Townsquare Media (TSQ) 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Aug. 11, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36558
Entity Registrant Name	Townsquare Media, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1996555
Entity Address, Address Line One	One Manhattanville Road
Entity Address, Address Line Two	Suite 202
Entity Address, City or Town	Purchase,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
City Area Code	203
Local Phone Number	861-0900
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	TSQ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001499832
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,313,844
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,011,634
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,636,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 62,764	$ 61,396
Accounts receivable, net of allowance of $3,285 and $3,454, respectively	67,354	62,459
Prepaid expenses and other current assets	10,801	8,939
Current assets of discontinued operations	22	19,763
Total current assets	140,941	152,557
Property and equipment, net	112,923	112,377
Intangible assets, net	478,024	478,938
Goodwill	226,981	226,981
Investments	11,775	9,505
Operating lease right-of-use assets	41,785
Other assets	294	6,909
Total assets	1,012,723	987,267
Current liabilities:
Accounts payable	11,527	13,393
Current portion of long-term debt	5	5
Deferred revenue	7,992	7,922
Accrued expenses and other current liabilities	19,874	32,749
Short-term operating lease liabilities	8,021
Accrued interest	4,647	4,563
Current liabilities of discontinued operations	3,968	7,138
Total current liabilities	56,034	65,770
Long-term debt, less current portion (net of deferred finance costs of $4,930 and $5,155, respectively)	555,552	555,330
Deferred tax liability	18,513	16,031
Long-term operating lease liabilities	36,765
Other long-term liabilities	1,633	8,559
Total liabilities	668,497	645,690
Stockholders’ equity:
Common stock	190	190
Additional paid-in capital	366,954	365,835
Accumulated deficit	(25,775)	(25,735)
Non-controlling interest	2,857	1,287
Total stockholders’ equity	344,226	341,577
Total liabilities and stockholders’ equity	1,012,723	987,267
Common Class A
Stockholders’ equity:
Common stock	143	143
Common Class B
Stockholders’ equity:
Common stock	30	30
Common Class C
Stockholders’ equity:
Common stock	$ 17	$ 17

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 3,285	$ 3,454
Deferred financing costs	$ (4,930)	$ (5,155)
Common shares authorized (in shares)	400,000,000
Common Class A
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares outstanding (in shares)	14,313,844	14,297,066
Common shares issued (in shares)	14,313,844	14,297,066
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common Class B
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares outstanding (in shares)	3,011,634	3,011,634
Common shares issued (in shares)	3,011,634	3,011,634
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common Class C
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares outstanding (in shares)	1,636,341	1,636,341
Common shares issued (in shares)	1,636,341	1,636,341
Common par value (in dollars per share)	$ 0.01	$ 0.01

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Net revenue	$ 113,088	$ 105,319	[1]	$ 206,770	$ 193,302	[1]
Operating costs and expenses:
Direct operating expenses	75,590	72,722	[1]	144,219	137,078	[1]
Depreciation and amortization	5,897	4,409	[1]	12,405	8,792	[1]
Corporate expenses	7,370	7,290	[1]	12,957	12,939	[1]
Stock-based compensation	660	246	[1]	1,536	436	[1]
Transaction costs	128	678	[1]	276	837	[1]
Business realignment costs	0	0	[1]	4	0	[1]
Impairment of long lived and intangible assets	231	0	[1]	231	0	[1]
Net gain on sale and retirement of assets	(21)	(388)	[1]	(2)	(398)	[1]
Total operating costs and expenses	89,855	84,957	[1]	171,626	159,684	[1]
Operating income	23,233	20,362	[1]	35,144	33,618	[1]
Other expense:
Interest expense, net	8,526	8,533	[1]	17,121	16,960	[1]
Other expense, net	36	48	[1]	70	80	[1]
Income from continuing operations before income taxes	14,671	11,781	[1]	17,953	16,578	[1]
Provision for income taxes	4,059	3,188	[1]	4,967	4,519	[1]
Net income from continuing operations	10,612	8,593	[1]	12,986	12,059	[1]
Net income (loss) from discontinued operations, net of income taxes	84	(6,959)	[1]	(7,080)	(37,015)	[1]
Net income (loss)	10,696	1,634	[1]	5,906	(24,956)	[1]
Net income (loss) attributable to:
Controlling interests	10,203	1,335	[1]	4,966	(25,473)	[1]
Non-controlling interests	$ 493	$ 299	[1]	$ 940	$ 517	[1]
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.30	[1]	$ 0.44	$ 0.42	[1]
Discontinued operations (in dollars per share)	$ 0	$ (0.25)	[1]	$ (0.26)	$ (1.34)	[1]
Weighted average shares outstanding:
Basic (in shares)	27,490	27,611		27,473	27,541
Diluted (in shares)	27,490	27,611	[1]	27,473	27,541	[1]
Dividends declared (in usd per share)	$ 0.075	$ 0.075	[1]	$ 0.150	$ 0.150	[1]
Common shares
Basic income (loss) per share:
Continuing operations (in dollars per share)	0.37	0.30	[1]	0.44	0.42	[1]
Discontinued operations (in dollars per share)	$ 0	$ (0.37)	[1]	$ (0.38)	$ (1.99)	[1]
Weighted average shares outstanding:
Basic (in shares)	18,512	18,633	[1]	18,495	18,563	[1]
Participating shares
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.30	[1]	$ 0.44	$ 0.42	[1]
Discontinued operations (in dollars per share)	$ 0	$ 0	[1]	$ 0	$ 0	[1]
Weighted average shares outstanding:
Basic (in shares)	8,978	8,978	[1]	8,978	8,978	[1]
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total		Common Stock	Warrants	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Non- Controlling Interest	Common Class A	Common Class ACommon Stock	Common Class B	Common Class BCommon Stock	Common Class C	Common Class CCommon Stock	Warrants	WarrantsWarrants
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 warrants) at Dec. 31, 2017																8,977,676	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		(26,591)					(26,809)		218
Dividends declared		(2,061)					(2,061)
Stock-based compensation		197				197
Issuance of restricted stock (in shares)											18,037
Foreign currency exchange		(126)						(126)
Cash distributions to non-controlling interests		(27)					(19)		(8)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2018											13,837,676		3,022,484		1,636,341
Warrants outstanding, ending balance (in warrants) at Mar. 31, 2018																8,977,676
Stockholders' equity, ending balance at Mar. 31, 2018		354,743		185		367,238	(13,353)	(658)	1,331
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 warrants) at Dec. 31, 2017																8,977,676	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	[1]	(24,956)
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 warrants) at Jun. 30, 2018																8,977,676
Stockholders' equity, ending balance at Jun. 30, 2018		350,341		185		363,818	(14,141)	0	479
Common shares outstanding, beginning balance (in shares) at Mar. 31, 2018											13,837,676		3,022,484		1,636,341
Warrants outstanding, beginning balance (in warrants) at Mar. 31, 2018																8,977,676
Stockholders' equity, beginning balance at Mar. 31, 2018		354,743		185		367,238	(13,353)	(658)	1,331
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		1,634	[1]				1,335		299
Dividends declared		(2,123)					(2,123)
Acquisitions of non-controlling interests		(4,316)				(3,671)			(645)
Stock-based compensation		251				251
Conversion of common shares (in shares)											10,850		(10,850)
Issuance of restricted stock (in shares)											400,000
Disposal of subsidiary		637					(19)	656
Foreign currency exchange		2						2
Cash distributions to non-controlling interests		(487)					19		(506)
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 warrants) at Jun. 30, 2018																8,977,676
Stockholders' equity, ending balance at Jun. 30, 2018		350,341		185		363,818	(14,141)	0	479
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2018										14,297,066	14,297,066	3,011,634	3,011,634	1,636,341	1,636,341
Warrants outstanding, beginning balance (in warrants) at Dec. 31, 2018																	8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2018		341,577		190		365,835	(25,735)	0	1,287
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(4,790)					(5,237)		447
Dividends declared		(2,095)					(2,095)
Stock-based compensation		876				876
Issuance of restricted stock (in shares)											16,778
Cash distributions to non-controlling interests		(1,287)							(1,287)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2019											14,313,844		3,011,634		1,636,341
Warrants outstanding, ending balance (in warrants) at Mar. 31, 2019																8,977,676
Stockholders' equity, ending balance at Mar. 31, 2019		333,465		190		366,711	(33,883)	0	447
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2018										14,297,066	14,297,066	3,011,634	3,011,634	1,636,341	1,636,341
Warrants outstanding, beginning balance (in warrants) at Dec. 31, 2018																	8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2018		341,577		190		365,835	(25,735)	0	1,287
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		5,906
Common shares outstanding, ending balance (in shares) at Jun. 30, 2019										14,313,844	14,313,844	3,011,634	3,011,634	1,636,341	1,636,341
Warrants outstanding, ending balance (in warrants) at Jun. 30, 2019					8,977,676											8,977,676
Stockholders' equity, ending balance at Jun. 30, 2019		344,226		190		366,954	(25,775)	0	2,857
Common shares outstanding, beginning balance (in shares) at Mar. 31, 2019											14,313,844		3,011,634		1,636,341
Warrants outstanding, beginning balance (in warrants) at Mar. 31, 2019																8,977,676
Stockholders' equity, beginning balance at Mar. 31, 2019		333,465		190		366,711	(33,883)	0	447
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		10,696					10,203		493
Dividends declared		(2,095)					(2,095)
Stock-based compensation		673				673
Sale of non-controlling interest		1,500				(430)			1,930
Cash distributions to non-controlling interests		(13)							(13)
Common shares outstanding, ending balance (in shares) at Jun. 30, 2019										14,313,844	14,313,844	3,011,634	3,011,634	1,636,341	1,636,341
Warrants outstanding, ending balance (in warrants) at Jun. 30, 2019					8,977,676											8,977,676
Stockholders' equity, ending balance at Jun. 30, 2019		$ 344,226		$ 190		$ 366,954	$ (25,775)	$ 0	$ 2,857
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Cash flows from operating activities:
Net income (loss)	$ 10,696	$ 5,906	$ (24,956)	[1]
Loss from discontinued operations	84	(7,080)	(37,015)	[1]
Income from continuing operations	10,612	12,986	12,059	[1]
Adjustments to reconcile income from continuing operations to net cash flows from operating activities
Depreciation and amortization	5,897	12,405	8,792	[1]
Amortization of deferred financing costs		639	761
Net deferred taxes and other		4,967	4,519
Provision for doubtful accounts		824	1,514
Stock-based compensation expense	660	1,536	436	[1]
Trade activity, net		(5,506)	(7,281)
Non-cash interest expense		0	(10)
Write-off of deferred financing costs		7	97
Impairment of long lived and intangible assets	231	231	0	[1]
Net gain on sale of assets	(21)	(2)	(398)	[1]
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(4,021)	(2,947)
Prepaid expenses and other assets		(1,154)	(1,294)
Accounts payable		(1,860)	495
Accrued expenses		(14,025)	(3,090)
Accrued interest		84	(1,037)
Other long-term liabilities		(244)	(416)
Net cash provided by operating activities - continuing operations		6,867	12,200
Net cash used in operating activities - discontinued operations		(3,464)	(11,787)
Net cash provided by operating activities		3,403	413
Cash flows from investing activities:
Purchase of property and equipment	(3,896)	(8,928)	(8,756)
Payments for acquisitions, net of cash acquired		(6)	(3,724)
Proceeds from sale of assets		171	723
Net cash used in investing activities - continuing operations		(8,763)	(11,757)
Net cash provided by investing activities - discontinued operations		11,093	23,792
Net cash provided by investing activities		2,330	12,035
Cash flows from financing activities:
Repayment of bank debt		0	(9,519)
Dividend payments		(4,141)	(2,061)
Sale of non-controlling interest		1,500	0
Cash distribution to non-controlling interests		(1,300)	(514)
Deferred financing costs		(421)	(2)
Repayments of capitalized obligations		(3)	(3)
Net cash used in financing activities - continuing operations		(4,365)	(12,099)
Net cash used in financing activities - discontinued operations		0	(19)
Net cash used in financing activities		(4,365)	(12,118)
Effect of exchange rate changes		0	92
Net increase in cash and cash equivalents		1,368	422
Cash and cash equivalents, beginning of period		61,396	62,041
Cash and cash equivalents, end of period	62,764	62,764	62,463
Cash payments:
Interest		16,928	17,176
Income taxes		570	1,449
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period	2,212	2,212
Dividend Declared
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period	$ 2,124	$ 2,124	$ 2,123
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 U.S. Our assets include 321 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 17,300 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and approximately 200 local live events each year. Our brands include local media assets such as WYRK , KLAQ , K2 and NJ101.5 ; iconic local and regional events such as WYRK's Taste of Country , the Boise Music Festival , the Red Dirt BBQ & Music Festival and Taste of Fort Collins ; and leading tastemaker music and entertainment websites such as XXLmag.com , TasteofCountry.com and Loudwire.com . For more information, please visit www.townsquaremedia.com , www.townsquareinteractive.com , and www.townsquareignite.com .

Correction of Prior Period Fina

Correction of Prior Period Financial Statements	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Correction of Prior Period Financial Statements	Correction of Prior Period Financial Statements In connection with the preparation of our consolidated financial statements for the three and six months ended June 30, 2019, we identified an error in the presentation and calculation of our income (loss) per share. We have determined that our Warrants are a participating security, as defined, in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Although these Warrants are subject to restrictions on exercise, they participate in the undistributed earnings of the Company. The correction requires that our Basic income (loss) per common share be presented under a two-class method. In accordance with Staff Accounting Bulletin (“SAB”) No. 99 Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the error and determined that the impact was not material to our results of operations or financial position for any prior annual or interim period. The impacts to the income (loss) per share amounts previously reported for three months ended March 31, 2019, March 31, 2018 and June 30, 2018, respectively, and the six months ended June 30, 2018 are included in the tables below: Three Months Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.13 $ (0.06 ) $ 0.07 Discontinued operations attributable to common shares $ (0.39 ) $ — $ (0.39 ) Continuing operations attributable to participating shares $ — $ 0.07 $ 0.07 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations 0.09 $ (0.02 ) 0.07 Discontinued operations (0.26 ) $ — (0.26 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,456 — 27,456 Three Months Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.19 $ (0.07 ) $ 0.12 Discontinued operations attributable to common shares $ (1.63 ) $ — $ (1.63 ) Continuing operations attributable to participating shares $ — $ 0.12 $ 0.12 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.13 $ (0.01 ) $ 0.12 Discontinued operations $ (1.09 ) $ — $ (1.09 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,456 — 27,456 Three Months Ended As Reported Adjustment Disc-ops (1) As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.54 $ (0.15 ) $ (0.09 ) $ 0.30 Discontinued operations attributable to common shares $ (0.45 ) $ — $ 0.08 $ (0.37 ) Continuing operations attributable to participating shares $ — $ 0.30 $ — $ 0.30 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.36 $ — $ (0.06 ) $ 0.30 Discontinued operations $ (0.31 ) $ — $ 0.06 $ (0.25 ) Weighted average shares outstanding: Basic attributable to common shares 18,633 — — 18,633 Basic attributable to participating shares — 8,978 — 8,978 Diluted 27,611 — — 27,611 Six Months Ended As Reported Adjustment Disc-ops (1) As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.69 $ (0.20 ) $ (0.07 ) $ 0.42 Discontinued operations attributable to common shares $ (2.04 ) $ — $ 0.05 $ (1.99 ) Continuing operations attributable to participating shares $ — $ 0.42 $ — $ 0.42 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.47 $ — $ (0.05 ) $ 0.42 Discontinued operations $ (1.37 ) $ — $ 0.03 $ (1.34 ) Weighted average shares outstanding: Basic attributable to common shares 18,563 — — 18,563 Basic attributable to participating shares — 8,978 — 8,978 Diluted 27,541 — — 27,541 (1) Reflects the latest presentation of discontinued operations The impacts to the income (loss) per share amounts previously reported for the years ended December 31, 2018, December 31, 2017 and December 31, 2016 are not reflective of the subsequent 2019 Music Festivals discontinued operations, see Note 17 entitled Discontinued Operations. The revised income (loss) per share amounts for these periods are included in the tables below: Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ (0.03 ) $ (0.22 ) $ (0.25 ) Discontinued operations attributable to common shares $ (1.68 ) $ — $ (1.68 ) Continuing operations attributable to participating shares $ — $ 0.30 $ 0.30 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ (0.03 ) $ (0.22 ) $ (0.25 ) Discontinued operations $ (1.68 ) $ — $ (1.68 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,502 — 27,502 Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 1.34 $ (0.47 ) $ 0.87 Discontinued operations attributable to common shares $ (1.90 ) $ — $ (1.90 ) Continuing operations attributable to participating shares $ — $ 0.87 $ 0.87 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.89 $ (0.03 ) $ 0.86 Discontinued operations $ (1.26 ) $ — $ (1.26 ) Weighted average shares outstanding: Basic attributable to common shares 18,459 — 18,459 Basic attributable to participating shares — 8,978 8,978 Diluted 27,855 — 27,855 Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 1.14 $ (0.39 ) $ 0.75 Discontinued operations attributable to common shares $ 0.13 $ (0.04 ) $ 0.09 Continuing operations attributable to participating shares $ — $ 0.75 $ 0.75 Discontinued operations attributable to participating shares $ — $ 0.09 $ 0.09 Diluted income (loss) per share: Continuing operations $ 0.76 $ (0.01 ) $ 0.75 Discontinued operations $ 0.09 $ — $ 0.09 Weighted average shares outstanding: Basic attributable to common shares 18,255 — 18,255 Basic attributable to participating shares — 8,978 8,978 Diluted 27,313 — 27,313

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, 2018 . 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, 2018 (the " 2018 Annual Report on Form 10-K") filed with the Securities and Exchange Commission ("SEC") on March 12, 2019. Recently Issued Accounting Standards In June 2018, the FASB issues ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which is intended to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The Company adopted this standard effective January 1, 2019, which did not have a material impact on the Company’s consolidated financial statements. The Company also considered the following recent accounting pronouncements which were not yet adopted as of June 30, 2019: In August 2018, the FASB issues ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements, including the eliminating the requirements to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and requiring disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption, either of the entire standard or only the provisions that eliminate or modify requirements, is permitted. The Company has evaluated the disclosure requirements of this standard and does not expect it to have a material impact on the Company’s consolidated financial statements. Change in Accounting Policy Segment Reporting Operating segments are organized internally by type of products and services provided. On January 2, 2019, the Company announced that its former Co-Chief Executive Officer (“CEO”) Dhruv Prasad resigned and that its other Co-CEO Bill Wilson would become the Company’s sole CEO. As a result of these organization changes, Mr. Wilson also became the Company’s Chief Operating Decision Maker (“CODM”). Based on the information reviewed by Mr. Wilson in his capacity as CODM, the Company has identified three reportable operating segments, which are Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, which is our digital marketing solutions business and Live Events, which is comprised of the Company’s live events, including concerts, expositions and other experiential events. The Company has concluded that each of these operating segments shall be presented separately. Prior year segment reporting has been restated to conform with the current year presentation. Leases In February 2016, the FASB issued 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 ("ROU") 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 ASC Topic 840. The standard is effective for fiscal years beginning after December 15, 2018, and allows a number of practical expedients that the Company has elected to apply. The guidance ASU 2018-11, Leases (Topic 842): Targeted Improvements , which amends ASC 842 provides entities with an optional transition method for adopting the new lease standard by allowing entities to apply the new guidance at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings and not to restate comparative periods presented. The Company adopted the standard using the optional transition method as of January 1, 2019, using the package of practical expedients as well as several other permitted practical expedients that allow for a more simplified transition. Accordingly, the Company accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC Topic 842, (b) whether classification of the operating leases would be different in accordance with ASC Topic 842, or (c) whether the unamortized initial direct costs before transition adjustments would have met the definition of initial direct costs in ASC Topic 842 at lease commencement. As a result of the adoption of the new lease accounting guidance, the Company recognized at adoption (a) a lease liability of approximately $45.7 million , which represents the present value of the remaining lease payments, discounted at a weighted average discount rate of 7.04% , and (b) a ROU asset of approximately $42.8 million which represents the lease liability of $45.7 million adjusted for accrued rent of approximately $2.9 million . The Company recorded an adjustment of $0.8 million at the adoption date of January 1, 2019 to stockholders' equity to properly account for the Company's operating lease ROU assets and operating lease liabilities. The most significant impact of this standard was the recognition of ROU assets and lease obligations for operating leases.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables disaggregate our revenue into the following categories; Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, our digital marketing solutions business, and Live Events (in thousands): Three Months Ended Six Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 90,977 $ 15,288 $ 6,317 $ 112,582 $ 164,995 $ 29,495 $ 11,476 $ 205,966 Political 506 — — $ 506 804 — — $ 804 Net Revenue $ 91,483 $ 15,288 $ 6,317 $ 113,088 $ 165,799 $ 29,495 $ 11,476 $ 206,770 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 84,985 $ 11,685 $ 7,328 $ 103,998 $ 155,828 $ 22,480 $ 12,973 $ 191,281 Political 1,321 — — $ 1,321 2,021 — — $ 2,021 Net Revenue $ 86,306 $ 11,685 $ 7,328 $ 105,319 $ 157,849 $ 22,480 $ 12,973 $ 193,302 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, third party 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 on a subscription basis under the brand name Townsquare Interactive, digital marketing solutions 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 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 based on the episodic nature of 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 mostly single day events, but some are multi-day 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 and six months ended June 30, 2019 and 2018 . The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 At Adoption January 1, 2018 Receivables $ 67,354 $ 62,459 $ 65,103 $ 60,492 Short-term contract liabilities (deferred revenue) $ 7,992 $ 7,922 $ 7,098 $ 7,992 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 and six months ended June 30, 2019 and 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 adoption January 1, 2018 is primarily driven by $1.5 million and $6.9 million of recognized revenue for the three and six months ended June 30, 2018 , respectively, offset by cash payments received or due in advance of satisfying our performance obligations. The increase in the contract liabilities balance that was included in the deferred revenue balance at December 31, 2018 is primarily driven by $0.8 million and $7.0 million of recognized revenue for the three and six months ended June 30, 2019 , respectively, 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 three and six months ended June 30, 2019 . 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 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 of amortization for the three and six months ended June 30, 2018 . As of December 31, 2018, we had a balance of $3.0 million in deferred costs and have recognized $0.5 million and $1.0 million for the three and six months ended June 30, 2019 . 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, 2019 and 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.

Acquisitions & Divestitures

Acquisitions & Divestitures	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions & Divestitures	Acquisitions & Divestitures On June 4, 2019, the Company entered into an Asset Purchase Agreement to sell a radio broadcast station in Tuscaloosa, AL for $0.1 million . In connection with the transaction, we recorded an impairment charge against the long lived asset disposal group of $0.2 million , which is included in impairment of long lived and intangible assets in the Company's Consolidated Statement of Operations for the three and six months ended June 30, 2019 . On May 22, 2019, the Company entered into an Asset Purchase Agreement to acquire certain assets and liabilities related to a radio broadcast station in Tuscaloosa, AL for $0.7 million . The acquisition closed on July 31, 2019 and consideration was paid with cash on hand. During the first quarter of 2019, management concluded that the Company should exit four multi-day music festival business (the "Music Festivals") and commenced an active search for a buyer of the Music Festivals. On May 24, 2019, the Company closed on the sale of its Music Festivals to a subsidiary of Live Nation for $10.0 million . As part of the transaction, it was mutually agreed upon that the Company would operate the 2019 Music Festivals under a production services agreement for a pre-determined share of "Net Profits" as defined in the agreement. The Company has recorded a net gain on the disposal of the Music Festivals of $0.4 million , which is in net income (loss) from discontinued operations, net of income taxes in the Company's Consolidated Statement of Operations for the three and six months ended June 30, 2019 . On March 18, 2019, the Company closed on the sale of its Arizona Bridal Shows for $2.0 million . The Company realized a gain in connection with the sale of $1.4 million , which is included in net income (loss) from discontinued operations, net of income taxes in the Company's Consolidated Statement of Operations for the six months ended June 30, 2019 . On July 2, 2018, the Company acquired certain assets and liabilities related to three radio stations in Princeton, NJ ("the Princeton Acquisition") from Connoisseur Media, LLC for $17.4 million , including a working capital adjustment of $0.1 million . The acquired assets included WPST-FM, WNJE-AM and WCHR-AM. The consideration was paid with cash on hand. The Company estimated the fair value of intangibles acquired (FCC licenses) to be $6.4 million using the greenfield method and the purchase price was further allocated to the assets and liabilities acquired at their fair value at the date of acquisition, with the excess of purchase price over the net assets of $9.9 million recorded as goodwill. The Princeton Acquisition purchase price allocation is shown in the following table (in thousands): Prepaid and other current assets $ 256 FCC licenses 6,409 Property and equipment, net 976 Goodwill 9,915 Accounts payable and accrued expenses (201 ) Total purchase price $ 17,355 On May 24, 2018, the Company, through a subsidiary of Townsquare Live Events, LLC, sold all of the issued and outstanding membership interests of Heartland Group, LLC and its wholly owned subsidiary North American Midway Entertainment ("NAME") to North American Fairs, LLC for $23.5 million .

Interim Financial Data

Interim Financial Data	6 Months Ended
	Jun. 30, 2019
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 2018 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, 2019 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, 2019 . The Consolidated Balance Sheet as of December 31, 2018 is derived from the audited financial statements at that date. 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. 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. 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. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its significant estimates, including those related to bad debts, intangible assets, income taxes, contingencies and purchase price allocations. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates under different assumptions or conditions.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments, All Other Investments [Abstract]
Investments	Investments Long-term investments consist of minority holdings in companies that management believes are synergistic with Townsquare. As management does not exercise significant control over operating and financial policies of the investees, 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. Effective January 1, 2018, the Company adopted ASU 2016-01 which requires cost method investments to be measured at fair value, with any changes in value recognized in net income. The ASU also allows the use of a qualitative assessment when analyzing impairment of equity investments without readily determinable fair values. The Company elected to measure the equity investments at cost minus impairment as fair value is not readily determinable and they do not qualify for the practical expedient to estimate fair value. During the six months ended June 30, 2019 approximately $0.3 million of a convertible note receivable previously outstanding at December 31, 2018 converted into an investment. Additionally, during the six months ended June 30, 2019 , the Company made an investment in a small business totaling $2.0 million . The investments represent minority ownership positions that are accounted for under the cost method of accounting. These transactions were recorded as investments in the Company's Consolidated Balance Sheet as of June 30, 2019 .

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in thousands): June 30, December 31, Land and improvements $ 21,261 $ 21,062 Buildings and leasehold improvements 46,727 43,525 Broadcast equipment 84,032 81,690 Computer and office equipment 16,723 14,801 Furniture and fixtures 16,997 15,789 Transportation equipment 17,840 16,899 Software development costs 23,773 21,332 Total property and equipment, gross 227,353 215,098 Less accumulated depreciation and amortization (114,430 ) (102,721 ) Total property and equipment, net $ 112,923 $ 112,377 Depreciation and amortization expense for property and equipment was $5.7 million and $4.1 million for the three months ended June 30, 2019 and 2018 , respectively and $ 11.9 million and $8.2 million for the six months ended June 30, 2019 and 2018 , respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2019
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. In January 2019, management concluded that the Company should exit its music festival business and commenced an active search for a buyer. As a result of these actions, the music festival business met the criteria for assets held for sale which requires the Company to measure its long-lived assets at the lower of carrying value or fair value less costs to sell. During the first quarter of 2019, management received indications of fair value. This assessment resulted in a $10.0 million impairment charge against the assets of the disposal group which have been recorded in discontinued operations for the six months ended June 30, 2019 . With the exception of reclassifications as a result of discontinued operations, there were no changes in the carrying value of goodwill for the three months ended June 30, 2019 and for the three and six months ended June 30, 2018 . Intangible assets consist of the following (in thousands): Estimated Useful Life June 30, December 31, Intangible Assets: FCC licenses Indefinite $ 473,285 $ 473,412 Customer and advertising relationships 10 years 6,540 6,540 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 2,761 3,196 Other intangibles 3 years 161 161 Total 485,194 485,756 Less: Accumulated amortization (7,170 ) (6,818) Net amount $ 478,024 $ 478,938 Amortization expense for definite-lived intangible assets was $0.2 million and $0.3 million for the three months ended June 30, 2019 and 2018 , respectively and $0.5 million and $0.6 million for the six months ended June 30, 2019 and 2018 , respectively. FCC licenses include an impairment charge of $0.1 million for the three and six months ended June 30, 2019 . Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of June 30, 2019 is as follows (in thousands): 2019 (remainder) $ 448 2020 849 2021 840 2022 836 2023 626 Thereafter 1,140 $ 4,739

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): June 30, December 31, 2023 Notes $ 278,148 $ 278,148 Term Loans 282,332 282,332 Capitalized obligations 7 10 Debt before deferred financing costs 560,487 560,490 Deferred financing costs (4,930 ) (5,155 ) Total debt 555,557 555,335 Less: current portion of long-term debt (5 ) (5 ) Total long-term debt $ 555,552 $ 555,330 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 years , $275.0 million term loan facility (the "Term Loans") and a five years , $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. During the year ended December 31, 2018, the Company voluntarily repurchased $1.9 million of its 2023 Notes at a market price below par, including accrued interest and recognized a gain of $0.1 million . The repurchased notes were canceled by the Company. The Company recognized a loss of $0.04 million on the write-off of unamortized deferred financing costs in connection with the voluntary repurchases of its 2023 Notes. As of June 30, 2019 , the interest rate on the Term Loans was 5.50% , based on the current LIBOR rate and an applicable margin of 300 basis points. 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, 2019 , 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. On April 30, 2019, the Company entered into an amendment under its existing credit agreement to, among other things, extend the maturity date of the existing revolving credit facility by two years to April 1, 2022, coterminous with the Term Loan maturity date (with a springing maturity six months inside of the maturity date of the Term Loan) and to amend certain asset sale provisions. The Term Loans mature on April 1, 2022. 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 (subject to certain reductions). At December 31, 2018, we were not required to make an excess free cash flow payment on the outstanding Term Loans. 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. In connection with the amendment, the Company incurred financing costs of $0.4 million which are being amortized over the term of the credit facility. 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, 2019 . As of June 30, 2019 , based on available market information, the estimated fair value of the 2023 Notes and the Term Loans were $274.8 million and $279.9 million , respectively. Annual maturities of the Company's long-term debt as of June 30, 2019 are as follows (in thousands): 2019 (remainder) $ 2 2020 5 2021 — 2022 282,332 2023 278,148 Thereafter — $ 560,487

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The table below presents a summary, as of June 30, 2019 , 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 14,313,844 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 27,939,495 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 383,355 shares of restricted Class A common stock, subject to vesting terms, but exclude 4,916,593 of Class A common stock and 4,550,991 of Class B common stock issuable upon exercise of stock options which have an exercise price between $5.20 and $9.63 per share. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock. Holders of shares of Class A common stock, Class B common stock and Class C common stock vote together as a single class on all matters presented to the Company's stockholders for their vote or approval, except as otherwise required by applicable law. Each holder of the Company's Class A common stock is entitled to one vote per share on each matter submitted to a vote of stockholders. The Company's Class A common stock is neither convertible nor redeemable. Each holder of the Company's Class B common stock is entitled to ten votes per share on each matter submitted to a vote of stockholders. The Company's Class B common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. Holders of shares of Class C common stock are not entitled to any voting rights with respect to such shares. The Company’s Class C common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. 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, 2019 , 2,005,985 shares were available for grant. During the six months ended June 30, 2019 , the Company issued 16,778 shares of restricted Class A common stock, none of which were vested as of June 30, 2019 . The fair value of the restricted grants was $5.96 share. The following table summarizes stock option activity for the six months ended June 30, 2019 : Shares Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding at January 1, 2019 9,688,424 $ 8.23 6.15 $ — Granted 6,500 Exercised — Forfeited (227,340 ) Outstanding at June 30, 2019 9,467,584 $ 8.23 5.85 $ — As of June 30, 2019 , there were 383,355 shares of restricted Class A common stock outstanding with a weighted average grant date fair value per share of $6.62 . The fa ir value of the restricted stock is equal to the closing share price on the date prior to the grant. The vesting term of the shares of restricted stock vary from 1 to 5 years. Stock-based compensation expense was $0.7 million and $0.2 million for the three months ended June 30, 2019 and 2018 , respectively and $1.5 million and $0.4 million for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , total unrecognized stock-based compensation expense related to our stock options and restricted stock was $3.3 million and $2.1 million , respectively, and is expected to be recognized over a weighted average period of 2.6 and 2.9 years, respectively.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) 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, 2019 and 2018 (in thousands, except per share data). Three Months Ended Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 10,696 $ 1,634 $ 5,906 $ (24,956 ) Net income from non-controlling interest 493 299 940 517 Net income attributable to controlling interest 10,203 1,335 4,966 (25,473 ) Net income from continuing operations 10,612 8,593 12,986 12,059 Net income from continuing operations attributable to non-controlling interest 493 299 940 517 Net income from continuing operations attributable to controlling interest $ 10,119 $ 8,294 $ 12,046 $ 11,542 Net income (loss) from discontinued operations, net of income taxes $ 84 $ (6,959 ) $ (7,080 ) $ (37,015 ) Denominator: Weighted average shares of common stock outstanding 18,512 18,633 18,495 18,563 Weighted average shares of participating securities outstanding 8,978 8,978 8,978 8,978 Total weighted average basic shares outstanding 27,490 27,611 27,473 27,541 Effect of dilutive common stock equivalents — — — — Weighted average diluted common shares outstanding 27,490 27,611 27,473 27,541 Basic income (loss) per share: Continuing operations attributable to common shares $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations attributable to common shares $ — $ (0.37 ) $ (0.38 ) $ (1.99 ) Continuing operations attributable to participating shares $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations $ — $ (0.25 ) $ (0.26 ) $ (1.34 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the six months ended June 30, 2019 and 2018 was approximately 27.7% and 27.3% , 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, 2019 primarily relates to certain non-deductible items under the Tax Cuts and Jobs Act (the "Tax Act") provisions and state and local income taxes.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2019
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): June 30, December 31, Accrued compensation and benefits $ 5,736 $ 14,863 Accrued professional fees 1,109 1,449 Accrued commissions 2,361 1,980 Accrued taxes 1,883 2,686 Accrued music and FCC licensing 1,138 2,315 Accrued publisher fees 2,763 2,213 Accrued national representation fees 1,138 1,276 Due to sellers, business combinations 3 26 Deferred rent — 2,139 Dividends payable 2,212 2,162 Accrued other 1,531 1,640 $ 19,874 $ 32,749

Lease and Other Commitments

Lease and Other Commitments	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease and Other Commitments	Leases and Other Commitments 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. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5 -year renewal periods. The Company will pay $41 of rent per annum ( $1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the long-term prepaid rent asset and deferred gain as of December 31, 2018 of $6.6 million were included in the opening balance of the operating lease ROU assets and operating lease liabilities at January 1, 2019. The Company will continue to amortize these balances over the remaining lease term. The below table summarizes the impact on the Company's Consolidated Balance Sheet at the adoption date of January 1, 2019 and as of June 30, 2019 , respectively (dollars in thousands): At Adoption January 1, 2019 (1) June 30, 2019 Operating lease right-of-use-assets $ 42,801 $ 41,785 Total operating lease right-of-use-assets $ 42,801 $ 41,785 Deferred rent (2,111 ) — Operating lease liabilities 45,728 44,786 Retained deficit (816 ) — Total liabilities and stockholders' equity $ 42,801 $ 44,786 Weighted Average Remaining Lease Term Operating leases 6.36 years 6.46 years Weighted Average Discount Rate Operating leases 7.04 % 7.08 % (1) Excludes $2.6 million operating lease right-of-use-assets and operating lease liabilities related to discontinued operations Maturities of lease liabilities for operating leases are as follows as of June 30, 2019 (in thousands): 2019 (remainder) $ 5,379 2020 9,154 2021 7,383 2022 6,504 2023 5,308 Thereafter 14,837 Total lease payments 48,565 Less: imputed interest (10,290 ) Add: deferred gain sale leaseback transaction 6,511 Total $ 44,786 The components of lease expense recorded to operating and corporate expense are as follows (dollars in thousands): Three Months Ended Six Months Ended Operating lease cost $ 2,988 $ 5,938 Short-term lease cost 15 30 Variable lease cost 2 8 Total lease cost $ 3,005 $ 5,976 Supplemental cash flow information related to leases are as follows (dollars in thousands): Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,208 $ 6,082 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 996 $ 3,622 As of June 30, 2019 , we have additional operating leases, primarily for office space that have not yet commenced totaling $2.1 million . These operating leases will commence in 2019 with lease terms of 20 years. 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, 2019 is approximately $13.6 million and is expected to be paid in accordance with the agreements through September 2021. In addition, the Company has aggregate commitments of $0.8 million for other broadcasting services through December 2019 and aggregate commitments of $9.5 million

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Operating segments are organized internally by type of products and services provided. On January 2, 2019, the Company announced that its former Co-Chief Executive Officer (“CEO”) Dhruv Prasad resigned and that its other Co-CEO Bill Wilson would become the Company’s sole CEO. As a result of these organization changes, Mr. Wilson also became the Company’s Chief Operating Decision Maker (“CODM”). Based on the information reviewed by Mr. Wilson in his capacity as CODM, the Company has identified three reportable operating segments, which are Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, which is our digital marketing solutions business and Live Events, which is comprised of the Company’s live events, including concerts, expositions and other experiential events. The Company has concluded that each of these operating segments shall be presented separately. Prior year segment reporting has been restated to conform with the current year presentation. The following table presents the Company's reportable segment results for the three months ended June 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 91,483 $ 15,288 $ 6,317 $ — $ 113,088 Direct operating expenses 60,621 10,274 4,695 — 75,590 Depreciation and amortization 3,159 125 133 2,480 5,897 Corporate expenses — — — 7,370 7,370 Stock-based compensation 41 23 2 594 660 Transaction costs — — — 128 128 Impairment of long lived and intangible assets 231 — — — 231 Net gain on sale and retirement of assets — — — (21 ) (21 ) Operating income (loss) $ 27,431 $ 4,866 $ 1,487 $ (10,551 ) $ 23,233 Capital expenditures $ 1,906 $ 126 $ — $ 1,864 $ 3,896 The following table presents the Company's reportable segment results for the three months ended June 30, 2018 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 86,306 $ 11,685 $ 7,328 $ — $ 105,319 Direct operating expenses 58,582 8,269 5,871 — 72,722 Depreciation and amortization 2,704 109 135 1,461 4,409 Corporate expenses — — — 7,290 7,290 Stock-based compensation 39 8 7 192 246 Transaction costs — — — 678 678 Net gain on sale and retirement of assets — — — (388 ) (388 ) Operating income (loss) $ 24,981 $ 3,299 $ 1,315 $ (9,233 ) $ 20,362 Capital expenditures $ 2,576 $ 77 $ 3 $ 1,680 $ 4,336 The following table presents the Company's reportable segment results for the six months ended June 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 165,799 $ 29,495 $ 11,476 $ — $ 206,770 Direct operating expenses 115,508 20,101 8,610 — 144,219 Depreciation and amortization 6,257 246 278 5,624 12,405 Corporate expenses — — — 12,957 12,957 Stock-based compensation 133 59 25 1,319 1,536 Transaction costs — — — 276 276 Business realignment costs — — — 4 4 Impairment of long lived and intangible assets 231 — — — 231 Net gain on sale and retirement of assets — — — (2 ) (2 ) Operating income (loss) $ 43,670 $ 9,089 $ 2,563 $ (20,178 ) $ 35,144 Capital expenditures $ 5,284 $ 199 $ 1 $ 3,444 $ 8,928 The following table presents the Company's reportable segment results for the six months ended June 30, 2018 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 157,849 $ 22,480 $ 12,973 $ — $ 193,302 Direct operating expenses 111,234 15,813 10,031 — 137,078 Depreciation and amortization 5,374 224 271 2,923 8,792 Corporate expenses — — — 12,939 12,939 Stock-based compensation 67 15 9 345 436 Transaction costs — — — 837 837 Business realignment costs — — — — — Net gain on sale and retirement of assets — — — (398 ) (398 ) Operating income (loss) $ 41,174 $ 6,428 $ 2,662 $ (16,646 ) $ 33,618 Capital expenditures $ 5,439 $ 85 $ 5 $ 3,227 $ 8,756

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During the first quarter of 2019, management concluded that the Company should exit the Music Festivals and commenced an active search for a buyer of the Music Festivals. On May 24, 2019, the Company closed on the sale of its Music Festivals to a subsidiary of Live Nation for $10.0 million . As part of the transaction, it was mutually agreed upon that the Company would operate the 2019 Music Festivals under a production services agreements for a pre-determined share of "Net Profits" as defined in the agreement. The Company has recorded a net gain on the disposal of the Music Festivals of $0.4 million , which is in net income (loss) from discontinued operations, net of income taxes in the Company's Consolidated Statement of Operations for the three and six months ended June 30, 2019 . On May 24, 2018, the Company, through a subsidiary of 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 $23.5 million . We recognized a loss on the sale of NAME of approximately $1.8 million within net loss from discontinued operations during the year ended December 31, 2018. In addition, on June 29, 2018, the Company entered into an Agreement of Purchase and Sale to transfer its 70% controlling interest in Mountain Jam, LLC ("Mountain Jam") to Chet-5 Festivals ("Chet-5"), LLC and to acquire the 30% minority interest in Taste of Country Productions LLC from Chet-5. The purchase and sale were completed on the same day and 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 during the year ended December 31, 2018. 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): June 30, December 31, Accounts receivable $ — $ 9 Prepaid expenses and other current assets 22 435 Property and equipment, net — 1,874 Intangible assets, net — 3,843 Goodwill — 13,602 Current assets of discontinued operations 22 19,763 Accounts payable — 89 Deferred revenue — 6,688 Accrued expenses and other current liabilities 3,968 361 Current liabilities of discontinued operations 3,968 7,138 Net (liabilities) assets $ (3,946 ) $ 12,625 The following table shows the components of operations that are related to discontinued operations in the Company's Consolidated Statement of Operations (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Net revenue $ 13,512 $ 23,924 $ 13,520 $ 30,167 Discontinued operating costs and expenses: Direct operating expenses 13,883 27,568 14,786 40,278 Depreciation and amortization — 655 208 2,613 Stock-based compensation 13 4 13 10 Transaction costs 10 — 10 — Impairment of long lived and intangible assets — — 10,016 37,973 Net (gain) loss on sale and retirement of assets (508 ) 734 (1,946 ) 422 Discontinued operating income (loss) 114 (5,037 ) (9,567 ) (51,129 ) Other expenses: Interest expense, net — — — 1 Other income, net — (12 ) — (24 ) Income (loss) from discontinued operations before income taxes 114 (5,049 ) (9,567 ) (51,152 ) Provision (benefit) for income taxes 30 1,910 (2,487 ) (14,137 ) Net income (loss) from discontinued operations, net of income taxes $ 84 $ (6,959 ) $ (7,080 ) $ (37,015 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend On August 5, 2019 the Board of Directors approved a dividend of $0.075 per share. The dividend will be paid to holders of record as of September 26, 2019. The estimated $2.1 million dividend will be paid on November 15, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In June 2018, the FASB issues ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which is intended to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The Company adopted this standard effective January 1, 2019, which did not have a material impact on the Company’s consolidated financial statements. The Company also considered the following recent accounting pronouncements which were not yet adopted as of June 30, 2019: In August 2018, the FASB issues ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements, including the eliminating the requirements to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and requiring disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption, either of the entire standard or only the provisions that eliminate or modify requirements, is permitted. The Company has evaluated the disclosure requirements of this standard and does not expect it to have a material impact on the Company’s consolidated financial statements.
Segment Reporting	Segment Reporting Operating segments are organized internally by type of products and services provided. On January 2, 2019, the Company announced that its former Co-Chief Executive Officer (“CEO”) Dhruv Prasad resigned and that its other Co-CEO Bill Wilson would become the Company’s sole CEO. As a result of these organization changes, Mr. Wilson also became the Company’s Chief Operating Decision Maker (“CODM”). Based on the information reviewed by Mr. Wilson in his capacity as CODM, the Company has identified three reportable operating segments, which are Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, which is our digital marketing solutions business and Live Events, which is comprised of the Company’s live events, including concerts, expositions and other experiential events. The Company has concluded that each of these operating segments shall be presented separately. Prior year segment reporting has been restated to conform with the current year presentation.
Leases	Leases In February 2016, the FASB issued 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 ("ROU") 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 ASC Topic 840. The standard is effective for fiscal years beginning after December 15, 2018, and allows a number of practical expedients that the Company has elected to apply. The guidance ASU 2018-11, Leases (Topic 842): Targeted Improvements , which amends ASC 842 provides entities with an optional transition method for adopting the new lease standard by allowing entities to apply the new guidance at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings and not to restate comparative periods presented. The Company adopted the standard using the optional transition method as of January 1, 2019, using the package of practical expedients as well as several other permitted practical expedients that allow for a more simplified transition. Accordingly, the Company accounted for its existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contracts contain a lease under ASC Topic 842, (b) whether classification of the operating leases would be different in accordance with ASC Topic 842, or (c) whether the unamortized initial direct costs before transition adjustments would have met the definition of initial direct costs in ASC Topic 842 at lease commencement. As a result of the adoption of the new lease accounting guidance, the Company recognized at adoption (a) a lease liability of approximately $45.7 million , which represents the present value of the remaining lease payments, discounted at a weighted average discount rate of 7.04% , and (b) a ROU asset of approximately $42.8 million which represents the lease liability of $45.7 million adjusted for accrued rent of approximately $2.9 million . The Company recorded an adjustment of $0.8 million at the adoption date of January 1, 2019 to stockholders' equity to properly account for the Company's operating lease ROU assets and operating lease liabilities. The most significant impact of this standard was the recognition of ROU assets and lease obligations for operating leases.

Correction of Prior Period Fi_2

Correction of Prior Period Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impacts to the income (loss) per share amounts previously reported for three months ended March 31, 2019, March 31, 2018 and June 30, 2018, respectively, and the six months ended June 30, 2018 are included in the tables below: Three Months Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.13 $ (0.06 ) $ 0.07 Discontinued operations attributable to common shares $ (0.39 ) $ — $ (0.39 ) Continuing operations attributable to participating shares $ — $ 0.07 $ 0.07 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations 0.09 $ (0.02 ) 0.07 Discontinued operations (0.26 ) $ — (0.26 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,456 — 27,456 Three Months Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.19 $ (0.07 ) $ 0.12 Discontinued operations attributable to common shares $ (1.63 ) $ — $ (1.63 ) Continuing operations attributable to participating shares $ — $ 0.12 $ 0.12 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.13 $ (0.01 ) $ 0.12 Discontinued operations $ (1.09 ) $ — $ (1.09 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,456 — 27,456 Three Months Ended As Reported Adjustment Disc-ops (1) As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.54 $ (0.15 ) $ (0.09 ) $ 0.30 Discontinued operations attributable to common shares $ (0.45 ) $ — $ 0.08 $ (0.37 ) Continuing operations attributable to participating shares $ — $ 0.30 $ — $ 0.30 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.36 $ — $ (0.06 ) $ 0.30 Discontinued operations $ (0.31 ) $ — $ 0.06 $ (0.25 ) Weighted average shares outstanding: Basic attributable to common shares 18,633 — — 18,633 Basic attributable to participating shares — 8,978 — 8,978 Diluted 27,611 — — 27,611 Six Months Ended As Reported Adjustment Disc-ops (1) As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 0.69 $ (0.20 ) $ (0.07 ) $ 0.42 Discontinued operations attributable to common shares $ (2.04 ) $ — $ 0.05 $ (1.99 ) Continuing operations attributable to participating shares $ — $ 0.42 $ — $ 0.42 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.47 $ — $ (0.05 ) $ 0.42 Discontinued operations $ (1.37 ) $ — $ 0.03 $ (1.34 ) Weighted average shares outstanding: Basic attributable to common shares 18,563 — — 18,563 Basic attributable to participating shares — 8,978 — 8,978 Diluted 27,541 — — 27,541 (1) Reflects the latest presentation of discontinued operations The impacts to the income (loss) per share amounts previously reported for the years ended December 31, 2018, December 31, 2017 and December 31, 2016 are not reflective of the subsequent 2019 Music Festivals discontinued operations, see Note 17 entitled Discontinued Operations. The revised income (loss) per share amounts for these periods are included in the tables below: Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ (0.03 ) $ (0.22 ) $ (0.25 ) Discontinued operations attributable to common shares $ (1.68 ) $ — $ (1.68 ) Continuing operations attributable to participating shares $ — $ 0.30 $ 0.30 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ (0.03 ) $ (0.22 ) $ (0.25 ) Discontinued operations $ (1.68 ) $ — $ (1.68 ) Weighted average shares outstanding: Basic attributable to common shares 18,478 — 18,478 Basic attributable to participating shares — 8,978 8,978 Diluted 27,502 — 27,502 Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 1.34 $ (0.47 ) $ 0.87 Discontinued operations attributable to common shares $ (1.90 ) $ — $ (1.90 ) Continuing operations attributable to participating shares $ — $ 0.87 $ 0.87 Discontinued operations attributable to participating shares $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.89 $ (0.03 ) $ 0.86 Discontinued operations $ (1.26 ) $ — $ (1.26 ) Weighted average shares outstanding: Basic attributable to common shares 18,459 — 18,459 Basic attributable to participating shares — 8,978 8,978 Diluted 27,855 — 27,855 Year Ended As Reported Adjustment As Revised Basic income (loss) per share: Continuing operations attributable to common shares $ 1.14 $ (0.39 ) $ 0.75 Discontinued operations attributable to common shares $ 0.13 $ (0.04 ) $ 0.09 Continuing operations attributable to participating shares $ — $ 0.75 $ 0.75 Discontinued operations attributable to participating shares $ — $ 0.09 $ 0.09 Diluted income (loss) per share: Continuing operations $ 0.76 $ (0.01 ) $ 0.75 Discontinued operations $ 0.09 $ — $ 0.09 Weighted average shares outstanding: Basic attributable to common shares 18,255 — 18,255 Basic attributable to participating shares — 8,978 8,978 Diluted 27,313 — 27,313

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate our revenue into the following categories; Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, our digital marketing solutions business, and Live Events (in thousands): Three Months Ended Six Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 90,977 $ 15,288 $ 6,317 $ 112,582 $ 164,995 $ 29,495 $ 11,476 $ 205,966 Political 506 — — $ 506 804 — — $ 804 Net Revenue $ 91,483 $ 15,288 $ 6,317 $ 113,088 $ 165,799 $ 29,495 $ 11,476 $ 206,770 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 84,985 $ 11,685 $ 7,328 $ 103,998 $ 155,828 $ 22,480 $ 12,973 $ 191,281 Political 1,321 — — $ 1,321 2,021 — — $ 2,021 Net Revenue $ 86,306 $ 11,685 $ 7,328 $ 105,319 $ 157,849 $ 22,480 $ 12,973 $ 193,302
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 At Adoption January 1, 2018 Receivables $ 67,354 $ 62,459 $ 65,103 $ 60,492 Short-term contract liabilities (deferred revenue) $ 7,992 $ 7,922 $ 7,098 $ 7,992

Acquisitions & Divestitures (Ta

Acquisitions & Divestitures (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The Princeton Acquisition purchase price allocation is shown in the following table (in thousands): Prepaid and other current assets $ 256 FCC licenses 6,409 Property and equipment, net 976 Goodwill 9,915 Accounts payable and accrued expenses (201 ) Total purchase price $ 17,355

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following (in thousands): June 30, December 31, Land and improvements $ 21,261 $ 21,062 Buildings and leasehold improvements 46,727 43,525 Broadcast equipment 84,032 81,690 Computer and office equipment 16,723 14,801 Furniture and fixtures 16,997 15,789 Transportation equipment 17,840 16,899 Software development costs 23,773 21,332 Total property and equipment, gross 227,353 215,098 Less accumulated depreciation and amortization (114,430 ) (102,721 ) Total property and equipment, net $ 112,923 $ 112,377

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived and FInite-Lived Intangible Assets	Intangible assets consist of the following (in thousands): Estimated Useful Life June 30, December 31, Intangible Assets: FCC licenses Indefinite $ 473,285 $ 473,412 Customer and advertising relationships 10 years 6,540 6,540 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 2,761 3,196 Other intangibles 3 years 161 161 Total 485,194 485,756 Less: Accumulated amortization (7,170 ) (6,818) Net amount $ 478,024 $ 478,938
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, 2019 is as follows (in thousands): 2019 (remainder) $ 448 2020 849 2021 840 2022 836 2023 626 Thereafter 1,140 $ 4,739

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): June 30, December 31, 2023 Notes $ 278,148 $ 278,148 Term Loans 282,332 282,332 Capitalized obligations 7 10 Debt before deferred financing costs 560,487 560,490 Deferred financing costs (4,930 ) (5,155 ) Total debt 555,557 555,335 Less: current portion of long-term debt (5 ) (5 ) Total long-term debt $ 555,552 $ 555,330
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of June 30, 2019 are as follows (in thousands): 2019 (remainder) $ 2 2020 5 2021 — 2022 282,332 2023 278,148 Thereafter — $ 560,487

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of June 30, 2019 , 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 14,313,844 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 27,939,495 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, 2019 : Shares Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding at January 1, 2019 9,688,424 $ 8.23 6.15 $ — Granted 6,500 Exercised — Forfeited (227,340 ) Outstanding at June 30, 2019 9,467,584 $ 8.23 5.85 $ —

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Unaudited Pro Forma Earnings (Loss) 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, 2019 and 2018 (in thousands, except per share data). Three Months Ended Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 10,696 $ 1,634 $ 5,906 $ (24,956 ) Net income from non-controlling interest 493 299 940 517 Net income attributable to controlling interest 10,203 1,335 4,966 (25,473 ) Net income from continuing operations 10,612 8,593 12,986 12,059 Net income from continuing operations attributable to non-controlling interest 493 299 940 517 Net income from continuing operations attributable to controlling interest $ 10,119 $ 8,294 $ 12,046 $ 11,542 Net income (loss) from discontinued operations, net of income taxes $ 84 $ (6,959 ) $ (7,080 ) $ (37,015 ) Denominator: Weighted average shares of common stock outstanding 18,512 18,633 18,495 18,563 Weighted average shares of participating securities outstanding 8,978 8,978 8,978 8,978 Total weighted average basic shares outstanding 27,490 27,611 27,473 27,541 Effect of dilutive common stock equivalents — — — — Weighted average diluted common shares outstanding 27,490 27,611 27,473 27,541 Basic income (loss) per share: Continuing operations attributable to common shares $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations attributable to common shares $ — $ (0.37 ) $ (0.38 ) $ (1.99 ) Continuing operations attributable to participating shares $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations attributable to participating shares $ — $ — $ — $ — Diluted income (loss) per share: Continuing operations $ 0.37 $ 0.30 $ 0.44 $ 0.42 Discontinued operations $ — $ (0.25 ) $ (0.26 ) $ (1.34 )

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, Accrued compensation and benefits $ 5,736 $ 14,863 Accrued professional fees 1,109 1,449 Accrued commissions 2,361 1,980 Accrued taxes 1,883 2,686 Accrued music and FCC licensing 1,138 2,315 Accrued publisher fees 2,763 2,213 Accrued national representation fees 1,138 1,276 Due to sellers, business combinations 3 26 Deferred rent — 2,139 Dividends payable 2,212 2,162 Accrued other 1,531 1,640 $ 19,874 $ 32,749

Lease and Other Commitments (Ta

Lease and Other Commitments (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Consolidated Balance Sheet Impact	The below table summarizes the impact on the Company's Consolidated Balance Sheet at the adoption date of January 1, 2019 and as of June 30, 2019 , respectively (dollars in thousands): At Adoption January 1, 2019 (1) June 30, 2019 Operating lease right-of-use-assets $ 42,801 $ 41,785 Total operating lease right-of-use-assets $ 42,801 $ 41,785 Deferred rent (2,111 ) — Operating lease liabilities 45,728 44,786 Retained deficit (816 ) — Total liabilities and stockholders' equity $ 42,801 $ 44,786 Weighted Average Remaining Lease Term Operating leases 6.36 years 6.46 years Weighted Average Discount Rate Operating leases 7.04 % 7.08 % (1) Excludes $2.6 million operating lease right-of-use-assets and operating lease liabilities related to discontinued operations
Operating Lease Maturity	Maturities of lease liabilities for operating leases are as follows as of June 30, 2019 (in thousands): 2019 (remainder) $ 5,379 2020 9,154 2021 7,383 2022 6,504 2023 5,308 Thereafter 14,837 Total lease payments 48,565 Less: imputed interest (10,290 ) Add: deferred gain sale leaseback transaction 6,511 Total $ 44,786
Components of Lease Expense	Supplemental cash flow information related to leases are as follows (dollars in thousands): Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,208 $ 6,082 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 996 $ 3,622 The components of lease expense recorded to operating and corporate expense are as follows (dollars in thousands): Three Months Ended Six Months Ended Operating lease cost $ 2,988 $ 5,938 Short-term lease cost 15 30 Variable lease cost 2 8 Total lease cost $ 3,005 $ 5,976
Schedule of Supplemental Cash Flow Related to Leases	Supplemental cash flow information related to leases are as follows (dollars in thousands): Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,208 $ 6,082 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 996 $ 3,622 The components of lease expense recorded to operating and corporate expense are as follows (dollars in thousands): Three Months Ended Six Months Ended Operating lease cost $ 2,988 $ 5,938 Short-term lease cost 15 30 Variable lease cost 2 8 Total lease cost $ 3,005 $ 5,976

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the Company's reportable segment results for the three months ended June 30, 2018 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 86,306 $ 11,685 $ 7,328 $ — $ 105,319 Direct operating expenses 58,582 8,269 5,871 — 72,722 Depreciation and amortization 2,704 109 135 1,461 4,409 Corporate expenses — — — 7,290 7,290 Stock-based compensation 39 8 7 192 246 Transaction costs — — — 678 678 Net gain on sale and retirement of assets — — — (388 ) (388 ) Operating income (loss) $ 24,981 $ 3,299 $ 1,315 $ (9,233 ) $ 20,362 Capital expenditures $ 2,576 $ 77 $ 3 $ 1,680 $ 4,336 The following table presents the Company's reportable segment results for the six months ended June 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 165,799 $ 29,495 $ 11,476 $ — $ 206,770 Direct operating expenses 115,508 20,101 8,610 — 144,219 Depreciation and amortization 6,257 246 278 5,624 12,405 Corporate expenses — — — 12,957 12,957 Stock-based compensation 133 59 25 1,319 1,536 Transaction costs — — — 276 276 Business realignment costs — — — 4 4 Impairment of long lived and intangible assets 231 — — — 231 Net gain on sale and retirement of assets — — — (2 ) (2 ) Operating income (loss) $ 43,670 $ 9,089 $ 2,563 $ (20,178 ) $ 35,144 Capital expenditures $ 5,284 $ 199 $ 1 $ 3,444 $ 8,928 The following table presents the Company's reportable segment results for the six months ended June 30, 2018 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 157,849 $ 22,480 $ 12,973 $ — $ 193,302 Direct operating expenses 111,234 15,813 10,031 — 137,078 Depreciation and amortization 5,374 224 271 2,923 8,792 Corporate expenses — — — 12,939 12,939 Stock-based compensation 67 15 9 345 436 Transaction costs — — — 837 837 Business realignment costs — — — — — Net gain on sale and retirement of assets — — — (398 ) (398 ) Operating income (loss) $ 41,174 $ 6,428 $ 2,662 $ (16,646 ) $ 33,618 Capital expenditures $ 5,439 $ 85 $ 5 $ 3,227 $ 8,756

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of amounts related to discontinued operations	The following table shows the components of operations that are related to discontinued operations in the Company's Consolidated Statement of Operations (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Net revenue $ 13,512 $ 23,924 $ 13,520 $ 30,167 Discontinued operating costs and expenses: Direct operating expenses 13,883 27,568 14,786 40,278 Depreciation and amortization — 655 208 2,613 Stock-based compensation 13 4 13 10 Transaction costs 10 — 10 — Impairment of long lived and intangible assets — — 10,016 37,973 Net (gain) loss on sale and retirement of assets (508 ) 734 (1,946 ) 422 Discontinued operating income (loss) 114 (5,037 ) (9,567 ) (51,129 ) Other expenses: Interest expense, net — — — 1 Other income, net — (12 ) — (24 ) Income (loss) from discontinued operations before income taxes 114 (5,049 ) (9,567 ) (51,152 ) Provision (benefit) for income taxes 30 1,910 (2,487 ) (14,137 ) Net income (loss) from discontinued operations, net of income taxes $ 84 $ (6,959 ) $ (7,080 ) $ (37,015 ) 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): June 30, December 31, Accounts receivable $ — $ 9 Prepaid expenses and other current assets 22 435 Property and equipment, net — 1,874 Intangible assets, net — 3,843 Goodwill — 13,602 Current assets of discontinued operations 22 19,763 Accounts payable — 89 Deferred revenue — 6,688 Accrued expenses and other current liabilities 3,968 361 Current liabilities of discontinued operations 3,968 7,138 Net (liabilities) assets $ (3,946 ) $ 12,625

Organization and Basis of Pre_2

Organization and Basis of Presentation - Nature of Business (Details)	Jun. 30, 2019radio_stationmarketeventwebsite
Organization and Basis of Presentation [Line Items]
Number of radio stations | radio_station	321
Number of local websites (more than) | website	330
Number of small and medium sized markets in which entity operates	17,300
Number of live events | event	200
United States
Organization and Basis of Presentation [Line Items]
Number of local markets	67

Correction of Prior Period Fi_3

Correction of Prior Period Financial Statements - Schedule of Error Corrections and Prior Period Adjustments (Details) - $ / shares shares in Thousands	3 Months Ended					6 Months Ended			12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ (0.25)	$ 0.86	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ (0.26)	$ (0.25)	[1]	$ (1.09)	$ (0.26)	$ (1.34)	[1]	$ (1.68)	$ (1.26)	$ 0.09
Weighted average shares outstanding:
Basic (in shares)	27,490		27,611			27,473	27,541
Diluted (in shares)	27,490	27,456	27,611	[1]	27,456	27,473	27,541	[1]	27,502	27,855	27,313
As Reported
Diluted income (loss) per share:
Continuing operations (in dollars per share)		$ 0.09	$ 0.36		$ 0.13		$ 0.47		$ (0.03)	$ 0.89	$ 0.76
Discontinued operations (in dollars per share)		$ (0.26)	$ (0.31)		$ (1.09)		$ (1.37)		$ (1.68)	$ (1.26)	$ 0.09
Weighted average shares outstanding:
Diluted (in shares)		27,456	27,611		27,456		27,541		27,502	27,855	27,313
Disc-ops
Diluted income (loss) per share:
Continuing operations (in dollars per share)			$ (0.06)				$ (0.05)
Discontinued operations (in dollars per share)			$ 0.06				$ 0.03
Weighted average shares outstanding:
Diluted (in shares)			0				0
Presentation And Calculation Of Basic Income (Loss) Per Share | Adjustment
Diluted income (loss) per share:
Continuing operations (in dollars per share)		$ (0.02)	$ 0		$ (0.01)		$ 0		$ (0.22)	$ (0.03)	$ (0.01)
Discontinued operations (in dollars per share)		$ 0	$ 0		$ 0		$ 0		$ 0	$ 0	$ 0
Weighted average shares outstanding:
Diluted (in shares)		0	0		0		0		0	0	0
Common shares
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ (0.25)	$ 0.87	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ (0.39)	$ (0.37)	[1]	$ (1.63)	$ (0.38)	$ (1.99)	[1]	$ (1.68)	$ (1.90)	$ 0.09
Weighted average shares outstanding:
Basic (in shares)	18,512	18,478	18,633	[1]	18,478	18,495	18,563	[1]	18,478	18,459	18,255
Common shares | As Reported
Basic income (loss) per share:
Continuing operations (in dollars per share)		$ 0.13	$ 0.54		$ 0.19		$ 0.69		$ (0.03)	$ 1.34	$ 1.14
Discontinued operations (in dollars per share)		$ (0.39)	$ (0.45)		$ (1.63)		$ (2.04)		$ (1.68)	$ (1.90)	$ 0.13
Weighted average shares outstanding:
Basic (in shares)		18,478	18,633		18,478		18,563		18,478	18,459	18,255
Common shares | Disc-ops
Basic income (loss) per share:
Continuing operations (in dollars per share)			$ (0.09)				$ (0.07)
Discontinued operations (in dollars per share)			$ 0.08				$ 0.05
Weighted average shares outstanding:
Basic (in shares)			0				0
Common shares | Presentation And Calculation Of Basic Income (Loss) Per Share | Adjustment
Basic income (loss) per share:
Continuing operations (in dollars per share)		$ (0.06)	$ (0.15)		$ (0.07)		$ (0.20)		$ (0.22)	$ (0.47)	$ (0.39)
Discontinued operations (in dollars per share)		$ 0	$ 0		$ 0		$ 0		$ 0	$ 0	$ (0.04)
Weighted average shares outstanding:
Basic (in shares)		0	0		0		0		0	0	0
Participating shares
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ 0.30	$ 0.87	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ 0	$ 0	[1]	$ 0	$ 0	$ 0	[1]	$ 0	$ 0	$ 0.09
Weighted average shares outstanding:
Basic (in shares)	8,978	8,978	8,978	[1]	8,978	8,978	8,978	[1]	8,978	8,978	8,978
Participating shares | As Reported
Basic income (loss) per share:
Continuing operations (in dollars per share)		$ 0	$ 0		$ 0		$ 0		$ 0	$ 0	$ 0
Discontinued operations (in dollars per share)		$ 0	$ 0		$ 0		$ 0		$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)		0	0		0		0		0	0	0
Participating shares | Disc-ops
Basic income (loss) per share:
Continuing operations (in dollars per share)			$ 0				$ 0
Discontinued operations (in dollars per share)			$ 0				$ 0
Weighted average shares outstanding:
Basic (in shares)			0				0
Participating shares | Presentation And Calculation Of Basic Income (Loss) Per Share | Adjustment
Basic income (loss) per share:
Continuing operations (in dollars per share)		$ 0.07	$ 0.30		$ 0.12		$ 0.42		$ 0.30	$ 0.87	$ 0.75
Discontinued operations (in dollars per share)		$ 0	$ 0		$ 0		$ 0		$ 0	$ 0	$ 0.09
Weighted average shares outstanding:
Basic (in shares)		8,978	8,978		8,978		8,978		8,978	8,978	8,978
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2019USD ($)segment	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments | segment		3
Number of operating segments | segment		3
Operating lease liabilities		$ 44,786
Weighted average discount rate (as a percent)		7.08%	7.04%
Right-of-use asset		$ 41,785
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		44,786	$ 45,728
Weighted average discount rate (as a percent)			7.04%
Right-of-use asset		$ 41,785	$ 42,801
Accrued rent			2,900
Adjustment	[1]		$ 816
[1]	See Note 13

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net revenue	$ 113,088	$ 105,319	[1]	$ 206,770	$ 193,302	[1]
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	91,483	86,306		165,799	157,849
Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	15,288	11,685		29,495	22,480
Live Events
Disaggregation of Revenue [Line Items]
Net revenue	6,317	7,328		11,476	12,973
Excluding political
Disaggregation of Revenue [Line Items]
Net revenue	112,582	103,998		205,966	191,281
Excluding political | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	90,977	84,985		164,995	155,828
Excluding political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	15,288	11,685		29,495	22,480
Excluding political | Live Events
Disaggregation of Revenue [Line Items]
Net revenue	6,317	7,328		11,476	12,973
Political
Disaggregation of Revenue [Line Items]
Net revenue	506	1,321		804	2,021
Political | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	506	1,321		804	2,021
Political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	0	0		0	0
Political | Live Events
Disaggregation of Revenue [Line Items]
Net revenue	$ 0	$ 0		$ 0	$ 0
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Receivables	$ 67,354	$ 62,459	$ 65,103	$ 60,492
Short-term contract liabilities (deferred revenue)	$ 7,992	$ 7,922	$ 7,098	$ 7,992

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 0.8	$ 1.5	$ 7	$ 6.9
Deferred costs					$ 3	$ 2.3
Recognized amortization	$ 0.5	$ 0.5	$ 1	$ 1.1

Acquisitions & Divestitures -

Acquisitions & Divestitures - Additional Details (Details) $ in Thousands	May 24, 2019USD ($)	May 22, 2019USD ($)	Mar. 18, 2019USD ($)	Jul. 02, 2018USD ($)radio_station	Jun. 30, 2019USD ($)	Mar. 31, 2019business	Jun. 30, 2019USD ($)	Jun. 04, 2019USD ($)	Dec. 31, 2018USD ($)	May 24, 2018USD ($)
Business Acquisition [Line Items]
Number of music festival businesses | business						4
Goodwill					$ 226,981		$ 226,981		$ 226,981
Connoisseur Media, LLC
Business Acquisition [Line Items]
Radio stations acquired | radio_station				3
Payments to acquire business, gross of working capital adjustment				$ 17,400
Working capital adjustment				100
Goodwill				9,915
FCC licenses | Connoisseur Media, LLC
Business Acquisition [Line Items]
FCC licenses				$ 6,400
Radio Broadcast Station
Business Acquisition [Line Items]
Consideration received								$ 100
Impairment on long-lived assets to be disposed of					200		200
Music Festivals
Business Acquisition [Line Items]
Gain on sale							400
Arizona Bridal Shows
Business Acquisition [Line Items]
Proceeds from sale			$ 2,000
Gain on sale							1,400
Radio Broadcast Station Asset Purchase Agreement
Business Acquisition [Line Items]
Payments to acquire assets and liabilities		$ 700
Discontinued Operations, Disposed of by Sale | Music Festivals
Business Acquisition [Line Items]
Proceeds from sale	$ 10,000
Gain on sale					$ 400		$ 400
Discontinued Operations, Disposed of by Sale | Heartland Group, LLC And Subsidiary NAME
Business Acquisition [Line Items]
Consideration received										$ 23,500

Acquisitions & Divestitures _2

Acquisitions & Divestitures - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jul. 02, 2018
Business Acquisition [Line Items]
Goodwill	$ 226,981	$ 226,981
Connoisseur Media, LLC
Business Acquisition [Line Items]
Prepaid and other current assets			$ 256
Property and equipment, net			976
Goodwill			9,915
Accounts payable and accrued expenses			(201)
Total purchase price			17,355
FCC licenses | Connoisseur Media, LLC
Business Acquisition [Line Items]
FCC licenses			$ 6,409

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Jun. 30, 2019USD ($)
Convertible Note Receivable Investment
Equity Securities without Readily Determinable Fair Value [Line Items]
Investments	$ 0.3
Small Business
Equity Securities without Readily Determinable Fair Value [Line Items]
Investments	$ 2

Property and Equipment - Schedu

Property and Equipment - Schedule of Physical Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment	$ 227,353	$ 215,098
Less accumulated depreciation and amortization	(114,430)	(102,721)
Total property and equipment, net	112,923	112,377
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment	21,261	21,062
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	46,727	43,525
Broadcast equipment
Property, Plant and Equipment [Line Items]
Property and equipment	84,032	81,690
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	16,723	14,801
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	16,997	15,789
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment	17,840	16,899
Software development costs
Property, Plant and Equipment [Line Items]
Property and equipment	$ 23,773	$ 21,332

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5.7	$ 4.1	$ 11.9	$ 8.2

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Indefinite-lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.2	$ 0.3	$ 0.5	$ 0.6
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC license renewal period			8 years
Impairment of charge of FCC licenses	$ 0.1		$ 0.1
Live Events
Indefinite-lived Intangible Assets [Line Items]
Impairment loss			$ 10

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Total	$ 485,194	$ 485,756
Less: Accumulated amortization	(7,170)	(6,818)
Net amount	478,024	478,938
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC licenses	$ 473,285	473,412
Customer and advertising relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	10 years
Intangible assets	$ 6,540	6,540
Leasehold interests
Finite-Lived Intangible Assets [Line Items]
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]
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]
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]
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]
Intangible asset useful life	15 years
Intangible assets	$ 2,761	3,196
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years
Intangible assets	$ 161	$ 161

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019 (remainder)	$ 448
2020	849
2021	840
2022	836
2023	626
Thereafter	1,140
Total	$ 4,739

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Capitalized obligations	$ 7
Capitalized obligations		$ 10
Debt before deferred financing costs	560,487	560,490
Deferred financing costs	(4,930)	(5,155)
Total debt	555,557	555,335
Less: current portion of long-term debt	(5)	(5)
Total long-term debt	555,552	555,330
Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Long-term debt, gross	278,148	278,148
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 282,332	$ 282,332

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Apr. 30, 2019	Apr. 01, 2015	Jun. 30, 2019	Dec. 31, 2018	Sep. 01, 2015
Debt Instrument [Line Items]
Outstanding borrowings			$ 560,487,000
Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Repurchased face amount				$ 1,900,000
Write off of deferred debt issuance cost				40,000
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
Term Loan | Seven Year Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Variable rate floor			5.50%
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
Outstanding borrowings			$ 0
Maturity date extension	2 years
Debt financing costs	$ 400,000
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 | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Stated interest rate		6.50%
Debt fair value			$ 274,800,000
New Term Loan | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Debt fair value			$ 279,900,000
Other (Income) Expense, net | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Gain on repurchase of debt				$ 100,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
2019 (remainder)	$ 2
2020	5
2021	0
2022	282,332
2023	278,148
Thereafter	0
Long-term debt	$ 560,487

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders Equity (Details)	6 Months Ended
	Jun. 30, 2019USD ($)vote / shares$ / sharesshares	Dec. 31, 2018$ / sharesshares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Total common stock and warrants outstanding (in shares)	27,939,495
Warrants, number of shares exercisable	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 warrants)	8,977,676
Common Class A
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)	14,313,844	14,297,066
Number of votes per share | vote / shares	1
Common Class B
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	3,011,634
Number of votes per share | vote / shares	10
Conversion ratio into common stock	1
Common Class C
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
Conversion ratio into common stock	1

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	[1]	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	[1]	Dec. 31, 2018$ / shares
Class of Stock [Line Items]
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 8.23			$ 8.23			$ 8.23
Stock-based compensation expense | $	$ 660	$ 246		$ 1,536	$ 436
2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Shares authorized to be granted (in shares)	12,000,000			12,000,000
Shares available for grant (in shares)	2,005,985			2,005,985
Minimum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 5.20			$ 5.20
Maximum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 9.63			$ 9.63
Common Class A
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)	4,916,593			4,916,593
Common Class B
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)	4,550,991			4,550,991
Common stock, conversion ratio				1
Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized (in shares)	50,000,000			50,000,000
Common Class C
Class of Stock [Line Items]
Common stock, conversion ratio				1
Restricted Stock
Class of Stock [Line Items]
Shares outstanding (in shares)	383,355			383,355
Shares issued (in shares)				16,778
Fair value (in dollars per share) | $ / shares	$ 5.96			$ 5.96
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 6.62			$ 6.62
Unrecognized stock-based compensation expense | $	$ 2,100			$ 2,100
Unrecognized share-based compensation expense recognition period				2 years 10 months 24 days
Restricted Stock | Minimum
Class of Stock [Line Items]
Award vesting period				1 year
Restricted Stock | Maximum
Class of Stock [Line Items]
Award vesting period				5 years
Stock Option
Class of Stock [Line Items]
Unrecognized stock-based compensation expense | $	$ 3,300			$ 3,300
Unrecognized share-based compensation expense recognition period				2 years 7 months 6 days
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Shares
Outstanding, beginning balance (in shares)	9,688,424
Granted (in shares)	6,500
Exercised (in shares)	0
Forfeited (in shares)	(227,340)
Outstanding, ending balance (in shares)	9,467,584	9,688,424
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 8.23
Granted (in shares)
Exercised (in dollars per share)
Forfeited (in dollars per share)
Outstanding, ending balance (in dollars per share)	$ 8.23	$ 8.23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (years)	5 years 10 months 6 days	6 years 1 month 24 days
Aggregate Intrinsic Value	$ 0	$ 0

Net Income (Loss) Per Share - S

Net Income (Loss) Per 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			12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss)	$ 10,696	$ (4,790)	$ 1,634	[1]	$ (26,591)	$ 5,906	$ (24,956)	[1]
Net income from non-controlling interest	493		299	[1]		940	517	[1]
Net income attributable to controlling interest	10,203		1,335	[1]		4,966	(25,473)	[1]
Net income from continuing operations	10,612		8,593	[1]		12,986	12,059	[1]
Net income from continuing operations attributable to non-controlling interest	493		299			940	517
Net income from continuing operations attributable to controlling interest	10,119		8,294			12,046	11,542
Net income (loss) from discontinued operations, net of income taxes	$ 84		$ (6,959)	[1]		$ (7,080)	$ (37,015)	[1]
Denominator:
Weighted average shares outstanding, basic (in shares)	27,490		27,611			27,473	27,541
Effect of dilutive common stock equivalents (in shares)	0		0			0	0
Weighted average diluted common shares outstanding (in shares)	27,490	27,456	27,611	[1]	27,456	27,473	27,541	[1]	27,502	27,855	27,313
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ (0.25)	$ 0.86	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ (0.26)	$ (0.25)	[1]	$ (1.09)	$ (0.26)	$ (1.34)	[1]	$ (1.68)	$ (1.26)	$ 0.09
Common shares
Denominator:
Weighted average shares outstanding, basic (in shares)	18,512	18,478	18,633	[1]	18,478	18,495	18,563	[1]	18,478	18,459	18,255
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ (0.25)	$ 0.87	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ (0.39)	$ (0.37)	[1]	$ (1.63)	$ (0.38)	$ (1.99)	[1]	$ (1.68)	$ (1.90)	$ 0.09
Participating shares
Denominator:
Weighted average shares outstanding, basic (in shares)	8,978	8,978	8,978	[1]	8,978	8,978	8,978	[1]	8,978	8,978	8,978
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.37	$ 0.07	$ 0.30	[1]	$ 0.12	$ 0.44	$ 0.42	[1]	$ 0.30	$ 0.87	$ 0.75
Discontinued operations (in dollars per share)	$ 0	$ 0	$ 0	[1]	$ 0	$ 0	$ 0	[1]	$ 0	$ 0	$ 0.09
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Income Taxes Narrative (Details

Income Taxes Narrative (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (percentage)	27.70%	27.30%
Federal statutory income tax rate (percentage)	21.00%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 5,736	$ 14,863
Accrued professional fees	1,109	1,449
Accrued commissions	2,361	1,980
Accrued taxes	1,883	2,686
Accrued music and FCC licensing	1,138	2,315
Accrued publisher fees	2,763	2,213
Accrued national representation fees	1,138	1,276
Due to sellers, business combinations	3	26
Deferred rent	0	2,139
Dividends payable	2,212	2,162
Accrued other	1,531	1,640
Accrued expenses and other current liabilities	$ 19,874	$ 32,749

Lease and Other Commitments - N

Lease and Other Commitments - Narrative (Details)	1 Months Ended
	Sep. 30, 2015USD ($)siterenewal_optiontower$ / site	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 01, 2015market
Lessee, Lease, Description [Line Items]
Deferred gain		$ 6,511,000
Operating lease, lease not yet commenced		$ 2,100,000
Term of contract, lease not yet commenced		20 years
Rating Service Agreement with Nielsen
Lessee, Lease, Description [Line Items]
Remaining minimum amount committed		$ 13,600,000
Other Broadcasting Services
Lessee, Lease, Description [Line Items]
Remaining minimum amount committed		800,000
Business Management Platform
Lessee, Lease, Description [Line Items]
Remaining minimum amount committed		$ 9,500,000
Tower Sale
Lessee, Lease, Description [Line Items]
Number of radio towers sold | tower	43
Number of radio tower sites sold | site	41
Number of local markets | market				28
Term of lease				35 years
Initial term of lease	20 years
Number of renewal options | renewal_option	3
Renewal term	5 years
Rent expense	$ 41
Operating lease expense per site per annum | $ / site	1
Deferred gain			$ 6,600,000

Lease and Other Commitments - C

Lease and Other Commitments - Consolidated Balance Sheet Impact (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 41,785
Operating lease liabilities	44,786
Accumulated deficit	(25,775)		$ (25,735)
Total liabilities and stockholders’ equity	$ 1,012,723		$ 987,267
Weighted Average Remaining Lease Term
Operating leases	6 years 5 months 15 days	6 years 4 months 9 days
Weighted Average Discount Rate
Operating leases	7.08%	7.04%
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 41,785	$ 42,801
Deferred rent	0	(2,111)
Operating lease liabilities	44,786	45,728
Accumulated deficit	0	(816)
Total liabilities and stockholders’ equity	$ 44,786	$ 42,801
Weighted Average Discount Rate
Operating leases		7.04%
Discontinued Operations | ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		$ 2,600
Operating lease liabilities		$ 2,600

Lease and Other Commitments - O

Lease and Other Commitments - Operating Lease Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (remainder)	$ 5,379
2020	9,154
2021	7,383
2022	6,504
2023	5,308
Thereafter	14,837
Total lease payments	48,565
Less: imputed interest	(10,290)
Add: deferred gain sale leaseback transaction	6,511
Total	$ 44,786

Lease and Other Commitments -_2

Lease and Other Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,988	$ 5,938
Short-term lease cost	15	30
Variable lease cost	2	8
Total lease cost	$ 3,005	$ 5,976

Lease and Other Commitments - S

Lease and Other Commitments - Schedule of Supplemental Cash Flow Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,208	$ 6,082
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 996	$ 3,622

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net revenue	$ 113,088	$ 105,319	[1]	$ 206,770	$ 193,302	[1]
Direct operating expenses	75,590	72,722	[1]	144,219	137,078	[1]
Depreciation and amortization	5,897	4,409	[1]	12,405	8,792	[1]
Corporate expenses	7,370	7,290	[1]	12,957	12,939	[1]
Stock-based compensation	660	246	[1]	1,536	436	[1]
Transaction costs	128	678	[1]	276	837	[1]
Business realignment costs	0	0	[1]	4	0	[1]
Impairment of long lived and intangible assets	231	0	[1]	231	0	[1]
Net gain on sale and retirement of assets	(21)	(388)	[1]	(2)	(398)	[1]
Operating income	23,233	20,362	[1]	35,144	33,618	[1]
Capital expenditures	3,896	4,336		8,928	8,756
Operating segments | Advertising
Segment Reporting Information [Line Items]
Net revenue	91,483	86,306		165,799	157,849
Direct operating expenses	60,621	58,582		115,508	111,234
Depreciation and amortization	3,159	2,704		6,257	5,374
Corporate expenses	0	0		0	0
Stock-based compensation	41	39		133	67
Transaction costs	0	0		0	0
Business realignment costs				0	0
Impairment of long lived and intangible assets	231			231
Net gain on sale and retirement of assets	0	0		0	0
Operating income	27,431	24,981		43,670	41,174
Capital expenditures	1,906	2,576		5,284	5,439
Operating segments | Townsquare Interactive
Segment Reporting Information [Line Items]
Net revenue	15,288	11,685		29,495	22,480
Direct operating expenses	10,274	8,269		20,101	15,813
Depreciation and amortization	125	109		246	224
Corporate expenses	0	0		0	0
Stock-based compensation	23	8		59	15
Transaction costs	0	0		0	0
Business realignment costs				0	0
Impairment of long lived and intangible assets	0			0
Net gain on sale and retirement of assets	0	0		0	0
Operating income	4,866	3,299		9,089	6,428
Capital expenditures	126	77		199	85
Operating segments | Live Events
Segment Reporting Information [Line Items]
Net revenue	6,317	7,328		11,476	12,973
Direct operating expenses	4,695	5,871		8,610	10,031
Depreciation and amortization	133	135		278	271
Corporate expenses	0	0		0	0
Stock-based compensation	2	7		25	9
Transaction costs	0	0		0	0
Business realignment costs				0	0
Impairment of long lived and intangible assets	0			0
Net gain on sale and retirement of assets	0	0		0	0
Operating income	1,487	1,315		2,563	2,662
Capital expenditures	0	3		1	5
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	0	0		0	0
Direct operating expenses	0	0		0	0
Depreciation and amortization	2,480	1,461		5,624	2,923
Corporate expenses	7,370	7,290		12,957	12,939
Stock-based compensation	594	192		1,319	345
Transaction costs	128	678		276	837
Business realignment costs				4	0
Impairment of long lived and intangible assets	0			0
Net gain on sale and retirement of assets	(21)	(388)		(2)	(398)
Operating income	(10,551)	(9,233)		(20,178)	(16,646)
Capital expenditures	$ 1,864	$ 1,680		$ 3,444	$ 3,227
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	May 24, 2019	Jun. 29, 2018	May 24, 2018	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire business					$ 6	$ 3,724
Taste Of Country Productions LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minority interest percentage		30.00%
Payments to acquire business		$ 1,300
Music Festivals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business					400
Discontinued Operations, Disposed of by Sale | Music Festivals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 10,000
Gain (loss) on sale of business				$ 400	$ 400
Discontinued Operations, Disposed of by Sale | Heartland Group, LLC And Subsidiary NAME
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received			$ 23,500
Discontinued Operations, Disposed of by Sale | NAME
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business			$ (1,800)
Discontinued Operations, Disposed of by Sale | Mountain Jam
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business		$ 1,200
Discontinued Operations, Disposed of by Sale | Mountain Jam | Mountain Jam, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Controlling interest percentage		70.00%

Discontinued Operations - Compo

Discontinued Operations - Components of Assets and Liabilities Related to Discontinued Opertations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Accounts receivable	$ 0	$ 9
Prepaid expenses and other current assets	22	435
Property and equipment, net	0	1,874
Intangible assets, net	0	3,843
Goodwill	0	13,602
Current assets of discontinued operations	22	19,763
Accounts payable	0	89
Deferred revenue	0	6,688
Accrued expenses and other current liabilities	3,968	361
Current liabilities	3,968	7,138
Net (liabilities) assets	$ (3,946)	$ 12,625

Discontinued Operations - Com_2

Discontinued Operations - Components of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Discontinued operating costs and expenses:
Net loss from discontinued operations, net of income taxes	$ 84	$ (6,959)	[1]	$ (7,080)	$ (37,015)	[1]
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	13,512	23,924		13,520	30,167
Discontinued operating costs and expenses:
Direct operating expenses	13,883	27,568		14,786	40,278
Depreciation and amortization	0	655		208	2,613
Stock-based compensation	13	4		13	10
Transaction costs	10	0		10	0
Impairment of long lived and intangible assets	0	0		10,016	37,973
Net (gain) loss on sale and retirement of assets	(508)	734		(1,946)	422
Discontinued operating income (loss)	114	(5,037)		(9,567)	(51,129)
Interest expense, net	0	0		0	1
Other income, net	0	(12)		0	(24)
Income (loss) from discontinued operations before income taxes	114	(5,049)		(9,567)	(51,152)
Provision (benefit) for income taxes	30	1,910		(2,487)	(14,137)
Net loss from discontinued operations, net of income taxes	$ 84	$ (6,959)		$ (7,080)	$ (37,015)
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2019	Jun. 30, 2019	Jun. 30, 2018	[1]	Jun. 30, 2019	Jun. 30, 2018	[1]	Dec. 31, 2018
Subsequent Event [Line Items]
Dividends declared (in usd per share)		$ 0.075	$ 0.075		$ 0.150	$ 0.150
Dividends declared, but not paid during the period		$ 2,212			$ 2,212			$ 2,162
Subsequent event
Subsequent Event [Line Items]
Dividends declared (in usd per share)	$ 0.075
Dividends declared, but not paid during the period	$ 2,100
[1]	See Note 2 to the Unaudited Consolidated Financial Statements entitled Correction of Prior Period Financial Statements

Uncategorized Items - tsq063019

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 383,351,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,121,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(532,000)
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	185,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	15,536,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	367,041,000
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	2,271,000	[1]
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	2,271,000	[1]
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (816,000)	[2]
[1]	See Note 3
[2]	See Note 13