Beasley Broadcast (BBGI) 10-K 19 Feb 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 08, 2019	Jun. 29, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Trading Symbol	BBGI
Entity Central Index Key	1,099,160
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Entity Public Float, Class A Common Stock			$ 52,792,021
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,907,934
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 13,433,828	$ 13,922,390
Accounts receivable, less allowance for doubtful accounts of $1,623,408 in 2017 and $2,010,721 in 2018	52,417,152	42,669,351
Prepaid expenses	3,134,756	6,001,996
Merger consideration receivable		17,931,331
Other current assets	1,960,032	4,135,905
Total current assets	70,945,768	84,660,973
Property and equipment, net	57,753,646	59,318,933
FCC broadcasting licenses	516,735,554	489,186,679
Goodwill	25,377,447	15,275,264
Other intangibles, net	2,823,178	550,058
Other assets	7,449,486	5,726,874
Total assets	681,085,079	654,718,781
Current liabilities:
Current installments of long-term debt	67,101	2,314,020
Accounts payable	9,611,151	7,847,829
Other current liabilities	19,181,108	18,799,195
Total current liabilities	28,859,360	28,961,044
Due to related parties	662,329	759,041
Long-term debt, net of current installments and unamortized debt issuance costs	243,276,273	212,465,882
Deferred tax liabilities	122,912,545	115,282,931
Other long-term liabilities	10,340,481	11,083,683
Total liabilities	406,050,988	368,552,581
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	149,963,252	147,987,332
Treasury stock, Class A common stock; 3,032,740 shares in 2017; 4,426,027 shares in 2018	(30,447,597)	(16,667,085)
Retained earnings	155,398,555	154,389,494
Accumulated other comprehensive income	87,885	424,574
Total stockholders' equity	275,034,091	286,166,200
Total liabilities and stockholders' equity	681,085,079	654,718,781
Class A Common Stock [Member]
Stockholders' equity:
Common stock	15,334	15,223
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 2,010,721	$ 1,623,408
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	4,426,027	3,032,740
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	15,334,336	15,222,738
Common stock, shares outstanding	10,908,309	12,189,998
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

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net revenue	$ 257,494,599	$ 232,179,463
Operating expenses:
Station operating expenses (including stock-based compensation of $54,163 in 2017 and $266,015 in 2018 and excluding depreciation and amortization shown separately below)	195,752,948	174,822,164
Corporate general and administrative expenses (including stock-based compensation of $1,690,971 in 2017 and $1,679,654 in 2018)	16,290,535	15,832,406
Transaction expenses	110,901	963,979
Other operating expenses		968,603
Depreciation and amortization	6,601,123	6,133,812
Change in fair value of contingent consideration	4,415,925	(10,053,754)
Gain on dispositions, net		(3,707,993)
Gain on exchange		(11,803,585)
Termination of postretirement benefits plan	0	(1,812,448)
Total operating expenses	223,171,432	171,343,184
Operating income	34,323,167	60,836,279
Non-operating income (expense):
Interest expense	(16,006,461)	(18,430,072)
Loss on modification of long-term debt	(281,021)	(3,954,035)
Other income (expense), net	140,910	450,707
Income before income taxes	18,176,595	38,902,879
Income tax expense (benefit)	11,695,546	(48,228,290)
Net income	6,481,049	87,131,169
Other comprehensive income:
Unrealized losses on securities (net of income tax benefit of $21,527)		(31,521)
Unrecognized actuarial gains on postretirement plans (net of income tax expense of $641,789 in 2017 and $142,435 in 2018)	398,231	1,177,917
Reclassification of other comprehensive income due to termination of pension plan (net of income tax benefit of $261,358)	(731,266)
Comprehensive income	$ 6,148,014	$ 88,277,565
Net income per Class A and B common share:
Basic	$ 0.24	$ 3.15
Diluted	0.24	3.14
Dividends declared per common share	$ 0.20	$ 0.18
Weighted average shares outstanding:
Basic	27,444,110	27,696,790
Diluted	27,533,983	27,792,702

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Stock-based compensation	$ 1,945,669	$ 1,745,134
Unrealized losses on securities, income tax benefit	21,527
Unrecognized actuarial gains on postretirement plans, income tax expense	142,435	641,789
Reclassification of other comprehensive income due to termination of pension plan, income tax benefit	261,358
Station Operating Expenses [Member]
Stock-based compensation	266,015	54,163
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 1,679,654	$ 1,690,971

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class B Common Stock [Member]	Additional Paid In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2016	$ 202,491,623	$ 15,113	$ 16,662	$ 146,339,925	$ (15,560,021)	$ 72,401,766	$ (721,822)
Beginning Balance, shares at Dec. 31, 2016		15,112,529	16,662,743		(2,937,987)
Stock-based compensation	1,745,134	$ 110		1,745,024
Stock-based compensation, shares		110,209
Adjustment from related party acquisition	(97,617)			(97,617)
Purchase of treasury stock	(1,107,064)				$ (1,107,064)
Purchase of treasury stock, shares					(94,753)
Net income	87,131,169					87,131,169
Cash dividends, per common share	(5,143,441)					(5,143,441)
Other comprehensive income (loss)	1,146,396						1,146,396
Ending Balance at Dec. 31, 2017	286,166,200	$ 15,223	$ 16,662	147,987,332	$ (16,667,085)	154,389,494	424,574
Ending Balance, shares at Dec. 31, 2017		15,222,738	16,662,743		(3,032,740)
Change in accounting principle						3,654	(3,654)
Issuance of common stock	29,888	$ 4		29,884
Issuance of common stock, shares		4,461
Stock-based compensation	1,945,669	$ 107		1,945,562
Stock-based compensation, shares		107,137
Adjustment from related party acquisition	474			474
Purchase of treasury stock	$ (13,780,512)				$ (13,780,512)
Purchase of treasury stock, shares	(55,128)				(1,393,287)
Net income	$ 6,481,049					6,481,049
Cash dividends, per common share	(5,475,642)					(5,475,642)
Other comprehensive income (loss)	(333,035)						(333,035)
Ending Balance at Dec. 31, 2018	$ 275,034,091	$ 15,334	$ 16,662	$ 149,963,252	$ (30,447,597)	$ 155,398,555	$ 87,885
Ending Balance, shares at Dec. 31, 2018		15,334,336	16,662,743		(4,426,027)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash dividends, per common share	$ 0.20	$ 0.18
Retained Earnings [Member]
Cash dividends, per common share	$ 0.20	$ 0.18

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 6,481,049	$ 87,131,169
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	1,945,669	1,745,134
Provision for bad debts	2,842,941	1,471,875
Depreciation and amortization	6,601,123	6,133,812
Change in fair value of contingent consideration	4,415,925	(10,053,754)
Gain on dispositions, net		(3,707,993)
Gain on exchange		(11,803,585)
Termination of retirement benefits plan	0	(1,812,448)
Amortization of loan fees	1,899,532	2,150,450
Loss on modification of long-term debt	281,021	3,954,035
Deferred income taxes	7,749,100	(46,051,371)
Change in operating assets and liabilities, net of acquisition:
Accounts receivable	(12,590,742)	4,045,237
Prepaid expenses	2,867,240	(1,092,197)
Other assets	2,092,660	(1,289,585)
Accounts payable	1,763,322	1,760,393
Other liabilities	(882,127)	(4,608,589)
Other operating activities	(79,610)	48,474
Net cash provided by operating activities	24,394,480	28,021,057
Cash flows from investing activities:
Payments for acquisitions	(39,520,000)
Payment for exchange of radio station		(12,000,000)
Capital expenditures	(4,209,668)	(4,192,614)
Proceeds from dispositions		35,000,000
Payments for translator licenses	(202,675)	(1,134,103)
Payments for investments	(1,680,000)
Loan to related party		(150,000)
Net cash provided by (used in) investing activities	(45,612,343)	17,523,283
Cash flows from financing activities:
Issuance of debt	35,000,000	9,000,000
Payments on debt	(8,064,019)	(52,061,077)
Payments of debt issuance costs	(553,062)	(2,641,754)
Dividends paid	(5,388,512)	(5,137,470)
Purchase of treasury stock	(265,106)	(1,107,064)
Net cash provided by (used in) financing activities	20,729,301	(51,947,365)
Net decrease in cash and cash equivalents	(488,562)	(6,403,025)
Cash and cash equivalents at beginning of period	13,922,390	20,325,415
Cash and cash equivalents at end of period	13,433,828	13,922,390
Cash paid for interest	13,985,580	15,890,835
Cash paid for income taxes	928,750	2,021,125
Supplement disclosure of non-cash investing and financing activities:
Dividends declared but unpaid	1,373,511	1,286,381
Translator license and equipment received as consideration		332,000
Note receivable and accrued interest converted to investment	187,618
Postretirement Benefits Plan [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Termination of retirement benefits plan		$ (1,812,448)
Pension Plan [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Termination of retirement benefits plan	(992,623)
Class A Common Stock [Member]
Supplement disclosure of non-cash investing and financing activities:
Class A common stock returned to treasury stock	13,515,406
Common stock issued for acquisition	$ 29,888

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	(1) Nature of Business Beasley Broadcast Group, Inc. (the “Company”) is a radio broadcasting company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company owns and operates 64 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Principles of Consolidation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) the amount of allowance for doubtful accounts; (ii) estimates used to determine the merger consideration receivable; (iii) future cash flows used for testing recoverability of property and equipment; (iv) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (v) fair value of assets acquired in Philadelphia, PA; (vi) the realization of deferred tax assets, and (vii) actuarial assumptions related to the pension plan, SERP and other postretirement benefits. Actual results and outcomes may differ from management’s estimates and assumptions. Cash and Cash Equivalents All short-term investments with an original maturity of three months or less are considered to be cash equivalents. Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable. Property and Equipment Property and equipment is recorded at fair value in a business combination or otherwise at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred. FCC Broadcasting Licenses FCC broadcasting licenses, including translator licenses, are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2017 and 2018. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 2.0 years. Goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for each reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value of each reporting unit. If the fair value of any reporting unit is less than the carrying amount, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not exceed the total amount of goodwill allocated to the reporting unit. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2018. Other Intangibles Other intangibles include advertiser relationships and sports program rights which are amortized over their respective estimated useful lives and brands and other intangibles with indefinite lives which are not amortized. If an event or change in circumstances were to indicate that the carrying amount of any other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value. Investments Other assets include noncontrolling interests in AUDIOis, LN2 DB, LLC and Quu, Inc. which do not have a readily determinable fair value and therefore are recorded at cost less impairment. The Company evaluates the investments on a quarterly basis to identify impairment. When the evaluation indicates that an impairment exists, the Company will estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value and the carrying amount of the investment. Debt Issuance Costs Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method. Unamortized debt issuance costs are reported as a direct deduction from the carrying amount of the related debt. Defined Benefit Plan and Other Postretirement Benefits The costs and liabilities of the defined benefit plan and other postretirement benefits are determined using actuarial valuations. An actuarial valuation involves making various assumptions that include the discount rate, rate of return on plan assets, and mortality rates. The discount rate is based on matching the cash flows of the plan to the Citigroup Pension Discount Curve. The long-term rate of return on plan assets was selected based on input from the investment advisor and publicly available survey information on expected returns by asset class. The mortality assumptions are based on the mortality tables and mortality improvement scales which are selected based on the most recent study of the Society of Actuaries. The pension plan and SERP are both frozen so future employment does not change the benefit amounts. The postretirement medical and life insurance benefits were not impacted by the healthcare cost trend assumption because the reimbursements to retirees are fixed amounts. Actual results will differ from results which are estimated based on assumptions. Treasury Stock Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services. Income Taxes The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gains (losses) on available-for-sale securities and unrecognized net actuarial gains (losses) related to the pension plan and SERP. Earnings per Share Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive. Concentrations of Risk Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. The radio stations located in Boston, MA, Philadelphia, PA contributed 52.5% and 58.8% of the Company’s net revenue in 2017 and 2018, respectively. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows: Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date. Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date. Sports Programming Costs Sports programming rights for a specified season are amortized on a straight-line basis over the season. Other payments are expensed when the additional contract elements, such as post-season games, are broadcast. Recent Accounting Pronouncements In February 2016, 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. In 2018, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. On January 1, 2019, the Company adopted the new guidance retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. On January 1, 2019, the Company recorded a lease liability of $43.1 million and right-of-use assets of $38.8 million. The Company recorded a cumulative effect of initially applying the new standard of $0.9 million on the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. Additional disclosures will be included in future reporting periods in accordance with requirements of the new guidance. 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. The Company adopted the new guidance on January 1, 2018, using the modified retrospective method, with no impact on its financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no impact on the consolidated balance sheet as of December 31, 2018 or on the consolidated statements of comprehensive income for the year ended December 31, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance to have a material impact on its financial statements in future periods.

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	(3) Acquisitions and Dispositions Greater Media Merger On November 1, 2016, (the “Acquisition Date”), the Company completed the acquisition of Greater Media, Inc. (“Greater Media”), pursuant to the merger agreement, dated as of July 19, 2016 by and among the Company, 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”). On the Acquisition Date, Merger Sub was merged with and into Greater Media, with Greater Media surviving the merger as an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, the Company added 21 radio stations in the Boston, MA, Detroit, MI, Charlotte, NC, Middlesex, NJ, Monmouth, NJ, Morristown, NJ and Philadelphia, PA markets. On the Acquisition Date, in accordance with the Merger Agreement, the Company placed 867,679 shares of the Company’s Class A common stock with a fair value of $4.2 million in escrow. These escrow shares were to be distributed either to the Company for cancellation or to Greater Media based upon a working capital adjustment. As of the Acquisition Date based on the estimated working capital adjustment, the Company estimated that 189,915 shares of Class A common stock would be released to Greater Media and the remainder would be forfeited to the Company for cancellation. The estimated number of shares to be released to Greater Media had a fair value of $0.9 million as of the Acquisition Date and were included in the purchase price. The estimated shares to be forfeited were not indexed to the Company’s stock price and therefore were adjusted to fair value based on the Company’s closing stock price on each reporting date with changes in fair value recorded in earnings. The estimated number of shares to be forfeited had a fair value of $3.3 million as of the Acquisition Date. Also, in accordance with the Merger Agreement, the purchase price was to be adjusted by certain proceeds from the sale of Greater Media’s towers assets. Based on the proceeds from the tower sale, the former stockholders of Greater Media were required to return a certain number of shares of Class A common stock to the Company for cancellation. The Company accounted for this arrangement as contingent consideration subject to the ultimate sale of the tower assets. As of the Acquisition Date, the Company estimated the sales price of the towers to be $28.0 million which resulted in the expected return of 650,759 shares. As of the Acquisition Date, the estimated number of shares to be returned had a fair value of $3.4 million. On February 27, 2017, the former stockholders of Greater Media entered into an asset purchase agreement to sell the towers for $28.0 million. On December 29, 2017, the Company entered into a settlement agreement with Greater Media regarding the working capital adjustment and proceeds from the tower sale. As a result, all 867,679 470,480 The Company engaged a third party to evaluate certain net operating loss carryforwards related to Greater Media, Inc. and several of its subsidiaries to determine the amount of net operating loss carryforwards that may be utilized by the Company in future tax returns. These evaluations had not been finalized as of the Acquisition Date.Therefore an estimate of $3.6 million for net operating loss carryforwards was included in the purchase price. The accounting for this item was not finalized before the end of the measurement period.Therefore any adjustment was to be recognized in current operations during the period in which the accounting was finalized. The evaluations were finalized during the third quarter of 2018 and an adjustment of $0.2 million was recognized in income tax expense. Effective on the Acquisition Date, the Company entered into an agreement with the former CEO of Greater Media to provide consulting services for a period of one year. The costs associated with this agreement are reported in other operating expenses in the accompanying statement of comprehensive income for the year ended December 31, 2017. Dispositions On January 6, 2017, the Company completed the sale of substantially all of the assets used or useful in the operations of WBT-AM, WBT-FM, WFNZ-AM and WLNK-FM in Charlotte, NC to Entercom Communications Corp. for $24.0 million in cash. The Company repaid a portion of the outstanding balance under its credit facility with the sales proceeds. The Company recorded a $0.3 million loss on disposition during the first quarter of 2017. On May 1, 2017, the Company completed the sale of substantially all of the assets used in the operations of WIKS-FM, WMGV-FM, WNCT-AM, WNCT-FM, WSFL-FM and WXNR-FM in its Greenville-New Bern-Jacksonville, NC market cluster to CMG Coastal Carolina, LLC for $11.0 million in cash and a translator license and equipment with a fair value of $0.3 million. The Company repaid a portion of the outstanding balance under its credit facility with the cash sales proceeds. The Company recorded a $4.0 million gain on disposition during the second quarter of 2017. Asset Exchange On December 19, 2017, the Company completed an asset exchange with CBS Radio Stations, Inc., Entercom Boston, LLC, and The Entercom Divestiture Trust under which the Company agreed to exchange all of the assets used or useful in the operations of WMJX-FM in Boston, MA for all of the assets used or useful in the operations of WBZ-FM in Boston, MA. In addition, the Company also paid $12.0 million in cash, which was partially financed with $6.0 million in borrowings from our credit facility and partially funded with $6.0 million in cash from operations. The asset exchange broadened and diversified the Company’s local radio broadcasting platform and revenue base in the Boston radio market. The asset exchange was accounted for as a business combination. The fair value of the assets received in the asset exchange was $48.9 million. The fair value of the assets given up in the asset exchange was $48.9 million which includes the FCC broadcasting license with a fair value of $35.9 million, property and equipment with a fair value of $0.7 million, and a cash payment of $12.0 million. The Company recorded a gain on exchange of $11.8 million and incurred transaction expenses of $0.2 million. The asset allocation is summarized as follows: Property and equipment $ 806,970 FCC broadcasting license 35,943,600 Goodwill 11,882,030 Other intangibles 267,400 Fair value of assets received 48,900,000 Less cash consideration (12,000,000 ) 36,900,000 Carrying amount of assets of exchanged radio station (25,096,415 ) Gain on exchange $ 11,803,585 The fair value of the property and equipment was estimated using cost and market approaches. Property and equipment for which there are comparable current replacements available were valued on the basis of a cost approach. The cost approach allowed for factors such as physical depreciation as well as functional and economic obsolescence. Property and equipment for which an active used market exists, including property for which there is no longer comparable current replacements available but for which there remains an active used market, were valued using a market approach. The market approach is based on the selling prices of similar assets on the used market. As few sales reflect identical assets, the selling prices of similar assets was utilized with adjustments made for any differences such as age, condition, and options. If different assumptions or estimates had been used in the cost and market approaches, the fair value of the property and equipment could have been materially different. The fair value of the Federal Communications Commission (the “FCC”) broadcasting license was estimated using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity). If different assumptions or estimates had been used in the income approach, the fair value of the FCC broadcasting licenses could have been materially different. If actual results are different from assumptions or estimates used in the discounted cash flow analyses, the Company may incur impairment losses in the future and they may be material. The key assumptions used in the valuation of the FCC broadcasting licenses are as follows: Revenue growth rates (0.5)% – 2.4% Market revenue shares at maturity 5.3% Operating income margins at maturity 36.0% Discount rate 9.0% Goodwill was equal to the amount the purchase price exceeded the values allocated to the tangible and identifiable intangible assets. The $11.9 million allocated to goodwill is deductible for tax purposes. Other intangibles include a sports rights agreement of $0.3 million which will be amortized over its estimated useful life of three years. Acquisition On September 27, 2018, the Company completed the acquisition of WXTU-FM in Philadelphia from Entercom Communications Corp. for $38.0 million in cash. The purchase price was partially financed with $35.0 million in borrowings from the Company’s credit facility and partially funded with $3.0 million of cash from operations. On July 19, 2018, the Company also entered into a local marketing agreement (“LMA”) with Entercom Communications Corp. and began operating WXTU-FM on July 23, 2018. During the term of the LMA, the Company included net revenues and station operating expenses, including the associated LMA fee from operating WXTU-FM, in its consolidated financial statements. The LMA ended on September 27, 2018. The acquisition broadened and diversified the Company’s local radio broadcasting platform and revenue base in the Philadelphia radio market. The acquisition was accounted for as a business combination. The Company incurred transaction costs of $0.1 million. The purchase price allocation is summarized as follows: Property and equipment $ 357,734 FCC broadcasting license 27,346,200 Goodwill 10,102,183 Other intangibles 193,883 $ 38,000,000 The fair value of the property and equipment was estimated using cost and market approaches. Property and equipment for which there are comparable current replacements available were valued on the basis of a cost approach. The cost approach allowed for factors such as physical depreciation as well as functional and economic obsolescence. Property and equipment for which an active used market exists, including property for which there is no longer comparable current replacements available but for which there remains an active used market, were valued using a market approach. The market approach is based on the selling prices of similar assets on the used market. As few sales reflect identical assets, the selling prices of similar assets was utilized with adjustments made for any differences such as age, condition, and options. If different assumptions or estimates had been used in the cost or market approaches, the fair value of the property and equipment could have been materially different. The fair value of the FCC broadcasting license was estimated using an income approach. The income approach measures the expected economic benefits the licenses provide and discounts these future benefits using discounted cash flow analyses. The discounted cash flow analyses assume that each license is held by a hypothetical start-up radio station, and the value yielded by the discounted cash flow analyses represents the portion of the radio station’s value attributable solely to its license. The discounted cash flow model incorporates variables such as radio market revenues; the projected growth rate for radio market revenues; projected radio market revenue share; projected radio station operating income margins; and a discount rate appropriate for the radio broadcasting industry. The variables used in the analyses reflect historical radio station and market growth trends, as well as anticipated radio station performance, industry standards, and market conditions. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. Stable market revenue share and operating margins are expected at the end of year three (maturity). If different assumptions or estimates had been used in the income approach, the fair value of the FCC broadcasting licenses could have been materially different. If actual results are different from assumptions or estimates used in the discounted cash flow analyses, we may incur impairment losses in the future and they may be material. The key assumptions used in the valuation of the FCC broadcasting licenses are as follows: Revenue growth rates 0.6% - 1.3% Market revenue shares at maturity 5.4% Operating income margins at maturity 30.5% Discount rate 9.0% Goodwill was equal to the amount the purchase price exceeded the values allocated to the tangible and identifiable intangible assets. The $ 10.1 The following unaudited pro forma information for the years ended December 31, 2017 and 2018 assumes that the acquisitions and dispositions had occurred on January 1, 2017. The significant pro forma adjustments are depreciation and interest expense. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future. Year ended December 31, 2017 2018 Net revenue $ 262,237,250 $ 263,483,963 Operating income 44,592,524 42,718,429 Net income 11,983,819 16,307,717 Basic and diluted net income per share 0.43 0.59

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	(4) Property and Equipment Property and equipment is comprised of the following: December 31, Estimated 2017 2018 Land $ 18,904,830 $ 18,895,107 — Buildings and improvements 20,299,377 22,239,322 15-30 Broadcast equipment 35,748,619 37,939,156 5-15 Transportation equipment 2,043,463 2,228,450 5 Office equipment 5,696,843 5,939,184 5-10 Construction in progress 3,496,229 2,153,238 — 86,189,361 89,394,457 Less accumulated depreciation and amortization (26,870,428 ) (31,640,811 ) $ 59,318,933 $ 57,753,646 Broadcast equipment includes capital leases for two radio towers totaling $0.6 million as of December 31, 2017 and 2018. The Company recorded depreciation and amortization expense of $6.1 million and $6.6 million for the years ended December 31, 2017 and 2018, respectively.

FCC Broadcasting Licenses

FCC Broadcasting Licenses	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
FCC Broadcasting Licenses	(5) FCC Broadcasting Licenses Changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2017 and 2018 are as follows: Balance as of January 1, 2017 $ 451,811,500 Acquisitions of translator licenses 1,431,579 Asset exchange (see Note 3) 35,943,600 Balance as of December 31, 2017 489,186,679 Acquisitions of translator licenses 202,675 Asset acquisition (see Note 3) 27,346,200 Balance as of December 31, 2018 $ 516,735,554

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	(6) Goodwill Changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2018 are as follows: Balance as of January 1, 2017 $ 3,393,234 Asset exchange (see Note 3) 11,882,030 Balance as of December 31, 2017 15,275,264 Business acquisition (see Note 3) 10,102,183 Balance as of December 31, 2018 $ 25,377,447

Other Intangibles

Other Intangibles	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangibles	(7) Other Intangibles Other intangibles are comprised of the following: December 31, December 31, 2017 2018 Advertiser relationships $ 1,355,879 $ 2,819,879 Advertiser lists 16,251 16,251 Sports program rights 267,400 267,400 1,639,530 3,103,530 Less accumulated amortization (1,115,113 ) (1,395,064 ) $ 524,417 $ 1,708,466 Brands — 1,085,888 Other intangibles with indefinite lives 25,641 28,824 $ 550,058 $ 2,823,178 The Company recorded amortization expense of $0.3 million and $0.5 million for the years ended December 31, 2017 and 2018, respectively. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows: 2019 $ 295,864 2020 259,282 2021 144,051 2022 133,092 2023 133,092 Thereafter 743,085 Total $ 1,708,466

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	(8) Other Current Liabilities Other current liabilities are comprised of the following: December 31, 2017 2018 Accrued payroll expenses $ 7,032,508 $ 7,120,055 Deferred revenue 1,893,508 1,868,223 Dividends payable 1,286,381 1,367,761 Trade sales payable 1,276,170 1,250,454 Deferred rent 1,349,515 1,561,486 Other accrued expenses 5,961,113 6,013,129 $ 18,799,195 $ 19,181,108

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	(9) Long-Term Debt Long-term debt is comprised of the following: December 31, December 31, 2017 2018 Term loan $ 225,000,000 $ 252,000,000 Revolving credit facility — — Capital lease obligations 630,874 566,854 225,630,874 252,566,854 Less unamortized debt issuance costs (10,850,972 ) (9,223,480 ) 214,779,902 243,343,374 Less current installments (2,314,020 ) (67,101 ) $ 212,465,882 $ 243,276,273 As of December 31, 2017, the credit facility consisted of a term loan with a remaining balance of $225.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The term loan and revolving credit facility carried interest, based on the London Interbank Offered Rate (“LIBOR”), at 5.5% as of December 31, 2017. On September 27, 2018, the Company borrowed an additional $ 35.0 As of December 31, 2018, the credit facility consisted of a term loan with a remaining balance of $252.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of December 31, 2018, 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 plus a margin of 4.0% or (ii) the base rate plus a margin of 3.0%. The LIBOR interest rate for the term loan is subject to a 1% floor. Interest payments are, for loans based on LIBOR, due at the end of each applicable interest period unless the interest period is longer than three months, in which case they are due at the end of each three month period. Interest payments for loans based on the base rate are due quarterly. The revolving credit facility carried interest, based on LIBOR, at 6.5% as of December 31, 2018 and matures on November 17, 2022. The term loan carried interest, based on LIBOR, at 6.5% as of December 31, 2018 and matures on November 1, 2023. Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x. Mandatory prepayments of Excess Cash Flow are due 95 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 a First Lien Leverage Ratio that will be tested at the end of each quarter. The maximum First Lien Leverage Ratio is 6.0x. 5.75x. The maximum First Lien Leverage Ratio is 5.25x for March 31, 2020 and thereafter. The credit facility is secured by substantially all assets of the Company and its subsidiaries and is guaranteed jointly and severally by the Company and its subsidiaries. If the Company defaults under the terms of the credit agreement, the Company and its subsidiaries may be required to perform under their guarantees. As of December 31, 2018, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $252.0 The credit agreement also includes certain prepayment features and contingent interest features in the event of a default which were determined to be clearly and closely related and therefore do not require bifurcation. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the credit agreement could result in the acceleration of the maturity of the Company’s outstanding debt, which could have a material adverse effect on the Company’s business or results of operations. As of December 31, 2018, the Company was in compliance with all applicable financial covenants under the credit agreement. The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the next five years and thereafter are as follows: 2019 $ 67,101 2020 70,326 2021 2,247,730 2022 2,614,572 2023 247,216,701 Thereafter 350,424 Total $ 252,566,854

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2018
Postemployment Benefits [Abstract]
Employee Benefit Plans	(10) Employee Benefit Plans Defined Contribution Plan The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $18,000 and 18,500 (or $24,000 and $24,500 if aged 50 years or older) in 2017 and 2018, respectively. No employer matching contributions have been made to the defined contribution plan in 2017 and 2018. Supplemental Employee Retirement Plan The benefit obligations related to the frozen Greater Media supplemental employee retirement plan (“SERP”) of $9.6 million and $9.0 million are reported in other long-term liabilities in the balance sheet as of December 31, 2017 and 2018, respectively. The discount rate is based on matching the projected cash flows of the plan to the Citigroup Pension Discount Curve. The mortality assumptions are based on the RP-2014 Mortality Tables with the MP-2017 and MP-2018 Mortality Improvement Scales for 2017 and 2018, respectively. The Company contributed $ 0.3 0.4 Defined Benefit Plan Effective May 31, 2017 1.0 Postretirement Medical and Life Insurance Benefits Effective May 31, 2017, the Company terminated the postretirement medical and life insurance benefits plan and reversed the accrued liability of $1.8 million which is reported on a separate line in the consolidated statements of comprehensive income for the year ended December 31, 2017. The following tables summarize the Pension Plan and SERP as of and for the year ended December 31, 2018: Pension Plan SERP Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 52,197,520 $ 9,616,702 Interest cost 28,282 319,143 Actuarial (gain) loss 77,121 (540,666 ) Settlements (52,057,333 ) — Benefits paid (245,590 ) (356,354 ) Benefit obligation at end of year $ — $ 9,038,825 Pension Plan SERP Change in Plan Assets Fair value of plan assets at beginning of year $ 52,203,372 $ — Actual return on plan assets (113,981 ) — Employer contribution 213,532 356,354 Settlements (52,057,333 ) — Benefits paid (245,590 ) (356,354 ) Fair value of plan assets at end of year $ — $ — Funded status $ — $ (9,038,825 ) Unrecognized net actuarial (gain) loss — (119,402 ) Cumulative employer contributions in excess of the net periodic pension cost $ — $ (9,158,227 ) Pension Plan SERP Amounts Recognized in the Statement of Financial Position Current liabilities $ — (512,786 ) Noncurrent liabilities — (8,526,039 ) Net amount recognized $ — $ (9,038,825 ) Pension Plan SERP Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ — $ (119,402 ) Total (before tax effects) $ — $ (119,402 ) Pension Plan SERP Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets Projected benefit obligation $ — $ 9,038,825 Accumulated benefit obligation $ — $ 9,038,825 Pension Plan SERP Weighted-average assumptions for Disclosure Discount rate N/A 4.00% Pension Plan SERP Net periodic benefit cost Interest cost $ 28,282 $ 319,143 Recognized actuarial (gain) loss due to settlements (801,622 ) — Net periodic benefit cost $ (773,340 ) $ 319,143 Pension Plan SERP Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ 191,102 $ (540,666 ) Recognized actuarial (gain) loss due to settlements 801,622 — Total recognized in other comprehensive income (before tax effects) $ 992,724 $ (540,666 ) Total recognized in net benefit cost and other comprehensive income (before tax effects) $ 219,384 $ (221,523 ) Pension Plan SERP Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition N/A $ — Prior service cost recognition N/A $ — Net initial obligation (asset) recognition N/A $ — Pension Plan SERP Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 1.80 % 3.35 % Expected return on plan assets 0.00 % N/A Corridor 10.00 % 10.00 % Estimated Future Benefit Payments 2019 N/A $ 512,786 2020 N/A $ 509,653 2021 N/A $ 536,643 2022 N/A $ 535,013 2023 N/A $ 545,087 2024-2028 N/A $ 2,905,547 Pension Plan SERP Contributions Estimated contributions for 2019 N/A $ 512,786 The following tables summarize the Pension Plan, SERP and Postretirement Benefits as of December 31, 2017: Pension Plan SERP Postretirement Benefits Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 87,861,806 $ 8,751,848 $ 1,756,423 Service cost — — 11,860 Interest cost 2,958,903 340,262 26,269 Amendments — — (1,678,920 ) Actuarial (gain) loss (2,426,328 ) 836,680 (67,772 ) Settlements (33,447,301 ) — — Benefits paid (2,749,560 ) (312,088 ) (47,860 ) Benefit obligation at end of year $ 52,197,520 $ 9,616,702 $ — Pension Plan SERP Postretirement Benefits Change in Plan Assets Fair value of plan assets at beginning of year $ 83,868,508 $ — $ — Actual return on plan assets 4,531,725 — — Employer contribution — 312,088 47,860 Settlements (33,447,301 ) — — Benefits paid (2,749,560 ) (312,088 ) (47,860 ) Fair value of plan assets at end of year $ 52,203,372 $ — $ — Funded status $ 5,852 $ (9,616,702 ) $ — Unrecognized net actuarial (gain) loss (992,724 ) 421,264 — Cumulative employer contributions in excess of the net periodic pension cost $ (986,872 ) $ (9,195,438 ) $ — Pension Plan SERP Postretirement Benefits Amounts Recognized in the Statement of Financial Position Noncurrent assets $ 5,852 $ — $ — Current liabilities — (505,169 ) — Noncurrent liabilities — (9,111,533 ) — Net amount recognized $ 5,852 $ (9,616,702 ) $ — Pension Plan SERP Postretirement Benefits Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ (992,724 ) $ 421,264 $ — Total (before tax effects) $ (992,724 ) $ 421,264 $ — Pension Plan SERP Postretirement Benefits Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets Projected benefit obligation $ 52,197,520 $ 9,616,702 $ — Accumulated benefit obligation $ 52,197,520 $ 9,616,702 $ — Fair value of plan assets $ 52,203,372 $ — $ — Pension Plan SERP Postretirement Benefits Weighted-average assumptions for Disclosure Discount rate 1.80 % 3.35 % 3.75 % Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income Pension Plan SERP Postretirement Benefits Net periodic benefit cost Service cost $ — $ — $ 11,860 Interest cost 2,958,903 340,262 26,269 Expected return on plan assets (3,562,150 ) — — Recognized actuarial (gain) loss — — (2,079 ) Curtailment charge (credit) — — (1,678,920 ) Recognized actuarial (gain) loss due to settlements (636,121 ) — (169,089 ) Net periodic benefit cost $ (1,239,368 ) $ 340,262 $ (1,811,959 ) Pension Plan SERP Postretirement Benefits Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ (3,395,903 ) $ 836,680 $ (67,772 ) Recognized actuarial (gain) loss — — 2,079 Prior service cost (credit) — — (1,678,920 ) Prior service cost (credit) due to curtailment — — 1,678,920 Recognized actuarial (gain) loss due to settlements 636,121 — 169,089 Total recognized in other comprehensive income (before tax effects) $ (2,759,782 ) $ 836,680 $ 103,396 Total recognized in net benefit cost and other comprehensive income (before tax effects) $ (3,999,150 ) $ 1,176,942 $ (1,708,563 ) Pension Plan SERP Postretirement Benefits Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition $ (992,724 ) $ — $ — Prior service cost recognition $ — $ — $ — Net initial obligation (asset) recognition $ — $ — $ — Pension Plan SERP Postretirement Benefits Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 3.59 % 3.80 % 4.00 % Expected return on plan assets 7.00 % N/A N/A Corridor 10.00 % 10.00 % 10.00 % Pension Plan SERP Postretirement Benefits Weighted-Average Assets Allocation Fixed income 65.40 % N/A N/A Cash equivalents 34.60 % N/A N/A Total 100.00 % N/A N/A Pension Plan SERP Postretirement Benefits Asset Category (all Level 1) Fixed income funds 34,141,339 N/A N/A Money market funds 18,062,033 N/A N/A Total 52,203,372 N/A N/A

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Stockholders' Equity	(11) Stockholders’ Equity The Company has two classes of common stock: Class A common stock and Class B common stock. In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company’s directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes. The Company’s credit agreement permits it to repurchase sufficient shares of its common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.5 million per year. The Company paid $0.3 million to repurchase 55,128 shares in 2018. The Company’s credit agreement restricts its ability to pay cash dividends and to repurchase additional shares of its common stock. The credit agreement does permit, however, (i) dividends of up to an aggregate amount of $7.5 million each year if its Total Leverage Ratio is greater than 3.5x and up to an aggregate amount of $10.0 million each year if its Total Leverage Ratio is less than or equal to 3.5x, (ii) an amount equal to its excess cash flow each year that is not required to prepay the credit agreement, subject to maintaining a Total Leverage Ratio of no greater than 3.75x and (iii) unlimited dividends each year if its Total Leverage Ratio is less than 3.5x and its First Lien Leverage Ratio is less than 2.5x. The Company paid cash dividends of $5.1 million and $5.4 million in 2017 and 2018, respectively. On December 3, 2018, the Company declared a cash dividend of $0.05 per share on its Class A and Class B common stock. The dividend of $1.4 million in the aggregate was paid on January 8, 2019, to stockholders of record on December 31, 2018.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	(12) Revenue Revenue is comprised of the following: Year ended December 31, 2017 2018 Commercial advertising $ 204,995,073 $ 222,763,906 Digital advertising 13,339,380 15,485,353 Other 13,845,010 19,245,340 $ 232,179,463 $ 257,494,599 The Company recognizes revenue when it satisfies a performance obligation under a contract with an advertiser. The transaction price is allocated to performance obligations based on executed contracts which represent relative standalone selling prices. Payment is generally due within 30 days although certain advertisers are required to pay in advance. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. The Company has elected to use the practical expedient to expense sales commissions as incurred. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the balance sheet. Substantially all deferred revenue is recognized within twelve months of the payment date. December 31, December 31, 2017 2018 Deferred revenue $ 1,893,508 $ 1,868,223 Year ended December 31, 2017 2018 Losses on receivables $ 1,385,820 $ 2,455,628 Commercial advertising includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired then a trade sales payable is recorded. December 31, December 31, 2017 2018 Trade sales receivable $ 1,550,172 $ 1,606,283 Trade sales payable 1,276,170 1,250,454 Year ended December 31, 2017 2018 Trade sales revenue $ 9,565,793 $ 9,108,757 Digital advertising includes revenue from the sale of streamed commercial spots, station-owned assets and third party products. Each streamed commercial spot, station-owned asset and third party product is considered a performance obligation. Revenue is recognized when the commercial spots have streamed. Station-owned assets are generally scheduled over a period of time and revenue is recognized over time as the digital items are used for advertising content except for streamed commercial spots. Third-party products are generally scheduled over a period of time with an impression target each month. Revenue from the sale of third-party products is recognized over time as the digital items are used for advertising content and impression targets are met each month. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed, or as the talent services are completed.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(13) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 7.5 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive restricted stock units, shares of restricted stock, stock options or other stock-based awards. The restricted stock units and 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 unit activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2017 — — Granted 561,555 $ 10.75 Vested (129,792 ) 10.55 Forfeited (15,000 ) 9.35 Unvested as of December 31, 2017 416,763 $ 10.86 Granted 210,326 7.82 Vested (155,256 ) 10.62 Forfeited (42,000 ) 12.66 Unvested as of December 31, 2018 429,833 $ 9.77 A summary of restricted stock activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2017 343,513 $ 4.70 Granted 2,000 3.59 Vested (143,611 ) 4.16 Forfeited (21,583 ) 6.45 Unvested as of December 31, 2017 180,319 5.47 Vested (30,700 ) 5.49 Forfeited (48,119 ) 8.35 Unvested as of December 31, 2018 101,500 $ 6.42 As of December 31, 2018, there was $3.4 million of total unrecognized compensation cost for restricted stock units and shares of restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.4 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	(14) Income Taxes Income tax expense (benefit) is as follows: Year ended December 31, 2017 2018 Current: Federal $ (2,466,482 ) $ 3,043,583 State 289,563 902,863 (2,176,919 ) 3,946,446 Deferred: Federal (47,531,436 ) 2,741,821 State 1,480,065 5,007,279 (46,051,371 ) 7,749,100 $ (48,228,290 ) $ 11,695,546 Income tax expense (benefit) differs from the amounts that would result from applying the federal statutory rate of 35% in 2017 and 21% in 2018 to the Company’s income before taxes as follows: Year ended December 31, 2017 2018 Expected tax expense $ 13,616,008 $ 3,817,085 State income taxes, net of federal benefit 1,150,258 1,957,508 Gain on merger (3,518,814 ) 927,344 Tax rate adjustments (59,717,125 ) 294,924 Change in valuation allowance 52,833 3,432,284 Non-deductible items (110,953 ) 1,140,948 Other 299,503 125,453 $ (48,228,290 ) $ 11,695,546 Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: December 31, 2017 2018 Deferred tax assets: Allowance for doubtful accounts $ 427,484 $ 530,744 Other assets (2,047,104 ) (1,647,113 ) Accrued expenses 355,361 412,165 Other long-term liabilities 2,918,611 2,729,442 Stock-based compensation 107,715 141,960 Net operating losses 5,506,040 3,726,364 Subtotal 7,268,107 5,893,562 Valuation allowance (328,170 ) (3,760,454 ) Total 6,939,937 2,133,108 Deferred tax liabilities: Prepaid expenses (96,085 ) (99,187 ) Property and equipment (2,743,550 ) (2,858,163 ) Intangibles (119,383,233 ) (122,088,303 ) Total (122,222,868 ) (125,045,653 ) Net deferred tax liabilities $ (115,282,931 ) $ (122,912,545 ) As of December 31, 2018, the Company has state net operating losses of $65.3 million, which expire in various years through 2038. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized. As of December 31, 2017 and 2018, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2014. New Tax Reform Legislation In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act makes significant change in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The Tax Act reduced the U.S. corporate tax rate from the current rate of 35% to 21%. As a result of the Tax Act, the Company was required to revalue deferred tax assets and liabilities at the enacted rate. This revaluation resulted in a benefit of $59.7 million to income tax expense and a corresponding reduction in the deferred tax liability.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	(15) Earnings Per Share Net income per share calculation information is as follows: Year ended December 31, 2017 2018 Net income $ 87,131,169 $ 6,481,049 Weighted-average shares outstanding: Basic 27,696,790 27,444,110 Effect of dilutive restricted stock 95,912 89,873 Diluted 27,792,702 27,533,983 Net income per Class A and Class B common share - basic $ 3.15 $ 0.24 Net income per Class A and Class B common share - diluted $ 3.14 $ 0.24

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	(16) Related Party Transactions Beasley Broadcasting Management, LLC The Company leases its principal executive offices in Naples, FL from Beasley Broadcasting Management, LLC, which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members of George G. Beasley. Rental expense was $0.2 million for each of the years ended December 31, 2017 and 2018. Beasley Family Towers, LLC On May 3, 2018, the Company entered into an agreement to lease a radio tower for one radio station in Tampa, FL from Beasley Family Towers, LLC (“BFT”), which is partially held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members of George G. Beasley and partially owned directly by Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members. The lease agreement expires on December 31, 2027. Rental expense was $0.1 million for the year ended December 31, 2018. On December 31, 2015, the Company sold the tower for one radio station in Augusta, GA to BFT for $1.3 million then leased the tower back under an agreement which expires on December 31, 2025. The lease met the criteria to be recorded as a capital lease, however based on the terms of the lease agreement the $0.8 On August 4, 2006, the Company entered into an agreement to lease several radio towers for one radio station in Boca Raton, FL from BFT. The lease agreement expires on April 30, 2021. On November 17, 2015, two of the towers were sold to an unrelated party and BFT prepaid rent of $0.7 million on behalf of the Company to the unrelated party. The prepaid rent will be repaid with monthly payments of $5,500 through November 16, 2025. Repayments of prepaid rent to BFT were $0.1 million for each of the years ended December 31, 2017 and 2018. Lease payments for the remaining towers are currently offset by the partial recognition of a deferred gain on sale from the sale of these towers to BFT in 2006, therefore no rental expense was reported for these towers for the years ended December 31, 2017 and 2018. The Company leases radio towers for 19 radio stations in various markets from BFT. The lease agreements expire on various dates through December 28, 2020. Rental expense was $0.4 million for each of the years ended December 31, 2017 and 2018. GGB Augusta, LLC The Company leases land for its radio stations in Augusta, GA from GGB Augusta, LLC which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on November 1, 2023. ended December 31, 2017 and 2018. respectively. GGB Estero, LLC The Company leases property for its radio stations in Fort Myers, FL from GGB Estero, LLC which is held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members of George G. Beasley. The lease agreement expires on August 31, 2019. Rental expense was $0.2 million for each of the years ended December 31, 2017 and 2018. GGB Las Vegas, LLC The Company leases property for its radio stations in Las Vegas, NV from GGB Las Vegas, LLC which is controlled by George G. Beasley. The lease agreement expires on December 31, 2023. Rental expense was $0.2 million for each of the years ended December 31, 2017 and 2018. LN2 DB, LLC On March 25, 2011, the Company contributed $250,000 to Digital PowerRadio, LLC (now LN2 DB, LLC) in exchange for 25,000 units or approximately 20% of the outstanding units. The Company contributed an additional $62,500 on February 14, 2012, $104,167 on July 31, 2012, $104,167 on April 10, 2013, $104,167 on April 4, 2014, $166,667 on April 3, 2015, and $166,667 on May 3, 2016. On February 22, 2017, the Company contributed $150,000 to LN2 DB, LLC in exchange for a note bearing interest at 18% per annum. On June 18, 2018, the note receivable and accrued interest due from LN2 DB, LLC totaling $187,618 was converted to additional equity in LN2 DB, LLC and the Company contributed an additional $ 150,000 Wintersrun Communications, LLC On December 31, 2015, the Company sold the tower for one radio station in Charlotte, NC to Wintersrun Communications, LLC, which is partially held by a trust for the benefit of Caroline Beasley, Bruce G. Beasley, Brian E. Beasley and other family members of George G. Beasley and partially owned directly by Bruce G. Beasley and Brian E. Beasley, for $0.4 $0.3 $0.1 The Company leased a radio tower for one radio station in Augusta, GA from Wintersrun. On October 16, 2015, the tower was sold to an unrelated party and Wintersrun prepaid rent of $0.3 million on behalf of the Company to the unrelated party. The prepaid rent will be repaid with monthly payments of $2,559 through October 16, 2025. Repayments of prepaid rent to Wintersrun were for each of the years ended December 31, 2017 and 2018.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(17) Commitments and Contingencies The Company leases office space, radio towers and office equipment and has various commitments for rating services and on-air programming including sports broadcast rights for the Boston Bruins, Boston Celtics, and New England Patriots. Lease expense was $11.0 million and $10.8 million for the years ended December 31, 2017 and 2018, respectively. As of December 31, 2018, future minimum payments for the next five years and thereafter are summarized as follows: 2019 $ 32,611,030 2020 18,252,262 2021 16,928,373 2022 15,037,679 2023 13,404,127 Thereafter 68,249,004 Total $ 164,482,475 In the normal course of business, the Company is party to various legal matters. The ultimate disposition of these matters will not, in management’s judgment, have a material adverse effect on the Company’s financial position.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2018
Investments, All Other Investments [Abstract]
Financial Instruments	(18) 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 the Company’s long-term debt, including the term loan, the revolving credit facility, capital lease obligations and current installments, as of December 31, 2018 was $252.6 million which approximated fair value based on current market interest rates. The carrying amount of the Company’s term loan as of December 31, 2017 was $225.6 million which approximated fair value based on current market interest rates.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	BEASLEY BROADCAST GROUP, INC. CONSOLIDATED FINANCIAL STATEMENT SCHEDULE VALUATION AND QUALIFYING ACCOUNTS Years ended December 31, 2017 and 2018 Column A Description Column B Balance at Beginning of Period Column C Charged to Costs and Expenses Column D Deductions Column E Balance at End of Period Year ended December 31, 2017: Allowance for doubtful accounts (deducted from accounts receivable) 1,537,353 1,471,875 1,385,820 1,623,408 Valuation allowance for deferred tax assets 528,179 36,794 236,803 328,170 Year ended December 31, 2018: Allowance for doubtful accounts (deducted from accounts receivable) 1,623,408 2,842,941 2,455,628 2,010,721 Valuation allowance for deferred tax assets 328,170 3,446,579 14,295 3,760,454

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated.
Use of Estimates	Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) the amount of allowance for doubtful accounts; (ii) estimates used to determine the merger consideration receivable; (iii) future cash flows used for testing recoverability of property and equipment; (iv) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (v) fair value of assets acquired in Philadelphia, PA; (vi) the realization of deferred tax assets, and (vii) actuarial assumptions related to the pension plan, SERP and other postretirement benefits. Actual results and outcomes may differ from management’s estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents All short-term investments with an original maturity of three months or less are considered to be cash equivalents.
Accounts Receivable	Accounts Receivable Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable.
Property and Equipment	Property and Equipment Property and equipment is recorded at fair value in a business combination or otherwise at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred.
FCC Broadcasting Licenses	FCC Broadcasting Licenses FCC broadcasting licenses, including translator licenses, are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 5 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2017 and 2018. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 2.0 years.
Goodwill	Goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for each reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value of each reporting unit. If the fair value of any reporting unit is less than the carrying amount, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not exceed the total amount of goodwill allocated to the reporting unit. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2018.
Other Intangibles	Other Intangibles Other intangibles include advertiser relationships and sports program rights which are amortized over their respective estimated useful lives and brands and other intangibles with indefinite lives which are not amortized. If an event or change in circumstances were to indicate that the carrying amount of any other intangibles is not recoverable, the carrying amount will be reduced to the estimated fair value.
Investments	Investments Other assets include noncontrolling interests in AUDIOis, LN2 DB, LLC and Quu, Inc. which do not have a readily determinable fair value and therefore are recorded at cost less impairment. The Company evaluates the investments on a quarterly basis to identify impairment. When the evaluation indicates that an impairment exists, the Company will estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value and the carrying amount of the investment.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method. Unamortized debt issuance costs are reported as a direct deduction from the carrying amount of the related debt.
Defined Benefit Plan and Other Postretirement Benefits	Defined Benefit Plan and Other Postretirement Benefits The costs and liabilities of the defined benefit plan and other postretirement benefits are determined using actuarial valuations. An actuarial valuation involves making various assumptions that include the discount rate, rate of return on plan assets, and mortality rates. The discount rate is based on matching the cash flows of the plan to the Citigroup Pension Discount Curve. The long-term rate of return on plan assets was selected based on input from the investment advisor and publicly available survey information on expected returns by asset class. The mortality assumptions are based on the mortality tables and mortality improvement scales which are selected based on the most recent study of the Society of Actuaries. The pension plan and SERP are both frozen so future employment does not change the benefit amounts. The postretirement medical and life insurance benefits were not impacted by the healthcare cost trend assumption because the reimbursements to retirees are fixed amounts. Actual results will differ from results which are estimated based on assumptions.
Treasury Stock	Treasury Stock Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services.
Income Taxes	Income Taxes The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gains (losses) on available-for-sale securities and unrecognized net actuarial gains (losses) related to the pension plan and SERP.
Earnings per Share	Earnings per Share Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive.
Concentrations of Risk	Concentrations of Risk Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. The radio stations located in Boston, MA, Philadelphia, PA contributed 52.5% and 58.8% of the Company’s net revenue in 2017 and 2018, respectively.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows: Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date. Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date.
Sports Programming Costs	Sports Programming Costs Sports programming rights for a specified season are amortized on a straight-line basis over the season. Other payments are expensed when the additional contract elements, such as post-season games, are broadcast.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, 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. In 2018, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. On January 1, 2019, the Company adopted the new guidance retrospectively at the beginning of the period of adoption through a cumulative-effect adjustment. On January 1, 2019, the Company recorded a lease liability of $43.1 million and right-of-use assets of $38.8 million. The Company recorded a cumulative effect of initially applying the new standard of $0.9 million on the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. Additional disclosures will be included in future reporting periods in accordance with requirements of the new guidance. 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. The Company adopted the new guidance on January 1, 2018, using the modified retrospective method, with no impact on its financial statements. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no impact on the consolidated balance sheet as of December 31, 2018 or on the consolidated statements of comprehensive income for the year ended December 31, 2018. The comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. The Company does not expect the new guidance to have a material impact on its financial statements in future periods.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of Pro forma Information	The following unaudited pro forma information for the years ended December 31, 2017 and 2018 assumes that the acquisitions and dispositions had occurred on January 1, 2017. The significant pro forma adjustments are depreciation and interest expense. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future. Year ended December 31, 2017 2018 Net revenue $ 262,237,250 $ 263,483,963 Operating income 44,592,524 42,718,429 Net income 11,983,819 16,307,717 Basic and diluted net income per share 0.43 0.59
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]
Schedule of Purchase Price Allocation	The asset allocation is summarized as follows: Property and equipment $ 806,970 FCC broadcasting license 35,943,600 Goodwill 11,882,030 Other intangibles 267,400 Fair value of assets received 48,900,000 Less cash consideration (12,000,000 ) 36,900,000 Carrying amount of assets of exchanged radio station (25,096,415 ) Gain on exchange $ 11,803,585
Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses	The key assumptions used in the valuation of the FCC broadcasting licenses are as follows: Revenue growth rates (0.5)% – 2.4% Market revenue shares at maturity 5.3% Operating income margins at maturity 36.0% Discount rate 9.0%
WXTU-FM [Member]
Schedule of Purchase Price Allocation	The purchase price allocation is summarized as follows: Property and equipment $ 357,734 FCC broadcasting license 27,346,200 Goodwill 10,102,183 Other intangibles 193,883 $ 38,000,000
Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses	The key assumptions used in the valuation of the FCC broadcasting licenses are as follows: Revenue growth rates 0.6% - 1.3% Market revenue shares at maturity 5.4% Operating income margins at maturity 30.5% Discount rate 9.0%

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment is comprised of the following: December 31, Estimated 2017 2018 Land $ 18,904,830 $ 18,895,107 — Buildings and improvements 20,299,377 22,239,322 15-30 Broadcast equipment 35,748,619 37,939,156 5-15 Transportation equipment 2,043,463 2,228,450 5 Office equipment 5,696,843 5,939,184 5-10 Construction in progress 3,496,229 2,153,238 — 86,189,361 89,394,457 Less accumulated depreciation and amortization (26,870,428 ) (31,640,811 ) $ 59,318,933 $ 57,753,646

FCC Broadcasting Licenses (Tabl

FCC Broadcasting Licenses (Tables)	12 Months Ended
	Dec. 31, 2018
Text Block [Abstract]
Carrying Amount of Broadcasting Licenses	Changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2017 and 2018 are as follows: Balance as of January 1, 2017 $ 451,811,500 Acquisitions of translator licenses 1,431,579 Asset exchange (see Note 3) 35,943,600 Balance as of December 31, 2017 489,186,679 Acquisitions of translator licenses 202,675 Asset acquisition (see Note 3) 27,346,200 Balance as of December 31, 2018 $ 516,735,554

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	Changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2018 are as follows: Balance as of January 1, 2017 $ 3,393,234 Asset exchange (see Note 3) 11,882,030 Balance as of December 31, 2017 15,275,264 Business acquisition (see Note 3) 10,102,183 Balance as of December 31, 2018 $ 25,377,447

Other Intangibles (Tables)

Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Other Intangibles Acquired	Other intangibles are comprised of the following: December 31, December 31, 2017 2018 Advertiser relationships $ 1,355,879 $ 2,819,879 Advertiser lists 16,251 16,251 Sports program rights 267,400 267,400 1,639,530 3,103,530 Less accumulated amortization (1,115,113 ) (1,395,064 ) $ 524,417 $ 1,708,466 Brands — 1,085,888 Other intangibles with indefinite lives 25,641 28,824 $ 550,058 $ 2,823,178
Summary of Estimated Future Amortization Expense Related to Intangible Assets	The Company recorded amortization expense of $0.3 million and $0.5 million for the years ended December 31, 2017 and 2018, respectively. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows: 2019 $ 295,864 2020 259,282 2021 144,051 2022 133,092 2023 133,092 Thereafter 743,085 Total $ 1,708,466

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Summary of Other Current Liabilities	Other current liabilities are comprised of the following: December 31, 2017 2018 Accrued payroll expenses $ 7,032,508 $ 7,120,055 Deferred revenue 1,893,508 1,868,223 Dividends payable 1,286,381 1,367,761 Trade sales payable 1,276,170 1,250,454 Deferred rent 1,349,515 1,561,486 Other accrued expenses 5,961,113 6,013,129 $ 18,799,195 $ 19,181,108

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, December 31, 2017 2018 Term loan $ 225,000,000 $ 252,000,000 Revolving credit facility — — Capital lease obligations 630,874 566,854 225,630,874 252,566,854 Less unamortized debt issuance costs (10,850,972 ) (9,223,480 ) 214,779,902 243,343,374 Less current installments (2,314,020 ) (67,101 ) $ 212,465,882 $ 243,276,273
Scheduled Repayments of Credit Facility and Capital Lease Obligations	The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the next five years and thereafter are as follows: 2019 $ 67,101 2020 70,326 2021 2,247,730 2022 2,614,572 2023 247,216,701 Thereafter 350,424 Total $ 252,566,854

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Postemployment Benefits [Abstract]
Summary of Change in Projected Benefit Obligation	The following tables summarize the Pension Plan and SERP as of and for the year ended December 31, 2018: Pension Plan SERP Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 52,197,520 $ 9,616,702 Interest cost 28,282 319,143 Actuarial (gain) loss 77,121 (540,666 ) Settlements (52,057,333 ) — Benefits paid (245,590 ) (356,354 ) Benefit obligation at end of year $ — $ 9,038,825 The following tables summarize the Pension Plan, SERP and Postretirement Benefits as of December 31, 2017: Pension Plan SERP Postretirement Benefits Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 87,861,806 $ 8,751,848 $ 1,756,423 Service cost — — 11,860 Interest cost 2,958,903 340,262 26,269 Amendments — — (1,678,920 ) Actuarial (gain) loss (2,426,328 ) 836,680 (67,772 ) Settlements (33,447,301 ) — — Benefits paid (2,749,560 ) (312,088 ) (47,860 ) Benefit obligation at end of year $ 52,197,520 $ 9,616,702 $ —
Summary of Change in Plan Assets	Pension Plan SERP Change in Plan Assets Fair value of plan assets at beginning of year $ 52,203,372 $ — Actual return on plan assets (113,981 ) — Employer contribution 213,532 356,354 Settlements (52,057,333 ) — Benefits paid (245,590 ) (356,354 ) Fair value of plan assets at end of year $ — $ — Funded status $ — $ (9,038,825 ) Unrecognized net actuarial (gain) loss — (119,402 ) Cumulative employer contributions in excess of the net periodic pension cost $ — $ (9,158,227 ) Pension Plan SERP Postretirement Benefits Change in Plan Assets Fair value of plan assets at beginning of year $ 83,868,508 $ — $ — Actual return on plan assets 4,531,725 — — Employer contribution — 312,088 47,860 Settlements (33,447,301 ) — — Benefits paid (2,749,560 ) (312,088 ) (47,860 ) Fair value of plan assets at end of year $ 52,203,372 $ — $ — Funded status $ 5,852 $ (9,616,702 ) $ — Unrecognized net actuarial (gain) loss (992,724 ) 421,264 — Cumulative employer contributions in excess of the net periodic pension cost $ (986,872 ) $ (9,195,438 ) $ —
Summary of Amounts Recognized in Statement of Financial Position	Pension Plan SERP Amounts Recognized in the Statement of Financial Position Current liabilities $ — (512,786 ) Noncurrent liabilities — (8,526,039 ) Net amount recognized $ — $ (9,038,825 ) Pension Plan SERP Postretirement Benefits Amounts Recognized in the Statement of Financial Position Noncurrent assets $ 5,852 $ — $ — Current liabilities — (505,169 ) — Noncurrent liabilities — (9,111,533 ) — Net amount recognized $ 5,852 $ (9,616,702 ) $ —
Summary of Amounts Recognized in Accumulated Other Comprehensive Income	Pension Plan SERP Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ — $ (119,402 ) Total (before tax effects) $ — $ (119,402 ) Pension Plan SERP Postretirement Benefits Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ (992,724 ) $ 421,264 $ — Total (before tax effects) $ (992,724 ) $ 421,264 $ —
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets	Pension Plan SERP Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets Projected benefit obligation $ — $ 9,038,825 Accumulated benefit obligation $ — $ 9,038,825 Pension Plan SERP Postretirement Benefits Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets Projected benefit obligation $ 52,197,520 $ 9,616,702 $ — Accumulated benefit obligation $ 52,197,520 $ 9,616,702 $ — Fair value of plan assets $ 52,203,372 $ — $ —
Summary of Weighted-Average Assumptions for Disclosure	Pension Plan SERP Weighted-average assumptions for Disclosure Discount rate N/A 4.00% Pension Plan SERP Postretirement Benefits Weighted-average assumptions for Disclosure Discount rate 1.80 % 3.35 % 3.75 %
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income	Pension Plan SERP Net periodic benefit cost Interest cost $ 28,282 $ 319,143 Recognized actuarial (gain) loss due to settlements (801,622 ) — Net periodic benefit cost $ (773,340 ) $ 319,143 Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income Pension Plan SERP Postretirement Benefits Net periodic benefit cost Service cost $ — $ — $ 11,860 Interest cost 2,958,903 340,262 26,269 Expected return on plan assets (3,562,150 ) — — Recognized actuarial (gain) loss — — (2,079 ) Curtailment charge (credit) — — (1,678,920 ) Recognized actuarial (gain) loss due to settlements (636,121 ) — (169,089 ) Net periodic benefit cost $ (1,239,368 ) $ 340,262 $ (1,811,959 )
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income	Pension Plan SERP Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ 191,102 $ (540,666 ) Recognized actuarial (gain) loss due to settlements 801,622 — Total recognized in other comprehensive income (before tax effects) $ 992,724 $ (540,666 ) Total recognized in net benefit cost and other comprehensive income (before tax effects) $ 219,384 $ (221,523 ) Pension Plan SERP Postretirement Benefits Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ (3,395,903 ) $ 836,680 $ (67,772 ) Recognized actuarial (gain) loss — — 2,079 Prior service cost (credit) — — (1,678,920 ) Prior service cost (credit) due to curtailment — — 1,678,920 Recognized actuarial (gain) loss due to settlements 636,121 — 169,089 Total recognized in other comprehensive income (before tax effects) $ (2,759,782 ) $ 836,680 $ 103,396 Total recognized in net benefit cost and other comprehensive income (before tax effects) $ (3,999,150 ) $ 1,176,942 $ (1,708,563 )
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year	Pension Plan SERP Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition N/A $ — Prior service cost recognition N/A $ — Net initial obligation (asset) recognition N/A $ — Pension Plan SERP Postretirement Benefits Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition $ (992,724 ) $ — $ — Prior service cost recognition $ — $ — $ — Net initial obligation (asset) recognition $ — $ — $ —
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost	Pension Plan SERP Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 1.80 % 3.35 % Expected return on plan assets 0.00 % N/A Corridor 10.00 % 10.00 % Pension Plan SERP Postretirement Benefits Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 3.59 % 3.80 % 4.00 % Expected return on plan assets 7.00 % N/A N/A Corridor 10.00 % 10.00 % 10.00 %
Summary of Estimated Future Benefit Payments	Estimated Future Benefit Payments 2019 N/A $ 512,786 2020 N/A $ 509,653 2021 N/A $ 536,643 2022 N/A $ 535,013 2023 N/A $ 545,087 2024-2028 N/A $ 2,905,547
Summary of Estimated Contributions	Pension Plan SERP Contributions Estimated contributions for 2019 N/A $ 512,786
Summary of Weighted-Average Assets Allocation	Pension Plan SERP Postretirement Benefits Weighted-Average Assets Allocation Fixed income 65.40 % N/A N/A Cash equivalents 34.60 % N/A N/A Total 100.00 % N/A N/A
Schedule of Asset Category	Pension Plan SERP Postretirement Benefits Asset Category (all Level 1) Fixed income funds 34,141,339 N/A N/A Money market funds 18,062,033 N/A N/A Total 52,203,372 N/A N/A

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Revenue is comprised of the following: Year ended December 31, 2017 2018 Commercial advertising $ 204,995,073 $ 222,763,906 Digital advertising 13,339,380 15,485,353 Other 13,845,010 19,245,340 $ 232,179,463 $ 257,494,599
Deferred Revenue	December 31, December 31, 2017 2018 Deferred revenue $ 1,893,508 $ 1,868,223 Year ended December 31, 2017 2018 Losses on receivables $ 1,385,820 $ 2,455,628
Trade Sale Revenue	Commercial advertising includes revenue from the sale or trade of aired commercial spots to advertisers directly or through national, regional or local advertising agencies. Each commercial spot is considered a performance obligation. Revenue is recognized when the commercial spots have aired. Trade sales are recorded at the estimated fair value of the goods or services received. If commercial spots are aired before the goods or services are received then a trade sales receivable is recorded. If goods or services are received before the commercial spots are aired then a trade sales payable is recorded. December 31, December 31, 2017 2018 Trade sales receivable $ 1,550,172 $ 1,606,283 Trade sales payable 1,276,170 1,250,454 Year ended December 31, 2017 2018 Trade sales revenue $ 9,565,793 $ 9,108,757

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Units and Restricted Stock Activity	A summary of restricted stock unit activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2017 — — Granted 561,555 $ 10.75 Vested (129,792 ) 10.55 Forfeited (15,000 ) 9.35 Unvested as of December 31, 2017 416,763 $ 10.86 Granted 210,326 7.82 Vested (155,256 ) 10.62 Forfeited (42,000 ) 12.66 Unvested as of December 31, 2018 429,833 $ 9.77 A summary of restricted stock activity is presented below: Shares Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2017 343,513 $ 4.70 Granted 2,000 3.59 Vested (143,611 ) 4.16 Forfeited (21,583 ) 6.45 Unvested as of December 31, 2017 180,319 5.47 Vested (30,700 ) 5.49 Forfeited (48,119 ) 8.35 Unvested as of December 31, 2018 101,500 $ 6.42

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	Income tax expense (benefit) is as follows: Year ended December 31, 2017 2018 Current: Federal $ (2,466,482 ) $ 3,043,583 State 289,563 902,863 (2,176,919 ) 3,946,446 Deferred: Federal (47,531,436 ) 2,741,821 State 1,480,065 5,007,279 (46,051,371 ) 7,749,100 $ (48,228,290 ) $ 11,695,546
Schedule of Income Tax Expense (Benefit) , Federal Statutory Rate	Income tax expense (benefit) differs from the amounts that would result from applying the federal statutory rate of 35% in 2017 and 21% in 2018 to the Company’s income before taxes as follows: Year ended December 31, 2017 2018 Expected tax expense $ 13,616,008 $ 3,817,085 State income taxes, net of federal benefit 1,150,258 1,957,508 Gain on merger (3,518,814 ) 927,344 Tax rate adjustments (59,717,125 ) 294,924 Change in valuation allowance 52,833 3,432,284 Non-deductible items (110,953 ) 1,140,948 Other 299,503 125,453 $ (48,228,290 ) $ 11,695,546
Schedule of Components of Deferred Tax Assets and Liabilities	Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: December 31, 2017 2018 Deferred tax assets: Allowance for doubtful accounts $ 427,484 $ 530,744 Other assets (2,047,104 ) (1,647,113 ) Accrued expenses 355,361 412,165 Other long-term liabilities 2,918,611 2,729,442 Stock-based compensation 107,715 141,960 Net operating losses 5,506,040 3,726,364 Subtotal 7,268,107 5,893,562 Valuation allowance (328,170 ) (3,760,454 ) Total 6,939,937 2,133,108 Deferred tax liabilities: Prepaid expenses (96,085 ) (99,187 ) Property and equipment (2,743,550 ) (2,858,163 ) Intangibles (119,383,233 ) (122,088,303 ) Total (122,222,868 ) (125,045,653 ) Net deferred tax liabilities $ (115,282,931 ) $ (122,912,545 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Net income per share calculation information is as follows: Year ended December 31, 2017 2018 Net income $ 87,131,169 $ 6,481,049 Weighted-average shares outstanding: Basic 27,696,790 27,444,110 Effect of dilutive restricted stock 95,912 89,873 Diluted 27,792,702 27,533,983 Net income per Class A and Class B common share - basic $ 3.15 $ 0.24 Net income per Class A and Class B common share - diluted $ 3.14 $ 0.24

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments for the Next Five Years and Thereafter	As of December 31, 2018, future minimum payments for the next five years and thereafter are summarized as follows: 2019 $ 32,611,030 2020 18,252,262 2021 16,928,373 2022 15,037,679 2023 13,404,127 Thereafter 68,249,004 Total $ 164,482,475

Nature of Business - Additional

Nature of Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2018SegmentRadio-Stations
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | Segment	1
Radio station owns and operated by entity | Radio-Stations	64

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Renewable terms of FCC broadcasting licenses	8 years
Weighted-average period before the next renewal of the Company's FCC broadcasting licenses	2 years
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Liability			$ 43.1
Operating Lease, Right-of-Use Asset			38.8
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Retained Earnings			$ 0.9
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Boston, MA, Philadelphia, PA and Tampa-Saint Petersburg, FL [Member]
Summary Of Significant Accounting Policies [Line Items]
Radio stations contributed to net revenue	58.80%	52.50%

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) - USD ($)

Sep. 27, 2018

Mar. 15, 2018

Dec. 19, 2017

May 01, 2017

Jan. 06, 2017

Nov. 01, 2016

Sep. 30, 2018

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Feb. 27, 2017

Dec. 31, 2016

Business Acquisition [Line Items]

Adjustment of operating loss carryforwards recognized in Income tax expense

$ 200,000

Proceeds from sale assets held for sale

$ 11,000,000

$ 24,000,000

Loss on dispositions, net

$ 300,000

$ 3,707,993

Translator license and equipment received as consideration

$ 300,000

332,000

Asset purchase agreement, cash purchase price

12,000,000

Gain on exchange

11,803,585

Goodwill

$ 25,377,447

15,275,264

$ 3,393,234

Finite lived intangible assets gross

3,103,530

1,639,530

Goodwill deductible for tax

10,100,000

Sports Program Rights [Member]

Business Acquisition [Line Items]

Finite lived intangible assets gross

267,400

267,400

Disposal Group, Held-for-sale, Not Discontinued Operations [Member]

Business Acquisition [Line Items]

Gain on disposition

$ 4,000,000

Greater Media Inc. [Member]

Business Acquisition [Line Items]

Merger agreement date

Nov. 1, 2016

Business acquisition, sales price

$ 28,000,000

$ 28,000,000

Business acquisition, number of shares expected to be returned

650,759

Business acquisition fair value of shares returned

$ 4,800,000

$ 3,400,000

6,300,000

Estimate of net operating loss carry forwards

3,600,000

Greater Media Inc. [Member] | Treasury Stock [Member]

Business Acquisition [Line Items]

Business acquisition, number of shares expected to be returned

470,480

Greater Media Inc. [Member] | Shares Released from Escrow [Member]

Business Acquisition [Line Items]

Fair value of shares forfeited in escrow

$ 8,800,000

$ 11,600,000

Greater Media Inc. [Member] | Shares Released from Escrow [Member] | Treasury Stock [Member]

Business Acquisition [Line Items]

Business acquisition, number of shares expected to be forfeited and recorded in treasury stock

867,679

Greater Media Inc. [Member] | Class A Common Stock [Member] | Common Stock to be Held in Escrow [Member]

Business Acquisition [Line Items]

Number of shares issuable upon acquisition

867,679

Value of shares issuable upon acquisition

$ 4,200,000

Greater Media Inc. [Member] | Class A Common Stock [Member] | Shares Released from Escrow [Member]

Business Acquisition [Line Items]

Number of shares issuable upon acquisition

189,915

Value of shares issuable upon acquisition

$ 900,000

Fair value of shares forfeited in escrow

$ 3,300,000

CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]

Business Acquisition [Line Items]

Asset purchase agreement, cash purchase price

$ 12,000,000

12,000,000

Business acquisition partially financed by borrowings

6,000,000

Business acquisition partially funded in cash

$ 6,000,000

Business acquisition,transaction expenses

200,000

Fair value of assets received

48,900,000

FCC broadcasting license

35,943,600

Gain on exchange

11,803,585

Goodwill

11,882,030

Property and equipment

806,970

CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | Sports Program Rights [Member]

Business Acquisition [Line Items]

Finite lived intangible assets gross

$ 300,000

Estimated useful lives

3 years

WXTU-FM [Member]

Business Acquisition [Line Items]

Merger agreement date

Sep. 27, 2018

Asset purchase agreement, cash purchase price

$ 38,000,000

Business acquisition partially financed by borrowings

35,000,000

Business acquisition partially funded in cash

3,000,000

Business acquisition,transaction expenses

100,000

Goodwill

$ 10,102,183

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Schedule of Recognized Identified Assets Exchanged (Detail) - USD ($)	Dec. 19, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Long Lived Assets Held-for-sale [Line Items]
Goodwill		$ 25,377,447	$ 15,275,264	$ 3,393,234
Less cash consideration			(12,000,000)
Gain on exchange			$ 11,803,585
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]
Long Lived Assets Held-for-sale [Line Items]
Property and equipment		806,970
FCC broadcasting license		35,943,600
Goodwill		11,882,030
Other intangibles		267,400
Fair value of assets received		48,900,000
Less cash consideration	$ (12,000,000)	(12,000,000)
Fair value of assets given up		36,900,000
Carrying amount of assets of exchanged radio station		(25,096,415)
Gain on exchange		$ 11,803,585

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses (Detail)	12 Months Ended
	Dec. 31, 2018
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	5.30%
Operating income margins at maturity	36.00%
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	9.00%
WXTU-FM [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	5.40%
Operating income margins at maturity	30.50%
WXTU-FM [Member] | Measurement Input, Discount Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	9.00%
Minimum [Member] | CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	(0.50%)
Minimum [Member] | WXTU-FM [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	0.60%
Maximum [Member] | CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	2.40%
Maximum [Member] | WXTU-FM [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	1.30%

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Schedule of Purchase Price Allocation (Detail) - USD ($)	Dec. 31, 2018	Sep. 27, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 25,377,447		$ 15,275,264	$ 3,393,234
WXTU-FM [Member]
Business Acquisition [Line Items]
Property and equipment		$ 357,734
FCC broadcasting license		27,346,200
Goodwill		10,102,183
Other intangibles		193,883
Net assets acquired		$ 38,000,000

Acquisitions and Dispositions_5

Acquisitions and Dispositions - Summary of Pro forma Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract]
Net revenue	$ 263,483,963	$ 262,237,250
Operating income	42,718,429	44,592,524
Net income	$ 16,307,717	$ 11,983,819
Basic and diluted net income per share	$ 0.59	$ 0.43

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 89,394,457	$ 86,189,361
Less accumulated depreciation and amortization	(31,640,811)	(26,870,428)
Property and equipment, net	57,753,646	59,318,933
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,895,107	18,904,830
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,239,322	20,299,377
Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,939,156	35,748,619
Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,228,450	2,043,463
Estimated useful lives (years)	5 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,939,184	5,696,843
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,153,238	$ 3,496,229
Minimum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	15 years
Minimum [Member] | Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Minimum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Maximum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	30 years
Maximum [Member] | Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	15 years
Maximum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	10 years

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)Radio-Stations	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 6.6	$ 6.1
Broadcast Equipment [Member]
Property, Plant and Equipment [Line Items]
Number of radio towers leased for radio stations under separate lease agreements | Radio-Stations	2
Capital leased property and equipment	$ 0.6	$ 0.6

FCC Broadcasting Licenses - Car

FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 27, 2018
FCC Broadcasting Licenses [Line Items]
Beginning Balance	$ 489,186,679
Ending Balance	516,735,554	$ 489,186,679
FCC Broadcasting License [Member]
FCC Broadcasting Licenses [Line Items]
Beginning Balance	489,186,679	451,811,500
Acquisitions of translator licenses	202,675	1,431,579
Ending Balance	516,735,554	489,186,679
Greater Media Inc. [Member] | FCC Broadcasting License [Member]
FCC Broadcasting Licenses [Line Items]
Assets acquisitions		$ 35,943,600
WXTU-FM [Member]
FCC Broadcasting Licenses [Line Items]
Assets acquisitions			$ 27,346,200
WXTU-FM [Member] | FCC Broadcasting License [Member]
FCC Broadcasting Licenses [Line Items]
Assets acquisitions	$ 27,346,200

Goodwill - Summary of Carrying

Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 15,275,264	$ 3,393,234
Assets/business acquisition/exchange (see Note 3)	10,102,183	11,882,030
Ending Balance	$ 25,377,447	$ 15,275,264

Other Intangibles - Summary of

Other Intangibles - Summary of Other Intangibles Acquired (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	$ 3,103,530	$ 1,639,530
Less accumulated amortization	(1,395,064)	(1,115,113)
Finite lived intangible assets net	1,708,466	524,417
Other intangibles, net	2,823,178	550,058
Advertiser Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	2,819,879	1,355,879
Advertiser Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	16,251	16,251
Sports Program Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets	267,400	267,400
Brand [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets net	1,085,888	0
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangible assets net	$ 28,824	$ 25,641

Other Intangibles - Additional

Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Intangible Liability Disclosure [Abstract]
Amortization expense	$ 0.5	$ 0.3

Other Intangibles - Summary o_2

Other Intangibles - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Intangible Liability Disclosure [Abstract]
2,019	$ 295,864
2,020	259,282
2,021	144,051
2,022	133,092
2,023	133,092
Thereafter	743,085
Finite lived intangible assets net	$ 1,708,466	$ 524,417

Other Current Liabilities - Sum

Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Accrued payroll expenses	$ 7,120,055	$ 7,032,508
Deferred revenue	1,868,223	1,893,508
Dividends payable	1,367,761	1,286,381
Trade sales payable	1,250,454	1,276,170
Deferred rent	1,561,486	1,349,515
Other accrued expenses	6,013,129	5,961,113
Other current liabilities	$ 19,181,108	$ 18,799,195

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Capital lease obligations	$ 566,854	$ 630,874
Long-term debt, including capital lease obligations	252,566,854	225,630,874
Less unamortized debt issuance costs	(9,223,480)	(10,850,972)
Long-term debt	243,343,374	214,779,902
Long-term debt	243,343,374	214,779,902
Less current installments	(67,101)	(2,314,020)
Long-term debt, net of current portion	243,276,273	212,465,882
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 252,000,000	$ 225,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Sep. 27, 2018	Dec. 31, 2017
Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	2.5
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 252,000,000		$ 225,000,000
Revolving credit loan and term loan carried interest	6.50%
Revolving credit facility and term loan maturity date	Nov. 1, 2023
Additional borrowings term loan		$ 35,000,000
Term Loan [Member] | Floor Rate [Member]
Line of Credit Facility [Line Items]
Term loan facility interest rate	1.00%
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment	$ 20,000,000		$ 20,000,000
Revolving credit loan and term loan carried interest	6.50%		5.50%
Remaining commitments under the revolving credit loan facility	$ 20,000,000
Revolving credit facility and term loan maturity date	Nov. 17, 2022
June 30, 2018 through December 31, 2018 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	6
March 31, 2019 through December 31, 2019 [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.75
March 31, 2020 and thereafter [Member] | First Mortgage [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Long-term debt covenants aggregate leverage ratio	5.25
Existing Credit Agreement [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 252,000,000
Mandatory prepayments of consolidated excess cash flow due period	95 days
Mandatory prepayments of consolidated excess cash flow required by existing credit agreement	Commencing with the year ending December 31, 2018, the credit agreement requires mandatory prepayments equal to 50% of Excess Cash Flow (as defined in the credit agreement) when the Company’s Total Leverage Ratio (as defined in the credit agreement) is greater than 3.5x; mandatory prepayments equal to 25% of Excess Cash Flow when the Total Leverage Ratio is less than or equal to 3.5x but greater than 3.0x; and no mandatory prepayments when the Total Leverage Ratio is less than or equal to 3.0x.
Existing Credit Agreement [Member] | Leverage Ratio Greater than 3.5 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	50.00%
Existing Credit Agreement [Member] | Leverage Ratio Less than or Equal To 3.5 Times and Greater than 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	25.00%
Existing Credit Agreement [Member] | Leverage Ratio Less than or Equal to 3.0 Times [Member]
Line of Credit Facility [Line Items]
Mandatory prepayments of excess cash flow	0.00%
New Credit Agreement [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	4.00%
New Credit Agreement [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	3.00%

Long-Term Debt - Scheduled Repa

Long-Term Debt - Scheduled Repayments of Credit Facility and Capital Lease Obligations (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 67,101
2,020	70,326
2,021	2,247,730
2,022	2,614,572
2,023	247,216,701
Thereafter	350,424
Total	$ 252,566,854	$ 225,630,874

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Contribution Plan Disclosure [Line Items]
Minimum percentage of employee contribution to defined contribution plan		1.00%
Amount of employee contribution to defined contribution plan		$ 18,500	$ 18,000
Employer matching contributions to defined contribution plan		0	0
Defined benefit plan benefit obligation		0	(1,812,448)
Employee Age Fifty and Above [Member]
Defined Contribution Plan Disclosure [Line Items]
Amount of employee contribution to defined contribution plan		24,500	24,000
Pension Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Benefit obligations in excess of the fair value of plan assets			52,197,520	$ 87,861,806
Contributions to the plan		213,532	0
Pension plan termination date	May 31, 2017
Payments to acquire annuities	$ 52,000,000
Defined benefit plan benefit obligation		(992,623)
Supplemental Employee Retirement Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Benefit obligations in excess of the fair value of plan assets		$ 9,038,825	9,616,702	$ 8,751,848
Defined benefit plan, assumption used to calculate discount rate description		The discount rate is based on matching the projected cash flows of the plan to the Citigroup Pension Discount Curve.
Contributions to the plan		$ 356,354	312,088
Other Noncurrent Liabilities [Member] | Supplemental Employee Retirement Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Benefit obligations in excess of the fair value of plan assets		$ 9,000,000	9,600,000
Corporate General and Administrative Expenses [Member] | Greater Media Postretirement Medical and Life Insurance Benefits Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined benefit plan benefit obligation			$ (1,800,000)

Employee Benefit Plans - Summar

Employee Benefit Plans - Summary of Change in Benefit Obligation (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Change in Projected Benefit Obligation
Benefit obligation at beginning of year	$ 52,197,520	$ 87,861,806
Interest cost	28,282	2,958,903
Actuarial (gain) loss	77,121	(2,426,328)
Settlements	(52,057,333)	(33,447,301)
Benefits paid	(245,590)	(2,749,560)
Benefit obligation at end of year		52,197,520
Supplemental Employee Retirement Plan [Member]
Change in Projected Benefit Obligation
Benefit obligation at beginning of year	9,616,702	8,751,848
Interest cost	319,143	340,262
Actuarial (gain) loss	(540,666)	836,680
Benefits paid	(356,354)	(312,088)
Benefit obligation at end of year	$ 9,038,825	9,616,702
Postretirement Benefits [Member]
Change in Projected Benefit Obligation
Benefit obligation at beginning of year		1,756,423
Service cost		11,860
Interest cost		26,269
Amendments		(1,678,920)
Actuarial (gain) loss		(67,772)
Benefits paid		$ (47,860)

Employee Benefit Plans - Summ_2

Employee Benefit Plans - Summary of Change in Plan Assets (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Change in Plan Assets
Fair value of plan assets at beginning of year	$ 52,203,372	$ 83,868,508
Actual return on plan assets	(113,981)	4,531,725
Employer contribution	213,532	0
Settlements	(52,057,333)	(33,447,301)
Benefits paid	(245,590)	(2,749,560)
Fair value of plan assets at end of year		52,203,372
Funded status		5,852
Unrecognized net actuarial (gain) loss		(992,724)
Cumulative employer contributions in excess of the net periodic pension cost		(986,872)
Supplemental Employee Retirement Plan [Member]
Change in Plan Assets
Fair value of plan assets at beginning of year	0
Employer contribution	356,354	312,088
Benefits paid	(356,354)	(312,088)
Fair value of plan assets at end of year		0
Funded status	(9,038,825)	(9,616,702)
Unrecognized net actuarial (gain) loss	(119,402)	421,264
Cumulative employer contributions in excess of the net periodic pension cost	$ (9,158,227)	(9,195,438)
Postretirement Benefits [Member]
Change in Plan Assets
Employer contribution		47,860
Benefits paid		$ (47,860)

Employee Benefit Plans - Summ_3

Employee Benefit Plans - Summary of Amounts Recognized in Statement of Financial Position (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Amounts Recognized in the Statement of Financial Position
Noncurrent assets		$ 5,852
Net amount recognized		5,852
Supplemental Employee Retirement Plan [Member]
Amounts Recognized in the Statement of Financial Position
Current liabilities	$ (512,786)	(505,169)
Noncurrent liabilities	(8,526,039)	(9,111,533)
Net amount recognized	$ (9,038,825)	$ (9,616,702)

Employee Benefit Plans - Summ_4

Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss (gain)		$ (992,724)
Total (before tax effects)		(992,724)
Supplemental Employee Retirement Plan [Member]
Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial loss (gain)	$ (119,402)	421,264
Total (before tax effects)	$ (119,402)	$ 421,264

Employee Benefit Plans - Summ_5

Employee Benefit Plans - Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets
Projected benefit obligation		$ 52,197,520
Accumulated benefit obligation		52,197,520
Fair value of plan assets		52,203,372
Supplemental Employee Retirement Plan [Member]
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets
Projected benefit obligation	$ 9,038,825	9,616,702
Accumulated benefit obligation	$ 9,038,825	$ 9,616,702

Employee Benefit Plans - Summ_6

Employee Benefit Plans - Summary of Weighted-Average Assumptions for Disclosure (Detail)	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Weighted-average assumptions for Disclosure
Discount rate		1.80%
Supplemental Employee Retirement Plan [Member]
Weighted-average assumptions for Disclosure
Discount rate	4.00%	3.35%
Postretirement Benefits [Member]
Weighted-average assumptions for Disclosure
Discount rate		3.75%

Employee Benefit Plans - Summ_7

Employee Benefit Plans - Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Net periodic benefit cost
Interest cost	$ 28,282	$ 2,958,903
Expected return on plan assets		(3,562,150)
Recognized actuarial (gain) loss due to settlements	(801,622)	(636,121)
Net periodic benefit cost	(773,340)	(1,239,368)
Supplemental Employee Retirement Plan [Member]
Net periodic benefit cost
Interest cost	319,143	340,262
Net periodic benefit cost	$ 319,143	340,262
Postretirement Benefits [Member]
Net periodic benefit cost
Service cost		11,860
Interest cost		26,269
Recognized actuarial (gain) loss		(2,079)
Curtailment charge (credit)		(1,678,920)
Recognized actuarial (gain) loss due to settlements		(169,089)
Net periodic benefit cost		$ (1,811,959)

Employee Benefit Plans - Summ_8

Employee Benefit Plans - Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss	$ 191,102	$ (3,395,903)
Recognized actuarial (gain) loss due to settlements	801,622	636,121
Total recognized in other comprehensive income (before tax effects)	992,724	(2,759,782)
Total recognized in net benefit cost and other comprehensive income (before tax effects)	219,384	(3,999,150)
Supplemental Employee Retirement Plan [Member]
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss	(540,666)	836,680
Total recognized in other comprehensive income (before tax effects)	(540,666)	836,680
Total recognized in net benefit cost and other comprehensive income (before tax effects)	$ (221,523)	1,176,942
Postretirement Benefits [Member]
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss		(67,772)
Recognized actuarial (gain) loss		2,079
Prior service cost (credit)		(1,678,920)
Prior service cost (credit) due to curtailment		1,678,920
Recognized actuarial (gain) loss due to settlements		169,089
Total recognized in other comprehensive income (before tax effects)		103,396
Total recognized in net benefit cost and other comprehensive income (before tax effects)		$ (1,708,563)

Employee Benefit Plans - Summ_9

Employee Benefit Plans - Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year (Detail)	Dec. 31, 2017USD ($)
Pension Plan [Member]
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
(Gain) loss recognition	$ (992,724)

Employee Benefit Plans - Sum_10

Employee Benefit Plans - Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate	1.80%	3.59%
Expected return on plan assets	0.00%	7.00%
Corridor	10.00%	10.00%
Supplemental Employee Retirement Plan [Member]
Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate	3.35%	3.80%
Corridor	10.00%	10.00%
Postretirement Benefits [Member]
Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate		4.00%
Corridor		10.00%

Employee Benefit Plans - Sum_11

Employee Benefit Plans - Summary of Estimated Future Benefit Payments (Detail) - Supplemental Employee Retirement Plan [Member]	Dec. 31, 2018USD ($)
Defined Contribution Plan Disclosure [Line Items]
2,019	$ 512,786
2,020	509,653
2,021	536,643
2,022	535,013
2,023	545,087
2024-2028	$ 2,905,547

Employee Benefit Plans - Sum_12

Employee Benefit Plans - Summary of Estimated Contributions (Detail)	Dec. 31, 2018USD ($)
Supplemental Employee Retirement Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Estimated contributions	$ 512,786

Employee Benefit Plans - Sum_13

Employee Benefit Plans - Summary of Weighted-Average Assets Allocation (Detail) - Pension Plan [Member]	Dec. 31, 2017
Weighted-Average Assets Allocation
Weighted-Average Assets Allocation	100.00%
Fixed Income [Member]
Weighted-Average Assets Allocation
Weighted-Average Assets Allocation	65.40%
Cash [Member]
Weighted-Average Assets Allocation
Weighted-Average Assets Allocation	34.60%

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Asset Category (Detail) - Pension Plan [Member] - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Defined Contribution Plan Disclosure [Line Items]
Asset Category (all Level 1)	$ 52,203,372	$ 83,868,508
Fixed Income Funds [Member]
Defined Contribution Plan Disclosure [Line Items]
Asset Category (all Level 1)	34,141,339
Money Market Funds [Member]
Defined Contribution Plan Disclosure [Line Items]
Asset Category (all Level 1)	$ 18,062,033

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jan. 08, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Condition of electing directors by class a and class b common stock vote		In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company's directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes.
Aggregate amount permitted for share repurchases		$ 2,500,000
Payments for treasury stock		$ 265,106	$ 1,107,064
Payments for treasury stock, shares		55,128
Total leverage ratio		3.50%
Cash dividends paid		$ 5,388,512	$ 5,137,470
Maximum [Member]
Class of Stock [Line Items]
Long-term debt covenants aggregate leverage ratio		2.5
New Credit Agreement [Member] | Maximum [Member]
Class of Stock [Line Items]
Total leverage ratio		3.75%
Leverage Ratio Less Than 3.5 [Member]
Class of Stock [Line Items]
Shares of common stock to be repurchased when leverage rate is greater than threshold specified		$ 7,500,000
Leverage Ratio Greater Than or Equal to 3.5 [Member]
Class of Stock [Line Items]
Shares of common stock to be repurchased when leverage rate is greater than threshold specified		$ 10,000,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Dividend declared per share		$ 0.05
Class B Common Stock [Member]
Class of Stock [Line Items]
Dividend declared per share		$ 0.05
Subsequent Event [Member]
Class of Stock [Line Items]
Cash dividends paid	$ 1,400,000

Revenue - Composition of Revenu

Revenue - Composition of Revenue (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Net revenue	$ 257,494,599	$ 232,179,463
Commercial Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	222,763,906	204,995,073
Digital Advertising [Member]
Disaggregation of Revenue [Line Items]
Net revenue	15,485,353	13,339,380
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 19,245,340	$ 13,845,010

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,868,223	$ 1,893,508
Losses on receivables	$ 2,455,628	$ 1,385,820

Revenue - Trade Sale Revenue (D

Revenue - Trade Sale Revenue (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 1,606,283	$ 1,550,172
Trade sales payable	1,250,454	1,276,170
Trade sales revenue	$ 9,108,757	$ 9,565,793

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 3.4
Cost expected to be recognized over a weighted-average period	2 years 4 months 24 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units and 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	7,500,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units and Restricted Stock Activity (Detail) - 2007 Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance	416,763
Granted, Shares	210,326	561,555
Vested, Shares	(155,256)	(129,792)
Forfeited, Shares	(42,000)	(15,000)
Unvested Shares, Ending Balance	429,833	416,763
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 10.86
Granted, Weighted-Average Grant-Date Fair Value	7.82	$ 10.75
Vested, Weighted-Average Grant-Date Fair Value	10.62	10.55
Forfeited, Weighted-Average Grant-Date Fair Value	12.66	9.35
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance	$ 9.77	$ 10.86
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance	180,319	343,513
Granted, Shares		2,000
Vested, Shares	(30,700)	(143,611)
Forfeited, Shares	(48,119)	(21,583)
Unvested Shares, Ending Balance	101,500	180,319
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 5.47	$ 4.70
Granted, Weighted-Average Grant-Date Fair Value		3.59
Vested, Weighted-Average Grant-Date Fair Value	5.49	4.16
Forfeited, Weighted-Average Grant-Date Fair Value	8.35	6.45
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance	$ 6.42	$ 5.47

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ 3,043,583	$ (2,466,482)
State	902,863	289,563
Current Income Tax Expense	3,946,446	(2,176,919)
Deferred:
Federal	2,741,821	(47,531,436)
State	5,007,279	1,480,065
Deferred Income Tax Expense	7,749,100	(46,051,371)
Income Tax Expense (Benefit)	$ 11,695,546	$ (48,228,290)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	35.00%
Net operating losses, state	$ 65.3
Net operating losses expiration date	2,038
Income tax expense benefit due to change in tax rate	$ 59.7

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Benefit), Federal Statutory Rate (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Expected tax expense	$ 3,817,085	$ 13,616,008
State income taxes, net of federal benefit	1,957,508	1,150,258
Gain on merger	927,344	(3,518,814)
Tax rate adjustments	294,924	(59,717,125)
Change in valuation allowance	3,432,284	52,833
Non-deductible items	1,140,948	(110,953)
Other	125,453	299,503
Income Tax Expense (Benefit)	$ 11,695,546	$ (48,228,290)

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Allowance for doubtful accounts	$ 530,744	$ 427,484
Other assets	(1,647,113)	(2,047,104)
Accrued expenses	412,165	355,361
Other long-term liabilities	2,729,442	2,918,611
Stock-based compensation	141,960	107,715
Net operating losses	3,726,364	5,506,040
Subtotal	5,893,562	7,268,107
Valuation allowance	(3,760,454)	(328,170)
Total	2,133,108	6,939,937
Deferred tax liabilities:
Prepaid expenses	(99,187)	(96,085)
Property and equipment	(2,858,163)	(2,743,550)
Intangibles	(122,088,303)	(119,383,233)
Total	(125,045,653)	(122,222,868)
Net deferred tax liabilities	$ (122,912,545)	$ (115,282,931)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 6,481,049	$ 87,131,169
Weighted-average shares outstanding:
Basic	27,444,110	27,696,790
Effect of dilutive restricted stock	89,873	95,912
Diluted	27,533,983	27,792,702
Net income per Class A and Class B common share - basic	$ 0.24	$ 3.15
Net income per Class A and Class B common share - diluted	$ 0.24	$ 3.14

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)

Jun. 18, 2018USD ($)

May 03, 2018Tower

Feb. 22, 2017USD ($)

May 03, 2016USD ($)

Nov. 17, 2015USD ($)Tower

Oct. 16, 2015USD ($)

Apr. 03, 2015USD ($)

Apr. 04, 2014USD ($)

Apr. 10, 2013USD ($)

Mar. 25, 2011USD ($)shares

Aug. 04, 2006Radio-Stations

Jul. 31, 2012USD ($)

Feb. 14, 2012USD ($)

Dec. 31, 2018USD ($)Radio-Stations

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)Tower

Related Party Transaction [Line Items]

Lease or rental expense

$ 10,800,000

$ 11,000,000

Proceeds from sale of tower

35,000,000

Percentage of outstanding units ownership interest in Investee

20.00%

20.00%

20.00%

20.00%

Conversion of note receivable and accrued interest to equity investment

187,618

Beasley Broadcasting Management, LLC [Member]

Related Party Transaction [Line Items]

Lease or rental expense

200,000

200,000

Beasley Family Towers Inc [Member]

Related Party Transaction [Line Items]

Lease or rental expense

13,000

12,000

Lease agreement expiration date

Dec. 31, 2025

Deferred gain on sale

$ 800,000

Beasley Family Towers Inc [Member] | April 30, 2021 [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 0

$ 0

Lease agreement expiration date

Apr. 30, 2021

Number of radio towers sold to unrelated party | Tower

2

Monthly repayment of prepaid rent to related party

$ 5,500

Repayment of prepaid rent to related party

$ 100,000

$ 100,000

Beasley Family Towers Inc [Member] | April 30, 2021 [Member] | Prepaid Rent [Member]

Related Party Transaction [Line Items]

Prepaid expense paid by related party

$ 700,000

Beasley Family Towers Inc [Member] | December 28, 2020 [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 400,000

400,000

Number of radio stations for which radio tower leased | Radio-Stations

19

Lease agreement expiration date

Dec. 28, 2020

Beasley Family Towers Inc [Member] | Lease Agreements Three [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 100,000

Number of radio towers sold for radio station | Tower

1

Lease agreement expiration date

Dec. 31, 2027

Beasley Family Towers Inc [Member] | Augusta GA [Member]

Related Party Transaction [Line Items]

Number of radio towers sold for radio station | Tower

1

Proceeds from sale of tower

$ 1,300,000

Beasley Family Towers Inc [Member] | Boca Raton, FL [Member] | April 30, 2021 [Member]

Related Party Transaction [Line Items]

Number of radio stations for which radio tower leased | Radio-Stations

1

Beasley Family Towers Inc [Member] | Tampa Saint Petersburg FL [Member] | Lease Agreements Three [Member]

Related Party Transaction [Line Items]

Number of radio stations for which radio tower leased | Tower

1

GGB Augusta, LLC [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 45,000

42,000

Lease agreement expiration date

Nov. 1, 2023

GGB Estero, LLC [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 200,000

200,000

Lease agreement expiration date

Aug. 31, 2019

GGB Las Vegas, LLC [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 200,000

200,000

Lease agreement expiration date

Dec. 31, 2023

LN2 DB, LLC [Member]

Related Party Transaction [Line Items]

Additional contribution to related party

$ 150,000

$ 150,000

$ 166,667

$ 166,667

$ 104,167

$ 104,167

$ 250,000

$ 104,167

$ 62,500

Related party stock purchase | shares

25,000

Percentage of outstanding units ownership interest in Investee

20.00%

20.00%

20.00%

Note bearing interest rate

18.00%

Conversion of note receivable and accrued interest to equity investment

$ 187,618

Wintersrun Communications Inc [Member]

Related Party Transaction [Line Items]

Lease or rental expense

$ 100,000

100,000

Number of radio stations for which radio tower leased | Radio-Stations

1

Lease agreement expiration date

Dec. 31, 2025

Deferred gain on sale

$ 300,000

Monthly repayment of prepaid rent to related party

$ 2,559

Repayment of prepaid rent to related party

$ 31,000

$ 31,000

Wintersrun Communications Inc [Member] | Prepaid Rent [Member]

Related Party Transaction [Line Items]

Prepaid expense paid by related party

$ 300,000

Wintersrun Communications Inc [Member] | Charlotte, NC [Member]

Related Party Transaction [Line Items]

Number of radio towers sold for radio station | Tower

1

Proceeds from sale of tower

$ 400,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease or rental expense	$ 10.8	$ 11

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Payments to Third Parties for the Next Five Years and Thereafter (Detail)	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 32,611,030
2,020	18,252,262
2,021	16,928,373
2,022	15,037,679
2,023	13,404,127
Thereafter	68,249,004
Total	$ 164,482,475

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Fair Value Of Financial Instruments [Line Items]
Long term debt, including capital lease obligations and current installments	$ 252,566,854	$ 225,630,874
Term Loan [Member]
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 252,000,000	$ 225,000,000

Schedule I - Valuation and Qual

Schedule I - Valuation and Qualifying Accounts (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts (Deducted from Accounts Receivable) [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 1,623,408	$ 1,537,353
Charged to Costs and Expenses	2,842,941	1,471,875
Deductions	2,455,628	1,385,820
Balance at End of Period	2,010,721	1,623,408
Valuation Allowance for Deferred Tax Assets [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	328,170	528,179
Charged to Costs and Expenses	3,446,579	36,794
Deductions	14,295	236,803
Balance at End of Period	$ 3,760,454	$ 328,170