Beasley Broadcast (BBGI) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Security Exchange Name	NASDAQ
Entity Central Index Key	0001099160
Title of 12(b) Security	Common Stock
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	FL
Trading Symbol	BBGI
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,579,767
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 56,210,605	$ 20,759,432
Accounts receivable, less allowance for doubtful accounts of $5,033,035 in 2020 and $2,465,557 in 2021	36,687,353	47,395,423
Prepaid expenses	3,886,625	2,486,860
Other current assets	5,078,636	6,883,554
Total current assets	101,863,219	77,525,269
Property and equipment, net	52,403,620	53,667,550
Operating lease right-of-use assets	39,604,094	34,419,663
Finance lease right-of-use assets	330,000	333,333
FCC licenses	508,413,913	508,558,355
Goodwill	28,596,547	28,596,547
Other intangibles, net	25,048,873	25,859,192
Other assets	5,838,286	9,654,447
Total assets	762,098,552	738,614,356
Current liabilities:
Accounts payable	6,580,532	12,395,407
Operating lease liabilities	8,175,982	7,006,194
Finance lease liabilities	54,573	70,171
Other current liabilities	22,835,831	20,988,441
Total current liabilities	37,646,918	40,460,213
Due to related parties	444,727	5,621,364
Long-term debt, net of unamortized debt issuance costs	302,649,259	258,345,380
Operating lease liabilities	33,742,132	29,632,908
Finance lease liabilities	0	1,945
Deferred tax liabilities	118,341,711	120,913,983
Other long-term liabilities	16,534,008	16,536,743
Total liabilities	509,358,755	471,512,536
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	150,035,463	154,004,965
Treasury stock, Class A common stock; 3,253,691 shares in 2020; 3,531,870 shares in 2021	(28,972,759)	(28,187,857)
Retained earnings	133,070,947	143,304,213
Accumulated other comprehensive loss	(1,426,619)	(1,426,619)
Total stockholders' equity	252,739,797	267,727,294
Noncontrolling interests	0	(625,474)
Total equity	252,739,797	267,101,820
Total liabilities and equity	762,098,552	738,614,356
Class A Common Stock [Member]
Stockholders' equity:
Common stock	16,103	15,930
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 2,465,557	$ 5,033,035
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	3,531,870	3,253,691
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	16,104,137	15,930,765
Common stock, shares outstanding	12,572,267	12,677,074
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net revenue	$ 48,212,040	$ 57,650,426
Operating expenses:
Operating expenses (including stock-based compensation of $130,120 in 2020 and $70,931 in 2021 and excluding depreciation and amortization shown separately below)	42,967,871	50,900,477
Corporate expenses (including stock-based compensation of $136,319 in 2020 and $449,870 in 2021)	3,905,289	4,513,092
Other operating expenses	1,100,000
Depreciation and amortization	2,951,901	2,576,475
Impairment losses	0	6,804,412
Gain on dispositions	(191,988)	0
Total operating expenses	50,733,073	64,794,456
Operating loss	(2,521,033)	(7,144,030)
Non-operating income (expense):
Interest expense	(5,778,071)	(4,184,811)
Loss on extinguishment of long-term debt	(4,996,731)
Other income (expense), net	38,413	26,425
Loss before income taxes	(13,257,422)	(11,302,416)
Income tax benefit	(2,602,886)	(2,417,780)
Loss before equity in earnings of unconsolidated affiliates	(10,654,536)	(8,884,636)
Equity in earnings of unconsolidated affiliates, net of tax	(30,105)	(61,527)
Net loss	(10,684,641)	(8,946,163)
Earnings attributable to noncontrolling interest	129,249	109,602
Net loss attributable to BBGI stockholders	$ (10,555,392)	$ (8,836,561)
Net loss attributable to BBGI stockholders per Class A and Class B common share:
Basic and diluted	$ (0.36)	$ (0.32)
Dividends declared per common share	$ 0	$ 0.05
Weighted average shares outstanding:
Basic	29,302,799	27,947,577
Diluted	29,302,799	27,947,577

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation	$ 520,801	$ 266,439
Station Operating Expenses [Member]
Stock-based compensation	70,931	130,120
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 449,870	$ 136,319

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (10,684,641)	$ (8,946,163)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation	520,801	266,439
Provision for bad debts	(1,472,165)	1,013,038
Depreciation and amortization	2,951,901	2,576,475
Impairment losses	0	6,804,412
Gain on dispositions	(191,988)	0
Amortization of loan fees	411,363	483,983
Loss on extinguishment of long-term debt	4,996,731
Deferred income taxes	(2,602,886)	(2,417,780)
Equity in earnings of unconsolidated affiliates	30,105	61,527
Change in operating assets and liabilities:
Accounts receivable	12,180,235	6,870,703
Prepaid expenses	(1,399,765)	(1,148,083)
Other assets	1,286,882	(854,721)
Accounts payable	(5,814,875)	1,481,571
Other liabilities	1,870,041	(3,968,917)
Other operating activities	272,268	(268,761)
Net cash provided by operating activities	2,354,007	1,953,723
Cash flows from investing activities:
Capital expenditures	(1,029,268)	(3,443,430)
Proceeds from dispositions	362,500
Payments for investments		(750,000)
Net cash used in investing activities	(666,768)	(4,193,430)
Cash flows from financing activities:
Issuance of debt	310,000,000	7,500,000
Payments on debt	(268,500,000)	(4,000,000)
Payments of debt issuance costs	(7,604,215)
Reduction of finance lease liabilities	(17,543)	(16,205)
Dividends paid		(1,397,183)
Purchase of treasury stock	(114,308)	(15,875)
Net cash provided by financing activities	33,763,934	2,070,737
Net increase (decrease) in cash and cash equivalents	35,451,173	(168,970)
Cash and cash equivalents at beginning of period	20,759,432	18,648,171
Cash and cash equivalents at end of period	56,210,605	18,479,201
Cash paid for interest	1,836,787	3,777,582
Cash paid for income taxes	1,374,403	115,400
Supplement disclosure of non-cash investing and financing activities:
Acquisition of noncontrolling interest	4,490,130
Extinguishment of trade sales payable	934,500
Class A common stock returned to treasury stock	$ 670,594
Dividends declared but unpaid		$ 1,398,321

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K 10-Q S-X. As of December 31, 2020, the financial statements included the accounts of the Company and its wholly owned subsidiaries and its investments in OutlawsXP, Inc. (“Outlaws”) and Renegades Holdings, Inc. (“Renegades”). The Company held an approximately 90% economic interest in Outlaws and an approximately 51% economic interest in Renegades as of December 31, 2020. Renegades held an approximately 10% economic interest in Outlaws as of December 31, 2020. On March 12, 2021, the Company entered into an agreement to exchange its ownership interest in Renegades for the interest held by Renegades in Outlaws. As a result of the exchange, Outlaws is now a wholly owned subsidiary of the Company and the Company no longer holds an economic interest in Renegades therefore the accounts of Renegades are no longer consolidated in the Company’s financial statements subsequent to the date of the exchange. Also, as a result of the exchange, the Company recorded a loss of approximately $3,000 attributable to the difference between the estimated fair value of the economic interest held by Renegades in Outlaws and the carrying amount of the Company’s ownership interest in Renegades in the first quarter of 2021. The Company used a discounted cash flow model with annual revenue growth rates ranging from 5% to 57%, operating margins ranging from (27)% to 67%, and a discount rate of 13.5% to determine the loss. The COVID-19 right-of-use

FCC Licenses

FCC Licenses	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
FCC Licenses	(2) FCC Licenses 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 a 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 radio market clusters. The Company did not identify any triggering events for impairment during the first quarter of 2021. Due to the impact of the COVID-19 COVID-19 Revenue growth rates (14.1)% - 7.9% Market revenue shares at maturity 0.6% - 39.0% Operating income margins at maturity 26.5% - 35.4% Discount rate 9.5% On February 3, 2021, the Company completed the sale of WHSR-AM

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	(3) Long-Term Debt Long-term debt is comprised of the following: December 31, March 31, 2020 2021 Secured notes $ — $ 300,000,000 PPP loan — 10,000,000 Credit facility - term loan 238,000,000 — Credit facility - revolving credit facility 20,000,000 — Promissory note 5,500,000 — 263,500,000 310,000,000 Less unamortized debt issuance costs (5,154,620 ) (7,350,741 ) $258,345,380 $302,649,259 On February 2, 2021, the Company issued $300.0 million aggregate principal amount of 8.625% senior secured notes due on February 1, 2026 (the “Notes”) under an indenture dated February 2, 2021 (the “Indenture”). Interest on the Notes accrues at the rate of 8.625% per annum and is payable semiannually in arrears on February 1 and August 1 of each year, commencing on August 1, 2021. The Notes are secured on a first-lien priority basis by substantially all assets of the Company and its majority owned subsidiaries and are guaranteed jointly and severally by the Company and its majority owned subsidiaries. The Company used the net proceeds from the Notes, to repay the credit facility, the promissory note, and a loan from Mr. George Beasley (see Note 9) and to pay related accrued interest, fees and expenses. The Indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; and issue or sell stock of its subsidiaries. Prior to February 1, 2025, the Company will be subject to certain premiums, as defined in the Indenture, for optional or mandatory (upon certain contingent events) redemption of some or all of the Notes. In connection with the issuance of the Notes and the repayment of the credit facility, the Company recorded a loss on extinguishment of long-term debt of $5.0 million during the first quarter of 2021. On March 1, 2021, the Company entered into a loan with Synovus Bank for $10.0 million pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loan bears interest at a rate of 1.0% per annum and matures on March 1, 2026. Principal and interest payments will be deferred, with interest accruing, until after the period in which the Company may apply for loan forgiveness pursuant to the PPP. After the deferral period, the Company will make monthly principal and interest payments, amortized over the remaining term of the loan. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The loan contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the promissory note. Upon the occurrence of an event of default, Synovus Bank may require immediate repayment of all amounts outstanding under the promissory note. Under the terms of the CARES Act, the Company can apply for and be granted forgiveness for all or a portion of the loan granted under the PPP. The loan is subject to forgiveness to the extent proceeds are used for certain qualifying expenses pursuant to the terms and limitations of the PPP. The Company intends to use the loan for qualifying expenses. However, no assurance can be provided that the Company will apply for or obtain forgiveness of the loan in whole or in part. As of December 31, 2020, the credit facility consisted of a term loan facility with a remaining balance of $238.0 million and a revolving credit facility with an outstanding balance of $20.0 million and a maximum commitment of $20.0 million. The revolving credit facility carried interest, based on LIBOR, at 4.4% as of December 31, 2020. The term loan carried interest, based on LIBOR, at 5.25% as of December 31, 2020. As noted above, the credit facility was repaid on February 2, 2021, using a portion of the proceeds from the Notes offering. On November 14, 2019, the Company acquired a majority interest in an esports team and issued a promissory note for $16.5 million to the seller. On June 30, 2020, the Company entered into an amendment to the promissory note applicable to the remaining balance. As amended, the promissory note bore cash-pay payment-in-kind

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	(4) Stockholders’ Equity The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows: Three months ended March 31, 2020 2021 Beginning balance $ 284,471,958 $ 267,101,820 Stock-based compensation 266,439 520,801 Acquisition of noncontrolling interest — (4,490,130 ) Purchase of treasury stock (15,875 ) (784,902 ) Net loss (8,946,163 ) (10,684,641 ) Elimination of noncontrolling interest — 1,076,849 Cash dividends (1,398,321 ) — Ending balance $ 274,378,038 $ 252,739,797

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	(5) Revenue Revenue is comprised of the following: Three months ended March 31, 2020 2021 Audio $ 50,912,978 $ 41,729,602 Digital 5,284,025 5,763,728 Other 1,453,423 718,710 $ 57,650,426 $ 48,212,040 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, March 31, Deferred revenue $ 3,732,890 $ 3,873,046 Three months ended March 31, 2020 2021 Losses on receivables $ 834,925 $ 1,095,313 Audio revenue 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. Other revenue includes revenue from concerts, promotional events, talent fees and other miscellaneous items. Such revenue is generally recognized when the concert, promotional event, or talent services are completed. December 31, March 31, Trade sales receivable $ 956,999 $ 773,667 Trade sales payable 892,543 810,967 Three months ended March 31, 2020 2021 Trade sales revenue $ 1,968,260 $ 929,597 Digital revenue 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.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(6) 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: Units Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2021 453,501 $ 4.11 Granted 135,039 2.72 Vested (173,372 ) 2.82 Forfeited — — Unvested as of March 31, 2021 415,168 $ 3.79 A summary of restricted stock activity is presented below: Shares Weighted- Average Unvested as of January 1, 2021 12,500 $ 4.84 Vested — — Forfeited — — Unvested as of March 31, 2021 12,500 $ 4.84 As of March 31, 2021, there was $1.1 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 2.5 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	(7) Income Taxes The Company’s effective tax rate was (21)% and (20)% for the three months ended March 31, 2020 and 2021, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	(8) Earnings Per Share Net loss per share calculation information is as follows: Three months ended March 31, 2020 2021 Net loss attributable to BBGI stockholders $ (8,836,561 ) $ (10,555,392 ) Weighted-average shares outstanding: Basic weighted shares outstanding 27,947,577 29,302,799 Effect of dilutive restricted stock units and restricted stock — — Diluted 27,947,577 29,302,799 Net loss per Class A and Class B common share – basic and diluted $ (0.32 ) $ (0.36 ) The Company excluded the effect of restrictive stock units and restricted stock under the treasury stock method as the addition of shares were anti-dilutive when reporting a net loss. The number of shares excluded were 48,577 and 32,166 for the three months ended March 31, 2020 and 2021, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	(9) Related Party Transactions In June 2020, Mr. George Beasley, the Company’s Chairman, provided a $5.0 million loan to the Company that accrued payment-in-kind

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	(10) 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 estimated fair value of the Company’s secured notes, based on available market information as of March 31, 2021, was $300.75 million. The Company used Level 2 measurements under the fair value measurement hierarchy to determine the estimated fair value of the secured notes. The carrying amount of the Company’s long-term debt as of December 31, 2020 was $263.5 million, which approximated fair value based on current market interest rates.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	(11) Segment Information Effective January 1, 2021, the Company created a digital division that generates revenue primarily from the sale of digital advertising to customers of the Company’s radio stations and other advertisers throughout the United States. All digital operations are the responsibility of the Company’s Chief Digital Officer who reports to the Company’s Chief Executive Officer (the Company’s chief operating decision maker). As a result, the Company has identified two reportable segments, Audio and Digital. The Audio segment generates revenue primarily from the sale of commercial advertising to customers of the Company’s 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. Corporate includes general and administrative expenses and certain other income and expense items not allocated to the operating segments. Non-operating Reportable segment information for the three months ended March 31, 2021 is as follows: Audio Digital Other Corporate Total Net revenue $ 41,729,602 $ 5,763,728 $ 718,710 $ — $ 48,212,040 Operating expenses 34,735,469 7,257,915 974,487 — 42,967,871 Corporate expenses — — — 3,905,289 3,905,289 Other operating expenses 500,000 — — 600,000 1,100,000 Depreciation and amortization 2,004,377 — 811,903 135,621 2,951,901 Gain on disposition (191,988 ) — — — (191,988 ) Operating income (loss) $ 4,681,744 $ (1,494,187 ) $ (1,067,680 ) $ (4,640,910 ) $ (2,521,033 ) Audio Digital Other Corporate Total Capital expenditures $ 712,945 $ — $ 2,852 $ 313,471 $ 1,029,268 Property and equipment, net 47,515,545 — 24,041 4,864,034 52,403,620 FCC licenses 508,413,913 — — — 508,413,913 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 2,082,130 — 22,787,080 179,663 25,048,873

FCC Licenses (Tables)

FCC Licenses (Tables)	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
Discounted Cash Flow Analyses	The key assumptions used in the discounted cash flow analyses are as follows: Revenue growth rates (14.1)% - 7.9% Market revenue shares at maturity 0.6% - 39.0% Operating income margins at maturity 26.5% - 35.4% Discount rate 9.5%

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, March 31, 2020 2021 Secured notes $ — $ 300,000,000 PPP loan — 10,000,000 Credit facility - term loan 238,000,000 — Credit facility - revolving credit facility 20,000,000 — Promissory note 5,500,000 — 263,500,000 310,000,000 Less unamortized debt issuance costs (5,154,620 ) (7,350,741 ) $258,345,380 $302,649,259

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Changes in Stockholders Equity	The changes in stockholders’ equity for the three months ended March 31, 2020 and 2021 are as follows: Three months ended March 31, 2020 2021 Beginning balance $ 284,471,958 $ 267,101,820 Stock-based compensation 266,439 520,801 Acquisition of noncontrolling interest — (4,490,130 ) Purchase of treasury stock (15,875 ) (784,902 ) Net loss (8,946,163 ) (10,684,641 ) Elimination of noncontrolling interest — 1,076,849 Cash dividends (1,398,321 ) — Ending balance $ 274,378,038 $ 252,739,797

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Composition of Revenue	Revenue is comprised of the following: Three months ended March 31, 2020 2021 Audio $ 50,912,978 $ 41,729,602 Digital 5,284,025 5,763,728 Other 1,453,423 718,710 $ 57,650,426 $ 48,212,040
Deferred Revenue	December 31, March 31, Deferred revenue $ 3,732,890 $ 3,873,046 Three months ended March 31, 2020 2021 Losses on receivables $ 834,925 $ 1,095,313
Trade Sale Revenue	December 31, March 31, Trade sales receivable $ 956,999 $ 773,667 Trade sales payable 892,543 810,967 Three months ended March 31, 2020 2021 Trade sales revenue $ 1,968,260 $ 929,597

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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: Units Weighted- Average Grant-Date Fair Value Unvested as of January 1, 2021 453,501 $ 4.11 Granted 135,039 2.72 Vested (173,372 ) 2.82 Forfeited — — Unvested as of March 31, 2021 415,168 $ 3.79 A summary of restricted stock activity is presented below: Shares Weighted- Average Unvested as of January 1, 2021 12,500 $ 4.84 Vested — — Forfeited — — Unvested as of March 31, 2021 12,500 $ 4.84

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	Net loss per share calculation information is as follows: Three months ended March 31, 2020 2021 Net loss attributable to BBGI stockholders $ (8,836,561 ) $ (10,555,392 ) Weighted-average shares outstanding: Basic weighted shares outstanding 27,947,577 29,302,799 Effect of dilutive restricted stock units and restricted stock — — Diluted 27,947,577 29,302,799 Net loss per Class A and Class B common share – basic and diluted $ (0.32 ) $ (0.36 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of reportable segment information	Audio Digital Other Corporate Total Net revenue $ 41,729,602 $ 5,763,728 $ 718,710 $ — $ 48,212,040 Operating expenses 34,735,469 7,257,915 974,487 — 42,967,871 Corporate expenses — — — 3,905,289 3,905,289 Other operating expenses 500,000 — — 600,000 1,100,000 Depreciation and amortization 2,004,377 — 811,903 135,621 2,951,901 Gain on disposition (191,988 ) — — — (191,988 ) Operating income (loss) $ 4,681,744 $ (1,494,187 ) $ (1,067,680 ) $ (4,640,910 ) $ (2,521,033 ) Audio Digital Other Corporate Total Capital expenditures $ 712,945 $ — $ 2,852 $ 313,471 $ 1,029,268 Property and equipment, net 47,515,545 — 24,041 4,864,034 52,403,620 FCC licenses 508,413,913 — — — 508,413,913 Goodwill 25,377,447 — 3,219,100 — 28,596,547 Other intangibles, net 2,082,130 — 22,787,080 179,663 25,048,873

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	Mar. 12, 2021	Mar. 31, 2021	Dec. 31, 2020
Equity method investment, ownership percentage			10.00%
OutlawsXP Inc [Member]
Equity method investment, ownership percentage		90.00%
Renegades Holdings, Inc. [Member]
Equity method investment, ownership percentage		51.00%
Deconsolidation of Ownership interest loss amount	$ 3,000
Discount rate	13.50%
Renegades Holdings, Inc. [Member] | Minimum [Member]
Revenue growth rate	5.00%
Operating Margin	27.00%
Renegades Holdings, Inc. [Member] | Maximum [Member]
Revenue growth rate	57.00%
Operating Margin	67.00%

FCC Licenses - Discounted Cash

FCC Licenses - Discounted Cash Flow Analyses (Detail) - CBS Radio Stations Inc Entercom Boston LLC and The Entercom Divestiture Trust [Member]	3 Months Ended
	Mar. 31, 2021
Measurement Input, Discount Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	9.50%
Minimum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	0.60%
Operating income margins at maturity	26.50%
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	14.10%
Maximum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Market revenue shares at maturity	39.00%
Operating income margins at maturity	35.40%
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Fair value assumptions inputs rate	7.90%

FCC Licenses - Additional Infor

FCC Licenses - Additional Information (Detail) - USD ($)	Feb. 03, 2021	Mar. 31, 2021	Mar. 31, 2020
FCC Licenses [Line Items]
Proceeds from sale of assets		$ 362,500
FCC License Translator [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
FCC Licenses [Line Items]
Proceeds from sale of assets	$ 100,000
Atlanta GA and Wet Palm Beach [Member] | Licensing Agreements [Member]
FCC Licenses [Line Items]
Impairment losses			$ 6,800,000
West Palm Beach Boca Raton [Member] | WHSR-AM [Member]
FCC Licenses [Line Items]
Proceeds from sale of assets	$ 400,000

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Total debt	$ 300,750,000	$ 263,500,000
Long-term debt	310,000,000	263,500,000
Less unamortized debt issuance costs	(7,350,741)	(5,154,620)
Long-term debt, net of current portion	302,649,259	258,345,380
Term Loan [Member]
Line of Credit Facility [Line Items]
Total debt		238,000,000
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Total debt		20,000,000
Promissory Note [Member]
Line of Credit Facility [Line Items]
Total debt	0	$ 5,500,000
Secured notes [Member]
Line of Credit Facility [Line Items]
Total debt	300,000,000
PPP loan [Member]
Line of Credit Facility [Line Items]
Total debt	$ 10,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 01, 2021	Feb. 02, 2021	Dec. 31, 2020	Nov. 14, 2019
Line of Credit Facility [Line Items]
Long-term debt	$ 300,750,000			$ 263,500,000
Loss on extinguishment of long-term debt	4,996,731
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt				$ 238,000,000
Revolving credit loan and term loan carried interest				5.25%
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt				$ 20,000,000
Revolving credit facility maximum commitment				$ 20,000,000
Revolving credit loan and term loan carried interest				4.40%
Promissory Note [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 0			$ 5,500,000
Promissory Note [Member] | E Sports Team [Member]
Line of Credit Facility [Line Items]
Debt instrument face value					$ 16,500,000
New Promissory Note [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	10.00%
Credit facility interest rate margins, quarterly	5.00%
8.625% senior secured notes due on February 1, 2026
Line of Credit Facility [Line Items]
Loss on extinguishment of long-term debt	$ 5,000,000
Debt Instrument, Interest Rate, Stated Percentage			8.625%
Debt instrument face value			$ 300,000,000
Paycheck Protection Program loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Debt instrument face value		$ 10,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Changes in Stockholders Equity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning balance	$ 267,101,820	$ 284,471,958
Stock-based compensation	520,801	266,439
Acquisition of noncontrolling interest	(4,490,130)
Purchase of treasury stock	(784,902)	(15,875)
Net loss	(10,684,641)	(8,946,163)
Elimination of noncontrolling interest	1,076,849
Cash dividends		(1,398,321)
Ending balance	$ 252,739,797	$ 274,378,038

Revenue - Composition of Revenu

Revenue - Composition of Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 48,212,040	$ 57,650,426
Audio [Member]
Disaggregation of Revenue [Line Items]
Net revenue	41,729,602	50,912,978
Digital [Member]
Disaggregation of Revenue [Line Items]
Net revenue	5,763,728	5,284,025
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 718,710	$ 1,453,423

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 3,873,046		$ 3,732,890
Losses on receivables	$ 1,095,313	$ 834,925

Revenue - Trade Sale Revenue (D

Revenue - Trade Sale Revenue (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade sales receivable	$ 773,667		$ 956,999
Trade sales payable	810,967		$ 892,543
Trade sales revenue	$ 929,597	$ 1,968,260

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost for restricted stock granted | $	$ 1.1
Cost expected to be recognized over a weighted-average period	2 years 6 months
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]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	453,501
Granted, Shares | shares	135,039
Vested, Shares | shares	(173,372)
Forfeited, Shares | shares
Unvested Shares, Ending Balance | shares	415,168
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 4.11
Granted, Weighted-Average Grant-Date Fair Value | $ / shares	2.72
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	2.82
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 3.79
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	12,500
Vested, Shares | shares	0
Forfeited, Shares | shares	0
Unvested Shares, Ending Balance | shares	12,500
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 4.84
Vested, Weighted-Average Grant-Date Fair Value | $ / shares	0
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares	0
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 4.84

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Federal statutory rate	21.00%
Effective tax rate	20.00%	21.00%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income Per Share (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to BBGI stockholders	$ (10,555,392)	$ (8,836,561)
Weighted-average shares outstanding:
Basic weighted shares outstanding	29,302,799	27,947,577
Effect of dilutive restricted stock units and restricted stock		0
Diluted	29,302,799	27,947,577
Net loss per Class A and Class B common share – basic and diluted	$ (0.36)	$ (0.32)

Earnings Per Share - Additional

Earnings Per Share - Additional information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	32,166	48,577

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Payment in Kind (PIK) Note [Member] | Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5
Long term debt stated interest rate	6.00%
Long term debt maturity	December 2023
Mr Beasley And Ggb Family Limited [Member]
Related Party Transaction [Line Items]
Debt instrument face value	$ 5

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Of Financial Instruments [Line Items]
Long-term debt	$ 300,750	$ 263,500

Segment Information - Summary o

Segment Information - Summary of Reportable Segment Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 48,212,040	$ 57,650,426
Operating expenses	42,967,871	50,900,477
Corporate expenses	3,905,289	4,513,092
Other operating expenses	1,100,000
Depreciation and amortization	2,951,901	2,576,475
Gain on dispositions	(191,988)	0
Operating loss	(2,521,033)	(7,144,030)
Capital expenditures	1,029,268	$ 3,443,430
Property and equipment, net	52,403,620		$ 53,667,550
FCC licenses	508,413,913		508,558,355
Goodwill	28,596,547		28,596,547
Other intangibles, net	25,048,873		$ 25,859,192
Audio [Member]
Segment Reporting Information [Line Items]
Net revenue	41,729,602
Operating expenses	34,735,469
Corporate expenses	0
Other operating expenses	500,000
Depreciation and amortization	2,004,377
Gain on dispositions	(191,988)
Operating loss	4,681,744
Capital expenditures	712,945
Property and equipment, net	47,515,545
FCC licenses	508,413,913
Goodwill	25,377,447
Other intangibles, net	2,082,130
Digital [Member]
Segment Reporting Information [Line Items]
Net revenue	5,763,728
Operating expenses	7,257,915
Corporate expenses	0
Other operating expenses	0
Depreciation and amortization	0
Gain on dispositions	0
Operating loss	(1,494,187)
Capital expenditures	0
Property and equipment, net	0
FCC licenses	0
Goodwill	0
Other intangibles, net	0
Other [Member]
Segment Reporting Information [Line Items]
Net revenue	718,710
Operating expenses	974,487
Corporate expenses	0
Other operating expenses	0
Depreciation and amortization	811,903
Gain on dispositions	0
Operating loss	(1,067,680)
Capital expenditures	2,852
Property and equipment, net	24,041
FCC licenses	0
Goodwill	3,219,100
Other intangibles, net	22,787,080
Corporate [Member]
Segment Reporting Information [Line Items]
Net revenue	0
Operating expenses	0
Corporate expenses	3,905,289
Other operating expenses	600,000
Depreciation and amortization	135,621
Gain on dispositions	0
Operating loss	(4,640,910)
Capital expenditures	313,471
Property and equipment, net	4,864,034
FCC licenses	0
Goodwill	0
Other intangibles, net	$ 179,663