Townsquare Media (TSQ) 10-K 16 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 11, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36558
Entity Registrant Name	Townsquare Media, Inc.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001499832
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 60,857,199
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2021 annual meeting of stockholders (the “2021 Proxy Statement”), to be filed with the Securities and Exchange Commission are incorporated by reference in Part III, Items 10 to 14 of this Annual Report on Form 10-K as indicated herein.
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,447,123
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		815,296
Common Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		836,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 83,229	$ 84,667
Accounts receivable, net of allowance of $7,051 and $2,604, respectively	58,634	67,463
Prepaid expenses and other current assets	12,428	9,241
Total current assets	154,291	161,371
Noncurrent assets:
Property and equipment, net	111,871	114,142
Intangible assets, net	281,160	388,029
Goodwill	157,947	157,947
Investments	11,501	8,275
Operating lease right-of-use-assets	48,290	49,503
Other assets	2,948	638
Restricted cash	494	494
Total assets	768,502	880,399
Current liabilities:
Accounts payable	9,056	14,790
Current portion of long-term debt	0	9,929
Deferred revenue	8,847	8,086
Accrued compensation and benefits	12,462	10,714
Accrued expenses and other current liabilities	21,427	15,358
Operating lease liabilities, current	7,517	7,690
Financing lease liabilities, current	64	17
Accrued interest	6,350	4,558
Liabilities of discontinued operations	33	423
Total current liabilities	65,756	71,565
Long-term debt, less current portion (net of deferred financing costs of $2,369 and $3,840, respectively)	543,428	546,711
Deferred tax liability	10,326	34,347
Operating lease liability, net of current portion	44,661	44,957
Financing lease liabilities, net of current portion	130	31
Other long-term liabilities	3,446	352
Total liabilities	667,747	697,963
Stockholders’ equity:
Total common stock	191	190
Additional paid-in capital	369,672	367,540
Accumulated deficit	(272,602)	(188,034)
Non-controlling interest	3,494	2,740
Total stockholders’ equity	100,755	182,436
Total liabilities and stockholders’ equity	768,502	880,399
Common Class A
Stockholders’ equity:
Total common stock	144	143
Common Class B
Stockholders’ equity:
Total common stock	30	30
Common Class C
Stockholders’ equity:
Total common stock	$ 17	$ 17

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable allowance	$ 7,051	$ 2,604
Deferred financing costs	$ 2,369	$ 3,840
Common shares authorized (in shares)	400,000,000
Common Class A
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	14,436,065	14,314,092
Common stock, shares outstanding (in shares)	14,436,065	14,314,092
Common Class B
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	2,966,669	3,011,634
Common stock, shares outstanding (in shares)	2,966,669	3,011,634
Common Class C
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	1,636,341	1,636,341
Common stock, shares outstanding (in shares)	1,636,341	1,636,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net revenue	$ 371,338	$ 431,408
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	282,347	300,425
Depreciation and amortization	20,107	25,836
Corporate expenses	26,885	28,599
Stock-based compensation	2,084	2,592
Transaction costs	2,653	1,518
Business realignment costs	3,089	166
Impairment of goodwill	0	69,034
Impairment of long-lived and intangible assets	109,058	39,664
Impairment of investments	0	617
Net loss on sale and retirement of assets	83	92
Total operating costs and expenses	446,306	468,543
Operating loss	(74,968)	(37,135)
Other expense (income):
Interest expense, net	31,420	33,860
Gain on repurchase of debt	(1,159)	0
Other (income) expense, net	(820)	1,073
Loss from continuing operations before tax	(104,409)	(72,068)
Income tax benefit	(23,858)	(14,564)
Loss from continuing operations	(80,551)	(57,504)
Net loss from discontinued operations, net of tax	0	(8,150)
Net loss	(80,551)	(65,654)
Net (loss) income attributable to:
Controlling interests	(82,470)	(67,763)
Non-controlling interests	$ 1,919	$ 2,109
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ (4.46)	$ (3.36)
Discontinued operations (in dollars per share)	$ 0	$ (0.44)
Weighted average shares outstanding:
Basic (in shares)	27,625	27,527
Diluted (in shares)	18,647	18,549
Cash dividend declared per share (in dollars per share)	$ 0.075	$ 0.30
Common Stock
Basic (loss) income per share:
Continuing operations (in dollars per share)	(4.46)	(3.36)
Discontinued operations (in dollars per share)	$ 0	$ (0.44)
Weighted average shares outstanding:
Basic (in shares)	18,647	18,549
Warrants
Basic (loss) income per share:
Continuing operations (in dollars per share)	$ 0.08	$ 0.30
Discontinued operations (in dollars per share)	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)	8,978	8,978

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (80,551)	$ (65,654)
Loss from discontinued operations	0	(8,150)
Loss from continuing operations	(80,551)	(57,504)
Adjustments to reconcile loss from continuing operations to net cash flows from operating activities
Depreciation and amortization	20,107	25,836
Amortization of deferred financing costs	1,566	1,443
Lease related amortization	10,947	0
Net deferred taxes and other	(24,206)	(15,028)
Provision for doubtful accounts	6,970	1,598
Stock-based compensation expense	2,084	2,592
Trade activity, net	(8,740)	(11,113)
Gain on repurchase of debt	(1,159)	0
Gain on insurance recoveries	(1,206)	0
Write-off of deferred financing cost	79	7
Impairment of goodwill, intangible and long-lived assets	109,058	108,698
Impairment on investment	0	617
Net loss on sale and retirement of assets	83	92
Other	30	76
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	171	(6,419)
Prepaid expenses and other assets	(3,143)	8,719
Accounts payable	(5,141)	2,387
Accrued expenses	11,454	(5,958)
Accrued interest	1,792	(6)
Other long-term liabilities	(8,317)	(8,568)
Net cash provided by operating activities - continuing operations	31,878	47,469
Net cash used in operating activities - discontinued operations	(390)	(7,479)
Net cash provided by operating activities	31,488	39,990
Cash flows from investing activities:
Payment for investment	(400)	0
Acquisition of intangibles	(241)	(787)
Purchase of property and equipment	(14,948)	(19,676)
Proceeds from insurance recoveries	1,396	42
Proceeds from sale of investments	0	573
Proceeds from sale of assets	157	2,883
Net cash (used in) provided by investing activities - continuing operations	(14,036)	(16,965)
Net cash provided used in investing activities - discontinued operations	0	11,084
Net cash used in investing activities	(14,036)	(5,881)
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
Proceeds from stock options exercised	49	0
Repurchase of stock	0	(400)
Dividend payments	(4,201)	(8,278)
Repurchase of notes	(3,573)	0
Deferred financing cost	0	(571)
Cash distribution to non-controlling interests	(1,165)	(2,586)
Sale of non-controlling interests	0	1,500
Repayments of capitalized obligations	(49)	(9)
Net cash used in financing activities - continuing operations	(18,890)	(10,344)
Net cash used in financing activities - discontinued operations	0	0
Net cash used in financing activities	(18,890)	(10,344)
Cash, cash equivalents and restricted cash:
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,438)	23,765
Cash, cash equivalents and restricted cash, Beginning of period	85,161	61,396
Cash, cash equivalents and restricted cash, End of period	83,723	85,161
Cash payments:
Interest	28,516	33,522
Income taxes	1,561	818
Supplemental Disclosure of Non-cash
Investments acquired in exchange for advertising	2,827	2,270
Property and equipment acquired in exchange for advertising	4,811	0
Investments rights acquired in exchange for advertising	906	0
Accrued capital expenditures	69	0
Deferred payment for software licenses	853	0
Accrued transaction costs	860	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	10,988	11,506
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	10,717	12,714
Reconciliation of cash, cash equivalents, and restricted cash reported in the statement of financial position
Cash, cash equivalents, and restricted cash	$ 85,161	$ 85,161

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common Class C	Common Stock	Common StockCommon Class A	Common StockCommon Class B	Common StockCommon Class C	WarrantsWarrants	Additional Paid-in Capital	Retained Earnings (Deficit)	Non-controlling Interest
Common shares outstanding (in shares), beginning balance at Dec. 31, 2018						14,297,066	3,011,634	1,636,341
Warrants outstanding (in shares), beginning balance 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	(65,654)										(67,763)	2,109
Dividend declared	$ (8,383)										(8,383)
Common stock issued under share-based compensation plan (in shares)	0
Issuance of restricted stock (in shares)						67,026
Issuance of restricted stock	$ 0				1					(1)
Stock-based compensation	2,495									2,495
Share repurchases (in shares)						(50,000)
Share repurchases	(400)				(1)					(315)	(84)
Disposal of subsidiary	1,456									(474)		1,930
Cash distributions to non-controlling interests	(2,586)											(2,586)
Common shares outstanding (in shares), ending balance at Dec. 31, 2019		14,314,092	3,011,634	1,636,341		14,314,092	3,011,634	1,636,341
Warrants outstanding (in shares), ending balance at Dec. 31, 2019									8,977,676
Stockholders' equity, ending 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	(80,551)										(82,470)	1,919
Dividend declared	$ (2,098)										(2,098)
Common stock issued under share-based compensation plan (in shares)	5,646					5,646
Common stock issued under share-based compensation plan	$ 49									49
Issuance of restricted stock (in shares)						71,362
Issuance of restricted stock	0				1					(1)
Stock-based compensation	2,084									2,084
Conversion of common shares						44,965	(44,965)
Cash distributions to non-controlling interests	(1,165)											(1,165)
Common shares outstanding (in shares), ending balance at Dec. 31, 2020		14,436,065	2,966,669	1,636,341		14,436,065	2,966,669	1,636,341
Warrants outstanding (in shares), ending balance at Dec. 31, 2020									8,977,676
Stockholders' equity, ending balance at Dec. 31, 2020	$ 100,755				$ 191					$ 369,672	$ (272,602)	$ 3,494

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Nature of Business Townsquare Media, Inc. (together with its consolidated subsidiaries, except as the context may otherwise require, "we," "us," "our," "Company," or "Townsquare") is a radio, digital media, entertainment and digital marketing solutions company principally focused on being the premier local advertising and marketing solutions platform in small and mid-sized markets across the United States. We own and operate 322 radio stations and more than 330 local websites in 67 U.S. markets, a digital marketing solutions company (Townsquare Interactive) serving approximately 22,750 small to medium sized businesses, a proprietary digital programmatic advertising platform (Townsquare Ignite), an e-commerce offering, and numerous local live events each year. Many of our radio stations are considered market leaders and we also participate in the digital, mobile, video and social media arena. Almost all of our radio stations have local companion websites that utilize the station brands and are populated with proprietary, original content created or curated by our local media personalities. In addition, we create, promote and produce a diverse range of live events, including, concerts, expositions and other experiential events within and beyond our radio markets. 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 Company’s operations are organized internally by the types of products and services provided, which represent the Company’s three operating segments. The Advertising segment includes broadcast and digital advertising products and solutions, the Townsquare Interactive segment includes the results of our digital marketing solutions business, and the Live Events segment which includes concerts, expositions and other experiential events. The Company’s activities are predominately within the United States, which represents one geographic region for segment reporting. See Note 14, Segment Reporting, in our Notes to Consolidated Financial Statements for further information. 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 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 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 second half of 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation : The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries that it controls. All intercompany accounts and transactions have been eliminated in consolidation. Discontinued Operations Presentation : Due to the Company's decision in March of 2019 to exit and subsequently sell its Music Festivals business, the Company has reported the results of the Music Festivals within discontinued operations, net of taxes in the Company's Consolidated Financial Statements for the year ended December 31, 2020 and 2019. See Note 5, Divestitures and Discontinued Operations , for further discussion. Use of Estimates : The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include 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, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The credit risk is limited due to the large number of customers comprising the Company’s customer base and their dispersion across several different geographic areas of the country. No single customer accounts for more than approximately 1% of revenue for the years ended December 31, 2020 and 2019. Cash and cash equivalents : The Company maintains its cash balances principally at large financial institutions throughout the United States. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation. Balances in these accounts may at times exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. As of December 31, 2020 and 2019, cash equivalents were comprised of money market funds of $55.6 million and $54.8 million, valued using Level 1 inputs. Restricted cash : Restricted cash includes the collateral account for the Company’s corporate credit cards and a stand-by letter of credit issued in favor of a landlord for one of our leases, and are classified in non-current assets in the Consolidated Balance Sheets. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash. We had restricted cash of $0.5 million and $0.5 million as of December 31, 2020 and 2019, respectively. Accounts Receivable and Allowance for Doubtful Accounts : Accounts receivable are recorded at the invoiced amount and are reduced by a valuation allowance that reflects management’s best estimate of the accounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance including historical data, collection experience, customer types, creditworthiness and economic trends. From time to time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. Property and Equipment : Property and equipment are recorded at cost and depreciated over their estimated useful life. Property and equipment acquired in a business combination are recorded at their estimated fair value at the date of acquisition under the acquisition method of accounting. Major additions or improvements are capitalized, while repairs and maintenance are charged to expense. Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for depreciation are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 20 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 2 years Leasehold improvements Shorter of the useful life or remaining term of lease The above depreciable lives are used for new property and equipment. Used property and equipment may have a useful life that is less than that of an acquired fixed asset that is new, depending on its condition. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and any loss or gain is recognized in net loss (gain) on sale and retirement of assets in the Consolidated Statements of Operations. Software Development Costs : In accordance with Accounting Standards Codification (“ASC”) Topic 350, Internally Developed Software, we incurred and capitalized software development costs of $4.7 million during each of the years ended December 31, 2020 and 2019. Certain costs incurred for software development during the application development stage are capitalized while costs incurred during the preliminary and post-implementation stages are expensed in the period incurred. Capitalized costs are amortized over the project’s estimated useful life. Software development costs consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the development and localization of products and services. Acquisitions and Business Combinations : The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amounts assigned to identifiable intangible assets. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Intangible Assets : Intangible assets consist principally of Federal Communication Commission (“FCC”) broadcast licenses and other definite-lived intangible assets. FCC licenses, which have been recorded at their estimated fair value as of the date of acquisition, have an indefinite useful life and therefore are not amortized. The fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Costs associated with other definite-lived intangible assets are being amortized using the straight-line method over their estimated remaining useful lives, which range from 3 to 11 years, as of December 31, 2020. We have selected December 31st as the annual testing date for impairment of FCC licenses. We evaluate our FCC licenses annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. We evaluated the fair value of our FCC licenses at the unit of account level. Each market's broadcasting licenses were combined into a single unit of accounting for purposes of testing for impairments, which was geographic market. We utilized a discounted cashflow method to perform our impairment test. Under this method, the income that is attributable to each FCC license is isolated and is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and assumes that the only asset of the hypothetical start-up business is the license. It is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The cash flows generated in the greenfield method are presumed to emanate from the one asset, or the FCC license, that exists at time zero. This cash flow stream is discounted to arrive at a value for the FCC license. The key assumptions using the greenfield method are market revenue growth rates, market share, profit margin and duration and profile of the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC license within a market. The projections incorporated into our license valuations take into consideration the then current economic conditions. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. Below are some of the key assumptions used in our 2020 impairment assessments: December 31, 2020 Discount Rate 10.4% - 11.4% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.6 % 96.0 % Operating Profit Margin 18.0 % 48.0 % Below are some of the key assumptions used in our 2019 annual impairment assessments: December 31, 2019 Discount Rate 11.0% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 13.3 % 91.7 % Operating Profit Margin 20.0 % 50.0 % * Excludes markets that Company results and forecasts were inputs into the valuation due to lack of reliable third party data where mature market share was estimated at 100%. Based on the results of the Company’s annual impairment evaluation of its FCC licenses performed at December 31, 2020, no impairment charges were incurred during the fourth quarter of 2020. Based upon interim impairment evaluations of our FCC licenses performed at June 30, 2020 and March 31, 2020, we incurred impairment charges 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. For the year ended December 31, 2019 we incurred impairment charges of $39.4 million, for FCC licenses in 34 of our 67 local markets. Charges related to the impairment of the Company’s FCC licenses are included in our Advertising segment results. Assumptions used to estimate the fair value of our FCC licenses are dependent upon the expected performance and growth of our traditional broadcast operations. In the event our broadcast revenues experience further actual or anticipated declines, such declines will have a negative impact on the estimated fair value of our FCC licenses, and it is possible the Company will recognize additional impairment charges. Goodwill : The acquisition method of accounting requires that the excess of purchase price paid over the estimated fair value of identifiable tangible and intangible net assets of acquired businesses be recorded as goodwill. Under the provisions of ASC Topic 350, Intangibles-Goodwill and Other, goodwill is not amortized, but is reviewed for impairment at least on an annual basis at December 31, or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has determined appropriate reporting units. The most significant reporting is comprised of the components representing the local advertising businesses of all geographic markets, “Local Advertising”, which are aggregated into one reporting unit for testing. Our other reporting units include: (i) national digital assets, “National Digital”, which consists of music and entertainment focused national websites, (ii) Townsquare Ignite, our digital programmatic advertising platform, (iii) Analytical Services, which is an attribution and analytics platform dedicated to tracking broadcast media, (iv) Townsquare Interactive, which is our subscription based digital marketing solutions offered to small and mid-sized local and regional business, and (v) Live Events, which includes the operations of our national events including other expos, lifestyle and active events which occur outside of our 67 distinct markets. Recoverability of goodwill is evaluated by comparison of the fair value of a reporting unit with its carrying value. For purposes of testing the carrying value of the Company's goodwill for impairment, the fair value of goodwill for each reporting unit contains significant assumptions incorporating variables that are based on past experiences and judgments about future performance using industry information. These variables would include, but are not limited to: (1) forecasted revenue growth rates; (2) profit margin; (3) estimated capital expenditures and working capital requirements during the projection period; (4) risk-adjusted discount rate; and (5) expected growth rates in perpetuity to estimate terminal values. These variables are susceptible to changes in estimates, which could result in significant changes to the fair value of the goodwill. Impairment of goodwill is calculated by comparing the fair value as described above to the carrying value of goodwill. The Company also performs a reasonableness test on the fair value results for goodwill by comparing the carrying value of the Company’s assets to the Company’s enterprise value based on its market capitalization. For 2020, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment for each of its reporting units. The Company compared the fair value of each of its reporting units, determined based upon discounted estimated future cash flows, to the carrying amount at December 31, 2020, including goodwill. Based upon such assessment, we determined that it was more likely than not that the fair value of each of our reporting units exceeded their respective carrying amounts. 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 138%, 231%, 795%, 300% and 118%, respectively. The fair values of each of our reporting units were determined using a weighted average market and income approach. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, capital expenditures, and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 8.4% - 14.5% with a perpetual growth rates ranging from (4.5)% to 7.3%. For 2019, in connection with performing our annual goodwill impairment assessment, we recognized an aggregate $69.0 million non-cash goodwill impairment charge related to the Local Advertising reporting unit, primarily as a result of moving our traditional broadcast operations to a stand-alone reporting unit in conjunction with a change in reportable operating segments in 2019. Prior to our change in reportable operating segments in 2019, the results of our traditional broadcast operations were aggregated with our digital advertising products and solutions, including Townsquare Interactive and Townsquare Ignite for the purposes of our annual goodwill impairment test. 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 125%, 277%, 559%, 267% and 273%, respectively. Following the recognition of the non-cash goodwill impairment charge, the local advertising businesses reporting unit had no goodwill as of December 31, 2019. The fair values of each of our reporting units was determined using a weighted average market and income approach. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 8% - 12% with a perpetual growth rates of ranging from (4.2)% to 15.4%. The key assumptions used to determine the estimated fair value of each reporting unit are predicated on our market positioning and the ability to provide diversified and integrated product and service offerings. In the event our operating strategy faces challenges in the business environments in which each of our reporting units operate, a resulting change in the key assumptions (e.g., long-term financial projections) could have a negative impact on the estimated fair value of our reporting units, and it is possible the Company could recognize additional impairment charges. In January 2019, management concluded that the Company should exit its Music Festival business and commenced an active search for a buyer. As a result of these actions, the Music Festival business met the criteria for assets held for sale which required the Company to measure its long-lived assets at the lower of carrying value or fair value less costs to sell. During the first quarter of 2019, management received indications of fair value. This assessment resulted in a $10.0 million impairment charge against the assets of the disposal group which was recorded in discontinued operations for the year ended December 31, 2019. See Note 7, Goodwill and Other Intangible Assets, for further details related to the results of our impairment testing for each of the years ended December 31, 2020 and 2019, respectively. 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 were based upon a combination of valuation analysis using observable inputs categorized as Level 2 and performing discounted cash flows analysis, using unobservable inputs categorized as Level 3 within the ASC 820 framework. 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. For the year ended December 31, 2020, the Company recorded no impairment charges. For the year ended December 31, 2019, the Company recorded impairment charges of $0.6 million. Impairment charges are included in caption Impairment of investments , in the Company’s Consolidated Statement of Operations. Deferred Financing Costs : Deferred financing costs related to the issuance of debt are capitalized and are amortized over the life of the instrument in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period (the interest method). The amortization of these costs is recorded as interest expense, net in the Consolidated Statements of Operations. Unamortized deferred financing costs as of December 31, 2020 and 2019 have been deducted from the long-term debt balance in the Consolidated Balance Sheets. Impairment of Long-Lived Assets : Long-lived assets (including property, equipment and intangible assets subject to amortization) to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset group may not be recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset group. If it were determined that the carrying amount of an asset was not recoverable, an impairment loss would be recorded. The Company determines the fair value of its long-lived assets based upon the market value of similar assets, if available, or independent appraisals, if necessary. Long-lived assets to be disposed of and/or held for sale are reported at the lower of carrying amount or fair value, less cost to sell. The fair value of assets held for sale is determined in the same manner as described for assets held and used. We recognized total impairment charges related to long-lived assets in certain markets during the year ended December 31, 2020 of $2.0 million. We recognized an impairment charge of $0.1 million during the year ended December 31, 2019 related to the sale of one of our Tuscaloosa, AL stations. Long-lived asset impairment charges are included in caption Impairment of long-lived and intangible assets , in the Company’s Consolidated Statements of Operations. Business Realignment Costs: As part of the Company’s COVID-19 response, the Company instituted immediate actions to address the potential financial impacts of the pandemic, one of which included reducing our workforce through the termination or layoff of approximately 135 full-time employees. In 2019, management elected to restructure the Company’s programming and traffic departments, and incurred certain expenses related to a senior management restructuring. The related compensation costs for termination benefits provided to the impacted employees are included as a component of business realignment costs. The Company recorded the following business realignment costs for the years ended December 31, 2020 and 2019 (in thousands): December 31, December 31, Compensation costs $ 2,648 $ 166 Other 441 — Total $ 3,089 $ 166 Self-Insurance Liabilities : The Company is self-insured for medical liability. In addition, the Company has stop loss coverage in excess of certain defined limits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, severity factors and other assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. Revenue Recognition : Broadcast revenue for commercial broadcasting advertisements is recognized when the commercial is broadcast. 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. Digital marketing solutions revenue, under the brand name Townsquare Interactive, is recognized as a contract liability until the terms of a customer contract are satisfied, which generally occurs with the transfer of control as the Company satisfies its contractual performance obligation over time. Digital revenue is derived primarily from the sale of internet-based advertising campaigns to local and national advertisers and is recognized over the duration of the campaigns. Live events revenue and other non-broadcast advertising revenue are recognized as events are conducted. Deferred revenue consists primarily of advance ticket sales on events scheduled to take place at dates in the future and digital subscriptions in which payment is received in advance of the service month. Barter Transactions : Barter transactions (advertising provided in exchange for goods and services) are reported at the estimated fair value of the products or services received. Revenue from barter transactions is recognized when advertisements are broadcast. Merchandise or services received is charged to expense when received or utilized. If merchandise or services are received prior to the broadcast of the advertising, a liability is recorded. If advertising is broadcast before the receipt of the goods or services, a receivable is recorded. Total revenues recognized related to barter transactions were $17.7 million and $27.9 million for the years ended December 31, 2020 and 2019, respectively. Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liability, net of current portion on our Consolidated Balance Sheets. Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date, adjusted by the deferred rent liabilities at the adoption date. ROU assets may also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Our lease arrangements may contain lease and non-lease components. We elected to combine lease and non-lease components. In determining the present value of the future lease payments, we consider only payments that are fixed and determinable at commencement date, including non-lease components. Variable components such as utilities and maintenance costs are expensed as incurred. As our leases do not provide an implicit rate, in determining the net present value of lease payments, management used judgment in order to estimate the appropriate incremental borrowing rate, which is the rate incurred to borrow equivalent funds on a collateralized basis over a similar term in a similar economic environment. Lease terms include periods under options to extend or terminate the lease when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. ROU assets for operating leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. Local Marketing Agreements : At times, the Company enters into Local Marketing Agreements (“LMAs”), also known as Time Brokerage Agreements (“TBAs”). In a typical LMA, the licensee of a radio station makes available, for a fee, airtime on its radio station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. LMAs are subject to compliance with the antitrust laws and the Communications Act of 1934, as amended, and relevant FCC rules and published policies (“Communication Laws”), including the requirement that the licensee must maintain independent control over the radio station and, in particular, its personnel, content and finances. The FCC has held that such agreements do not violate the Communications Laws as long as the licensee of the radio station receiving content from another station maintains ultimate responsibility for, and control over radio station operations and otherwise ensures compliance with the Communications Laws. As of December 31, 2020, the Company operated two non-owned radio stations under LMAs. The total net revenue for the contractual portion of the LMA of the radio stations and its total expenses for the contractual portion of the LMA were immaterial. Financial Instruments : ASC 825, Disclosures about Fair Value of Financial Instruments , requires the Company to disclose estimated fair values for its financial instruments. Management has reviewed its cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and has determined that their carrying values approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s long-term debt is disclosed in Note 9, Long-Term Debt. Fair Value Measurements : ASC 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework under ASC 820 provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1: Inputs are quoted prices (unadjusted) in active markets for identified assets or liabilities that the Company has the ability to access at the measurement date. • Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets that are not active; and inputs other than quoted prices that are observable such as models. • Level 3: Inputs are unobservable inputs for the asset or liability. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Advertising and Promotion Costs : Costs of media advertising (including barter) and associated production costs are expensed to direct operating expenses the first time the advertising takes place. The Company recorded advertising expenses of $0.6 million and $3.2 million, for the years ended December 31, 2020 and 2019, respectively. Income Taxes : Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to offset futur

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 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): Year Ended Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 282,493 $ 70,360 $ 2,479 $ 355,332 Political 16,006 — — $ 16,006 Net Revenue $ 298,499 $ 70,360 $ 2,479 $ 371,338 Year Ended Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 349,711 $ 61,517 $ 17,077 $ 428,305 Political 3,103 — — $ 3,103 Net Revenue $ 352,814 $ 61,517 $ 17,077 $ 431,408 Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; generally this occurs with the transfer of control as we satisfy contractual performance obligations over time. Our contractual performance obligations include the broadcast of commercials on our owned and operated radio stations, digital sales of internet based advertising campaigns, digital marketing solutions, and the operation of live events. Revenue is measured at contract inception as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are at a fixed price at inception and do not include any variable consideration or financing components by normal course of business practice. Sales, value add, and other taxes that are collected concurrently with revenue producing activities are excluded from revenue. The primary sources of net revenue are the sale of advertising on our radio stations, owned and operated websites, radio stations’ online streams, and mobile applications. We offer precision customer targeting solutions to advertisers through Townsquare Ignite, our digital programmatic advertising platform. We also offer digital marketing solutions under the brand name Townsquare Interactive, on a subscription basis, to small and mid-sized local and regional businesses in small and mid-sized markets across the United States, including the markets in which we operate radio stations. In addition, we offer a diverse range of live events which we create, promote, and produce. This includes concerts, expositions and other experiential events within and beyond our markets. Our live events also generate substantial net revenue through the sale of sponsorships, food and other concessions, merchandise and other ancillary products and services. Political net revenue includes the sale of advertising on our owned and operated radio stations from contracts with political advertisers. Contracted performance obligations under political contracts consist of the broadcast of advertisements across our locally owned and operated radio stations. Management views political revenue separately because political is episodic based on the election cycle and local issues calendars. Net revenue for broadcast commercials and digital advertisements are recognized as the commercials are broadcast and digital advertisements are placed and the contractual performance obligations for Townsquare services are satisfied. We measure progress towards the satisfaction of our contractual performance obligations via the output produced in accordance with the contractual arrangement (the broadcast of commercials or the placement of digital advertisements). We recognize the associated contractual revenue as the delivery takes place. Our advertising contracts are short-term (less than one year) and payment terms are generally net 30-60 days for traditional customer contracts and net 60-90 days for national agency customer contracts. Our billing practice is to invoice customers on a monthly basis for services delivered to date (representing the right to invoice). Our contractual arrangements do not include rights of return and do not include any significant judgments by nature of the products and services. Net revenue from digital subscription-based contractual performance obligations is recognized ratably over time as our performance obligations are satisfied. Subscription-based service fees are typically billed in advance of the month of service at a fixed monthly fee that is contractually agreed upon at contract inception. The measure of progress in such arrangements is the number of days of successful delivery of the contracted service. Live events net revenue is recognized as events are conducted and our contractual performance obligations are satisfied. Our live events are primarily 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. The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2020 December 31, 2019 Receivables $ 58,634 $ 67,463 Short-term contract liabilities (deferred revenue) $ 8,847 $ 8,086 Contract acquisition costs $ 4,824 $ 4,037 We receive payments from customers based upon contractual billing schedules; accounts receivable is recorded when the right to consideration becomes unconditional. Contract receivables are recognized in the period the Company provides services when the Company’s right to consideration is unconditional. Payment terms vary by the type and location of our customer and the products or services offered. Payment terms for amounts invoiced are typically net 30-60 days. The term between invoicing and when payment is due is not significant. We record contract liabilities when cash payments are received or due in advance of satisfying our performance obligations. Our contract liabilities include cash payments received or due in advance related to event ticket sales for events scheduled to take place over the course of the current year and digital subscriptions in which payment is received in advance of the service month. These contract liabilities are recognized as revenue as the related performance obligations are satisfied. The increase in our contract liabilities balance from December 31, 2019 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $6.8 million of recognized revenue for the year ended December 31, 2020. For the year ended December 31, 2019, we recognized $7.4 million of revenue that was previously included in our deferred revenue balance. No significant changes in the time frame of the satisfaction of contract liabilities have occurred during the year ended December 31, 2020. We capitalize certain contract acquisition costs consisting primarily of commissions paid when contracts are signed (previously such costs were expensed as incurred). Our capitalized contract acquisition costs include amounts related to sales commissions paid for contract acquisition costs related to signed contracts with perceived durations exceeding one year. For these contracts, we defer the related sales commission costs and amortize such costs to expense consistent with how the related revenue is recognized over the duration of the contracts. We have evaluated the average customer contract duration (initial term and any renewals) to determine the appropriate amortization period for these contractual arrangements. We had a balance of $4.8 million and $4.0 million in deferred costs as of December 31, 2020 and 2019, respectively, included as a component of prepaid expenses and other current assets. During the year ended December 31, 2020 we recognized $2.7 million of amortization related to the December 31, 2019 balance. During the year ended December 31, 2019 we recognized $1.8 million of amortization related to balances generated in prior periods. 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 years ended December 31, 2020 or 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 We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed as amounts related to those performance obligations with expected

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisitions On May 28, 2020, Townsquare Media Duluth, LLC entered into an Asset Purchase Agreement to acquire the assets associated with the radio broadcast station WWAX-FM for $0.4 million. The acquisition closed on October 9, 2020, and consideration was paid with cash on hand. 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 and $0.1 million in transaction fees. The acquisition closed on July 31, 2019 and consideration was paid with cash on hand.

Divestitures and Discontinued O

Divestitures and Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestitures and Discontinued Operations	Divestitures and Discontinued Operations On June 4, 2019, the Company entered into an Asset Purchase Agreement to sell a radio broadcast station in Tuscaloosa, AL for $0.1 million. In connection with the transaction, which closed on July 31, 2019, we recorded an impairment charge against the long lived asset disposal group of $0.2 million, which is included in the caption Impairment of long lived and intangible assets in the Company's Consolidated Statements of Operations for the year ended December 31, 2019. Divestitures Reported as Discontinued Operations During the first quarter of 2019, management concluded that the Company should exit its Music Festivals business. On May 24, 2019, the Company closed on the sale of its Music Festivals to a subsidiary of Live Nation for $10.0 million. As part of the transaction, it was mutually agreed upon that the Company would operate the 2019 Music Festivals under a production services agreement for a pre-determined share of "Net Profits" as defined in the agreement. The Company realized approximately $0.4 million in operating income during 2019 related to the operation of the 2019 Music Festivals, as outlined within the agreement. The Company has recorded a net gain on the disposal of the Music Festivals of $0.6 million which is included in Net loss from discontinued operations, net of tax in the Company's Consolidated Statements of Operations for the year ended December 31, 2019. On March 18, 2019, the Company closed on the sale of its Arizona Bridal Shows for $2.0 million. The Company realized a gain in connection with the sale of $1.5 million, which is included in Net loss from discontinued operations, net of tax in the Company's Consolidated Statements of Operations for the year ended December 31, 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): December 31, 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 as of December 31, 2020 includes certain costs associated with the Music Festivals business which will be paid out within the next twelve months 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 Statements of Operations (in thousands): December 31, December 31, Net revenue $ — $ 20,368 Discontinued operating costs and expenses: Direct operating expenses, excluding depreciation, amortization and stock-based compensation — 22,968 Depreciation and amortization — 207 Stock-based compensation — (97) Impairment of goodwill — 9,814 Transaction costs — 238 Loss from discontinued operations before tax — (12,762) Gain on sale of discontinued operations before tax — 2,057 Income tax benefit — 2,555 Loss from discontinued operations, net of tax $ — $ (8,150)

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment consisted of the following (in thousands): December 31, December 31, Land and improvements $ 21,512 $ 21,423 Buildings and leasehold improvements 54,471 51,025 Broadcast equipment 90,324 86,910 Computer and office equipment 20,480 18,432 Furniture and fixtures 21,657 20,799 Transportation equipment 19,918 18,574 Software development costs 30,721 25,999 Total property and equipment, gross 259,083 243,162 Less: Accumulated depreciation and amortization (147,212) (129,020) Total property and equipment, net $ 111,871 $ 114,142 Depreciation and amortization expense for property and equipment was $19.1 million and $24.9 million for the years ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, the Company recorded $1.2 million in non-cash impairment charges, primarily related to long-lived assets within the San Angelo, TX market and the Live Events business. There were $0.1 million in impairment charges related to long-lived assets for the year ended December 31, 2019. The Company had no material right of use assets related to it finance leases as of December 31, 2020.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net Indefinite-lived assets consist of FCC broadcast licenses and goodwill. FCC licenses represent a substantial portion of the Company’s total assets. The FCC licenses are renewable in the ordinary course of business, generally for a maximum of eight years. The fair value of FCC licenses is primarily dependent on the future cash flows of the radio markets and other assumptions, including, but not limited to, forecasted revenue growth rates, profit margins and a risk-adjusted discount rate. The Company has selected December 31 st as the annual testing date. 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 then current and expected future economic and market conditions surrounding the COVID-19 pandemic during the early part of 2020 and the results of the impairment assessment performed as of December 31, 2019, the Company also quantitatively evaluated the fair value of its FCC licenses at March 31, 2020 and June 30, 2020. Based on the results of the Company’s annual impairment evaluation of its FCC licenses performed at December 31, 2020, no impairment charges were incurred during the fourth quarter of 2020. Based upon interim impairment evaluations of our FCC licenses as of June 30, 2020 and March 31, 2020, we incurred impairment charges 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. 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 $56.2 million as of December 31, 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. For 2020, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment 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 December 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 138%, 231%, 795%, 300% and 118%, respectively. For 2019, we determined that the carrying value of our Local Advertising reporting unit exceeded its fair value as of our impairment assessment date, primarily as a result of traditional broadcast operations comprising a standalone reporting unit. Prior to our change in reportable operating segments in 2019, the results of our traditional broadcast operations were aggregated with our digital advertising products and solutions, including Townsquare Interactive and Townsquare Ignite for the purposes of our annual goodwill impairment test. 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 125%, 277%, 559%, 267% and 273%, respectively. The Company recognized an aggregate $69.0 million non-cash goodwill impairment charge related to the local advertising businesses reporting unit in the fourth quarter of 2019. Following the recognition of this non-cash goodwill impairment charge, the local advertising businesses reporting unit had no goodwill. As of December 31, 2020, the goodwill balances remaining for each of our reporting units were as follows (amounts in thousands): Goodwill at December 31, 2020 Goodwill at December 31, 2019 Reporting Unit: Local Advertising $ — $ — National Digital 8,273 8,273 Townsquare Ignite 66,378 66,378 Analytical Services 2,313 2,313 Townsquare Interactive 77,000 77,000 Live Events 3,983 3,983 Balance $ 157,947 $ 157,947 The fair values of each of our reporting units were determined using a weighted average market and income approach. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 8.4% - 14.5% with a perpetual growth rates ranging from (4.5)% to 7.3%. In January 2019, management concluded that the Company should exit its Music Festival business and commenced an active search for a buyer. As a result of these actions, the Music Festival business met the criteria for assets held for sale which required the Company to measure its long-lived assets at the lower of carrying value or fair value less costs to sell. During the first quarter of 2019, management received indications of fair value. This assessment resulted in a $10.0 million impairment charge against the assets of the disposal group which was recorded in discontinued operations for the year ended December 31, 2019. The following table presents changes in goodwill by segment during each of the two years ended December 31, 2020 and 2019, respectively (in thousands): Advertising Townsquare Live Events Total Balance at December 31, 2018 (1) $ — $ — $ — $ 226,981 Reassignment of goodwill 145,998 77,000 3,983 226,981 Impairment loss on goodwill (69,034) (69,034) Balance at December 31, 2019 $ 76,964 $ 77,000 $ 3,983 $ 157,947 Balance at December 31, 2020 $ 76,964 $ 77,000 $ 3,983 $ 157,947 (1) The aggregate goodwill balance as of December 31, 2018 is net of $48.9 million of accumulated impairment charges, of which $39.9 million was included as a component of discontinued operations and $9.1 million of which related to the 2017 strategic review and restructuring of our entertainment business. Additionally, a $4.1 million write-off of goodwill was recorded in 2017 in connection with business realignments within the entertainment business. The following tables present details of intangible assets as of December 31, 2020 and 2019, respectively (in thousands): December 31, 2020 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 277,013 $ — $ 277,013 Customer and advertising relationships 3 6,540 (4,793) 1,747 Leasehold interests 11 1,085 (970) 115 Tower space 3 454 (439) 15 Trademarks 9 2,761 (1,218) 1,543 Software License Fees 3 853 (126) 727 Total $ 288,706 $ (7,546) $ 281,160 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 for each of the years ended December 31, 2020 and 2019 was $1.0 million and $0.9 million, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of December 31, 2020 is as follows (in thousands): 2021 $ 1,115 2022 1,112 2023 848 2024 179 2025 179 Thereafter 714 $ 4,147

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments 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 year ended December 31, 2020, the Company made certain investments in three small businesses totaling $2.8 million and an additional $0.4 million investment in an existing investee. There were no impairment charges or fair value adjustments recorded for the year ended December 31, 2020. During the year ended December 31, 2019 approximately $0.3 million of a convertible note receivable previously outstanding at December 31, 2018 converted into an investment. Additionally, the Company made a non-cash investment in a small business totaling $2.0 million. The investments represent minority ownership positions and are considered equity investments accounted for as equity securities under ASC 825, Financial Instruments. These transactions were recorded as investments in the Company's Consolidated Balance Sheet as of December 31, 2019. During the year ended December 31, 2019, one of our equity investments was not meeting performance targets and was not in alignment with our strategic goals. In the fourth quarter of 2019, when we began the process to sell this cost-based investment, it was determined that the fair value of the investment had declined to below our carrying value. Therefore, in the fourth quarter of 2019, we recognized an impairment charge of $0.6 million. Subsequent to the impairment charge we sold this equity investment for its fair value of $2.9 million for cash and recognized no gain or loss on the sale.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): December 31, December 31, 2023 Notes $ 273,416 $ 278,148 Term Loans 272,381 282,332 Debt before deferred financing costs 545,797 560,480 Deferred financing costs (2,369) (3,840) Total debt 543,428 556,640 Less: current portion of long-term debt — (9,929) Total long-term debt (1) $ 543,428 $ 546,711 (1) See Note 17, Subsequent Events, in our Notes to Consolidated Financial Statements for further information for debt-related matters that occurred subsequent to December 31, 2020. On April 1, 2015, the Company issued $300.0 million in aggregate principal amount of its 6.5% Unsecured Senior Notes due in 2023 (the “2023 Notes”) and entered into a Senior Secured Credit Facility, which includes a seven year, $275.0 million term loan facility (together with the incremental term loans described below the “Term Loans”) and a five year, $50.0 million revolving credit facility (the “Revolving Credit Facility”). Borrowings are guaranteed by each of the Company’s direct and indirect subsidiaries, and subject to certain exceptions, are secured by substantially all of the tangible and intangible assets of the Company and its subsidiaries. On September 1, 2015, the Company issued incremental term loans of $45.0 million under the Senior Secured Credit Facility. During the year ended December 31, 2020, the Company voluntarily repurchased $4.7 million of its 2023 Notes at a market price below par, plus accrued interest and recognized a gain of $1.2 million. The Company wrote-off approximately $0.1 million of unamortized deferred financing costs in connection with the voluntary repurchase of its 2023 Notes. The repurchased notes were canceled by the Company. During each of the years ended December 31, 2018 and 2016, the Company voluntarily repurchased $1.9 million and $19.9 million, respectively, of the 2023 Notes at then market prices below par, plus accrued interest. The 2023 Notes mature on April 1, 2023, with interest payable on April 1 and October 1 of each year. Prior to maturity, the Company may redeem all or part of the 2023 Notes at specified redemption premiums as set forth in the indenture, together with any accrued and unpaid interest thereon. Additionally, if the Company experiences certain change of control events, holders of the 2023 Notes may require the Company to repurchase all or part of their notes at 101% of the principal amount thereof. The 2023 Notes rank equally with all of the Company’s existing and future senior debt, are senior to all of the Company’s existing and future subordinated debt, and are guaranteed on a senior basis by certain of the Company’s direct and indirect wholly-owned subsidiaries. The 2023 Notes indenture contains restrictive covenants that limit the ability of the Company and its subsidiaries to, among other things, incur additional debt or issue preferred stock; create liens; create restrictions on the Company’s subsidiaries’ ability to make payments to the Company; pay dividends and make other distributions in respect of the Company’s and its subsidiaries’ capital stock; make certain investments or certain other restricted payments; guarantee indebtedness; designate unrestricted subsidiaries; sell certain kinds of assets; enter into certain types of transactions with affiliates; and effect mergers and consolidations. As of December 31, 2020, the interest rate on the Term Loans was 4.00%. 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 Revolving Credit Facility also carries an unused commitment fee equal to 0.50% per annum. As of December 31, 2020, the Company had no outstanding borrowings under the Revolving Credit Facility. On April 30, 2019, the Company amended its Senior Secured Credit Facility to, among other things, extend the maturity date of the existing Revolving Credit Facility by two years to April 1, 2022, coterminous with the Term Loans maturity date (with a springing maturity six months inside of the maturity date of the Term Loans) and to amend certain asset sale provisions. The Term Loans mature on April 1, 2022. In connection with the amendment, the Company incurred financing costs of $0.4 million which are being amortized over the term of the revolving credit facility. 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). Based on the results of operations for the year ended December 31, 2019 we were required to make an excess free cash flow payment of $9.9 million. The payment was made on June 15, 2020. 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. As a result of our borrowing of $50.0 million on March 17, 2020 under the Revolving Credit Facility, we became subject to this requirement. 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. The Company was in compliance with its covenants under the 2023 Notes indenture and the Senior Secured Credit Facility as of December 31, 2020. As of December 31, 2020 and 2019, based on available market information, the estimated fair value of the 2023 Notes was $278.2 million and $279.5 million, respectively, and $272.4 million and $283.4 million, respectively, for the Term Loans. 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 December 31, 2020 are as follows (in thousands): 2021 $ — 2022 — 2023 272,381 2024 273,416 2025 — Thereafter — $ 545,797

Lease and Other Commitments

Lease and Other Commitments	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease and Other Commitments	Lease and Other Commitments Our lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088, 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. In several cases, we have lease arrangements where the lease payment is based upon the consumer price index. Our lease agreements generally do not contain guarantees of the residual value at the end of the lease term or restrictive financial or other covenants. Total rental expense, including costs incurred for live events such as venue and equipment rentals, for our operating leases was $12.0 million and $14.5 million for the years ended December 31, 2020 and 2019, respectively, and is included in Income from continuing operations. During the year ended December 31, 2020, the Company recognized $0.7 million in accelerated rent related to a facility in Princeton, NJ in connection with consolidating operations within the market. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5-year renewal periods. The Company pays $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the prepaid rent asset and deferred gain, including the current portion of $0.2 million, as of December 31, 2020 and 2019 were $6.2 million and $6.4 million, respectively. The Company will continue to amortize these balances over the remaining lease term. Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2020 December 31, 2019 Finance Leases 3.29 years 4.31 years Operating leases 7.54 years 7.75 years Weighted Average Discount Rate Finance Leases 6.15% 7.06% Operating leases 7.02% 7.34% Maturities of lease liabilities for operating leases are as follows as of December 31, 2020 (in thousands): 2021 $ 10,161 2022 9,415 2023 8,375 2024 7,007 2025 5,801 Thereafter 19,431 Total operating lease payments 60,189 Less: imputed interest (14,209) Add: deferred gain sale leaseback transaction 6,197 Total $ 52,178 Maturities of lease liabilities for financing leases are as follows as of December 31, 2020 (in thousands): 2021 $ 72 2022 71 2023 39 2024 24 2025 8 Thereafter — Total financing lease payments 214 Less: imputed interest (20) Total $ 194 The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended Year Ended Operating lease cost $ 11,035 $ 11,516 Short-term lease cost $ 70 57 Variable lease cost $ 6 6 Total lease cost $ 11,111 $ 11,579 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. (“Nielsen”), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of December 31, 2020 is approximately $1.6 million and is expected to be paid in accordance with the agreements through September 2021. In addition, the Company has aggregate commitments of $6.4 million for a business management platform through 2023. Future expected payments under these agreements as of December 31, 2020 are as follows (in thousands): 2021 $ 3,694 2022 2,147 2023 2,188 2024 — 2025 — Thereafter — Total purchase obligations $ 8,029
Lease and Other Commitments	Lease and Other Commitments Our lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088, 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. In several cases, we have lease arrangements where the lease payment is based upon the consumer price index. Our lease agreements generally do not contain guarantees of the residual value at the end of the lease term or restrictive financial or other covenants. Total rental expense, including costs incurred for live events such as venue and equipment rentals, for our operating leases was $12.0 million and $14.5 million for the years ended December 31, 2020 and 2019, respectively, and is included in Income from continuing operations. During the year ended December 31, 2020, the Company recognized $0.7 million in accelerated rent related to a facility in Princeton, NJ in connection with consolidating operations within the market. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5-year renewal periods. The Company pays $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the prepaid rent asset and deferred gain, including the current portion of $0.2 million, as of December 31, 2020 and 2019 were $6.2 million and $6.4 million, respectively. The Company will continue to amortize these balances over the remaining lease term. Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2020 December 31, 2019 Finance Leases 3.29 years 4.31 years Operating leases 7.54 years 7.75 years Weighted Average Discount Rate Finance Leases 6.15% 7.06% Operating leases 7.02% 7.34% Maturities of lease liabilities for operating leases are as follows as of December 31, 2020 (in thousands): 2021 $ 10,161 2022 9,415 2023 8,375 2024 7,007 2025 5,801 Thereafter 19,431 Total operating lease payments 60,189 Less: imputed interest (14,209) Add: deferred gain sale leaseback transaction 6,197 Total $ 52,178 Maturities of lease liabilities for financing leases are as follows as of December 31, 2020 (in thousands): 2021 $ 72 2022 71 2023 39 2024 24 2025 8 Thereafter — Total financing lease payments 214 Less: imputed interest (20) Total $ 194 The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended Year Ended Operating lease cost $ 11,035 $ 11,516 Short-term lease cost $ 70 57 Variable lease cost $ 6 6 Total lease cost $ 11,111 $ 11,579 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. (“Nielsen”), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of December 31, 2020 is approximately $1.6 million and is expected to be paid in accordance with the agreements through September 2021. In addition, the Company has aggregate commitments of $6.4 million for a business management platform through 2023. Future expected payments under these agreements as of December 31, 2020 are as follows (in thousands): 2021 $ 3,694 2022 2,147 2023 2,188 2024 — 2025 — Thereafter — Total purchase obligations $ 8,029

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax benefit from continuing operations for the years ended December 31, 2020 and 2019 consisted of the following (in thousands): December 31, December 31, Current income tax expense State $ 348 $ 464 Total current income tax expense $ 348 $ 464 Deferred tax benefit Federal $ (20,205) $ (12,323) State (4,001) (2,705) Total deferred income tax benefit (24,206) (15,028) Total income tax benefit $ (23,858) $ (14,564) Total income tax (benefit) expense from continuing operations differed from the amount computed by applying the federal statutory tax rate of 21% for the years ended December 31, 2020 and 2019, due to the following (in thousands): December 31, December 31, Pretax income at federal statutory rate $ (21,926) $ (15,154) State income tax expense, net federal expense (4,584) (2,827) Non-deductible items 272 581 Goodwill impairment — 1,726 Adjustment of prior year deferred taxes 836 249 Change in valuation allowance 1,552 953 Other items (8) (92) Total benefit for income taxes $ (23,858) $ (14,564) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2020 and 2019 are presented below (in thousands): 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 1,812 $ 668 Accrued expenses and other current liabilities 534 262 Stock-based compensation 3,670 3,648 Property and equipment 2,011 1,767 Interest expense 7,579 4,816 Operating lease obligations 13,406 13,508 Deferred revenue — 100 Noncurrent liabilities 4,623 1,020 Net operating loss and credit carryforwards 59,460 56,771 Foreign tax credits 385 385 93,480 82,945 Less: valuation allowance (55,438) (53,886) Deferred tax assets 38,042 29,059 Deferred tax liabilities: Intangible assets 34,228 49,067 Operating lease right of use assets 12,407 12,778 Software development costs 1,733 1,561 Deferred tax liabilities 48,368 63,406 Net deferred tax liabilities $ (10,326) $ (34,347) As of December 31, 2020, the Company has federal net operating loss carryforwards of approximately $167.6 million available to offset future income which will expire in the years 2021 through 2037, of which $36.9 million have an indefinite life. Approximately $50.4 million is applicable to Townsquare Radio, Inc. and can only be utilized against its future earnings (subject to further limitations under Section 382 of the Internal Revenue Code), and $80.3 million applicable to post IPO operations of the Company and can be utilized against future earnings without limitation through 2037. The Company has approximately $56.2 million of capital loss carryforwards which can be utilized through 2023. Additionally, the Company has various amounts of state net operating loss carry forwards expiring through 2040. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment. At December 31, 2020 and 2019, management believes it is not more likely than not that the Company will realize the benefits of these deductible differences. The increase in the valuation allowance of $1.6 million and $1.0 million during the December 31, 2020 and 2019 periods, respectively, is primarily due to managements conclusion in the period that an additional portion of the deferred tax assets will more than likely not be realized. The Company has not recorded any unrecognized tax benefits as of December 31, 2020 and December 31, 2019. It is not expected that unrecognized tax benefits will materially change in the next 12 months.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below presents a summary, as of December 31, 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 14,436,065 One vote per share. Class B common stock $0.01 50,000,000 2,966,669 10 votes per share. 2 Class C common stock $0.01 50,000,000 1,636,341 No votes. 2 Warrants 8,977,676 Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898. 3 Total 400,000,000 28,016,751 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 306,177 shares of restricted Class A common stock, subject to vesting terms, but exclude 6,120,896 of Class A common stock and 5,113,182 of Class B common stock issuable upon exercise of stock options, which options have an exercise price of between $4.79 and $9.63 per share. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock. Dividend Rights Each holder of shares of our common stock will be entitled to receive equally, on a per share basis, such dividends and other distributions in cash, securities or other property of the Company as may be declared thereon by our Board of Directors from time to time out of assets or funds of the Company legally available therefor; provided, however, that in the event that such dividend is paid in the form of shares of common stock or rights to acquire common stock, the holders of Class A common stock shall receive Class A common stock or rights to acquire Class A common stock, as the case may be, the holders of Class B common stock shall receive Class B common stock or rights to acquire Class B common stock, as the case may be, and the holders of Class C common stock shall receive Class C common stock or rights to acquire Class C common stock, as the case may be. Following the economic circumstances and uncertainty created by the COVID-19 pandemic, our board of directors has determined to cease payment of quarterly cash dividends. Any future determination to pay dividends will be at the discretion of our board of directors. If we declare or pay a dividend or make any other distribution upon shares of our common stock, except for a dividend payable in common stock, then each warrant holder shall be entitled to, at the time of the dividend, the amount which would have been paid to each warrant holder based on the shares of common stock each warrant holder would have held had the warrants been fully exercised immediately prior to the date on which a dividend is paid. Other Rights Each holder of common stock is subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock that we may designate and issue in the future. Liquidation Rights If our company is involved in a consolidation, merger, recapitalization, reorganization, or similar event, each holder of common stock will participate pro rata in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. Equal Status Except as expressly provided in our certificate of incorporation, the Class A common stock, Class B common stock and Class C common stock shall have the same rights and privileges and rank equally, share ratably and be identical in all respects as to all matters. Without limiting the generality of the foregoing, (i) in the event of a merger or consolidation requiring the approval of the holders of the Company’s common stock entitled to vote thereon (whether or not the Company is the surviving entity), the holders of each class of common stock have the right to receive, or the right to elect to receive, the same form and amount of consideration, if any, as the holders of each other class of common stock on a per share basis, and (ii) in the event of (x) any tender or exchange offer to acquire any shares of common stock by any third party pursuant to an agreement to which the Company is a party or (y) any tender or exchange offer by the Company to acquire any shares of common stock, pursuant to the terms of the applicable tender or exchange offer, the holders of each class of common stock shall have the right to receive, or the right to elect to receive, the same form and amount of consideration on a per share basis as the holders of each other class of common stock provided, that if the consideration to be received by the holders of common stock in connection with any such transaction is in the form of shares of stock of the surviving or resulting corporation (or any parent corporation), such shares received by the holders of Class A common stock, Class B common stock or Class C common stock may have varying voting powers or other rights as are equivalent to those of the Class A common stock, Class B common stock and Class C common stock, respectively. Holders of shares of Class A common stock, Class B common stock and Class C common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law. Each holder of the Company’s Class A common stock is entitled to one vote per share on each matter submitted to a vote of stockholders. The Company’s Class A common stock is neither convertible nor redeemable. Each holder of the Company’s Class B common stock is entitled to ten votes per share on each matter submitted to a vote of stockholders. The Company’s Class B common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. Holders of shares of Class C common stock are not entitled to any voting rights with respect to such shares. The Company’s Class C common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. On January 31, 2017, the Company issued 48,035 shares of Class A common stock as a portion of the consideration in its acquisition of an interest in a joint venture. On November 13, 2019, the Company repurchased 50,000 shares of Class A common stock from its Chief Executive Officer in order to assist with a 2019 tax obligation that was incurred upon the vesting of 100,000 shares of Class A common stock of the Company that were previously issued to him. The shares were repurchased at a price of $8.00 per share. The Company’s common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. Unless the Company's board of directors determines otherwise, we will issue all of our capital stock in uncertificated form. Stock-based Compensation The Company’s 2014 Omnibus Incentive Plan (the “2014 Incentive Plan”) provides grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting or advisory services for the Company, are eligible for grants under the 2014 Incentive Plan. The purpose of the 2014 Incentive Plan is to provide incentives that will attract, retain and motivate high performing officers, directors, employees and consultants by providing them with appropriate incentives and rewards either through a proprietary interest in our long-term success or compensation based on their performance in fulfilling their personal responsibilities. The aggregate number of shares of common stock which may be issued or used for reference purposes under the 2014 Incentive Plan or with respect to which awards may be granted may not exceed 12,000,000 shares. As of December 31, 2020, 162,233 shares were available for grant. Stock Options : During the year ended December 31, 2020, the Company granted 2,181,041 options with grant date fair values of $2.36 and $3.15. The option grants have a four year vesting period of 25% each year with a ten-year term. The grant date fair value of the stock options is estimated using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the expected volatility of the Company’s common stock price, dividend yield and the risk-free interest rate. The below table summarizes the assumptions used to estimate the fair value of the equity options granted: 2020 2019 Expected volatility 50.0 % 40.0 % Expected term 6.25 years 6.33 years Risk free interest rate 0.66 % 2.0 % Expected dividend yield 0.0 % 5.2 % The expected term was calculated using the simplified method, defined as the midpoint between the vesting period and the contractual term of each award. The expected volatility was based on market conditions of the Company and comparable companies. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the expected term of the option. 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. The following table summarizes stock option activity for the years ended December 31, 2020 and 2019: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 9,688,424 $ 9.50 6.11 $ — Granted 6,500 5.25 Exercised — — Forfeited and expired (479,399) 7.71 Outstanding at December 31, 2019 9,215,525 $ 8.26 5.21 $ 15,764 Granted 2,181,041 6.50 Exercised (5,646) 8.74 $ 6 Forfeited and expired (156,842) 8.16 Outstanding at December 31, 2020 11,234,078 $ 7.92 4.99 $ 1,062 Exercisable at December 31, 2020 7,723,037 $ 8.57 3.13 $ 258 The weighted average grant date fair value of options granted during 2019 was $1.30 per share. These options were subsequently forfeited in the fourth quarter of 2019. The aggregate intrinsic value in the table above represents the difference between the exercise price of the underlying options and the market price of the Company’s common stock on for the options that were in-the-money. The maximum contractual term of stock options is 10 years. Restricted Stock : During the years ended December 31, 2020 and 2019, 71,362 shares and 67,026 shares, respectively of restricted Class A common stock shares were issued under the 2014 Incentive Plan. These awards have weighted-average grant date fair values of $6.98 and $7.46 for the years ended December 31, 2020 and 2019, respectively. During the twelve months ended December 31, 2020, 150,248 shares of restricted stock vested which had a weighted average grant date fair value of $6.86. As of December 31, 2020, there were 306,177 shares of restricted Class A common stock outstanding with a weighted average grant date fair value per share of $6.55. The fair value of the restricted stock is equal to the closing share price on the date of grant. The vesting term of shares of restricted stock vary from 1 to 5 years. For the years ended December 31, 2020 and 2019, the Company recognized approximately $2.1 million and $2.6 million, respectively, of stock-based compensation expense with respect to the options and shares of restricted stock granted. As of December 31, 2020, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $8.1 million and $1.5 million, respectively, and is expected to be recognized over a weighted average period of 3.6 and 1.4 years, respectively.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Net Loss Per Common 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 Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Although these Warrants are subject to restrictions on exercise, they participate in the undistributed earnings of the Company and therefore, our presentation reflects the two-class method. The calculation of basic and diluted EPS for the years ended December 31, 2020 and 2019, was as follows (in thousands, except per share data): Year Ended 2020 2019 Numerator: Net loss $ (80,551) $ (65,654) Net income from non-controlling interest $ 1,919 $ 2,109 Net loss attributable to controlling interest $ (82,470) $ (67,763) Net loss from continuing operations $ (80,551) $ (57,504) Net income from continuing operations attributable to non-controlling interest 1,919 2,109 Net loss from continuing operations attributable to controlling interest $ (82,470) $ (59,613) Net loss from discontinued operations, net of tax $ — $ (8,150) Denominator: Weighted average shares of common stock outstanding 18,647 18,549 Weighted average shares of participating securities outstanding 8,978 8,978 Total weighted average basic shares outstanding 27,625 27,527 Effect of dilutive common stock equivalents — — Weighted average diluted common shares outstanding 18,647 18,549 Basic (loss) income per share: Continuing operations attributable to common shares $ (4.46) $ (3.36) Continuing operations attributable to participating shares $ 0.08 $ 0.30 Discontinued operations attributable to common shares $ — $ (0.44) Discontinued operations attributable to participating shares $ — $ — Diluted loss per share: Continuing operations $ (4.46) $ (3.36) Discontinued operations $ — $ (0.44) The Company had the following dilutive securities that were not included in the computations of diluted net income per share as they were considered anti-dilutive (in thousands): Year Ended 2020 2019 Warrants 8,978 8,978 Stock options 11,234 9,216 Restricted Stock 306 24

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are organized internally by type of products and services provided. Operating segments include components for which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”), identified as the Company's CEO, Bill Wilson, in deciding how to allocate resources and in assessing the Company's performance. 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 subscription 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 impairments of investments. The following table presents the Company's reportable segment information for the year ended December 31, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 298,499 $ 70,360 $ 2,479 $ — $ 371,338 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 230,849 49,259 2,239 — 282,347 Depreciation and amortization 14,303 529 438 4,837 20,107 Corporate expenses — — — 26,885 26,885 Stock-based compensation 145 90 9 1,840 2,084 Transaction costs — — — 2,653 2,653 Business realignment costs — — 304 2,785 3,089 Impairment of investments, long-lived and intangible assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 83 83 Operating (loss) income $ (55,281) $ 20,482 $ (1,086) $ (39,083) $ (74,968) The following table presents the Company's reportable segment information for the year ended December 31, 2019, (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 352,814 $ 61,517 $ 17,077 $ — $ 431,408 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 244,322 42,351 13,752 — 300,425 Depreciation and amortization 10,920 509 544 13,863 25,836 Corporate expenses — — — 28,599 28,599 Stock-based compensation 221 106 29 2,236 2,592 Transaction costs — — — 1,518 1,518 Business realignment costs — — — 166 166 Impairment of goodwill 69,034 — — — 69,034 Impairment of investments, long-lived, and intangible assets 39,588 — — 693 40,281 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ (11,271) $ 18,551 $ 2,752 $ (47,167) $ (37,135)

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 Chairman of Townsquare’s Board of Directors. Under the agreement, the Company provides certain professional and administrative services including, IT, accounting and human resources support business development and engineering and consulting services. The Company receives a monthly service fee of $5,000, and any direct expenses, as applicable. During the year ended December 31, 2020 and 2019, the Company received payments in the aggregate of $0.1 million and $0.2 million related to services provided under the terms of the agreement, respectively.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) (in thousands, except per share data) 2020 Quarter Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, Net revenue (1) $ 93,433 $ 74,055 $ 95,356 $ 108,494 Operating (loss) income (2) (72,111) (33,655) 9,535 21,263 Net (loss) income from continuing operations $ (59,577) $ (26,822) 1,311 $ 4,537 Net (loss) income $ (59,577) $ (26,822) $ 1,311 $ 4,537 Basic income (loss) per share: (3) Continuing operations attributable to common shares $ (3.27) $ (1.46) $ 0.03 $ 0.15 Continuing operations attributable to participating shares $ 0.08 $ — $ 0.03 $ 0.15 Diluted income (loss) per share: (3) Continuing operations (3.27) $ (1.46) $ 0.03 0.15 2019 Quarter Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, Net revenue $ 93,682 $ 113,088 $ 112,561 $ 112,077 Operating income (loss) (4) 11,923 22,183 20,183 (91,424) Net income (loss) from continuing operations 2,384 9,851 8,502 (78,241) Net (loss) income from discontinued operations, net of tax (6,962) 84 (1,234) (38) Net (loss) income $ (4,578) $ 9,935 $ 7,268 $ (78,279) Basic income (loss) per share: (3) Continuing operations attributable to common shares $ 0.07 $ 0.34 $ 0.29 $ (4.28) Continuing operations attributable to participating shares $ 0.07 $ 0.34 $ 0.29 $ 0.07 Discontinued operations attributable to common shares $ (0.38) $ — $ (0.04) $ — Discontinued operations attributable to participating shares $ — $ — $ (0.04) $ — Diluted income (loss) per share: (3) Continuing operations $ 0.07 $ 0.34 $ 0.29 $ (4.28) Discontinued operations $ (0.25) $ — $ (0.04) $ — (1) 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. Additionally, the Company canceled nearly all scheduled live events beginning in March 2020. During the second half of 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. (2) Declines in forecasted traditional broadcast revenue in the markets we operate in contributed to impairments to the carrying values of our FCC license intangible assets of $78.4 million during the three months ended March 31, 2020 in 35 of our 67 local markets. The Company realized an additional impairment charge of $78.4 million in 46 of our 67 local markets 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. (3) Basic and diluted income (loss) per share is computed independently for each quarter presented. Therefore, the sum of the quarters may not necessarily equal the total for the year. (4) In connection with our 2019 annual goodwill impairment assessment, we determined that the carrying value of our Local Advertising reporting unit exceeded its fair value as of our impairment assessment date, primarily as a result of traditional broadcast operations comprising a standalone reporting unit. Prior to our change in reportable operating segments in 2019, the results of our traditional broadcast operations were aggregated with our digital advertising products and solutions, including Townsquare Interactive and Townsquare Ignite for the purposes of our annual goodwill impairment test. As a result, we recognized an aggregate $69.0 million non-cash goodwill impairment charge related to the local advertising businesses reporting unit in the fourth quarter of 2019. For the year ended December 31, 2019 we incurred impairment charges of $39.4 million, for FCC licenses in 34 of our 67 local markets.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2021 Financing Transactions On January 6, 2021, the Company, completed the private offering and sale of $550.0 million aggregate principal amount of 6.875% senior secured notes due 2026 (the “2026 Notes”) at an issue price of 100.0%. The net proceeds from the 2026 Notes, together with cash on hand, were used to repay borrowings under the Senior Secured Credit Facility and to redeem all of the outstanding 2023 Notes on January 14, 2021, and to pay the premium, fees and expenses related thereto. The 2026 Notes bear interest at a rate of 6.875% and mature on February 1, 2026. Interest is payable on the 2026 Notes semi-annually on February 1 and August 1 of each year, commencing on August 1, 2021. The 2026 Notes rank equally with all of the Company’s future senior debt, are senior to all of the Company’s future subordinated debt and any future junior lien indebtedness and unsecured indebtedness of the Company or guarantors. Obligations under the 2026 Notes and Borrowings are guaranteed by each of the Company’s direct and indirect subsidiaries, and subject to certain exceptions, are secured by substantially all of the tangible and intangible assets of the Company and its subsidiaries. The 2026 Notes and the related guarantees are structurally subordinated to any existing and future indebtedness, other liabilities and preferred stock of the Company’s subsidiaries that do not guarantee the 2026 Notes. At any time prior to February 1, 2023, the Company may redeem the 2026 Notes in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the 2026 Notes plus an “applicable premium,” as set forth in the 2026 Notes indenture and accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after February 1, 2023, the Company may redeem the 2026 Notes at the redemption prices set forth in the 2026 Notes indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time prior to February 1, 2023, the Company may redeem up to 40% of the aggregate principal amount of the 2026 Notes with the net cash proceeds of one or more equity offerings, at a price equal to 106.875% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company experiences certain change of control events, holders of the 2026 Notes may require it to repurchase all or part of their New Notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The Company intends to enter into a new senior secured asset-based revolving credit facility (any such facility, the “New ABL Facility”). The Company intends to use the New ABL Facility to finance the working capital needs and other general corporate purposes of the Company and its subsidiaries. There can be no assurance that the Company will be able to negotiate a definitive agreement or that it will be able to close the New ABL Facility. If the Company enters into any New ABL Facility, from and after the entry into any such New ABL Facility, the 2026 Notes and the related guarantees will be secured on a first priority basis. The 2026 Notes indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: incur additional indebtedness; declare or pay dividends, redeem stock or make other distributions to stockholders; make investments; create liens or use assets as security in other transactions; merge or consolidate, or sell, transfer, lease or dispose of substantially all of their assets; enter into transactions with affiliates; sell or transfer certain assets; and agree to certain restrictions on the ability of restricted subsidiaries to make payments to the Company. Certain of these covenants will be suspended if the 2026 Notes are assigned an investment grade rating by Standard & Poor’s Investors Ratings Services, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. and no event of default has occurred and is continuing. Stock Repurchase Agreement On January 24, 2021, the Company entered into a stock repurchase agreement with certain affiliates of Oaktree Capital Management L.P. (“Oaktree”) to repurchase 606,484 shares of the Company’s Class A common stock, par value $0.01 per shares, 2,151,373 shares of the Company’s Class B common stock, par value $0.01 per share, and 7,242,143 warrants to purchase Class A Common Stock, or such greater number of securities as the Company may elect. On March 9, 2021, the repurchase was consummated and the Company elected to repurchase all of the outstanding securities held by Oaktree, including 1,595,224 shares of Class A Common Stock, 2,151,373 shares of Class B Common Stock and 8,814,980 warrants for an aggregate purchase price of $80.4 million, or $6.40 per security. In connection with the closing under the stock repurchase agreement, on March 8, 2021, the Company and Oaktree entered into a settlement agreement (the “Settlement Agreement”), pursuant to which, among other things, the Company agreed to pay $4.5 million to Oaktree as follows: (i) $1.5 million on April 1, 2021; (ii) $1.0 million on July 1, 2021; (iii) $1.0 million on October 1, 2021; and (iv) $1.0 million on November 10, 2021. The Settlement Agreement also includes customary mutual releases from claims, demands, and damages related to the stock repurchase agreement. Amendment to 2014 Incentive Plan On January 25, 2021, the Board of Directors determined that it was in the best interests of the Company and its stockholders to amend the Company’s 2014 Omnibus Incentive Plan to increase the number of shares of common stock available for grant under the 2014 Incentive Plan from 12,000,000 shares to 27,000,000 shares (the “Amendment”). Subsequently, on January 25, 2021, the Board of Directors submitted the Amendment to certain stockholders affiliated with Oaktree for approval. By written consent delivered to the Company on January 27, 2021, the Oaktree-affiliated stockholders, representing approximately 52.4% of the voting power of the Company, approved the Amendment.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule II - Valuation and Qualifying Accounts	Fiscal Year Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year Allowance for doubtful accounts 2020 $ 2,604 $ 6,970 $ (2,523) $ 7,051 2019 $ 3,314 $ 2,223 $ (2,933) $ 2,604

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation : The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries that it controls. All intercompany accounts and transactions have been eliminated in consolidation.
Discontinued Operations Presentation	Discontinued Operations Presentation : Due to the Company's decision in March of 2019 to exit and subsequently sell its Music Festivals business, the Company has reported the results of the Music Festivals within discontinued operations, net of taxes in the Company's Consolidated Financial Statements for the year ended December 31, 2020 and 2019. See Note 5, Divestitures and Discontinued Operations , for further discussion.
Use of Estimates	Use of Estimates : The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include 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, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes.
Concentrations of Credit Risk	Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The credit risk is limited due to the large number of customers comprising the Company’s customer base and their dispersion across several different geographic areas of the country. No single customer accounts for more than approximately 1% of revenue for the years ended December 31, 2020 and 2019.
Cash and cash equivalents	Cash and cash equivalents: The Company maintains its cash balances principally at large financial institutions throughout the United States. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation. Balances in these accounts may at times exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents.
Restricted cash	Restricted cash: Restricted cash includes the collateral account for the Company’s corporate credit cards and a stand-by letter of credit issued in favor of a landlord for one of our leases, and are classified in non-current assets in the Consolidated Balance Sheets. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts : Accounts receivable are recorded at the invoiced amount and are reduced by a valuation allowance that reflects management’s best estimate of the accounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance including historical data, collection experience, customer types, creditworthiness and economic trends. From time to time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability. Account balances are charged off against the allowance when it is probable the receivable will not be recovered.
Property and Equipment	Property and Equipment : Property and equipment are recorded at cost and depreciated over their estimated useful life. Property and equipment acquired in a business combination are recorded at their estimated fair value at the date of acquisition under the acquisition method of accounting. Major additions or improvements are capitalized, while repairs and maintenance are charged to expense. Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for depreciation are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 20 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 2 years Leasehold improvements Shorter of the useful life or remaining term of lease The above depreciable lives are used for new property and equipment. Used property and equipment may have a useful life that is less than that of an acquired fixed asset that is new, depending on its condition. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and any loss or gain is recognized in net loss (gain) on sale and retirement of assets in the Consolidated Statements of Operations.
Software Development Costs	Software Development Costs : In accordance with Accounting Standards Codification (“ASC”) Topic 350, Internally Developed Software, we incurred and capitalized software development costs of $4.7 million during each of the years ended December 31, 2020 and 2019. Certain costs incurred for software development during the application development stage are capitalized while costs incurred during the preliminary and post-implementation stages are expensed in the period incurred. Capitalized costs are amortized over the project’s estimated useful life. Software development costs consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the development and localization of products and services.
Acquisitions and Business Combinations	Acquisitions and Business Combinations : The Company accounts for its business acquisitions under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations . The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amounts assigned to identifiable intangible assets. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items.
Intangible Assets	Intangible Assets : Intangible assets consist principally of Federal Communication Commission (“FCC”) broadcast licenses and other definite-lived intangible assets. FCC licenses, which have been recorded at their estimated fair value as of the date of acquisition, have an indefinite useful life and therefore are not amortized. The fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Costs associated with other definite-lived intangible assets are being amortized using the straight-line method over their estimated remaining useful lives, which range from 3 to 11 years, as of December 31, 2020. We utilized a discounted cashflow method to perform our impairment test. Under this method, the income that is attributable to each FCC license is isolated and is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and assumes that the only asset of the hypothetical start-up business is the license. It is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The cash flows generated in the greenfield method are presumed to emanate from the one asset, or the FCC license, that exists at time zero. This cash flow stream is discounted to arrive at a value for the FCC license. The key assumptions using the greenfield method are market revenue growth rates, market share, profit margin and duration and profile of the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC license within a market. The projections incorporated into our license valuations take into consideration the then current economic conditions. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. Below are some of the key assumptions used in our 2020 impairment assessments: December 31, 2020 Discount Rate 10.4% - 11.4% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.6 % 96.0 % Operating Profit Margin 18.0 % 48.0 % Below are some of the key assumptions used in our 2019 annual impairment assessments: December 31, 2019 Discount Rate 11.0% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 13.3 % 91.7 % Operating Profit Margin 20.0 % 50.0 % * Excludes markets that Company results and forecasts were inputs into the valuation due to lack of reliable third party data where mature market share was estimated at 100%. Based on the results of the Company’s annual impairment evaluation of its FCC licenses performed at December 31, 2020, no impairment charges were incurred during the fourth quarter of 2020. Based upon interim impairment evaluations of our FCC licenses performed at June 30, 2020 and March 31, 2020, we incurred impairment charges 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. For the year ended December 31, 2019 we incurred impairment charges of $39.4 million, for FCC licenses in 34 of our 67 local markets. Charges related to the impairment of the Company’s FCC licenses are included in our Advertising segment results. Assumptions used to estimate the fair value of our FCC licenses are dependent upon the expected performance and growth of our traditional broadcast operations. In the event our broadcast revenues experience
Goodwill	Goodwill : The acquisition method of accounting requires that the excess of purchase price paid over the estimated fair value of identifiable tangible and intangible net assets of acquired businesses be recorded as goodwill. Under the provisions of ASC Topic 350, Intangibles-Goodwill and Other, goodwill is not amortized, but is reviewed for impairment at least on an annual basis at December 31, or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has determined appropriate reporting units. The most significant reporting is comprised of the components representing the local advertising businesses of all geographic markets, “Local Advertising”, which are aggregated into one reporting unit for testing. Our other reporting units include: (i) national digital assets, “National Digital”, which consists of music and entertainment focused national websites, (ii) Townsquare Ignite, our digital programmatic advertising platform, (iii) Analytical Services, which is an attribution and analytics platform dedicated to tracking broadcast media, (iv) Townsquare Interactive, which is our subscription based digital marketing solutions offered to small and mid-sized local and regional business, and (v) Live Events, which includes the operations of our national events including other expos, lifestyle and active events which occur outside of our 67 distinct markets. Recoverability of goodwill is evaluated by comparison of the fair value of a reporting unit with its carrying value. For purposes of testing the carrying value of the Company's goodwill for impairment, the fair value of goodwill for each reporting unit contains significant assumptions incorporating variables that are based on past experiences and judgments about future performance using industry information. These variables would include, but are not limited to: (1) forecasted revenue growth rates; (2) profit margin; (3) estimated capital expenditures and working capital requirements during the projection period; (4) risk-adjusted discount rate; and (5) expected growth rates in perpetuity to estimate terminal values. These variables are susceptible to changes in estimates, which could result in significant changes to the fair value of the goodwill. Impairment of goodwill is calculated by comparing the fair value as described above to the carrying value of goodwill. The Company also performs a reasonableness test on the fair value results for goodwill by comparing the carrying value of the Company’s assets to the Company’s enterprise value based on its market capitalization.
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 were based upon a combination of valuation analysis using observable inputs categorized as Level 2 and performing discounted cash flows analysis, using unobservable inputs categorized as Level 3 within the ASC 820 framework. 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. For the year ended December 31, 2020, the Company recorded no impairment charges. For the year ended December 31, 2019, the Company recorded impairment charges of $0.6 million. Impairment charges are included in caption Impairment of investments , in the Company’s Consolidated Statement of Operations.
Deferred Financing Costs	Deferred Financing Costs : Deferred financing costs related to the issuance of debt are capitalized and are amortized over the life of the instrument in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period (the interest method). The amortization of these costs is recorded as interest expense, net in the Consolidated Statements of Operations. Unamortized deferred financing costs as of December 31, 2020 and 2019 have been deducted from the long-term debt balance in the Consolidated Balance Sheets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: Long-lived assets (including property, equipment and intangible assets subject to amortization) to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset group may not be recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset group. If it were determined that the carrying amount of an asset was not recoverable, an impairment loss would be recorded. The Company determines the fair value of its long-lived assets based upon the market value of similar assets, if available, or independent appraisals, if necessary. Long-lived assets to be disposed of and/or held for sale are reported at the lower of carrying amount or fair value, less cost to sell. The fair value of assets held for sale is determined in the same manner as described for assets held and used.
Self-Insurance Liabilities	Self-Insurance Liabilities : The Company is self-insured for medical liability. In addition, the Company has stop loss coverage in excess of certain defined limits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, severity factors and other assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred.
Revenue Recognition	Revenue Recognition : Broadcast revenue for commercial broadcasting advertisements is recognized when the commercial is broadcast. 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. Digital marketing solutions revenue, under the brand name Townsquare Interactive, is recognized as a contract liability until the terms of a customer contract are satisfied, which generally occurs with the transfer of control as the Company satisfies its contractual performance obligation over time. Digital revenue is derived primarily from the sale of internet-based advertising campaigns to local and national advertisers and is recognized over the duration of the campaigns. Live events revenue and other non-broadcast advertising revenue are recognized as events are conducted. Deferred revenue consists primarily of advance ticket sales on events scheduled to take place at dates in the future and digital subscriptions in which payment is received in advance of the service month. Barter Transactions
Leases	Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liability, net of current portion on our Consolidated Balance Sheets. Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. at the adoption date. ROU assets may also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Our lease arrangements may contain lease and non-lease components. We elected to combine lease and non-lease components. In determining the present value of the future lease payments, we consider only payments that are fixed and determinable at commencement date, including non-lease components. Variable components such as utilities and maintenance costs are expensed as incurred. As our leases do not provide an implicit rate, in determining the net present value of lease payments, management used judgment in order to estimate the appropriate incremental borrowing rate, which is the rate incurred to borrow equivalent funds on a collateralized basis over a similar term in a similar economic environment. Lease terms include periods under options to extend or terminate the lease when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. ROU assets for operating leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero.
Local Marketing Agreements	Local Marketing Agreements : At times, the Company enters into Local Marketing Agreements (“LMAs”), also known as Time Brokerage Agreements (“TBAs”). In a typical LMA, the licensee of a radio station makes available, for a fee, airtime on its radio station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. LMAs are subject to compliance with the antitrust laws and the Communications Act of 1934, as amended, and relevant FCC rules and published policies (“Communication Laws”), including the requirement that the licensee must maintain independent control over the radio station and, in particular, its personnel, content and finances. The FCC has held that such agreements do not violate the Communications Laws as long as the licensee of the radio station receiving content from another station maintains ultimate responsibility for, and control over radio station operations and otherwise ensures compliance with the Communications Laws.
Financial Instruments	Financial Instruments : ASC 825, Disclosures about Fair Value of Financial Instruments , requires the Company to disclose estimated fair values for its financial instruments. Management has reviewed its cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and has determined that their carrying values approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s long-term debt is disclosed in Note 9, Long-Term Debt.
Fair Value Measurements	Fair Value Measurements : ASC 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework under ASC 820 provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1: Inputs are quoted prices (unadjusted) in active markets for identified assets or liabilities that the Company has the ability to access at the measurement date. • Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets that are not active; and inputs other than quoted prices that are observable such as models. • Level 3: Inputs are unobservable inputs for the asset or liability. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Advertising and Promotion Costs	Advertising and Promotion Costs: Costs of media advertising (including barter) and associated production costs are expensed to direct operating expenses the first time the advertising takes place.
Income Taxes	Income Taxes : Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to offset future tax benefits that may not be realized. The Company follows the provisions of ASC Topic 740, Accounting for Income Taxes . ASC Topic 740 clarifies the accounting for uncertainties in income taxes recognized in an enterprise’s financial statements. ASC Topic 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on derecognition, classification, interest and penalties, disclosures and transition. As required by the uncertain tax position guidance in ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company’s policy is to recognize interest and penalties accrued on unrecognized tax benefits as part of income tax expense. The Company’s Federal income tax returns and various state tax returns remain subject to examination by taxing authorities for all years after 2016.
Stock-based compensation	Stock-based compensation : Stock-based compensation expense related to stock-based transactions, including employee awards, is measured and recognized in the Consolidated Financial Statements based on the fair value of the award on the grant date. The fair values of restricted stock awards are determined based on the fair market value of our common stock at the time of grant. The fair value of option awards is estimated using the Black-Scholes option-pricing model. This model requires assumptions including the fair value of the Company’s common stock, expected volatility, expected term of the award, expected dividend yield and risk-free interest rate. Stock-based compensation expense is recognized as the equity awards vest. Share-based awards may be subject to forfeiture if certain employment conditions are not met. The Company accounts for forfeitures as they occur.
Contingencies	Contingencies : In accordance with ASC Topic 450, Contingencies , the Company records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company monitors the stage of progress of its litigation matters and relates that to an accrual for estimated losses to determine if any adjustments are required.
Accounting Developments	Accounting Developments 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 adoption of this standard is not expected to have a material impact on the Company's 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 ASC 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 adoption of this standard is not expected to have a material impact on the Company's Consolidated Financial Statements. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for depreciation are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 20 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 2 years Leasehold improvements Shorter of the useful life or remaining term of lease December 31, December 31, Land and improvements $ 21,512 $ 21,423 Buildings and leasehold improvements 54,471 51,025 Broadcast equipment 90,324 86,910 Computer and office equipment 20,480 18,432 Furniture and fixtures 21,657 20,799 Transportation equipment 19,918 18,574 Software development costs 30,721 25,999 Total property and equipment, gross 259,083 243,162 Less: Accumulated depreciation and amortization (147,212) (129,020) Total property and equipment, net $ 111,871 $ 114,142
Schedule of Assumptions Used in Annual Impairment Assessments	Below are some of the key assumptions used in our 2020 impairment assessments: December 31, 2020 Discount Rate 10.4% - 11.4% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.6 % 96.0 % Operating Profit Margin 18.0 % 48.0 % Below are some of the key assumptions used in our 2019 annual impairment assessments: December 31, 2019 Discount Rate 11.0% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 13.3 % 91.7 % Operating Profit Margin 20.0 % 50.0 % * Excludes markets that Company results and forecasts were inputs into the valuation due to lack of reliable third party data where mature market share was estimated at 100%.
Schedule of Realignment Costs	The Company recorded the following business realignment costs for the years ended December 31, 2020 and 2019 (in thousands): December 31, December 31, Compensation costs $ 2,648 $ 166 Other 441 — Total $ 3,089 $ 166

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 282,493 $ 70,360 $ 2,479 $ 355,332 Political 16,006 — — $ 16,006 Net Revenue $ 298,499 $ 70,360 $ 2,479 $ 371,338 Year Ended Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 349,711 $ 61,517 $ 17,077 $ 428,305 Political 3,103 — — $ 3,103 Net Revenue $ 352,814 $ 61,517 $ 17,077 $ 431,408
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2020 December 31, 2019 Receivables $ 58,634 $ 67,463 Short-term contract liabilities (deferred revenue) $ 8,847 $ 8,086 Contract acquisition costs $ 4,824 $ 4,037

Divestitures and Discontinued_2

Divestitures and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 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 as of December 31, 2020 includes certain costs associated with the Music Festivals business which will be paid out within the next twelve months 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 Statements of Operations (in thousands): December 31, December 31, Net revenue $ — $ 20,368 Discontinued operating costs and expenses: Direct operating expenses, excluding depreciation, amortization and stock-based compensation — 22,968 Depreciation and amortization — 207 Stock-based compensation — (97) Impairment of goodwill — 9,814 Transaction costs — 238 Loss from discontinued operations before tax — (12,762) Gain on sale of discontinued operations before tax — 2,057 Income tax benefit — 2,555 Loss from discontinued operations, net of tax $ — $ (8,150)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for depreciation are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 20 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 2 years Leasehold improvements Shorter of the useful life or remaining term of lease December 31, December 31, Land and improvements $ 21,512 $ 21,423 Buildings and leasehold improvements 54,471 51,025 Broadcast equipment 90,324 86,910 Computer and office equipment 20,480 18,432 Furniture and fixtures 21,657 20,799 Transportation equipment 19,918 18,574 Software development costs 30,721 25,999 Total property and equipment, gross 259,083 243,162 Less: Accumulated depreciation and amortization (147,212) (129,020) Total property and equipment, net $ 111,871 $ 114,142

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As of December 31, 2020, the goodwill balances remaining for each of our reporting units were as follows (amounts in thousands): Goodwill at December 31, 2020 Goodwill at December 31, 2019 Reporting Unit: Local Advertising $ — $ — National Digital 8,273 8,273 Townsquare Ignite 66,378 66,378 Analytical Services 2,313 2,313 Townsquare Interactive 77,000 77,000 Live Events 3,983 3,983 Balance $ 157,947 $ 157,947 Advertising Townsquare Live Events Total Balance at December 31, 2018 (1) $ — $ — $ — $ 226,981 Reassignment of goodwill 145,998 77,000 3,983 226,981 Impairment loss on goodwill (69,034) (69,034) Balance at December 31, 2019 $ 76,964 $ 77,000 $ 3,983 $ 157,947 Balance at December 31, 2020 $ 76,964 $ 77,000 $ 3,983 $ 157,947 (1) The aggregate goodwill balance as of December 31, 2018 is net of $48.9 million of accumulated impairment charges, of which $39.9 million was included as a component of discontinued operations and $9.1 million of which related to the 2017 strategic review and restructuring of our entertainment business. Additionally, a $4.1 million write-off of goodwill was recorded in 2017 in connection with business realignments within the entertainment business.
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets	The following tables present details of intangible assets as of December 31, 2020 and 2019, respectively (in thousands): December 31, 2020 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 277,013 $ — $ 277,013 Customer and advertising relationships 3 6,540 (4,793) 1,747 Leasehold interests 11 1,085 (970) 115 Tower space 3 454 (439) 15 Trademarks 9 2,761 (1,218) 1,543 Software License Fees 3 853 (126) 727 Total $ 288,706 $ (7,546) $ 281,160 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 December 31, 2020 is as follows (in thousands): 2021 $ 1,115 2022 1,112 2023 848 2024 179 2025 179 Thereafter 714 $ 4,147

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): December 31, December 31, 2023 Notes $ 273,416 $ 278,148 Term Loans 272,381 282,332 Debt before deferred financing costs 545,797 560,480 Deferred financing costs (2,369) (3,840) Total debt 543,428 556,640 Less: current portion of long-term debt — (9,929) Total long-term debt (1) $ 543,428 $ 546,711 (1) See Note 17, Subsequent Events, in our Notes to Consolidated Financial Statements for further information for debt-related matters that occurred subsequent to December 31, 2020.
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of December 31, 2020 are as follows (in thousands): 2021 $ — 2022 — 2023 272,381 2024 273,416 2025 — Thereafter — $ 545,797

Lease and Other Commitments (Ta

Lease and Other Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Consolidated Balance Sheet Impact	Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2020 December 31, 2019 Finance Leases 3.29 years 4.31 years Operating leases 7.54 years 7.75 years Weighted Average Discount Rate Finance Leases 6.15% 7.06% Operating leases 7.02% 7.34%
Operating Lease Maturity	Maturities of lease liabilities for operating leases are as follows as of December 31, 2020 (in thousands): 2021 $ 10,161 2022 9,415 2023 8,375 2024 7,007 2025 5,801 Thereafter 19,431 Total operating lease payments 60,189 Less: imputed interest (14,209) Add: deferred gain sale leaseback transaction 6,197 Total $ 52,178
Finance Lease Maturity	Maturities of lease liabilities for financing leases are as follows as of December 31, 2020 (in thousands): 2021 $ 72 2022 71 2023 39 2024 24 2025 8 Thereafter — Total financing lease payments 214 Less: imputed interest (20) Total $ 194
Schedule of Supplemental Cash Flow Related to Leases	The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended Year Ended Operating lease cost $ 11,035 $ 11,516 Short-term lease cost $ 70 57 Variable lease cost $ 6 6 Total lease cost $ 11,111 $ 11,579
Schedule of Purchase Obligations	Future expected payments under these agreements as of December 31, 2020 are as follows (in thousands): 2021 $ 3,694 2022 2,147 2023 2,188 2024 — 2025 — Thereafter — Total purchase obligations $ 8,029

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax benefit from continuing operations for the years ended December 31, 2020 and 2019 consisted of the following (in thousands): December 31, December 31, Current income tax expense State $ 348 $ 464 Total current income tax expense $ 348 $ 464 Deferred tax benefit Federal $ (20,205) $ (12,323) State (4,001) (2,705) Total deferred income tax benefit (24,206) (15,028) Total income tax benefit $ (23,858) $ (14,564)
Schedule of Effective Income Tax Rate Reconciliation	Total income tax (benefit) expense from continuing operations differed from the amount computed by applying the federal statutory tax rate of 21% for the years ended December 31, 2020 and 2019, due to the following (in thousands): December 31, December 31, Pretax income at federal statutory rate $ (21,926) $ (15,154) State income tax expense, net federal expense (4,584) (2,827) Non-deductible items 272 581 Goodwill impairment — 1,726 Adjustment of prior year deferred taxes 836 249 Change in valuation allowance 1,552 953 Other items (8) (92) Total benefit for income taxes $ (23,858) $ (14,564)
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2020 and 2019 are presented below (in thousands): 2020 2019 Deferred tax assets: Allowance for doubtful accounts $ 1,812 $ 668 Accrued expenses and other current liabilities 534 262 Stock-based compensation 3,670 3,648 Property and equipment 2,011 1,767 Interest expense 7,579 4,816 Operating lease obligations 13,406 13,508 Deferred revenue — 100 Noncurrent liabilities 4,623 1,020 Net operating loss and credit carryforwards 59,460 56,771 Foreign tax credits 385 385 93,480 82,945 Less: valuation allowance (55,438) (53,886) Deferred tax assets 38,042 29,059 Deferred tax liabilities: Intangible assets 34,228 49,067 Operating lease right of use assets 12,407 12,778 Software development costs 1,733 1,561 Deferred tax liabilities 48,368 63,406 Net deferred tax liabilities $ (10,326) $ (34,347)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of December 31, 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 14,436,065 One vote per share. Class B common stock $0.01 50,000,000 2,966,669 10 votes per share. 2 Class C common stock $0.01 50,000,000 1,636,341 No votes. 2 Warrants 8,977,676 Each warrant is exercisable for one share of Class A common stock, at an exercise price of $0.0001 per share. The aggregate exercise price for all warrants currently outstanding is $898. 3 Total 400,000,000 28,016,751 1 Each of the shares of common stock, including the shares of Class A common stock issuable upon exercise of the warrants, have equal economic rights. 2 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules. 3 The warrants are fully vested and exercisable for shares of Class A common stock, subject to certain conditions, including compliance with FCC rules.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The below table summarizes the assumptions used to estimate the fair value of the equity options granted: 2020 2019 Expected volatility 50.0 % 40.0 % Expected term 6.25 years 6.33 years Risk free interest rate 0.66 % 2.0 % Expected dividend yield 0.0 % 5.2 %
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes stock option activity for the years ended December 31, 2020 and 2019: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 9,688,424 $ 9.50 6.11 $ — Granted 6,500 5.25 Exercised — — Forfeited and expired (479,399) 7.71 Outstanding at December 31, 2019 9,215,525 $ 8.26 5.21 $ 15,764 Granted 2,181,041 6.50 Exercised (5,646) 8.74 $ 6 Forfeited and expired (156,842) 8.16 Outstanding at December 31, 2020 11,234,078 $ 7.92 4.99 $ 1,062 Exercisable at December 31, 2020 7,723,037 $ 8.57 3.13 $ 258

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted EPS for the years ended December 31, 2020 and 2019, was as follows (in thousands, except per share data): Year Ended 2020 2019 Numerator: Net loss $ (80,551) $ (65,654) Net income from non-controlling interest $ 1,919 $ 2,109 Net loss attributable to controlling interest $ (82,470) $ (67,763) Net loss from continuing operations $ (80,551) $ (57,504) Net income from continuing operations attributable to non-controlling interest 1,919 2,109 Net loss from continuing operations attributable to controlling interest $ (82,470) $ (59,613) Net loss from discontinued operations, net of tax $ — $ (8,150) Denominator: Weighted average shares of common stock outstanding 18,647 18,549 Weighted average shares of participating securities outstanding 8,978 8,978 Total weighted average basic shares outstanding 27,625 27,527 Effect of dilutive common stock equivalents — — Weighted average diluted common shares outstanding 18,647 18,549 Basic (loss) income per share: Continuing operations attributable to common shares $ (4.46) $ (3.36) Continuing operations attributable to participating shares $ 0.08 $ 0.30 Discontinued operations attributable to common shares $ — $ (0.44) Discontinued operations attributable to participating shares $ — $ — Diluted loss per share: Continuing operations $ (4.46) $ (3.36) Discontinued operations $ — $ (0.44) The Company had the following dilutive securities that were not included in the computations of diluted net income per share as they were considered anti-dilutive (in thousands): Year Ended 2020 2019 Warrants 8,978 8,978 Stock options 11,234 9,216 Restricted Stock 306 24

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the Company's reportable segment information for the year ended December 31, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 298,499 $ 70,360 $ 2,479 $ — $ 371,338 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 230,849 49,259 2,239 — 282,347 Depreciation and amortization 14,303 529 438 4,837 20,107 Corporate expenses — — — 26,885 26,885 Stock-based compensation 145 90 9 1,840 2,084 Transaction costs — — — 2,653 2,653 Business realignment costs — — 304 2,785 3,089 Impairment of investments, long-lived and intangible assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 83 83 Operating (loss) income $ (55,281) $ 20,482 $ (1,086) $ (39,083) $ (74,968) The following table presents the Company's reportable segment information for the year ended December 31, 2019, (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 352,814 $ 61,517 $ 17,077 $ — $ 431,408 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 244,322 42,351 13,752 — 300,425 Depreciation and amortization 10,920 509 544 13,863 25,836 Corporate expenses — — — 28,599 28,599 Stock-based compensation 221 106 29 2,236 2,592 Transaction costs — — — 1,518 1,518 Business realignment costs — — — 166 166 Impairment of goodwill 69,034 — — — 69,034 Impairment of investments, long-lived, and intangible assets 39,588 — — 693 40,281 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ (11,271) $ 18,551 $ 2,752 $ (47,167) $ (37,135)

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	2020 Quarter Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, Net revenue (1) $ 93,433 $ 74,055 $ 95,356 $ 108,494 Operating (loss) income (2) (72,111) (33,655) 9,535 21,263 Net (loss) income from continuing operations $ (59,577) $ (26,822) 1,311 $ 4,537 Net (loss) income $ (59,577) $ (26,822) $ 1,311 $ 4,537 Basic income (loss) per share: (3) Continuing operations attributable to common shares $ (3.27) $ (1.46) $ 0.03 $ 0.15 Continuing operations attributable to participating shares $ 0.08 $ — $ 0.03 $ 0.15 Diluted income (loss) per share: (3) Continuing operations (3.27) $ (1.46) $ 0.03 0.15 2019 Quarter Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, Net revenue $ 93,682 $ 113,088 $ 112,561 $ 112,077 Operating income (loss) (4) 11,923 22,183 20,183 (91,424) Net income (loss) from continuing operations 2,384 9,851 8,502 (78,241) Net (loss) income from discontinued operations, net of tax (6,962) 84 (1,234) (38) Net (loss) income $ (4,578) $ 9,935 $ 7,268 $ (78,279) Basic income (loss) per share: (3) Continuing operations attributable to common shares $ 0.07 $ 0.34 $ 0.29 $ (4.28) Continuing operations attributable to participating shares $ 0.07 $ 0.34 $ 0.29 $ 0.07 Discontinued operations attributable to common shares $ (0.38) $ — $ (0.04) $ — Discontinued operations attributable to participating shares $ — $ — $ (0.04) $ — Diluted income (loss) per share: (3) Continuing operations $ 0.07 $ 0.34 $ 0.29 $ (4.28) Discontinued operations $ (0.25) $ — $ (0.04) $ — (1) 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. Additionally, the Company canceled nearly all scheduled live events beginning in March 2020. During the second half of 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. (2) Declines in forecasted traditional broadcast revenue in the markets we operate in contributed to impairments to the carrying values of our FCC license intangible assets of $78.4 million during the three months ended March 31, 2020 in 35 of our 67 local markets. The Company realized an additional impairment charge of $78.4 million in 46 of our 67 local markets 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. (3) Basic and diluted income (loss) per share is computed independently for each quarter presented. Therefore, the sum of the quarters may not necessarily equal the total for the year. (4) In connection with our 2019 annual goodwill impairment assessment, we determined that the carrying value of our Local Advertising reporting unit exceeded its fair value as of our impairment assessment date, primarily as a result of traditional broadcast operations comprising a standalone reporting unit. Prior to our change in reportable operating segments in 2019, the results of our traditional broadcast operations were aggregated with our digital advertising products and solutions, including Townsquare Interactive and Townsquare Ignite for the purposes of our annual goodwill impairment test. As a result, we recognized an aggregate $69.0 million non-cash goodwill impairment charge related to the local advertising businesses reporting unit in the fourth quarter of 2019. For the year ended December 31, 2019 we incurred impairment charges of $39.4 million, for FCC licenses in 34 of our 67 local markets.

Organization and Basis of Pre_2

Organization and Basis of Presentation - Nature of Business (Details) $ in Millions	Mar. 15, 2020USD ($)	Dec. 31, 2020employeeareabusinesswebsiteradio_stationsegmentmarket	Jun. 30, 2020market	Mar. 31, 2020market	Dec. 31, 2019market
Organization and Basis of Presentation [Line Items]
Number of operating segments | segment		3
Number of radio stations entity operates | radio_station		322
Number of search engine and mobile-optimized local websites entity operates (more than) | website		330
Number of small and mid-sized markets			67	67	67
Number of small and mid-sized markets in which entity operates | business		22,750
Number of geographic areas operating in | area		1
Number of terminated employees | employee		135
Dividend payments | $	$ 2.1
United States
Organization and Basis of Presentation [Line Items]
Number of small and mid-sized markets		67

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020segment
Accounting Policies [Abstract]
Number of reportable segments	3
Number of operating segments	3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Money market instrument | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 55.6	$ 54.8

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Restricted cash	$ 494	$ 494

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	39 years
Broadcast equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Broadcast equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful life	2 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Software development costs
Property, Plant and Equipment [Line Items]
Software development costs, net	$ 4.7	$ 4.7

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangible Assets (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)market	Jun. 30, 2020USD ($)market	Mar. 31, 2020USD ($)market	Dec. 31, 2020market	Dec. 31, 2019USD ($)market
Finite-Lived Intangible Assets [Line Items]
Impairment loss | $	$ 0	$ 28,700,000	$ 78,400,000		$ 39,400,000
Number of local markets with impairment charges		35	46		34
Number of local markets		67	67		67
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life				3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life				11 years
United States
Finite-Lived Intangible Assets [Line Items]
Number of local markets	67			67

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Assumptions Used in Annual Impairment Assessments (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Discount Rate		11.00%
Long-term Revenue Growth Rate	0.00%	0.00%
Minimum
Finite-Lived Intangible Assets [Line Items]
Discount Rate	10.40%
Mature Market Share*	20.60%	13.30%
Operating Profit Margin	18.00%	20.00%
Maximum
Finite-Lived Intangible Assets [Line Items]
Discount Rate	11.40%
Mature Market Share*	96.00%	91.70%
Operating Profit Margin	48.00%	50.00%

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Goodwill (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)market	Jun. 30, 2020USD ($)market	Mar. 31, 2020USD ($)market	Dec. 31, 2020USD ($)market	Dec. 31, 2019USD ($)market	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)
Goodwill [Line Items]
Number of local markets | market		67	67		67
Impairment of goodwill				$ 0	$ 69,034,000
Goodwill	$ 157,947,000			$ 157,947,000	157,947,000		$ 226,981,000
Impairment loss	$ 0	$ 28,700,000	$ 78,400,000		39,400,000
United States
Goodwill [Line Items]
Number of local markets | market	67			67
Live Events
Goodwill [Line Items]
Impairment of goodwill						$ 9,100,000
Goodwill	$ 3,983,000			$ 3,983,000	3,983,000		$ 0
Two Music Festivals | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Goodwill [Line Items]
Impairment of goodwill						$ 4,100,000
Impairment loss					$ 10,000,000
National Digital
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	138.00%			138.00%	125.00%
Goodwill	$ 8,273,000			$ 8,273,000	$ 8,273,000
Townsquare Ignite
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	231.00%			231.00%	277.00%
Goodwill	$ 66,378,000			$ 66,378,000	$ 66,378,000
Analytical Services
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	795.00%			795.00%	559.00%
Goodwill	$ 2,313,000			$ 2,313,000	$ 2,313,000
Townsquare Interactive
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	300.00%			300.00%	267.00%
Goodwill	$ 77,000,000			$ 77,000,000	$ 77,000,000
Live Events
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	118.00%			118.00%	273.00%
Goodwill	$ 3,983,000			$ 3,983,000	$ 3,983,000
Local Advertising
Goodwill [Line Items]
Impairment of goodwill	69,000,000				69,000,000
Goodwill	$ 0			$ 0	$ 0
Minimum
Goodwill [Line Items]
Weighted average cost of capital (as a percent)				8.40%	8.00%
Perpetual growth rate (as a percent)				(4.50%)	(4.20%)
Maximum
Goodwill [Line Items]
Weighted average cost of capital (as a percent)				14.50%	12.00%
Perpetual growth rate (as a percent)				7.30%	15.40%

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Impairment on investment	$ 600,000	$ 0	$ 600,000

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Impairment charge | $	$ 2	$ 0.1
Number of terminated employees | employee	135

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Restructuring Costs (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Compensation costs	$ 2,648	$ 166
Other	441	0
Total	$ 3,089	$ 166

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Changes in Operating Segments (Details)	12 Months Ended
	Dec. 31, 2020segmentarea
Accounting Policies [Abstract]
Number of reportable segments	3
Number of geographic regions | area	1
Number of operating segments	3

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Barter Transactions (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 108,494	$ 95,356	$ 74,055	$ 93,433	$ 112,077	$ 112,561	$ 113,088	$ 93,682	$ 371,338	$ 431,408
Barter Transactions
Disaggregation of Revenue [Line Items]
Net revenue									$ 17,700	$ 27,900

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Local Marketing Agreements (Details)	Dec. 31, 2020radio_station
Accounting Policies [Abstract]
Number of non-owned radio stations under local marketing agreement	2

Summary of Significant Accou_18

Summary of Significant Accounting Policies - Advertising and Promotion Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Advertising expense	$ 0.6	$ 3.2

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net Revenue	$ 108,494	$ 95,356	$ 74,055	$ 93,433	$ 112,077	$ 112,561	$ 113,088	$ 93,682	$ 371,338	$ 431,408
Advertising
Disaggregation of Revenue [Line Items]
Net Revenue									298,499	352,814
Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue									70,360	61,517
Live Events
Disaggregation of Revenue [Line Items]
Net Revenue									2,479	17,077
Excluding political
Disaggregation of Revenue [Line Items]
Net Revenue									355,332	428,305
Excluding political | Advertising
Disaggregation of Revenue [Line Items]
Net Revenue									282,493	349,711
Excluding political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue									70,360	61,517
Excluding political | Live Events
Disaggregation of Revenue [Line Items]
Net Revenue									2,479	17,077
Political
Disaggregation of Revenue [Line Items]
Net Revenue									16,006	3,103
Political | Advertising
Disaggregation of Revenue [Line Items]
Net Revenue									16,006	3,103
Political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net Revenue									0	0
Political | Live Events
Disaggregation of Revenue [Line Items]
Net Revenue									$ 0	$ 0

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Receivables	$ 58,634	$ 67,463
Short-term contract liabilities (deferred revenue)	8,847	8,086
Contract acquisition costs	$ 4,824	$ 4,037

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Recognized revenue	$ 6,800,000	$ 7,400,000
Deferred costs	4,824,000	4,037,000
Recognized amortization	2,700,000	1,800,000
Impairment loss	$ 0	$ 0
Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	30 days
Minimum | Short-term Contract with Customer
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 Contract with Customer
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 - Additional Detai

Acquisitions - Additional Details (Details) - Radio Broadcast Station Asset Purchase Agreement - USD ($) $ in Millions	May 28, 2020	May 22, 2019
Business Acquisition [Line Items]
Payments to acquire assets and liabilities	$ 0.4	$ 0.7
Transaction fees		$ 0.1

Divestitures and Discontinued_3

Divestitures and Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	May 24, 2019	Mar. 18, 2019	Dec. 31, 2019	Jun. 04, 2019
Radio Broadcast Station
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 0.1
Impairment charge against the long lived asset disposal group			$ 0.2
Music Festivals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 10
Music Festivals | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income			0.4
Gain (loss) on sale of business			0.6
Arizona Bridal Shows
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 2
Arizona Bridal Shows | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business			$ 1.5

Divestitures and Discontinued_4

Divestitures and Discontinued Operations - Components of Assets and Liabilities Related to Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts payable	$ 1	$ 31
Accrued expenses and other current liabilities	32	392
Current liabilities of discontinued operations	$ 33	$ 423

Divestitures and Discontinued_5

Divestitures and Discontinued Operations - Components of Operations Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Discontinued operating costs and expenses:
Impairment of goodwill					$ 0	$ 69,034
Loss from discontinued operations, net of tax	$ (38)	$ (1,234)	$ 84	$ (6,962)	0	(8,150)
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue					0	20,368
Discontinued operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization and stock-based compensation					0	22,968
Depreciation and amortization					0	207
Stock-based compensation					0	(97)
Impairment of goodwill					0	9,814
Transaction costs					0	238
Loss from discontinued operations before tax					0	(12,762)
Gain on sale of discontinued operations before tax					0	2,057
Income tax benefit					0	2,555
Loss from discontinued operations, net of tax					$ 0	$ (8,150)

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 259,083	$ 243,162
Less: Accumulated depreciation and amortization	(147,212)	(129,020)
Total property and equipment, net	111,871	114,142
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,512	21,423
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,471	51,025
Broadcast equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	90,324	86,910
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,480	18,432
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,657	20,799
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,918	18,574
Software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 30,721	$ 25,999

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 19.1	$ 24.9
Impairment charges to long-lived assets	2	$ 0.1
Depreciation and amortization expense related to finance lease assets	0
San Angelo, TX Market and Live Events Business
Property, Plant and Equipment [Line Items]
Impairment charges to long-lived assets	$ 1.2

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)market	Mar. 31, 2020USD ($)market	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)market	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)
Goodwill [Line Items]
FCC licenses renewal period				8 years
Impairment charge of intangible assets	$ 0	$ 28,700,000	$ 78,400,000		$ 39,400,000
Number of local markets with impairment charges | market		35	46		34
Number of local markets | market		67	67		67
Impairment of goodwill				$ 0	$ 69,034,000
Goodwill	157,947,000			157,947,000	157,947,000		$ 226,981,000
Amortization of intangible assets				1,000,000	900,000
Two Music Festivals | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Goodwill [Line Items]
Impairment charge of intangible assets					10,000,000
Impairment of goodwill						$ 4,100,000
Live Events
Goodwill [Line Items]
Impairment of goodwill						$ 9,100,000
Goodwill	3,983,000			3,983,000	3,983,000		$ 0
Local Advertising
Goodwill [Line Items]
Impairment of goodwill	69,000,000				69,000,000
Goodwill	$ 0			$ 0	$ 0
National Digital
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	138.00%			138.00%	125.00%
Goodwill	$ 8,273,000			$ 8,273,000	$ 8,273,000
Townsquare Ignite
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	231.00%			231.00%	277.00%
Goodwill	$ 66,378,000			$ 66,378,000	$ 66,378,000
Analytical Services
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	795.00%			795.00%	559.00%
Goodwill	$ 2,313,000			$ 2,313,000	$ 2,313,000
Townsquare Interactive
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	300.00%			300.00%	267.00%
Goodwill	$ 77,000,000			$ 77,000,000	$ 77,000,000
Live Events
Goodwill [Line Items]
Fair value in excess of carrying amount (as a percent)	118.00%			118.00%	273.00%
Goodwill	$ 3,983,000			$ 3,983,000	$ 3,983,000
FCC licenses
Goodwill [Line Items]
Decrease in intangible assets				$ 56,200,000
Minimum
Goodwill [Line Items]
Weighted average cost of capital (as a percent)				8.40%	8.00%
Perpetual growth rate (as a percent)				(4.50%)	(4.20%)
Maximum
Goodwill [Line Items]
Weighted average cost of capital (as a percent)				14.50%	12.00%
Perpetual growth rate (as a percent)				7.30%	15.40%

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill by Reporting Unit (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 157,947,000	$ 157,947,000	$ 226,981,000
Local Advertising
Goodwill [Line Items]
Goodwill	0	0
National Digital
Goodwill [Line Items]
Goodwill	8,273,000	8,273,000
Townsquare Ignite
Goodwill [Line Items]
Goodwill	66,378,000	66,378,000
Analytical Services
Goodwill [Line Items]
Goodwill	2,313,000	2,313,000
Townsquare Interactive
Goodwill [Line Items]
Goodwill	77,000,000	77,000,000
Live Events
Goodwill [Line Items]
Goodwill	$ 3,983,000	$ 3,983,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 157,947	$ 226,981
Reassignment of goodwill		226,981
Goodwill, Impairment Loss	0	(69,034)
Goodwill, ending balance	157,947	157,947
Accumulated impairment charges			$ 48,900
Goodwill included as a component of discontinued operations			39,900
Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	76,964	0
Reassignment of goodwill		145,998
Goodwill, Impairment Loss		(69,034)
Goodwill, ending balance	76,964	76,964
Townsquare Interactive
Goodwill [Roll Forward]
Goodwill, beginning balance	77,000	0
Reassignment of goodwill		77,000
Goodwill, Impairment Loss
Goodwill, ending balance	77,000	77,000
Live Events
Goodwill [Roll Forward]
Goodwill, beginning balance	3,983	0
Reassignment of goodwill		3,983
Goodwill, Impairment Loss			(9,100)
Goodwill, ending balance	$ 3,983	$ 3,983
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment | Two Music Festivals
Goodwill [Roll Forward]
Goodwill, Impairment Loss			$ (4,100)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets, Net - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (7,546)	$ (6,709)
Net Carrying Amount	4,147
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount, Total	288,706	394,738
Net Carrying Amount, Total	281,160	388,029
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC licenses	$ 277,013	$ 383,738
Customer and advertising relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years	3 years
Intangible assets	$ 6,540	$ 6,540
Accumulated Amortization	(4,793)	(4,139)
Net Carrying Amount	$ 1,747	$ 2,401
Leasehold interests
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	11 years	12 years
Intangible assets	$ 1,085	$ 1,085
Accumulated Amortization	(970)	(940)
Net Carrying Amount	$ 115	$ 145
Tower space
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years	4 years
Intangible assets	$ 454	$ 454
Accumulated Amortization	(439)	(433)
Net Carrying Amount	$ 15	$ 21
Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	9 years	10 years
Intangible assets	$ 2,761	$ 2,761
Accumulated Amortization	(1,218)	(1,045)
Net Carrying Amount	$ 1,543	$ 1,716
Software License Fees
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	3 years	1 month 6 days
Intangible assets	$ 853	$ 160
Accumulated Amortization	(126)	(152)
Net Carrying Amount	$ 727	$ 8

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 1,115
2022	1,112
2023	848
2024	179
2025	179
Thereafter	714
Net Carrying Amount	$ 4,147

Investments - (Details)

Investments - (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)business	Dec. 31, 2019USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Number of small businesses invested in | business		3
Impairment on investment	$ 600,000	$ 0	$ 600,000
Cash proceeds from sale of investment	2,900,000
Gain (loss) on sale of investment	0
Small Business
Debt and Equity Securities, FV-NI [Line Items]
Investments	2,000,000	2,800,000	2,000,000
Existing Investee
Debt and Equity Securities, FV-NI [Line Items]
Investments		$ 400,000
Convertible Note Receivable Investment
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 300,000		$ 300,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt before deferred financing costs	$ 545,797	$ 560,480
Deferred financing costs	(2,369)	(3,840)
Total debt	543,428	556,640
Less: current portion of long-term debt	0	(9,929)
Total long-term debt (1)	543,428	546,711
Senior Notes | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Long-term debt, gross	273,416	278,148
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 272,381	$ 282,332

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jun. 15, 2020	May 19, 2020	Apr. 30, 2019	Apr. 01, 2015	Dec. 31, 2020	Dec. 31, 2019	Jun. 05, 2020	Mar. 17, 2020	Dec. 31, 2018	Dec. 31, 2016	Sep. 01, 2015
Debt Instrument [Line Items]
Gain on repurchase of debt					$ 1,159,000	$ 0
Outstanding borrowings					545,797,000
Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Repurchased face amount					4,700,000				$ 1,900,000	$ 19,900,000
Gain on repurchase of debt					$ 1,200,000
Write off of deferred debt issuance cost		$ 100,000
Redemption price, percentage					101.00%
Term Loan | Seven Year Term Loan Facility
Debt Instrument [Line Items]
Principal amount				$ 275,000,000
Term				7 years
Cash paid in excess on outstanding term loans	$ 9,900,000
Term Loan | Seven Year Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate floor					4.00%
Term Loan | 2015 Incremental Term Loan
Debt Instrument [Line Items]
Principal amount											$ 45,000,000
Revolving Credit Facility | Five Year Revolving Credit Facility
Debt Instrument [Line Items]
Term				5 years
Maximum borrowing capacity				$ 50,000,000			$ 50,000,000	$ 50,000,000
Commitment fee percentage					0.50%
Outstanding borrowings					$ 0
Maturity date extension			2 years
Deferred financing costs capitalized			$ 400,000
Percentage drawn, minimum required					30.00%
Amount drawn, minimum required					$ 15,000,000
Lien leverage ratio required, maximum					3.75
Revolving Credit Facility | Five Year Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Revolving Credit Facility | Five Year Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Senior Notes | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Principal amount				$ 300,000,000
Stated interest rate				6.50%
Maturity date					Apr. 1, 2023
Fair value					$ 278,200,000	279,500,000
New Term Loan | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Fair value					$ 272,400,000	$ 283,400,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 0
2022	0
2023	272,381
2024	273,416
2025	0
Thereafter	0
Long-term debt	$ 545,797

Lease and Other Commitments - N

Lease and Other Commitments - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)marketrENEWAL_OPTIONsITEtOWER$ / site	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)market	Jun. 30, 2020market	Mar. 31, 2020market
Operating Leased Assets [Line Items]
Rent expense		$ 12,000,000	$ 14,500,000
Accelerated rent		700,000
Number of local markets | market			67	67	67
Rating Service Agreement with Nielsen
Operating Leased Assets [Line Items]
Remaining minimum amount committed		1,600,000
Business Management Platform
Operating Leased Assets [Line Items]
Remaining minimum amount committed		6,400,000
Tower Sale
Operating Leased Assets [Line Items]
Rent expense	$ 41
Number of radio towers sold | tOWER	43
Number of radio tower sites sold | sITE	41
Number of local markets | market	28
Term of lease	35 years
Initial term of lease	20 years
Number of renewal options | rENEWAL_OPTION	3
Renewal term	5 years
Operating lease expense per site per annum | $ / site	1
Deferred gain sale leaseback transaction, current portion		$ 200,000	$ 6,200,000
Prepaid rent			$ 6,400,000

Lease and Other Commitments - C

Lease and Other Commitments - Consolidated Balance Sheet Impact (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Remaining Lease Term
Finance leases	3 years 3 months 14 days	4 years 3 months 21 days
Operating leases	7 years 6 months 14 days	7 years 9 months
Weighted Average Discount Rate
Finance leases	6.15%	7.06%
Operating leases	7.02%	7.34%

Lease and Other Commitments - O

Lease and Other Commitments - Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 10,161
2022	9,415
2023	8,375
2024	7,007
2025	5,801
Thereafter	19,431
Total operating lease payments	60,189
Less: imputed interest	(14,209)
Add: deferred gain sale leaseback transaction	6,197
Total	$ 52,178

Lease and Other Commitments - F

Lease and Other Commitments - Finance Lease Maturity (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 72
2022	71
2023	39
2024	24
2025	8
Thereafter	0
Total financing lease payments	214
Less: imputed interest	(20)
Total	$ 194

Lease and Other Commitments -_2

Lease and Other Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 11,035	$ 11,516
Short-term lease cost	70	57
Variable lease cost	6	6
Total lease cost	$ 11,111	$ 11,579

Lease and Other Commitments - S

Lease and Other Commitments - Schedule of Minimum Fee Commitments for Contracts (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 3,694
2022	2,147
2023	2,188
2024	0
2025	0
Thereafter	0
Total purchase obligations	$ 8,029

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current income tax expense
State	$ 348	$ 464
Total current income tax expense	348	464
Deferred tax benefit
Federal	(20,205)	(12,323)
State	(4,001)	(2,705)
Total deferred income tax benefit	(24,206)	(15,028)
Total income tax benefit	$ (23,858)	$ (14,564)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Pretax income at federal statutory rate	$ (21,926)	$ (15,154)
State income tax expense, net federal expense	(4,584)	(2,827)
Non-deductible items	272	581
Goodwill impairment	0	1,726
Adjustment of prior year deferred taxes	836	249
Change in valuation allowance	1,552	953
Other items	(8)	(92)
Total income tax benefit	$ (23,858)	$ (14,564)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for doubtful accounts	$ 1,812	$ 668
Accrued expenses and other current liabilities	534	262
Stock-based compensation	3,670	3,648
Property and equipment	2,011	1,767
Interest expense	7,579	4,816
Operating lease obligations	13,406	13,508
Deferred revenue	0	100
Noncurrent liabilities	4,623	1,020
Net operating loss and credit carryforwards	59,460	56,771
Foreign tax credits	385	385
Gross noncurrent deferred tax assets	93,480	82,945
Less: valuation allowance	(55,438)	(53,886)
Deferred tax assets	38,042	29,059
Deferred tax liabilities:
Intangible assets	34,228	49,067
Operating lease right of use assets	12,407	12,778
Software development costs	1,733	1,561
Deferred tax liabilities	48,368	63,406
Net deferred tax liabilities	$ (10,326)	$ (34,347)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 1,600,000	$ 1,000,000
Unrecognized tax benefits	0	$ 0
2023
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	56,200,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	167,600,000
Operating loss carryforwards not subject to expiration	36,900,000
Domestic Tax Authority | Townsquare Radio Inc.
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	50,400,000
Domestic Tax Authority | Townsquare Media Inc., Post LLC Conversion
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 80,300,000

Stockholders' Equity - Authoriz

Stockholders' Equity - Authorized and Outstanding Common Stock and Convertible Securities (Details)	12 Months Ended
	Dec. 31, 2020USD ($)vote$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018shares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Common stock and warrants outstanding (in shares)	28,016,751
Number of securities called by each warrant or right (in shares)	1
Exercise price of warrants or rights (in dollars per share) | $ / shares	$ 0.0001
Aggregate exercise price of warrants or rights | $	$ 898
Common Class A
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	14,436,065	14,314,092
Common stock, number of votes per share | vote	1
Common Class B
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	2,966,669	3,011,634
Common stock, number of votes per share | vote	10
Conversion ratio into common stock	1
Common Class C
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	1,636,341	1,636,341
Common stock, number of votes per share | vote	0
Conversion ratio into common stock	1
Common Stock | Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	14,436,065	14,314,092	14,297,066
Common Stock | Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	2,966,669	3,011,634	3,011,634
Common Stock | Common Class C
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	1,636,341	1,636,341	1,636,341
Warrants | Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	8,977,676	8,977,676	8,977,676

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 15, 2020USD ($)	Nov. 13, 2019$ / sharesshares	Dec. 31, 2020USD ($)vote$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018$ / shares	Jan. 31, 2017shares
Class of Stock [Line Items]
Common shares authorized (in shares)			400,000,000
Stock issued, new shares			2,181,041
Weighted average grant date fair value (in dollars per share) | $ / shares				$ 1.30
Dividends | $	$ 2,100		$ 2,098	$ 8,383
Shares granted, options (in shares)			2,181,041	6,500
Maximum contractual term of stock options (in years)			10 years
Weighted average grant date fair value of restricted stock (in dollars per share) | $ / shares			$ 7.92	$ 8.26	$ 9.50
Stock-based compensation expense | $			$ 2,084	$ 2,592
Minimum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares			$ 4.79
Weighted average grant date fair value (in dollars per share) | $ / shares			2.36
Maximum
Class of Stock [Line Items]
Options outstanding, exercise price (in dollars per share) | $ / shares			9.63
Weighted average grant date fair value (in dollars per share) | $ / shares			$ 3.15
Share-based Compensation Award, Tranche One
Class of Stock [Line Items]
Award vesting rights, percentage			25.00%
Term of options (in years)			10 years
2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Number of shares authorized			12,000,000
Number of shares available for grant			162,233
Restricted Stock
Class of Stock [Line Items]
Shares outstanding (in shares)			306,177
Weighted average grant date fair value of restricted stock (in dollars per share) | $ / shares			$ 6.55
Compensation cost not yet recognized | $			$ 1,500
Compensation cost not yet recognized, period for recognition			1 year 4 months 24 days
Restricted Stock | Minimum
Class of Stock [Line Items]
Award vesting period (in years)			1 year
Restricted Stock | Maximum
Class of Stock [Line Items]
Award vesting period (in years)			5 years
Restricted Stock | 2014 Omnibus Incentive Plan
Class of Stock [Line Items]
Options vested (in shares)			150,248
Shares issued in period (in shares)			71,362	67,026
Fair value (in dollars per share) | $ / shares			$ 6.98	$ 7.46
Options, vested, weighted average grant date fair value (in dollars per share) | $ / shares			$ 6.86
Stock options
Class of Stock [Line Items]
Award vesting period (in years)			4 years
Compensation cost not yet recognized | $			$ 8,100
Compensation cost not yet recognized, period for recognition			3 years 7 months 6 days
Common Class A
Class of Stock [Line Items]
Shares outstanding (in shares)						48,035
Shares issuable upon exercise of stock options (in shares)			6,120,896
Common stock, number of votes per share | vote			1
Common shares authorized (in shares)			300,000,000	300,000,000
Common Class A | Chief Executive Officer
Class of Stock [Line Items]
Common stock repurchased (in shares)		50,000
Options vested (in shares)		100,000
Share price (in dollars per share) | $ / shares		$ 8
Common Class B
Class of Stock [Line Items]
Shares issuable upon exercise of stock options (in shares)			5,113,182
Common stock, number of votes per share | vote			10
Conversion ratio			1
Common shares authorized (in shares)			50,000,000	50,000,000
Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized (in shares)			50,000,000
Common Class C
Class of Stock [Line Items]
Common stock, number of votes per share | vote			0
Conversion ratio			1
Common shares authorized (in shares)			50,000,000	50,000,000

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Estimate Fair Value of Equity Options Granted (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Expected volatility	50.00%	40.00%
Expected term	6 years 3 months	6 years 3 months 29 days
Risk free interest rate	0.66%	2.00%
Expected dividend yield	0.00%	5.20%

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, shares outstanding (in shares)	9,215,525	9,688,424
Shares granted, options (in shares)	2,181,041	6,500
Shares exercised (in shares)	(5,646)	0
Shares forfeited and expired (in shares)	(156,842)	(479,399)
Ending balance, shares outstanding (in shares)	11,234,078	9,215,525	9,688,424
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance, weighted average exercise price (in dollars per share)	$ 8.26	$ 9.50
Options, granted in period, weighted average exercise price (in dollars per share)	6.50	5.25
Options, exercised in period, weighted average exercise price (in dollars per share)	8.74	0
Shares forfeited and expired in period, weighted average exercise price (in dollars per share)	8.16	7.71
Ending balance, weighted average exercise price (in dollars per share)	$ 7.92	$ 8.26	$ 9.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable shares (in shares)	7,723,037
Exercisable shares, weighted average exercise price (in dollars per share)	$ 8.57
Weighted Average Remaining Contractual Life (years)	4 years 11 months 26 days	5 years 2 months 15 days	6 years 1 month 9 days
Weighted Average Remaining Contractual Life (years) - Exercisable	3 years 1 month 17 days
Aggregate Intrinsic Value	$ 1,062	$ 15,764	$ 0
Aggregate Intrinsic Value, Exercised	6
Aggregate Intrinsic Value (exercisable options)	$ 258

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ 4,537	$ 1,311	$ (26,822)	$ (59,577)	$ (78,279)	$ 7,268	$ 9,935	$ (4,578)	$ (80,551)	$ (65,654)
Net income from non-controlling interest									1,919	2,109
Net loss attributable to controlling interest									(82,470)	(67,763)
Net loss from continuing operations	$ 4,537	$ 1,311	$ (26,822)	$ (59,577)	(78,241)	8,502	9,851	2,384	(80,551)	(57,504)
Net income from continuing operations attributable to non-controlling interest									1,919	2,109
Net loss from continuing operations attributable to controlling interest									(82,470)	(59,613)
Net loss from discontinued operations, net of tax					$ (38)	$ (1,234)	$ 84	$ (6,962)	$ 0	$ (8,150)
Denominator:
Weighted average basic shares outstanding (in shares)									27,625	27,527
Effect of dilutive common stock equivalents (in shares)									0	0
Weighted average shares outstanding: Diluted (in shares)									18,647	18,549
Diluted loss per share:
Continuing operations (in dollars per share)	$ 0.15	$ 0.03	$ (1.46)	$ (3.27)	$ (4.28)	$ 0.29	$ 0.34	$ 0.07	$ (4.46)	$ (3.36)
Discontinued operations (in dollars per share)					0	(0.04)	0	(0.25)	$ 0	$ (0.44)
Warrants
Diluted loss per share:
Antidilutive securities (in shares)									8,978	8,978
Stock options
Diluted loss per share:
Antidilutive securities (in shares)									11,234	9,216
Restricted Stock
Diluted loss per share:
Antidilutive securities (in shares)									306	24
Common Stock
Denominator:
Weighted average basic shares outstanding (in shares)									18,647	18,549
Basic (loss) income per share:
Continuing operations (in dollars per share)	0.15	0.03	(1.46)	(3.27)	(4.28)	0.29	0.34	0.07	$ (4.46)	$ (3.36)
Discontinued operations (in dollars per share)					0	(0.04)	0	(0.38)	$ 0	$ (0.44)
Warrants
Denominator:
Weighted average basic shares outstanding (in shares)									8,978	8,978
Basic (loss) income per share:
Continuing operations (in dollars per share)	$ 0.15	$ 0.03	$ 0	$ 0.08	0.07	0.29	0.34	0.07	$ 0.08	$ 0.30
Discontinued operations (in dollars per share)					$ 0	$ (0.04)	$ 0	$ 0	$ 0	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segmentarea
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Number of geographic areas operating in | area	1

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net revenue	$ 108,494	$ 95,356	$ 74,055	$ 93,433	$ 112,077	$ 112,561	$ 113,088	$ 93,682	$ 371,338	$ 431,408
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation									282,347	300,425
Depreciation and amortization									20,107	25,836
Corporate expenses									26,885	28,599
Stock-based compensation expense									2,084	2,592
Transaction costs									2,653	1,518
Business realignment costs									3,089	166
Impairment of goodwill									0	69,034
Impairment of investments, goodwill, long-lived, and intangible assets									109,058	40,281
Net loss on sale and retirement of assets									83	92
Operating (loss) income	$ 21,263	$ 9,535	$ (33,655)	$ (72,111)	$ (91,424)	$ 20,183	$ 22,183	$ 11,923	(74,968)	(37,135)
Advertising
Segment Reporting Information [Line Items]
Impairment of goodwill										69,034
Townsquare Interactive
Segment Reporting Information [Line Items]
Impairment of goodwill
Live Events
Segment Reporting Information [Line Items]
Impairment of goodwill											$ 9,100
Operating Segments | Advertising
Segment Reporting Information [Line Items]
Net revenue									298,499	352,814
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation									230,849	244,322
Depreciation and amortization									14,303	10,920
Corporate expenses									0	0
Stock-based compensation expense									145	221
Transaction costs									0	0
Business realignment costs									0	0
Impairment of goodwill										69,034
Impairment of investments, goodwill, long-lived, and intangible assets									108,483	39,588
Net loss on sale and retirement of assets									0	0
Operating (loss) income									(55,281)	(11,271)
Operating Segments | Townsquare Interactive
Segment Reporting Information [Line Items]
Net revenue									70,360	61,517
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation									49,259	42,351
Depreciation and amortization									529	509
Corporate expenses									0	0
Stock-based compensation expense									90	106
Transaction costs									0	0
Business realignment costs									0	0
Impairment of goodwill										0
Impairment of investments, goodwill, long-lived, and intangible assets									0	0
Net loss on sale and retirement of assets									0	0
Operating (loss) income									20,482	18,551
Operating Segments | Live Events
Segment Reporting Information [Line Items]
Net revenue									2,479	17,077
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation									2,239	13,752
Depreciation and amortization									438	544
Corporate expenses									0	0
Stock-based compensation expense									9	29
Transaction costs									0	0
Business realignment costs									304	0
Impairment of goodwill										0
Impairment of investments, goodwill, long-lived, and intangible assets									575	0
Net loss on sale and retirement of assets									0	0
Operating (loss) income									(1,086)	2,752
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue									0	0
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation									0	0
Depreciation and amortization									4,837	13,863
Corporate expenses									26,885	28,599
Stock-based compensation expense									1,840	2,236
Transaction costs									2,653	1,518
Business realignment costs									2,785	166
Impairment of goodwill										0
Impairment of investments, goodwill, long-lived, and intangible assets									0	693
Net loss on sale and retirement of assets									83	92
Operating (loss) income									$ (39,083)	$ (47,167)

Related Party Transactions - (D

Related Party Transactions - (Details) - Affiliated venture studio - Strategic partnership and services agreement - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Monthly service fee	$ 5,000
Aggregate payments received	$ 100,000	$ 200,000

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net revenue	$ 108,494	$ 95,356	$ 74,055	$ 93,433	$ 112,077	$ 112,561	$ 113,088	$ 93,682	$ 371,338	$ 431,408
Operating (loss) income	21,263	9,535	(33,655)	(72,111)	(91,424)	20,183	22,183	11,923	(74,968)	(37,135)
Net loss from continuing operations	4,537	1,311	(26,822)	(59,577)	(78,241)	8,502	9,851	2,384	(80,551)	(57,504)
Net loss from discontinued operations, net of tax					(38)	(1,234)	84	(6,962)	0	(8,150)
Net loss	$ 4,537	$ 1,311	$ (26,822)	$ (59,577)	$ (78,279)	$ 7,268	$ 9,935	$ (4,578)	$ (80,551)	$ (65,654)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	$ 0.15	$ 0.03	$ (1.46)	$ (3.27)	$ (4.28)	$ 0.29	$ 0.34	$ 0.07	$ (4.46)	$ (3.36)
Discontinued operations (in dollars per share)					0	(0.04)	0	(0.25)	0	(0.44)
Common Stock
Basic (loss) income per share:
Continuing operations (in dollars per share)	0.15	0.03	(1.46)	(3.27)	(4.28)	0.29	0.34	0.07	(4.46)	(3.36)
Discontinued operations (in dollars per share)					0	(0.04)	0	(0.38)	0	(0.44)
Warrants
Basic (loss) income per share:
Continuing operations (in dollars per share)	$ 0.15	$ 0.03	$ 0	$ 0.08	0.07	0.29	0.34	0.07	0.08	0.30
Discontinued operations (in dollars per share)					$ 0	$ (0.04)	$ 0	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 09, 2021	Jan. 06, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 08, 2021	Jan. 25, 2021	Jan. 24, 2021
Subsequent Event [Line Items]
Purchase price			$ 0	$ 400,000
Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 80,400,000
Securities repurchased (in dollars per share)	$ 6.40
Number of shares authorized						27,000,000	12,000,000
Voting power						52.40%
Subsequent Event | Oaktree
Subsequent Event [Line Items]
Settlement agreement amount					$ 4,500,000
Subsequent Event | Oaktree | April 1, 2021
Subsequent Event [Line Items]
Settlement agreement amount					1,500,000
Subsequent Event | Oaktree | July 1, 2021
Subsequent Event [Line Items]
Settlement agreement amount					1,000,000
Subsequent Event | Oaktree | October 1, 2021
Subsequent Event [Line Items]
Settlement agreement amount					1,000,000
Subsequent Event | Oaktree | November 10, 2021
Subsequent Event [Line Items]
Settlement agreement amount					$ 1,000,000
Common Class A
Subsequent Event [Line Items]
Common stock par value par value (in dollars per share)			$ 0.01	$ 0.01
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Repurchased amount (in shares)							606,484
Common stock par value par value (in dollars per share)							$ 0.01
Securities repurchased (in shares)	1,595,224
Common Class B
Subsequent Event [Line Items]
Common stock par value par value (in dollars per share)			$ 0.01	$ 0.01
Common Class B | Subsequent Event
Subsequent Event [Line Items]
Repurchased amount (in shares)							2,151,373
Common stock par value par value (in dollars per share)							$ 0.01
Securities repurchased (in shares)	2,151,373
Warrants | Subsequent Event
Subsequent Event [Line Items]
Securities repurchased (in shares)	8,814,980
Warrants | Common Class A | Subsequent Event
Subsequent Event [Line Items]
Repurchased amount (in shares)							7,242,143
Senior Notes | Senior secured notes due 2026 | Subsequent Event
Subsequent Event [Line Items]
Principal amount		$ 550,000,000
Stated interest rate		6.875%
Issue price		100.00%
Senior Notes | Senior secured notes due 2026 | Debt Instrument, Redemption, Period One | Subsequent Event
Subsequent Event [Line Items]
Redemption price, percentage		100.00%
Senior Notes | Senior secured notes due 2026 | Debt Instrument, Redemption, Period Two | Subsequent Event
Subsequent Event [Line Items]
Redemption price, percentage		40.00%
Senior Notes | Senior secured notes due 2026 | Debt Instrument, Redemption, Period Three | Subsequent Event
Subsequent Event [Line Items]
Redemption price, percentage		106.875%
Senior Notes | Senior secured notes due 2026 | Debt Instrument, Redemption, Period Four | Subsequent Event
Subsequent Event [Line Items]
Redemption price, percentage		101.00%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts - (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 2,604	$ 3,314
Charged to Costs and Expenses	6,970	2,223
Deductions	(2,523)	(2,933)
Allowance for doubtful accounts, ending balance	$ 7,051	$ 2,604

Uncategorized Items - tsq-20201

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 494,000
Restricted Cash	us-gaap_RestrictedCash	494,000
Dividend Declared [Member]
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	2,164,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 22,000