Townsquare Media (TSQ) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Townsquare Media, Inc.
Entity Central Index Key	1,499,832
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A common stock
Entity Common Stock, Shares Outstanding (in shares)		14,248,526
Class B common stock
Entity Common Stock, Shares Outstanding (in shares)		3,011,634
Class C common stock
Entity Common Stock, Shares Outstanding (in shares)		1,636,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 62,444	$ 61,205
Accounts receivable, net of allowance of $1,079 and $1,735, respectively	67,122	61,558
Prepaid expenses and other current assets	10,670	7,540
Current assets held for sale	0	879
Current assets of discontinued operations	256	7,222
Total current assets	140,492	138,404
Property and equipment, net	107,892	104,030
Intangible assets, net	494,723	495,501
Goodwill	241,888	241,888
Investments	11,292	8,092
Other assets	11,258	8,965
Long-term assets of discontinued operations	0	59,478
Total assets	1,007,545	1,056,358
Current liabilities:
Accounts payable	19,478	13,442
Current portion of long-term debt	5	9,524
Deferred revenue	12,248	17,281
Accrued expenses and other current liabilities	25,472	24,919
Accrued interest	4,631	5,699
Current liabilities of discontinued operations	3,038	2,440
Total current liabilities	64,872	73,305
Long-term debt, less current portion (net of deferred finance costs of $6,803 and $5,948, respectively)	556,470	555,618
Deferred tax liability	26,887	26,283
Other long-term liabilities	8,975	9,390
Long-term liabilities of discontinued operations	0	10,682
Total liabilities	657,204	675,278
Stockholders’ equity:
Common stock	185	185
Additional paid-in capital	363,817	367,041
Retained earnings (deficit)	(14,158)	13,265
Accumulated other comprehensive loss	0	(532)
Non-controlling interest	497	1,121
Total stockholders’ equity	350,341	381,080
Total liabilities and stockholders’ equity	1,007,545	1,056,358
Class A common stock
Stockholders’ equity:
Common stock	138	138
Class B common stock
Stockholders’ equity:
Common stock	30	30
Class C common stock
Stockholders’ equity:
Common stock	$ 17	$ 17

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 1,735	$ 1,079
Long-term debt, less current portion (net of deferred finance costs of $6,803 and $5,948, respectively)	$ (5,948)	$ (6,803)
Common shares authorized (in shares)	400,000,000
Class A common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares issued (in shares)	14,248,526	13,819,639
Common shares outstanding (in shares)	14,248,526	13,819,639
Class B common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	3,011,634	3,022,484
Common shares outstanding (in shares)	3,011,634	3,022,484
Class C common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	1,636,341	1,636,341
Common shares outstanding (in shares)	1,636,341	1,636,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net revenue	$ 119,577	$ 117,303	$ 207,568	$ 202,232
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	84,434	83,186	149,790	148,167
Depreciation and amortization	4,628	5,158	9,229	9,946
Corporate expenses	7,290	6,635	12,939	11,984
Stock-based compensation	246	175	436	356
Transaction costs	677	189	837	389
Net loss (gain) on sale and retirement of assets	(76)	716	(398)	715
Total operating costs and expenses	97,199	96,059	172,833	171,557
Operating income	22,378	21,244	34,735	30,675
Other expense:
Interest expense, net	8,532	7,990	16,960	16,243
Other expense, net	48	40	80	75
Income from continuing operations before income taxes	13,798	13,214	17,695	14,357
Provision from income taxes	3,723	5,414	4,818	5,906
Net income from continuing operations	10,075	7,800	12,877	8,451
Net loss from discontinued operations, net of income taxes	(8,441)	(2,237)	(37,833)	(5,895)
Net income (loss)	1,634	5,563	(24,956)	2,556
Net income (loss) attributable to:
Controlling interests	1,335	5,137	(25,510)	2,106
Non-controlling interests	$ 299	$ 426	$ 554	$ 450
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.54	$ 0.42	$ 0.69	$ 0.46
Discontinued operations (in dollars per share)	(0.45)	(0.12)	(2.04)	(0.32)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	0.36	0.27	0.47	0.30
Discontinued operations (in dollars per share)	$ (0.31)	$ (0.08)	$ (1.37)	$ (0.21)
Weighted average shares outstanding:
Basic (in shares)	18,633	18,470	18,563	18,450
Diluted (in shares)	27,611	28,445	27,541	28,498
Cash dividends declared per share (in dollars per share)	$ 75	$ 0	$ 150	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,634	$ 5,563	$ (24,956)	$ 2,556
Other comprehensive income (loss):
Foreign currency translation adjustments	658	57	532	114
Comprehensive income (loss) attributable to controlling interest	2,292	5,620	(24,424)	2,670
Less: Comprehensive income attributable to noncontrolling interest	299	426	554	450
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent	$ 1,993	$ 5,194	$ (24,978)	$ 2,220

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Non- Controlling Interest	Class A common stock	Class B common stock	Class C common stock	Warrants
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Impact of change in accounting policy	[1]	$ 2,271			$ 2,271
Stockholders' equity adjusted, beginning balance		383,351	$ 185	$ 367,041	15,536	$ (532)	$ 1,121
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2017								13,819,639	3,022,484	1,636,341
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2017											8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2017		381,080	185	367,041	13,265	(532)	1,121
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(24,956)			(25,510)		554
Dividends declared		(4,184)			(4,184)
Acquisition of non-controlling interests (in shares)								0
Acquisition of non-controlling interests		(4,316)		(3,671)			(645)
Conversion of common shares (in shares)								10,850	(10,850)
Proceeds from sale of minority interest in subsidiary		0
Stock options exercised		0
Stock-based compensation		447		447
Issuance of restricted stock (in shares)								418,037
Disposal of subsidiary		637				656	(19)
Foreign currency exchange		(124)				(124)
Cash distributions to non-controlling interests		(514)					(514)
Common shares outstanding, ending balance (in shares) at Jun. 30, 2018								14,248,526	3,011,634	1,636,341
Warrants outstanding, ending balance (in shares) at Jun. 30, 2018											8,977,676
Stockholders' equity, ending balance at Jun. 30, 2018		$ 350,341	$ 185	$ 363,817	$ (14,158)	$ 0	$ 497
[1]	See Note 2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ (24,956)	$ 2,556
Loss from discontinued operations	(37,833)	(5,895)
Income from continuing operations	12,877	8,451
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	9,229	9,946
Amortization of deferred financing costs	761	851
Deferred income tax benefit	4,818	5,906
Provision for doubtful accounts	1,518	1,112
Stock-based compensation expense	436	356
Trade activity, net	(7,341)	(5,009)
Non-cash interest expense	(10)	0
Write-off of deferred financing costs	97	83
Net loss (gain) on sale and retirements of assets	(398)	715
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(3,845)	(5,905)
Prepaid expenses and other assets	(2,891)	(2,294)
Accounts payable	2,244	(2,658)
Accrued expenses	(6,600)	1,484
Accrued interest	(1,037)	(5)
Other long-term liabilities	(416)	(416)
Net cash provided by operating activities - continuing operations	9,442	12,617
Net cash used in operating activities - discontinued operations	(8,208)	(11,190)
Net cash provided by operating activities	1,234	1,427
Cash flows from investing activities:
Purchase of property and equipment	(8,760)	(8,415)
Payments for acquisitions, net of cash received	(3,724)	(2,157)
Acquisition of intangibles	0	(150)
Proceeds from sale of assets	1,923	172
Net cash used in investing activities - continuing operations	(10,561)	(10,550)
Net cash (used in) provided by investing activities - discontinued operations	22,592	(3,919)
Net cash (used in) provided by investing activities	12,031	(14,469)
Cash flows from financing activities:
Repayment of long-term debt	(9,519)	(6,662)
Dividend payments	(2,061)	0
Deferred financing costs	(2)	(432)
Proceeds from exercise of employee stock options	0	346
Cash distributions to non-controlling interests	(514)	(49)
Repayments of capitalized obligations	(3)	(88)
Net cash used in financing activities - continuing operations	(12,099)	(6,885)
Net cash used in financing activities - discontinued operations	(19)	(563)
Net cash used in financing activities	(12,118)	(7,448)
Net effect of foreign currency exchange rate changes from discontinued operations	92	22
Net (decrease) increase in cash and restricted cash	1,239	(20,468)
Cash and restricted cash, beginning of period	61,205	51,540
Cash and restricted cash, ending of period	62,444	31,072
Cash payments:
Interest	17,176	15,314
Income taxes	1,449	552
Supplemental Disclosure of Non-cash Activities:
Dividends declared during the period	2,123
Dividend Declared
Supplemental Disclosure of Non-cash Activities:
Dividends declared during the period	$ 2,123	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Description of the Business Townsquare Media, Inc. (together with its consolidated subsidiaries, except as the context may otherwise require, "we," "us," "our," "Company," or "Townsquare") is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the United States. Our assets include 320 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 13,650 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and approximately 200 live events with over one million attendees each year. Our brands include local media assets such as WYRK , KLAQ , K2 and NJ101.5 ; iconic regional and national events such as the Taste of Country Music Festival , WE Fest , Country Jam , the Boise Music Festival , the Red Direct BBQ & Music Festival and Taste of Fort Collins ; and leading tastemaker music and entertainment websites such as XXLmag.com , TasteofCountry.com and Loudwire.com

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Except as stated below, there have been no significant changes in the Company’s accounting policies since December 31, 2017 . For the Company's detailed accounting policies please refer to the consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 (the " 2017 Annual Report on Form 10-K") filed with the Securities and Exchange Commission ("SEC") on March 13, 2018. Impairment of Long Lived and Intangible Assets We evaluate the recoverability of the carrying amount of long lived and intangible assets, which include property and equipment, whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Our review for impairment of these long lived and intangible assets takes into account estimates of future undiscounted cash flows and the fair market value based on market indicators. An impairment loss is recognized if the future undiscounted cash flows associated with the assets or the fair market value of the assets are less than their carrying value. Impairment losses are measured as the amount by which the carrying values of the assets exceed their fair market values. During the three and six months ended June 30, 2018, the Company determined that the carrying value of certain long lived and intangible assets exceeded their fair market value and an impairment charge of $38.0 million was recorded and subsequently reclassed as part of net loss from discontinued operations. Discontinued Operations The Company previously identified two operating segments - Local Marketing Solutions and Entertainment. During the course of 2018, two changes have occurred which affect not only the quantitative factors for determining reportable segments, but also the way in which the Chief Operating Decision Makers (“CODM(s)”) view and manage the business. The North American Midway Entertainment (“NAME”) business, which represented approximately $92.2 million of revenue and $7.3 million of operating income in 2017, was sold in May of 2018, and Mountain Jam, a multi-day music festival, representing $3.8 million of revenue and negligible operating income in 2017, was discontinued. Both were reclassified as discontinued operations for the three and six months ended June 30, 2018 and 2017. In addition, amounts related to NAME and Mountain Jam have been reclassified as discontinued operations within the December 31, 2017 consolidated balance sheet. Following these events and without the significant net revenue contribution of NAME, the Company has been reoriented and streamlined from a Local Marketing Solutions and Entertainment products and services company to a consolidated and fully integrated local marketing company. We now view our sole product as marketing solutions (including promotion, advertising, and marketing services) geared to local communities and customers in and around our markets (or markets of similar size and/or constitution). As such, the CODM(s) and management have adjusted the information used to evaluate performance and allocate resources to be based solely on net revenue and operating income, which spans across geographic regions predominately within the United States. Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases. ASU 2016-02 requires the lessee to recognize in the statement of financial position a liability to make lease payments, and a right-of-use asset representing its right to use the underlying asset for the lease term. The liability and asset are initially measured at the present value of the lease payments. The ASU applies to all leases, including those previously classified as operating leases under Accounting Standards Codification ("ASC") Topic 842. The standard is effective for fiscal years beginning after December 15, 2018, and will require measurement of leases at the beginning of the earliest period presented, using a modified retrospective approach. The Company is currently assessing the potential impact ASU 2016-02 will have on its Consolidated Financial Statements and has begun the process of implementing new policies and procedures. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This new standard replaced all prior U.S. GAAP related to revenue recognition and eliminated all industry-specific guidance. The core principle of this new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted Topic 606, Revenue from Contracts with Customers and all the related amendments to all contracts using the modified retrospective method. We recognized the cumulative effect of adopting Topic 606 as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income or loss, as applicable, on an ongoing basis. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet, after consideration of discontinued operations, for the adoption of Topic 606 were as follows (in thousands): As Reported December 31, 2017 Adjustment due to ASC 606 Balance at January 1, 2018 Assets Prepaid expenses and other current assets $ 7,540 $ 2,271 $ 9,811 Total Current Assets 138,404 2,271 140,675 Total Assets $ 1,056,358 $ 2,271 $ 1,058,629 Total Liabilities $ 675,278 $ — $ 675,278 Equity Retained earnings $ 13,265 $ 2,271 $ 15,536 Total stockholders' equity 381,080 2,271 383,351 Total liabilities and stockholders' equity $ 1,056,358 $ 2,271 $ 1,058,629 As a part of Topic 606 adoption, we reclassified costs associated with sales commissions related to obtaining certain customer contracts. In accordance with the new revenue standard's requirements, for the six months ended June 30, 2018, the impact of adoption of Topic 606 on our consolidated financial statements was a decrease to operating expenses and an increase to net income of approximately $0.3 million as a result of amortizing deferred commissions under ASC 606. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption of this new guidance did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables disaggregate our revenues into the following categories; Advertising, which includes broadcast and local digital advertising products, Live Events and our digital marketing solutions business under the brand name Townsquare Interactive (in thousands): Three Months Ended Six Months Ended Advertising Live Events Townsquare Interactive Total Advertising Live Events Townsquare Interactive Total Net Revenue $ 84,985 $ 21,586 $ 11,685 $ 118,256 $ 155,827 $ 27,240 $ 22,480 $ 205,547 Political 1,321 — — 1,321 2,021 — — 2,021 Net Revenue $ 86,306 $ 21,586 $ 11,685 $ 119,577 $ 157,848 $ 27,240 $ 22,480 $ 207,568 Three Months Ended Six Months Ended Advertising Live Events Townsquare Interactive Total Advertising Live Events Townsquare Interactive Total Net Revenue $ 82,805 $ 23,956 $ 9,958 $ 116,719 $ 151,564 $ 30,361 $ 19,274 $ 201,199 Political 584 — — 584 1,033 — — 1,033 Net Revenue $ 83,389 $ 23,956 $ 9,958 $ 117,303 $ 152,597 $ 30,361 $ 19,274 $ 202,232 Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; generally this occurs with the transfer of control as we satisfy contractual performance obligations over time. Our contractual performance obligations include the broadcast of commercials on our owned and operated radio stations, digital sales of internet based advertising campaigns, digital marketing solutions, and the operation of live events. Revenue is measured at contract inception as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are at a fixed price at inception and do not include any variable consideration or financing components by normal course of business practice. Sales, value add, and other taxes that are collected concurrently with revenue producing activities are excluded from revenue. The primary sources of net revenue are the sale of advertising on our radio stations, owned and operated websites, radio stations’ online streams, and mobile applications. We offer precision customer targeting solutions to advertisers through Townsquare Ignite, our digital programmatic advertising platform. We also offer digital marketing solutions under the brand name Townsquare Interactive, on a subscription basis, to small and mid-sized local and regional businesses in small and mid-sized markets across the United States, including the markets in which we operate radio stations. In addition, we offer a diverse range of live events which we create, promote, and produce. This includes festivals, concerts, expositions and other experiential events within and beyond our markets. Our live events also generate substantial net revenue through the sale of sponsorships, food and other concessions, merchandise and other ancillary products and services. Political net revenue includes the sale of advertising on our owned and operated radio stations from contracts with political advertisers. Contracted performance obligations under political contracts consist of the broadcast of advertisements across our locally owned and operated radio stations. Management views political revenue separately because political is episodic based on the election cycle and local issues calendars. Net revenue for broadcast commercials and digital advertisements are recognized as the commercials are broadcast and digital advertisements are placed and the contractual performance obligations for Townsquare services are satisfied. We measure progress towards the satisfaction of our contractual performance obligations via the output produced in accordance with the contractual arrangement (the broadcast of commercials or the placement of digital advertisements). We recognize the associated contractual revenue as the delivery takes place and the right to invoice for services performed is met. Our advertising contracts are short-term (less than one year) and payment terms are generally net 30-60 days for traditional customer contracts and net 60-90 days for national agency customer contracts. Our billing practice is to invoice customers on a monthly basis for services delivered to date (representing the right to invoice). Our contractual arrangements do not include rights of return and do not include any significant judgments by nature of the products and services. Net revenue from digital subscription-based contractual performance obligations is recognized ratably over time as our performance obligations are satisfied. Subscription-based service fees are typically billed in advance of the month of service at a fixed monthly fee that is contractually agreed upon at contract inception. The measure of progress in such arrangements is the number of days of successful delivery of the contracted service. Live events net revenue is recognized as events are conducted and our contractual performance obligations are satisfied. Our live events include single day and multi-day events, generally ranging from one day to four days in duration. We measure progress towards the satisfaction of contractual performance obligations on a daily basis, measured by the successful delivery of the event and honoring customer admissions and vendor event commitments. Live event ticket purchase prices are due at the point of purchase and are nonrefundable. Live event tickets are often sold in advance of the events; in the case of advanced ticket sales, we defer the recognition of consideration received until we satisfy the future performance obligation. Live event contractual arrangements do not include any variable consideration, financing components, or significant judgments. For all customer contracts, we evaluate whether we are the principal (i.e., report revenue on a gross basis) or the agent (i.e., report revenue on a net basis). Generally, we report revenue for advertising placed on Townsquare properties on a gross basis (the amount billed to our customers is recorded as revenue, and the amount paid to our publishers is recorded as a cost of revenue). We are the principal because we control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to monetize the advertising inventory, being primarily responsible to our customers, having discretion in establishing pricing, or a combination of these factors. We also generate revenue through agency relationships in which revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies. No impairment losses have arisen from any contracts with customers during the three or six months ended June 30, 2018. The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): At Adoption January 1, 2018 June 30, 2018 Receivables $ 61,558 $ 67,122 Short-term contract liabilities (deferred revenue) $ 17,281 $ 12,248 We receive payments from customers based upon contractual billing schedules; accounts receivable is recorded when the right to consideration becomes unconditional. Contract receivables are recognized in the period the Company provides services when the Company’s right to consideration is unconditional. Payment terms vary by the type and location of our customer and the products or services offered. Payment terms for amounts invoiced are typically net 30-60 days. The term between invoicing and when payment is due is not significant. The Company had no material bad debt expense recorded during the three months or six months ended June 30, 2018. We record contract liabilities when cash payments are received or due in advance of satisfying our performance obligations. Our contract liabilities include cash payments received or due in advance related to event ticket sales for events scheduled to take place over the course of the current year and digital subscriptions in which payment is received in advance of the service month. These contract liabilities are recognized as revenue as the related performance obligations are satisfied. The decrease in the contract liabilities balance that was included in the deferred revenue balance at January 1, 2018 is primarily driven by $7.2 million and $12.6 million of recognized revenue for the three and six months ended June 30, 2018, offset by cash payments received or due in advance of satisfying our performance obligations. No significant changes in the time-frame of the satisfaction of contract liabilities have occurred during the six months ended June 30, 2018. In connection with the adoption of Topic 606, we are required to capitalize certain contract acquisition costs consisting primarily of commissions paid when contracts are signed (previously such costs were expensed as incurred). Our capitalized contract acquisition costs include amounts related to sales commissions paid for contract acquisition costs related to signed contracts with perceived durations exceeding one year. For these contracts, we defer the related sales commission costs and amortize such costs to expense consistent with how the related revenue is recognized over the duration of the contracts. We have evaluated the average customer contract duration (initial term and any renewals) to determine the appropriate amortization period for these contractual arrangements. For contracts with a duration of less than one year, we follow a Topic 606 practical expedient and expense these costs when incurred. As of January 1, 2018, we had a balance of $2.3 million in deferred costs and have recognized $0.5 million and $1.1 million for the three and six months ended June 30, 2018. No impairment losses have been recognized or changes made to the time-frame for performance of the obligations related to deferred contract assets during the three and six months ended June 30, 2018. Arrangements with Multiple Performance Obligations In contracts with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the contract at contract inception. When multiple performance obligations are identified, we identify how control transfers to the customer for each distinct contract obligation and determine the period when the obligations are satisfied. If obligations are satisfied in the same period, no allocation of revenue is deemed to be necessary. In the event performance obligations within a bundled contract do not run concurrently, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost-plus margins. Performance obligations that are not distinct at contract inception are combined. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within direct operating expenses.

Interim Financial Data

Interim Financial Data	6 Months Ended
	Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Data	Interim Financial Data The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto included in the Company's 2017 Annual Report on Form 10-K. The accompanying unaudited interim consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries, with all significant intercompany balances and transactions eliminated in consolidation. These financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations for and financial condition as of the end of the interim periods have been included. The results of operations and cash flows for the three and six months ended June 30, 2018 and the Company’s financial condition as of such date are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition as of, any other interim period or for the fiscal year ending December 31, 2018 . The Consolidated Balance Sheet as of December 31, 2017 is derived from the audited financial statements at that date, adjusted for the impact of certain businesses that were discontinued in 2018. Our net revenue varies throughout the year. We expect that our first calendar quarter will produce the lowest net revenue for the year, as advertising expenditures generally decline following the winter holidays, and the second and third calendar quarters will generally produce the highest net revenue for the year. During even-numbered years, net revenue generally includes increased advertising expenditures by political candidates, political parties and special interest groups. Political spending is typically highest during the fourth quarter. In addition to advertising revenue seasonality, our live events net revenue exhibits seasonality resulting in the second quarter being the highest revenue period. The most significant driver of seasonality in live events net revenue is our multi-day music festivals which are predominately in the second and third quarter. Our operating results in any period may be affected by the incurrence of advertising and promotion expenses that typically do not have an effect on net revenue generation until future periods, if at all. In the media industry, companies, including ours, sometimes utilize barter agreements that exchange advertising time for goods or services such as travel, lodging or assets, instead of cash. Barter revenue was $6.8 million and $7.5 million and barter expense was $3.9 million and $4.0 million for the three months ended June 30, 2017 and 2018, respectively. Barter revenue was $11.6 million and $14.7 million and barter expense was $6.6 million and $7.4 million for the six months ended June 30, 2017 and 2018, respectively.

Investments

Investments	6 Months Ended
	Jun. 30, 2018
Investments, All Other Investments [Abstract]
Investments	Investments Long-term investments consist of minority holdings in companies that management believes are synergistic with Townsquare. Management does not exercise significant control over operating and financial policies of the investees; accordingly, the investments are reflected under the cost method of accounting. The initial equity valuations were based upon a combination of valuation analysis using observable inputs categorized as Level 2 and performing discounted cash flows analysis, using unobservable inputs categorized as Level 3 within the ASC 820 framework. On May 17, 2018, the Company entered into a Marketing Service Agreement whereby the Company will provide certain marketing services across our digital and live events platforms. As part of the consideration for our marketing services, the Company was provided preferred stock with an aggregate value of $3.2 million

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: (in thousands) December 31, June 30, Land and improvements $ 20,870 $ 20,975 Buildings and leasehold improvements 40,567 41,369 Broadcast equipment 74,851 77,746 Computer and office equipment 13,198 13,951 Furniture and fixtures 13,894 15,624 Transportation equipment 13,509 15,100 Software development costs 15,943 18,704 Total property and equipment, gross 192,832 203,469 Less accumulated depreciation and amortization (88,802 ) (95,577 ) Total property and equipment, net $ 104,030 $ 107,892 Depreciation and amortization expense for property and equipment was $4.6 million and $4.3 million for the three months ended June 30, 2017 and 2018 , respectively and $ 8.8 million and $8.5 million for the six months ended June 30, 2017 and 2018, respectively. The Company recorded an impairment charge of $25.6 million

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Indefinite-lived assets consist of FCC broadcast licenses and goodwill. FCC licenses represent a substantial portion of the Company’s total assets. The FCC licenses are renewable in the ordinary course of business, generally for a maximum of eight years. The fair value of FCC licenses is primarily dependent on the future cash flows of the radio markets and other assumptions, including, but not limited to, forecasted revenue growth rates, profit margins and a risk-adjusted discount rate. The Company has selected December 31 st as the annual testing date. If market conditions and operational performance of the Company’s reporting units were to deteriorate and management had no expectation that the performance would improve within a reasonable period of time or if an event occurs or circumstances change that would reduce the fair value of its goodwill and intangible assets below the amounts reflected in the balance sheet, the Company may be required to recognize additional impairment charges in future periods. With the exception of a reclassification as a result of discontinued operations, there were no changes to the carrying value of goodwill for the three and six months ended June 30, 2018. Goodwill was $241.9 million at June 30, 2018. Intangible assets consist of the following: (in thousands) Estimated Useful Life December 31, June 30, Intangible Assets: FCC licenses Indefinite $ 484,535 $ 484,535 Customer and advertising relationships 10 years 14,317 14,317 Leasehold interests 5 to 39 years 1,085 1,085 Tower space 3 to 9 years 454 454 Sports broadcast rights 1 to 2 years 665 665 Non-compete agreements 1 to 2 years 243 243 Trademarks 15 years 8,675 8,675 Other intangibles 3 years 1,141 1,141 Total 511,115 511,115 Less: Accumulated amortization (15,614) (16,392 ) Net amount $ 495,501 $ 494,723 Amortization expense for definite-lived intangible assets was $0.6 million and $0.4 million for the three months ended June 30, 2017 and 2018 , respectively and $1.2 million and $0.8 million for the six months ended June 30, 2017 and 2018, respectively. The Company recorded an impairment charge of $12.4 million during the three months ended March 31, 2018 as the Company determined that the carrying value of certain intangible assets exceeded their fair market value based on market indicators. This impairment charge has been reclassed as part of net loss from discontinued operations in our Consolidated Statement of Operations for the six months ended June 30, 2018. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of June 30, 2018 is as follows (in thousands): 2018 (remainder) $ 657 2019 1,313 2020 1,265 2021 1,256 2022 1,253 Thereafter 4,444 $ 10,188

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows: (in thousands) December 31, June 30, 2023 Notes $ 280,079 $ 280,079 Term Loans 291,851 282,332 Capitalized obligations 15 12 Debt before deferred financing costs 571,945 562,423 Deferred financing costs (6,803 ) (5,948 ) Total debt 565,142 556,475 Less: current portion of long-term debt (9,524 ) (5 ) Total long-term debt $ 555,618 $ 556,470 On April 1, 2015, the Company issued $300.0 million of 6.5% Unsecured Senior Notes due in 2023 (the "2023 Notes") and a Senior Secured Credit Facility, which includes a seven year, $275.0 million term loan facility (the "Term Loans") and a five year, $50.0 million revolving credit facility (the "Revolver"). Borrowings are guaranteed by each of the Company’s direct and indirect subsidiaries, and subject to certain exceptions, are secured by substantially all of the tangible and intangible assets of the Company and its subsidiaries. On September 1, 2015, the Company issued incremental term loans of $45.0 million under the Senior Secured Credit Facility. On February 8, 2017, the Company amended its Senior Secured Credit Facility agreement to reduce the applicable interest rate on its Term Loan. Under the amended Term Loan, the applicable margin was reduced by 25 basis points to 300 basis points. The LIBOR floor of 1.00% remained unchanged. All other terms of the Senior Secured Credit Facility agreement remained substantially unchanged. The Company capitalized $0.4 million of deferred financing costs in connection with this repricing. As of June 30, 2018, the interest rate on the Term Loans was 5.09% . The Revolver has an interest rate based either on LIBOR and an applicable margin of 250 basis points, or an alternative base rate and an applicable margin of 150 basis points. As of June 30, 2018, the Company had no outstanding borrowings under the Revolver. The 2023 Notes mature on April 1, 2023, with interest payable on April 1 and October 1 of each year. Prior to maturity, the Company may redeem all or part of the 2023 Notes at specified redemption premiums as set forth in the indenture, together with any accrued and unpaid interest thereon. Additionally, if the Company experiences certain change of control events, holders of the 2023 Notes may require the Company to repurchase all or part of their notes at 101% of the principal amount thereof. The 2023 Notes rank equally with all of the Company's existing and future senior debt, are senior to all of the Company's existing and future subordinated debt and are guaranteed on a senior basis by certain of the Company’s direct and indirect wholly-owned subsidiaries. The 2023 Notes indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional debt or issue preferred stock; create liens; create restrictions on the Company’s subsidiaries’ ability to make payments to the Company; pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock; make certain investments or certain other restricted payments; guarantee indebtedness; designate unrestricted subsidiaries; sell certain kinds of assets; enter into certain types of transactions with affiliates; and effect mergers and consolidations. The Term Loans mature on April 1, 2022 , and the Revolver matures on April 1, 2020 . Borrowings under the Senior Secured Credit Facility are subject to mandatory prepayments equal to the net proceeds to the Company of any additional debt issuances or asset sales, as well as half of the annual excess cash flow as defined in the credit agreement (both subject to certain reductions). At December 31, 2017, we were required to make an excess cash flow payment on the outstanding Term Loans of $9.5 million which was subsequently paid on March 20, 2018. The Company recognized an expense of $0.1 million on the accelerated depreciation of unamortized deferred financing costs in connection with this prepayment in the first quarter of 2018. Borrowings are guaranteed by each of the Company’s direct and indirect subsidiaries, and subject to certain exceptions, are secured by substantially all of the tangible and intangible assets of the Company and its subsidiaries. The Senior Secured Credit Facility contains covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional indebtedness or liens; engage in mergers or other fundamental changes; sell certain property or assets; pay dividends or other distributions; make acquisitions, investments, loans and advances; prepay certain indebtedness including the 2023 Notes; change the nature of its business; engage in certain transactions with affiliates and incur restrictions on interactions between the Company and its subsidiaries, or limit actions in relation to the Senior Secured Credit Facility. The Company is in compliance with its covenants under the 2023 Notes and Senior Secured Credit Facility as of June 30, 2018 . As of June 30, 2018 , based on available market information, the estimated fair value of the 2023 Notes and the Term Loans were $255.6 million and $282.0 million , respectively. Annual maturities of the Company's long-term debt as of June 30, 2018 are as follows (in thousands): 2018 (remainder) $ 3 2019 5 2020 5 2021 — 2022 282,332 Thereafter 280,079 $ 562,424

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The table below presents a summary, as of June 30, 2018 , of our authorized and outstanding common stock, and securities convertible into common stock, excluding options issued under our 2014 Omnibus Incentive Plan. Security 1 Par Value Per Share Number Authorized Number Outstanding Description Class A common stock $ 0.01 300,000,000 14,248,526 One vote per share. Class B common stock $ 0.01 50,000,000 3,011,634 10 votes per share. 2 Class C common stock $ 0.01 50,000,000 1,636,341 No votes. 2 Warrants 8,977,676 Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898. 3 Total 400,000,000 27,874,177 1 Each of the shares of common stock, including the shares of Class A common stock issuable upon exercise of the warrants, have equal economic rights. 2 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules. 3 The warrants are fully vested and exercisable for shares of Class A common stock, subject to certain conditions, including compliance with FCC rules. The foregoing share totals include 418,037 shares of restricted Class A common stock, subject to vesting terms, but exclude 4,600,049 of Class A common stock and 5,111,236 of Class B common stock issuable upon exercise of stock options, which options have an exercise price of between $6.31 and $10.62 per share. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock. The Company's common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. Unless the Company's Board of Directors determines otherwise, we will issue all of our capital stock in uncertificated form. On March 12, 2018 the Board of Directors approved its first quarterly dividend of $0.075 per share. The $2.1 million dividend was paid to holders of record as of April 2, 2018 on May 15, 2018. On M ay 7, 2018, the Board of Directors approved its second quarterly dividend of $0.075 per share. The $2.1 million dividend will be paid to holders of record as of June 28, 2018 on August 15, 2018. Stock-based Compensation The Company's 2014 Omnibus Incentive Plan (the "2014 Incentive Plan") provides grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting or advisory services for the Company, are eligible for grants under the 2014 Incentive Plan. The purpose of the 2014 Incentive Plan is to provide incentives that will attract, retain and motivate high performing officers, directors, employees and consultants by providing them with appropriate incentives and rewards either through a proprietary interest in our long-term success or compensation based on their performance in fulfilling their personal responsibilities. The aggregate number of shares of common stock which may be issued or used for reference purposes under the 2014 Incentive Plan or with respect to which awards may be granted may not exceed 12,000,000 shares. As of June 30, 2018 , 1,827,600 shares were available for grant. Options granted prior to 2016 vested immediately. Options granted beginning in 2016 generally vest 50% after three years and 50% after four years, with the exception of approximately 1.2 million options issued in 2018 that vest 25% each year over four years. The options have an exercise price of between $6.31 and $10.62 per share. The expected term of each option grant was calculated using the simplified method, defined as the midpoint between the vesting period and the contractual term of each award. The expected volatility was based on market conditions of the Company and comparable companies. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the expected term of the option. The Company historically had not paid dividends and therefore did not utilize a dividend yield in the calculations, however, beginning with grants made in 2018, we have used an annual dividend of $0.30 per share in our calculations. The following table summarizes stock option activity for the six months ended June 30, 2018 : Shares Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding at January 1, 2018 8,544,225 $ 9.50 6.11 $ — Granted 1,342,000 6.38 Exercised — — Forfeited (174,940 ) 9.36 Outstanding at June 30, 2018 9,711,285 $ 9.07 6.13 $ 203,200 Stock-based compensation expense was $0.2 million and $0.3 million for the three months ended June 30, 2017 and 2018, respectively, and $0.4 million and $ 0.4 million for the six months ended June 30, 2017 and 2018, respectively. As of June 30, 2018 , total unrecognized stock-based compensation expense is $7.2 million , including $2.6 million related to restricted stock awards, to be recognized over four or five years. On May 31, 2018, the Company issued 400,000 shares of restricted stock under the 2014 incentive plan, none of which were vested as of June 30, 2018. At June 30, 2018, there were 418,037 restricted stock shares outstanding with a weighted average grant date fair value per share of $6.38 . The fair value of the restricted stock shares is equal to the closing share price on the date of grant. Of the total restricted stock shares outstanding, 400,000 vest 25% each year over four years and the remainder have a five-year vesting term. The Company has aggregate restricted stock share commitments of $0.1 million

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes includes effects from the Tax Cuts and Jobs Act (“TCJA”) for changes that became effective January 1, 2018. We have incorporated provisional estimates for these new TCJA provisions as part of our forecasted annual effective tax rate. For the period ended June 30, 2018, we have not recorded any adjusted tax impacts with respect to provisional amounts previously recorded at December 31, 2017 for deferred tax balances and the one-time transition tax. We are still refining our calculations and interpreting recent guidance on both the federal and state level which could change these provisional tax amounts. No material changes are anticipated. The Company's effective tax rate for the six months ended June 30, 2017 and 2018 was approximately 41.2% and 27.2% , respectively. The effective tax rate may vary significantly from period to period, and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% for the six months ended June 30, 2018

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: (in thousands) December 31, June 30, Accrued compensation and benefits $ 10,629 $ 6,594 Accrued professional fees 1,057 869 Accrued commissions 2,010 2,324 Accrued taxes 2,039 2,356 Accrued music and FCC licensing 251 2,003 Accrued publisher fees 2,752 2,652 Accrued national representation fees 947 875 Due to sellers, business combinations 291 3 Deferred rent 1,951 1,923 Dividends payable — 2,123 Accrued other 2,992 3,750 $ 24,919 $ 25,472

Lease and Other Commitments

Lease and Other Commitments	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease and Other Commitments	Lease and Other Commitments Operating Leases : The Company leases certain facilities and equipment used in its operations. Certain of the Company’s operating leases contain renewal options through 2062, escalating rent provisions and/or cost of living adjustments. Total rental expense was approximately $4.8 million and $4.3 million for the three months ended June 30, 2017 and 2018 , respectively and approximately $8.7 million and $8.0 million for the six months ended June 30, 2017 and 2018 , respectively. Total rental expense includes costs incurred for live events such as venue and equipment rentals. At June 30, 2018 , the total minimum annual rental commitments under non-cancelable operating leases are as follows (in thousands): 2018 (remainder) $ 4,980 2019 9,236 2020 7,056 2021 5,400 2022 4,401 Thereafter 14,422 Total minimum payments $ 45,495 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. ("Nielsen"), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of June 30, 2018 is approximately $20.7 million and is expected to be paid in accordance with the agreements through September 2021. In addition, the Company has aggregate commitments of $2.3 million for other broadcasting services through December 2019 and aggregate commitments of $11.5 million

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During the fourth quarter of 2017, management undertook a corporate strategic review of the Company’s operations and concluded the Company should exit certain live events businesses. These businesses are classified as discontinued operations as they represent separate lines of business and the discontinuation thereof represents a strategic shift towards core business offerings. During the fourth quarter of 2017, management determined that following the completion of contractually committed 2017 events, the live event verticals, Premium Music and Holiday, would be discontinued. On May 24, 2018, the Company, through its subsidiary, Townsquare Live Events, LLC, sold all of the issued and outstanding membership interests of Heartland Group, LLC and its wholly owned subsidiary NAME to North American Fairs, LLC for total cash consideration of $23.5 million . In addition, Townsquare will have the right to receive 15% of any sales proceeds if NAME is sold in whole or in part within the next ten years. We have historically considered NAME the primary business of our Entertainment reportable segment, consistent with the manner in which the CODM(s) view the business. As the divestiture of the NAME business represents a strategic shift that will have a major effect on the Company’s operations and financial results, NAME's assets, liabilities and financial results are presented as discontinued operations separate from the Company’s continuing operations for all periods presented. We recognized a loss on the sale of NAME of approximately $1.9 million within net loss from discontinued operations and our Entertainment reportable segment will no longer be presented as part of our segment reporting. On June 29, 2018, the Company entered into an Agreement of Purchase and Sale to transfer it's 70% controlling interest in Mountain Jam, LLC ("Mountain Jam") to Chet-5 Festivals, LLC ("Chet-5"), and to acquire the 30% minority interest in Taste of Country Productions LLC from Chet-5. The purchase and sale included a payment of $1.3 million from the Company to Chet-5. The Company recognized a gain on the sale of Mountain Jam of approximately $1.2 million within net loss from discontinued operations. The following table shows the components of assets and liabilities that are related to discontinued operations in the Company's Consolidated Balance Sheets: (in thousands) December 31, 2017 June 30, 2018 Cash and cash equivalents $ 4,090 $ 228 Accounts receivable 183 18 Prepaid expenses and other current assets 3,828 10 Current assets of discontinued operations 8,101 256 Property and Equipment, net 42,962 — Intangible assets, net 14,053 — Other non-current assets 2,463 — Long term assets of discontinued operations 59,478 — Accounts payable 1,116 — Accrued expenses and other current liabilities 1,324 3,038 Current liabilities of discontinued operations 2,440 3,038 Other long-term liabilities 10,682 — Long term liabilities of discontinued operations 10,682 — Net assets $ 54,457 $ (2,782 ) The following table shows the components of operations that are related to discontinued operations in the Company's Consolidated Statement of Operations: Three Months Ended Six Months Ended 2017 2018 2017 2018 Net revenue $23,360 $9,666 $26,848 $15,901 Discontinued operating costs and expenses: Direct operating expenses, excluding depreciation, amortization and stock-based compensation 25,538 15,856 33,568 27,565 Depreciation and amortization 1,677 437 3,279 2,176 Stock-based compensation 8 4 15 11 Impairment of long lived and intangible assets — — — 37,972 Net loss on sale and retirement of assets — 423 — 423 Discontinued operating loss (3,863 ) (7,054 ) (10,014 ) (52,246 ) Other expense: Interest expense, net — — — (1 ) Other expense, net (23 ) 12 (26 ) 24 Loss from discontinued operations before income taxes (3,840 ) (7,066 ) (9,988 ) (52,269 ) Benefit from income taxes (1,603 ) 1,375 (4,093 ) (14,436 ) Net loss from discontinued operations $ (2,237 ) $ (8,441 ) $ (5,895 ) $ (37,833 )

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share The following table sets forth the computations of basic and diluted net income (loss) per share for the three and six months ended June 30, 2017 and 2018. (in thousands, except per share data) Three Months Ended Six Months Ended 2017 2018 2017 2018 Numerator: Net income (loss) from continuing operations 7,800 10,075 8,451 12,877 Net (loss) income from discontinued operations, net of income taxes (2,237 ) (8,441 ) (5,895 ) (37,833 ) Net income (loss) $ 5,563 $ 1,634 $ 2,556 $ (24,956 ) Denominator: Weighted average shares of common stock outstanding 18,470 18,633 18,450 18,563 Effect of dilutive common stock equivalents 9,975 8,978 10,048 8,978 Weighted average diluted common shares outstanding 28,445 27,611 28,498 27,541 Basic income (loss) per share: Continuing operations $ 0.42 $ 0.54 $ 0.46 $ 0.69 Discontinued operations (0.12 ) (0.45 ) (0.32 ) (2.04 ) Diluted income per share: Continuing operations $ 0.27 $ 0.36 $ 0.30 $ 0.47 Discontinued operations (0.08 ) (0.31 ) (0.21 ) $ (1.37 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend On August 7, 2018 the Board of Directors approved a dividend of $0.075 per share. The dividend will be paid to holders of record as of September 27, 2018. The estimated $2.1 million dividend will be paid on November 15, 2018. Option Exchange On July 18, 2018, the Company commenced an offer to eligible executive officers, employees and directors to exchange certain outstanding eligible options to purchase shares of our common stock for new options covering a lesser number of shares of our common stock exercisable at a lower price. The exchange offer is expected to result in the grant of replacement options with a fair value, for accounting purposes, that is approximately equal to the fair value of the eligible options that are surrendered in the exchange offer. The exchange offer is not a one-for-one exchange, which means eligible individuals will not receive one replacement option for every eligible option surrendered in the exchange offer. The number of replacement options to be granted in exchange for each eligible option surrendered depends on the grant date and exercise price of the surrendered option. The exchange offer is expected to expire on August 16, 2018. Acquisitions On March 21, 2018, the Company entered into an asset purchase agreement to acquire three radio stations in Princeton, NJ from Connoisseur Media, LLC for $17.3 million

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Impairment of Long Lived and Intangible Assets	Impairment of Long Lived and Intangible Assets
Discontinued Operations	Discontinued Operations The Company previously identified two operating segments - Local Marketing Solutions and Entertainment. During the course of 2018, two changes have occurred which affect not only the quantitative factors for determining reportable segments, but also the way in which the Chief Operating Decision Makers (“CODM(s)”) view and manage the business. The North American Midway Entertainment (“NAME”) business, which represented approximately $92.2 million of revenue and $7.3 million of operating income in 2017, was sold in May of 2018, and Mountain Jam, a multi-day music festival, representing $3.8 million of revenue and negligible operating income in 2017, was discontinued. Both were reclassified as discontinued operations for the three and six months ended June 30, 2018 and 2017. In addition, amounts related to NAME and Mountain Jam have been reclassified as discontinued operations within the December 31, 2017 consolidated balance sheet. Following these events and without the significant net revenue contribution of NAME, the Company has been reoriented and streamlined from a Local Marketing Solutions and Entertainment products and services company to a consolidated and fully integrated local marketing company. We now view our sole product as marketing solutions (including promotion, advertising, and marketing services) geared to local communities and customers in and around our markets (or markets of similar size and/or constitution). As such, the CODM(s) and management have adjusted the
Recently Issued and Recently Adopted Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases. ASU 2016-02 requires the lessee to recognize in the statement of financial position a liability to make lease payments, and a right-of-use asset representing its right to use the underlying asset for the lease term. The liability and asset are initially measured at the present value of the lease payments. The ASU applies to all leases, including those previously classified as operating leases under Accounting Standards Codification ("ASC") Topic 842. The standard is effective for fiscal years beginning after December 15, 2018, and will require measurement of leases at the beginning of the earliest period presented, using a modified retrospective approach. The Company is currently assessing the potential impact ASU 2016-02 will have on its Consolidated Financial Statements and has begun the process of implementing new policies and procedures. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This new standard replaced all prior U.S. GAAP related to revenue recognition and eliminated all industry-specific guidance. The core principle of this new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. On January 1, 2018, we adopted Topic 606, Revenue from Contracts with Customers and all the related amendments to all contracts using the modified retrospective method. We recognized the cumulative effect of adopting Topic 606 as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income or loss, as applicable, on an ongoing basis. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet, after consideration of discontinued operations, for the adoption of Topic 606 were as follows (in thousands): As Reported December 31, 2017 Adjustment due to ASC 606 Balance at January 1, 2018 Assets Prepaid expenses and other current assets $ 7,540 $ 2,271 $ 9,811 Total Current Assets 138,404 2,271 140,675 Total Assets $ 1,056,358 $ 2,271 $ 1,058,629 Total Liabilities $ 675,278 $ — $ 675,278 Equity Retained earnings $ 13,265 $ 2,271 $ 15,536 Total stockholders' equity 381,080 2,271 383,351 Total liabilities and stockholders' equity $ 1,056,358 $ 2,271 $ 1,058,629 As a part of Topic 606 adoption, we reclassified costs associated with sales commissions related to obtaining certain customer contracts. In accordance with the new revenue standard's requirements, for the six months ended June 30, 2018, the impact of adoption of Topic 606 on our consolidated financial statements was a decrease to operating expenses and an increase to net income of approximately $0.3 million as a result of amortizing deferred commissions under ASC 606. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption of this new guidance did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet, after consideration of discontinued operations, for the adoption of Topic 606 were as follows (in thousands): As Reported December 31, 2017 Adjustment due to ASC 606 Balance at January 1, 2018 Assets Prepaid expenses and other current assets $ 7,540 $ 2,271 $ 9,811 Total Current Assets 138,404 2,271 140,675 Total Assets $ 1,056,358 $ 2,271 $ 1,058,629 Total Liabilities $ 675,278 $ — $ 675,278 Equity Retained earnings $ 13,265 $ 2,271 $ 15,536 Total stockholders' equity 381,080 2,271 383,351 Total liabilities and stockholders' equity $ 1,056,358 $ 2,271 $ 1,058,629 At Adoption January 1, 2018 June 30, 2018 Receivables $ 61,558 $ 67,122 Short-term contract liabilities (deferred revenue) $ 17,281 $ 12,248

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	following tables disaggregate our revenues into the following categories; Advertising, which includes broadcast and local digital advertising products, Live Events and our digital marketing solutions business under the brand name Townsquare Interactive (in thousands): Three Months Ended Six Months Ended Advertising Live Events Townsquare Interactive Total Advertising Live Events Townsquare Interactive Total Net Revenue $ 84,985 $ 21,586 $ 11,685 $ 118,256 $ 155,827 $ 27,240 $ 22,480 $ 205,547 Political 1,321 — — 1,321 2,021 — — 2,021 Net Revenue $ 86,306 $ 21,586 $ 11,685 $ 119,577 $ 157,848 $ 27,240 $ 22,480 $ 207,568 Three Months Ended Six Months Ended Advertising Live Events Townsquare Interactive Total Advertising Live Events Townsquare Interactive Total Net Revenue $ 82,805 $ 23,956 $ 9,958 $ 116,719 $ 151,564 $ 30,361 $ 19,274 $ 201,199 Political 584 — — 584 1,033 — — 1,033 Net Revenue $ 83,389 $ 23,956 $ 9,958 $ 117,303 $ 152,597 $ 30,361 $ 19,274 $ 202,232
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet, after consideration of discontinued operations, for the adoption of Topic 606 were as follows (in thousands): As Reported December 31, 2017 Adjustment due to ASC 606 Balance at January 1, 2018 Assets Prepaid expenses and other current assets $ 7,540 $ 2,271 $ 9,811 Total Current Assets 138,404 2,271 140,675 Total Assets $ 1,056,358 $ 2,271 $ 1,058,629 Total Liabilities $ 675,278 $ — $ 675,278 Equity Retained earnings $ 13,265 $ 2,271 $ 15,536 Total stockholders' equity 381,080 2,271 383,351 Total liabilities and stockholders' equity $ 1,056,358 $ 2,271 $ 1,058,629 At Adoption January 1, 2018 June 30, 2018 Receivables $ 61,558 $ 67,122 Short-term contract liabilities (deferred revenue) $ 17,281 $ 12,248

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following: (in thousands) December 31, June 30, Land and improvements $ 20,870 $ 20,975 Buildings and leasehold improvements 40,567 41,369 Broadcast equipment 74,851 77,746 Computer and office equipment 13,198 13,951 Furniture and fixtures 13,894 15,624 Transportation equipment 13,509 15,100 Software development costs 15,943 18,704 Total property and equipment, gross 192,832 203,469 Less accumulated depreciation and amortization (88,802 ) (95,577 ) Total property and equipment, net $ 104,030 $ 107,892

Goodwill and Other Intangible27

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following: (in thousands) Estimated Useful Life December 31, June 30, Intangible Assets: FCC licenses Indefinite $ 484,535 $ 484,535 Customer and advertising relationships 10 years 14,317 14,317 Leasehold interests 5 to 39 years 1,085 1,085 Tower space 3 to 9 years 454 454 Sports broadcast rights 1 to 2 years 665 665 Non-compete agreements 1 to 2 years 243 243 Trademarks 15 years 8,675 8,675 Other intangibles 3 years 1,141 1,141 Total 511,115 511,115 Less: Accumulated amortization (15,614) (16,392 ) Net amount $ 495,501 $ 494,723
Schedule of Finite-Lived Intangible Assets	Intangible assets consist of the following: (in thousands) Estimated Useful Life December 31, June 30, Intangible Assets: FCC licenses Indefinite $ 484,535 $ 484,535 Customer and advertising relationships 10 years 14,317 14,317 Leasehold interests 5 to 39 years 1,085 1,085 Tower space 3 to 9 years 454 454 Sports broadcast rights 1 to 2 years 665 665 Non-compete agreements 1 to 2 years 243 243 Trademarks 15 years 8,675 8,675 Other intangibles 3 years 1,141 1,141 Total 511,115 511,115 Less: Accumulated amortization (15,614) (16,392 ) Net amount $ 495,501 $ 494,723
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of June 30, 2018 is as follows (in thousands): 2018 (remainder) $ 657 2019 1,313 2020 1,265 2021 1,256 2022 1,253 Thereafter 4,444 $ 10,188

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows: (in thousands) December 31, June 30, 2023 Notes $ 280,079 $ 280,079 Term Loans 291,851 282,332 Capitalized obligations 15 12 Debt before deferred financing costs 571,945 562,423 Deferred financing costs (6,803 ) (5,948 ) Total debt 565,142 556,475 Less: current portion of long-term debt (9,524 ) (5 ) Total long-term debt $ 555,618 $ 556,470
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of June 30, 2018 are as follows (in thousands): 2018 (remainder) $ 3 2019 5 2020 5 2021 — 2022 282,332 Thereafter 280,079 $ 562,424

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of June 30, 2018 , of our authorized and outstanding common stock, and securities convertible into common stock, excluding options issued under our 2014 Omnibus Incentive Plan. Security 1 Par Value Per Share Number Authorized Number Outstanding Description Class A common stock $ 0.01 300,000,000 14,248,526 One vote per share. Class B common stock $ 0.01 50,000,000 3,011,634 10 votes per share. 2 Class C common stock $ 0.01 50,000,000 1,636,341 No votes. 2 Warrants 8,977,676 Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898. 3 Total 400,000,000 27,874,177 1 Each of the shares of common stock, including the shares of Class A common stock issuable upon exercise of the warrants, have equal economic rights. 2 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules. 3 The warrants are fully vested and exercisable for shares of Class A common stock, subject to certain conditions, including compliance with FCC rules.
Schedule of Stock Options Activity	The following table summarizes stock option activity for the six months ended June 30, 2018 : Shares Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding at January 1, 2018 8,544,225 $ 9.50 6.11 $ — Granted 1,342,000 6.38 Exercised — — Forfeited (174,940 ) 9.36 Outstanding at June 30, 2018 9,711,285 $ 9.07 6.13 $ 203,200

Accrued Expenses and Other Cu30

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of the following: (in thousands) December 31, June 30, Accrued compensation and benefits $ 10,629 $ 6,594 Accrued professional fees 1,057 869 Accrued commissions 2,010 2,324 Accrued taxes 2,039 2,356 Accrued music and FCC licensing 251 2,003 Accrued publisher fees 2,752 2,652 Accrued national representation fees 947 875 Due to sellers, business combinations 291 3 Deferred rent 1,951 1,923 Dividends payable — 2,123 Accrued other 2,992 3,750 $ 24,919 $ 25,472

Lease and Other Commitments (Ta

Lease and Other Commitments (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	At June 30, 2018 , the total minimum annual rental commitments under non-cancelable operating leases are as follows (in thousands): 2018 (remainder) $ 4,980 2019 9,236 2020 7,056 2021 5,400 2022 4,401 Thereafter 14,422 Total minimum payments $ 45,495

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table shows the components of assets and liabilities that are related to discontinued operations in the Company's Consolidated Balance Sheets: (in thousands) December 31, 2017 June 30, 2018 Cash and cash equivalents $ 4,090 $ 228 Accounts receivable 183 18 Prepaid expenses and other current assets 3,828 10 Current assets of discontinued operations 8,101 256 Property and Equipment, net 42,962 — Intangible assets, net 14,053 — Other non-current assets 2,463 — Long term assets of discontinued operations 59,478 — Accounts payable 1,116 — Accrued expenses and other current liabilities 1,324 3,038 Current liabilities of discontinued operations 2,440 3,038 Other long-term liabilities 10,682 — Long term liabilities of discontinued operations 10,682 — Net assets $ 54,457 $ (2,782 ) The following table shows the components of operations that are related to discontinued operations in the Company's Consolidated Statement of Operations: Three Months Ended Six Months Ended 2017 2018 2017 2018 Net revenue $23,360 $9,666 $26,848 $15,901 Discontinued operating costs and expenses: Direct operating expenses, excluding depreciation, amortization and stock-based compensation 25,538 15,856 33,568 27,565 Depreciation and amortization 1,677 437 3,279 2,176 Stock-based compensation 8 4 15 11 Impairment of long lived and intangible assets — — — 37,972 Net loss on sale and retirement of assets — 423 — 423 Discontinued operating loss (3,863 ) (7,054 ) (10,014 ) (52,246 ) Other expense: Interest expense, net — — — (1 ) Other expense, net (23 ) 12 (26 ) 24 Loss from discontinued operations before income taxes (3,840 ) (7,066 ) (9,988 ) (52,269 ) Benefit from income taxes (1,603 ) 1,375 (4,093 ) (14,436 ) Net loss from discontinued operations $ (2,237 ) $ (8,441 ) $ (5,895 ) $ (37,833 )

Net Income (Loss) Per Common 33

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Unaudited Pro Forma Earnings Per Share	The following table sets forth the computations of basic and diluted net income (loss) per share for the three and six months ended June 30, 2017 and 2018. (in thousands, except per share data) Three Months Ended Six Months Ended 2017 2018 2017 2018 Numerator: Net income (loss) from continuing operations 7,800 10,075 8,451 12,877 Net (loss) income from discontinued operations, net of income taxes (2,237 ) (8,441 ) (5,895 ) (37,833 ) Net income (loss) $ 5,563 $ 1,634 $ 2,556 $ (24,956 ) Denominator: Weighted average shares of common stock outstanding 18,470 18,633 18,450 18,563 Effect of dilutive common stock equivalents 9,975 8,978 10,048 8,978 Weighted average diluted common shares outstanding 28,445 27,611 28,498 27,541 Basic income (loss) per share: Continuing operations $ 0.42 $ 0.54 $ 0.46 $ 0.69 Discontinued operations (0.12 ) (0.45 ) (0.32 ) (2.04 ) Diluted income per share: Continuing operations $ 0.27 $ 0.36 $ 0.30 $ 0.47 Discontinued operations (0.08 ) (0.31 ) (0.21 ) $ (1.37 )

Organization and Basis of Pre34

Organization and Basis of Presentation - Nature of Business (Details) attendee in Millions	Jun. 30, 2018radio_stationmarketattendeeeventwebsite
Organization and Basis of Presentation [Line Items]
Number of radio stations | radio_station	320
Number of search engine and mobile-optimized local websites (more than) | website	330
Number of small and mid-sized markets in which entity operates	13,650
Number of live events | event	200
Number of annual attendees at live events (more than) | attendee	1
United States
Organization and Basis of Presentation [Line Items]
Number of small and mid-sized markets	67

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Impairment of Long Lived and Intangible Assets (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Accounting Policies [Abstract]
Impairment charge	$ 38

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)segment
Segment Reporting Information [Line Items]
Number of operating segments | segment					2
Discontinued Operations
Segment Reporting Information [Line Items]
Net revenue	$ 9,666	$ 23,360	$ 15,901	$ 26,848
Operating income	$ (7,054)	(3,863)	$ (52,246)	$ (10,014)
NAME | Discontinued Operations, Disposed of by Sale
Segment Reporting Information [Line Items]
Net revenue					$ 92,200
Operating income		$ 7,300
Mountain Jam | Discontinued Operations
Segment Reporting Information [Line Items]
Net revenue					3,800
Operating income					$ 0

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Cumulative Effect of Changes for the Adoption of ASU 2014-09 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
ASSETS
Prepaid expenses and other current assets	$ 10,670		$ 10,670		$ 9,811	$ 7,540
Total Current Assets	140,492		140,492		140,675	138,404
Total Assets	1,007,545		1,007,545		1,058,629	1,056,358
Total Liabilities	657,204		657,204		675,278	675,278
Equity
Retained earnings (deficit)	(14,158)		(14,158)		15,536	13,265
Total stockholders' equity	350,341		350,341		383,351	381,080
Total liabilities and stockholders' equity	1,007,545		1,007,545		1,058,629	1,056,358
Net income (loss)	$ 1,634	$ 5,563	(24,956)	$ 2,556
As Reported December 31, 2017
ASSETS
Total Current Assets						138,404
Total Assets						1,056,358
Total Liabilities						675,278
Equity
Total stockholders' equity						381,080
Total liabilities and stockholders' equity						$ 1,056,358
Accounting Standards Update 2014-09
Equity
Operating expenses			300
Net income (loss)			$ 300
Accounting Standards Update 2014-09 | Adjustment due to ASC 606
ASSETS
Prepaid expenses and other current assets					2,271
Total Current Assets					2,271
Total Assets					2,271
Total Liabilities					0
Equity
Retained earnings (deficit)					2,271
Total stockholders' equity					2,271
Total liabilities and stockholders' equity					$ 2,271

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Net Revenue	$ 119,577	$ 117,303	$ 207,568	$ 202,232
Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	86,306	83,389	157,848	152,597
Live Events
Disaggregation of Revenue [Line Items]
Net Revenue	21,586	23,956	27,240	30,361
Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue	11,685	9,958	22,480	19,274
Excluding political
Disaggregation of Revenue [Line Items]
Net Revenue	118,256	116,719	205,547	201,199
Excluding political | Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	84,985	82,805	155,827	151,564
Excluding political | Live Events
Disaggregation of Revenue [Line Items]
Net Revenue	21,586	23,956	27,240	30,361
Excluding political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue	11,685	9,958	22,480	19,274
Political
Disaggregation of Revenue [Line Items]
Net Revenue	1,321	584	2,021	1,033
Political | Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	1,321	584	2,021	1,033
Political | Live Events
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	0
Political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Receivables	$ 67,122	$ 61,558	$ 61,558
Short-term contract liabilities (deferred revenue)	$ 12,248	$ 17,281	$ 17,281

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Recognized revenue	$ 7.2	$ 12.6
Deferred costs			$ 2.3
Recognized amortization	$ 0.5	$ 1.1

Interim Financial Data - Narrat

Interim Financial Data - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Barter revenue	$ 7.5	$ 6.8	$ 14.7	$ 11.6
Barter expenses	$ 4	$ 3.9	$ 7.4	$ 6.6

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	May 17, 2018USD ($)
Investments, All Other Investments [Abstract]
Preferred stock aggregate value	$ 3.2

Property and Equipment - Schedu

Property and Equipment - Schedule of Physical Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 203,469	$ 192,832
Less accumulated depreciation and amortization	(95,577)	(88,802)
Total property and equipment, net	107,892	104,030
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,975	20,870
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	41,369	40,567
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	77,746	74,851
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	13,951	13,198
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	15,624	13,894
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	15,100	13,509
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 18,704	$ 15,943

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 4.3	$ 4.6	$ 8.5	$ 8.8
Asset impairment charges	$ 25.6

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 241,888			$ 241,888		$ 241,888
Amortization of intangible assets	$ 400		$ 600	$ 800	$ 1,200
Impairment charge of intangible assets		$ 12,400

Goodwill and Other Intangible46

Goodwill and Other Intangible Assets - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Total	$ 511,115	$ 511,115
Less: Accumulated amortization	(16,392)	(15,614)
Net amount	494,723	495,501
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Gross indefinite-lived intangible assets	484,535	484,535
Customer and advertising relationships
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 14,317	14,317
Intangible asset useful life	10 years
Leasehold interests
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 1,085	1,085
Leasehold interests | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	5 years
Leasehold interests | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	39 years
Tower space
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 454	454
Tower space | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years
Tower space | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	9 years
Sports broadcast rights
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 665	665
Sports broadcast rights | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	1 year
Sports broadcast rights | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	2 years
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 243	243
Non-compete agreements | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	1 year
Non-compete agreements | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	2 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 8,675	8,675
Intangible asset useful life	15 years
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross finite-lived intangible assets	$ 1,141	$ 1,141
Intangible asset useful life	3 years

Goodwill and Other Intangible47

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Jun. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2018 (remainder)	$ 657
2,019	1,313
2,020	1,265
2,021	1,256
2,022	1,253
Thereafter	4,444
Total	$ 10,188

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt before deferred financing costs	$ 562,423	$ 571,945
Capitalized obligations	12	15
Deferred financing costs	(5,948)	(6,803)
Total debt	556,475	565,142
Less: current portion of long-term debt	(5)	(9,524)
Total long-term debt	556,470	555,618
2023 Notes
Debt Instrument [Line Items]
Debt before deferred financing costs	280,079	280,079
Term Loans
Debt Instrument [Line Items]
Debt before deferred financing costs	$ 282,332	$ 291,851

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Feb. 08, 2017	Apr. 01, 2015	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Sep. 01, 2015
Debt Instrument [Line Items]
Write off of unamortized deferred financing costs				$ 400,000
Amortization of deferred financing costs			$ 100,000	$ 761,000	$ 851,000
2023 Notes
Debt Instrument [Line Items]
Requirement to repurchase notes, percentage				101.00%
Term Loan | Seven Year Term Loan Facility
Debt Instrument [Line Items]
Debt amount		$ 275,000,000
Debt term		7 years
Decrease in interest rate	0.25%
Repayments of long-term debt						$ 9,500,000
Term Loan | Seven Year Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Variable rate floor	1.00%			5.09%
Basis spread on variable rate	3.00%
Term Loan | 2015 Incremental Term Loan
Debt Instrument [Line Items]
Debt amount							$ 45,000,000
Revolving Credit Facility | Five Year Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Line of credit, borrowing capacity		$ 50,000,000
Revolving Credit Facility | Five Year Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
Revolving Credit Facility | Five Year Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Senior Notes | 2023 Notes
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Stated interest rate		6.50%
Debt fair value				$ 255,600,000
Term Loans | 2023 Notes
Debt Instrument [Line Items]
Debt fair value				$ 282,000,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Jun. 30, 2018USD ($)
Debt Disclosure [Abstract]
2018 (remainder)	$ 3
2,019	5
2,020	5
2,021	0
2,022	282,332
Thereafter	280,079
Long-term debt	$ 562,424

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders Equity (Details)	6 Months Ended
	Jun. 30, 2018USD ($)vote / shares$ / sharesshares	Dec. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Total common stock and warrants outstanding (in shares)	27,874,177
Warrants, number of shares exercisable (in shares)	1
Exercise prices per warrant (in dollars per share) | $ / shares	$ 0.0001
Aggregate exercise price of all warrants | $	$ 898
Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	8,977,676
Class A common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares outstanding (in shares)	14,248,526	13,819,639
Number of votes per share | vote / shares	1
Class B common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares outstanding (in shares)	3,011,634	3,022,484
Number of votes per share | vote / shares	10
Class C common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares outstanding (in shares)	1,636,341	1,636,341
Number of votes per share | vote / shares	0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	May 07, 2018	Mar. 12, 2018	May 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Dividends declared (in dollars per share)		$ 0.075		$ 75	$ 0	$ 150	$ 0
Dividends declared	$ 2,100	$ 2,100				$ 4,184
Annual dividend yield, (in dollars per share)						$ 0.30
Stock-based compensation expense				$ 246	$ 175	$ 436	$ 356
Unrecognized stock-based compensation expense				$ 7,200		$ 7,200
Weighted average grant date fair value (in dollars per share)				$ 9.07		$ 9.07		$ 9.50
Restricted stock share commitments						$ 100
2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Shares authorized (in shares)				12,000,000		12,000,000
Shares available for grant (in shares)				1,827,600		1,827,600
Minimum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share)				$ 6.31		$ 6.31
Minimum | 2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share)				6.31		6.31
Maximum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share)				10.62		10.62
Maximum | 2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share)				$ 10.62		$ 10.62
Class A common stock
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)				4,600,049		4,600,049
Common Class B
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)				5,111,236		5,111,236
Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized (in shares)				50,000,000		50,000,000
Restricted Stock
Class of Stock [Line Items]
Weighted average grant date fair value (in dollars per share)				$ 6.38		$ 6.38
Restricted Stock
Class of Stock [Line Items]
Shares outstanding (in shares)				418,037		418,037
Unrecognized stock-based compensation expense				$ 2,600		$ 2,600
Restricted Stock | 2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Shares issued during period (in shares)			400,000
Restricted Stock | Minimum
Class of Stock [Line Items]
Unrecognized share-based compensation expense recognition period						4 years
Restricted Stock | Maximum
Class of Stock [Line Items]
Unrecognized share-based compensation expense recognition period						5 years
Share-based Compensation Award, Tranche One
Class of Stock [Line Items]
Vesting percentage						50.00%
Vesting term						3 years
Share-based Compensation Award, Tranche One | Restricted Stock
Class of Stock [Line Items]
Vesting percentage						25.00%
Vesting term								4 years
Options expected to vest (in shares)				400,000		400,000
Share-based Compensation Award, Tranche Two
Class of Stock [Line Items]
Vesting percentage						50.00%
Vesting term						4 years
Share-based Compensation Award, Tranche Two | Restricted Stock
Class of Stock [Line Items]
Vesting term								5 years
Share-based Compensation Award, Tranche Three
Class of Stock [Line Items]
Vesting percentage						25.00%
Vesting term						4 years
Options expected to vest (in shares)				1,200,000		1,200,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Shares
Outstanding, beginning balance (in shares)	8,544,225
Granted (in shares)	1,342,000
Exercised (in shares)	0
Forfeited (in shares)	(174,940)
Outstanding, ending balance (in shares)	9,711,285	8,544,225
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 9.50
Granted (in dollars per share)	6.38
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	9.36
Outstanding, ending balance (in dollars per share)	$ 9.07	$ 9.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (years)	6 years 1 month 17 days	6 years 1 month 9 days
Aggregate Intrinsic Value	$ 203,200	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Effective tax rate	27.20%	41.20%

Accrued Expenses and Other Cu55

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 6,594	$ 10,629
Accrued professional fees	869	1,057
Accrued commissions	2,324	2,010
Accrued taxes	2,356	2,039
Accrued music and FCC licensing	2,003	251
Accrued publisher fees	2,652	2,752
Accrued national representation fees	875	947
Due to sellers, business combinations	3	291
Deferred rent	1,923	1,951
Dividends declared during the period	2,123	0
Accrued other	3,750	2,992
Accrued expenses and other current liabilities	$ 25,472	$ 24,919

Lease and Other Commitments - N

Lease and Other Commitments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Total rent expense	$ 4.3	$ 4.8	$ 8	$ 8.7
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment, remaining obligation	20.7		20.7
Other Broadcasting Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment, remaining obligation	2.3		2.3
Purchased Software
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment, remaining obligation	$ 11.5		$ 11.5

Lease and Other Commitments - O

Lease and Other Commitments - Operating Leases (Details) $ in Thousands	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Leases, 2018 (remainder)	$ 4,980
Leases, 2019	9,236
Leases, 2020	7,056
Leases, 2021	5,400
Leases, 2022	4,401
Leases, Thereafter	14,422
Total minimum payments	$ 45,495

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	Jun. 29, 2018	May 24, 2018	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase and sale payment			$ 3,724	$ 2,157
Heartland Group, LLC and Subsidiary North American Fairs, LLC | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred		$ 23,500
Right to sale proceeds of subsidiary, percent		15.00%
Right to sale proceeds of subsidiary, maximum period of time		10 years
NAME | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business		$ (1,900)
Mountain Jam | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of business	$ 1,200
Ownership percentage before transaction	70.00%
Taste Of Country Productions LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minority ownership percentage acquired	30.00%
Purchase and sale payment	$ 1,300

Discontinued Operations - Compo

Discontinued Operations - Components of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets of discontinued operations	$ 256	$ 7,222
Long term assets of discontinued operations	0	59,478
Current liabilities of discontinued operations	3,038	2,440
Long term liabilities of discontinued operations	0	10,682
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	228	4,090
Accounts receivable	18	183
Prepaid expenses and other current assets	10	3,828
Current assets of discontinued operations	256	8,101
Property and Equipment, net	0	42,962
Intangible assets, net	0	14,053
Other non-current assets	0	2,463
Long term assets of discontinued operations	0	59,478
Accounts payable	0	1,116
Accrued expenses and other current liabilities	3,038	1,324
Current liabilities of discontinued operations	3,038	2,440
Other long-term liabilities	0	10,682
Long term liabilities of discontinued operations	0	10,682
Net assets	$ (2,782)	$ 54,457

Discontinued Operations - Com60

Discontinued Operations - Components of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Discontinued operating costs and expenses:
Impairment of long lived and intangible assets	$ 25,600
Other expense:
Net loss from discontinued operations	(8,441)	$ (2,237)	$ (37,833)	$ (5,895)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	9,666	23,360	15,901	26,848
Discontinued operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	15,856	25,538	27,565	33,568
Depreciation and amortization	437	1,677	2,176	3,279
Stock-based compensation	4	8	11	15
Impairment of long lived and intangible assets	0	0	37,972	0
Net loss on sale and retirement of assets	423	0	423	0
Discontinued operating loss	(7,054)	(3,863)	(52,246)	(10,014)
Other expense:
Interest expense, net	0	0	(1)	0
Other expense, net	12	(23)	24	(26)
Loss from discontinued operations before income taxes	(7,066)	(3,840)	(52,269)	(9,988)
Benefit from income taxes	1,375	(1,603)	(14,436)	(4,093)
Net loss from discontinued operations	$ (8,441)	$ (2,237)	$ (37,833)	$ (5,895)

Net Income (Loss) Per Common 61

Net Income (Loss) Per Common Share - Schedule of Computations of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income (loss) from continuing operations	$ 10,075	$ 7,800	$ 12,877	$ 8,451
Net (loss) income from discontinued operations, net of income taxes	(8,441)	(2,237)	(37,833)	(5,895)
Net income (loss)	$ 1,634	$ 5,563	$ (24,956)	$ 2,556
Denominator:
Weighted average shares outstanding, basic (in shares)	18,633	18,470	18,563	18,450
Effect of dilutive common stock equivalents (in shares)	8,978	9,975	8,978	10,048
Weighted average diluted common shares outstanding (in shares)	27,611	28,445	27,541	28,498
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.54	$ 0.42	$ 0.69	$ 0.46
Discontinued operations (in dollars per share)	(0.45)	(0.12)	(2.04)	(0.32)
Diluted income per share:
Continuing operations (in dollars per share)	0.36	0.27	0.47	0.30
Discontinued operations (in dollars per share)	$ (0.31)	$ (0.08)	$ (1.37)	$ (0.21)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 07, 2018USD ($)$ / shares	Jul. 02, 2018USD ($)radio_station	Mar. 12, 2018$ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017$ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017$ / shares	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares			$ 0.075	$ 75	$ 0	$ 150	$ 0
Dividends declared during the period				$ 2,123		$ 2,123		$ 0
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share) | $ / shares	$ 0.075
Dividends declared during the period	$ 2,100
Subsequent Event | Connoisseur Media, LLC
Subsequent Event [Line Items]
Number of radio stations acquired | radio_station		3
Consideration transferred		$ 17,300