Townsquare Media (TSQ) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001499832
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,330,220
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	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 79,112	$ 84,667
Accounts receivable, net of allowance of $4,397 and $2,604, respectively	54,235	67,463
Prepaid expenses and other current assets	10,432	9,241
Total current assets	143,779	161,371
Property and equipment, net	112,314	114,142
Intangible assets, net	281,078	388,029
Goodwill	157,947	157,947
Investments	10,975	8,275
Operating lease right-of-use assets	49,185	49,503
Restricted cash	494	494
Other assets	1,395	638
Total assets	757,167	880,399
Current liabilities:
Accounts payable	13,292	14,790
Current portion of long-term debt	0	9,929
Deferred revenue	9,169	8,086
Accrued compensation and benefits	12,038	10,714
Accrued expenses and other current liabilities	14,668	15,358
Operating lease liabilities, current	7,542	7,690
Financing lease liabilities, current	62	17
Accrued interest	10,762	4,558
Liabilities of discontinued operations	33	423
Total current liabilities	67,566	71,565
Long-term debt, less current portion (net of deferred finance costs of $2,718 and $3,840, respectively)	543,079	546,711
Deferred tax liability	944	34,347
Operating lease liability, net of current portion	45,342	44,957
Financing lease liabilities, net of current portion	137	31
Other long-term liabilities	4,354	352
Total liabilities	661,422	697,963
Stockholders’ equity:
Common stock	190	190
Additional paid-in capital	369,200	367,540
Accumulated deficit	(276,669)	(188,034)
Non-controlling interest	3,024	2,740
Total stockholders’ equity	95,745	182,436
Total liabilities and stockholders’ equity	$ 757,167	880,399
Common shares authorized (in shares)	400,000,000
Common Class A
Stockholders’ equity:
Common stock	$ 143	$ 143
Common shares authorized (in shares)	300,000,000	300,000,000
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common Class B
Stockholders’ equity:
Common stock	$ 30	$ 30
Common shares authorized (in shares)	50,000,000	50,000,000
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common Class C
Stockholders’ equity:
Common stock	$ 17	$ 17
Common shares authorized (in shares)	50,000,000	50,000,000
Common par value (in dollars per share)	$ 0.01	$ 0.01

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 4,397	$ 2,604
Liabilities
Deferred financing costs	$ 2,718	$ 3,840
Stockholders’ equity:
Common shares authorized (in shares)	400,000,000
Common Class A
Stockholders’ equity:
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares issued (in shares)	14,330,220	14,314,092
Common shares outstanding (in shares)	14,330,220	14,314,092
Common Class B
Stockholders’ equity:
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	3,011,634	3,011,634
Common shares outstanding (in shares)	3,011,634	3,011,634
Common Class C
Stockholders’ equity:
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	1,636,341	1,636,341
Common shares outstanding (in shares)	1,636,341	1,636,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net revenue	$ 95,356	$ 112,561	$ 262,844	$ 319,331
Operating costs and expenses:
Direct operating expenses	71,088	77,239	207,046	221,597
Depreciation and amortization	5,248	7,098	15,293	20,091
Corporate expenses	6,764	7,173	20,724	20,280
Stock-based compensation	430	532	1,611	2,068
Transaction costs	384	193	2,624	469
Business realignment costs	472	0	2,639	165
Impairment of intangible and long-lived assets	1,343	0	109,058	231
Net loss on sale and retirement of assets	92	143	80	141
Total operating costs and expenses	85,821	92,378	359,075	265,042
Operating income (loss)	9,535	20,183	(96,231)	54,289
Other expense:
Interest expense, net	7,692	8,524	23,713	25,645
Gain on repurchase of debt	0	0	(1,159)	0
Other expense (income), net	81	108	(653)	178
Income (loss) from continuing operations before income taxes	1,762	11,551	(118,132)	28,466
Provision (benefit) for income taxes	451	3,049	(33,044)	7,729
Net income (loss) from continuing operations	1,311	8,502	(85,088)	20,737
Net loss from discontinued operations, net of income taxes	0	(1,234)	0	(8,112)
Net income (loss)	1,311	7,268	(85,088)	12,625
Net income (loss) attributable to:
Controlling interests	795	6,711	(86,537)	11,128
Non-controlling interests	$ 516	$ 557	$ 1,449	$ 1,497
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.03	$ 0.29	$ (4.68)	$ 0.70
Discontinued operations (in dollars per share)	$ 0	$ (0.04)	$ 0	$ (0.29)
Weighted average shares outstanding:
Basic (in shares)	27,661	27,580	27,605	27,510
Diluted (in shares)	27,688	27,581	27,605	27,510
Dividends declared (in usd per share)	$ 0	$ 0.075	$ 0.075	$ 0.225
Common shares
Basic income (loss) per share:
Continuing operations (in dollars per share)	0.03	0.29	(4.68)	0.70
Discontinued operations (in dollars per share)	$ 0	$ (0.04)	$ 0	$ (0.29)
Weighted average shares outstanding:
Basic (in shares)	18,683	18,602	18,627	18,532
Warrants
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.03	$ 0.29	$ 0.08	$ 0.70
Discontinued operations (in dollars per share)	$ 0	$ (40)	$ 0	$ (0.29)
Weighted average shares outstanding:
Basic (in shares)	8,978	8,978	8,978	8,978

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Warrants	Additional Paid-in Capital	Accumulated Deficit	Non- Controlling Interest	Common Class A	Common Class ACommon Stock	Common Class B	Common Class BCommon Stock	Common Class C	Common Class CCommon Stock	WarrantsWarrants
Shares of common stock, beginning balance (in shares) at Dec. 31, 2018								14,297,066		3,011,634		1,636,341
Warrants, beginning balance (in warrants) at Dec. 31, 2018													8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2018	$ 255,508	$ 190		$ 365,835	$ (111,804)	$ 1,287
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	(4,578)				(5,025)	447
Dividends declared	(2,095)				(2,095)
Stock-based compensation	876			876
Issuance of restricted stock (in shares)								16,778
Issuance of restricted stock	0
Cash distributions to noncontrolling interests	(1,287)					(1,287)
Shares of common stock, ending balance (in shares) at Mar. 31, 2019								14,313,844		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Mar. 31, 2019													8,977,676
Stockholders' equity, ending balance at Mar. 31, 2019	248,424	190		366,711	(118,924)	447
Shares of common stock, beginning balance (in shares) at Dec. 31, 2018								14,297,066		3,011,634		1,636,341
Warrants, beginning balance (in warrants) at Dec. 31, 2018													8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2018	255,508	190		365,835	(111,804)	1,287
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	12,625
Shares of common stock, ending balance (in shares) at Sep. 30, 2019								14,313,844		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Sep. 30, 2019													8,977,676
Stockholders' equity, ending balance at Sep. 30, 2019	262,801	190		367,442	(106,963)	2,132
Shares of common stock, beginning balance (in shares) at Mar. 31, 2019								14,313,844		3,011,634		1,636,341
Warrants, beginning balance (in warrants) at Mar. 31, 2019													8,977,676
Stockholders' equity, beginning balance at Mar. 31, 2019	248,424	190		366,711	(118,924)	447
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	9,935				9,442	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 noncontrolling interests	(13)					(13)
Shares of common stock, ending balance (in shares) at Jun. 30, 2019								14,313,844		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Jun. 30, 2019													8,977,676
Stockholders' equity, ending balance at Jun. 30, 2019	258,424	190		366,954	(111,577)	2,857
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	7,268				6,711	557
Dividends declared	(2,097)				(2,097)
Stock-based compensation	532			532
Sale of non-controlling interest	(44)			(44)
Cash distributions to noncontrolling interests	(1,282)					(1,282)
Shares of common stock, ending balance (in shares) at Sep. 30, 2019								14,313,844		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Sep. 30, 2019													8,977,676
Stockholders' equity, ending balance at Sep. 30, 2019	262,801	190		367,442	(106,963)	2,132
Shares of common stock, beginning balance (in shares) at Dec. 31, 2019							14,314,092	14,314,092	3,011,634	3,011,634	1,636,341	1,636,341
Warrants, beginning balance (in warrants) at Dec. 31, 2019													8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2019	182,436	190		367,540	(188,034)	2,740
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	(59,577)				(60,154)	577
Dividends declared	(2,098)				(2,098)
Stock-based compensation	524			524
Common stock issued under share-based compensation plan (in shares)								5,646
Common stock issued under share-based compensation plan	49			49
Issuance of restricted stock (in shares)								10,482
Issuance of restricted stock	0
Cash distributions to noncontrolling interests	(1)					(1)
Shares of common stock, ending balance (in shares) at Mar. 31, 2020								14,330,220		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Mar. 31, 2020													8,977,676
Stockholders' equity, ending balance at Mar. 31, 2020	121,333	190		368,113	(250,286)	3,316
Shares of common stock, beginning balance (in shares) at Dec. 31, 2019							14,314,092	14,314,092	3,011,634	3,011,634	1,636,341	1,636,341
Warrants, beginning balance (in warrants) at Dec. 31, 2019													8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2019	182,436	190		367,540	(188,034)	2,740
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	(85,088)
Shares of common stock, ending balance (in shares) at Sep. 30, 2020							14,330,220	14,330,220	3,011,634	3,011,634	1,636,341	1,636,341
Warrants, ending balance (in warrants) at Sep. 30, 2020			8,977,676										8,977,676
Stockholders' equity, ending balance at Sep. 30, 2020	95,745	190		369,200	(276,669)	3,024
Shares of common stock, beginning balance (in shares) at Mar. 31, 2020								14,330,220		3,011,634		1,636,341
Warrants, beginning balance (in warrants) at Mar. 31, 2020													8,977,676
Stockholders' equity, beginning balance at Mar. 31, 2020	121,333	190		368,113	(250,286)	3,316
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	(26,822)				(27,178)	356
Stock-based compensation	657			657
Cash distributions to noncontrolling interests	(1,164)					(1,164)
Shares of common stock, ending balance (in shares) at Jun. 30, 2020								14,330,220		3,011,634		1,636,341
Warrants, ending balance (in warrants) at Jun. 30, 2020													8,977,676
Stockholders' equity, ending balance at Jun. 30, 2020	94,004	190		368,770	(277,464)	2,508
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income	1,311				795	516
Stock-based compensation	430			430
Shares of common stock, ending balance (in shares) at Sep. 30, 2020							14,330,220	14,330,220	3,011,634	3,011,634	1,636,341	1,636,341
Warrants, ending balance (in warrants) at Sep. 30, 2020			8,977,676										8,977,676
Stockholders' equity, ending balance at Sep. 30, 2020	$ 95,745	$ 190		$ 369,200	$ (276,669)	$ 3,024

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (85,088)	$ 12,625
Loss from discontinued operations	0	(8,112)
(Loss) income from continuing operations	(85,088)	20,737
Adjustments to reconcile (loss) income from continuing operations to net cash flows from operating activities:
Depreciation and amortization	15,293	20,091
Amortization of deferred financing costs	1,173	1,036
Net deferred taxes and other	(33,403)	7,729
Provision for doubtful accounts	3,470	1,589
Stock-based compensation expense	1,611	2,068
Gain on repurchase of debt	(1,159)	0
Gain on insurance recoveries	(1,206)	0
Trade activity, net	(6,550)	(8,243)
Write-off of deferred financing costs	79	7
Impairment of intangible and long-lived assets	109,058	231
Net loss on sale of assets	80	141
Other	6	0
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	9,397	(4,609)
Prepaid expenses and other assets	6,813	5,105
Accounts payable	(3,103)	(1)
Accrued expenses	10,391	(12,430)
Accrued interest	6,204	4,517
Other long-term liabilities	(9,228)	(6,147)
Net cash provided by operating activities - continuing operations	23,838	31,821
Net cash used in operating activities - discontinued operations	(390)	(6,418)
Net cash provided by operating activities	23,448	25,403
Cash flows from investing activities:
Purchase of property and equipment	(11,254)	(14,545)
Purchase of investments	(400)	0
Proceeds from insurance recoveries	1,313	0
Payments for acquisitions, net of cash acquired	0	(711)
Proceeds from sale of assets	212	313
Net cash used in investing activities - continuing operations	(10,129)	(14,943)
Net cash provided by investing activities - discontinued operations	0	11,093
Net cash used in investing activities	(10,129)	(3,850)
Cash flows from financing activities:
Repayment of term loans	(9,951)	0
Borrowings under the revolving credit facility	50,000	0
Repayment of borrowings under the revolving credit facility	(50,000)	0
Dividend payments	(4,201)	(6,208)
Repurchase of notes	(3,573)	0
Proceeds from stock options exercised	49	0
Sale of noncontrolling interest	0	1,500
Cash distribution to noncontrolling interests	(1,164)	(2,582)
Deferred financing cost	0	(571)
Repayments of capitalized obligations	(34)	(16)
Net cash used in financing activities	(18,874)	(7,877)
Net (decrease) increase in cash and cash equivalents and restricted cash	(5,555)	13,676
Cash and cash equivalents, beginning of period	85,161	61,396
Cash and cash equivalents, end of period	79,606	75,072
Cash payments:
Interest	16,780	20,916
Income taxes	1,311	715
Supplemental Disclosure of Non-cash Activities:
Investments acquired in exchange for advertising	2,300	2,000
Accrued capital expenditures	826	977
Deferred payment for software licenses	853	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	8,236	8,825
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	9,416	4,509
Reconciliation of cash, cash equivalents and restricted cash
Cash, cash equivalents, and restricted cash	$ 79,606	$ 75,072

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
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 21,900 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), and numerous 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 . The COVID-19 pandemic has materially and adversely impacted the U.S. economy and financial markets, with legislative and regulatory responses including unprecedented monetary and fiscal policy actions across all sectors, and there continues to be uncertainty as to timing of stabilization and recovery. The COVID-19 pandemic and measures taken to contain it have subjected our business, results of operations, financial condition, stock price and liquidity to a number of material risks and uncertainties, all of which may continue or worsen. The effects of the COVID-19 pandemic began to impact our operations in early March 2020, and included significant advertising cancellations and material declines in the purchase of new advertising by our clients. Declines in forecasted traditional broadcast revenue in the markets we operate in contributed to further impairments to the carrying values of our FCC license intangible assets during the three months ended March 31, 2020. The Company realized an additional impairment charge during the three months ended June 30, 2020, primarily driven by changes in assumptions utilized in determining the discount rate applied in the valuation of our FCC licenses due to increases in the weighted average cost of capital as a direct result of the impact of the COVID-19 pandemic on market and economic conditions and the corresponding impacts to our risk premium. Additionally, the Company has canceled nearly all scheduled live events beginning in March 2020. The Company also instituted immediate actions to address the potential impact to its consolidated financial position, consolidated results of operations, and liquidity, including significantly reducing our non-essential capital expenditures, and reducing our workforce through the termination or layoff of approximately 135 full-time employees. We have instituted wage reduction efforts, such as the temporary suspension of the Company’s match on employee contributions to the Company’s defined contribution plan and the deferral of the payment of certain payroll taxes until December 31, 2021 and 2022 under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Additionally, our board of directors has determined to cease payment of quarterly cash dividends, following the payment of our first quarter dividend of $2.1 million on May 15, 2020. During the three months ended September 30, 2020, we experienced some recovery in advertising revenues from the declines that were observed during the end of the first quarter and into the second quarter of 2020, however it remained materially below the levels we experienced in the same period of 2019. The full extent of the COVID-19 pandemic impact will depend on future actions and outcomes, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the outbreak, the short-term and long-term economic impact of the outbreak (including the continued effect on advertising activity, consumer discretionary spending and our employees in the markets in which we operate), further actions taken to mitigate the impact of the virus, and the pace of economic and financial market recovery when the COVID-19 pandemic subsides, among others. At the time of this filing, several U.S. states are experiencing an increase in COVID-19 cases, which creates further uncertainty as to the future extent of the effects of the pandemic. Basis of Presentation 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 Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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 Generally Accepted Accounting Principles in the United States ("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. All adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations 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 nine months ended September 30, 2020 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, 2020. The Consolidated Balance Sheet as of December 31, 2019 is derived from the audited Consolidated Financial Statements at that date. Results of operations for the three and nine months ended September 30, 2019, as presented herein, reflect the restatement of these periods that were included in the 2019 Annual Report on Form 10-K. Use of Estimates 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 assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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, 2019. For the Company's detailed accounting policies please refer to the Consolidated Financial Statements and related notes thereto included in the Company's 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on June 9, 2020. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Topic 350, Intangibles - Goodwill and Other to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted and an entity can elect to apply the new guidance on a prospective or retrospective basis. The Company adopted this standard effective January 1, 2020, which did not have a material impact on the Company's Consolidated Financial Statements. In August 2018, the FASB issued 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 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 rate 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 adopted this standard effective January 1, 2020, which did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Standards That Have Not Yet Been Adopted In March 2020, the FASB issued ASU 2020-04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This ASU is effective for all entities beginning on March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is continuing to assess the impact on its Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments . If a company is applying the measurement alternative for an equity investment under Accounting Standards Codification ('ASC') Topic 321 and must transition to the equity method because of an observable transaction, it will remeasure its investment immediately before transition. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. The adoption of this standard is not expected to have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The Company is continuing to assess the impact on its Consolidated Financial Statements, if any. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. The guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. The new guidance is effective for smaller reporting companies for fiscal years beginning after December 15, 2022, 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 expects to adopt the new guidance in the first quarter of 2023. The Company is continuing to assess the impact on its Consolidated Financial Statements, if any.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three months ended September 30, 2020 and 2019: Three Months Ended Three Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 72,659 $ 18,181 $ 66 $ 90,906 $ 92,458 $ 15,880 $ 3,595 $ 111,933 Political 4,450 — — 4,450 628 — — 628 Net Revenue $ 77,109 $ 18,181 $ 66 $ 95,356 $ 93,086 $ 15,880 $ 3,595 $ 112,561 The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the nine months ended September 30, 2020 and 2019: Nine Months Ended Nine Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 202,116 $ 51,595 $ 2,469 $ 256,180 $ 257,452 $ 45,376 $ 15,071 $ 317,899 Political 6,664 — — 6,664 1,432 — — 1,432 Net Revenue $ 208,780 $ 51,595 $ 2,469 $ 262,844 $ 258,884 $ 45,376 $ 15,071 $ 319,331 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 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. Our net revenue varies throughout the year. Historically our first calendar quarter produces the lowest net revenue for the year, as advertising expenditures generally decline following the winter holidays. However, due to the COVID-19 pandemic, the seasonality of our net revenue has been materially impacted and to date, our second quarter has produced our lowest net revenue for 2020. 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. Net revenue for broadcast commercials and digital advertisements are recognized as the commercials are broadcast 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. 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 local 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 nine months ended September 30, 2020 and 2019. The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): September 30, December 31, 2019 Receivables $ 54,235 $ 67,463 Short-term contract liabilities (deferred revenue) $ 9,169 $ 8,086 Contract Acquisition Costs $ 4,704 $ 4,037 September 30, December 31, 2018 Receivables $ 67,235 $ 62,599 Short-term contract liabilities (deferred revenue) $ 7,508 $ 7,922 Contract Acquisition Costs $ 4,043 $ 2,970 We receive payments from customers based upon contractual billing schedules; accounts receivable are recognized 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 recorded $1.2 million and $3.5 million in bad debt expense during the three and nine months ended September 30, 2020, respectively. The Company recorded $0.6 million and $1.6 million in bad debt expense during the three and nine months ended September 30, 2019. We record contract liabilities as deferred revenue in the accompanying consolidated balance sheets 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 and digital subscriptions in which payment is received in advance of the service and month. These contract liabilities are recognized as revenue as the related performance obligations are satisfied. As of September 30, 2020, and December 31, 2019, the balance in the contract liabilities was $9.2 million and $8.1 million, respectively. The increase in the contract liabilities balance at September 30, 2020 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $0.2 million and $6.6 million of recognized revenue for the three and nine months ended September 30, 2020, respectively. As of September 30, 2019, and December 31, 2018, the balance in the contract liabilities was $7.5 million and $7.9 million, respectively. The decrease in the contract liabilities balance at September 30, 2019 is primarily driven by $0.3 million and $7.3 million of recognized revenue for the three and nine months ended September 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 nine months ended September 30, 2020. 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. Capitalized contract acquisition costs include amounts related to sales commissions paid for signed contracts with perceived durations exceeding one year. For these contracts, we defer the related sales commission costs and amortize such costs to expense in a manner that is consistent with how the related revenue is recognized over the duration of the related 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 expense these costs when incurred. Deferred commissions are recognized in prepaid expenses and other current assets in the accompanying consolidated balance sheets. As of September 30, 2020 and December 31, 2019, we had a balance of $4.7 million and $4.0 million, respectively, in deferred costs and recognized $1.0 million and $2.7 million of amortization for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, we recognized $0.4 million and $1.4 million of amortization, respectively. 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 nine months ended September 30, 2020 and 2019, respectively. 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

Acquisitions, Divestitures & Di

Acquisitions, Divestitures & Discontinued Operations	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions, Divestitures & Discontinued Operations	Acquisitions, Divestitures & Discontinued Operations Acquisitions 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 Company paid $0.1 million in transaction fees. The acquisition closed on July 31, 2019 and consideration was paid with cash on hand. Divestitures & Discontinued Operations During the first quarter of 2019, management concluded that the Company should exit its music festivals business, which consisted of four multi-day music festivals (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. During the first quarter of 2019, a $10.0 million impairment charge against the assets of the disposal group was recorded as a component of discontinued operations. The Company recorded a net gain on the disposal of the Music Festivals of $0.2 million and $0.6 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 nine months ended September 30, 2019, respectively. 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 nine months ended September 30, 2019. 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): September 30, December 31, Accounts payable $ 1 $ 31 Accrued expenses and other current liabilities 32 392 Current liabilities of discontinued operations (1) 33 423 (1) The current liabilities of discontinued operations includes certain costs associated with the Music Festivals business which will be paid during the quarter ending December 31, 2020 and primarily relate to employee costs. The following table shows the components of operations that are related to discontinued operations in the Company's Consolidated Statement of Operations (in thousands) for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended 2019 2019 Net revenue $ 6,849 $ 20,368 Discontinued operating costs and expenses: Direct operating expenses 8,181 22,970 Depreciation and amortization — 207 Stock-based compensation (111) (99) Transaction costs 228 238 Impairment of long lived and intangible assets — 9,814 Net gain on sale and retirement of assets (98) (2,045) Loss from discontinued operations before income taxes (1,351) (10,717) Benefit for income taxes (117) (2,605) Net loss from discontinued operations, net of income taxes $ (1,234) $ (8,112)

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land and improvements $ 21,512 $ 21,423 Buildings and leasehold improvements 53,521 51,025 Broadcast equipment 89,123 86,910 Computer and office equipment 20,194 18,432 Furniture and fixtures 21,401 20,799 Transportation equipment 19,697 18,574 Software development costs 29,671 25,999 Total property and equipment, gross 255,119 243,162 Less accumulated depreciation and amortization (142,805) (129,020) Total property and equipment, net $ 112,314 $ 114,142 Depreciation and amortization expense for property and equipment was $5.0 million and $6.9 million for the three months ended September 30, 2020 and 2019, respectively and $14.6 million and $19.4 million for the nine months ended September 30, 2020 and 2019, respectively. During the three months ended September 30, 2020, the Company recorded $0.6 in non-cash impairment charges related to the disposal of certain long-lived assets utilized in the Live Events business. During the nine months ended September 30, 2020, the Company recorded $1.2 million in total non-cash impairment charges related to long-lived assets within the San Angelo, TX market and the Live Events business. There were no impairment charges related to long-lived assets for the three months ended September 30, 2019 and $0.1 million in impairment charges related to long-lived assets for the nine months ended September 30, 2019. The Company had no material right of use assets related to its finance leases as of September 30, 2020 and December 31, 2019.

Lease Commitments

Lease Commitments	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease Commitments	Lease CommitmentsOur lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088 and escalating rent provisions and/or cost of living adjustments. The majority of our leases are operating leases; although, we have several finance leases for equipment as the lease term represents a significant portion of the useful life.During the quarter ended September 30, 2020, the Company recognized a $0.7 million impairment charge to operating lease right-of-use assets for a facility in Princeton, NJ in connection with consolidating operations within the market.
Lease Commitments	Lease CommitmentsOur lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088 and escalating rent provisions and/or cost of living adjustments. The majority of our leases are operating leases; although, we have several finance leases for equipment as the lease term represents a significant portion of the useful life.During the quarter ended September 30, 2020, the Company recognized a $0.7 million impairment charge to operating lease right-of-use assets for a facility in Princeton, NJ in connection with consolidating operations within the market.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
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. For goodwill impairment testing, the Company has selected December 31 st as the annual testing date. I n addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. As a result, the Company performed a quantitative impairment assessment as of March 31, 2020 for each of its reporting units. Based upon such assessment, the Company determined that the fair value of the following reporting units exceeded their respective carrying amounts as of March 31, 2020. The fair values of our National Digital, Townsquare Ignite, Analytical Services, Townsquare Interactive and Live Events reporting units were in excess of their respective carrying values by approximately 58%, 171%, 520%, 216% and 145%, respectively. The local advertising businesses reporting unit had no goodwill following the December 31, 2019 $69.0 million non-cash goodwill impairment charge. The Company considered whether any events have occurred or circumstances have changed from the last quantitative analysis performed as of March 31, 2020 that would indicate that the fair value of the Company's reporting units may be below their carrying amounts. Based on such analysis, the Company determined that there have been no indicators that the fair value of its reporting units may be below their carrying amounts as of September 30, 2020. There were no changes in the carrying value of the Company's goodwill during the nine months ended September 30, 2020. The following table represents goodwill by segment (in thousands): Advertising Townsquare Live Events Total Balance at September 30, 2020 $ 76,964 77,000 3,983 $ 157,947 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 evaluates its FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Due to the current and expected future economic and market conditions surrounding the COVID-19 pandemic and the results of the impairment assessment performed as of December 31, 2019, the Company quantitatively evaluated the fair value of its FCC licenses at March 31, 2020 and June 30, 2020. The key assumptions used in applying the direct valuation method are summarized as follows: March 31, 2020 Discount Rate 11.0% Low High Long-term Revenue Growth Rate (2.2) % 6.0 % Mature Market Share* 13.3 % 100.0 % Operating Profit Margin (19.4) % 55.5 % Mature Market Profit Margin 19.8 % 50.5 % June 30, 2020 Discount Rate 11.4% Low High Long-term Revenue Growth Rate (2.2) % 6.0 % Mature Market Share* 13.3 % 100.0 % Operating Profit Margin (19.4) % 55.5 % Mature Market Profit Margin 19.8 % 50.5 % * Excludes markets that Company results and forecasts were inputs into the valuation due to lack of reliable third party data. Excluding these markets, the highest mature market share was 75%. Based on the results of the impairment assessment of our FCC licenses as of June 30, 2020 and March 31, 2020, we incurred an impairment charge of $28.7 million and $78.4 million, respectively, for FCC licenses in 35 and 46, respectively, of our 67 local markets for the three months ended June 30, 2020 and March 31, 2020, respectively. The impairment charge realized during the three months ended June 30, 2020 was primarily driven by changes in the market data utilized in determining the discount rate applied in the valuation of our FCC licenses which drove an increase in the weighted average cost of capital. The changes in data were driven by an increase in market volatility and industry bond yields, a direct result of the impact of the COVID-19 pandemic on market and economic conditions. The impairment charge realized during the three months ended March 31, 2020 was primarily due to declines in forecasted traditional broadcast revenue in the markets we operate in as a result of the COVID-19 pandemic. At September 30, 2020, the Company considered whether any events have occurred or circumstances have changed from the quantitative analysis performed as of June 30, 2020 that would indicate further declines in the fair values of our FCC licenses. Our analysis included updates to the calculation of the weighted average cost of capital and the consideration of changes in the radio broadcast markets where our FCC licenses are utilized. Based on such analysis, the Company determined that there have been no indicators that our FCC licenses may be further impaired as of September 30, 2020. Charges related to the impairment of the Company’s FCC licenses are included in Advertising segment results. Unfavorable changes in key assumptions utilized in the impairment assessment of our FCC licenses may affect future testing results. For example, keeping all other assumptions constant, a 100-basis point increase in the weighted average cost of capital would cause the estimated fair values of our FCC licenses to decrease by $37.1 million as of September 30, 2020, which would have resulted in an additional impairment charge for the three and nine months ended September 30, 2020. Assumptions used to estimate the fair value of our FCC licenses are also dependent upon the expected performance and growth of our traditional broadcast operations. In the event our broadcast revenue experiences further actual or anticipated declines, including as a result of the COVID-19 pandemic, such declines will have a negative impact on the estimated fair value of our FCC licenses, and the Company could recognize additional impairment charges, which could be material. The following tables present details of intangible assets as of September 30, 2020 and December 31, 2019, respectively (in thousands): September 30, 2020 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 276,652 $ — $ 276,652 Customer and advertising relationships 3 6,540 (4,630) 1,910 Leasehold interests 11 1,085 (963) 122 Tower space 3 454 (438) 16 Trademarks 10 2,761 (1,173) 1,588 Software licenses 3 853 (63) 790 Total $ 288,345 $ (7,267) $ 281,078 December 31, 2019 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 383,738 — $ 383,738 Customer and advertising relationships 3 6,540 (4,139) 2,401 Leasehold interests 12 1,085 (940) 145 Tower space 4 454 (433) 21 Trademarks 10 2,761 (1,045) 1,716 Other intangibles 0.1 160 (152) 8 Total $ 394,738 $ (6,709) $ 388,029 Amortization expense for definite-lived intangible assets was $0.3 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively and $0.7 for each of the nine months ended September 30, 2020 and 2019, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of September 30, 2020 is as follows (in thousands): 2020 (remainder) $ 279 2021 1,115 2022 1,113 2023 848 2024 179 Thereafter 892 $ 4,426

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [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 not consolidated or accounted for under the equity method of accounting. The initial valuation of the equity securities was based upon an estimate of market value at the time of investment or upon a combination of a valuation analysis using observable inputs categorized as Level 2 and performing a discounted cash flows analysis, using unobservable inputs categorized as Level 3 within the ASC 820 framework. In accordance with ASC 321, Investments - Equity Securities, the Company measures its equity securities at cost minus impairment, as their fair values are not readily determinable and the investments do not qualify for the net asset value per share practical expedient. The Company monitors its investments for any subsequent observable price changes in orderly transactions for the identical or a similar investment of the same investee, at which time the Company would adjust the then current carrying values of the related investment. Additionally, the Company evaluates its investments for any indicators of impairment. During the nine months ended September 30, 2020, the Company made certain investments in three small businesses totaling $2.3 million and an additional $0.4 million investment in an existing investee. There were no impairment charges or fair value adjustments recorded for the three or nine months ended September 30, 2020 and 2019, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2023 Notes (1) $ 273,416 $ 278,148 Term Loans (2) 272,381 282,332 Revolver (3) — — Debt before deferred financing costs 545,797 560,480 Deferred financing costs (2,718) (3,840) Total Debt 543,079 556,640 Less: current portion of long-term debt (4) — (9,929) Total long-term debt $ 543,079 $ 546,711 (1) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $300.0 million of 6.5% Unsecured Senior Notes due in 2023 (the “2023 Notes”). (2) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $320.0 million term loan facility (the “Term Loans”), net of issuance discount of $2.1 million, that matures in 2022. (3) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $50.0 million revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on April 1, 2022 with a springing maturity six months prior to that date, if the Term Loans are not refinanced by such earlier date. The Term Loans and Revolving Credit Facility are together referred to as the "Senior Secured Credit Facility". (4) At December 31, 2019, the Company classified $9.9 million as its current portion of long-term debt. This represented the required excess free cash flow payment to be made based on our results of operations for the year ended December 31, 2019. 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 free cash flow as defined in the credit agreement (subject to certain reductions). The excess free cash flow payment was made on June 15, 2020. As of September 30, 2020, the interest rate on the Term Loans was 4.0%, based on the current LIBOR rate, a LIBOR floor of 1.0% and an applicable margin of 300 basis points. The Revolving Credit Facility 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. 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. In addition, the Senior Secured Credit Facility contains a requirement that, at the end of each calendar quarter, if we have drawn at least 30%, or $15 million, of the commitments under the Revolving Credit Facility, we must have a first lien leverage ratio (as defined under the Senior Secured Credit Facility) on such date of no greater than 3.75:1.00. On March 17, 2020, the Company borrowed $50.0 million under the Revolving Credit Facility portion of the Senior Secured Credit Facility, constituting the entire amount available for borrowing. As a result of our borrowings on March 17, 2020 under the Revolving Credit Facility, we became subject to this requirement and were in compliance as of March 31, 2020. On June 5, 2020, the Company repaid all amounts outstanding under the Revolving Credit Facility, with $50.0 million of available borrowing capacity following the repayment, and as a result, is no longer subject to the foregoing leverage requirement. Based on our results of operations for the year ended December 31, 2019 we were required to make an excess free cash flow payment on our outstanding Term Loans of $9.9 million. The payment was made June 15, 2020. On April 13, 2020, the Company entered into an amendment under its existing credit agreement to extend the time period for delivery of the Company's audited financial statements for the fiscal year ended December 31, 2019 and certain related information and documentation until June 15, 2020, and also waived any default under the credit agreement resulting from the failure to comply with Section 6.1(c) of the credit agreement in connection with the failure to deliver the financial statements and related information required to be delivered on April 6, 2020. On June 9, 2020, the Company filed its 2019 Annual Report on Form 10-K and, as of the date thereof, was in compliance with its covenants under both the Senior Secured Credit Facility and the 2023 Notes indenture. On May 19, 2020, the Company voluntarily repurchased $4.7 million of its 2023 Notes at a market price below par, plus accrued interest, recognizing a gain of $1.2 million. The repurchased notes were canceled by the Company. The Company wrote-off approximately $0.1 million of unamortized deferred financing costs in connection with the voluntary repurchase of its 2023 Notes. The Company was in compliance with its covenants under the 2023 Notes indenture and Senior Secured Credit Facility as of September 30, 2020. As of September 30, 2020, based on available market information, the estimated fair value of the 2023 Notes and the Term Loans were $250.5 million, and $257.4 million, respectively. The Company used Level 2 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). Annual maturities of the Company's long-term debt as of September 30, 2020 are as follows (in thousands): 2020 (remainder) $ — 2021 — 2022 272,381 2023 273,416 2024 — Thereafter — $ 545,797

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes     The Company's effective tax rate for the three months ended September 30, 2020 and 2019 was approximately 25.6% and 26.4%, respectively. The Company's effective tax rate for the nine months ended September 30, 2020 and 2019 was approximately 28.0% and 27.2%, respectively. The effective tax rate may vary significantly from period to period, and can be influenced by many factors.  These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities.  The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain non-deductible items, state and local income taxes and the valuation allowance for deferred tax assets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The table below presents a summary, as of September 30, 2020, 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 14,330,220 One vote per share. Class B common stock $ 0.01 50,000,000 3,011,634 Ten 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 27,955,871 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 295,545 shares of restricted Class A common stock, subject to vesting terms, but exclude 4,601,239 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 $4.79 and $9.63 per share. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents. The Company has determined that our Warrants are a participating security, as defined, in accordance with ASC Topic 260, Earnings Per Share . Although these Warrants are subject to restrictions on exercise, they participate in the undistributed earnings of the Company and therefore, our presentation reflects the two-class method. The following table sets forth the computations of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2020 and 2019 (in thousands, except per share data). Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) $ 1,311 $ 7,268 $ (85,088) $ 12,625 Net income from non-controlling interest 516 557 1,449 1,497 Net income (loss) attributable to controlling interest 795 6,711 (86,537) 11,128 Net income (loss) from continuing operations 1,311 8,502 (85,088) 20,737 Net income from continuing operations attributable to non-controlling interest 516 557 1,449 1,497 Net income (loss) from continuing operations attributable to controlling interest $ 795 $ 7,945 $ (86,537) $ 19,240 Net loss from discontinued operations, net of income taxes $ — $ (1,234) $ — $ (8,112) Denominator: Weighted average shares of common stock outstanding 18,683 18,602 18,627 18,532 Weighted average shares of participating securities outstanding 8,978 8,978 8,978 8,978 Total weighted average basic shares outstanding 27,661 27,580 27,605 27,510 Effect of dilutive common stock equivalents 27 1 — — Weighted average diluted common shares outstanding 27,688 27,581 27,605 27,510 Basic income (loss) per share: Continuing operations attributable to common shares $ 0.03 $ 0.29 $ (4.68) $ 0.70 Continuing operations attributable to participating shares $ 0.03 $ 0.29 $ 0.08 $ 0.70 Discontinued operations attributable to common shares $ — $ (0.04) $ — $ (0.29) Discontinued operations attributable to participating shares $ — $ (0.04) $ — $ (0.29) Diluted income (loss) per share: Continuing operations $ 0.03 $ 0.29 $ (4.68) $ 0.70 Discontinued operations $ — $ (0.04) $ — $ (0.29) The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) per share as they were considered anti-dilutive (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options 9,152 8,918 9,152 9,444 Restricted Stock 210 318 296 331

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
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 Co-CEO Bill Wilson would become the Company’s sole CEO. As a result of this organization change, 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. The Company operates in one geographic area. The Company's assets and liabilities are managed within the small and mid-sized markets across the United States where the Company conducts its business and are reported internally in the same manner as the Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's CEO or included in these Consolidated Financial Statements. Intangible assets consist principally of FCC broadcast licenses and other definite-lived intangible assets and primarily support the Company’s Advertising segment. For further information see Note 7, Goodwill and Other Intangible Assets . The Company does not have any material inter-segment sales. The Company's management evaluates segment operating income, which excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges. The following table presents the Company's reportable segment results for the three months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 77,109 $ 18,181 $ 66 $ — $ 95,356 Direct operating expenses 58,235 12,694 159 — 71,088 Depreciation and amortization 3,856 131 128 1,133 5,248 Corporate expenses — — — 6,764 6,764 Stock-based compensation 37 16 2 375 430 Transaction costs — — — 384 384 Business realignment costs — — 284 188 472 Impairment of intangible and long-lived assets 768 — 575 — 1,343 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ 14,213 $ 5,340 $ (1,082) $ (8,936) $ 9,535 The following table presents the Company's reportable segment results for the three months ended September 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 93,086 $ 15,880 $ 3,595 $ — $ 112,561 Direct operating expenses 63,048 10,882 3,309 — 77,239 Depreciation and amortization 3,470 129 133 3,366 7,098 Corporate expenses — — — 7,173 7,173 Stock-based compensation 36 24 2 470 532 Transaction costs — — — 193 193 Net loss on sale and retirement of assets — — — 143 143 Operating income (loss) $ 26,532 $ 4,845 $ 151 $ (11,345) $ 20,183 The following table presents the Company's reportable segment results for the nine months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 208,780 $ 51,595 $ 2,469 $ — $ 262,844 Direct operating expenses 168,527 36,414 2,105 — 207,046 Depreciation and amortization 10,740 398 393 3,762 15,293 Corporate expenses — — — 20,724 20,724 Stock-based compensation 116 63 7 1,425 1,611 Transaction costs — — — 2,624 2,624 Business realignment costs — — 284 2,355 2,639 Impairment of intangible and long-lived assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 80 80 Operating (loss) income $ (79,086) $ 14,720 $ (895) $ (30,970) $ (96,231) The following table presents the Company's reportable segment results for the nine months ended September 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 258,884 $ 45,376 $ 15,071 $ — $ 319,331 Direct operating expenses 178,697 30,983 11,917 — 221,597 Depreciation and amortization 10,018 375 411 9,287 20,091 Corporate expenses — — — 20,280 20,280 Stock-based compensation 169 83 27 1,789 2,068 Transaction costs — — — 469 469 Business realignment costs 161 — — 4 165 Impairment of intangible and long-lived assets 231 — — — 231 Net loss on sale and retirement of assets — — — 141 141 Operating income (loss) $ 69,608 $ 13,935 $ 2,716 $ (31,970) $ 54,289

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions    The Company has a strategic partnership and services agreement with a venture studio affiliated with the two of its directors. Under the agreement, the Company provides certain professional and administrative services including, accounting and human resources support, business development, engineering and consulting services for a monthly service fee of $15,000, and reimbursement of any direct expenses, as applicable. This monthly service fee is subject to a reduction based on the level of services being provided. During each of the three months ended September 30, 2020 and 2019, the Company received payments in the aggregate of approximately $0.01 million and $0.05 million, respectively related to services provided under the terms of the agreement. For the nine months ended September 30, 2020 and 2019, the Company received payments in the aggregate of approximately $0.1 million and $0.1 million, respectively related to services provided under the terms of the agreement.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events    On May 22, 2020, the Company entered into an Asset Purchase Agreement to acquire certain assets and liabilities related to a radio broadcast station in the Duluth, Minnesota market for $0.4 million. The acquisition closed on October 9, 2020 and consideration was paid with cash on hand.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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 Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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 Generally Accepted Accounting Principles in the United States ("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
Use of Estimates	Use of Estimates 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 assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. 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.
Recently Adopted Accounting Standards and Recently Issued Standards That Have Not Yet Been Adopted	Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Topic 350, Intangibles - Goodwill and Other to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted and an entity can elect to apply the new guidance on a prospective or retrospective basis. The Company adopted this standard effective January 1, 2020, which did not have a material impact on the Company's Consolidated Financial Statements. In August 2018, the FASB issued 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 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 rate 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 adopted this standard effective January 1, 2020, which did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Standards That Have Not Yet Been Adopted In March 2020, the FASB issued ASU 2020-04 , Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This ASU is effective for all entities beginning on March 12, 2020 and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is continuing to assess the impact on its Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments . If a company is applying the measurement alternative for an equity investment under Accounting Standards Codification ('ASC') Topic 321 and must transition to the equity method because of an observable transaction, it will remeasure its investment immediately before transition. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period, (1) for public business entities for periods for which financial statements have not yet been issued and (2) for all other entities for periods for which financial statements have not yet been made available for issuance. The adoption of this standard is not expected to have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Accounting Standards Update 2019-12-Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. The Company is continuing to assess the impact on its Consolidated Financial Statements, if any. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. The guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. The new guidance is effective for smaller reporting companies for fiscal years beginning after December 15, 2022, 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 expects to adopt the new guidance in the first quarter of 2023. The Company is continuing to assess the impact on its Consolidated Financial Statements, if any.
Revenue Recognition	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 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. Our net revenue varies throughout the year. Historically our first calendar quarter produces the lowest net revenue for the year, as advertising expenditures generally decline following the winter holidays. However, due to the COVID-19 pandemic, the seasonality of our net revenue has been materially impacted and to date, our second quarter has produced our lowest net revenue for 2020. 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. Net revenue for broadcast commercials and digital advertisements are recognized as the commercials are broadcast 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. 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 local 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three months ended September 30, 2020 and 2019: Three Months Ended Three Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 72,659 $ 18,181 $ 66 $ 90,906 $ 92,458 $ 15,880 $ 3,595 $ 111,933 Political 4,450 — — 4,450 628 — — 628 Net Revenue $ 77,109 $ 18,181 $ 66 $ 95,356 $ 93,086 $ 15,880 $ 3,595 $ 112,561 The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the nine months ended September 30, 2020 and 2019: Nine Months Ended Nine Months Ended Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue $ 202,116 $ 51,595 $ 2,469 $ 256,180 $ 257,452 $ 45,376 $ 15,071 $ 317,899 Political 6,664 — — 6,664 1,432 — — 1,432 Net Revenue $ 208,780 $ 51,595 $ 2,469 $ 262,844 $ 258,884 $ 45,376 $ 15,071 $ 319,331
Schedule of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): September 30, December 31, 2019 Receivables $ 54,235 $ 67,463 Short-term contract liabilities (deferred revenue) $ 9,169 $ 8,086 Contract Acquisition Costs $ 4,704 $ 4,037 September 30, December 31, 2018 Receivables $ 67,235 $ 62,599 Short-term contract liabilities (deferred revenue) $ 7,508 $ 7,922 Contract Acquisition Costs $ 4,043 $ 2,970

Acquisitions, Divestitures & _2

Acquisitions, Divestitures & Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Amounts Related to Discontinued Operations	The following table shows the components of assets and liabilities that are related to discontinued operations in the Company's Consolidated Balance Sheets (in thousands): September 30, December 31, Accounts payable $ 1 $ 31 Accrued expenses and other current liabilities 32 392 Current liabilities of discontinued operations (1) 33 423 (1) The current liabilities of discontinued operations includes certain costs associated with the Music Festivals business which will be paid during the quarter ending December 31, 2020 and primarily relate to employee costs. Three Months Ended Nine Months Ended 2019 2019 Net revenue $ 6,849 $ 20,368 Discontinued operating costs and expenses: Direct operating expenses 8,181 22,970 Depreciation and amortization — 207 Stock-based compensation (111) (99) Transaction costs 228 238 Impairment of long lived and intangible assets — 9,814 Net gain on sale and retirement of assets (98) (2,045) Loss from discontinued operations before income taxes (1,351) (10,717) Benefit for income taxes (117) (2,605) Net loss from discontinued operations, net of income taxes $ (1,234) $ (8,112)

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land and improvements $ 21,512 $ 21,423 Buildings and leasehold improvements 53,521 51,025 Broadcast equipment 89,123 86,910 Computer and office equipment 20,194 18,432 Furniture and fixtures 21,401 20,799 Transportation equipment 19,697 18,574 Software development costs 29,671 25,999 Total property and equipment, gross 255,119 243,162 Less accumulated depreciation and amortization (142,805) (129,020) Total property and equipment, net $ 112,314 $ 114,142

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table represents goodwill by segment (in thousands): Advertising Townsquare Live Events Total Balance at September 30, 2020 $ 76,964 77,000 3,983 $ 157,947
Schedule of Assumptions Used in Annual Impairment Assessments	The key assumptions used in applying the direct valuation method are summarized as follows: March 31, 2020 Discount Rate 11.0% Low High Long-term Revenue Growth Rate (2.2) % 6.0 % Mature Market Share* 13.3 % 100.0 % Operating Profit Margin (19.4) % 55.5 % Mature Market Profit Margin 19.8 % 50.5 % June 30, 2020 Discount Rate 11.4% Low High Long-term Revenue Growth Rate (2.2) % 6.0 % Mature Market Share* 13.3 % 100.0 % Operating Profit Margin (19.4) % 55.5 % Mature Market Profit Margin 19.8 % 50.5 %
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets	The following tables present details of intangible assets as of September 30, 2020 and December 31, 2019, respectively (in thousands): September 30, 2020 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 276,652 $ — $ 276,652 Customer and advertising relationships 3 6,540 (4,630) 1,910 Leasehold interests 11 1,085 (963) 122 Tower space 3 454 (438) 16 Trademarks 10 2,761 (1,173) 1,588 Software licenses 3 853 (63) 790 Total $ 288,345 $ (7,267) $ 281,078 December 31, 2019 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 383,738 — $ 383,738 Customer and advertising relationships 3 6,540 (4,139) 2,401 Leasehold interests 12 1,085 (940) 145 Tower space 4 454 (433) 21 Trademarks 10 2,761 (1,045) 1,716 Other intangibles 0.1 160 (152) 8 Total $ 394,738 $ (6,709) $ 388,029
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 September 30, 2020 is as follows (in thousands): 2020 (remainder) $ 279 2021 1,115 2022 1,113 2023 848 2024 179 Thereafter 892 $ 4,426

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2023 Notes (1) $ 273,416 $ 278,148 Term Loans (2) 272,381 282,332 Revolver (3) — — Debt before deferred financing costs 545,797 560,480 Deferred financing costs (2,718) (3,840) Total Debt 543,079 556,640 Less: current portion of long-term debt (4) — (9,929) Total long-term debt $ 543,079 $ 546,711 (1) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $300.0 million of 6.5% Unsecured Senior Notes due in 2023 (the “2023 Notes”). (2) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $320.0 million term loan facility (the “Term Loans”), net of issuance discount of $2.1 million, that matures in 2022. (3) See Note 10, "Long-Term Debt," to the Consolidated Financial Statements in the 2019 Annual Report on Form 10-K for details regarding the $50.0 million revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on April 1, 2022 with a springing maturity six months prior to that date, if the Term Loans are not refinanced by such earlier date. The Term Loans and Revolving Credit Facility are together referred to as the "Senior Secured Credit Facility".
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of September 30, 2020 are as follows (in thousands): 2020 (remainder) $ — 2021 — 2022 272,381 2023 273,416 2024 — Thereafter — $ 545,797

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of September 30, 2020, 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 14,330,220 One vote per share. Class B common stock $ 0.01 50,000,000 3,011,634 Ten 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 27,955,871 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.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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 nine months ended September 30, 2020 and 2019 (in thousands, except per share data). Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income (loss) $ 1,311 $ 7,268 $ (85,088) $ 12,625 Net income from non-controlling interest 516 557 1,449 1,497 Net income (loss) attributable to controlling interest 795 6,711 (86,537) 11,128 Net income (loss) from continuing operations 1,311 8,502 (85,088) 20,737 Net income from continuing operations attributable to non-controlling interest 516 557 1,449 1,497 Net income (loss) from continuing operations attributable to controlling interest $ 795 $ 7,945 $ (86,537) $ 19,240 Net loss from discontinued operations, net of income taxes $ — $ (1,234) $ — $ (8,112) Denominator: Weighted average shares of common stock outstanding 18,683 18,602 18,627 18,532 Weighted average shares of participating securities outstanding 8,978 8,978 8,978 8,978 Total weighted average basic shares outstanding 27,661 27,580 27,605 27,510 Effect of dilutive common stock equivalents 27 1 — — Weighted average diluted common shares outstanding 27,688 27,581 27,605 27,510 Basic income (loss) per share: Continuing operations attributable to common shares $ 0.03 $ 0.29 $ (4.68) $ 0.70 Continuing operations attributable to participating shares $ 0.03 $ 0.29 $ 0.08 $ 0.70 Discontinued operations attributable to common shares $ — $ (0.04) $ — $ (0.29) Discontinued operations attributable to participating shares $ — $ (0.04) $ — $ (0.29) Diluted income (loss) per share: Continuing operations $ 0.03 $ 0.29 $ (4.68) $ 0.70 Discontinued operations $ — $ (0.04) $ — $ (0.29) The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) per share as they were considered anti-dilutive (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Stock options 9,152 8,918 9,152 9,444 Restricted Stock 210 318 296 331

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 77,109 $ 18,181 $ 66 $ — $ 95,356 Direct operating expenses 58,235 12,694 159 — 71,088 Depreciation and amortization 3,856 131 128 1,133 5,248 Corporate expenses — — — 6,764 6,764 Stock-based compensation 37 16 2 375 430 Transaction costs — — — 384 384 Business realignment costs — — 284 188 472 Impairment of intangible and long-lived assets 768 — 575 — 1,343 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ 14,213 $ 5,340 $ (1,082) $ (8,936) $ 9,535 The following table presents the Company's reportable segment results for the three months ended September 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 93,086 $ 15,880 $ 3,595 $ — $ 112,561 Direct operating expenses 63,048 10,882 3,309 — 77,239 Depreciation and amortization 3,470 129 133 3,366 7,098 Corporate expenses — — — 7,173 7,173 Stock-based compensation 36 24 2 470 532 Transaction costs — — — 193 193 Net loss on sale and retirement of assets — — — 143 143 Operating income (loss) $ 26,532 $ 4,845 $ 151 $ (11,345) $ 20,183 The following table presents the Company's reportable segment results for the nine months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 208,780 $ 51,595 $ 2,469 $ — $ 262,844 Direct operating expenses 168,527 36,414 2,105 — 207,046 Depreciation and amortization 10,740 398 393 3,762 15,293 Corporate expenses — — — 20,724 20,724 Stock-based compensation 116 63 7 1,425 1,611 Transaction costs — — — 2,624 2,624 Business realignment costs — — 284 2,355 2,639 Impairment of intangible and long-lived assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 80 80 Operating (loss) income $ (79,086) $ 14,720 $ (895) $ (30,970) $ (96,231) The following table presents the Company's reportable segment results for the nine months ended September 30, 2019 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 258,884 $ 45,376 $ 15,071 $ — $ 319,331 Direct operating expenses 178,697 30,983 11,917 — 221,597 Depreciation and amortization 10,018 375 411 9,287 20,091 Corporate expenses — — — 20,280 20,280 Stock-based compensation 169 83 27 1,789 2,068 Transaction costs — — — 469 469 Business realignment costs 161 — — 4 165 Impairment of intangible and long-lived assets 231 — — — 231 Net loss on sale and retirement of assets — — — 141 141 Operating income (loss) $ 69,608 $ 13,935 $ 2,716 $ (31,970) $ 54,289

Organization and Basis of Pre_2

Organization and Basis of Presentation - Nature of Business (Details) $ in Millions	May 15, 2020USD ($)	Sep. 30, 2020marketwebsiteradio_stationemployee	Jun. 30, 2020market	Mar. 31, 2020market
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		21,900
Employee workforce reduction | employee		135
Dividend payment | $	$ 2.1
United States
Organization and Basis of Presentation [Line Items]
Number of local markets		67	67	67

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 95,356	$ 112,561	$ 262,844	$ 319,331
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	77,109	93,086	208,780	258,884
Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	18,181	15,880	51,595	45,376
Live Events
Disaggregation of Revenue [Line Items]
Net revenue	66	3,595	2,469	15,071
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net revenue	90,906	111,933	256,180	317,899
Net Revenue (ex Political) | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	72,659	92,458	202,116	257,452
Net Revenue (ex Political) | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	18,181	15,880	51,595	45,376
Net Revenue (ex Political) | Live Events
Disaggregation of Revenue [Line Items]
Net revenue	66	3,595	2,469	15,071
Political
Disaggregation of Revenue [Line Items]
Net revenue	4,450	628	6,664	1,432
Political | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	4,450	628	6,664	1,432
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

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables	$ 54,235	$ 67,463	$ 67,235	$ 62,599
Short-term contract liabilities (deferred revenue)	9,169	8,086	7,508	7,922
Contract Acquisition Costs	$ 4,704	$ 4,037	$ 4,043	$ 2,970

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Impairment loss	$ 0	$ 0		$ 0	$ 0
Provision for doubtful accounts	1,200,000	600,000		3,470,000	1,589,000
Contract with customer, liability, current	9,169,000	7,508,000		9,169,000	7,508,000	$ 8,086,000	$ 7,922,000
Revenue recognized	200,000	300,000		6,600,000	7,300,000
Capitalized contract acquisition costs	4,704,000	4,043,000		$ 4,704,000	4,043,000	$ 4,037,000	$ 2,970,000
Recognized amortization	$ 1,000,000	$ 400,000	$ 2,700,000		$ 1,400,000
Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)				30 days
Minimum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)				30 days
Payment terms for national agency advertising contracts (in days)				60 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)				60 days
Maximum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)				60 days
Payment terms for national agency advertising contracts (in days)				90 days

Acquisitions, Divestitures & _3

Acquisitions, Divestitures & Discontinued Operations - Narrative (Details) $ in Millions	May 24, 2019USD ($)	May 22, 2019USD ($)	Mar. 18, 2019USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)musicFestival	Sep. 30, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of multi-day music festivals | musicFestival					4
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
Impairment on assets of the disposal group					$ 10
Gain (loss) on disposal or sale of business				$ 0.2		$ 0.6
Discontinued Operations, Disposed of by Sale | Arizona Bridal Shows
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale			$ 2
Gain (loss) on disposal or sale of business						$ 1.4
Radio Broadcast Station Asset Purchase Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire assets and liabilities		$ 0.7
Transaction fees		$ 0.1

Acquisitions, Divestitures & _4

Acquisitions, Divestitures & Discontinued Operations - Components of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Accounts payable	$ 1	$ 31
Accrued expenses and other current liabilities	32	392
Current liabilities of discontinued operations	$ 33	$ 423

Acquisitions, Divestitures & _5

Acquisitions, Divestitures & Discontinued Operations - Components of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Discontinued operating costs and expenses:
Net loss from discontinued operations, net of income taxes	$ 0	$ (1,234)	$ 0	$ (8,112)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue		6,849		20,368
Discontinued operating costs and expenses:
Direct operating expenses		8,181		22,970
Depreciation and amortization		0		207
Stock-based compensation		(111)		(99)
Transaction costs		228		238
Impairment of long lived and intangible assets		0		9,814
Net gain on sale and retirement of assets		(98)		(2,045)
Loss from discontinued operations before income taxes		(1,351)		(10,717)
Benefit for income taxes		(117)		(2,605)
Net loss from discontinued operations, net of income taxes		$ (1,234)		$ (8,112)

Property and Equipment, net - S

Property and Equipment, net - Schedule of Physical Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 255,119	$ 243,162
Less accumulated depreciation and amortization	(142,805)	(129,020)
Total property and equipment, net	112,314	114,142
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	21,512	21,423
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	53,521	51,025
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	89,123	86,910
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,194	18,432
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	21,401	20,799
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	19,697	18,574
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29,671	$ 25,999

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5,000,000	$ 6,900,000	$ 14,600,000	$ 19,400,000
Impairment charges to long-lived assets	$ 600,000	$ 0	1,200,000	$ 100,000
Depreciation and amortization expense related to finance lease assets			$ 0		$ 0

Lease Commitments (Details)

Lease Commitments (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)
Leases [Abstract]
Impairment charge to operating lease right-of-use assets	$ 0.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)market	Jun. 30, 2020USD ($)market	Mar. 31, 2020USD ($)market	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)market	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 157,947,000				$ 157,947,000		$ 157,947,000
Number of local markets with impairment charges | market		35	46
Amortization of intangible assets	$ 300,000			$ 200,000	$ 700,000	$ 700,000
United States
Indefinite-lived Intangible Assets [Line Items]
Number of local markets | market	67	67	67		67
National Digital
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount (as a percent)	58.00%				58.00%
Townsquare Ignite
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount (as a percent)	171.00%				171.00%
Analytical Services
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount (as a percent)	520.00%				520.00%
Townsquare Interactive
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount (as a percent)	216.00%				216.00%
Live Events
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount (as a percent)	145.00%				145.00%
Local Advertising Businesses
Indefinite-lived Intangible Assets [Line Items]
Goodwill							0
Goodwill impairment							$ 69,000,000
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC license renewal period					8 years
Impairment charge of intangible assets		$ 28,700,000	$ 78,400,000
Decrease in intangible assets					$ 37,100,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 157,947	$ 157,947
Advertising
Goodwill [Line Items]
Goodwill	76,964
Townsquare Interactive
Goodwill [Line Items]
Goodwill	77,000
Live Events
Goodwill [Line Items]
Goodwill	$ 3,983

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Assumptions Used in Annual Impairment Assessments (Details)	Jun. 30, 2020	Mar. 31, 2020
Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.114	0.110
Minimum | Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	(0.022)	(0.022)
Minimum | Mature Market Share
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.133	0.133
Minimum | Operating Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	(0.194)	(0.194)
Minimum | Mature Market Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.198	0.198
Maximum | Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.060	0.060
Maximum | Mature Market Share
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	1	1
Maximum | Operating Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.555	0.555
Maximum | Mature Market Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.505	0.505
Maximum | Mature Market Share, Excluding Markets With Lack Of Reliable Third Party Data
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.75	0.75

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (7,267)	$ (6,709)
Net Carrying Amount	4,426
Indefinite-lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	288,345	394,738
Intangible Assets, Net (Excluding Goodwill)	281,078	388,029
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC licenses	$ 276,652	$ 383,738
Customer and advertising relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	3 years	3 years
Gross Carrying Amount	$ 6,540	$ 6,540
Accumulated Amortization	(4,630)	(4,139)
Net Carrying Amount	$ 1,910	$ 2,401
Leasehold interests
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	11 years	12 years
Gross Carrying Amount	$ 1,085	$ 1,085
Accumulated Amortization	(963)	(940)
Net Carrying Amount	$ 122	$ 145
Tower space
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	3 years	4 years
Gross Carrying Amount	$ 454	$ 454
Accumulated Amortization	(438)	(433)
Net Carrying Amount	$ 16	$ 21
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	10 years	10 years
Gross Carrying Amount	$ 2,761	$ 2,761
Accumulated Amortization	(1,173)	(1,045)
Net Carrying Amount	$ 1,588	$ 1,716
Software licenses
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	3 years
Gross Carrying Amount	$ 853
Accumulated Amortization	(63)
Net Carrying Amount	$ 790
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		1 month 6 days
Gross Carrying Amount		$ 160
Accumulated Amortization		(152)
Net Carrying Amount		$ 8

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Sep. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (remainder)	$ 279
2021	1,115
2022	1,113
2023	848
2024	179
Thereafter	892
Net Carrying Amount	$ 4,426

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)business	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)business	Sep. 30, 2019USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Number of small businesses invested in | business	3		3
Impairment on investments	$ 0	$ 0	$ 0	$ 0
Fair value adjustments on investments	0	$ 0	0	$ 0
Small Business
Debt and Equity Securities, FV-NI [Line Items]
Investments	2,300,000		2,300,000
Existing Investee
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 400,000		$ 400,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($)	Sep. 30, 2020	Jun. 05, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt before deferred financing costs	$ 545,797,000		$ 560,480,000
Deferred financing costs	(2,718,000)		(3,840,000)
Total Debt	543,079,000		556,640,000
Less: current portion of long-term debt	0		(9,929,000)
Total long-term debt	543,079,000		546,711,000
Current portion of long-term debt	0		9,929,000
Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Long-term debt, gross	273,416,000		278,148,000
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	272,381,000		282,332,000
Debt amount	320,000,000
Issuance discount	2,100,000
Revolver
Debt Instrument [Line Items]
Long-term debt, gross	0		$ 0
Unsecured Senior Note Due 2023 | Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Stated interest rate	6.50%
Revolving Credit Facility | Revolver
Debt Instrument [Line Items]
Line of credit, borrowing capacity	$ 50,000,000	$ 50,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jun. 15, 2020	May 19, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 05, 2020	Mar. 17, 2020
Debt Instrument [Line Items]
Outstanding borrowings			$ 545,797,000		$ 545,797,000
Gain on repurchase of debt			$ 0	$ 0	1,159,000	$ 0
Write-off of deferred financing costs					$ 79,000	$ 7,000
Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Debt repurchased amount		$ 4,700,000
Gain on repurchase of debt		1,200,000
Write-off of deferred financing costs		$ 100,000
Term Loan | Seven Year Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate			4.00%		4.00%
Cash paid in excess on outstanding term loans	$ 9,900,000
Term Loan | Seven Year Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.00%
Term Loan | Seven Year Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Stated interest rate			1.00%		1.00%
Revolving Credit Facility | Revolver
Debt Instrument [Line Items]
Line of credit facility percentage required (at least)			30.00%		30.00%
Current borrowing capacity, minimum required			$ 15,000,000		$ 15,000,000
Lien leverage ratio required, maximum			3.75		3.75
Outstanding borrowings								$ 50,000,000
Maximum borrowing capacity			$ 50,000,000		$ 50,000,000		$ 50,000,000
Revolving Credit Facility | Revolver | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Revolving Credit Facility | Revolver | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Term Loan | Seven Year Term Loan Facility
Debt Instrument [Line Items]
Fair value of debt			$ 257,400,000		$ 257,400,000
Senior Notes | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Stated interest rate			6.50%		6.50%
Fair value of debt			$ 250,500,000		$ 250,500,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2020USD ($)
Debt Disclosure [Abstract]
2020 (remainder)	$ 0
2021	0
2022	272,381
2023	273,416
2024	0
Thereafter	0
Long-term debt	$ 545,797

Income Taxes Narrative (Details

Income Taxes Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate (percentage)	25.60%	26.40%	28.00%	27.20%
Federal statutory income tax rate (percentage)			21.00%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders Equity (Details)	9 Months Ended
	Sep. 30, 2020USD ($)vote$ / sharesshares	Dec. 31, 2019$ / sharesshares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Common stock and warrants outstanding (in shares)	27,955,871
Warrants, number of shares exercisable (in shares)	1
Exercise prices per warrant (in dollars per share) | $ / shares	$ 0.0001
Aggregate exercise price of all warrants | $	$ 898
Warrants
Class of Stock [Line Items]
Warrants outstanding (in 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)	14,330,220	14,314,092
Number of votes per share | vote	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	10
Conversion ratio into common stock (in shares)	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	0
Conversion ratio into common stock (in shares)	1

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Sep. 30, 2020$ / sharesshares
Minimum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 4.79
Maximum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares	$ 9.63
Common Class A
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)	4,601,239
Common Class B
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)	4,550,991
Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized (in shares)	50,000,000
Restricted Stock
Class of Stock [Line Items]
Shares outstanding (in shares)	295,545

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						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income (loss)	$ 1,311	$ (26,822)	$ (59,577)	$ 7,268	$ 9,935	$ (4,578)	$ (85,088)	$ 12,625
Net income from non-controlling interest	516			557			1,449	1,497
Net income (loss) attributable to controlling interest	795			6,711			(86,537)	11,128
Net income (loss) from continuing operations	1,311			8,502			(85,088)	20,737
Net income from continuing operations attributable to non-controlling interest	516			557			1,449	1,497
Net income (loss) from continuing operations attributable to controlling interest	795			7,945			(86,537)	19,240
Net loss from discontinued operations, net of income taxes	$ 0			$ (1,234)			$ 0	$ (8,112)
Denominator:
Weighted average shares outstanding, basic (in shares)	27,661			27,580			27,605	27,510
Effect of dilutive common stock equivalents (in shares)	27			1			0	0
Weighted average diluted common shares outstanding (in shares)	27,688			27,581			27,605	27,510
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.03			$ 0.29			$ (4.68)	$ 0.70
Discontinued operations (in dollars per share)	$ 0			$ (0.04)			$ 0	$ (0.29)
Stock options
Diluted income (loss) per share:
Antidilutive securities (in shares)	9,152			8,918			9,152	9,444
Restricted Stock
Diluted income (loss) per share:
Antidilutive securities (in shares)	210			318			296	331
Common shares
Denominator:
Weighted average shares outstanding, basic (in shares)	18,683			18,602			18,627	18,532
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.03			$ 0.29			$ (4.68)	$ 0.70
Discontinued operations (in dollars per share)	$ 0			$ (0.04)			$ 0	$ (0.29)
Warrants
Denominator:
Weighted average shares outstanding, basic (in shares)	8,978			8,978			8,978	8,978
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ 0.03			$ 0.29			$ 0.08	$ 0.70
Discontinued operations (in dollars per share)	$ 0			$ (40)			$ 0	$ (0.29)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2020geographic_areasegment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Number of geographic areas | geographic_area	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 95,356	$ 112,561	$ 262,844	$ 319,331
Direct operating expenses	71,088	77,239	207,046	221,597
Depreciation and amortization	5,248	7,098	15,293	20,091
Corporate expenses	6,764	7,173	20,724	20,280
Stock-based compensation	430	532	1,611	2,068
Transaction costs	384	193	2,624	469
Business realignment costs	472	0	2,639	165
Impairment of intangible and long-lived assets	1,343	0	109,058	231
Net loss on sale and retirement of assets	92	143	80	141
Operating income (loss)	9,535	20,183	(96,231)	54,289
Operating segments | Advertising
Segment Reporting Information [Line Items]
Net revenue	77,109	93,086	208,780	258,884
Direct operating expenses	58,235	63,048	168,527	178,697
Depreciation and amortization	3,856	3,470	10,740	10,018
Corporate expenses	0	0	0	0
Stock-based compensation	37	36	116	169
Transaction costs	0	0	0	0
Business realignment costs	0		0	161
Impairment of intangible and long-lived assets	768		108,483	231
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	14,213	26,532	(79,086)	69,608
Operating segments | Townsquare Interactive
Segment Reporting Information [Line Items]
Net revenue	18,181	15,880	51,595	45,376
Direct operating expenses	12,694	10,882	36,414	30,983
Depreciation and amortization	131	129	398	375
Corporate expenses	0	0	0	0
Stock-based compensation	16	24	63	83
Transaction costs	0	0	0	0
Business realignment costs	0		0	0
Impairment of intangible and long-lived assets	0		0	0
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	5,340	4,845	14,720	13,935
Operating segments | Live Events
Segment Reporting Information [Line Items]
Net revenue	66	3,595	2,469	15,071
Direct operating expenses	159	3,309	2,105	11,917
Depreciation and amortization	128	133	393	411
Corporate expenses	0	0	0	0
Stock-based compensation	2	2	7	27
Transaction costs	0	0	0	0
Business realignment costs	284		284	0
Impairment of intangible and long-lived assets	575		575	0
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	(1,082)	151	(895)	2,716
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	1,133	3,366	3,762	9,287
Corporate expenses	6,764	7,173	20,724	20,280
Stock-based compensation	375	470	1,425	1,789
Transaction costs	384	193	2,624	469
Business realignment costs	188		2,355	4
Impairment of intangible and long-lived assets	0		0	0
Net loss on sale and retirement of assets	92	143	80	141
Operating income (loss)	$ (8,936)	$ (11,345)	$ (30,970)	$ (31,970)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)director	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)director	Sep. 30, 2019USD ($)
Related Party Transaction [Line Items]
Number of directors | director	2		2
Affiliated Entity | Strategic Partnership And Services Agreement
Related Party Transaction [Line Items]
Related party transaction, monthly service fee			$ 15
Revenue from related parties	$ 10	$ 50	$ 100	$ 100

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions	Oct. 09, 2020USD ($)
Subsequent Event | Radio Broadcast Station
Consideration paid
Cash consideration paid	$ 0.4

Uncategorized Items - tsq-20200

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 883,000
Restricted Cash	us-gaap_RestrictedCash	494,000
Dividend Declared [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	2,153,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 22,000