $ 315,377 (1) 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 year ended December 31, 2019.
Supplemental Balance Sheet information Related to Leases	Supplemental balance sheet information related to leases was as follows: Description December 31, (amounts in thousands) Operating Leases Operating leases right-of-use assets $ 259,613 Operating lease liabilities (current) $ 35,335 Operating lease liabilities (noncurrent) 253,346 Total operating lease liabilities $ 288,681 Weighted Average Remaining Lease Term Operating leases 8 years Weighted Average Discount Rate Operating leases 4.9 %
Aggregate Maturities of Lease Liability	The aggregate maturities of the Company’s lease liabilities are as follows: Lease Maturities Operating Leases (amounts in thousands) Years ending Years ending December 31: 2020 $ 49,298 2021 49,550 2022 44,250 2023 40,549 2024 37,284 Thereafter 134,071 Total lease payments $ 355,002 Less: imputed interest (66,321) Total $ 288,681
Schedule Of Future Minimum Rental Payments For Operating Leases	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 Years ending December 31: 2020 $ 51,375 2021 50,504 2022 46,847 2023 41,457 2024 38,230 Thereafter 165,905 Total lease payments $ 394,318

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of the changes in broadcasting license	The following table presents the changes in the carrying value of broadcasting licenses: Broadcasting Licenses Carrying Amount December 31, December 31, (amounts in thousands) Broadcasting licenses balance as of January 1, $ 2,516,625 $ 2,649,959 Disposition of radio stations (see Notes 3, 21) (17,940) (24,901) Acquisitions (see Note 3) 19,576 40,131 Loss on impairment — (148,564) Assets held for sale (see Note 21) (10,140) — Ending period balance $ 2,508,121 $ 2,516,625
Schedule of changes in goodwill	The following table presents the changes in goodwill. Goodwill Carrying Amount December 31, December 31, (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 (537,353) (317,138) Dispositions (see Note 3) (4,862) (8,623) Acquisitions (see Note 3) 46,666 24,728 Measurement period adjustments to acquired goodwill — (21,498) Ending period balance $ 43,920 $ 539,469 Goodwill balance before cumulative loss on impairment as of December 31, $ 1,024,467 $ 982,663 Accumulated loss on impairment as of December 31, (980,547) (443,194) Goodwill ending balance as of December 31, $ 43,920 $ 539,469
Schedule of assumptions and estimates for broadcasting licences impairment testing	The following table reflects the estimates and assumptions used in the interim and annual broadcasting licenses impairment assessments of each year. Estimates And Assumptions Fourth Fourth Second Second Second Discount rate 8.50 % 9.00 % 9.00 % 9.25 % 9.5 % Operating profit margin ranges expected for average stations in the markets where the Company operates 18% to 36% 22% to 37% 22% to 37% 19% to 40% 14% to 40% Forecasted growth rate (including long-term growth rate) range of the Company's markets 0.0% to 0.8% 0.0% to 0.9% 0.5% to 1.0% 1.0% to 2.0% 1.0% to 2.0%
Schedule of assumptions and estimates for goodwill impairment testing	The following table reflects the estimates and assumptions used in the interim and annual goodwill impairment assessments of each year: Estimates And Assumptions Fourth Fourth Second Second Second Discount rate 8.50 % 9.00 % 9.00 % 9.25 % 9.5 %

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Charges and Other Assets	Other assets consist of the following: Other Assets December 31, 2019 2018 Asset Accumulated Amortization Net Asset Accumulated Amortization Net Period Of Amortization (amounts in thousands) Deferred contracts $ 1,362 $ 1,213 $ 149 $ 1,588 $ 1,390 $ 198 Term of contract Leasehold premium — — — 17,028 2,440 14,588 Term of contract Advertiser lists and customer relationships 29,281 15,399 13,882 29,332 10,780 18,552 3 to 5 years Other definite-lived assets 15,108 7,588 7,520 7,600 6,601 999 Term of contract Total definite-lived intangibles 45,751 24,200 21,551 55,548 21,211 34,337 Debt issuance costs 2,466 97 2,369 619 52 567 Term of debt Prepaid assets - long-term 2,983 — 2,983 4,259 — 4,259 Software costs and other 27,876 11,594 16,282 24,589 7,555 17,034 $ 79,076 $ 35,891 $ 43,185 $ 85,015 $ 28,818 $ 56,197
Schdule of Deferred Charges Amortization Expense	The following table presents the various categories of amortization expense, including deferred financing costs which are reflected as interest expense: Amortization Expense Other Assets For The Years Ended December 31, 2019 2018 2017 (amounts in thousands) Definite-lived assets $ 7,140 $ 12,132 $ 1,240 Deferred financing expense 4,866 3,189 2,333 Software costs 6,325 3,447 1,091 Total $ 18,331 $ 18,768 $ 4,664
Schdule of Future Estimated Amortization Expense	The following table presents the Company’s estimate of amortization expense, for each of the five succeeding years for: (1) other assets; and (2) definite-lived assets: Future Amortization Expense Total Other Definite-Lived Assets Years ending December 31, (amounts in thousands) 2020 $ 14,973 $ 7,930 $ 7,043 2021 12,379 5,455 6,924 2022 7,920 2,144 5,776 2023 415 400 15 2024 399 399 — Thereafter — — — Total $ 36,086 $ 16,328 $ 19,758

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Schedule of other current liabilities	Other current liabilities consist of the following as of the periods indicated: Other Current Liabilities December 31, 2019 2018 (amounts in thousands) Accrued compensation $ 28,871 $ 31,192 Accounts receivable credits 3,798 5,743 Advertiser obligations 4,095 4,190 Accrued interest payable 9,882 6,007 Unearned revenue 9,894 22,692 Unfavorable lease liabilities — 2,852 Unfavorable sports liabilities 4,634 4,634 Accrued benefits 6,321 8,646 Non-income tax liabilities 1,685 6,748 Income taxes payable 3,925 10,558 Other 3,732 15,176 Total other current liabilities $ 76,837 $ 118,438

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Other long term liabilities	Other long-term liabilities consist of the following as of the periods indicated: Other Long-Term Liabilities December 31, 2019 2018 (amounts in thousands) Deferred compensation $ 33,229 $ 30,928 Unfavorable lease liabilities — 9,367 Unfavorable sports liabilities 13,001 17,633 Unearned revenue 2,113 1,138 Deferred rent liabilities — 17,671 Other 3,186 12,431 Total other long-term liabilities $ 51,529 $ 89,168

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt was comprised of the following as of December 31, 2019: Long-Term Debt December 31, 2019 2018 (amounts in thousands) Credit Facility Revolver $ 117,000 $ 180,000 Term B-1 Loan, due November 17, 2024 — 1,291,700 Term B-2 Loan, due November 17, 2024 770,000 — Plus unamortized premium 1,968 2,470 888,968 1,474,170 Senior Notes 7.250% senior unsecured notes, due October 17, 2024 400,000 400,000 Plus unamortized premium 11,732 14,158 411,732 414,158 Notes 6.500% notes, due May 1, 2027 425,000 — Plus unamortized premium 5,000 — 430,000 — Other Debt Other 873 912 Total debt before deferred financing costs 1,731,573 1,889,240 Current amount of long-term debt (16,377) — Deferred financing costs (excludes the revolving credit) (18,082) (17,037) Total long-term debt, net of current debt $ 1,697,114 $ 1,872,203 Outstanding standby letters of credit $ 5,862 $ 5,862
Schedule Of Net Interest Expense	The components of net interest expense are as follows: Net Interest Expense Years Ended December 31, 2019 2018 2017 (amounts in thousands) Interest expense $ 100,757 $ 101,497 $ 31,266 Amortization of deferred financing costs 3,085 3,189 2,333 Amortization of original issue discount (premium) of senior notes (2,928) (2,862) (962) Interest income and other investment income (811) (703) (116) Total net interest expense $ 100,103 $ 101,121 $ 32,521
Schedule of Maturities of Long-term Debt	The minimum aggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follows: Principal Debt Maturities Term B-2 Revolver Senior Notes Notes Other Total (amounts in thousands) Years ending December 31 2020 $ 16,377 $ — $ — $ — $ 30 $ 16,407 2021 7,700 — — — 30 7,730 2022 7,700 10,636 — — 30 18,366 2023 7,700 — — — 30 7,730 2024 7,700 106,364 — — 30 114,094 Thereafter 722,823 — 400,000 425,000 723 1,548,546 Total $ 770,000 $ 117,000 $ 400,000 $ 425,000 $ 873 $ 1,712,873

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of December 31, 2019, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment: Type Notional Effective Collar Fixed Expiration Notional Amount (amounts (amounts Jun. 29, 2020 $ 460.0 Cap 2.75% Jun. 28, 2021 $ 340.0 Collar $ 560.0 Jun. 25, 2019 Floor 0.402% Jun. 28, 2024 Jun. 28, 2022 $ 220.0 Jun. 28, 2023 $ 90.0 Total $ 560.0
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of December 31, 2019, and December 31, 2018: Accumulated Derivative Gain (Loss) Description December 31, December 31, (amounts in thousands) Accumulated derivative unrealized gain (loss) $ (139) $ —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table presents the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017: Other Comprehensive Income (Loss) Net Change in Accumulated Derivative Unrealized Gain (Loss) Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations Years Ended December 31, 2019 2018 2017 2019 2018 2017 (amounts in thousands) $ (139) $ — $ — $ — $ — $ —

IMPAIRMENT LOSS (Tables)

IMPAIRMENT LOSS (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Loss	The following table presents the various categories of impairment loss: Impairment Loss For The Years Ended December 31, 2019 2018 2017 (amounts in thousands) Broadcasting licenses $ — $ 148,564 $ — Goodwill 537,353 317,138 441 ROU Asset 5,956 — — Property and equipment and other $ 2,148 $ 28,286 $ 511 Total $ 545,457 $ 493,988 $ 952

SHAREHOLDER'S EQUITY (Tables)

SHAREHOLDER'S EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of dividend activity	The following table presents a summary of the Company’s dividend activity during the past two years ending December 31, 2019: Equity Type Payment Date Dividends per Share Aggregate Payment Amount Common stock March 28, 2018 $ 0.090 $ 12,440,990 June 28, 2018 $ 0.090 $ 12,475,445 September 14, 2018 $ 0.090 $ 12,486,825 December 14, 2018 $ 0.090 $ 12,366,985 March 28, 2019 $ 0.090 $ 12,430,279 June 28, 2019 $ 0.090 $ 12,486,441 September 13, 2019 $ 0.020 $ 2,676,900 December 16, 2019 $ 0.020 $ 2,679,826
Schedule of dividends payable on unvested restricted stock units	The following table presents the amounts accrued and unpaid on unvested RSUs: Balance Sheet Location Dividend Equivalent Liabilities December 31, 2019 2018 (amounts in thousands) Short-term Other current liabilities $ 811 $ 1,279 Long-term Other long-term liabilities 913 1,041 Total $ 1,724 $ 2,320
Summary information on the deemed repurchase of vested RSUs	The following table provides summary information on the deemed repurchase of vested RSUs: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Shares of stock deemed repurchased 459 506 169 Amount recorded as financing activity $ 2,905 $ 5,186 $ 2,565
Summary of ESPP Activity	The Company resumed the ESPP in the first quarter of 2018. Years Ended December 31, 2019 2018 2017 (amounts in thousands) Number of shares purchased 335 228 15 Non-cash compensation expense recognized $ 234 $ 252 $ 32

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following tables present the computations of basic and diluted net income (loss) per share from continuing operations and discontinued operations: Year Ended December 31, 2019 2018 2017 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income available to the Company - continuing operations $ (420,212) $ (362,587) $ 233,013 Preferred stock dividends — — 2,015 Net income available to common shareholders from continuing operations (420,212) (362,587) 230,998 Income (loss) from discontinued operations, net of tax — 1,152 836 Net income (loss) available to common shareholders $ (420,212) $ (361,435) $ 231,834 Denominator Basic weighted average shares outstanding 136,967,455 138,069,608 51,392,899 Net Income (Loss) Per Common Share - Basic: Net income (loss) from continuing operations per share available to common shareholders - Basic $ (3.07) $ (2.63) $ 4.49 Net income (loss) from discontinued operations per share available to common shareholders - Basic — 0.01 0.02 Net income (loss) per share available to common shareholders - Basic $ (3.07) $ (2.62) $ 4.51 Diluted Income (Loss) Per Share Numerator Net income available to the Company - continuing operations $ (420,212) $ (362,587) $ 233,013 Preferred stock dividends — — 2,015 Net income available to common shareholders from continuing operations (420,212) (362,587) 230,998 Income (loss) from discontinued operations, net of tax — 1,152 836 Net income (loss) available to common shareholders $ (420,212) $ (361,435) $ 231,834 Denominator Basic weighted average shares outstanding 136,967,455 138,069,608 51,392,899 Effect of RSUs and options under the treasury stock method — — 1,492,257 Diluted weighted average shares outstanding 136,967,455 138,069,608 52,885,156 Net Income (Loss) Per Common Share - Diluted: Net income (loss) from continuing operations per share available to common shareholders - Diluted $ (3.07) $ (2.63) $ 4.37 Net income (loss) from discontinued operations per share available to common shareholders - Diluted — 0.01 0.02 Net income (loss) per share available to common shareholders - Diluted $ (3.07) $ (2.62) $ 4.38
Equity Award Impact Schedule	The following table presents those shares excluded as they were anti-dilutive: Impact Of Equity Awards Years Ended December 31, 2019 2018 2017 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares anti-dilutive anti-dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded 543 564 548 Price range of options excluded: from $ 9.66 $ 6.43 $ 11.69 Price range of options excluded: to $ 13.98 $ 13.98 $ 13.98 RSUs with service conditions 2,953 1,394 163 Excluded RSUs with service and market conditions as market conditions not met 70 226 336 Excluded RSUs with service and performance conditions until performance criteria is probable — — — Excluded preferred stock as anti-dilutive under the as if method — — — Excluded shares as anti-dilutive when reporting a net loss 331 755 —

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of the Changes in RSU's	The following is a summary of the changes in RSUs under the Plan during the current period: Period Ended Number of Restricted Stock Units Weighted Average Purchase Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value as of December 31, 2019 (amounts in thousands) RSUs outstanding as of: December 31, 2018 3,685 RSUs awarded 1,955 RSUs released (1,456) RSUs forfeited (323) RSUs outstanding as of: December 31, 2019 3,861 $ — 1.3 $ 17,993 RSUs vested and expected to vest as of: December 31, 2019 3,861 $ — 1.3 $ 17,993 RSUs exercisable (vested and deferred) as of: December 31, 2019 41 $ — — $ 193 Weighted average remaining recognition period in years 2.2 Unamortized compensation expense $ 19,840
Additional Information on RSU Activity	The following table presents additional information on RSU activity: Years Ended December 31, 2019 2018 2017 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 1,955 $ 12,926 1,292 $ 10,078 3,064 $ 35,628 RSUs forfeited - service based (323) (1,753) (396) (1,228) (379) (1,117) Net RSUs issued and increase (decrease) to paid-in capital 1,632 $ 11,173 896 $ 8,850 2,685 $ 34,511 Weighted average grant date fair value per share $ 6.61 $ 9.71 $ 13.42 Fair value of shares vested per share $ 10.72 $ 11.07 $ 10.76 RSUs vested and released 1,456 1,496 474
Changes in RSUs with Market Conditions	The following table presents the changes in outstanding RSUs with market conditions: Years Ended December 31, 2019 2018 2017 (amounts in thousands, except per share data) Reconciliation of RSUs with Service And Market Conditions Beginning of period balance 226 650 630 Number of RSUs granted — — 70 Number of RSUs forfeited (156) (110) — Number of RSUs vested — (314) (50) End of period balance 70 226 650 Weighted average fair value of RSUs granted with market conditions $ — $ — $ 9.81
Resticted Stock Unit Valuation Assumptions	The specific assumptions used for these valuations are as follows: Years Ended December 31, 2019 2018 2017 Expected Volatility Structure (1) — — % 54 % Risk Free Interest Rate (2) — — % 1.8 % Annual Dividend Payment Per Share (Constant) (3) — — % 3.3 % _______________ (1) Expected Volatility Term Structure - The Company estimated the volatility term structure using: (i) the historical volatility of its stock; and (ii) the implied volatility provided by its traded options from a trailing month’s average of the closing bid-ask price quotes. (2) Risk-Free Interest Rate - The Company estimated the risk-free interest rate based upon the implied yield available on U.S. Treasury issues using the Treasury bond rate as of the date of grant. (3) Annual Dividend Payment Per Share (Constant) - The Company assumed the historical dividend yield in effect at the date of the grant.
Option Activity Under The Plan	The following table presents the option activity during the current year ended under the Plan: Period Ended Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Intrinsic Value as of December 31, 2019 Options outstanding as of: December 31, 2018 755,210 $ 9.42 Options granted — — Options exercised (180,300) 1.34 Options forfeited — — Options expired (32,328) 10.21 Options outstanding as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Options vested and expected to vest as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Options vested and exercisable as of: December 31, 2019 542,582 $ 12.06 0.9 $ — Weighted average remaining recognition period in years 0 Unamortized compensation expense $ —
Significant Ranges of Outstanding and Exercisable Options	The following table summarizes significant ranges of outstanding and exercisable options as of the current period: Range of Exercise Prices Options Outstanding Options Exercisable Number of Options Outstanding December 31, 2019 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Options Exercisable December 31, 2019 Weighted Average Exercise Price From To $9.66 $ 9.66 201,875 0.9 $ 9.66 201,875 $ 9.66 $13.11 $ 13.98 340,707 0.9 $ 13.48 340,707 $ 13.48 $9.66 $ 13.98 542,582 0.9 $ 12.06 542,582 $ 12.06
Summary Information on Granting and Vesting of Options	The following table provides summary information on the granting and vesting of options: Years Ended December 31, Option Issuance and Exercise Data 2019 2018 2017 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ 1.34 $ 1.34 $ 1.34 $ 2.02 $ 1.34 $ 11.31 Upon vesting, period to exercise in years 1 10 1 10 1 10 Fair value per share upon grant $ — $ — $ 4 Number of options granted — — 686 Intrinsic value per share upon exercise $ 7.06 $ 7.33 $ 7.24 Intrinsic value of options exercised $ 1,272 $ 829 $ 60 Tax benefit from options exercised $ 73 $ 220 $ 21 Cash received from exercise price of options exercised $ 244 $ 153 $ 42
Summary of 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: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Station operating expenses $ 4,673 $ 6,855 $ 1,694 Corporate general and administrative expenses 11,511 8,294 7,873 Stock-based compensation expense included in operating expenses 16,184 15,149 9,567 Income tax benefit (1) 3,703 3,160 3,328 After-tax stock-based compensation expense $ 12,481 $ 11,989 $ 6,239 (1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) from continuing operations computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) from continuing operations as follows: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Federal statutory income tax rate 21 % 21 % 35 % Computed tax expense at federal statutory rates on income before income $ (80,432) $ (77,016) $ (8,425) State income tax expense, net of federal benefit 13,661 (4,779) 23,045 Goodwill impairment 98,910 64,465 — Valuation allowance current year activity (321) (2,593) 2,395 Tax impact of share-based awards 950 872 1,383 Transaction costs 105 391 8,477 Recognized gain on Exchange Transactions — — 6,435 U.S. federal income tax reform — 883 (291,497) Tax benefit shortfall associated with share-based awards — — — Taxable gain on sale of radio stations — 5,511 — Nondeductible expenses and other 4,333 8,113 1,102 Income taxes $ 37,206 $ (4,153) $ (257,085)
Schedule of Components of Income Tax	The table does not include income tax expense from discontinued operations of $0.7 million and $0.5 million in 2018 and 2017, respectively. Years Ended December 31, 2019 2018 2017 Current: Federal $ 20,751 $ 38,481 $ 5,178 State 11,685 17,836 1,289 Total current 32,436 56,317 6,467 Deferred: Federal (837) (37,678) (295,467) State 5,607 (22,792) 31,915 Total deferred 4,770 (60,470) (263,552) Total income taxes (benefit) $ 37,206 $ (4,153) $ (257,085)
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities as of December 31, 2019 and 2018, are as detailed below. December 31, 2019 2018 (amounts in thousands) Deferred tax assets: Federal and state income tax loss carryforwards 70,982 81,368 Share-based compensation 4,221 3,382 Investments - impairments 350 347 Lease rental obligations 4,709 15,080 Deferred compensation 10,253 9,097 Deferred gain on tower transaction — 1,732 Debt fair value adjustment 4,987 4,390 Reserves — — Property, equipment and certain intangibles (other than broadcasting licenses — — Lease liability 77,722 — Employee benefits 2,011 2,396 Provision for doubtful accounts 4,671 4,406 Other non-current 2,432 5,799 Total deferred tax assets before valuation allowance 182,338 127,997 Valuation allowance (25,440) (25,761) Total deferred tax assets $ 156,898 $ 102,236 Deferred tax liabilities: Advertiser broadcasting obligations $ — $ 47 Lease ROU asset (69,243) — Property, equipment and certain intangibles (43,788) (49,662) Broadcasting licenses and goodwill (593,525) (598,603) Total deferred tax liabilities $ (706,556) $ (648,218) Total net deferred tax liabilities $ (549,658) $ (545,982)
Summary of Valuation Allowance	The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated: Year Ended Balance at Increase Increase Purchase Balance At (amounts in thousands) December 31, 2019 $ 25,761 $ (321) $ — $ — $ 25,440 December 31, 2018 37,154 (11,393) — — 25,761 December 31, 2017 12,861 17,785 151 6,357 37,154
Schedule of Liabilities For Uncertain Tax	The Company’s liabilities for uncertain tax positions are reflected in the following table: December 31, 2019 2018 (amounts in thousands) Liabilities for uncertain tax positions Tax $ — $ 370 Total $ — $ 370
Schedule of Expense Income For Uncertain Tax Positions	The following table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Tax expense (income) $ — $ — $ — Interest and penalties (income) — — — Total income taxes (benefit) from uncertain tax positions $ — $ — $ —
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible	The following table presents the gross amount of changes in unrecognized tax benefits: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Beginning of year balance $ (7,285) $ (7,820) $ (7,138) Prior year positions Gross Increases — — (710) Gross Decreases — — — Current year positions Gross Increases — — — Gross Decreases — — — Settlements with tax authorities — — — Reductions due to statute lapse 566 535 28 End of year balance $ (6,719) $ (7,285) $ (7,820) Ending liability balance included above that was reflected as an offset to $ (6,719) $ (6,915) $ (7,110)
Schedule of Income Tax Payments and Refunds	The following table provides the amount of income tax payments and income tax refunds for the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Federal and state income tax payments $ 39,100 $ 54,217 $ 2,030
Summary of Operating Loss Carryforwards	The NOLs in the following table reflect an estimate of the NOLs for the 2019 tax filing year as these returns will not be filed until later in 2020: Net Operating Losses December 31, 2019 NOLs NOL Expiration Period (amounts in (in years) Federal NOL carryforwards $ 214,387 2030 to 2033 State NOL carryforwards $ 502,156 2020 to 2035

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides non-cash disclosures during the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Operating Activities Barter revenues $ 16,914 $ 19,365 $ 10,898 Barter expenses $ 16,741 $ 19,324 $ 9,440 Transition services costs incurred in the integration of CBS Radio $ — $ 5,456 $ 1,917 Reduction to the transition services asset $ — $ (5,456) $ (1,917) Financing Activities Increase in paid-in capital from the issuance of RSUs $ 12,926 $ 10,078 $ 35,628 Decrease in paid-in capital from the forfeiture of RSUs (1,753) (1,228) (1,117) Net paid-in capital of RSUs issued (forfeited) $ 11,173 $ 8,850 $ 34,511 Dividend accrued on perpetual cumulative convertible preferred stock $ — $ — $ — Debt assumed in a business combination or merger $ — $ — $ 1,387,500 Investing Activities Cash acquired through consolidation (deconsolidation) of a VIE $ — $ — $ (302) Noncash additions to property and equipment and intangibles $ 803 $ 818 $ 2,213 Net radio station assets given up in a market $ 22,795 $ — $ 124,500 Net radio station assets acquired in a market $ 22,500 $ — $ 124,500 Fair value of net assets acquired through the issuance of common stock $ — $ — $ 1,168,848

EMPLOYEE SAVINGS AND BENEFIT _2

EMPLOYEE SAVINGS AND BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule Of Deferred Compensation Plan	Further contributions under these plans have been frozen beginning with any contribution elections covering the 2018 year. Years Ended December 31, Benefit Plan Disclosures 2019 2018 2017 (amounts in thousands) Deferred compensation Beginning of period balance $ 30,928 $ 40,995 $ 10,875 Assumption of deferred compensation in Merger — — 27,057 Employee compensation deferrals 15 384 840 Employee compensation payments (3,826) (8,709) (1,184) Increase (decrease) in plan fair value 6,112 (1,742) 3,407 End of period balance $ 33,229 $ 30,928 $ 40,995

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement By Fair Value Hierarchy Level	During the periods presented, there were no transfers between fair value hierarchical levels. Fair Value Measurements At Reporting Date Description Balance at December 31, Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Measured at Net Asset Value as a Practical Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 33,229 $ 25,592 $ — $ — $ 7,637 Interest rate cash flow hedge (3) $ 189 $ — $ 189 $ — $ — Description Balance at December 31, Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Measured at Net Asset Value as a Practical Expedient (2) (amounts in thousands) Liabilities Deferred compensation plan liabilities (1) $ 30,928 $ 23,476 $ — $ — $ 7,452 (1) 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. (2) 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 the 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. (3) The Company's interest rate collar, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company's creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity.
Schedule Of Carrying Value Of Financial Instruments	The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: December 31, December 31, Carrying Value Fair Value Carrying Value Fair Value (amounts in thousands) Term B Loans (1) $ 770,000 $ 774,813 $ 1,291,700 $ 1,243,261 Revolver (2) $ 117,000 $ 117,000 $ 180,000 $ 180,000 Senior Notes (3) $ 400,000 $ 423,250 $ 400,000 $ 378,000 Notes (4) $ 425,000 $ 454,750 $ — $ — Other debt (5) $ 873 $ 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-2 Loans was 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 Senior 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 utilizes a Level 2 valuation input based upon the market trading prices of the Notes to compute the fair value as these Notes are traded in the debt securities market. The Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (5) The Company does not believe it is practicable to estimate the fair value of the other debt or the outstanding standby letters of credit.
Schedule of Cost Method Investments	The following table presents the Company’s investments valued under the measurement alternative: Investments Valued Under the Measurement Alternative 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 Removal of investment in connection with step acquisition (9,700) — Acquisition of interest in a privately held company 1,800 1,250 Ending period balance $ 3,305 $ 11,205

ASSETS HELD FOR SALE AND DISC_2

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The major categories of these assets held for sale are as follows: Assets Held for Sale December 31, 2019 December 31, 2018 (amounts in thousands) Land and land improvements $ — $ 2,645 Building — 1,053 Leasehold improvements — — Equipment 48 15,905 Net property and equipment 48 19,603 Radio broadcasting licenses 10,140 — Other intangibles — — Goodwill — — Total intangibles 10,140 — Net assets held for sale $ 10,188 $ 19,603
Discontinued Operations	The following table presents the results of operations of the discontinued operations: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Net broadcast revenues $ — $ — $ 5,494 Station operating expenses — — 4,749 Depreciation and amortization expense — — 9 Net time brokerage agreement (income) fees — 1,765 (652) Total operating expenses — — 4,106 Income before income taxes — 1,765 1,388 Income taxes — 613 552 Income from discontinued operations, net of income taxes $ — $ 1,152 $ 836

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet that aggregate to the total of the same such amounts shown in the consolidated statement of cash flows: Cash, Cash Equivalents and December 31, 2019 2018 (amounts in thousands) Cash and cash equivalents $ 20,393 $ 122,893 Restricted cash — 69,365 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 20,393 $ 192,258
Schedule of Rent Expense	The following table provides the Company’s rent expense for the periods indicated: Years Ended December 31, 2019 2018 2017 (amounts in thousands) Rent expense $ 58,947 $ 53,948 $ 23,742
Schedule of Contracts and Commitments	The Company also has various commitments under the following types of contracts: Future Minimum Annual Commitments Rent Under Sale Programming Total (amounts in thousands) Years ending December 31, 2020 $ 47,024 $ 2,274 $ 163,392 $ 212,690 2021 47,208 2,342 108,286 157,836 2022 41,838 2,412 70,752 115,002 2023 38,064 2,485 48,775 89,324 2024 35,088 2,196 7,304 44,588 Thereafter 123,612 10,459 6,158 140,229 $ 332,834 $ 22,168 $ 404,667 $ 759,669

SUMMARIZED QUARTERLY FINANCIA_2

SUMMARIZED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2019 Net revenues $ 414,118 $ 386,141 $ 380,665 $ 309,005 Operating income $ (455,492) $ 79,490 $ 64,762 $ 30,383 Net income (loss) available to the Company from continuing operations $ (487,537) $ 38,208 $ 25,992 $ 3,125 Preferred stock dividend $ — $ — $ — $ — Net income available to common shareholders from continuing operations $ (487,537) $ 38,208 $ 25,992 $ 3,125 Income (loss) from discontinued operations, net of income taxes $ — $ — $ — $ — Net income (loss) available to common shareholders $ (487,537) $ 38,208 $ 25,992 $ 3,125 Net income (loss) from continuing operations per share - basic (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Net income (loss) from discontinued operations, net of tax, per share - basic (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - basic (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Weighted average common shares outstanding - basic 133,985 136,449 138,760 138,099 Net income (loss) from continuing operations per share - diluted (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Net income (loss) from discontinued operations, net of tax, per share - diluted (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - diluted (1) $ (3.64) $ 0.28 $ 0.19 $ 0.02 Weighted average common shares outstanding - diluted 133,985 136,453 139,074 138,523 Preferred stock dividends declared and paid $ — $ — $ — $ — Common stock dividends declared and paid $ 2,679 $ 2,677 $ 12,487 $ 12,430 Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2018 Net revenues $ 411,375 $ 378,508 $ 372,124 $ 300,560 Operating income $ (377,593) $ 78,733 $ 27,552 $ 5,689 Income (loss) available to the Company from continuing operations $ (386,568) $ 36,590 $ 1,597 $ (14,206) Preferred stock dividend $ — $ — $ — $ — Net income available to common shareholders from continuing operations $ (386,568) $ 36,590 $ 1,597 $ (14,206) Income (loss) from discontinued operations, net of income taxes $ (378) $ 358 $ 844 $ 328 Net income (loss) available to common shareholders $ (386,946) $ 36,948 $ 2,441 $ (13,878) Net income (loss) from continuing operations per share - basic (1) $ (2.80) $ 0.26 $ 0.01 $ (0.10) Net income (loss) from discontinued operations, net of tax, per share - basic (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - basic (1) $ (2.80) $ 0.27 $ 0.02 $ (0.10) Weighted average common shares outstanding - basic 138,033 138,740 138,639 138,939 Net income (loss) from continuing operations per share - diluted (1) $ (2.80) $ 0.26 $ 0.01 $ (0.10) Net income (loss) from discontinued operations, net of tax, per share - diluted (1) $ — $ — $ — $ — Net income (loss) available to common shareholders per share - diluted (1) $ (2.80) $ 0.27 $ 0.02 $ (0.10) Weighted average common shares outstanding - diluted 138,033 139,103 139,263 138,939 Preferred stock dividends declared and paid $ — $ — $ — $ — Common stock dividends declared and paid $ 12,367 $ 12,486 $ 12,475 $ 12,441 _______________ (1) Income (loss) from continuing operations per share, income (loss) from discontinued operations per share, and net income (loss) per share are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Depreciation expense	$ 31,866	$ 28,709	$ 13,215
Capital expenditure commitments outstanding	2,800
Property, Plant and Equipment [Line Items]
Property and equipment, gross	471,200	459,613
Accumulated depreciation	(163,416)	(158,341)
Net property and equipment before construction in progress	307,784	301,272
Capital improvements in progress	42,882	15,758
Net property and equipment	$ 350,666	317,030
Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Land, land easements and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 107,281	110,570
Land, land easements and land improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	0 years
Land, land easements and land improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34,777	36,038
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 210,872	222,847
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 19,393	18,426
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 44	44
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 98,833	$ 71,688

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Unearned Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Unearned revenue - current	$ 9,894	$ 22,692
Unearned revenue - noncurrent	$ 2,113	$ 1,138

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Change in Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning Balance	$ 2,030	$ 1,714
Additions	0	456
Settlements	(20)	(204)
Revision of estimate	0	4
Accretions	64	60
Ending Balance	2,074	2,030
Asset retirement obligations - short term			$ 380	$ 342
Asset retirement obligations - long term			1,694	1,688
Total asset retirement obligations	$ 2,030	$ 2,030	$ 2,074	$ 2,030

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Jan. 01, 2019USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2019USD ($)segmentradioMarket	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)radioMarket	Nov. 17, 2017radioMarket	Nov. 01, 2017radioMarket	Oct. 31, 2017radioMarket
Accounting Policies [Abstract]
Number of reportable segments | segment			1
Number of operating segments | segment			1
Number of radio markets | radioMarket			47		48	28	48	28
FDIC insured amount			$ 250,000
Restricted cash			0	$ 69,365,000
Advertising cost incurred			$ 7,100,000	3,600,000	$ 700,000
Capitalized computer software, amortization period			3 years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense (benefit)			$ 37,206,000	$ (4,153,000)	$ (257,085,000)
Operating lease right-of-use assets			259,613,000
Operating lease liability			$ 288,681,000
Cumulative gain recognized from sale leaseback transaction,	$ 4,700,000
Tax on gain of sales lease buyback transaction	1,700,000
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to accumulated deficit		$ 5,100,000
Income tax expense (benefit)		(4,600,000)
Stock-based compensation forfeitures		$ 500,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	288,700,000
Operating lease liability	306,200,000
Cumulative gain recognized from sale leaseback transaction,	4,700,000
Tax on gain of sales lease buyback transaction	$ 1,700,000

BUSINESS COMBINATIONS - Purchas

BUSINESS COMBINATIONS - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 16, 2019	May 09, 2019	Dec. 31, 2019	Jul. 19, 2019	Dec. 31, 2018	Sep. 27, 2018	Apr. 30, 2018	Dec. 31, 2017	Nov. 17, 2017
Business Acquisition [Line Items]
Goodwill			$ 43,920		$ 539,469			$ 862,000
Jerry Lee
Business Acquisition [Line Items]
Property, plant and equipment						$ 981
Goodwill						24,396
Net working capital						3,234
Total intangible and other assets						55,453
Assets						56,434
Preliminary fair value of net assets acquired						56,434
Emmis
Business Acquisition [Line Items]
Property, plant and equipment							$ 1,558
Goodwill							332
Total intangible and other assets							13,442
Assets							15,000
Preliminary fair value of net assets acquired							15,000
Pineapple Street Media
Business Acquisition [Line Items]
Accounts receivable				$ 997
Indefinite-lived intangible assets acquired				1,793
Goodwill				12,445
Total intangible and other assets				15,235
Assets				15,235
Unearned revenue				238
Accounts payable				30
Total liabilities				268
Preliminary fair value of net assets acquired				$ 14,967
Cadence 13
Business Acquisition [Line Items]
Property, plant and equipment	$ 654
Operating lease right-of-use asset	62
Deferred tax asset	2,900
Goodwill	31,392
Net working capital	(757)
Total intangible and other assets	40,331
Operating lease liabilities	(985)
Preliminary fair value of net assets acquired	$ 39,243
2019 Cumulus Exchange
Business Acquisition [Line Items]
Property, plant and equipment		$ 844
Indefinite-lived intangible assets acquired		19,576
Goodwill		2,080
Total intangible and other assets		21,656
Assets		22,500
Preliminary fair value of net assets acquired		$ 22,500
Minimum | Cadence 13
Business Acquisition [Line Items]
Useful life	3 years
Minimum | 2019 Cumulus Exchange
Business Acquisition [Line Items]
Useful life		3 years
Maximum
Business Acquisition [Line Items]
Useful life			40 years
Maximum | Cadence 13
Business Acquisition [Line Items]
Useful life	7 years
Maximum | 2019 Cumulus Exchange
Business Acquisition [Line Items]
Useful life		7 years
Advertising contracts | Jerry Lee
Business Acquisition [Line Items]
Finite-lived intangible assets acquired						477
Advertising contracts | Emmis
Business Acquisition [Line Items]
Finite-lived intangible assets acquired							114
Advertiser relationships | Emmis
Business Acquisition [Line Items]
Finite-lived intangible assets acquired							207
Other noncurrent assets | Emmis
Business Acquisition [Line Items]
Finite-lived intangible assets acquired							4
Trademarks and Trade Names | Cadence 13
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 5,977
Finite-lived intangible assets acquired, useful life	3 years
Radio broadcasting licenses | Jerry Lee
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired						$ 27,346
Radio broadcasting licenses | Emmis
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired							$ 12,785
Assets Acquired | Beasley Transaction
Business Acquisition [Line Items]
Property, plant and equipment									$ 667
Indefinite-lived intangible assets acquired									36,233
Goodwill									289
Additional cash consideration									12,000
Preliminary fair value of net assets acquired									48,900
Assets Acquired | iHeartMedia Transaction
Business Acquisition [Line Items]
Property, plant and equipment									13,725
Indefinite-lived intangible assets acquired									63,627
Goodwill									11,700
Preliminary fair value of net assets acquired									71,300
Assets Acquired | Advertising contracts | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									265
Assets Acquired | Advertiser relationships | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									1,041
Assets Acquired | Sports rights agreement | Beasley Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									0
Assets Acquired | Radio broadcasting licenses | Beasley Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									35,944
Assets Acquired | Radio broadcasting licenses | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									50,621
Assets Disposed | Beasley Transaction
Business Acquisition [Line Items]
Property, plant and equipment									807
Indefinite-lived intangible assets acquired									48,093
Goodwill									11,882
Additional cash consideration									0
Preliminary fair value of net assets acquired									48,900
Assets Disposed | iHeartMedia Transaction
Business Acquisition [Line Items]
Property, plant and equipment									8,149
Indefinite-lived intangible assets acquired									63,151
Goodwill									6,852
Preliminary fair value of net assets acquired									71,300
Assets Disposed | Advertising contracts | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									0
Assets Disposed | Advertiser relationships | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									0
Assets Disposed | Sports rights agreement | Beasley Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									267
Assets Disposed | Radio broadcasting licenses | Beasley Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									35,944
Assets Disposed | Radio broadcasting licenses | iHeartMedia Transaction
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired									56,299
Unfavorable lease agreements assumed | Assets Acquired | iHeartMedia Transaction
Business Acquisition [Line Items]
Operating lease liabilities									(1,301)
Unfavorable lease agreements assumed | Assets Disposed | iHeartMedia Transaction
Business Acquisition [Line Items]
Operating lease liabilities			$ 0
Deferred tax liabilities | iHeartMedia Transaction
Business Acquisition [Line Items]
Deferred tax liabilities									4,751
Deferred tax liabilities | Assets Disposed | iHeartMedia Transaction
Business Acquisition [Line Items]
Deferred tax liabilities									$ 0

BUSINESS COMBINATIONS - Restruc

BUSINESS COMBINATIONS - Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Costs to exit duplicative contracts	$ 0	$ 229	$ 500
Workforce reduction	6,171	3,599	10,441
Other restructuring costs	805	2,002	3,021
Transition services costs	0	0	2,960
Total restructuring charges	$ 6,976	$ 5,830	$ 16,922

BUSINESS COMBINATIONS - Changes

BUSINESS COMBINATIONS - Changes in Restructuring Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restructuring Reserve [Abstract]
Restructuring charges and lease abandonment costs, beginning balance	$ 7,077	$ 16,086
Additions resulting from the integration of CBS Radio	6,976	5,830
Restructuring charges assumed from the Merger	0	0
Restructuring charges and lease abandonment costs unpaid and outstanding	(9,802)	(14,839)
Restructuring charges and lease abandonment costs unpaid and outstanding	4,251	7,077
Restructuring charges and lease abandonment costs - noncurrent portion	(1,483)	(988)
Restructuring charges and lease abandonment costs - current portion	$ 2,768	$ 6,089

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($)

Oct. 16, 2019

Jul. 19, 2019

May 09, 2019

Sep. 27, 2018

Aug. 02, 2018

Jul. 18, 2018

Apr. 30, 2018

Nov. 17, 2017

Jan. 06, 2017

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Jul. 31, 2017

Business Acquisition [Line Items]

Payments to acquire business

$ 40,136,000

$ 71,434,000

$ 24,000,000

Adjustment to Acquired Goodwill, Deferred Tax Liability

3,300,000

Costs to exit duplicative contracts

0

229,000

500,000

Adjustments to Acquired Goodwill TIA

2,300,000

Adjustment to Acquired Goodwill Current Assets

1,300,000

Adjustments to Acquired Goodwill, Change in Purchase Price Allocation

16,400,000

Integration costs

$ 4,297,000

25,372,000

$ 0

Adjustments to Acquired Goodwill, Prepaid Assets

$ 500,000

Cadence 13

Business Acquisition [Line Items]

Consideration transferred

$ 24,300,000

Recognized gain on previously held equity interest

$ 5,300,000

Percentage of equity interest prior to acquisition

45.00%

Pineapple Street Media

Business Acquisition [Line Items]

Consideration transferred

$ 14,000,000

2019 Cumulus Exchange

Business Acquisition [Line Items]

Gain (loss) on disposition of business

$ 1,800,000

2019 Cumulus Exchange | Measurement Input, Discount Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

9.00%

2019 Cumulus Exchange | Measurement Input, Long-term Revenue Growth Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

1.00%

Jerry Lee

Business Acquisition [Line Items]

Payments to acquire business

$ 57,500,000

Jerry Lee | Measurement Input, Discount Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

9.00%

Jerry Lee | Measurement Input, Long-term Revenue Growth Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

1.00%

Beasley - WXTU

Business Acquisition [Line Items]

Gain (loss) on disposition of business

$ 4,400,000

Proceeds from divestiture of businesses

$ 38,000,000

Emmis

Business Acquisition [Line Items]

Payments to acquire business

$ 15,000,000

Emmis | Measurement Input, Discount Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

9.00%

Emmis | Measurement Input, Long-term Revenue Growth Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

1.00%

CBS Radio

Business Acquisition [Line Items]

Consideration transferred

$ 2,560,000,000

Assumed debt

1,390,000,000

Equity consideration transferred

$ 1,170,000,000

Issuance of Class A common stock in the Merge (in shares)

101,407,494

Beasley Transaction | Measurement Input, Discount Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

9.00%

Beasley Transaction | Measurement Input, Long-term Revenue Growth Rate

Business Acquisition [Line Items]

Business combination assets acquired measurement input

1.00%

Bonneville Transaction

Business Acquisition [Line Items]

Gain (loss) on disposition of business

$ 400,000

$ (200,000)

Proceeds from divestiture of businesses

$ 141,000,000

2017 Charlotte Acquisition

Business Acquisition [Line Items]

Consideration transferred

$ 24,000,000

EMF Sale

Business Acquisition [Line Items]

Gain (loss) on disposition of business

$ 2,500,000

Proceeds from divestiture of businesses

57,800,000

Assets Acquired | Beasley Transaction

Business Acquisition [Line Items]

Cash Acquired in Excess of Payments to Acquire Business

$ 12,000,000

BUSINESS COMBINATIONS - Pro For

BUSINESS COMBINATIONS - Pro Forma (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Net revenues	$ 1,528,434	$ 1,501,146	$ 1,607,777
Income (loss) from continuing operations	(419,808)	(360,085)	374,135
Income (loss) from discontinued operations	0	1,152	836
Net income (loss) available to the Company	(419,808)	(358,933)	374,971
Net income (loss) available to common shareholders	$ (419,808)	$ (358,933)	$ 372,956
Income (loss) from continuing operations per common share - basic	$ (3.07)	$ (2.61)	$ 2.67
Income (loss) from discontinued operations per common share - basic	0	0.01	0.01
Net income (loss) available to common shareholders per common share - basic	(3.07)	(2.60)	2.66
Income (loss) from continuing operations per common share - diluted	(3.07)	(2.61)	2.64
Income (loss) from discontinued operations per common share - diluted	0	0.01	0.01
Net income (loss) available to common shareholders per common share - diluted	$ (3.07)	$ (2.60)	$ 2.63
Weighted shares outstanding basic	136,967	138,070	140,298
Weighted shares outstanding diluted	136,967	138,070	141,790

REVENUE - Contract Balances (De

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Receivables, included in “Accounts receivable net of allowance for doubtful accounts”	$ 376,504	$ 330,983
Unearned revenue - current	9,894	22,692
Unearned revenue - noncurrent	2,113	$ 1,138
Change in Contract with Customer, Liability [Abstract]
Beginning balance	23,830
Revenue recognized during the period that was included in the beginning balance of contract liabilities	(23,830)
Additional amounts recognized during period	12,007
Ending balance	$ 12,007

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 414,118	$ 386,141	$ 380,665	$ 309,005	$ 411,375	$ 378,508	$ 372,124	$ 300,560	$ 1,489,929	$ 1,462,567	$ 592,884
Broadcast revenues
Disaggregation of Revenue [Line Items]
Revenues									1,360,092	1,327,803	530,553
Event and other revenues
Disaggregation of Revenue [Line Items]
Revenues									112,924	115,399	51,434
Trade and barter revenues
Disaggregation of Revenue [Line Items]
Revenues									$ 16,913	$ 19,365	$ 10,897

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables not generated from customers	$ 5.1	$ 11.8
Revenue in excess of year	$ 2.1

ACCOUNTS RECEIVABLE AND RELAT_3

ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS AND SALES RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable
Accounts receivable	$ 396,427	$ 359,456
Allowance for doubtful accounts and sales reserves	(17,515)	(16,690)
Accounts receivable, net of allowance for doubtful accounts and sales reserves	378,912	342,766
Allowance for Doubtful Accounts
Balance At Beginning Of Year	9,419	3,885	$ 2,137
Additions Charged To Costs And Expenses	4,549	8,909	3,715
Deductions From Reserves	(5,703)	(3,375)	(1,967)
Balance At End Of Year	8,265	9,419	3,885
Allowance for Sales Reserves
Allowance for Sales Reserve	7,271	390	0
Additions Charged To Revenues	11,394	14,254	390
Deductions From Reserves	(9,415)	(7,373)	0
Allowance for Sales Reserve	$ 9,250	$ 7,271	$ 390

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Cumulative gain recognized from sale leaseback transaction,	$ 4.7
Tax on gain of sales lease buyback transaction	$ 1.7
Minimum
Lessee, Lease, Description [Line Items]
Remaing lease terms		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaing lease terms		30 years
Renewal term		15 years

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 50,169
Variable lease cost	9,691
Short-term lease cost	182
Total lease cost	$ 60,042

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 52,056
Right-of-use assets obtained in exchange for lease obligations	$ 315,377

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease right-of-use assets	$ 259,613
Operating lease liabilities (current)	35,335
Operating lease liabilities (noncurrent)	253,346
Total operating lease liabilities	$ 288,681
Weighted Average Remaining Lease Term	8 years
Weighted Average Discount Rate (percent)	4.90%

LEASES - Maturity Schedule (Det

LEASES - Maturity Schedule (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 49,298
2021	49,550
2022	44,250
2023	40,549
2024	37,284
Thereafter	134,071
Total lease payments	355,002
Less: imputed interest	(66,321)
Total	$ 288,681

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2020	$ 51,375
2021	50,504
2022	46,847
2023	41,457
2024	38,230
Thereafter	165,905
Total lease payments	$ 394,318

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Broadcasting Licenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning of period balance	$ 2,516,625	$ 2,649,959
Disposition	(17,940)	(24,901)
Acquisition	19,576	40,131
Loss on impairment	0	(148,564)
Assets held for sale	(10,140)	0
Ending period balance	$ 2,508,121	$ 2,516,625

INTANGIBLE ASSETS AND GOODWIL_3

INTANGIBLE ASSETS AND GOODWILL - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill balance before cumulative loss			$ 982,663	$ 988,056
Accumulated loss on impairment			(443,194)	(126,056)
Goodwill			539,469	862,000
Loss on impairment	$ (537,400)	$ (317,100)	(537,353)	(317,138)	$ (441)
Disposition			(4,862)	(8,623)
Acquisition			46,666	24,728
Measurement period adjustments to acquired goodwill			0	(21,498)
Goodwill	43,920	539,469	43,920	539,469	862,000
Goodwill balance before cumulative loss	1,024,467	982,663	1,024,467	982,663	988,056
Accumulated loss on impairment	$ (980,547)	$ (443,194)	$ (980,547)	$ (443,194)	$ (126,056)

INTANGIBLE ASSETS AND GOODWIL_4

INTANGIBLE ASSETS AND GOODWILL - Narrative (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2019USD ($)radioMarket	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)radioMarket	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)radioMarket	Nov. 17, 2017radioMarket	Nov. 01, 2017radioMarket	Oct. 31, 2017radioMarket
Finite-Lived Intangible Assets [Line Items]
Impairment charge on licenses				$ 0	$ 148,564,000
Number of radio markets | radioMarket	47			47		48	28	48	28
Goodwill impairment loss	$ 537,400,000	$ 317,100,000		$ 537,353,000	$ 317,138,000	$ 441,000
Goodwill impairment loss, net of tax	519,600,000	314,400,000
Income model years				10
Radio broadcasting licenses
Finite-Lived Intangible Assets [Line Items]
Impairment charge on licenses	$ 0	147,900,000	$ 0
Impairment charge on licenses, net of tax		108,800,000
Goodwill
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment loss		317,100,000	$ 0
Goodwill impairment loss, net of tax		$ 314,400,000

INTANGIBLE ASSETS AND GOODWIL_5

INTANGIBLE ASSETS AND GOODWILL - Assumption of impairment (Details)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Goodwill
Estimates and assumptions used for impairment test [Line Items]
Discount rate	8.50%	9.00%	9.00%	9.25%	9.50%
Broadcasting Licenses
Estimates and assumptions used for impairment test [Line Items]
Discount rate	8.50%	9.00%	9.00%	9.25%	9.50%
Broadcasting Licenses | Minimum
Estimates and assumptions used for impairment test [Line Items]
Operating profit margin ranges expected for average stations in the markets where the Company operates	18.00%	22.00%	22.00%	19.00%	14.00%
Forecasted growth rate (including long-term growth rate) range of the Company's markets	0.00%	0.00%	0.50%	1.00%	1.00%
Broadcasting Licenses | Maximum
Estimates and assumptions used for impairment test [Line Items]
Operating profit margin ranges expected for average stations in the markets where the Company operates	36.00%	37.00%	37.00%	40.00%	40.00%
Forecasted growth rate (including long-term growth rate) range of the Company's markets	0.80%	0.90%	1.00%	2.00%	2.00%

OTHER ASSETS - Intangibles (Det

OTHER ASSETS - Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deferred Cost and Other Asset [Line Items]
Total definitive-lived intagible, Asset	$ 45,751	$ 55,548
Accumulated Amortization	24,200	21,211
Net	21,551	34,337
Debt issuance costs	2,466	619
Debt issuance costs - amortization	97	52
Debt issuance costs - net	2,369	567
Prepaid assets - long term	2,983	4,259
Capitalized computer software, gross	27,876	24,589
Capitalized computer software, accumulated amortization	11,594	7,555
Software costs and other - net	16,282	17,034
Total deferred charges and other assets	79,076	85,015
Total Reserve	35,891	28,818
Total Net	43,185	56,197
Deferred contracts
Deferred Cost and Other Asset [Line Items]
Total definitive-lived intagible, Asset	1,362	1,588
Accumulated Amortization	1,213	1,390
Net	149	198
Leasehold premium
Deferred Cost and Other Asset [Line Items]
Total definitive-lived intagible, Asset	0	17,028
Accumulated Amortization	0	2,440
Net	0	14,588
Advertiser lists and customer relationships
Deferred Cost and Other Asset [Line Items]
Total definitive-lived intagible, Asset	29,281	29,332
Accumulated Amortization	15,399	10,780
Net	$ 13,882	18,552
Advertiser lists and customer relationships | Minimum
Deferred Cost and Other Asset [Line Items]
Intangible asset, useful life	3 years
Advertiser lists and customer relationships | Maximum
Deferred Cost and Other Asset [Line Items]
Intangible asset, useful life	5 years
Other definite-lived assets
Deferred Cost and Other Asset [Line Items]
Total definitive-lived intagible, Asset	$ 15,108	7,600
Accumulated Amortization	7,588	6,601
Net	$ 7,520	$ 999

OTHER ASSETS - Deferred Financi

OTHER ASSETS - Deferred Financing Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Definite-lived assets	$ 7,140	$ 12,132	$ 1,240
Deferred financing expense	4,866	3,189	2,333
Software costs	6,325	3,447	1,091
Total	$ 18,331	$ 18,768	$ 4,664

OTHER ASSETS - Future Amortizat

OTHER ASSETS - Future Amortization Exp (Details) $ in Thousands	Dec. 31, 2019USD ($)
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items]
2020	$ 14,973
2021	12,379
2022	7,920
2023	415
2024	399
Thereafter	0
Total	36,086
Other Deferred Assets
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items]
2020	7,930
2021	5,455
2022	2,144
2023	400
2024	399
Thereafter	0
Total	16,328
Finite Lived Assets
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items]
2020	7,043
2021	6,924
2022	5,776
2023	15
2024	0
Thereafter	0
Total	$ 19,758

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued compensation	$ 28,871	$ 31,192
Accounts receivable credits	3,798	5,743
Advertiser obligations	4,095	4,190
Accrued interest payable	9,882	6,007
Unearned revenue	9,894	22,692
Unfavorable lease liabilities	0	2,852
Unfavorable sports liabilities	4,634	4,634
Accrued benefits	6,321	8,646
Non-income tax liabilities	1,685	6,748
Income taxes payable	3,925	10,558
Other	3,732	15,176
Total other current liabilities	$ 76,837	$ 118,438

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liabilities, Noncurrent [Abstract]
Deferred compensation	$ 33,229	$ 30,928
Unfavorable lease liabilities	0	9,367
Unfavorable sports liabilities	13,001	17,633
Unearned revenue	2,113	1,138
Deferred rent liabilities	0	17,671
Other	3,186	12,431
Total other long-term liabilities	$ 51,529	$ 89,168

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total	$ 1,712,873,000
Current amount of long-term debt	(16,377,000)	$ 0
Deferred financing costs (excludes the revolving credit)	(18,082,000)	(17,037,000)
Total long-term debt, net of current debt	1,697,114,000	1,872,203,000
Outstanding standby letters of credit	5,862,000	5,862,000
7.250% senior unsecured notes, due October 17, 2024
Debt Instrument [Line Items]
Total debt before deferred financing costs	400,000,000	400,000,000
Plus unamortized premium	11,732,000	14,158,000
Total	411,732,000	414,158,000
6.500% notes, due May 1, 2027
Debt Instrument [Line Items]
Total debt before deferred financing costs	425,000,000	0
Plus unamortized premium	5,000,000	0
Total	430,000,000	0
Revolver
Debt Instrument [Line Items]
Plus unamortized premium	1,968,000	2,470,000
Total	888,968,000	1,474,170,000
Revolver | Revolver
Debt Instrument [Line Items]
Total debt before deferred financing costs	117,000,000	180,000,000
Revolver | Term B-1 Loan, due November 17, 2024
Debt Instrument [Line Items]
Total debt before deferred financing costs	0	1,291,700,000
Revolver | Term B-2 Loan, due November 17, 2024
Debt Instrument [Line Items]
Total debt before deferred financing costs	770,000,000	0
Other Debt
Debt Instrument [Line Items]
Total	873,000	912,000
Total Debt Before Financing Costs
Debt Instrument [Line Items]
Total	$ 1,731,573,000	$ 1,889,240,000

LONG-TERM DEBT - Senior Debt (D

LONG-TERM DEBT - Senior Debt (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Mar. 03, 2017USD ($)
Debt Instrument [Line Items]
Net loss on extinguishment of debt	$ 4,100,000	$ 2,046,000	$ 0	$ 4,135,000
Consolidated Leverage Ratio		2.5
Term Loan B
Debt Instrument [Line Items]
Credit Facility					$ 500,000,000
Senior Debt Obligations
Debt Instrument [Line Items]
Consolidated Leverage Ratio		4
Senior Debt Obligations | Maximum
Debt Instrument [Line Items]
Consolidated Leverage Ratio		4.5

LONG-TERM DEBT - Refinancing Ac

LONG-TERM DEBT - Refinancing Activities (Details) - USD ($)	May 01, 2022	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2017	Dec. 31, 2019
6.500% notes, due May 1, 2027
Debt Instrument [Line Items]
Notes		$ 425,000,000	$ 325,000,000		$ 425,000,000
Long-term Debt, Weighted Average Interest Rate, over Time			6.50%
Redemption price, percentage of principal amount redeemed					106.50%
Credit Facility			$ 425,000,000
Debt Instrument, Issuance Price, Percentage		105.00%
6.500% notes, due May 1, 2027 | Forecast [Member]
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed	104.875%
Term B-1 loan [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 3,800,000	3,900,000		$ 3,800,000
Write off of Deferred Debt Issuance Cost		300,000	1,600,000	$ 3,100,000
Repayments of Debt		96,700,000
Write Off of Unamortized Premium			200,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility			$ 89,000,000
Senior secured second-lien notes due 2027 - Additional Notes [Member]
Debt Instrument [Line Items]
Notes		$ 100,000,000			$ 100,000,000
Long-term Debt, Weighted Average Interest Rate, over Time			6.50%

LONG-TERM DEBT - Former Credit

LONG-TERM DEBT - Former Credit Facility (Details)	Dec. 31, 2019
On or after November 1, 2022 | Senior Unsecured Debt
Debt Instrument [Line Items]
Redemption of the principal amount	100.00%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - Senior Debt Obligations $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
New Revolver
Debt Instrument [Line Items]
Credit Facility	$ 250
Line of Credit Facility, Fair Value of Amount Outstanding	227.3
Undrawn amount of the Revolver	$ 127.1
New Revolver | Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.50%
New Revolver | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.375%
New Revolver | Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
New Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Original Revolver
Debt Instrument [Line Items]
Credit Facility	$ 250
Line of Credit Facility, Fair Value of Amount Outstanding	$ 22.7
Original Revolver | Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.50%
Original Revolver | Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.375%
Original Revolver | One Month LIBOR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Original Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Original Revolver | Federal Reserve Bank of New York
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Original Revolver | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Term B-2 Loan, due November 17, 2024
Debt Instrument [Line Items]
Credit Facility	$ 770
Debt Instrument, Periodic Quarterly Payments, Percent	1.00%
Term B-2 Loan, due November 17, 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Term B-2 Loan, due November 17, 2024 | Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%

LONG-TERM DEBT - Senior Unsecur

LONG-TERM DEBT - Senior Unsecured Debt (Details) - Senior Unsecured Debt	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Stated interest rate	7.25%
Debt, face amount	$ 400,000,000
On or After November 1, 2019
Debt Instrument [Line Items]
Redemption of the principal amount	105.438%
On or after November 1, 2020
Debt Instrument [Line Items]
Redemption of the principal amount	103.625%
On or after November 1, 2021
Debt Instrument [Line Items]
Redemption of the principal amount	101.813%
On or after November 1, 2022
Debt Instrument [Line Items]
Redemption of the principal amount	100.00%

LONG-TERM DEBT - Net Interest E

LONG-TERM DEBT - Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019
Interest Expense, Debt [Abstract]
Interest expense	$ 100,757	$ 101,497	$ 31,266
Amortization of deferred financing costs	3,085	3,189	2,333
Amortization of original issue discount (premium) of senior notes	(2,928)	(2,862)	(962)
Interest income and other investment income	(811)	(703)	(116)
Total net interest expense	$ 100,103	$ 101,121	$ 32,521
Weighted average interest rate under Credit Facility	4.30%	5.20%
Debt Instrument [Line Items]
Notional amount				$ 560,000

LONG-TERM DEBT - Maturities (De

LONG-TERM DEBT - Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Aggregate Principal Maturities [Line Items]
2020	$ 16,407
2021	7,730
2022	18,366
2023	7,730
2024	114,094
Thereafter	1,548,546
Total	1,712,873
Term B-2 Loan
Aggregate Principal Maturities [Line Items]
2020	16,377
2021	7,700
2022	7,700
2023	7,700
2024	7,700
Thereafter	722,823
Total	770,000
Revolver
Aggregate Principal Maturities [Line Items]
2020	0
2021	0
2022	10,636
2023	0
2024	106,364
Thereafter	0
Total	117,000
Senior Notes
Aggregate Principal Maturities [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	400,000
Total	400,000
Notes
Aggregate Principal Maturities [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	425,000
Total	425,000
Other
Aggregate Principal Maturities [Line Items]
2020	30
2021	30
2022	30
2023	30
2024	30
Thereafter	723
Total	$ 873

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019
Derivative [Line Items]
Notional amount				$ 560,000,000
Net Change in Accumulated Derivative Unrealized Gain (Loss)	$ (139,000)	$ 0	$ 0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	0	$ 0
Collar
Derivative [Line Items]
Net Change in Accumulated Derivative Unrealized Gain (Loss)	(200,000)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	(100,000)
Collar | Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 200,000

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Derivative Instruments (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Derivative [Line Items]
Notional amount		$ 560,000,000
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 560,000,000
Collar | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 560,000,000
Collar | Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Derivative, Cap Interest Rate	2.75%
Derivative, Floor Interest Rate	0.402%
Collar, Decrease Date June 29, 2020 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount Of Expired Derivatives	$ 460,000,000
Collar, Decrease Date June 28, 2021 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount Of Expired Derivatives	340,000,000
Collar, Decrease Date June 28, 2022 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount Of Expired Derivatives	220,000,000
Collar, Decrease Date June 28, 2023 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount Of Expired Derivatives	$ 90,000,000

DERIVATIVE AND HEDGING ACTIVI_5

DERIVATIVE AND HEDGING ACTIVITIES - Derivatives Expired (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated derivative unrealized gain (loss)	$ (139)	$ 0

DERIVATIVE AND HEDGING ACTIVI_6

DERIVATIVE AND HEDGING ACTIVITIES - Gain (Loss) from Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net Change in Accumulated Derivative Unrealized Gain (Loss)	$ (139)	$ 0	$ 0
Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations	$ 0	$ 0	$ 0

IMPAIRMENT LOSS (Details)

IMPAIRMENT LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Broadcasting licenses			$ 0	$ 148,564	$ 0
Goodwill	$ 537,400	$ 317,100	537,353	317,138	441
ROU Asset	6,000		5,956	0	0
Property and equipment and other	$ 2,200		2,148	28,286	511
Total			$ 545,457	$ 493,988	$ 952

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($)	Aug. 09, 2019	Nov. 02, 2017	Nov. 01, 2017	Aug. 30, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Conversion of stock																	3,152,333
Common stock dividends per share (in dollars per share)	$ 0.08	$ 0.36	$ 0.30	$ 0.20	$ 0.020	$ 0.020	$ 0.090	$ 0.090	$ 0.090	$ 0.090	$ 0.090	$ 0.090		$ 0.30
Aggregate Payment Amount	$ 2,700,000				$ 2,679,826	$ 2,676,900	$ 12,486,441	$ 12,430,279	$ 12,366,985	$ 12,486,825	$ 12,475,445	$ 12,440,990	$ 12,400,000	$ 2,900,000	$ 30,273,000	$ 49,770,000	$ 29,296,000
Common stock dividends				$ 7,800,000
Espp shares market value					85.00%										85.00%
Ownership plan					1,000,000										1,000,000
Espp share discount					15.00%										15.00%
Stock repurchase program		$ 100,000,000
Stock repurchased during period (in shares)															5,000,000
Aggregate average price of stock repurchased (in dollars per share)															$ 3.67
Value of common stock repurchased															$ 18,340,000	$ 29,407,000	$ 10,675,000

SHAREHOLDER'S EQUITY - Company

SHAREHOLDER'S EQUITY - Company Dividend Activity (Details) - USD ($)	Aug. 09, 2019	Nov. 02, 2017	Nov. 01, 2017	Aug. 30, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Common stock dividends per share (in dollars per share)	$ 0.08	$ 0.36	$ 0.30	$ 0.20	$ 0.020	$ 0.020	$ 0.090	$ 0.090	$ 0.090	$ 0.090	$ 0.090	$ 0.090		$ 0.30
Aggregate Payment Amount	$ 2,700,000				$ 2,679,826	$ 2,676,900	$ 12,486,441	$ 12,430,279	$ 12,366,985	$ 12,486,825	$ 12,475,445	$ 12,440,990	$ 12,400,000	$ 2,900,000	$ 30,273,000	$ 49,770,000	$ 29,296,000

SHAREHOLDERS' EQUITY - RSU Vest

SHAREHOLDERS' EQUITY - RSU Vested Period (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Other current liabilities	$ 811	$ 1,279
Other long-term liabilities	913	1,041
Total	$ 1,724	$ 2,320

SHAREHOLDERS' EQUITY - Deemed S

SHAREHOLDERS' EQUITY - Deemed Stock Repurchase (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Shares of stock deemed repurchased (in shares)	459	506	169
Amount recorded as financing activity	$ 2,905	$ 5,186	$ 2,565

SHAREHOLDERS' EQUITY - Stock Pu

SHAREHOLDERS' EQUITY - Stock Purchase Plan (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash compensation expense recognized	$ 16,184	$ 15,149	$ 9,567
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased (in shares)	335	228	15
Non-cash compensation expense recognized	$ 234	$ 252	$ 32

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE - Calculation of Basic and Diluted (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Income (loss) available to the Company from continuing operations	$ (487,537,000)	$ 38,208,000	$ 25,992,000	$ 3,125,000	$ (386,568,000)	$ 36,590,000	$ 1,597,000	$ (14,206,000)	$ (420,212,000)	$ (362,587,000)	$ 233,013,000
Preferred Stock Dividends, Income Statement Impact	0	0	0	0	0	0	0	0	0	0	2,015,000
Net income available to common shareholders from continuing operations	(487,537,000)	38,208,000	25,992,000	3,125,000	(386,568,000)	36,590,000	1,597,000	(14,206,000)	(420,212,000)	(362,587,000)	230,998,000
Income from discontinued operations, net of income taxes (benefit)	0	0	0	0	(378,000)	358,000	844,000	328,000	0	1,152,000	836,000
Net income (loss) available to common shareholders	$ (487,537,000)	$ 38,208,000	$ 25,992,000	$ 3,125,000	$ (386,946,000)	$ 36,948,000	$ 2,441,000	$ (13,878,000)	(420,212,000)	(361,435,000)	231,834,000
Net income (loss) available to common shareholders									$ (420,212,000)	$ (361,435,000)	$ 231,834,000
Weighted average shares outstanding, basic (in shares)	133,985,000	136,449,000	138,760,000	138,099,000	138,033,000	138,740,000	138,639,000	138,939,000	136,967,455	138,069,608	51,392,899
Net income (loss) from continuing operations per share available to common shareholders - Basic (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.26	$ 0.01	$ (0.10)	$ (3.07)	$ (2.63)	$ 4.49
Net income (loss) from discontinued operations per share available to common shareholders - Basic (in dollars per share)	0	0	0	0	0	0	0	0	0	0.01	0.02
Net income (loss) per share available to common shareholders - Basic (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.27	$ 0.02	$ (0.10)	$ (3.07)	$ (2.62)	$ 4.51
Weighted average shares outstanding, basic (in shares)	133,985,000	136,449,000	138,760,000	138,099,000	138,033,000	138,740,000	138,639,000	138,939,000	136,967,455	138,069,608	51,392,899
Effect of RSUs and options under the treasury stock method (in shares)									0	0	1,492,257
Weighted average shares outstanding, diluted (in shares)	133,985,000	136,453,000	139,074,000	138,523,000	138,033,000	139,103,000	139,263,000	138,939,000	136,967,455	138,069,608	52,885,156
Net income (loss) from continuing operations per share available to common shareholders - Diluted (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.26	$ 0.01	$ (0.10)	$ (3.07)	$ (2.63)	$ 4.37
Net income (loss) from discontinued operations per share available to common shareholders - Diluted (in dollars per share)	0	0	0	0	0	0	0	0	0	0.01	0.02
Net income (loss) per share available to common shareholders - Diluted (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.27	$ 0.02	$ (0.10)	$ (3.07)	$ (2.62)	$ 4.38

NET INCOME (LOSS) PER COMMON _4

NET INCOME (LOSS) PER COMMON SHARE - Antidilutive Securities (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	331	755	0
Price range of option: from (in dollars per share)	$ 9.66
Price range of option: to (in dollars per share)	$ 13.98
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	543	564	548
Price range of option: from (in dollars per share)	$ 9.66	$ 6.43	$ 11.69
Price range of option: to (in dollars per share)	$ 13.98	$ 13.98	$ 13.98
Restricted Stock Units (RSUs) | Restricted Stock Units Service Conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	2,953	1,394	163
Restricted Stock Units (RSUs) | Restricted Stock Units Service And Market Conditions But Market Not Met
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	70	226	336
Restricted Stock Units (RSUs) | Restricted Stock Units Service And Performance Conditions But Performance Not Met
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	0	0	0
Restricted Stock Units (RSUs) | Perpetual Cumulative Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Excluded shares as anti-dilutive when reporting a net loss	0	0	0

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2019shares
Share-based Payment Arrangement [Abstract]
Upon vesting, period to exercise in years	4 years
Options expiration period	10 years
Share-based payment award	1,500,000
Share-based payment award number of shares	1,600,000

SHARE-BASED COMPENSATION - RSU

SHARE-BASED COMPENSATION - RSU Plan During Current period (Details) - Restricted Stock Units (RSUs) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding beginning (in shares)	3,685
RSUs issued (in shares)	1,955	1,292	3,064
RSUs released (in shares)	(1,456)	(1,496)	(474)
RSUs forfeited (in shares)	(323)	(396)	(379)
RSUs outstanding ending (in shares)	3,861	3,685
RSU weighted average purchase price (in dollars per share)	$ 0
RSU weighted average remaining contractual terms	1 year 3 months 18 days
RSU aggregate instrinsic value	$ 17,993
RSU vested Number of Restricted Stock Units (in shares)	3,861
RSU vested and expected to vest weighted average purchase price (in dollars per share)	$ 0
RSU vested and expected to vest contractual term	1 year 3 months 18 days
RSU Options Vested And Expected To Vest Aggregate Intrinsic Value	$ 17,993
RSU Options Exercisable (in shares)	41
RSU options weighted average purchase price excercisable (in dollars per share)	$ 0
RSU excercisable aggregate instrinsic value.	$ 193
Weighted average remaining recognition period in years	2 years 2 months 12 days
Unamortized compensation expense	$ 19,840

SHARE-BASED COMPENSATION - RS_2

SHARE-BASED COMPENSATION - RSU Acitivity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs issued (in shares)	1,955	1,292	3,064
RSUs forfeited (in shares)	(323)	(396)	(379)
Net RSUs issued and increase (decrease) to paid-in capital (in shares)	1,632	896	2,685
RSUs issued	$ 12,926	$ 10,078	$ 35,628
RSUs forfeited - service based	(1,753)	(1,228)	(1,117)
Net RSUs issued and increase (decrease) to paid-in capital	$ 11,173	$ 8,850	$ 34,511
Weighted average grant date fair value per share (in dollars per share)	$ 6.61	$ 9.71	$ 13.42
Fair value of shares vested per share (in dollars per share)	$ 10.72	$ 11.07	$ 10.76
RSUs released (in shares)	(1,456)	(1,496)	(474)
Restricted Stock Units With Service Conditions | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization period of grant in years	1 year
Restricted Stock Units With Service Conditions | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization period of grant in years	3 years

SHARE-BASED COMPENSATION - RSUs

SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) - Restricted Stock Units With Market Conditions - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding beginning (in shares)	226	650	630
Number of RSUs granted (in shares)	0	0	70
Number of RSUs forfeited (in shares)	(156)	(110)	0
Number of RSUs vested (in shares)	0	(314)	(50)
RSUs outstanding ending (in shares)	70	226	650
Fair value of each RSU issued with market conditions (in shares)	$ 0	$ 0	$ 9.81

SHARE-BASED COMPENSATION - Valu

SHARE-BASED COMPENSATION - Valuation Method (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected Volatility Structure	0.00%	0.00%	54.00%
Risk Free Interest Rate	0.00%	0.00%	1.80%
Annual Dividend Payment Per Share	0.00%	0.00%	3.30%

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Options Activity (Details)	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Number of Options
Options beginning (in shares) | shares	755,210
Options exercised (in shares) | shares	(180,300)
Options forfeited (in shares) | shares	0
Options expired in period (in shares) | shares	(32,328)
Options ending (in shares) | shares	542,582
Weighted Average Exercise Price
Weighted average exercise price - beginning (in dollars per shares) | $ / shares	$ 9.42
Options weighted average exercise price (in dollars per shares) | $ / shares	1.34
Options forfeited in period weighted average exercise price (in dollars per shares) | $ / shares	0
Options expired in period weighted average exercise price (in dollars per shares) | $ / shares	10.21
Weighted average exercise price - ending (in dollars per shares) | $ / shares	$ 12.06
Options vested and expected to vest, outstanding, weighted average remaining contractual term	10 months 24 days
Options, outstanding, intrinsic value | $	$ 0
Options, vested and expected to vest, outstanding, number (in shares) | shares	542,582
Options, vested and expected to vest, outstanding, weighted average exercise price (in dollars per shares) | $ / shares	$ 12.06
Options, vested and expected to vest, exercisable, weighted average remaining contractual term	10 months 24 days
Options, vested and expected to vest, exercisable, aggregate intrinsic value | $	$ 0
Weighted average remaining recognition period in years	0 years
Unamortized compensation expense | $	$ 0

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summarizes Significant Ranges of Outstanding and Exercisable Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price range of option: from (in dollars per share)	$ 9.66
Price range of option: to (in dollars per share)	$ 13.98
Options outstanding number (in shares)	542,582	755,210
Options outstanding, weighted average remaining contractual term	10 months 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 12.06	$ 9.42
Options, vested and expected to vest, exercisable, number (in shares)	542,582
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share)	$ 12.06
Exercise prices one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price range of option: from (in dollars per share)	9.66
Price range of option: to (in dollars per share)	$ 9.66
Options outstanding number (in shares)	201,875
Options outstanding, weighted average remaining contractual term	10 months 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 9.66
Options, vested and expected to vest, exercisable, number (in shares)	201,875
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share)	$ 9.66
Exercise prices range two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price range of option: from (in dollars per share)	13.11
Price range of option: to (in dollars per share)	$ 13.98
Options outstanding number (in shares)	340,707
Options outstanding, weighted average remaining contractual term	10 months 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 13.48
Options, vested and expected to vest, exercisable, number (in shares)	340,707
Options, vested and expected to vest, exercisable, weighted average exercise price (in dollars per share)	$ 13.48

SHARE-BASED COMPENSATION - Othe

SHARE-BASED COMPENSATION - Other Options Disclosures (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Upon vesting, period to exercise in years	4 years
Fair value per share upon grant (in dollars per share)	$ 0	$ 0	$ 4
Number of options granted (in shares)	0	0	686
Intrinsic value per share upon exercise (in dollars per share)	$ 7.06	$ 7.33	$ 7.24
Intrinsic value of options exercised	$ 1,272	$ 829	$ 60
Tax benefit from options exercised	73	220	21
Cash received from exercise price of options exercised	$ 244	$ 153	$ 42
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range of options issued (in dollars per share)	$ 1.34	$ 1.34	$ 1.34
Upon vesting, period to exercise in years	1 year	1 year	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range of options issued (in dollars per share)	$ 1.34	$ 2.02	$ 11.31
Upon vesting, period to exercise in years	10 years	10 years	10 years

SHARE-BASED COMPENSATION - Reco

SHARE-BASED COMPENSATION - Recognized Non-Cash Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 16,184	$ 15,149	$ 9,567
Income tax benefit	3,703	3,160	3,328
After-tax stock-based compensation expense	12,481	11,989	6,239
Station operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	4,673	6,855	1,694
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense included in operating expenses	$ 11,511	$ 8,294	$ 7,873

INCOME TAXES - Expected And Rep

INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal statutory income tax rate	21.00%	21.00%	35.00%
Computed tax expense at federal statutory rates on income before income taxes	$ (80,432)	$ (77,016)	$ (8,425)
State income tax expense, net of federal benefit	13,661	(4,779)	23,045
Goodwill impairment	98,910	64,465	0
Valuation allowance current year activity	(321)	(2,593)	2,395
Tax impact of share-based awards	950	872	1,383
Transaction costs	105	391	8,477
Recognized gain on Exchange Transactions	0	0	6,435
U.S. federal income tax reform	0	883	(291,497)
Tax benefit shortfall associated with share-based awards	0	0	0
Taxable gain on sale of radio stations	0	5,511	0
Nondeductible expenses and other	4,333	8,113	1,102
Total income taxes (benefit)	$ 37,206	$ (4,153)	$ (257,085)

INCOME TAXES - Expense (Benefit

INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 20,751	$ 38,481	$ 5,178
State	11,685	17,836	1,289
Total current	32,436	56,317	6,467
Deferred:
Federal	(837)	(37,678)	(295,467)
State	5,607	(22,792)	31,915
Total deferred	4,770	(60,470)	(263,552)
Total income taxes (benefit)	37,206	(4,153)	$ (257,085)
Tax expense from discontinued operations	$ 700	$ 500

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Federal and state income tax loss carryforwards	$ 70,982,000	$ 81,368,000
Share-based compensation	4,221,000	3,382,000
Investments - impairments	350,000	347,000
Lease rental obligations	4,709,000	15,080,000
Deferred compensation	10,253,000	9,097,000
Deferred gain on tower transaction	0	1,732,000
Debt fair value adjustment	4,987,000	4,390,000
Reserves	0	0
Lease liability	77,722,000	0
Property, equipment and certain intangibles (other than broadcasting licenses and goodwill)	0	0
Employee benefits	2,011,000	2,396,000
Provision for doubtful accounts	4,671,000	4,406,000
Other non-current	2,432,000	5,799,000
Total deferred tax assets before valuation allowance	182,338,000	127,997,000
Valuation allowance	(25,440,000)	(25,761,000)
Total deferred tax assets	156,898,000	102,236,000
Deferred tax liabilities:
Advertiser broadcasting obligations	0	47,000
Lease ROU asset	(69,243,000)	0
Property, equipment and certain intangibles	(43,788,000)	(49,662,000)
Broadcasting licenses and goodwill	(593,525,000)	(598,603,000)
Total deferred tax liabilities	(706,556,000)	(648,218,000)
Total net deferred tax liabilities	$ (549,658,000)	$ (545,982,000)

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowance And Uncertain Tax Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Asset Valuation Allowance [Roll Forward]
Balance at Beginning of Year	$ 25,761	$ 37,154	$ 12,861
Increase (Decrease) Charged (Credited) to Income Taxes (Benefit)	(321)	(11,393)	17,785
Increase (Decrease) Charged (Credited) to Balance Sheet	0	0	151
Purchase Accounting	0	0	6,357
Balance At End Of Year	25,440	25,761	37,154
Liabilities for uncertain tax positions
Tax	0	370
Total	0	370
Expense (income) from uncertain tax positions
Tax expense (income)	0	0	0
Interest and penalties (income)	0	0	0
Total income taxes (benefit) from uncertain tax positions	0	0	0
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of year balance	(7,285)	(7,820)	(7,138)
Gross increases, prior year positions	0	0	(710)
Gross decreases, prior year positions	0	0	0
Gross increases, current year positions	0	0	0
Gross decreases, current year positions	0	0	0
Settlement with tax authorities	0	0	0
Reductions due to statute lapse	566	535	28
End of year balance	(6,719)	(7,285)	(7,820)
Ending liability balance included above that was reflected as an offset to deferred tax assets	$ (6,719)	$ (6,915)	$ (7,110)

INCOME TAXES - Income Tax Payme

INCOME TAXES - Income Tax Payments Refunds Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Payments And Refunds
Federal and state income tax payments	$ 39,100	$ 54,217	$ 2,030
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
NOLs	214,387
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOLs	$ 502,156

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(9.70%)	1.10%
Estimated income tax benefit -TCJA		$ 0.9	$ 291.5
Anticipated NOLs Used	$ 209.2

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH ACTIVITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Barter revenues	$ 16,914	$ 19,365	$ 10,898
Barter expenses	16,741	19,324	9,440
Transition services costs incurred in the integration of CBS Radio	0	5,456	1,917
Reduction to the transition services asset	0	(5,456)	(1,917)
Financing Activities
Increase in paid-in capital from the issuance of RSUs	12,926	10,078	35,628
Decrease in paid-in capital from the forfeiture of RSUs	(1,753)	(1,228)	(1,117)
Net paid-in capital of RSUs issued (forfeited)	11,173	8,850	34,511
Dividend accrued on perpetual cumulative convertible preferred stock	0	0	0
Debt assumed in a business combination or merger	0	0	1,387,500
Investing Activities
Cash acquired through consolidation (deconsolidation) of a VIE	0	0	(302)
Noncash additions to property and equipment and intangibles	803	818	2,213
Net radio station assets given up in a market	22,795	0	124,500
Net radio station assets acquired in a market	22,500	0	124,500
Fair value of net assets acquired through the issuance of common stock	$ 0	$ 0	$ 1,168,848

EMPLOYEE SAVINGS AND BENEFIT _3

EMPLOYEE SAVINGS AND BENEFIT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred compensation
Beginning of period balance	$ 30,928	$ 40,995	$ 10,875
Assumption of deferred compensation in Merger	0	0	27,057
Employee compensation deferrals	15	384	840
Employee compensation payments	(3,826)	(8,709)	(1,184)
Increase (decrease) in plan fair value	6,112	(1,742)	3,407
End of period balance	33,229	30,928	40,995
401(K) savings plan expense	$ 5,600	$ 6,100	$ 2,900

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - Liabilities - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liabilities	$ 33,229	$ 30,928
Interest rate cash flow hedge	189
Quoted prices in active markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liabilities	25,592	23,476
Interest rate cash flow hedge	0
Significant other observable inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liabilities	0	0
Interest rate cash flow hedge	189
Significant unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liabilities	0	0
Interest rate cash flow hedge	0
Measured at Net Asset Value as a Practical Expedient
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan liabilities	7,637	$ 7,452
Interest rate cash flow hedge	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Oct. 16, 2019	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill impairment loss		$ 537,400,000		$ 317,100,000		$ 537,353,000	$ 317,138,000	$ 441,000
Goodwill impairment loss, net of tax		519,600,000		314,400,000
Impairment charge on licenses						0	148,564,000
Property and equipment and other		2,200,000				2,148,000	28,286,000	511,000
Impairment - Market Assets					$ 2,100,000
Impairment - Assets Held for Sale					26,900,000
Business Acquisition [Line Items]
Payments to acquire restricted investments						1,800,000	1,250,000
Impairment charge related to ROU asset impairment		6,000,000				$ 5,956,000	$ 0	$ 0
Radio broadcasting licenses
Indefinite-lived Intangible Assets [Line Items]
Impairment charge on licenses		0		147,900,000	$ 0
Impairment charge on licenses, net of tax				$ 108,800,000
AnalyticOwl
Business Acquisition [Line Items]
Payments to acquire restricted investments			$ 1,500,000
The Action Network
Business Acquisition [Line Items]
Payments to acquire restricted investments		$ 300,000
Cadence 13
Business Acquisition [Line Items]
Percentage of equity interest prior to acquisition									45.00%
Recognized gain on previously held equity interest	$ 5,300,000

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Term Loan B
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	$ 770,000	$ 1,291,700
Fair value of debt	774,813	1,243,261
Revolver
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	117,000	180,000
Fair value of debt	117,000	180,000
Senior Notes
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	400,000	400,000
Fair value of debt	423,250	378,000
Notes
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	425,000	0
Fair value of debt	454,750	0
Other Debt
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	873	912
Letter of Credit
Fair Value Of Instruments [Line Items]
Total debt before deferred financing costs	$ 5,862	$ 5,862

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Cost Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Original Cost		$ 11,205	$ 9,955
Accumulated impairment		0	0
Carrying Amount Not Evaluated for Impairment		11,205	$ 9,955
Removal of investment in connection with step acquisition	$ (9,700)	0
Acquisition of interest in a privately held company	1,800	1,250
Cost Method Invetsment, after adjustments	$ 3,305	$ 11,205

ASSETS HELD FOR SALE AND DISC_3

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands

Aug. 02, 2018USD ($)

Dec. 31, 2019USD ($)

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Sep. 30, 2018USD ($)

Jun. 30, 2018USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Mar. 31, 2018USD ($)

Nov. 17, 2017radio_station

Long Lived Assets Held-for-sale [Line Items]

Proceeds from sale of property, equipment, intangibles and other assets

$ 141,000

$ 29,321

$ 185,761

$ 60,505

Carrying value of disposed assets

19,600

Proceeds from sale

$ 24,500

Gain (loss) on sale or properties

$ 4,500

Other asset impairments

$ 25,600

Net assets held for sale

$ 10,188

10,188

$ 19,603

Sacramento, California

Long Lived Assets Held-for-sale [Line Items]

Number Of Stations In Merger Agreement | radio_station

4

San Diego, California

Long Lived Assets Held-for-sale [Line Items]

Number Of Stations In Merger Agreement | radio_station

4

Bonneville Transaction

Long Lived Assets Held-for-sale [Line Items]

Net assets held for sale

$ 140,300

$ 165,900

Loss on disposition of business

$ (400)

$ 200

Assets exchange Cumulus media

Long Lived Assets Held-for-sale [Line Items]

Gain (loss) on sale or properties

$ (1,800)

Properties in California

Long Lived Assets Held-for-sale [Line Items]

Carrying value of disposed assets

1,100

Gain (loss) on sale or properties

$ (100)

Properties in Miami

Long Lived Assets Held-for-sale [Line Items]

Carrying value of disposed assets

1,900

$ 2,200

Gain (loss) on sale or properties

(400)

$ (100)

Equipment and Broadcasting License in Boston

Long Lived Assets Held-for-sale [Line Items]

Carrying value of disposed assets

$ 10,200

$ 10,200

ASSETS HELD FOR SALE AND DISC_4

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Major Categories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	$ 10,188	$ 19,603
Land and Land Improvements [Member]
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	0	2,645
Building
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	0	1,053
Leasehold Improvements [Member]
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	0	0
Equipment
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	48	15,905
Net property and equipment
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	48	19,603
Radio broadcasting licenses
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	10,140	0
Other intangibles
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	0	0
Goodwill
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	0	0
Total intangibles
Long Lived Assets Held-for-sale [Line Items]
Net assets held for sale	$ 10,140	$ 0

ASSETS HELD FOR SALE AND DISC_5

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Operations of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Net broadcast revenues	$ 0	$ 0	$ 5,494
Station operating expenses	0	0	4,749
Depreciation and amortization expense	0	0	9
Net time brokerage agreement (income) fees	0	1,765	(652)
Total operating expenses	0	0	4,106
Income before income taxes	0	1,765	1,388
Income taxes	0	613	552
Income from discontinued operations, net of income taxes	$ 0	$ 1,152	$ 836

CONTINGENCIES AND COMMITMENTS -

CONTINGENCIES AND COMMITMENTS - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Cash and cash equivalents	$ 20,393	$ 122,893
Restricted cash	0	69,365
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 20,393	$ 192,258	$ 34,167	$ 46,843

CONTINGENCIES AND COMMITMENTS_2

CONTINGENCIES AND COMMITMENTS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Total Proceeds	$ 70,200,000
Net Chicago land proceeds			$ 45,500,000
Net LA and San Diego proceeds			$ 24,700,000
Legal forfeiture		$ 414,454
Legal forfeiture maximum		$ 3,825,726
Estimated impairment				$ 13,500,000

CONTINGENCIES AND COMMITMENTS_3

CONTINGENCIES AND COMMITMENTS - Tower Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 58,947
Rent expense		$ 53,948	$ 23,742

CONTINGENCIES AND COMMITMENTS_4

CONTINGENCIES AND COMMITMENTS - Future Minimum Annual Commitments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Rent Under Operating Leases
2020	$ 49,298
2021	49,550
2022	44,250
2023	40,549
2024	37,284
Thereafter	134,071
Total lease payments	355,002
Programming and Related Contracts
2020	212,690
2021	157,836
2022	115,002
2023	89,324
2024	44,588
Thereafter	140,229
Total	759,669
Rent Under Operating Leases
Rent Under Operating Leases
2020	47,024
2021	47,208
2022	41,838
2023	38,064
2024	35,088
Thereafter	123,612
Total lease payments	332,834
Sale Leaseback Operating Leases
Programming and Related Contracts
2020	2,274
2021	2,342
2022	2,412
2023	2,485
2024	2,196
Thereafter	10,459
Total	22,168
Programming and Related Contracts
Programming and Related Contracts
2020	163,392
2021	108,286
2022	70,752
2023	48,775
2024	7,304
Thereafter	6,158
Total	$ 404,667

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Feb. 14, 2020USD ($)
Subsequent Event
Subsequent Event [Line Items]
Disposal of asset, consideration	$ 10.8

SUMMARIZED QUARTERLY FINANCIA_3

SUMMARIZED QUARTERLY FINANCIAL DATA (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 414,118,000	$ 386,141,000	$ 380,665,000	$ 309,005,000	$ 411,375,000	$ 378,508,000	$ 372,124,000	$ 300,560,000	$ 1,489,929,000	$ 1,462,567,000	$ 592,884,000
Operating income	(455,492,000)	79,490,000	64,762,000	30,383,000	(377,593,000)	78,733,000	27,552,000	5,689,000	(280,857,000)	(265,619,000)	12,584,000
Income (loss) available to the Company from continuing operations	(487,537,000)	38,208,000	25,992,000	3,125,000	(386,568,000)	36,590,000	1,597,000	(14,206,000)	(420,212,000)	(362,587,000)	233,013,000
Preferred stock dividend	0	0	0	0	0	0	0	0	0	0	2,015,000
Net income available to common shareholders from continuing operations	(487,537,000)	38,208,000	25,992,000	3,125,000	(386,568,000)	36,590,000	1,597,000	(14,206,000)	(420,212,000)	(362,587,000)	230,998,000
Income (loss) from discontinued operations, net of income taxes	0	0	0	0	(378,000)	358,000	844,000	328,000	0	1,152,000	836,000
Net income (loss) available to common shareholders	$ (487,537,000)	$ 38,208,000	$ 25,992,000	$ 3,125,000	$ (386,946,000)	$ 36,948,000	$ 2,441,000	$ (13,878,000)	$ (420,212,000)	$ (361,435,000)	$ 231,834,000
Net income (loss) from continuing operations per share - basic (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.26	$ 0.01	$ (0.10)	$ (3.07)	$ (2.63)	$ 4.49
Net income (loss) from discontinued operations, net of tax, per share - basic (in dollars per share)	0	0	0	0	0	0	0	0	0	0.01	0.02
Net income (loss) available to common shareholders per share - basic (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.27	$ 0.02	$ (0.10)	$ (3.07)	$ (2.62)	$ 4.51
Weighted average shares outstanding, basic (in shares)	133,985,000	136,449,000	138,760,000	138,099,000	138,033,000	138,740,000	138,639,000	138,939,000	136,967,455	138,069,608	51,392,899
Net income (loss) from continuing operations per share available to common shareholders - Diluted (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.26	$ 0.01	$ (0.10)	$ (3.07)	$ (2.63)	$ 4.37
Net income (loss) from discontinued operations per share available to common shareholders - Diluted (in dollars per share)	0	0	0	0	0	0	0	0	0	0.01	0.02
Net income (loss) per share available to common shareholders - Diluted (in dollars per share)	$ (3.64)	$ 0.28	$ 0.19	$ 0.02	$ (2.80)	$ 0.27	$ 0.02	$ (0.10)	$ (3.07)	$ (2.62)	$ 4.38
Weighted average common shares outstanding - diluted (in shares)	133,985,000	136,453,000	139,074,000	138,523,000	138,033,000	139,103,000	139,263,000	138,939,000	136,967,455	138,069,608	52,885,156
Preferred stock dividends declared and paid	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 2,574,000
Common stock dividends declared and paid	$ 2,679,000	$ 2,677,000	$ 12,487,000	$ 12,430,000	$ 12,367,000	$ 12,486,000	$ 12,475,000	$ 12,441,000

Uncategorized Items - etm-20191

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 4,719,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	5,112,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	4,578,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	4,719,000
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 534,000