Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BBGI | ||
Entity Registrant Name | BEASLEY BROADCAST GROUP INC | ||
Entity Central Index Key | 0001099160 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Address, State or Province | FL | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock | ||
Entity Public Float | $ 26,122,584 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,316,001 | ||
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, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 18,648,171 | $ 13,433,828 |
Accounts receivable, less allowance for doubtful accounts of $2,010,721 in 2018 and $2,145,599 in 2019 | 54,577,452 | 52,417,152 |
Prepaid expenses | 3,516,766 | 3,134,756 |
Other current assets | 2,915,654 | 1,960,032 |
Total current assets | 79,658,043 | 70,945,768 |
Property and equipment, net | 53,813,602 | 57,078,452 |
Operating lease right-of-use assets | 39,768,910 | |
Finance lease right-of-use assets | 346,667 | 675,194 |
FCC licenses | 517,529,167 | 516,735,554 |
Goodwill | 28,596,547 | 25,377,447 |
Other intangibles, net | 29,333,230 | 2,823,178 |
Other assets | 11,014,063 | 7,449,486 |
Total assets | 760,060,229 | 681,085,079 |
Current liabilities: | ||
Current installments of long-term debt | 7,500,000 | |
Accounts payable | 10,323,408 | 9,611,151 |
Operating lease liabilities | 7,234,492 | |
Finance lease liabilities | 70,192 | 67,101 |
Other current liabilities | 28,064,367 | 19,181,108 |
Total current liabilities | 53,192,459 | 28,859,360 |
Due to related parties | 565,617 | 662,329 |
Long-term debt, net of current installments and unamortized debt issuance costs | 248,712,452 | 242,776,520 |
Operating lease liabilities | 34,837,804 | |
Finance lease liabilities | 75,020 | 499,753 |
Deferred tax liabilities | 121,130,996 | 122,912,545 |
Other long-term liabilities | 17,073,923 | 10,340,481 |
Total liabilities | 475,588,271 | 406,050,988 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | 153,254,599 | 149,963,252 |
Treasury stock, Class A common stock; 4,426,027 shares in 2018; 4,493,181 shares in 2019 | (30,662,332) | (30,447,597) |
Retained earnings | 162,350,145 | 155,398,555 |
Accumulated other comprehensive income | (436,338) | 87,885 |
Total stockholders' equity | 284,538,540 | 275,034,091 |
Noncontrolling interest | (66,582) | |
Total equity | 284,471,958 | 275,034,091 |
Total liabilities and equity | 760,060,229 | 681,085,079 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 15,804 | 15,334 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 2,145,599 | $ 2,010,721 |
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 | 4,493,181 | 4,426,027 |
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 | 15,805,432 | 15,334,336 |
Common stock, shares outstanding | 11,312,251 | 10,908,309 |
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, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Net revenue | $ 261,554,114 | $ 257,494,599 |
Operating expenses: | ||
Operating expenses (including stock-based compensation of $266,015 in 2018 and $359,657 in 2019 and excluding depreciation and amortization shown separately below) | 201,107,084 | 195,752,948 |
Corporate expenses (including stock-based compensation of $1,679,654 in 2018 and $1,759,061 in 2019) | 21,209,432 | 16,290,535 |
Transaction expenses | 768,945 | 110,901 |
Depreciation and amortization | 7,349,682 | 6,601,123 |
Change in fair value of contingent consideration | 4,415,925 | |
Gain on dispositions | (20,657,360) | |
Impairment losses | 13,657,941 | |
Total operating expenses | 223,435,724 | 223,171,432 |
Operating income | 38,118,390 | 34,323,167 |
Non-operating income (expense): | ||
Interest expense | (18,032,669) | (16,006,461) |
Loss on modification of long-term debt | (281,021) | |
Other income (expense), net | (246,155) | 140,910 |
Income before income taxes | 19,839,566 | 18,176,595 |
Income tax expense | 6,597,751 | 11,695,546 |
Income before equity in earnings of unconsolidated affiliates | 13,241,815 | 6,481,049 |
Equity in earnings of unconsolidated affiliates, net of tax | 141,827 | |
Net income | 13,383,642 | 6,481,049 |
Earnings attributable to noncontrolling interest | 66,582 | |
Net income attributable to BBGI stockholders | 13,450,224 | 6,481,049 |
Other comprehensive loss: | ||
Reclassification of other comprehensive income due to termination of pension plan (net of income tax benefit of $261,358) | (731,266) | |
Unrecognized actuarial gains on postretirement plans (net of income tax expense of $142,435 in 2018 and income tax benefit of $188,505 in 2019) | (524,223) | 398,231 |
Comprehensive income | $ 12,926,001 | $ 6,148,014 |
Net income attributable to BBGI stockholders per Class A and B common share: | ||
Basic | $ 0.49 | $ 0.24 |
Diluted | 0.48 | 0.24 |
Dividends declared per common share | $ 0.20 | $ 0.20 |
Weighted average shares outstanding: | ||
Basic | 27,730,392 | 27,444,110 |
Diluted | 27,777,850 | 27,533,983 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation | $ 2,118,718 | $ 1,945,669 |
Unrecognized actuarial gains on postretirement plans, income tax expense | 188,505 | 142,435 |
Reclassification of other comprehensive income due to termination of pension plan, income tax benefit | 261,358 | |
Station Operating Expenses [Member] | ||
Stock-based compensation | 359,657 | 266,015 |
Corporate General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 1,759,061 | $ 1,679,654 |
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] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2017 | $ 286,166,200 | $ 15,223 | $ 16,662 | $ 147,987,332 | $ (16,667,085) | $ 154,389,494 | $ 424,574 | |
Beginning 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 | (1,393,287) | |||||||
Net income | 6,481,049 | 6,481,049 | ||||||
Cash dividends, $0.20 per common share | (5,475,642) | (5,475,642) | ||||||
Other comprehensive 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) | |||||
Change in accounting principle | (935,916) | (935,916) | ||||||
Issuance of common stock | 1,172,625 | $ 285 | 1,172,340 | |||||
Issuance of common stock, shares | 285,296 | |||||||
Stock-based compensation | 2,118,718 | $ 185 | 2,118,533 | |||||
Stock-based compensation, shares | 185,800 | |||||||
Adjustment from related party acquisition | 474 | 474 | ||||||
Purchase of treasury stock | $ (214,735) | $ (214,735) | ||||||
Purchase of treasury stock, shares | (67,154) | (67,154) | ||||||
Net income | $ 13,383,642 | 13,450,224 | $ (66,582) | |||||
Cash dividends, $0.20 per common share | (5,562,718) | (5,562,718) | ||||||
Other comprehensive loss | (524,223) | (524,223) | ||||||
Ending balance at Dec. 31, 2019 | $ 284,471,958 | $ 15,804 | $ 16,662 | $ 153,254,599 | $ (30,662,332) | $ 162,350,145 | $ (436,338) | $ (66,582) |
Ending Balance, shares at Dec. 31, 2019 | 15,805,432 | 16,662,743 | (4,493,181) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retained Earnings [Member] | ||
Cash dividends, per common share | $ 0.20 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 13,383,642 | $ 6,481,049 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 2,118,718 | 1,945,669 |
Provision for bad debts | 692,460 | 2,842,941 |
Depreciation and amortization | 7,349,682 | 6,601,123 |
Change in fair value of contingent consideration | 4,415,925 | |
Gain on dispositions | (20,657,360) | |
Impairment losses | 13,657,941 | |
Amortization of loan fees | 1,935,932 | 1,899,532 |
Loss on modification of long-term debt | 281,021 | |
Deferred income taxes | (1,753,952) | 7,749,100 |
Equity in earnings of unconsolidated affiliates | (141,827) | |
Change in operating assets and liabilities: | ||
Accounts receivable | (2,852,760) | (12,590,742) |
Prepaid expenses | (382,010) | 2,867,240 |
Other assets | (239,601) | 2,092,660 |
Accounts payable | 712,257 | 1,763,322 |
Other liabilities | 6,813,784 | (882,127) |
Other operating activities | 354,318 | (79,610) |
Net cash provided by operating activities | 20,991,224 | 24,394,480 |
Cash flows from investing activities: | ||
Payments for acquisitions | (17,264,484) | (39,520,000) |
Capital expenditures | (9,030,025) | (4,209,668) |
Proceeds from dispositions | 26,349,462 | |
Payments for translator licenses | (202,675) | |
Payments for investments | (5,009,999) | (1,680,000) |
Net cash used in investing activities | (4,955,046) | (45,612,343) |
Cash flows from financing activities: | ||
Issuance of debt | 11,000,000 | 35,000,000 |
Payments on debt | (16,000,000) | (8,064,019) |
Payments of debt issuance costs | (553,062) | |
Reduction of finance lease liabilities | (67,492) | |
Dividends paid | (5,539,608) | (5,388,512) |
Purchase of treasury stock | (214,735) | (265,106) |
Net cash provided by (used in) financing activities | (10,821,835) | 20,729,301 |
Net increase (decrease) in cash and cash equivalents | 5,214,343 | (488,562) |
Cash and cash equivalents at beginning of period | 13,433,828 | 13,922,390 |
Cash and cash equivalents at end of period | 18,648,171 | 13,433,828 |
Cash paid for interest | 16,377,994 | 13,985,580 |
Cash paid for income taxes | 4,253,747 | 928,750 |
Supplement disclosure of non-cash investing and financing activities: | ||
Dividends declared but unpaid | 1,396,621 | 1,373,511 |
Note receivable and accrued interest converted to investment | 187,618 | |
Media advertising exchanged for investment | 1,000,000 | |
Note issued to seller for acquisition | 16,500,000 | |
Liability assumed from seller for acquisition | 10,000,000 | |
Postretirement Benefits Plan [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Termination of pension 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 | |
Class A common stock issued for acquisition | 198,500 | $ 29,888 |
Class A common stock issued for investment | $ 974,125 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | (1) Nature of Business Beasley Broadcast Group, Inc. (the “Company” or “BBGI”) is a multi-platform media company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 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. The Company also now operates an esports segment, however, it does not exceed the thresholds for separate disclosure. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 The Company holds approximately a 90% economic interest in the Outlaws. Net assets and results of operations for Outlaws as of and for the year ended December 31, 2019 are not significant. 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) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing FCC licenses and goodwill for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use assets (v) the realization of deferred tax assets, and (vi) actuarial assumptions related to the SERP. 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 Licenses FCC 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 licenses for the years ended December 31, 2018 and 2019. The weighted-average period before the next renewal of the Company’s FCC licenses is 2.8 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 and the Outlaws as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019. Other Intangibles Other intangibles include advertiser relationships, franchise rights and sponsorship base , Investments Other assets include investments in Quu, Inc. (“Quu”) and Renegades Holdings, Inc. (“Renegades”). The Company is considered to have the ability to exercise significant influence over the operating and financial policies of Quu and Renegades. Therefore, the investments in Quu and Renegades are accounted for using the equity method. The Company will recognize its share of the earnings of Quu and Renegades in the periods for which they are reported. Any loss in value of the investments that is other than a temporary decline will be recognized. Other assets also include a noncontrolling interest in AUDIOis which does not have a readily determinable fair value and therefore is 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. Leases. The Company determines whether a contract is or contains a lease at inception. The term for each lease agreement includes the noncancellable period specified in the agreement together with (1) the periods covered by options to extend the lease if the Company is reasonably certain to exercise that option, (2) periods covered by an option to terminate if the Company is reasonably certain not to exercise that option and (3) period covered by an option to extend (or not terminate) if controlled by the lessor. The lease liabilities and the related right-of use assets are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee’s incremental borrowing rate (“IBR”). IBR is defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Supplemental Employee Retirement Plan The costs and liabilities of the Supplemental Employee Retirement Plan (“SERP”) are determined using actuarial valuations. An actuarial valuation involves making various assumptions that include the discount rate and mortality rates. The discount rate is based on matching the cash flows of the SERP to the FTSE Pension Discount Curve. The mortality assumptions are based on the mortality tables and mortality improvement scales that are selected based on the most recent study of the Society of Actuaries. The SERP is frozen so future employment does not change the benefit 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 equity that, under accounting principles generally accepted in the United States of America , Earnings per Share Basic net income per share is computed by dividing net income attributable to common stockholders of the Company 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 and Tampa-Saint Petersburg, FL collectivel y 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, the Financial Accounting Standards Board (“FASB”) issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use , , right-of-use |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (3) Acquisitions and Dispositions On December 23, 2019, the Company completed the sale of certain land in Las Vegas, NV to a third party for $13.5 million. As a result of the sale, the Company recorded a gain of $7.9 million in the fourth quarter of 2019. On December 2, 2019, the Company completed the sale of certain land in Boca Raton, FL to a third party for $7.1 million. As a result of the sale, the Company recorded a gain of $6.5 million in the fourth quarter of 2019. On November 13, 2019, the Company created a new entity called OutlawsXP, Inc. (“Outlaws”) and holds 80% of the equity of Outlaws. The remaining equity was acquired by Renegades Holdings, Inc. in which the Company holds 45% of the outstanding shares (see Note 8). On November 14, 2019, Outlaws acquired an esports team, the Houston Outlaws, from Immortals, LLC that competes in the Overwatch League and domestic and international tournaments. The acquisition was accounted for as a business combination a n and other intangibles ( See Note 7 See Note 6 . The acquisition of the team was financed with cash from operations and a promissory note to the seller (see Note 10). Outlaws also assumed a $10.0 million franchise fee payable that will be paid to the esports league over time. Outlaws has agreed to a contingent payment of $3.6 million if consideration in excess of a certain amount is paid for a new team to enter the Overwatch League between December 1, 2024 and December 1, 2029. The Company incurred transaction costs of $0.4 million. The acquisition broadened and diversified the Company’s revenue base. The current portion of the franchise fee payable is reported in other current liabilities and the noncurrent portion is reported in other long-term liabilities in the accompanying consolidated balance sheet as of December 31, 2019. The results of operations are consolidated in the accompanying consolidated statement of comprehensive income from the acquisition date through December 31, 2019. The fair value of the franchise rights was estimated using an income approach. The income approach measures the expected economic benefits the franchise rights will provide and discounts these future benefits using a discounted cash flow model. The discounted cash flow model incorporates variables such as revenue, revenue growth rates, operating expense projections, and a discount rate. The discounted cash flow projection period of ten years was determined to be an appropriate time horizon for the analyses. If different assumptions or estimates had been used in the income approach, the fair value of the franchise rights 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. Goodwill was equal to the amount the purchase price exceeded the values allocated to the identifiable intangible assets. The amount allocated to goodwill is deductible for tax purposes. The fair value of the promissory note and the assumed franchise fee payable approximate the carrying value of each item as of the acquisition date. The fair value of the contingent consideration was not considered material as of the acquisition date. On October 25, 2019, the Company completed the sale of a radio tower in Tampa, FL and a radio tower in New Jersey to a third party for $2.4 million. As a result of the sale s On August 31, 2019, the Company completed the acquisition of substantially all of the assets used to operate WDMK-FM under revolving The assets acquired are summarized as follows: Property and equipment $ 432,588 FCC licenses 12,891,117 Other intangibles 176,295 $ 13,500,000 On March 28, 2019, the Company completed the sale of certain land and improvements in Augusta, GA to a third party for $0.5 million. As a result of the sale, the Company recorded a gain of $0.4 million in the first quarter of 2019. On March 15, 2019, the Company agreed to cancel a broadband radio service license in Chattanooga, TN in exchange for a fee of $3.3 million received from Clearwire Spectrum Holdings LLC (“Clearwire”). The Company had previously leased the channels under the broadband radio service license to Clearwire under an agreement that ended on March 15, 2019. As a result of the license cancelation, the Company recorded a gain of $3.1 million in the first quarter of 2019. On September 27, 2018, the Company completed the acquisition of WXTU-FM term loan WXTU-FM WXTU-FM, 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 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 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 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 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 million allocated to goodwill is deductible for tax purposes. The following unaudited pro forma information for the year ended December 31, 2018 assumes that the acquisition of WXTU-FM Net revenue $ 262,769,627 Operating income 42,439,544 Net income 16,120,586 Basic and diluted net income per share 0.59 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment Property and equipment is comprised of the following: December 31, Estimated 2018 2019 Land $ 18,895,107 $ 13,471,312 — Buildings and improvements 22,239,322 22,114,228 15-30 Broadcast equipment 37,939,156 35,223,342 5-15 Transportation equipment 2,228,450 2,379,818 5 Office equipment 5,188,968 6,061,531 5-10 Construction in progress 2,153,238 8,725,339 — 88,644,241 87,975,570 Less accumulated depreciation and amortization (31,565,789 ) (34,161,968 ) $ 57,078,452 $ 53,813,602 The Company recorded depreciation and amortization expense of $6.6 million and $7.3 million for the years ended December 31, 2018 and 2019, respectively. |
FCC Licenses
FCC Licenses | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
FCC Licenses | (5) FCC Licenses Changes in the carrying amount of FCC licenses for the years ended December 31, 2018 and 2019 are as follows: Balance as of January 1, 2018 $ 489,186,679 Acquisitions of translator licenses 202,675 Business acquisition (see Note 3) 27,346,200 Balance as of December 31, 2018 516,735,554 Asset acquisition (see Note 3) 13,155,601 Impairment losses (12,361,988 ) Balance as of December 31, 2019 $ 517,529,167 The Company performed its annual impairment test for its FCC licenses as of November 30, 2019. As a result of the impairment test, the Company recorded impairment losses of $12.4 million related to the FCC licenses in its Atlanta, GA and West Palm Beach-Boca Raton, FL market clusters for the year ended December 31, 2019. The impairment losses were primarily due to a reduced share of projected revenue in these markets. The Company believes the impairment losses are indicative of trends in the industry and are not unique to the Company or its operations. The fair value of the FCC license in Atlanta, GA and in West Palm Beach-Boca Raton, FL market clusters was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected radio market revenues, 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 key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates 0.5% - 1.4% Market revenue shares at maturity 0.6% - 1.1% Operating income margins at maturity 27.5% - 29.8% Discount rate 9.0% |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (6) Goodwill Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019 are as follows: Balance as of January 1, 2018 $ 15,275,264 Business acquisition (see Note 3) 10,102,183 Balance as of December 31, 2018 25,377,447 Business acquisition (see Note 3) 3,219,100 Balance as of December 31, 2019 $ 28,596,547 |
Other Intangibles
Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangibles | (7) Other Intangibles Other intangibles as of December 31, 2019 are comprised of the following: Asset Accumulated amortization Net asset Amortization period (years) Advertiser relationships $ 2,819,879 $ (1,495,465 ) $ 1,324,414 6-11 Assembled workforce 176,295 (58,765 ) 117,530 1 Franchise rights 25,149,300 (42,993 ) 25,106,307 10 Sponsorship base 1,164,600 (79,292 ) 1,085,308 2 Sports program rights 267,400 (179,216 ) 88,184 3 29,577,474 (1,855,731 ) 27,721,743 Brands 1,582,663 — 1,582,663 Other intangibles with indefinite lives 28,824 — 28,824 $ 31,188,961 $ (1,855,731 ) $ 29,333,230 Other intangibles as of December 31, 2018 are comprised of the following: Asset Accumulated amortization Net asset Amortization period (years) Advertiser relationships $ 2,819,879 $ (1,292,300 ) $ 1,527,579 6-11 Advertiser lists 16,251 (11,732 ) 4,519 3 Sports program rights 267,400 (91,032 ) 176,368 3 3,103,530 (1,395,064 ) 1,708,466 Brands 1,085,888 — 1,085,888 Other intangibles with indefinite lives 28,824 — 28,824 $ 4,218,242 $ (1,395,064 ) $ 2,823,178 The Company recorded amortization expense of $0.5 million for each of the years ended December 31, 2018 and 2019. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows: 2020 $ 3,474,036 2021 3,161,987 2022 2,648,020 2023 2,648,020 2024 2,648,020 Thereafter 13,141,660 Total $ 27,721,743 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | (8) Other Assets On August 22, 2019, the Company contributed an additional $1.5 million in cash to Quu, Inc. (“Quu”), a technology company, in exchange for an additional 10,000,000 shares. The Company also received a warrant to acquire 16,949,306 shares of Quu common stock that terminates on August 22, 2029. As a result of the additional investment, the Company holds approximately 35% of the outstanding shares of Quu. On August 22, 2019, the Company adjusted the initial investment to fair value and recognized a loss of $0.1 million. As of December 31, 2019, the carrying amount of the investment in Quu is $2.2 million. On March 1, 2019, the Company (i) issued 235,296 shares of Class A common stock with a fair value of $1.0 million, (ii) agreed to provide $1.0 million of media advertising over a three year period, and (iii) contributed $2.5 million in cash for an aggregate investment of $4.5 million in Renegades, an esports organization, in exchange for 3,750,000 shares. The Company acquired an additional 416,666 shares in the third quarter of 2019 for $0.5 million in cash. As of December 31, 2019, the Company holds approximately 45% of the outstanding shares of Renegades and the carrying amount of the investment in Renegades is $5.7 million. In January 2020, the Company acquired an additional 833,334 shares for an aggregate of $1.0 million in cash. As a result of the additional investment in January 2020, the Company is currently evaluating if control was obtained and will finalize its conclusion in the first quarter of 2020. The Company’s share of earnings from Quu and Renegades is reported in equity in earnings of unconsolidated affiliates, net of tax in the accompanying consolidated statement of comprehensive income for the year ended December 31, 2019. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (9) Other Current Liabilities Other current liabilities are comprised of the following: December 31, 2018 2019 Accrued payroll expenses $ 7,120,055 $ 8,126,091 Income taxes payable 290,341 4,483,800 Deferred revenue 1,868,223 3,639,077 Franchise fee payable — 2,500,000 Dividends payable 1,367,761 1,396,621 Trade sales payable 1,250,454 2,180,783 Deferred rent 1,561,486 — Other accrued expenses 5,722,788 5,737,995 $ 19,181,108 $ 28,064,367 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (10) Long-Term Debt Long-term debt is comprised of the following: December 31, December 31, Credit facility - term loan $ 252,000,000 $ 239,000,000 Credit facility - revolving credit facility — 11,000,000 Promissory note — 13,500,000 252,000,000 263,500,000 Less unamortized debt issuance costs (9,223,480 ) (7,287,548 ) 242,776,520 256,212,452 Less current installments — (7,500,000 ) $ 242,776,520 $ 248,712,452 As of December 31, 2019, the credit facility consisted of a term loan facility On August 31, 2019, the Company borrowed $10.0 million un der WDMK-FM 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. The term loan facility 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. 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 5.75x for December 31, 2019 and 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, 2019, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $250.0 million. The guarantees for the credit facility expire on November 17, 2022 for the revolving credit facility and on November 1, 2023 for the term loan facility. 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, 2019, the Company was in compliance with all applicable financial covenants under the credit agreement. On November 14, 2019, Outlaws issued a promissory note for $16.5 million to the seller for partial acquisition of an esports The aggregate scheduled principal repayments of the credit facility and promissory note 2020 $ 7,500,000 2021 6,000,000 2022 11,000,000 2023 239,000,000 Total $ 263,500,000 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | (11) Leases The Company leases office space in several markets. Some leases are for the entire building , The Company leases radio towers for the majority of its radio stations. Leases for FM radio stations are generally to install broadcast equipment on a radio tower and in a transmitter building adjacent to the radio tower. Leases for AM radio stations are generally for the entire radio tower array and the adjacent transmitter building. The Company also leases tower space to install translator equipment. Certain rental agreements for office space and radio towers contain non-lease non-lease Consideration for office space and radio tower leases generally includes monthly payments with either a fixed annual increase or a variable annual increase based on a consumer price index. Leases with variable annual increases based on a consumer price index are initially measured using the index at the commencement date. Subsequent changes to variable increases based on a consumer price index will be recognized in the statement of operations in the period of change. The lease term begins at the commencement date and is determined on that date based on the noncancelable term of the lease, together with periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option. When evaluating whether the Company is reasonably certain to exercise an option to extend extension The Company rents certain office equipment, such as copiers, in several markets. Consideration for office equipment leases generally includes fixed monthly payments for the lease term. The lease term begins at the commencement date and is determined on that date based on the noncancelable term of the lease. Office equipment leases generally do not include options to extend the lease. The Company received several vehicles through acquisitions that have completed the original lease term and are now leased on a month to month basis. The vehicles are expected to be acquired or returned to the lessor within twelve months. The Company has made an accounting policy election to not record leases with a term of 12 months or less on its balance sheet. Instead, the Company recognizes lease payments as an expense on a straight-line basis over the lease term. The various discount rates used to calculate lease liabilities and right-of-use assets are based on the Company’s incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company’s incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company used the current borrowing rate on its credit facility, adjusted for the effects of collateralization, to determine the various rates it would pay to finance similar transactions over similar time periods. The Company leases certain office space and radio towers from related parties. The current lease expiration dates range from December 2020 2038 , right-of-use The Company elected to apply a package of practical expedients that allows it not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases. Certain amounts related to finance leases previously reported in the 2018 financial statements have been reclassified to conform to the 2019 presentation. The following table summarizes lease information as of and for the year ended December 31, 2019: Lease cost Operating lease cost $ 10,190,243 Finance lease cost: Amortization of right-of-use 22,088 Interest on lease liabilities 11,285 Short-term lease cost 28,800 Total lease cost $ 10,252,416 Other information Operating cash flows from operating leases $ 9,901,889 Operating cash flows from finance leases 11,285 Financing cash flows from finance leases 67,492 Right-of-use 5,523,800 Right-of-use — Weighted-average remaining lease term – operating leases 6.6 Weighted-average remaining lease term – finance leases 26.0 Weighted-average discount rate – operating leases 8.5 % Weighted-average discount rate – finance leases 3.9 % As of December 31, 2019, future minimum payments for operating and finance leases for the next five years and thereafter are summarized as follows: 2020 $ 10,572,301 2021 9,445,943 2022 8,196,446 2023 6,825,678 2024 5,587,119 Thereafter 18,051,059 Total lease payments 58,678,546 Less imputed interest (16,461,038 ) Present value of lease liabilities $ 42,217,508 As of December 31, 2018, future minimum payments for operating and finance leases for the next five years and thereafter were summarized as follows: 2019 $ 9,800,202 2020 9,946,823 2021 8,881,584 2022 7,662,679 2023 6,305,127 Thereafter 19,974,004 Total $ 62,570,419 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | (12) 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 $18,500 and $19,000 (or $24,500 and $25,000 if aged 50 years or older) in 2018 and 2019, respectively. No Supplemental Employee Retirement Plan The benefit obligations related to the frozen SERP of $9.0 million and $9.7 million are reported in other long-term liabilities in the consolidated balance sheets as of December 31, 2018 and 2019, respectively. The Company contributed $0.4 million to the SERP in both Defined Benefit Plan Effective May 31, 2017 the Company terminated the Greater Media, Inc. Pension Plan (the “Pension Plan”). In January 2018, a payment of $52.0 million was made from the trust to an insurance company to purchase annuities for the remaining participants who elected to receive annuity payments. As a result of the termination, the Company recognized a $1.0 million gain that was recorded in corporate expenses for the year ended December 31, 2018. This completed the recognition in earnings of the amount related to the Pension Plan that remained in accumulated other comprehensive income in the prior year. The Company contributed $0.2 million to the Pension Plan in 2018. The following tables summarize the SERP as of and for the year ended December 31, 2019: Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 9,038,825 Interest cost 340,302 Actuarial (gain) loss 712,728 Benefits paid (367,989 ) Benefit obligation at end of year $ 9,723,866 Change in Plan Assets Fair value of plan assets at beginning of year $ — Employer contribution 367,989 Benefits paid (367,989 ) Fair value of plan assets at end of year $ — Funded status $ (9,723,866 ) Unrecognized net actuarial (gain) loss 593,326 Cumulative employer contributions in excess of the net periodic pension cost $ (9,130,540 ) Amounts Recognized in the Statement of Financial Position Current liabilities (493,735 ) Noncurrent liabilities (9,230,131 ) Net amount recognized $ (9,723,866 ) Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ 593,326 Total (before tax effects) $ 593,326 Information for Pension Plans about Benefit Obligation and Plan Assets Projected benefit obligation $ 9,723,866 Accumulated benefit obligation $ 9,723,866 Weighted-average assumptions for Disclosure Discount rate 2.95 % Mortality table Pri-2012 Mortality improvement scale MP-2019 Net periodic benefit cost Interest cost $ 340,302 Net periodic benefit cost $ 340,302 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ 712,728 Total recognized in other comprehensive income (before tax effects) $ 712,728 Total recognized in net cost and other comprehensive income (before tax effects) $ 1,053,030 Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition $ — Prior service cost recognition $ — Net initial obligation (asset) recognition $ — Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 4.00 % Corridor 10.00 % Average future working lifetime 6.46 Mortality table RP-2014 Mortality improvement scale MP-2018 Estimated Future Benefit Payments 2020 $ 493,735 2021 $ 526,686 2022 $ 525,699 2023 $ 536,247 2024 $ 558,823 2025-2029 $ 2,871,799 Contributions Estimated contributions for 2020 $ 493,735 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 % |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | (13) 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 $0.2 million to repurchase 67,154 shares in 2019. 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 $5.4 million in 2018 and $5.5 million in 2019. On December 9, 2019, 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 10, 2020, to stockholders of record on December 31, 2019. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (14) Revenue Revenue is comprised of the following: Year ended December 31, 2018 2019 Commercial advertising $ 222,763,906 $ 223,832,448 Digital advertising 15,485,353 20,297,476 Other revenue 19,245,340 17,424,190 $ 257,494,599 $ 261,554,114 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, Deferred revenue $ 1,868,223 $ 3,639,077 Year ended December 31, 2018 2019 Losses on receivables $ 2,455,628 $ 557,582 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, Trade sales receivable $ 1,606,283 $ 1,691,295 Trade sales payable 1,250,454 2,180,783 Year ended December 31, 2018 2019 Trade sales revenue $ 9,108,757 $ 8,710,014 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, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (15) 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- Grant-Date Unvested as of January 1, 2018 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 Granted 343,518 3.49 Vested (201,300 ) 9.03 Forfeited (95,384 ) 4.50 Unvested as of December 31, 2019 476,667 $ 4.94 A summary of restricted stock activity is presented below: Shares Weighted- Grant-Date Unvested as of January 1, 2018 180,319 $ 5.47 Vested (30,700 ) 5.49 Forfeited (48,119 ) 8.35 Unvested as of December 31, 2018 101,500 6.42 Vested (54,000 ) 5.11 Forfeited (15,500 ) 4.07 Unvested as of December 31, 2019 32,000 $ 5.01 As of December 31, 2019, there was $1.9 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 2.7 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (16) Income Taxes Income tax expense is as follows: Year ended December 31, 2018 2019 Current: Federal $ 3,043,583 $ 6,258,953 State 902,863 2,092,750 3,946,446 8,351,703 Deferred: Federal 2,741,821 (1,607,189 ) State 5,007,279 (146,763 ) 7,749,100 (1,753,952 ) $ 11,695,546 $ 6,597,751 Income tax expense differs from the amounts that would result from applying the federal statutory rate of 21% to the Company’s income before taxes as follows: Year ended December 31, 2018 2019 Expected tax expense $ 3,817,085 $ 4,166,309 State income taxes, net of federal benefit 1,957,508 4,263,192 Gain on merger 927,344 — Tax rate adjustments 294,924 290,381 Change in valuation allowance 3,432,284 (3,450,458 ) Non-deductible 1,140,948 1,055,121 Other 125,453 273,207 $ 11,695,546 $ 6,597,751 Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: December 31, 2018 2019 Deferred tax assets: Allowance for doubtful accounts $ 530,744 $ 567,702 Other assets (1,647,113 ) (979,560 ) Accrued expenses 412,165 786,001 Other long-term liabilities 2,729,442 2,663,792 Stock-based compensation 141,960 149,087 Net operating losses 3,726,364 94,878 Subtotal 5,893,562 3,281,900 Valuation allowance (3,760,454 ) (311,214 ) Total 2,133,108 2,970,686 Deferred tax liabilities: Prepaid expenses (99,187 ) (91,665 ) Property and equipment (2,858,163 ) (1,827,323 ) Intangibles (122,088,303 ) (122,182,694 ) Total (125,045,653 ) (124,101,682 ) Net deferred tax liabilities $ (122,912,545 ) $ (121,130,996 ) As of December 31, 2019, the Company has state net operating losses of $1.5 million, which expire in 2031. As of December 31, 2018 and 2019, 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 2015. In the fourth quarter of 2019, the Internal Revenue Service completed an examination of the Company’s 2015, 2016 and 2017 federal income tax returns that resulted in no changes to the returns. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (17) Earnings Per Share Net income per share calculation information is as follows: Year ended December 31, 2018 2019 Net income $ 6,481,049 $ 14,403,282 Weighted-average shares outstanding: Basic 27,444,110 27,730,392 Effect of dilutive restricted stock 89,873 47,458 Diluted 27,533,983 27,777,850 Net income attributable to BBGI stockholders per Class A and Class B common share – basic and diluted $ 0.24 $ 0.52 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (18) 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 Beasley Family Towers, LLC The Company leases towers for two radio stations 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 agreements expire on various dates through December 31, 2038 0.1 0.2 The Company sold the tower for one 1.3 , 0.8 right-of-use , 13,000 11,000 The Company leases several towers for one April 30, 2021 Rental expense was $ 0.1 The Company leases towers for 19 December 28, 2020 0.4 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 45,000 44,000 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, 2024 0.2 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 0.2 LN2 DB, LLC On March 25, 2011, the Company contributed $ 250,000 25,000 20 104,167 104,167 166,667 166,667 150,000 18 187,618 150,000 20 In January 2020, LN2 DB, LLC completed a study of its patents, which concluded that none of them had any significant remaining market value. Therefore, LN2 DB, LLC may decide to dissolve itself in the near future. The Company recorded an impairment loss of $1.3 million for the year ended December 31, 2019. Wintersrun Communications, LLC 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 million then leased back the tower under an agreement which expires on December 31, 2025. , , 0.3 right-of-use 0.1 The Company leased a tower for one . The lease agreement expires on October 16, 2025. Rental expense was approximately $ 31,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (19) Commitments and Contingencies The Company has various commitments for rating services and on-air 2020 $ 23,682,583 2021 24,283,606 2022 24,126,621 2023 7,373,106 2024 6,750,000 Thereafter 41,525,000 Total $ 127,740,916 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, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (20) 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, promissory note |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019 Column A Description Column B Balance at Column C Column D Column E 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 Year ended December 31, 2019: Allowance for doubtful accounts (deducted from accounts receivable) 2,010,721 692,460 557,582 2,145,599 Valuation allowance for deferred tax assets 3,760,454 87,665 3,536,905 311,214 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 The Company holds approximately a 90% economic interest in the Outlaws. Net assets and results of operations for Outlaws as of and for the year ended December 31, 2019 are not significant. 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) future cash flows used for testing recoverability of property and equipment; (iii) fair values used for testing FCC licenses and goodwill for impairment; (iv) estimates used to determine the incremental borrowing rate to record lease liabilities and related right-of-use assets (v) the realization of deferred tax assets, and (vi) actuarial assumptions related to the SERP. 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 Licenses | FCC Licenses FCC 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 licenses for the years ended December 31, 2018 and 2019. The weighted-average period before the next renewal of the Company’s FCC licenses is 2.8 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 and the Outlaws as its reporting units. See Note 6 for changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2019. |
Other Intangibles | Other Intangibles Other intangibles include advertiser relationships, franchise rights and sponsorship base , |
Investments | Investments Other assets include investments in Quu, Inc. (“Quu”) and Renegades Holdings, Inc. (“Renegades”). The Company is considered to have the ability to exercise significant influence over the operating and financial policies of Quu and Renegades. Therefore, the investments in Quu and Renegades are accounted for using the equity method. The Company will recognize its share of the earnings of Quu and Renegades in the periods for which they are reported. Any loss in value of the investments that is other than a temporary decline will be recognized. Other assets also include a noncontrolling interest in AUDIOis which does not have a readily determinable fair value and therefore is 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. |
Leases | Leases. The Company determines whether a contract is or contains a lease at inception. The term for each lease agreement includes the noncancellable period specified in the agreement together with (1) the periods covered by options to extend the lease if the Company is reasonably certain to exercise that option, (2) periods covered by an option to terminate if the Company is reasonably certain not to exercise that option and (3) period covered by an option to extend (or not terminate) if controlled by the lessor. The lease liabilities and the related right-of use assets are calculated based on the present value of the lease payments using (1) the rate implicit in the lease or (2) the lessee’s incremental borrowing rate (“IBR”). IBR is defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. |
Supplemental Employee Retirement Plan | Supplemental Employee Retirement Plan The costs and liabilities of the Supplemental Employee Retirement Plan (“SERP”) are determined using actuarial valuations. An actuarial valuation involves making various assumptions that include the discount rate and mortality rates. The discount rate is based on matching the cash flows of the SERP to the FTSE Pension Discount Curve. The mortality assumptions are based on the mortality tables and mortality improvement scales that are selected based on the most recent study of the Society of Actuaries. The SERP is frozen so future employment does not change the benefit amounts. Actual results will differ from results which are estimated based on assumptions. |
Treasury Stock [Policy Text Block] | 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 equity that, under accounting principles generally accepted in the United States of America , |
Earnings per Share | Earnings per Share Basic net income per share is computed by dividing net income attributable to common stockholders of the Company 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 and Tampa-Saint Petersburg, FL collectivel y |
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, the Financial Accounting Standards Board (“FASB”) issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use , , right-of-use |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Pro forma Information | The following unaudited pro forma information for the year ended December 31, 2018 assumes that the acquisition of WXTU-FM Net revenue $ 262,769,627 Operating income 42,439,544 Net income 16,120,586 Basic and diluted net income per share 0.59 |
CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | |
Schedule of Purchase Price Allocation | The purchase price allocation is summarized as follows: Property and equipment $ 357,734 FCC license 27,346,200 Goodwill 10,102,183 Other intangibles 193,883 $ 38,000,000 |
Schedule of Assumptions Used in Valuation of FCC Licenses | The key assumptions used in the valuation of the FCC 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% |
WDMK-FM [Member] | |
Schedule of Purchase Price Allocation | The assets acquired are summarized as follows: Property and equipment $ 432,588 FCC licenses 12,891,117 Other intangibles 176,295 $ 13,500,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment is comprised of the following: December 31, Estimated 2018 2019 Land $ 18,895,107 $ 13,471,312 — Buildings and improvements 22,239,322 22,114,228 15-30 Broadcast equipment 37,939,156 35,223,342 5-15 Transportation equipment 2,228,450 2,379,818 5 Office equipment 5,188,968 6,061,531 5-10 Construction in progress 2,153,238 8,725,339 — 88,644,241 87,975,570 Less accumulated depreciation and amortization (31,565,789 ) (34,161,968 ) $ 57,078,452 $ 53,813,602 |
FCC Licenses (Tables)
FCC Licenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Carrying Amount of Broadcasting Licenses | Changes in the carrying amount of FCC licenses for the years ended December 31, 2018 and 2019 are as follows: Balance as of January 1, 2018 $ 489,186,679 Acquisitions of translator licenses 202,675 Business acquisition (see Note 3) 27,346,200 Balance as of December 31, 2018 516,735,554 Asset acquisition (see Note 3) 13,155,601 Impairment losses (12,361,988 ) Balance as of December 31, 2019 $ 517,529,167 |
Discounted Cash Flow Analyses | The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates 0.5% - 1.4% Market revenue shares at maturity 0.6% - 1.1% Operating income margins at maturity 27.5% - 29.8% Discount rate 9.0% |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019 are as follows: Balance as of January 1, 2018 $ 15,275,264 Business acquisition (see Note 3) 10,102,183 Balance as of December 31, 2018 25,377,447 Business acquisition (see Note 3) 3,219,100 Balance as of December 31, 2019 $ 28,596,547 |
Other Intangibles (Tables)
Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangibles Acquired | Other intangibles as of December 31, 2019 are comprised of the following: Asset Accumulated amortization Net asset Amortization period (years) Advertiser relationships $ 2,819,879 $ (1,495,465 ) $ 1,324,414 6-11 Assembled workforce 176,295 (58,765 ) 117,530 1 Franchise rights 25,149,300 (42,993 ) 25,106,307 10 Sponsorship base 1,164,600 (79,292 ) 1,085,308 2 Sports program rights 267,400 (179,216 ) 88,184 3 29,577,474 (1,855,731 ) 27,721,743 Brands 1,582,663 — 1,582,663 Other intangibles with indefinite lives 28,824 — 28,824 $ 31,188,961 $ (1,855,731 ) $ 29,333,230 Other intangibles as of December 31, 2018 are comprised of the following: Asset Accumulated amortization Net asset Amortization period (years) Advertiser relationships $ 2,819,879 $ (1,292,300 ) $ 1,527,579 6-11 Advertiser lists 16,251 (11,732 ) 4,519 3 Sports program rights 267,400 (91,032 ) 176,368 3 3,103,530 (1,395,064 ) 1,708,466 Brands 1,085,888 — 1,085,888 Other intangibles with indefinite lives 28,824 — 28,824 $ 4,218,242 $ (1,395,064 ) $ 2,823,178 |
Summary of Estimated Future Amortization Expense Related to Intangible Assets | The Company recorded amortization expense of $0.5 million for each of the years ended December 31, 2018 and 2019. Estimated future amortization expense related to intangible assets subject to amortization for the next five years and thereafter is as follows: 2020 $ 3,474,036 2021 3,161,987 2022 2,648,020 2023 2,648,020 2024 2,648,020 Thereafter 13,141,660 Total $ 27,721,743 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | (9) Other Current Liabilities Other current liabilities are comprised of the following: December 31, 2018 2019 Accrued payroll expenses $ 7,120,055 $ 8,126,091 Income taxes payable 290,341 4,483,800 Deferred revenue 1,868,223 3,639,077 Franchise fee payable — 2,500,000 Dividends payable 1,367,761 1,396,621 Trade sales payable 1,250,454 2,180,783 Deferred rent 1,561,486 — Other accrued expenses 5,722,788 5,737,995 $ 19,181,108 $ 28,064,367 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, December 31, Credit facility - term loan $ 252,000,000 $ 239,000,000 Credit facility - revolving credit facility — 11,000,000 Promissory note — 13,500,000 252,000,000 263,500,000 Less unamortized debt issuance costs (9,223,480 ) (7,287,548 ) 242,776,520 256,212,452 Less current installments — (7,500,000 ) $ 242,776,520 $ 248,712,452 |
Scheduled Repayments of Credit Facility | The aggregate scheduled principal repayments of the credit facility and promissory note 2020 $ 7,500,000 2021 6,000,000 2022 11,000,000 2023 239,000,000 Total $ 263,500,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of lease information | The following table summarizes lease information as of and for the year ended December 31, 2019: Lease cost Operating lease cost $ 10,190,243 Finance lease cost: Amortization of right-of-use 22,088 Interest on lease liabilities 11,285 Short-term lease cost 28,800 Total lease cost $ 10,252,416 Other information Operating cash flows from operating leases $ 9,901,889 Operating cash flows from finance leases 11,285 Financing cash flows from finance leases 67,492 Right-of-use 5,523,800 Right-of-use — Weighted-average remaining lease term – operating leases 6.6 Weighted-average remaining lease term – finance leases 26.0 Weighted-average discount rate – operating leases 8.5 % Weighted-average discount rate – finance leases 3.9 % |
Schedule of future minimum lease payments | As of December 31, 2019, future minimum payments for operating and finance leases for the next five years and thereafter are summarized as follows: 2020 $ 10,572,301 2021 9,445,943 2022 8,196,446 2023 6,825,678 2024 5,587,119 Thereafter 18,051,059 Total lease payments 58,678,546 Less imputed interest (16,461,038 ) Present value of lease liabilities $ 42,217,508 As of December 31, 2018, future minimum payments for operating and finance leases for the next five years and thereafter were summarized as follows: 2019 $ 9,800,202 2020 9,946,823 2021 8,881,584 2022 7,662,679 2023 6,305,127 Thereafter 19,974,004 Total $ 62,570,419 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Summary of Change in Projected Benefit Obligation | The following tables summarize the SERP as of and for the year ended December 31, 2019: Change in Projected Benefit Obligation Benefit obligation at beginning of year $ 9,038,825 Interest cost 340,302 Actuarial (gain) loss 712,728 Benefits paid (367,989 ) Benefit obligation at end of year $ 9,723,866 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 |
Summary of Change in Plan Assets | Change in Plan Assets Fair value of plan assets at beginning of year $ — Employer contribution 367,989 Benefits paid (367,989 ) Fair value of plan assets at end of year $ — Funded status $ (9,723,866 ) Unrecognized net actuarial (gain) loss 593,326 Cumulative employer contributions in excess of the net periodic pension cost $ (9,130,540 ) 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 ) |
Summary of Amounts Recognized in Statement of Financial Position | Amounts Recognized in the Statement of Financial Position Current liabilities (493,735 ) Noncurrent liabilities (9,230,131 ) Net amount recognized $ (9,723,866 ) 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 ) |
Summary of Amounts Recognized in Accumulated Other Comprehensive Income | Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ 593,326 Total (before tax effects) $ 593,326 Pension Plan SERP Amounts Recognized in Accumulated Other Comprehensive Income Net actuarial loss (gain) $ — $ (119,402 ) Total (before tax effects) $ — $ (119,402 ) |
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets | Information for Pension Plans about Benefit Obligation and Plan Assets Projected benefit obligation $ 9,723,866 Accumulated benefit obligation $ 9,723,866 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 |
Summary of Weighted-Average Assumptions for Disclosure | Weighted-average assumptions for Disclosure Discount rate 2.95 % Mortality table Pri-2012 Mortality improvement scale MP-2019 Pension Plan Weighted-average assumptions for Disclosure Discount rate N/A 4.00 % |
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic benefit cost Interest cost $ 340,302 Net periodic benefit cost $ 340,302 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 |
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain) loss $ 712,728 Total recognized in other comprehensive income (before tax effects) $ 712,728 Total recognized in net cost and other comprehensive income (before tax effects) $ 1,053,030 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 ) |
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year | Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year (Gain) loss recognition $ — Prior service cost recognition $ — Net initial obligation (asset) recognition $ — 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 $ — |
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine Net Periodic Benefit Cost Discount rate 4.00 % Corridor 10.00 % Average future working lifetime 6.46 Mortality table RP-2014 Mortality improvement scale MP-2018 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 % |
Summary of Estimated Future Benefit Payments | Estimated Future Benefit Payments 2020 $ 493,735 2021 $ 526,686 2022 $ 525,699 2023 $ 536,247 2024 $ 558,823 2025-2029 $ 2,871,799 |
Summary of Estimated Contributions | Contributions Estimated contributions for 2020 $ 493,735 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Composition of Revenue | Revenue is comprised of the following: Year ended December 31, 2018 2019 Commercial advertising $ 222,763,906 $ 223,832,448 Digital advertising 15,485,353 20,297,476 Other revenue 19,245,340 17,424,190 $ 257,494,599 $ 261,554,114 |
Deferred Revenue | December 31, December 31, Deferred revenue $ 1,868,223 $ 3,639,077 |
Trade Sale Revenue | December 31, December 31, Trade sales receivable $ 1,606,283 $ 1,691,295 Trade sales payable 1,250,454 2,180,783 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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- Grant-Date Unvested as of January 1, 2018 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 Granted 343,518 3.49 Vested (201,300 ) 9.03 Forfeited (95,384 ) 4.50 Unvested as of December 31, 2019 476,667 $ 4.94 A summary of restricted stock activity is presented below: Shares Weighted- Grant-Date Unvested as of January 1, 2018 180,319 $ 5.47 Vested (30,700 ) 5.49 Forfeited (48,119 ) 8.35 Unvested as of December 31, 2018 101,500 6.42 Vested (54,000 ) 5.11 Forfeited (15,500 ) 4.07 Unvested as of December 31, 2019 32,000 $ 5.01 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense is as follows: Year ended December 31, 2018 2019 Current: Federal $ 3,043,583 $ 6,258,953 State 902,863 2,092,750 3,946,446 8,351,703 Deferred: Federal 2,741,821 (1,607,189 ) State 5,007,279 (146,763 ) 7,749,100 (1,753,952 ) $ 11,695,546 $ 6,597,751 |
Schedule of Income Tax Expense (Benefit) , Federal Statutory Rate | Income tax expense differs from the amounts that would result from applying the federal statutory rate of 21% to the Company’s income before taxes as follows: Year ended December 31, 2018 2019 Expected tax expense $ 3,817,085 $ 4,166,309 State income taxes, net of federal benefit 1,957,508 4,263,192 Gain on merger 927,344 — Tax rate adjustments 294,924 290,381 Change in valuation allowance 3,432,284 (3,450,458 ) Non-deductible 1,140,948 1,055,121 Other 125,453 273,207 $ 11,695,546 $ 6,597,751 |
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, 2018 2019 Deferred tax assets: Allowance for doubtful accounts $ 530,744 $ 567,702 Other assets (1,647,113 ) (979,560 ) Accrued expenses 412,165 786,001 Other long-term liabilities 2,729,442 2,663,792 Stock-based compensation 141,960 149,087 Net operating losses 3,726,364 94,878 Subtotal 5,893,562 3,281,900 Valuation allowance (3,760,454 ) (311,214 ) Total 2,133,108 2,970,686 Deferred tax liabilities: Prepaid expenses (99,187 ) (91,665 ) Property and equipment (2,858,163 ) (1,827,323 ) Intangibles (122,088,303 ) (122,182,694 ) Total (125,045,653 ) (124,101,682 ) Net deferred tax liabilities $ (122,912,545 ) $ (121,130,996 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | Net income per share calculation information is as follows: Year ended December 31, 2018 2019 Net income $ 6,481,049 $ 14,403,282 Weighted-average shares outstanding: Basic 27,444,110 27,730,392 Effect of dilutive restricted stock 89,873 47,458 Diluted 27,533,983 27,777,850 Net income attributable to BBGI stockholders per Class A and Class B common share – basic and diluted $ 0.24 $ 0.52 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments for the Next Five Years and Thereafter | As of December 31, 2019, future minimum payments for the next five years and thereafter are summarized as follows: 2020 $ 23,682,583 2021 24,283,606 2022 24,126,621 2023 7,373,106 2024 6,750,000 Thereafter 41,525,000 Total $ 127,740,916 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Automatic-Renewal | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | 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 9 months 18 days | ||
Operating Lease, Liability | $ 42,217,508 | ||
Operating Lease, Right-of-Use Asset | $ 39,768,910 | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating Lease, Liability | $ 43,100,000 | ||
Operating Lease, Right-of-Use Asset | 38,800,000 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Retained Earnings | $ 900,000 | ||
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 | 60.70% | 58.80% |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) - USD ($) | Nov. 14, 2019 | Oct. 25, 2019 | Aug. 31, 2019 | Mar. 28, 2019 | Mar. 15, 2019 | Sep. 27, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 13, 2019 | Jun. 18, 2018 | Apr. 03, 2015 | Apr. 04, 2014 | Apr. 10, 2013 |
Business Acquisition [Line Items] | ||||||||||||||||
Gain on sale of assets | $ 20,657,360 | |||||||||||||||
Asset purchase agreement, cash purchase price | 17,264,484 | $ 39,520,000 | ||||||||||||||
Business acquisition,transaction expenses | $ 400,000 | |||||||||||||||
Proceeds from sale of assets | 26,349,462 | |||||||||||||||
Business acquisition liabilitites assumed | $ 10,000,000 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Transaction Costs | 400,000 | |||||||||||||||
Renegades Holdings, Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | 45.00% | 45.00% | ||||||||||||
Augusta GA [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Gain on sale of assets | $ 400,000 | |||||||||||||||
Proceeds from sale of assets | $ 500,000 | |||||||||||||||
Operating and Broadcast Rights [Member] | Clearwire [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Gain on cancelation of license | $ 3,100,000 | |||||||||||||||
Proceeds from cancellation of license | $ 3,300,000 | |||||||||||||||
Land [Member] | Las Vegas NV [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Gain on sale of assets | $ 7,900,000 | |||||||||||||||
Proceeds from sale of assets | $ 13,500,000 | |||||||||||||||
Land [Member] | Boca Raton, FL [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Gain on sale of assets | 6,500,000 | |||||||||||||||
Proceeds from sale of assets | $ 7,100,000 | |||||||||||||||
Radio Tower Member [Member] | Tampa FL And New Jersey Member [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Gain on sale of assets | $ 2,000,000 | |||||||||||||||
Proceeds from sale of assets | $ 2,400,000 | |||||||||||||||
WXTU-FM [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
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 | |||||||||||||||
Transaction Costs | $ 100,000 | |||||||||||||||
WDMK [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Asset purchase agreement, cash purchase price | $ 13,500,000 | |||||||||||||||
Business acquisition partially financed by borrowings | 10,000,000 | |||||||||||||||
Business acquisition partially funded in cash | 3,500,000 | |||||||||||||||
Business acquisition,transaction expenses | 300,000 | |||||||||||||||
Transaction Costs | $ 300,000 | |||||||||||||||
Out Laws [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition acquisition of ownership interest | 80.00% | |||||||||||||||
Business combination contingent payment agreed | 3,600,000 | |||||||||||||||
Out Laws [Member] | Franchise Fees Payable [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition liabilitites assumed | $ 10,000,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Schedule of Assumptions Used in Valuation of FCC Licenses (Detail) - CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 5.40% |
Operating income margins at maturity | 30.50% |
Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 9.00% |
Minimum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 0.60% |
Operating income margins at maturity | 27.50% |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 0.60% |
Maximum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 1.10% |
Operating income margins at maturity | 29.80% |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 1.30% |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Schedule of Purchase Price Allocation (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 28,596,547 | $ 25,377,447 | $ 15,275,264 |
WDMK-FM [Member] | |||
Business Acquisition [Line Items] | |||
Property and equipment | 432,588 | ||
FCC license | 12,891,117 | ||
Other intangibles | 176,295 | ||
Net assets acquired | 13,500,000 | ||
WXTU-FM [Member] | |||
Business Acquisition [Line Items] | |||
Property and equipment | 357,734 | ||
FCC license | 27,346,200 | ||
Goodwill | 10,102,183 | ||
Other intangibles | 193,883 | ||
Net assets acquired | $ 38,000,000 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Summary of Pro forma Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | |
Net revenue | $ 262,769,627 |
Operating income | 42,439,544 |
Net income | $ 16,120,586 |
Basic and diluted net income per share | $ / shares | $ 0.59 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 87,975,570 | $ 88,644,241 |
Less accumulated depreciation and amortization | (34,161,968) | (31,565,789) |
Property and equipment, net | 53,813,602 | 57,078,452 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,471,312 | 18,895,107 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 22,114,228 | 22,239,322 |
Broadcast Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 35,223,342 | 37,939,156 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,379,818 | 2,228,450 |
Estimated useful lives (years) | 5 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 6,061,531 | 5,188,968 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,725,339 | $ 2,153,238 |
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 7.3 | $ 6.6 |
FCC Licenses - Carrying Amount
FCC Licenses - Carrying Amount of FCC License (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FCC Licenses [Line Items] | ||
Beginning Balance | $ 516,735,554 | |
Ending Balance | 517,529,167 | $ 516,735,554 |
FCC License [Member] | ||
FCC Licenses [Line Items] | ||
Beginning Balance | 516,735,554 | 489,186,679 |
Acquisitions of translator licenses | 202,675 | |
Asset acquisition | 27,346,200 | |
Ending Balance | $ 516,735,554 | |
Outlaws [Member] | FCC License [Member] | ||
FCC Licenses [Line Items] | ||
Asset acquisition | 13,155,601 | |
Impairment losses | (12,361,988) | |
Ending Balance | $ 517,529,167 |
FCC Licenses - Additional Infor
FCC Licenses - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Atlanta, GA and West Palm Beach [Member] | FCC License [Member] | |
FCC Licenses [Line Items] | |
Impairment losses | $ 12.4 |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 25,377,447 | $ 15,275,264 |
Business/Consolidated/acquisition/affiliate | 3,219,100 | 10,102,183 |
Ending Balance | $ 28,596,547 | $ 25,377,447 |
Other Intangibles - Summary of
Other Intangibles - Summary of Other Intangibles Acquired (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 29,577,474 | $ 3,103,530 |
Accumulated amortization | (1,855,731) | (1,395,064) |
Net asset | 27,721,743 | 1,708,466 |
Other Intangible Assets Gross | 31,188,961 | 4,218,242 |
Other Intangible Assets Accumulated Amortization | (1,855,731) | (1,395,064) |
Other intangibles, net | 29,333,230 | 2,823,178 |
Advertiser Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | 2,819,879 | 2,819,879 |
Accumulated amortization | (1,495,465) | (1,292,300) |
Net asset | $ 1,324,414 | $ 1,527,579 |
Advertiser Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period (years) | 11 years | 11 years |
Advertiser Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period (years) | 6 years | 6 years |
Advertiser Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 16,251 | |
Accumulated amortization | (11,732) | |
Net asset | $ 4,519 | |
Amortization period (years) | 3 years | |
Assembled Workforce [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 176,295 | |
Accumulated amortization | (58,765) | |
Net asset | $ 117,530 | |
Amortization period (years) | 1 year | |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 25,149,300 | |
Accumulated amortization | (42,993) | |
Net asset | $ 25,106,307 | |
Amortization period (years) | 10 years | |
Affiliate Sponsorship Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 1,164,600 | |
Accumulated amortization | (79,292) | |
Net asset | $ 1,085,308 | |
Amortization period (years) | 2 years | |
Sports Program Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets | $ 267,400 | $ 267,400 |
Accumulated amortization | (179,216) | (91,032) |
Net asset | $ 88,184 | $ 176,368 |
Amortization period (years) | 3 years | 3 years |
Brand [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets net | $ 1,582,663 | $ 1,085,888 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets net | $ 28,824 | $ 28,824 |
Other Intangibles - Additional
Other Intangibles - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Liability Disclosure [Abstract] | ||
Amortization expense | $ 0.5 | $ 0.5 |
Other Intangibles - Summary o_2
Other Intangibles - Summary of Estimated Future Amortization Expense Related to Intangible Assets (Detail) | Dec. 31, 2019USD ($) |
Intangible Liability Disclosure [Abstract] | |
2020 | $ 3,474,036 |
2021 | 3,161,987 |
2022 | 2,648,020 |
2023 | 2,648,020 |
2024 | 2,648,020 |
Thereafter | 13,141,660 |
Finite lived intangible assets net | $ 27,721,743 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) | Aug. 22, 2019 | Mar. 01, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Nov. 13, 2019 | Jun. 18, 2018 | Apr. 03, 2015 | Apr. 04, 2014 | Apr. 10, 2013 |
Other Assets [Line Items] | ||||||||||||
Payments to acquire equity method investments | $ 5,009,999 | $ 1,680,000 | ||||||||||
Equity method investment ownership percentage | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||
Renegades Holdings, Inc. [Member] | ||||||||||||
Other Assets [Line Items] | ||||||||||||
Business combination transferred others | $ 1,000,000 | |||||||||||
Payments to acquire equity method investments | 2,500,000 | |||||||||||
Equity method investment aggregate cost | $ 4,500,000 | $ 500,000 | ||||||||||
Equity method investments number of shares acquired | 3,750,000 | 833,334 | 416,666 | |||||||||
Equity method investment ownership percentage | 45.00% | 45.00% | 45.00% | |||||||||
Carrying value of investment | $ 5,700,000 | $ 5,700,000 | ||||||||||
Renegades Holdings, Inc. [Member] | Forecast [Member] | ||||||||||||
Other Assets [Line Items] | ||||||||||||
Equity method investment aggregate cost | $ 1,000,000 | |||||||||||
Quu Inc [Member] | ||||||||||||
Other Assets [Line Items] | ||||||||||||
Payments to acquire equity method investments | $ 1,500,000 | |||||||||||
Equity method investments number of shares acquired | 10,000,000 | |||||||||||
Equity method investment ownership percentage | 35.00% | |||||||||||
Fair value adjustment On equity method investments | $ (100,000) | |||||||||||
Carrying value of investment | $ 2,200,000 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,949,306 | |||||||||||
Common Class A [Member] | Renegades Holdings, Inc. [Member] | ||||||||||||
Other Assets [Line Items] | ||||||||||||
Equity method investment, Number of shares issued | 235,296 | |||||||||||
Equity method investment, Value of shares issued | $ 1,000,000 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Accrued payroll expenses | $ 8,126,091 | $ 7,120,055 |
Income taxes payable | 4,483,800 | 290,341 |
Deferred revenue | 3,639,077 | 1,868,223 |
Franchise fee payable | 2,500,000 | |
Dividends payable | 1,396,621 | 1,367,761 |
Trade sales payable | 2,180,783 | 1,250,454 |
Deferred rent | 1,561,486 | |
Other accrued expenses | 5,737,995 | 5,722,788 |
Other current liabilities | $ 28,064,367 | $ 19,181,108 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Dec. 31, 2019 | Nov. 14, 2019 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | |||
Long-term debt, net of current portion | $ 248,712,452 | $ 242,776,520 | |
Total debt | 263,500,000 | 252,000,000 | |
Long-term debt | 248,712,452 | 242,776,520 | |
Less unamortized debt issuance costs | (7,287,548) | (9,223,480) | |
Less current installments | (7,500,000) | ||
Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Total debt | 252,600,000 | $ 252,000,000 | |
Revolving Credit Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Total debt | 11,000,000 | ||
Long-term debt | 11,000,000 | ||
Promissory Note [Member] | |||
Line of Credit Facility [Line Items] | |||
Total debt | $ 13,500,000 | $ 13,500,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Nov. 14, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 263,500,000 | $ 252,000,000 | |
Credit facility interest rate margins | 2.00% | ||
Revolving credit outstanding balance | $ 248,712,452 | 242,776,520 | |
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 | $ 252,600,000 | $ 252,000,000 | |
Revolving credit loan and term loan carried interest | 5.80% | ||
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] | |||
Long-term debt | $ 11,000,000 | ||
Revolving credit facility maximum commitment | $ 20,000,000 | ||
Revolving credit loan and term loan carried interest | 5.80% | 6.50% | |
Remaining commitments under the revolving credit loan facility | $ 9,000,000 | ||
Revolving credit outstanding balance | 11,000,000 | ||
Borrowing from revolving facility | $ 10,000,000 | ||
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 | ||
Promissory Note [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 13,500,000 | $ 13,500,000 | |
Promissory notes issued | $ 16,500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Existing Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 250,000,000 | ||
Mandatory prepayments of consolidated excess cash flow due period | 95 days | ||
Mandatory prepayments of consolidated excess cash flow required by existing credit agreement | 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; | ||
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% | ||
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 (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 7,500,000 | |
2021 | 6,000,000 | |
2022 | 11,000,000 | |
2023 | 239,000,000 | |
Total | $ 263,500,000 | $ 252,000,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Maximum [Member] | |
Operating Leases, Rent Expense | $ 200,000 |
Lease Expiration Date | Dec. 31, 2038 |
Minimum [Member] | |
Operating Leases, Rent Expense | $ 11,000 |
Lease Expiration Date | Dec. 31, 2020 |
Leases - Summary Of Lease Cost
Leases - Summary Of Lease Cost (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 10,190,243 |
Finance lease cost: | |
Amortization of right-of-use assets | 22,088 |
Interest on lease liabilities | 11,285 |
Short-term lease cost | 28,800 |
Total lease cost | 10,252,416 |
Other information | |
Operating cash flows from operating leases | 9,901,889 |
Operating cash flows from finance leases | 11,285 |
Financing cash flows from finance leases | 67,492 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 5,523,800 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0 |
Weighted-average remaining lease term – operating leases | 6 years 7 months 6 days |
Weighted-average remaining lease term – finance leases | 26 years |
Weighted-average discount rate – operating leases | 8.50% |
Weighted-average discount rate – finance leases | 3.90% |
Leases - Summary Of Future Mini
Leases - Summary Of Future Minimum Payments (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
2019 | $ 9,800,202 | |
2020 | $ 10,572,301 | 9,946,823 |
2021 | 9,445,943 | 8,881,584 |
2022 | 8,196,446 | 7,662,679 |
2023 | 6,825,678 | 6,305,127 |
2024 | 5,587,119 | |
Thereafter | 18,051,059 | 19,974,004 |
Total lease payments | 58,678,546 | $ 62,570,419 |
Less imputed interest | (16,461,038) | |
Present value of lease liabilities | $ 42,217,508 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 19,000 | $ 18,500 | ||
Employer matching contributions to defined contribution plan | 0 | 0 | ||
Employee Age Fifty and Above [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Amount of employee contribution to defined contribution plan | 25,000 | 24,500 | ||
Pension Plan [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Benefit obligations in excess of the fair value of plan assets | $ 52,197,520 | |||
Contributions to the plan | 213,532 | |||
Pension plan termination date | May 31, 2017 | |||
Payments to acquire annuities | $ 52,000,000 | |||
Supplemental Employee Retirement Plan [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Benefit obligations in excess of the fair value of plan assets | $ 9,723,866 | 9,038,825 | $ 9,616,702 | |
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 | $ 367,989 | 356,354 | ||
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 | $ 9,700,000 | 9,000,000 | ||
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 | $ 1,000,000 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Change in Benefit Obligation (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Change in Projected Benefit Obligation | ||
Benefit obligation at beginning of year | $ 52,197,520 | |
Interest cost | 28,282 | |
Actuarial (gain) loss | 77,121 | |
Settlements | (52,057,333) | |
Benefits paid | (245,590) | |
Supplemental Employee Retirement Plan [Member] | ||
Change in Projected Benefit Obligation | ||
Benefit obligation at beginning of year | $ 9,038,825 | 9,616,702 |
Interest cost | 340,302 | 319,143 |
Actuarial (gain) loss | 712,728 | (540,666) |
Benefits paid | (367,989) | (356,354) |
Benefit obligation at end of year | $ 9,723,866 | $ 9,038,825 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Change in Plan Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
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 | |
Settlements | (52,057,333) | |
Benefits paid | (245,590) | |
Supplemental Employee Retirement Plan [Member] | ||
Change in Plan Assets | ||
Employer contribution | $ 367,989 | 356,354 |
Benefits paid | (367,989) | (356,354) |
Funded status | (9,723,866) | (9,038,825) |
Unrecognized net actuarial (gain) loss | 593,326 | (119,402) |
Cumulative employer contributions in excess of the net periodic pension cost | $ (9,130,540) | $ (9,158,227) |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Amounts Recognized in Statement of Financial Position (Detail) - Supplemental Employee Retirement Plan [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Amounts Recognized in the Statement of Financial Position | ||
Current liabilities | $ (493,735) | $ (512,786) |
Noncurrent liabilities | (9,230,131) | (8,526,039) |
Net amount recognized | $ (9,723,866) | $ (9,038,825) |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - Supplemental Employee Retirement Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Net actuarial loss (gain) | $ 593,326 | $ (119,402) |
Total (before tax effects) | $ 593,326 | $ (119,402) |
Employee Benefit Plans - Summ_5
Employee Benefit Plans - Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - Supplemental Employee Retirement Plan [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets | ||
Projected benefit obligation | $ 9,723,866 | $ 9,038,825 |
Accumulated benefit obligation | $ 9,723,866 | $ 9,038,825 |
Employee Benefit Plans - Summ_6
Employee Benefit Plans - Summary of Weighted-Average Assumptions for Disclosure (Detail) - Supplemental Employee Retirement Plan [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-average assumptions for Disclosure | ||
Discount rate | 2.95% | 4.00% |
Mortality table | Pri-2012 | |
mortality improvement scale | MP-2019 |
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, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Net periodic benefit cost | ||
Interest cost | $ 28,282 | |
Recognized actuarial (gain) loss due to settlements | (801,622) | |
Net periodic benefit cost | (773,340) | |
Supplemental Employee Retirement Plan [Member] | ||
Net periodic benefit cost | ||
Interest cost | $ 340,302 | 319,143 |
Net periodic benefit cost | $ 340,302 | $ 319,143 |
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, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||
Net actuarial (gain) loss | $ 191,102 | |
Recognized actuarial (gain) loss due to settlements | 801,622 | |
Total recognized in other comprehensive income (before tax effects) | 992,724 | |
Total recognized in net benefit cost and other comprehensive income (before tax effects) | 219,384 | |
Supplemental Employee Retirement Plan [Member] | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||
Net actuarial (gain) loss | $ 712,728 | (540,666) |
Total recognized in other comprehensive income (before tax effects) | 712,728 | (540,666) |
Total recognized in net benefit cost and other comprehensive income (before tax effects) | $ 1,053,030 | $ (221,523) |
Employee Benefit Plans - Summ_9
Employee Benefit Plans - Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Weighted-average assumptions used to determine Net Periodic Benefit Cost | ||
Discount rate | 1.80% | |
Expected return on plan assets | 0.00% | |
Corridor | 10.00% | |
Supplemental Employee Retirement Plan [Member] | ||
Weighted-average assumptions used to determine Net Periodic Benefit Cost | ||
Discount rate | 4.00% | 3.35% |
Corridor | 10.00% | 10.00% |
Average future working lifetime | 6 years 5 months 15 days | |
Mortality table | RP-2014 | |
Mortality improvement scale | MP-2018 |
Employee Benefit Plans - Sum_10
Employee Benefit Plans - Summary of Estimated Future Benefit Payments (Detail) - Supplemental Employee Retirement Plan [Member] | Dec. 31, 2019USD ($) |
Defined Contribution Plan Disclosure [Line Items] | |
2020 | $ 493,735 |
2021 | 526,686 |
2022 | 525,699 |
2023 | 536,247 |
2024 | 558,823 |
2025-2029 | 2,871,799 |
Estimated contributions | $ 493,735 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Jan. 10, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 214,735 | $ 265,106 | |
Payments for treasury stock, shares | 67,154 | ||
Total leverage ratio | 3.50% | ||
Cash dividends paid | $ 5,539,608 | $ 5,388,512 | |
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, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 261,554,114 | $ 257,494,599 |
Commercial Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 223,832,448 | 222,763,906 |
Digital Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 20,297,476 | 15,485,353 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 17,424,190 | $ 19,245,340 |
Revenue - Deferred Revenue (Det
Revenue - Deferred Revenue (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 3,639,077 | $ 1,868,223 |
Losses on receivables | $ 557,582 | $ 2,455,628 |
Revenue - Trade Sale Revenue (D
Revenue - Trade Sale Revenue (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Trade sales receivable | $ 1,691,295 | $ 1,606,283 |
Trade sales payable | 2,180,783 | 1,250,454 |
Trade sales revenue | $ 8,710,014 | $ 9,108,757 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost for restricted stock granted | $ | $ 1.9 |
Cost expected to be recognized over a weighted-average period | 2 years 8 months 12 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, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Shares, Beginning Balance | 429,833 | 416,763 |
Granted, Shares | 343,518 | 210,326 |
Vested, Shares | (201,300) | (155,256) |
Forfeited, Shares | (95,384) | (42,000) |
Unvested Shares, Ending Balance | 476,667 | 429,833 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ 9.77 | $ 10.86 |
Granted, Weighted-Average Grant-Date Fair Value | 3.49 | 7.82 |
Vested, Weighted-Average Grant-Date Fair Value | 9.03 | 10.62 |
Forfeited, Weighted-Average Grant-Date Fair Value | 4.50 | 12.66 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ 4.94 | $ 9.77 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested Shares, Beginning Balance | 101,500 | 180,319 |
Vested, Shares | (54,000) | (30,700) |
Forfeited, Shares | (15,500) | (48,119) |
Unvested Shares, Ending Balance | 32,000 | 101,500 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ 6.42 | $ 5.47 |
Vested, Weighted-Average Grant-Date Fair Value | 5.11 | 5.49 |
Forfeited, Weighted-Average Grant-Date Fair Value | 4.07 | 8.35 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ 5.01 | $ 6.42 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | ||
Federal | $ 6,258,953 | $ 3,043,583 |
State | 2,092,750 | 902,863 |
Current Income Tax Expense | 8,351,703 | 3,946,446 |
Deferred: | ||
Federal | (1,607,189) | 2,741,821 |
State | (146,763) | 5,007,279 |
Deferred Income Tax Expense | (1,753,952) | 7,749,100 |
Income Tax Expense (Benefit) | $ 6,597,751 | $ 11,695,546 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Federal statutory rate | 21.00% |
Net operating losses, state | $ 1.5 |
Net operating losses expiration date | 2031 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit), Federal Statutory Rate (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Expected tax expense | $ 4,166,309 | $ 3,817,085 |
State income taxes, net of federal benefit | 4,263,192 | 1,957,508 |
Gain on merger | 927,344 | |
Tax rate adjustments | 290,381 | 294,924 |
Change in valuation allowance | (3,450,458) | 3,432,284 |
Non-deductible items | 1,055,121 | 1,140,948 |
Other | 273,207 | 125,453 |
Income Tax Expense (Benefit) | $ 6,597,751 | $ 11,695,546 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 567,702 | $ 530,744 |
Other assets | (979,560) | (1,647,113) |
Accrued expenses | 786,001 | 412,165 |
Other long-term liabilities | 2,663,792 | 2,729,442 |
Stock-based compensation | 149,087 | 141,960 |
Net operating losses | 94,878 | 3,726,364 |
Subtotal | 3,281,900 | 5,893,562 |
Valuation allowance | (311,214) | (3,760,454) |
Total | 2,970,686 | 2,133,108 |
Deferred tax liabilities: | ||
Prepaid expenses | (91,665) | (99,187) |
Property and equipment | (1,827,323) | (2,858,163) |
Intangibles | (122,182,694) | (122,088,303) |
Total | (124,101,682) | (125,045,653) |
Net deferred tax liabilities | $ (121,130,996) | $ (122,912,545) |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 13,450,224 | $ 6,481,049 |
Weighted-average shares outstanding: | ||
Basic | 27,730,392 | 27,444,110 |
Effect of dilutive restricted stock | 47,458 | 89,873 |
Diluted | 27,777,850 | 27,533,983 |
Net income attributable to BBGI stockholders per Class A and Class B common share – basic | $ 0.49 | $ 0.24 |
Net income attributable to BBGI stockholders per Class A and Class B common share – diluted | $ 0.48 | $ 0.24 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Oct. 25, 2019 | Mar. 28, 2019USD ($) | Jun. 18, 2018USD ($) | Feb. 22, 2017USD ($) | May 03, 2016USD ($) | Nov. 17, 2015Automatic-Renewal | Apr. 04, 2014USD ($) | Apr. 10, 2013USD ($) | Jul. 31, 2012USD ($) | Feb. 14, 2012USD ($) | Mar. 25, 2011USD ($)shares | Dec. 31, 2019USD ($)Radio-StationsTower | Dec. 31, 2018USD ($) | Oct. 16, 2015USD ($) | Apr. 03, 2015 |
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from sale of tower | $ 26,349,462 | ||||||||||||||
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 | ||||||||||||||
Impairment losses | 13,657,941 | ||||||||||||||
Augusta GA [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from sale of tower | $ 500,000 | ||||||||||||||
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 | 11,000 | 13,000 | |||||||||||||
Deferred gain on sale of lease property recognised | 0.8 | ||||||||||||||
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 | Automatic-Renewal | 2 | ||||||||||||||
Repayment of prepaid rent to related party | $ 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 | 100,000 | ||||||||||||||
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 | $ 200,000 | 100,000 | |||||||||||||
Number of radio towers sold for radio station | Tower | 1 | ||||||||||||||
Lease agreement expiration date | Dec. 31, 2038 | ||||||||||||||
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 | ||||||||||||||
GGB Augusta, LLC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Lease or rental expense | $ 44,000 | 45,000 | |||||||||||||
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, 2024 | ||||||||||||||
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 | $ 104,167 | $ 104,167 | $ 104,167 | $ 62,500 | $ 250,000 | |||||||
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 | ||||||||||||||
Impairment losses | $ 1,300,000 | ||||||||||||||
Wintersrun Communications Inc | |||||||||||||||
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 | ||||||||||||||
Wintersrun Communications Inc | Prepaid Rent [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Prepaid expense paid by related party | $ 300,000 | ||||||||||||||
Wintersrun Communications Inc | Augusta GA [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Lease or rental expense | $ 31,000 | ||||||||||||||
Lease agreement expiration date | Oct. 16, 2025 | ||||||||||||||
Wintersrun Communications Inc | Charlotte, NC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of radio towers sold for radio station | Tower | 1 | ||||||||||||||
Wintersrun Communications, LLC | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Lease agreement expiration date | Dec. 31, 2025 | ||||||||||||||
Wintersrun Communications, LLC | Augusta GA [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Lease or rental expense | $ 31,000 | ||||||||||||||
Wintersrun Communications, LLC | Charlotte, NC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from sale of tower | $ 400,000 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Payments to Third Parties for the Next Five Years and Thereafter (Detail) | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 23,682,583 |
2020 | 24,283,606 |
2021 | 24,126,621 |
2022 | 7,373,106 |
2023 | 6,750,000 |
Thereafter | 41,525,000 |
Total | $ 127,740,916 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 263,500,000 | $ 252,000,000 |
Term Loan [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Long-term debt | $ 252,600,000 | $ 252,000,000 |
Schedule I - Valuation and Qual
Schedule I - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 2,010,721 | $ 1,623,408 |
Charged to Costs and Expenses | 692,460 | 2,842,941 |
Deductions | 557,582 | 2,455,628 |
Balance at End of Period | 2,145,599 | 2,010,721 |
Valuation Allowance for Deferred Tax Assets [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 3,760,454 | 328,170 |
Charged to Costs and Expenses | 87,665 | 3,446,579 |
Deductions | 3,536,905 | 14,295 |
Balance at End of Period | $ 311,214 | $ 3,760,454 |
FCC Licenses - Discounted Cash
FCC Licenses - Discounted Cash Flow Analyses (Detail) - CBS Radio Stations Inc., Entercom Boston LLC and The Entercom Divestiture Trust [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 5.40% |
Operating income margins at maturity | 30.50% |
Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 9.00% |
Maximum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 1.10% |
Operating income margins at maturity | 29.80% |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 1.40% |
Maximum [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 1.30% |
Minimum [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Market revenue shares at maturity | 0.60% |
Operating income margins at maturity | 27.50% |
Minimum [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] | Measurement Input, Discount Rate [Member] | |
Fair Value Inputs Asset Quantitative Information [Line Items] | |
Fair value assumptions inputs rate | 0.60% |