Beasley Broadcast (BBGI) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Entity Central Index Key	1,099,160
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,654,024
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 14,121,452	$ 14,318,494
Accounts receivable, less allowance for doubtful accounts of $596,380 in 2015 and $593,084 in 2016	18,945,682	19,847,536
Prepaid expenses	3,762,425	1,896,491
Other current assets	895,772	1,017,059
Total current assets	37,725,331	37,079,580
Restricted cash		743,195
Property and equipment, net	27,335,806	27,523,353
FCC broadcasting licenses	234,719,505	234,719,505
Goodwill	5,336,583	5,336,583
Other intangibles, net	405,822	544,238
Other assets	5,793,120	5,455,441
Total assets	311,316,167	311,401,895
Current liabilities:
Current installments of long-term debt	59,671	1,484,048
Accounts payable	2,120,646	1,827,003
Other current liabilities	9,321,712	7,588,106
Total current liabilities	11,502,029	10,899,157
Due to related parties	904,109	952,465
Long-term debt, net of current installments and unamortized debt issuance costs	82,040,520	86,461,778
Deferred tax liabilities	79,147,682	77,739,201
Other long-term liabilities	1,727,491	1,812,219
Total liabilities	175,321,831	177,864,820
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	119,936,165	119,495,619
Treasury stock, Class A common stock; 2,882,179 in 2015; 2,930,262 shares in 2016	(15,514,082)	(15,361,869)
Retained earnings	31,520,335	29,302,054
Accumulated other comprehensive income	25,672	75,159
Total stockholders' equity	135,994,336	133,537,075
Total liabilities and stockholders' equity	311,316,167	311,401,895
Class A Common Stock [Member]
Stockholders' equity:
Common stock	9,584	9,450
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 593,084	$ 596,380
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, Class A common stock shares	2,930,262	2,882,179
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,584,286	9,449,956
Common stock, shares outstanding	6,654,024	6,567,777
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net revenue	$ 27,777,381	$ 27,024,338	$ 55,232,328	$ 51,275,177
Operating expenses:
Station operating expenses (including stock-based compensation of $41,791 and $36,412 in three months ended June 30, 2015 and 2016 and $83,582 and $72,824 in six months ended June 30, 2015 and 2016 and excluding depreciation and amortization shown separately below)	19,729,821	18,741,666	39,716,112	36,555,614
Corporate general and administrative expenses (including stock-based compensation of $230,207 and $168,962 in three months ended June 30, 2015 and 2016 and $558,298 and $367,856 in six months ended June 30, 2015 and 2016)	2,443,661	2,302,888	4,944,618	4,742,035
Radio station exchange transaction costs		46,155		349,917
Depreciation and amortization	830,581	839,874	1,669,987	1,958,727
Total operating expenses	23,004,063	21,930,583	46,330,717	43,606,293
Operating income	4,773,318	5,093,755	8,901,611	7,668,884
Non-operating income (expense):
Interest expense	(898,560)	(941,003)	(1,887,084)	(1,889,009)
Other income (expense), net	269,052	18,694	229,411	490,499
Income before income taxes	4,143,810	4,171,446	7,243,938	6,270,374
Income tax expense	1,674,332	1,639,404	2,953,707	2,439,948
Net income	2,469,478	2,532,042	4,290,231	3,830,426
Other comprehensive income:
Unrealized gain (loss) on securities (net of income tax expense (benefit) of $22,772 and ($8,626) in three months ended June 30, 2015 and 2016 and $41,213 and ($30,318) in six months ended June 30, 2015 and 2016)	(14,080)	36,857	(49,487)	66,704
Comprehensive income	$ 2,455,398	$ 2,568,899	$ 4,240,744	$ 3,897,130
Net income per share:
Basic and diluted	$ 0.11	$ 0.11	$ 0.19	$ 0.17
Dividends declared per common share	$ 0.045	$ 0.045	$ 0.09	$ 0.09
Weighted average shares outstanding:
Basic	23,023,401	22,918,837	23,003,436	22,899,865
Diluted	23,119,431	22,967,632	23,089,039	22,953,927

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock-based compensation			$ 440,680	$ 641,880
Unrealized gain (loss) on securities, income tax expense (benefit)	$ (8,626)	$ 22,772	(30,318)	41,213
Station Operating Expenses [Member]
Stock-based compensation	36,412	41,791	72,824	83,582
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 168,962	$ 230,207	$ 367,856	$ 558,298

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 4,290,231	$ 3,830,426
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	440,680	641,880
Provision for bad debts	452,528	247,311
Depreciation and amortization	1,669,987	1,958,727
Amortization of loan fees	183,498	168,732
Deferred income taxes	1,358,994	2,152,567
Change in operating assets and liabilities:
Accounts receivable	449,326	(2,395,267)
Prepaid expenses	(1,865,934)	(2,468,250)
Other assets	(30,394)	1,313,072
Accounts payable	293,643	1,140,399
Other liabilities	1,569,439	(1,081,048)
Other operating activities	33,053	(23,849)
Net cash provided by operating activities	8,845,051	5,484,700
Cash flows from investing activities:
Change in restricted cash	743,195
Capital expenditures	(1,368,840)	(845,178)
Payments for translator licenses		(391,175)
Payments for investments	(166,667)	(166,667)
Repayment of notes receivable from related parties		185,726
Net cash used in investing activities	(792,312)	(1,217,294)
Cash flows from financing activities:
Principal payments on indebtedness	(6,029,133)	(4,500,000)
Tax shortfall from vesting of restricted stock		(151,036)
Dividends paid	(2,068,435)	(2,058,785)
Payments for treasury stock	(152,213)	(246,022)
Net cash used in financing activities	(8,249,781)	(6,955,843)
Net decrease in cash and cash equivalents	(197,042)	(2,688,437)
Cash and cash equivalents at beginning of period	14,318,494	14,259,441
Cash and cash equivalents at end of period	14,121,452	11,571,004
Cash paid for interest	1,721,457	1,720,277
Cash paid for income taxes	2,555,650	4,287,595
Supplement disclosure of non-cash investing and financing activities:
Property and equipment acquired through placement of advertising airtime	39,702	26,829
Dividends declared but unpaid	$ 1,036,088	$ 1,031,383

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations therefore the results shown on an interim basis are not necessarily indicative of results for the full year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has not determined the impact of adoption on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements.

FCC Broadcasting Licenses

FCC Broadcasting Licenses	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
FCC Broadcasting Licenses	(3) FCC Broadcasting Licenses On July 25, 2016, the Company entered into an agreement to acquire one FM translator license from Radio One of Boston, Inc. for $0.4 million. This translator license will allow the Company to rebroadcast the programming of its radio station in Boston, MA on the FM band over an expanded area of coverage. The acquisitions are subject to certain closing conditions, including FCC approval. Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt Long-term debt is comprised of the following: December 31, June 30, 2015 2016 Term loan $ 89,000,000 $ 83,000,000 Revolving credit facility — — Capital lease obligations 750,216 721,083 89,750,216 83,721,083 Less unamortized debt issuance costs (1,804,390 ) (1,620,892 ) 87,945,826 82,100,191 Less current installments (1,484,048 ) (59,671 ) $ 86,461,778 $ 82,040,520 As of June 30, 2016, the credit facility consisted of a term loan with a remaining balance of $83.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of June 30, 2016, the Company had $20.0 million in available commitments under its revolving credit facility. At the Company’s option, the credit facility may bear interest at either (i) the LIBOR rate, as defined in the credit agreement, plus a margin ranging from 2.5% to 4.5% that is determined by the Company’s consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.5% to 3.5% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on LIBOR, at 3.5% as of June 30, 2016 and matures on November 30, 2020. As of December 31, 2015, the credit facility consisted of a term loan with a remaining balance of $89.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 3.9% as of December 31, 2015. The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include: • Consolidated Total Debt Ratio. • Interest Coverage Ratio. The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of June 30, 2016, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $83.0 million. The guarantees for the credit facility expire on November 30, 2020. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the Company’s credit agreement could result in the acceleration of the maturity of its outstanding debt, which could have a material adverse effect on its business or results of operations. As of June 30, 2016, the Company was in compliance with all applicable financial covenants under its credit agreement. The Company has two capital leases related to radio towers. The obligations recorded as of December 31, 2015 and June 30, 2016 represent the fair value of one tower and the present value of future lease payments under the lease agreement for the other tower. The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 29,132 2017 592,327 2018 6,889,020 2019 7,460,851 2020 68,320,326 Thereafter 429,427 Total $ 83,721,083

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(5) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock activity under the 2007 Plan for the three months ended June 30, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of April 1, 2016 299,293 $ 4.76 Granted — — Vested (6,700 ) 7.27 Forfeited — — Unvested as of June 30, 2016 292,593 $ 4.70 As of June 30, 2016, there was $0.8 million of total unrecognized compensation cost related to restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.5 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	(6) Income Taxes The Company’s effective tax rate was approximately 40% and 41% for the three and six months ended June 30, 2016, respectively and approximately 39% for the three and six months ended June 30, 2015. These rates differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	(7) Related Party Transactions On May 3, 2016, the Company contributed an additional $166,667 to Digital PowerRadio, LLC which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partially-owned by Mark S. Fowler, an independent director of the Company.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	(8) Financial Instruments The carrying amount of the Company’s financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short term nature of these financial instruments. The carrying amount of long term debt, including capital lease obligations and current installments, as of June 30, 2016 was $83.7 million and approximated fair value based on current market interest rates. The carrying amount of long-term debt, including capital lease obligations and current installments, as of December 31, 2015 was $89.8 million and approximated fair value based on market rates at that time.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	(9) Subsequent Events On July 19, 2016, the Company entered into an Agreement and Plan of Merger with Greater Media, Inc. (“Greater Media”), Beasley Media Group 2, Inc., an indirect wholly-owned subsidiary of the Company (“Merger Sub”), and Peter A. Bordes, Jr., as the Stockholders’ Representative (the “Merger Agreement”) pursuant to which, subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will be merged with and into Greater Media, with Greater Media surviving the merger as an indirect wholly-owned subsidiary of the Company (the “Merger”). Pursuant to the terms of the Merger Agreement, the Company agreed to acquire all of the issued and outstanding equity stock of Greater Media for an aggregate purchase price of $239,875,000, inclusive of the refinancing of approximately $80.0 million of Greater Media’s outstanding debt and the payment of certain transaction expenses. The proceeds to be paid to the stockholders of Greater Media are expected to consist of (i) approximately $100.0 million in cash and (ii) approximately $25.0 million in shares of the Company’s Class A common stock, which is equal to 5,422,993 shares at a fixed value of $4.61 per share (the “Merger Shares”). The Merger consideration is subject to adjustment for changes in working capital of Greater Media, outstanding debt of Greater Media and its subsidiaries as of the date of the closing and certain other payments and expenses. Additional Merger Shares may be issued in connection with such adjustment. In addition, the stockholders of Greater Media will receive the net cash proceeds from the sale of Greater Media’s tower assets, estimated to be approximately $20.0 million. Consummation of the Merger is subject to customary closing conditions, including (i) approval from the Federal Communications Commission, (ii) absence of any order or injunction prohibiting the consummation of the Merger, (iii) subject to customary materiality qualifiers, the accuracy of the representations and warranties of the Company and Merger Sub contained in the Merger Agreement and compliance by the Company with its covenants contained in the Merger Agreement, (iv) the Merger Shares having been approved for listing on the Nasdaq Global Select Market and (v) the Company having delivered executed counterparts to certain ancillary agreements. The Company has obtained a debt financing commitment to fund the transactions contemplated by the Merger Agreement, the aggregate proceeds of which, together with cash and cash equivalents available to the Company and issuance of the Merger Shares, will be sufficient for the Company to pay the aggregate Merger Consideration and all related fees and expenses. The Merger Agreement contains certain customary termination rights for both the Company and Greater Media. The Merger Agreement also provides that the Company shall pay Greater Media a termination fee of $6,390,000 if Greater Media terminates the Merger Agreement because all conditions to closing have been satisfied and the Company has not consummated the Merger due to the failure of the financing to be available; provided that Greater Media is not also able to terminate the Merger Agreement due to the Company’s breach. It further provides that the Company shall pay Greater Media a termination fee of $12,780,000 if (i) Greater Media terminates the Merger Agreement due to a breach of a representation or covenant by the Company such that the applicable condition to closing is not satisfied or (ii) Greater Media terminates the Merger Agreement because the Company has failed to consummate the Merger when required by the Merger Agreement, in circumstances where the financing was available. The Merger Agreement contemplates that the parties or their affiliates will enter into the following additional agreements at Closing: (i) an Investor Rights Agreement and (ii) a Registration Rights Agreement. The Investor Rights Agreement would provide the former stockholders of Greater Media receiving Merger Shares (the “Greater Media Stockholders”) with tag-along rights to participate in certain sales of equity securities by the Company and its affiliates and also would provide the Greater Media Stockholders with the right to nominate one director for election to the Company’s Board, so long as the Greater Media Stockholders collectively hold at least 75 % of the Merger Shares issued to them at the closing of the Merger. The Registration Rights Agreement would require the Company to prepare and file with the Securities and Exchange Commission, not later than 20 days after the consummation of the Merger, a registration statement with respect to the resale of the Merger Shares by the Greater Media Stockholders, among other things. In connection with the transactions contemplated by the Merger Agreement, Royal Bank of Canada (“RBC”), U.S. Bank National Association (“US Bank”) and Beasley Mezzanine Holdings, LLC (the “Borrower”), a direct subsidiary of the Company, entered into a commitment letter, dated July 19, 2016 (the “Commitment Letter”), pursuant to which RBC and US Bank have agreed to provide a credit facility consisting of (a) a term loan B facility in the amount of $265.0 million (the “Term Loan B Facility”) and (b) a revolving credit facility of $20.0 million. The Term Loan B Facility will be borrowed by the Borrower at the closing of the Merger and, along with the Merger Shares, will be used to pay the purchase price, fees, costs and expenses incurred in connection with the Merger, and to refinance existing third party indebtedness of the Borrower and Greater Media. The obligations of RBC and US Bank to provide the debt financing under the Commitment Letter are subject to certain customary closing conditions, including the consummation of the Merger. The termination date for the commitments of RBC and US Bank is six months after the date of the Commitment Letter; provided that such termination date will automatically extend by an additional three months in certain circumstances. In connection with the Commitment Letter, RBC, US Bank, and the Borrower entered into a fee letter pursuant to which the Borrower agreed to pay certain fees to RBC, US Bank and any additional lenders.

Recent Accounting Pronounceme16

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has not determined the impact of adoption on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. In 2016, the FASB issued several updates to address implementation issues and to clarify guidance for principal versus agent considerations and identifying performance obligations and licensing. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, June 30, 2015 2016 Term loan $ 89,000,000 $ 83,000,000 Revolving credit facility — — Capital lease obligations 750,216 721,083 89,750,216 83,721,083 Less unamortized debt issuance costs (1,804,390 ) (1,620,892 ) 87,945,826 82,100,191 Less current installments (1,484,048 ) (59,671 ) $ 86,461,778 $ 82,040,520
Scheduled Repayments of Credit Facility and Capital Lease Obligations	The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 29,132 2017 592,327 2018 6,889,020 2019 7,460,851 2020 68,320,326 Thereafter 429,427 Total $ 83,721,083

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Activity	A summary of restricted stock activity under the 2007 Plan for the three months ended June 30, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of April 1, 2016 299,293 $ 4.76 Granted — — Vested (6,700 ) 7.27 Forfeited — — Unvested as of June 30, 2016 292,593 $ 4.70

FCC Broadcasting Licenses - Add

FCC Broadcasting Licenses - Additional Information (Detail) $ in Millions	Jul. 25, 2016USD ($)License	Jun. 30, 2016
FCC Broadcasting Licenses [Line Items]
Translator licenses renewable term		8 years
Radio One of Boston Inc [Member] | Subsequent Event [Member]
FCC Broadcasting Licenses [Line Items]
Acquisition of translator licenses | $	$ 0.4
Number of translator licenses acquired | License	1

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Capital lease obligations	$ 721,083	$ 750,216
Long-term debt, including capital lease obligations	83,721,083	89,750,216
Less unamortized debt issuance costs	(1,620,892)	(1,804,390)
Long-term debt	82,100,191	87,945,826
Long-term debt	82,100,191	87,945,826
Less current installments	(59,671)	(1,484,048)
Long-term debt, net of current portion	82,040,520	86,461,778
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	83,000,000	89,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0	$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)Radio_Stations	Dec. 31, 2015USD ($)Radio_Stations
Line of Credit Facility [Line Items]
Mandatory prepayments of consolidated excess cash flow due period	120 days
Mandatory prepayments of consolidated excess cash flow required by credit agreement	The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.
First Mortgage [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Interest Coverage Ratio	200.00%
Broadcast Equipment [Member]
Line of Credit Facility [Line Items]
Number of radio towers leased for radio stations under separate lease agreement | Radio_Stations	2	2
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 83,000,000	$ 89,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment	20,000,000	$ 20,000,000
Remaining commitments under the revolving credit loan facility	$ 20,000,000
Revolving credit facility, Interest Rate Description	The credit facility may bear interest at either (i) the LIBOR rate, as defined in the credit agreement, plus a margin ranging from 2.5% to 4.5% that is determined by the Company's consolidated total debt ratio, as defined
Fiscal Quarter Through September 30, 2016 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	4.5
October 1, 2016 Through March 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	4.25
April 1, 2017 Through December 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	4
January 1, 2018 Through December 31, 2018 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3.75
January 1, 2019 Through December 31, 2019 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3.5
January 1, 2020 Through December 31, 2020 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3
Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 83,000,000
Revolving credit loan and term loan carried interest	3.50%	3.90%
Revolving credit facility and term loan maturity date	Nov. 30, 2020
Mandatory prepayments of excess cash flow	50.00%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	2.50%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	1.50%
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	4.50%
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	3.50%
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility and term loan maturity date	Nov. 30, 2020

Long-Term Debt - Scheduled Repa

Long-Term Debt - Scheduled Repayments of Credit Facility and Capital Lease Obligations (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,016	$ 29,132
2,017	592,327
2,018	6,889,020
2,019	7,460,851
2,020	68,320,326
Thereafter	429,427
Total	$ 83,721,083	$ 89,750,216

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to restricted stock granted | $	$ 0.8
Cost expected to be recognized over a weighted-average period	1 year 6 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	4,000,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Detail) - 2007 Plan [Member]	3 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	299,293
Granted, Shares | shares	0
Vested, Shares | shares	(6,700)
Forfeited, Shares | shares	0
Unvested Shares, Ending Balance | shares	292,593
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 4.76
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	0
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	7.27
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	0
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 4.70

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	40.00%	39.00%	41.00%	39.00%
Federal statutory rate	35.00%	35.00%	35.00%	35.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Digital PowerRadio LLC [Member]	May 03, 2016USD ($)
Related Party Transaction [Line Items]
Additional contribution to related party	$ 166,667
Percentage of outstanding units ownership interest to Digital PowerRadio	20.00%

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument Fair Value Carrying Value [Abstract]
Long term debt, including capital lease obligations and current installments	$ 83,721,083	$ 89,750,216

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Jul. 19, 2016	Jun. 30, 2016	Dec. 31, 2015
Revolving Credit Loan [Member]
Subsequent Event [Line Items]
Amount of credit facility		$ 20,000,000	$ 20,000,000
Greater Media Inc [Member]
Subsequent Event [Line Items]
Merger Agreement termination fee, description		Company shall pay Greater Media a termination fee of $6,390,000 if Greater Media terminates the Merger Agreement
Subsequent Event [Member] | Term Loan B Facility [Member]
Subsequent Event [Line Items]
Amount of credit facility	$ 265,000,000
Subsequent Event [Member] | Revolving Credit Loan [Member]
Subsequent Event [Line Items]
Amount of credit facility	$ 20,000,000
Subsequent Event [Member] | Greater Media Inc [Member]
Subsequent Event [Line Items]
Merger agreement date	Jul. 19, 2016
Aggregate purchase price	$ 239,875,000
Refinancing of outstanding debt and payment of certain transaction expenses	80,000,000
Proceeds to be paid to stockholders in cash	$ 100,000,000
Number of shares equal to payment to stockholders	5,422,993
Fixed value of share	$ 4.61
Cash proceeds to stockholders from sale of tower assets	$ 20,000,000
Merger Agreement termination fee	$ 6,390,000
Percentage of interests acquired	75.00%
Subsequent Event [Member] | Greater Media Inc [Member] | Breach Of Representation Or Covenant By Company [Member]
Subsequent Event [Line Items]
Merger Agreement termination fee	$ 12,780,000
Subsequent Event [Member] | Greater Media Inc [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Proceeds to be paid to stockholders in shares	$ 25,000,000