Townsquare Media (TSQ) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36558
Entity Registrant Name	Townsquare Media, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1996555
Entity Address, Address Line One	One Manhattanville Road
Entity Address, Address Line Two	Suite 202
Entity Address, City or Town	Purchase,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
City Area Code	203
Local Phone Number	861-0900
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	TSQ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001499832
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,463,545
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		815,296
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,461,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 31,289	$ 83,229
Accounts receivable, net of allowance of $7,296 and $7,051, respectively	57,918	58,634
Prepaid expenses and other current assets	10,601	12,428
Total current assets	99,808	154,291
Property and equipment, net	106,117	111,871
Intangible assets, net	280,211	281,160
Goodwill	157,947	157,947
Investments	20,871	11,501
Operating lease right-of-use assets	44,646	48,290
Other assets	1,502	2,948
Restricted cash	494	494
Total assets	711,596	768,502
Current liabilities:
Accounts payable	10,517	9,056
Deferred revenue	8,824	8,847
Accrued compensation and benefits	11,304	12,462
Accrued expenses and other current liabilities	20,392	21,524
Operating lease liabilities, current	7,405	7,517
Accrued interest	6,301	6,350
Total current liabilities	64,743	65,756
Long-term debt, net of deferred finance costs of $9,081 and $2,369, respectively	540,919	543,428
Deferred tax liability	16,396	10,326
Operating lease liability, net of current portion	40,369	44,661
Other long-term liabilities	3,357	3,576
Total liabilities	665,784	667,747
Stockholders’ equity:
Total common stock	167	191
Additional paid-in capital	300,879	369,672
Accumulated deficit	(258,083)	(272,602)
Non-controlling interest	2,849	3,494
Total stockholders’ equity	45,812	100,755
Total liabilities and stockholders’ equity	711,596	768,502
Class A common stock
Stockholders’ equity:
Total common stock	124	144
Class B common stock
Stockholders’ equity:
Total common stock	8	30
Class C common stock
Stockholders’ equity:
Total common stock	$ 35	$ 17

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable allowance	$ 7,296	$ 7,051
Deferred financing costs	$ 9,081	$ 2,369
Common shares authorized (in shares)	400,000,000
Class A common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares issued (in shares)	12,440,045	14,436,065
Common shares outstanding (in shares)	12,440,045	14,436,065
Class B common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	815,296	2,966,669
Common shares outstanding (in shares)	815,296	2,966,669
Class C common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	3,461,341	1,636,341
Common shares outstanding (in shares)	3,461,341	1,636,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenue	$ 111,280	$ 95,356	$ 307,379	$ 262,844
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	75,719	71,088	211,837	207,046
Depreciation and amortization	4,821	5,248	14,546	15,293
Corporate expenses	6,410	6,764	15,996	20,724
Stock-based compensation	877	430	2,833	1,611
Transaction costs	2	384	5,107	2,624
Business realignment costs	484	472	740	2,639
Impairment of long-lived and intangible assets	0	1,343	95	109,058
Net loss on sale and retirement of assets	(14)	92	613	80
Total operating costs and expenses	88,299	85,821	251,767	359,075
Operating income (loss)	22,981	9,535	55,612	(96,231)
Other expense (income):
Interest expense, net	9,816	7,692	29,780	23,713
Loss (gain) on extinguishment and modification of debt	0	0	5,997	(1,159)
Other (income) expense, net	(3,078)	81	(3,455)	(653)
Income (loss) from operations before tax	16,243	1,762	23,290	(118,132)
Income tax provision (benefit)	3,349	451	6,431	(33,044)
Net income (loss)	12,894	1,311	16,859	(85,088)
Net income (loss) attributable to:
Controlling interests	12,405	795	15,288	(86,537)
Non-controlling interests	$ 489	$ 516	$ 1,571	$ 1,449
Diluted income (loss) per share
Diluted income (loss) per share (in dollars per share)	$ 0.64	$ 0.03	$ 0.71	$ (4.68)
Weighted average shares outstanding:
Basic (in shares)	16,474	27,661	19,250	27,605
Diluted (in shares)	19,384	27,688	21,657	27,605
Cash dividend declared per share (in dollars per share)	$ 0	$ 0	$ 0	$ 0.075
Common shares
Basic income (loss) per share:
Attributable to shares (in dollars per share)	$ 0.75	$ 0.03	$ 0.79	$ (4.68)
Weighted average shares outstanding:
Basic (in shares)	16,386	18,683	16,917	18,627
Participating shares
Basic income (loss) per share:
Attributable to shares (in dollars per share)	$ 0.75	$ 0.03	$ 0.79	$ 0.08
Weighted average shares outstanding:
Basic (in shares)	88	8,978	2,333	8,978

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Non- Controlling Interest	Class A	Class ACommon Stock	Class B	Class BCommon Stock	Class C	Class CCommon Stock	Warrants	WarrantsCommon Stock	WarrantsWarrants	WarrantsAdditional Paid-in Capital
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2019								14,314,092		3,011,634		1,636,341
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2019															8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2019		$ 182,436	$ 190	$ 367,540	$ (188,034)	$ 2,740
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(59,577)			(60,154)	577
Dividend declared		(2,098)			(2,098)
Stock-based compensation		524		524
Common stock issued under exercise of stock options (in shares)								5,646
Common stock issued under exercise of stock options		49		49
Issuance of restricted stock (in shares)								10,482
Cash distributions to non-controlling interests		(1)				(1)
Common shares outstanding, ending balance (in shares) at Mar. 31, 2020								14,330,220		3,011,634		1,636,341
Warrants outstanding, ending balance (in shares) at Mar. 31, 2020															8,977,676
Stockholders' equity, ending balance at Mar. 31, 2020		121,333	190	368,113	(250,286)	3,316
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2019								14,314,092		3,011,634		1,636,341
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2019															8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2019		182,436	190	367,540	(188,034)	2,740
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(85,088)
Common shares outstanding, ending balance (in shares) at Sep. 30, 2020								14,330,220		3,011,634		1,636,341
Warrants outstanding, ending balance (in shares) at Sep. 30, 2020															8,977,676
Stockholders' equity, ending balance at Sep. 30, 2020		95,745	190	369,200	(276,669)	3,024
Common shares outstanding, beginning balance (in shares) at Mar. 31, 2020								14,330,220		3,011,634		1,636,341
Warrants outstanding, beginning balance (in shares) at Mar. 31, 2020															8,977,676
Stockholders' equity, beginning balance at Mar. 31, 2020		121,333	190	368,113	(250,286)	3,316
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(26,822)			(27,178)	356
Stock-based compensation		657		657
Cash distributions to non-controlling interests		(1,164)				(1,164)
Common shares outstanding, ending balance (in shares) at Jun. 30, 2020								14,330,220		3,011,634		1,636,341
Warrants outstanding, ending balance (in shares) at Jun. 30, 2020															8,977,676
Stockholders' equity, ending balance at Jun. 30, 2020		94,004	190	368,770	(277,464)	2,508
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		1,311			795	516
Stock-based compensation		430		430
Common shares outstanding, ending balance (in shares) at Sep. 30, 2020								14,330,220		3,011,634		1,636,341
Warrants outstanding, ending balance (in shares) at Sep. 30, 2020															8,977,676
Stockholders' equity, ending balance at Sep. 30, 2020		95,745	190	369,200	(276,669)	3,024
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2020							14,436,065	14,436,065	2,966,669	2,966,669	1,636,341	1,636,341
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2020															8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2020		100,755	191	369,672	(272,602)	3,494
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(6,109)			(6,549)	440
Repurchase of securities (in shares)	[1]							(1,595,224)		(2,151,373)					(8,814,980)
Repurchase of securities	[1]	(81,950)	(38)	(81,912)
Stock-based compensation		1,062		1,062
Common stock issued under exercise of stock options (in shares)								1,022,283
Common stock issued under exercise of stock options		7,946	10	7,936
Conversion of common shares (in shares)								(800,000)				(800,000)
Issuance of restricted stock (in shares)								11,428
Common shares outstanding, ending balance (in shares) at Mar. 31, 2021								14,674,552		815,296		836,341
Warrants outstanding, ending balance (in shares) at Mar. 31, 2021															162,696
Stockholders' equity, ending balance at Mar. 31, 2021		21,704	163	296,758	(279,151)	3,934
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2020							14,436,065	14,436,065	2,966,669	2,966,669	1,636,341	1,636,341
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2020															8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2020		100,755	191	369,672	(272,602)	3,494
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		$ 16,859
Common stock issued under exercise of stock options (in shares)		1,360,702
Common shares outstanding, ending balance (in shares) at Sep. 30, 2021							12,440,045	12,440,045	815,296	815,296	3,461,341	3,461,341
Warrants outstanding, ending balance (in shares) at Sep. 30, 2021		10,622													10,622
Stockholders' equity, ending balance at Sep. 30, 2021		$ 45,812	167	300,879	(258,083)	2,849
Common shares outstanding, beginning balance (in shares) at Mar. 31, 2021								14,674,552		815,296		836,341
Warrants outstanding, beginning balance (in shares) at Mar. 31, 2021															162,696
Stockholders' equity, beginning balance at Mar. 31, 2021		21,704	163	296,758	(279,151)	3,934
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		10,074			9,432	642
Repurchase of securities (in shares)	[2]							(100,000)
Repurchase of securities	[2]	(1,400)	(1)	(630)	(769)
Stock-based compensation		894		894
Common stock issued under exercise of stock options (in shares)								209,873
Common stock issued under exercise of stock options		1,863	2	1,861
Conversion of common shares (in shares)	[3]							(2,625,000)				(2,625,000)
Cash distributions to non-controlling interests		(2,216)				(2,216)
Common shares outstanding, ending balance (in shares) at Jun. 30, 2021								12,159,425		815,296		3,461,341
Warrants outstanding, ending balance (in shares) at Jun. 30, 2021															162,696
Stockholders' equity, ending balance at Jun. 30, 2021		30,919	164	298,883	(270,488)	2,360
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		12,894			12,405	489
Stock-based compensation		877		877
Common stock issued under exercise of stock options (in shares)								128,546
Common stock issued under exercise of stock options		$ 1,122	1	1,121
Conversion of warrants (in shares)	[4]							152,074							(152,074)
Conversion of warrants	[4]												$ 0	$ 2		$ (2)
Common shares outstanding, ending balance (in shares) at Sep. 30, 2021							12,440,045	12,440,045	815,296	815,296	3,461,341	3,461,341
Warrants outstanding, ending balance (in shares) at Sep. 30, 2021		10,622													10,622
Stockholders' equity, ending balance at Sep. 30, 2021		$ 45,812	$ 167	$ 300,879	$ (258,083)	$ 2,849
[1]	On March 9, 2021, the Company repurchased all outstanding securities held by certain affiliates of Oaktree Capital Management L.P. (“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 further discussion on the repurchase, see Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements.
[2]	See Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to the share repurchase.
[3]	On May 13, 2021, a direct holder of Class A Common Stock converted 2,625,000 shares into an equal number of Class C Common Stock. Except as expressly provided in our certificate of incorporation, the Class A common stock, Class B common stock and Class C common stock have equal economic rights and rank equally, share ratably and are identical in all respects as to all matters. Class C common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock.
[4]	(4) See Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised during the period.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)	May 13, 2021shares
Class C
Conversion of convertible securities (in shares)	2,625,000
Conversion ratio	1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)		$ 16,859	$ (85,088)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		14,546	15,293
Amortization of deferred financing costs		1,129	1,173
Non-cash lease income		(106)	(178)
Net deferred taxes and other		6,070	(33,403)
Provision for doubtful accounts		1,718	3,470
Stock-based compensation expense		2,833	1,611
Loss (gain) on extinguishment and modification of debt		5,997	(1,159)
Write-off of deferred financing costs		0	79
Trade activity, net		(9,994)	(6,550)
Impairment of long-lived and intangible assets		95	109,058
Net loss on sale and retirement of assets		613	80
Gain on insurance recoveries		(362)	(1,206)
Gain on lease settlement		(233)	0
Gain on sale of investment and investment related transactions		(446)	0
Unrealized gain on investment		(2,924)	0
Other		289	6
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(1,148)	9,397
Prepaid expenses and other assets		3,259	(2,032)
Accounts payable		1,409	(3,103)
Accrued expenses		(569)	10,538
Accrued interest		(49)	6,204
Other long-term liabilities		(789)	(352)
Net cash provided by operating activities - continuing operations		38,197	23,838
Net cash used in operating activities - discontinued operations		(33)	(390)
Net cash provided by operating activities		38,164	23,448
Cash flows from investing activities:
Purchase of property and equipment		(7,840)	(11,254)
Purchase of investments		(278)	(400)
Proceeds from insurance recoveries		362	1,313
Proceeds from sale of investments and investment related transactions		716	0
Proceeds from sale of assets		955	212
Net cash used in investing activities		(6,085)	(10,129)
Cash flows from financing activities:
Repayment of term loans		(272,381)	(9,951)
Repurchase of 2023 Notes		(273,416)	(3,573)
Proceeds from the issuance of 2026 Notes		550,000	0
Prepayment fee on 2023 Notes		(4,443)	0
Deferred financing costs		(9,027)	0
Repurchase of Oaktree securities		(80,394)	0
Transaction costs related to Oaktree securities repurchase		(1,556)	0
Borrowings under the revolving credit facility		0	50,000
Repayment of borrowings under the revolving credit facility		0	(50,000)
Dividend payments		(60)	(4,201)
Proceeds from stock options exercised		10,931	49
Repurchase of stock		(1,400)	0
Cash distribution to non-controlling interests		(2,216)	(1,164)
Repayments of capitalized obligations		(57)	(34)
Net cash used in financing activities		(84,019)	(18,874)
Cash and cash equivalents and restricted cash:
Net decrease in cash, cash equivalents and restricted cash		(51,940)	(5,555)
Beginning of period		83,723	85,161
End of period		31,783	79,606
Cash payments:
Interest		28,693	16,780
Income taxes		634	1,311
Supplemental Disclosure of Non-cash Activities:
Investments acquired in exchange for advertising	[1]	6,438	2,300
Property and equipment acquired in exchange for advertising	[1]	1,945	3,648
Accrued capital expenditures		120	826
Accrued financing fees		150	0
Deferred payment for software licenses		0	853
Supplemental Disclosure of Cash Flow Information relating to Leases:
Cash paid for amounts included in the measurement of operating lease liabilities, included in operating cash flows		7,695	8,236
Right-of-use assets obtained in exchange for operating lease obligations		2,246	9,416
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		31,289	79,112
Restricted cash		494	494
Cash, cash equivalents, and restricted cash		31,783	79,606
Dividend Declared
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period		$ 0	$ 22
[1]	Represents total advertising services to be provided by the Company in exchange for equity interests and property and equipment acquired during each of the nine months ended September 30, 2021 and 2020, respectively. As the advertising services are performed, revenue related to the services provided is reflected as a component of Trade activity, net within net cash provided by operating activities. As of September 30, 2021 and September 30, 2020, $0.1 million and $1.2 million, respectively, in advertising services remained to be provided in future periods in exchange for equity interests that were acquired during each of the nine months ended September 30, 2021 and 2020. Refer to Note 6, Investments , in the accompanying Notes to Consolidated Financial Statements for additional information related to our investments.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Advertising services	$ 0.1	$ 1.2

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Description of the Business Townsquare Media, Inc. (together with its consolidated subsidiaries, except as the context may otherwise require, "we," "us," "our," "Company," or "Townsquare") is a community-focused digital media, digital marketing solutions and radio company focused outside the Top 50 markets in the U.S. Our assets, as of September 30, 2021, include Townsquare Interactive, a digital marketing services subscription business providing websites, search engine optimization, social platforms and online reputation management for approximately 25,950 small to medium sized businesses; Townsquare Ignite, a proprietary digital programmatic advertising technology with an in-house demand and data management platform; and Townsquare Media, our portfolio of 322 local terrestrial radio stations in 67 cities with corresponding local news and entertainment websites and apps including legendary brands such as WYRK.com , WJON.com , and NJ101.5.com along with a network of national music brands including XXLmag.com , TasteofCountry.com , UltimateClassicRock.com and Loudwire.com . The U.S. economy and financial markets may continue to experience volatility due to the COVID-19 pandemic, including as a result of the development of COVID-19 variants, vaccination rates and government legislative and regulatory responses. 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 in which we operate, the impact of the COVID-19 pandemic on market and economic conditions, and the corresponding impacts to our risk premium, contributed to approximately $107.1 million impairments to the carrying values of our FCC license intangible assets during the first half of 2020, of which $28.7 million and $78.4 million was recognized during the three months ended June 30, 2020 and March 31, 2020, respectively. Additionally, we canceled nearly all live events beginning in March 2020. At the end of the first quarter of 2020, we reduced our workforce through the termination or layoff of approximately 135 full-time employees. As local public health conditions have improved, we experienced recoveries in advertising revenue, following the sequential improvements we observed during each of the third and the fourth quarters of 2020. However, revenue continues to remain below the levels we experienced during the same period in 2019, with the exception of our Townsquare Interactive segment. Net revenue for the Townsquare Interactive segment has increased $15.0 million, or 33%, as compared to the first nine months of 2019 due to continued net subscriber growth throughout the COVID-19 pandemic. While we resumed certain live events beginning in the second quarter of 2021, there continues to be a level of uncertainty surrounding the scheduling of live events. During the first nine months of 2021, we continued the precautionary measures that were instituted in 2020 to address the potential impact to our consolidated financial position, consolidated results of operations, and liquidity, including wage reduction efforts such as the temporary suspension of the Company’s match on employee contributions to the Company’s defined contribution plan, 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”) and controlling non-essential capital expenditures. Additionally, our board of directors determined to cease payment of quarterly cash dividends, following the payment of our 2020 first quarter dividend of $2.1 million, paid on May 15, 2020. The full extent of the COVID-19 pandemic impact will depend on future actions and outcomes, all of which remain fluid and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the short-term and long-term economic impacts of the COVID-19 pandemic (including the continued effect on advertising activity, consumer discretionary spending and our employees in the markets in which we operate), further actions taken to mitigate the impact of the pandemic, and the pace of continued economic and financial market recovery when the COVID-19 pandemic subsides, among others. Basis of Presentation The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report on Form 10-K"). The accompanying unaudited interim Consolidated Financial Statements include the consolidated accounts of the Company and its wholly-owned subsidiaries, with all significant intercompany balances and transactions eliminated in consolidation. These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. All adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations and financial condition as of the end of the interim periods have been included. The results of operations for the three and nine months ended September 30, 2021, cash flows for the nine months ended September 30, 2021, and the Company’s financial condition as of such date are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition as of, any other interim period or for the fiscal year ending December 31, 2021. The Consolidated Balance Sheet as of December 31, 2020 is derived from the audited Consolidated Financial Statements at that date. Reclassification The presentation of non-cash lease (income) expense as a component of adjustments to reconcile net income to net cash flows from operating activities for the nine months ended September 30, 2020, has been reclassified to conform with the current period's presentation. The reclassification had no impact on net cash provided by operating activities. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its significant estimates, including those related to assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates under different assumptions or conditions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Except as stated below, there have been no significant changes in the Company’s accounting policies since December 31, 2020. For the Company's detailed accounting policies please refer to the Consolidated Financial Statements and related notes thereto included in the Company's 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2021. Recently Adopted Accounting Standards 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. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any. The ASU also allows the use of a qualitative assessment when analyzing impairment of equity securities without readily determinable fair values. The Company adopted this standard effective January 1, 2021, which did not 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. The Company adopted this standard effective January 1, 2021, which did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Standards That Have Not Yet Been Adopted In May 2021, the FASB issued Accounting Standards Update 2021-04, Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) , which requires that a modification of an equity-classified warrant that does not cause the warrant to become liability-classified to be accounted for as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The effect of the modification is measured as the difference between the fair value of the modified warrant and the fair value of that warrant immediately before modification. The new guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company expects to adopt this standard in the first quarter of 2022 and does not expect its adoption 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 86,827 $ 21,130 $ 2,748 $ 110,705 $ 72,659 $ 18,181 $ 66 $ 90,906 Political 575 — — 575 4,450 — — 4,450 Net Revenue $ 87,402 $ 21,130 $ 2,748 $ 111,280 $ 77,109 $ 18,181 $ 66 $ 95,356 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 241,305 $ 60,347 $ 3,949 $ 305,601 $ 202,116 $ 51,595 $ 2,469 $ 256,180 Political 1,778 — — 1,778 6,664 $ — $ — 6,664 Net Revenue $ 243,083 $ 60,347 $ 3,949 $ 307,379 $ 208,780 $ 51,595 $ 2,469 $ 262,844 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, placement of internet-based advertising campaigns, performance of digital marketing solutions, and the operation of live events. Revenue is measured at contract inception as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are at a fixed price at inception and do not include any variable consideration or financing components by normal course of business practice. Sales, value add, and other taxes that are collected concurrently with revenue producing activities are excluded from revenue. The primary sources of net revenue are the sale of advertising on our radio stations, owned and operated websites, third party websites, radio stations’ online streams, and mobile applications. We offer precision customer targeting solutions to advertisers through Townsquare Ignite, our digital programmatic advertising platform. We offer digital marketing solutions on a subscription basis under the brand name Townsquare Interactive, 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. These live events include concerts, expositions and other experiential events. Our live events also generate net revenue through the sale of sponsorships, food and other concessions, merchandise and other ancillary products and services. Political net revenue includes the sale of advertising for political advertisers. Contracted performance obligations under political contracts consist of the broadcast and placement of digital advertisements. Management views political revenue separately based on the episodic nature of election cycles and local issues calendars. Our net revenue varies throughout the year. Historically our first calendar quarter produces the lowest net revenue for the year, as advertising expenditures generally decline following the winter holidays. However, due to the COVID-19 pandemic, the seasonality of our net revenue for the year ended December 31, 2020 was materially impacted and our second quarter produced our lowest net revenue for 2020. During even-numbered years, net revenue generally includes increased advertising expenditures by political candidates, political parties and special interest groups. Political spending is typically highest during the fourth quarter. Our operating results in any period may be affected by incurring advertising and promotion expenses that typically do not have an effect on net revenue generation until future periods, if at all. Net revenue for broadcast commercials and digital advertisements are recognized as the contractual performance obligations for Townsquare services are satisfied. We measure progress towards the satisfaction of our contractual performance obligations in accordance with the contractual arrangement. We recognize the associated contractual revenue as delivery takes place and the right to invoice for services performed is met. Our advertising contracts are short-term (less than one year) and payment terms are generally net 30-60 days for local customer contracts and net 60-90 days for national agency customer contracts. Our billing practice is to invoice customers on a monthly basis for services delivered to date. Our contractual arrangements do not include rights of return and do not include any significant judgments by nature of the products and services. Net revenue from digital subscription-based contractual performance obligations is recognized ratably over time as our performance obligations are satisfied. Subscription-based service fees are typically billed in advance of the month of service at a fixed monthly fee that is contractually agreed upon at contract inception. The measure of progress in such arrangements is the number of days of successful delivery of the contracted service. Live events net revenue is recognized as events are conducted and our contractual performance obligations are satisfied. Our live events include mostly single day events, but some are multi-day in duration. We measure progress towards the satisfaction of contractual performance obligations on a daily basis, measured by the successful delivery of the event and honoring customer admissions and vendor event commitments. Live event ticket purchase prices are due at the point of purchase and are nonrefundable. Live event tickets are often sold in advance of the events; in the case of advanced ticket sales, we defer the recognition of consideration received until we satisfy the future performance obligation. Live event contractual arrangements do not include any variable consideration, financing components, or significant judgments. For all customer contracts, we evaluate whether we are the principal (i.e., report revenue on a gross basis) or the agent (i.e., report revenue on a net basis). Generally, we report revenue for advertising placed on Townsquare properties on a gross basis (the amount billed to our customers is recorded as revenue, and the amount paid to our publishers is recorded as a cost of revenue). We are the principal because we control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to monetize the advertising inventory, being primarily responsible to our customers, having discretion in establishing pricing, or a combination of these factors. We also generate revenue through agency relationships in which revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies. No impairment losses arose from any contracts with customers during the three and nine months ended September 30, 2021 and 2020. The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): September 30, 2021 December 31, 2020 Receivables $ 57,918 $ 58,634 Short-term contract liabilities (deferred revenue) $ 8,824 $ 8,847 Contract Acquisition Costs $ 5,412 $ 4,824 September 30, 2020 December 31, 2019 Receivables $ 54,235 $ 67,463 Short-term contract liabilities (deferred revenue) $ 9,169 $ 8,086 Contract Acquisition Costs $ 4,704 $ 4,037 We receive payments from customers based upon contractual billing schedules; accounts receivable are recognized when the right to consideration becomes unconditional. Payment terms vary by the type and location of our customers and the products or services offered. Payment terms for amounts invoiced are typically net 30-60 days. Our contract liabilities include cash payments received or due in advance of satisfying our performance obligations and digital subscriptions in which payment is received in advance of the service and month. These contract liabilities are recognized as revenue as the related performance obligations are satisfied. As of September 30, 2021, and December 31, 2020, the balance in the contract liabilities was $8.8 million, respectively. The decrease in the contract liabilities balance at September 30, 2021 is primarily driven by $0.9 million and $7.4 million of recognized revenue for the three and nine months ended September 30, 2021, respectively, offset by cash payments received or due in advance of satisfying our performance obligations. For the three and nine months ended September 30, 2020, we recognized $0.2 million and $6.6 million of revenue that was previously included in our deferred revenue balance, respectively. No significant changes in the time frame of the satisfaction of contract liabilities have occurred during the three and nine months ended September 30, 2021. Our capitalized contract acquisition costs include amounts related to sales commissions paid for signed contracts with perceived durations exceeding one year. We defer the related sales commission costs and amortize such costs to expense in a manner that is consistent with how the related revenue is recognized over the duration of the related contracts. We have evaluated the average customer contract duration (initial term and any renewals) to determine the appropriate amortization period for these contractual arrangements. Capitalized contract acquisition costs are recognized in prepaid expenses and other current assets in the accompanying consolidated balance sheets. As of September 30, 2021 and December 31, 2020, we had a balance of $5.4 million and $4.8 million, respectively, in capitalized contract acquisition costs and recognized $1.1 million and $3.2 million of amortization for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2020, we recognized $1.0 million and $2.7 million of amortization, respectively. No impairment losses have been recognized or changes made to the time frame for performance of the obligations related to deferred contract assets during the three and nine months ended September 30, 2021 and 2020. 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. Performance Obligations

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Land and improvements $ 20,521 $ 21,512 Buildings and leasehold improvements 54,888 54,471 Broadcast equipment 93,372 90,324 Computer and office equipment 21,382 20,480 Furniture and fixtures 22,012 21,657 Transportation equipment 20,415 19,918 Software development costs 33,796 30,721 Total property and equipment, gross 266,386 259,083 Less accumulated depreciation and amortization (160,269) (147,212) Total property and equipment, net $ 106,117 $ 111,871 Depreciation and amortization expense for property and equipment was $4.5 million and $5.0 million for the three months ended September 30, 2021 and 2020, respectively and $13.7 million and $14.6 million for the nine months ended September 30, 2021 and 2020, respectively. During the three months ended September 30, 2021, a building and portion of land in the Boise, ID market was sold for $0.6 million, an amount consistent with its current net carrying values. During the nine months ended September 30, 2021 the Company sold a portion of land in Portsmouth, NH, recognizing a $0.6 million net loss on sale. There were no impairment charges related to long-lived assets for the nine months ended September 30, 2021 and $1.2 million in total non-cash impairment charges related to long-lived assets for the nine months ended September 30, 2020 within the San Angelo, TX market and the Live Events business. The Company had no material right of use assets related to its finance leases as of September 30, 2021 and December 31, 2020.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Indefinite-lived assets consist of goodwill and FCC broadcast licenses. For goodwill impairment testing, the Company has selected December 31 st as the annual testing date. I n addition to the annual impairment test, the Company regularly assesses whether a triggering event has occurred, which would require interim impairment testing. 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. The local advertising businesses reporting unit had no goodwill as of December 31, 2020 and September 30, 2021, respectively. The Company considered whether any events have occurred or circumstances have changed from the last quantitative analysis performed as of December 31, 2020 that would indicate that the fair value of the Company's reporting units may be below their carrying amounts. Based on such analysis, the Company determined that there have been no indicators that the fair value of its reporting units may be below their carrying amounts as of September 30, 2021. There were no changes in the carrying value of the Company's goodwill during the nine months ended September 30, 2021. The following table represents goodwill by segment (in thousands): Advertising Townsquare Live Events Total Balance at September 30, 2021 $ 76,964 $ 77,000 $ 3,983 $ 157,947 FCC licenses represent a substantial portion of the Company’s total assets. The FCC licenses are renewable in the ordinary course of business, generally for a maximum of eight years. The fair value of FCC licenses is primarily dependent on the future cash flows of the radio markets and other assumptions, including, but not limited to, forecasted revenue growth rates, profit margins and a risk-adjusted discount rate. The Company evaluates its FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Due to continued declines in forecasted traditional broadcast revenue in the markets in which we operate in, as they continue to recover from the COVID-19 pandemic, the Company quantitatively evaluated the fair value of its FCC licenses at March 31, 2021. Based on the results of the impairment assessment of our FCC licenses as of March 31, 2021 we had no impairment charge for the three months ended March 31, 2021. At September 30, 2021, the Company considered whether any events have occurred or circumstances have changed from the quantitative analysis performed as of March 31, 2021 that would indicate further declines in the fair values of our FCC licenses. Our analysis included updates to the calculation of the weighted average cost of capital and the consideration of changes in the radio broadcast markets where our FCC licenses are utilized. Based on such analysis, the Company determined that there have been no indicators that our FCC licenses may be further impaired as of September 30, 2021. The key assumptions used in applying the direct valuation method as of March 31, 2021 are summarized as follows: March 31, 2021 Discount Rate 10.1% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.5% 96.0% Operating Profit Margin 18.0% 48.0% * Market share assumption used when reliable third-party data is available. Otherwise, Company results and forecasts are utilized. 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 as of the date of our last quantitative assessment would have caused the estimated fair values of our FCC licenses to decrease by $55.1 million, which would have resulted in an impairment charge of $5.6 million. 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 that our broadcast revenue experiences further actual or anticipated declines, including as a result of the COVID-19 pandemic, such declines will have a negative impact on the estimated fair value of our FCC licenses, and the Company could recognize additional impairment charges, which could be material. The following tables present details of intangible assets as of September 30, 2021 and December 31, 2020, respectively (in thousands): September 30, 2021 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 276,991 $ — $ 276,991 Customer and advertising relationships 2 6,540 (5,283) 1,257 Leasehold interests 10 1,085 (993) 92 Tower space 2 454 (444) 10 Trademarks 8 2,598 (1,274) 1,324 Software license fees 2 853 (316) 537 Total $ 288,521 $ (8,310) $ 280,211 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 Amortization expense for definite-lived intangible assets was $0.3 million for each of the three months ended September 30, 2021 and 2020, respectively and $0.8 million and $0.7 million for the nine months ended September 30, 2021 and 2020, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of September 30, 2021 is as follows (in thousands): 2021 (remainder) $ 275 2022 1,101 2023 837 2024 168 2025 168 Thereafter 671 $ 3,220

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Long-term investments primarily consists of minority holdings in early-stage businesses. 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, for investments without readily determinable fair values, the Company measures its equity securities at cost minus impairment, as 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 adjusts the then current carrying values of the related investment. Additionally, the Company evaluates its investments for any indicators of impairment. During the nine months ended September 30, 2021, the Company made two new investments in businesses for $1.1 million and acquired an additional $5.3 million and $0.3 million in additional interests in two existing investees, respectively. There were no impairment charges recorded for the three and nine months ended September 30, 2021 and 2020, respectively. In early July 2021, the Company noted an observable price change in an orderly transaction for one of its investees following a series of transactions through which the investee completed its registration with the SEC of shares of its common stock. As a result, the Company's investment is no longer measured at cost minus impairment and the carrying value of the investment is measured at its fair value with changes in fair value reflected in net income. As of the date of the completion of the transactions, the fair value of the Company's investment was $7.6 million, as compared to it previous carrying value of $3.2 million. Based on the market price of the investee's common stock as of September 30, 2021, the fair value of the Company's investment in the common stock of the investee was approximately $6.1 million, resulting in a total unrealized net gain of $2.9 million, during the three months September 30, 2021 included as a component of other income. Additionally, the Company received a $0.2 million cash payment in connection with the completion of the transactions related to the investee's registration of its common stock. The fair value of the investee's common stock as of September 30, 2021, was based upon quoted prices (unadjusted) in active markets for identical equity securities, Level 1 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820).

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 550,000 $ — 2023 Notes — 273,416 Term Loans — 272,381 Debt before deferred financing costs $ 550,000 $ 545,797 Deferred financing costs (9,081) (2,369) Total long-term debt $ 540,919 $ 543,428 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: (i) all outstanding borrowings under the 2015 senior secured credit facility, which included a seven year $275.0 million term loan facility (the “Term Loans”) with $272.4 million principal amount outstanding and $2.1 million in accrued interest, (ii) all of the outstanding $273.4 million of principal amount of 6.5% Unsecured Senior Notes due in 2023 (the “2023 Notes”), a prepayment premium of $4.4 million, and $5.1 million in accrued interest, and (iii) fees and expenses related thereto. The Company also terminated its revolving credit facility and all other obligations thereunder were repaid effective January 6, 2021. The 2026 Notes bear interest at a rate of 6.875% and mature on February 1, 2026. Interest on the 2026 Notes is payable semi-annually in cash in arrears on February 1 and August 1 of each year, commencing on August 1, 2021. The Company incurred approximately $13.6 million of fees and expenses in connection with the issuance of the 2026 Notes, of which approximately $9.4 million were capitalized and are being amortized over the remaining term of the 2026 Notes using the effective interest method. The Company recognized a $4.9 million loss on the early extinguishment of debt during the three months ended March 31, 2021, comprised of a $3.1 million portion of the 2023 Notes prepayment premium and the write-off of $1.8 million of unamortized debt discount and deferred financing fees previously capitalized in connection with the senior secured credit facility and 2023 Notes. The Company recognized a $1.1 million loss on the modification of Terms Loans and 2023 Notes during the three months ended March 31, 2021, which is primarily related to a portion of fees and expenses incurred related to the issuance of the 2026 Notes. The Company’s obligations under the 2026 Notes are guaranteed by substantially all of its subsidiaries and assets. 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, subject to the following redemption prices, plus accrued and unpaid interest, if any to, but excluding, the redemption date: Period Price Prior to February 1, 2023 at an applicable make-whole premium Beginning February 1, 2023 103.438 % Beginning February 1, 2024 101.719 % Beginning February 1, 2025 and thereafter 100.000 % 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. Change of Control If the Company experiences certain change of control events, holders of the 2026 Notes may require the Company to repurchase all or part of their 2026 Notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. Certain Covenants 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 our 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. The Company was in compliance with its covenants under the 2026 Notes indenture as of September 30, 2021. As of September 30, 2021, based on available market information, the estimated fair value of the 2026 Notes was $579.6 million. The Company used Level 2 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). Annual maturities of the Company's long-term debt as of September 30, 2021 are as follows (in thousands): 2021 (remainder) $ — 2022 — 2023 — 2024 — 2025 — 2026 550,000 $ 550,000

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the three months ended September 30, 2021 and 2020 was approximately 20.6% and 25.6%, respectively. The Company's effective tax rate for the nine months ended September 30, 2021 and 2020 was approximately 27.6% and 28.0%, respectively. The decrease in the effective tax rate for the three months ended September 30, 2021 is primarily driven by discrete items for the period, including changes in the valuation allowance due to the utilization of capital loss carryforwards and stock options exercised and forfeited. The effective tax rate may vary significantly from period to period, and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain non-deductible items, state and local income taxes and the valuation allowance for deferred tax assets.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityThe table below presents a summary, as of September 30, 2021, 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 12,440,045 One vote per share. Class B common stock $ 0.01 50,000,000 815,296 Ten votes per share. 2 Class C common stock $ 0.01 50,000,000 3,461,341 No votes. 2 Warrants 10,622 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 $1. 3 Total 400,000,000 16,727,304 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 212,605 shares of restricted Class A common stock, subject to vesting terms, but exclude 4,829,289 of Class A common stock and 3,670,509 of Class B common stock issuable upon exercise of stock options which have an exercise price between $4.79 and $10.08 per share, as of September 30, 2021. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock. 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, 2,151,373 shares of the Company’s Class B common stock, 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. The $4.5 million due under the terms of the Settlement Agreement is reflected as a component of transaction costs for the nine months ended September 30, 2021. All amounts due under the terms of the Settlement Agreement were paid as of September 30, 2021. Total consideration and fees in the aggregate amount of $82.0 million related to the repurchase of the shares and warrants from Oaktree are reflected as a reduction in capital during the nine months ended September 30, 2021. The shares were retired upon repurchase. Stock Repurchase On June 2, 2021, the Company repurchased 100,000 shares of Class A common stock from its Chief Executive Officer at a price of $14.00 per share. The shares were previously issued at a grant date fair value of $6.31. The difference between the grant date fair value and the repurchase price is reflected as an increase in accumulated deficit during the three months ended June 30, 2021. Exercise of Warrants to Purchase Common Stock On August 16, 2021, a warrant holder exercised 152,074 warrants at an exercise price of $0.0001 per share and received 152,074 shares of Class A common stock. Stock-based Compensation The Company’s 2014 Omnibus Incentive Plan (the “2014 Incentive Plan”) provides grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting or advisory services for the Company, are eligible for grants under the 2014 Incentive Plan. The purpose of the 2014 Incentive Plan is to provide incentives that will attract, retain and motivate high-performing officers, directors, employees and consultants by providing them with appropriate incentives and rewards either through a proprietary interest in our long-term success or compensation based on their performance in fulfilling their personal responsibilities. On January 25, 2021, the Board of Directors determined that it was in the best interest 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. As of September 30, 2021, 16,624,382 shares were available for grant. Stock Option Activity During the first nine months of 2021, eligible option holders tendered 1,360,702 options to purchase 1,360,702 shares of Townsquare common stock. The following table summarizes stock option activity during the nine months ended September 30, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 11,234,078 $ 7.92 4.99 $ 1,062 Granted 45,000 $ 10.08 — — Exercised (1,360,702) $ 8.03 — $ 3,950 Forfeited and expired (1,418,577) $ 8.46 — — Outstanding at September 30, 2021 8,499,799 $ 7.83 5.25 $ 44,596 Exercisable at September 30, 2021 5,356,257 $ 8.58 3.35 $ 24,045 The maximum contractual term of stock options is 10 years. For the three months ended September 30, 2021 and 2020, the Company recognized approximately $0.9 million and $0.4 million, respectively, of stock-based compensation expense with respect to options and shares of restricted stock granted. For the nine months ended September 30, 2021 and 2020, the Company recognized approximately $2.8 million and $1.6 million, respectively. As of September 30, 2021, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $6.0 million and $0.7 million, respectively, and is expected to be recognized over a weighted average period of 3.0 and 1.11 years, respectively.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income available to common shareholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents. The Company has determined that our warrants are a participating security, as defined, in accordance with ASC Topic 260, Earnings Per Share . Although these warrants are subject to restrictions on exercise, they participate in the undistributed earnings of the Company and therefore, our presentation reflects the two-class method. The following table sets forth the computations of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 12,894 $ 1,311 $ 16,859 $ (85,088) Net income from non-controlling interest 489 516 1,571 1,449 Net income (loss) attributable to controlling interest $ 12,405 $ 795 $ 15,288 $ (86,537) Denominator: Weighted average shares of common stock outstanding 16,386 18,683 16,917 18,627 Weighted average shares of participating securities outstanding 88 8,978 2,333 8,978 Total weighted average basic shares outstanding 16,474 27,661 19,250 27,605 Effect of dilutive common stock equivalents 2,910 27 2,407 — Weighted average diluted common shares outstanding 19,384 27,688 21,657 27,605 Basic income (loss) per share: Attributable to common shares $ 0.75 $ 0.03 $ 0.79 $ (4.68) Attributable to participating shares (1) $ 0.75 $ 0.03 $ 0.79 $ 0.08 Diluted income (loss) per share $ 0.64 $ 0.03 $ 0.71 $ (4.68) (1) On March 9, 2021, the Company repurchased 8,814,980 warrants outstanding from Oaktree and on August 16, 2021, a warrant holder exercised 152,074 warrants, each as more fully discussed in Note 9, Stockholders' Equity . Income (loss) attributable to participating shares and diluted income (loss) per share for the nine months ended September 30, 2021 was calculated utilizing the weighted-average method. The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) per share as they were considered anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 45 9,152 26 9,152 Restricted Stock — 210 — 296 Warrants — 8,978 — 8,978

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Operating segments are organized internally by type of products and services provided. Based on the information reviewed by the Company's CEO in his capacity as Chief Operating Decision Maker ("CODM"), the Company has identified three reportable operating segments, which are Advertising, which includes broadcast and digital advertising products and solutions, Townsquare Interactive, which is our digital marketing solutions business and Live Events, which is comprised of the Company’s live events, including concerts, expositions and other experiential events. The Company has concluded that each of these operating segments shall be presented separately. The Company operates in one geographic area. The Company's assets and liabilities are managed within the small and mid-sized markets across the United States where the Company conducts its business and are reported internally in the same manner as the Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's CEO or included in these Consolidated Financial Statements. Intangible assets consist principally of FCC broadcast licenses and other definite-lived intangible assets and primarily support the Company’s Advertising segment. For further information see Note 5 , Goodwill and Other Intangible Assets . The Company does not have any material inter-segment sales. The Company's management evaluates segment operating income, which excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges. The following tables present the Company's reportable segment results for the three months ended September 30, 2021 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 87,402 $ 21,130 $ 2,748 $ — $ 111,280 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 58,381 14,954 2,384 — 75,719 Depreciation and amortization 3,306 143 41 1,331 4,821 Corporate expenses — — — 6,410 6,410 Stock-based compensation 75 128 2 672 877 Transaction costs — — — 2 2 Business realignment costs — — 7 477 484 Net gain on sale and retirement of assets — — — (14) (14) Operating income (loss) $ 25,640 $ 5,905 $ 314 $ (8,878) $ 22,981 The following table presents the Company's reportable segment results for the three months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 77,109 $ 18,181 $ 66 $ — $ 95,356 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 58,235 12,694 159 — 71,088 Depreciation and amortization 3,856 131 128 1,133 5,248 Corporate expenses — — — 6,764 6,764 Stock-based compensation 37 16 2 375 430 Transaction costs — — — 384 384 Business realignment cost — — 284 188 472 Impairment of long-lived and intangible assets 768 — 575 — 1,343 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ 14,213 $ 5,340 $ (1,082) $ (8,936) $ 9,535 The following tables present the Company's reportable segment results for the nine months ended September 30, 2021 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 243,083 $ 60,347 $ 3,949 $ — $ 307,379 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 166,551 42,144 3,142 — 211,837 Depreciation and amortization 10,170 840 127 3,409 14,546 Corporate expenses — — — 15,996 15,996 Stock-based compensation 297 411 11 2,114 2,833 Transaction costs — — — 5,107 5,107 Business realignment costs — — 25 715 740 Impairment of long-lived and intangible assets — — — 95 95 Net loss on sale and retirement of assets — — — 613 613 Operating income (loss) $ 66,065 $ 16,952 $ 644 $ (28,049) $ 55,612 The following tables present the Company's reportable segment results for the nine months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 208,780 $ 51,595 $ 2,469 $ — $ 262,844 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 168,527 36,414 2,105 — 207,046 Depreciation and amortization 10,740 398 393 3,762 15,293 Corporate expenses — — — 20,724 20,724 Stock-based compensation 116 63 7 1,425 1,611 Transaction costs — — — 2,624 2,624 Business realignment costs — — 284 2,355 2,639 Impairment of long-lived and intangible assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 80 80 Operating (loss) income $ (79,086) $ 14,720 $ (895) $ (30,970) $ (96,231)

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has a strategic partnership and services agreement with a company 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. Prior to April 2021, the Company received a monthly service fee of $5,000 and reimbursement of any direct expenses, as applicable, however, effective April 1, 2021, the agreement was terminated. During the three months ended September 30, 2020, the Company recorded total fees in the aggregate of approximately $0.01 million related to services provided under the terms of the agreement. For the nine months ended September 30, 2021 and 2020, the Company recorded total fees in the aggregate of approximately $0.02 million and $0.1 million, respectively related to services provided under the terms of the agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report on Form 10-K"). The accompanying unaudited interim Consolidated Financial Statements include the consolidated accounts of the Company and its wholly-owned subsidiaries, with all significant intercompany balances and transactions eliminated in consolidation. These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. All adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations and financial condition as of the end of the interim periods have been included. The results of operations for the three and nine months ended September 30, 2021, cash flows for the nine months ended September 30, 2021, and the Company’s financial condition as of such date are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition as of, any other interim period or for the fiscal year ending December 31, 2021. The Consolidated Balance Sheet as of December 31, 2020 is derived from the audited Consolidated Financial Statements at that date. Reclassification The presentation of non-cash lease (income) expense as a component of adjustments to reconcile net income to net cash flows from operating activities for the nine months ended September 30, 2020, has been reclassified to conform with the current period's presentation. The reclassification had no impact on net cash provided by operating activities.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its significant estimates, including those related to assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates under different assumptions or conditions.
Recently Adopted Accounting Standards and Recently Issued Standards That Have Not Yet Been Adopted	Recently Adopted Accounting Standards In 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. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, whereby the Company can elect to measure an equity security without a readily determinable fair value, that does not qualify for the practical expedient to estimate fair value (net asset value), at its cost minus impairment, if any. The ASU also allows the use of a qualitative assessment when analyzing impairment of equity securities without readily determinable fair values. The Company adopted this standard effective January 1, 2021, which did not 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. The Company adopted this standard effective January 1, 2021, which did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Standards That Have Not Yet Been Adopted In May 2021, the FASB issued Accounting Standards Update 2021-04, Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) , which requires that a modification of an equity-classified warrant that does not cause the warrant to become liability-classified to be accounted for as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The effect of the modification is measured as the difference between the fair value of the modified warrant and the fair value of that warrant immediately before modification. The new guidance is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company expects to adopt this standard in the first quarter of 2022 and does not expect its adoption 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.
Revenue Recognition	Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; generally, this occurs with the transfer of control as we satisfy contractual performance obligations over time. Our contractual performance obligations include the broadcast of commercials on our owned and operated radio stations, placement of internet-based advertising campaigns, performance of digital marketing solutions, and the operation of live events. Revenue is measured at contract inception as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are at a fixed price at inception and do not include any variable consideration or financing components by normal course of business practice. Sales, value add, and other taxes that are collected concurrently with revenue producing activities are excluded from revenue. The primary sources of net revenue are the sale of advertising on our radio stations, owned and operated websites, third party websites, radio stations’ online streams, and mobile applications. We offer precision customer targeting solutions to advertisers through Townsquare Ignite, our digital programmatic advertising platform. We offer digital marketing solutions on a subscription basis under the brand name Townsquare Interactive, 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. These live events include concerts, expositions and other experiential events. Our live events also generate net revenue through the sale of sponsorships, food and other concessions, merchandise and other ancillary products and services. Political net revenue includes the sale of advertising for political advertisers. Contracted performance obligations under political contracts consist of the broadcast and placement of digital advertisements. Management views political revenue separately based on the episodic nature of election cycles and local issues calendars. Our net revenue varies throughout the year. Historically our first calendar quarter produces the lowest net revenue for the year, as advertising expenditures generally decline following the winter holidays. However, due to the COVID-19 pandemic, the seasonality of our net revenue for the year ended December 31, 2020 was materially impacted and our second quarter produced our lowest net revenue for 2020. During even-numbered years, net revenue generally includes increased advertising expenditures by political candidates, political parties and special interest groups. Political spending is typically highest during the fourth quarter. Our operating results in any period may be affected by incurring advertising and promotion expenses that typically do not have an effect on net revenue generation until future periods, if at all. Net revenue for broadcast commercials and digital advertisements are recognized as the contractual performance obligations for Townsquare services are satisfied. We measure progress towards the satisfaction of our contractual performance obligations in accordance with the contractual arrangement. We recognize the associated contractual revenue as delivery takes place and the right to invoice for services performed is met. Our advertising contracts are short-term (less than one year) and payment terms are generally net 30-60 days for local customer contracts and net 60-90 days for national agency customer contracts. Our billing practice is to invoice customers on a monthly basis for services delivered to date. Our contractual arrangements do not include rights of return and do not include any significant judgments by nature of the products and services. Net revenue from digital subscription-based contractual performance obligations is recognized ratably over time as our performance obligations are satisfied. Subscription-based service fees are typically billed in advance of the month of service at a fixed monthly fee that is contractually agreed upon at contract inception. The measure of progress in such arrangements is the number of days of successful delivery of the contracted service. Live events net revenue is recognized as events are conducted and our contractual performance obligations are satisfied. Our live events include mostly single day events, but some are multi-day in duration. We measure progress towards the satisfaction of contractual performance obligations on a daily basis, measured by the successful delivery of the event and honoring customer admissions and vendor event commitments. Live event ticket purchase prices are due at the point of purchase and are nonrefundable. Live event tickets are often sold in advance of the events; in the case of advanced ticket sales, we defer the recognition of consideration received until we satisfy the future performance obligation. Live event contractual arrangements do not include any variable consideration, financing components, or significant judgments. For all customer contracts, we evaluate whether we are the principal (i.e., report revenue on a gross basis) or the agent (i.e., report revenue on a net basis). Generally, we report revenue for advertising placed on Townsquare properties on a gross basis (the amount billed to our customers is recorded as revenue, and the amount paid to our publishers is recorded as a cost of revenue). We are the principal because we control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to monetize the advertising inventory, being primarily responsible to our customers, having discretion in establishing pricing, or a combination of these factors. We also generate revenue through agency relationships in which revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 86,827 $ 21,130 $ 2,748 $ 110,705 $ 72,659 $ 18,181 $ 66 $ 90,906 Political 575 — — 575 4,450 — — 4,450 Net Revenue $ 87,402 $ 21,130 $ 2,748 $ 111,280 $ 77,109 $ 18,181 $ 66 $ 95,356 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Advertising Townsquare Interactive Live Events Total Advertising Townsquare Interactive Live Events Total Net Revenue (ex Political) $ 241,305 $ 60,347 $ 3,949 $ 305,601 $ 202,116 $ 51,595 $ 2,469 $ 256,180 Political 1,778 — — 1,778 6,664 $ — $ — 6,664 Net Revenue $ 243,083 $ 60,347 $ 3,949 $ 307,379 $ 208,780 $ 51,595 $ 2,469 $ 262,844
Schedule of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): September 30, 2021 December 31, 2020 Receivables $ 57,918 $ 58,634 Short-term contract liabilities (deferred revenue) $ 8,824 $ 8,847 Contract Acquisition Costs $ 5,412 $ 4,824 September 30, 2020 December 31, 2019 Receivables $ 54,235 $ 67,463 Short-term contract liabilities (deferred revenue) $ 9,169 $ 8,086 Contract Acquisition Costs $ 4,704 $ 4,037

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Land and improvements $ 20,521 $ 21,512 Buildings and leasehold improvements 54,888 54,471 Broadcast equipment 93,372 90,324 Computer and office equipment 21,382 20,480 Furniture and fixtures 22,012 21,657 Transportation equipment 20,415 19,918 Software development costs 33,796 30,721 Total property and equipment, gross 266,386 259,083 Less accumulated depreciation and amortization (160,269) (147,212) Total property and equipment, net $ 106,117 $ 111,871

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table represents goodwill by segment (in thousands): Advertising Townsquare Live Events Total Balance at September 30, 2021 $ 76,964 $ 77,000 $ 3,983 $ 157,947
Schedule of Assumptions Used in Annual Impairment Assessments	The key assumptions used in applying the direct valuation method as of March 31, 2021 are summarized as follows: March 31, 2021 Discount Rate 10.1% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.5% 96.0% Operating Profit Margin 18.0% 48.0% * Market share assumption used when reliable third-party data is available. Otherwise, Company results and forecasts are utilized.
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets	The following tables present details of intangible assets as of September 30, 2021 and December 31, 2020, respectively (in thousands): September 30, 2021 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 276,991 $ — $ 276,991 Customer and advertising relationships 2 6,540 (5,283) 1,257 Leasehold interests 10 1,085 (993) 92 Tower space 2 454 (444) 10 Trademarks 8 2,598 (1,274) 1,324 Software license fees 2 853 (316) 537 Total $ 288,521 $ (8,310) $ 280,211 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
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of September 30, 2021 is as follows (in thousands): 2021 (remainder) $ 275 2022 1,101 2023 837 2024 168 2025 168 Thereafter 671 $ 3,220

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 550,000 $ — 2023 Notes — 273,416 Term Loans — 272,381 Debt before deferred financing costs $ 550,000 $ 545,797 Deferred financing costs (9,081) (2,369) Total long-term debt $ 540,919 $ 543,428
Debt Instrument Redemption	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, subject to the following redemption prices, plus accrued and unpaid interest, if any to, but excluding, the redemption date: Period Price Prior to February 1, 2023 at an applicable make-whole premium Beginning February 1, 2023 103.438 % Beginning February 1, 2024 101.719 % Beginning February 1, 2025 and thereafter 100.000 %
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of September 30, 2021 are as follows (in thousands): 2021 (remainder) $ — 2022 — 2023 — 2024 — 2025 — 2026 550,000 $ 550,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of September 30, 2021, 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 12,440,045 One vote per share. Class B common stock $ 0.01 50,000,000 815,296 Ten votes per share. 2 Class C common stock $ 0.01 50,000,000 3,461,341 No votes. 2 Warrants 10,622 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 $1. 3 Total 400,000,000 16,727,304 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 Compensation, Stock Options, Activity	The following table summarizes stock option activity during the nine months ended September 30, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 11,234,078 $ 7.92 4.99 $ 1,062 Granted 45,000 $ 10.08 — — Exercised (1,360,702) $ 8.03 — $ 3,950 Forfeited and expired (1,418,577) $ 8.46 — — Outstanding at September 30, 2021 8,499,799 $ 7.83 5.25 $ 44,596 Exercisable at September 30, 2021 5,356,257 $ 8.58 3.35 $ 24,045

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The following table sets forth the computations of basic and diluted net income (loss) per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 12,894 $ 1,311 $ 16,859 $ (85,088) Net income from non-controlling interest 489 516 1,571 1,449 Net income (loss) attributable to controlling interest $ 12,405 $ 795 $ 15,288 $ (86,537) Denominator: Weighted average shares of common stock outstanding 16,386 18,683 16,917 18,627 Weighted average shares of participating securities outstanding 88 8,978 2,333 8,978 Total weighted average basic shares outstanding 16,474 27,661 19,250 27,605 Effect of dilutive common stock equivalents 2,910 27 2,407 — Weighted average diluted common shares outstanding 19,384 27,688 21,657 27,605 Basic income (loss) per share: Attributable to common shares $ 0.75 $ 0.03 $ 0.79 $ (4.68) Attributable to participating shares (1) $ 0.75 $ 0.03 $ 0.79 $ 0.08 Diluted income (loss) per share $ 0.64 $ 0.03 $ 0.71 $ (4.68) (1) On March 9, 2021, the Company repurchased 8,814,980 warrants outstanding from Oaktree and on August 16, 2021, a warrant holder exercised 152,074 warrants, each as more fully discussed in Note 9, Stockholders' Equity . Income (loss) attributable to participating shares and diluted income (loss) per share for the nine months ended September 30, 2021 was calculated utilizing the weighted-average method. The Company had the following dilutive securities that were not included in the computation of diluted net income (loss) per share as they were considered anti-dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 45 9,152 26 9,152 Restricted Stock — 210 — 296 Warrants — 8,978 — 8,978

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present the Company's reportable segment results for the three months ended September 30, 2021 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 87,402 $ 21,130 $ 2,748 $ — $ 111,280 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 58,381 14,954 2,384 — 75,719 Depreciation and amortization 3,306 143 41 1,331 4,821 Corporate expenses — — — 6,410 6,410 Stock-based compensation 75 128 2 672 877 Transaction costs — — — 2 2 Business realignment costs — — 7 477 484 Net gain on sale and retirement of assets — — — (14) (14) Operating income (loss) $ 25,640 $ 5,905 $ 314 $ (8,878) $ 22,981 The following table presents the Company's reportable segment results for the three months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 77,109 $ 18,181 $ 66 $ — $ 95,356 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 58,235 12,694 159 — 71,088 Depreciation and amortization 3,856 131 128 1,133 5,248 Corporate expenses — — — 6,764 6,764 Stock-based compensation 37 16 2 375 430 Transaction costs — — — 384 384 Business realignment cost — — 284 188 472 Impairment of long-lived and intangible assets 768 — 575 — 1,343 Net loss on sale and retirement of assets — — — 92 92 Operating income (loss) $ 14,213 $ 5,340 $ (1,082) $ (8,936) $ 9,535 The following tables present the Company's reportable segment results for the nine months ended September 30, 2021 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 243,083 $ 60,347 $ 3,949 $ — $ 307,379 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 166,551 42,144 3,142 — 211,837 Depreciation and amortization 10,170 840 127 3,409 14,546 Corporate expenses — — — 15,996 15,996 Stock-based compensation 297 411 11 2,114 2,833 Transaction costs — — — 5,107 5,107 Business realignment costs — — 25 715 740 Impairment of long-lived and intangible assets — — — 95 95 Net loss on sale and retirement of assets — — — 613 613 Operating income (loss) $ 66,065 $ 16,952 $ 644 $ (28,049) $ 55,612 The following tables present the Company's reportable segment results for the nine months ended September 30, 2020 (in thousands): Advertising Townsquare Interactive Live Events Corporate and Other Reconciling Items Total Net revenue $ 208,780 $ 51,595 $ 2,469 $ — $ 262,844 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 168,527 36,414 2,105 — 207,046 Depreciation and amortization 10,740 398 393 3,762 15,293 Corporate expenses — — — 20,724 20,724 Stock-based compensation 116 63 7 1,425 1,611 Transaction costs — — — 2,624 2,624 Business realignment costs — — 284 2,355 2,639 Impairment of long-lived and intangible assets 108,483 — 575 — 109,058 Net loss on sale and retirement of assets — — — 80 80 Operating (loss) income $ (79,086) $ 14,720 $ (895) $ (30,970) $ (96,231)

Organization and Basis of Pre_2

Organization and Basis of Presentation - Nature of Business (Details)	May 15, 2020USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)employee	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)businessmarketradio_station	Sep. 30, 2020USD ($)
Organization and Basis of Presentation [Line Items]
Number of small and medium sized markets in which entity operates | business						25,950
Number of radio stations | radio_station						322
Impairment charge of intangible assets		$ 0
Number of terminated employees | employee				135
Dividend payments	$ 2,100,000					$ 60,000	$ 4,201,000
Townsquare Interactive
Organization and Basis of Presentation [Line Items]
Increase in net revenue						$ 15,000,000
Percentage of increase in net revenue						33.00%
FCC licenses
Organization and Basis of Presentation [Line Items]
Impairment charge of intangible assets			$ 28,700,000	$ 78,400,000	$ 107,100,000
United States
Organization and Basis of Presentation [Line Items]
Number of local markets | market						67

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 111,280	$ 95,356	$ 307,379	$ 262,844
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	87,402	77,109	243,083	208,780
Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	21,130	18,181	60,347	51,595
Live Events
Disaggregation of Revenue [Line Items]
Net revenue	2,748	66	3,949	2,469
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net revenue	110,705	90,906	305,601	256,180
Net Revenue (ex Political) | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	86,827	72,659	241,305	202,116
Net Revenue (ex Political) | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	21,130	18,181	60,347	51,595
Net Revenue (ex Political) | Live Events
Disaggregation of Revenue [Line Items]
Net revenue	2,748	66	3,949	2,469
Political
Disaggregation of Revenue [Line Items]
Net revenue	575	4,450	1,778	6,664
Political | Advertising
Disaggregation of Revenue [Line Items]
Net revenue	575	4,450	1,778	6,664
Political | Townsquare Interactive
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Political | Live Events
Disaggregation of Revenue [Line Items]
Net revenue	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Impairment loss	$ 0	$ 0	$ 0	$ 0
Short-term contract liabilities (deferred revenue)	8,824,000	9,169,000	8,824,000	9,169,000	$ 8,847,000	$ 8,086,000
Revenue recognized	900,000	200,000	7,400,000	6,600,000
Deferred costs	5,412,000	4,704,000	5,412,000	4,704,000	$ 4,824,000	$ 4,037,000
Recognized amortization	$ 1,100,000	$ 1,000,000	$ 3,200,000	$ 2,700,000
Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)			30 days
Minimum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)			30 days
Payment terms for national agency advertising contracts (in days)			60 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)			60 days
Maximum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)			60 days
Payment terms for national agency advertising contracts (in days)			90 days

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Receivables	$ 57,918	$ 58,634	$ 54,235	$ 67,463
Short-term contract liabilities (deferred revenue)	8,824	8,847	9,169	8,086
Contract Acquisition Costs	$ 5,412	$ 4,824	$ 4,704	$ 4,037

Property and Equipment, net - S

Property and Equipment, net - Schedule of Physical Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 266,386	$ 259,083
Less accumulated depreciation and amortization	(160,269)	(147,212)
Total property and equipment, net	106,117	111,871
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,521	21,512
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	54,888	54,471
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	93,372	90,324
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	21,382	20,480
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	22,012	21,657
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,415	19,918
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 33,796	$ 30,721

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,500,000	$ 5,000,000	$ 13,700,000	$ 14,600,000
Loss on sale of asset	(14,000)	$ 92,000	613,000	80,000
Impairment charges to long-lived assets			0	$ 1,200,000
Depreciation and amortization expense related to finance lease assets			0		$ 0
Land and Building
Property, Plant and Equipment [Line Items]
Net carrying value of assets held for sale	$ 600,000		600,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Portsmouth, NH, Land
Property, Plant and Equipment [Line Items]
Loss on sale of asset			$ 600,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended					6 Months Ended	9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 157,947,000						$ 157,947,000		$ 157,947,000
Change in goodwill							0
Impairment charge of intangible assets		$ 0
Amortization of intangible assets	$ 300,000		$ 300,000				$ 800,000	$ 700,000
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Maximum FCC license renewal period							8 years
Impairment charge of intangible assets				$ 28,700,000	$ 78,400,000	$ 107,100,000
Decrease in intangible assets							$ 55,100,000
Forecasted impairment charge							$ 5,600,000
National Digital
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage									138.00%
Townsquare Ignite
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage									231.00%
Analytical Services
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage									795.00%
Townsquare Interactive
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage									300.00%
Live Events
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage									118.00%
Local Advertising Businesses
Indefinite-lived Intangible Assets [Line Items]
Goodwill									$ 0

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 157,947	$ 157,947
Advertising
Goodwill [Line Items]
Goodwill	76,964
Townsquare Interactive
Goodwill [Line Items]
Goodwill	77,000
Live Events
Goodwill [Line Items]
Goodwill	$ 3,983

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Assumptions Used in Annual Impairment Assessments (Details)	Mar. 31, 2021
Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.101
Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0
Minimum | Mature Market Share
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.205
Minimum | Operating Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.180
Maximum | Mature Market Share
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.960
Maximum | Operating Profit Margin
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.480

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (8,310)	$ (7,546)
Net Carrying Amount	3,220
Intangible assets, Gross carrying amount total	288,521	288,706
Intangible assets, Net carrying amount total	280,211	281,160
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
FCC licenses	$ 276,991	$ 277,013
Customer and advertising relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	2 years	3 years
Gross Carrying Amount	$ 6,540	$ 6,540
Accumulated Amortization	(5,283)	(4,793)
Net Carrying Amount	$ 1,257	$ 1,747
Leasehold interests
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	10 years	11 years
Gross Carrying Amount	$ 1,085	$ 1,085
Accumulated Amortization	(993)	(970)
Net Carrying Amount	$ 92	$ 115
Tower space
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	2 years	3 years
Gross Carrying Amount	$ 454	$ 454
Accumulated Amortization	(444)	(439)
Net Carrying Amount	$ 10	$ 15
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	8 years	9 years
Gross Carrying Amount	$ 2,598	$ 2,761
Accumulated Amortization	(1,274)	(1,218)
Net Carrying Amount	$ 1,324	$ 1,543
Software license fees
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	2 years	3 years
Gross Carrying Amount	$ 853	$ 853
Accumulated Amortization	(316)	(126)
Net Carrying Amount	$ 537	$ 727

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remainder)	$ 275
2022	1,101
2023	837
2024	168
2025	168
Thereafter	671
Net Carrying Amount	$ 3,220

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)investeeinvestment	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)investeeinvestment	Sep. 30, 2020USD ($)	Jul. 31, 2021USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Number of businesses invested in | investment	2		2
Number of existing investees | investee	2		2
Impairment losses, investments	$ 0	$ 0	$ 0	$ 0
Unrealized gain on investment			2,924,000	$ 0
Two New Investments
Debt and Equity Securities, FV-NI [Line Items]
Investments	1,100,000		1,100,000
Existing Investee A
Debt and Equity Securities, FV-NI [Line Items]
Investments	5,300,000		5,300,000
Existing Investee B
Debt and Equity Securities, FV-NI [Line Items]
Investments	300,000		300,000
Investee C
Debt and Equity Securities, FV-NI [Line Items]
Fair value of investment	$ 6,100,000		6,100,000		$ 7,600,000
Equity securities, carrying value					$ 3,200,000
Unrealized gain on investment			2,900,000
Cash received in connection with the completion of the transactions			$ 200,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt before deferred financing costs	$ 550,000	$ 545,797
Deferred financing costs	(9,081)	(2,369)
Total long-term debt	540,919	543,428
Senior Notes | 2026 Notes
Debt Instrument [Line Items]
Long-term debt, gross	550,000	0
Senior Notes | 2023 Notes
Debt Instrument [Line Items]
Long-term debt, gross	0	273,416
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 272,381

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	Jan. 06, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Recognized amortization		$ 1.1		$ 1	$ 3.2	$ 2.7
2026 Notes
Debt Instrument [Line Items]
Fees and expenses	$ 13.6
Recognized amortization	9.4
Redemption price, percentage					106.875%
Principal amount redeem					40.00%
Seven Year Term Loan Facility | Term Loan
Debt Instrument [Line Items]
Debt amount	$ 275
Term	7 years
Change of Control - Secured Senior Note Due 2026
Debt Instrument [Line Items]
Redemption price, percentage					101.00%
Senior Notes | 2026 Notes
Debt Instrument [Line Items]
Debt amount	$ 550
Stated interest rate	6.875%
Issuance price percentage	100.00%
Extinguishment of debt			$ 4.9
Redemption price, percentage	100.00%
Fair value of debt		$ 579.6			$ 579.6
Senior Notes | Unsecured Senior Note Due 2023
Debt Instrument [Line Items]
Debt amount	$ 273.4
Stated interest rate	6.50%
Accrued interest	$ 5.1
Prepayment premium	4.4
Senior Notes | 2023 Notes
Debt Instrument [Line Items]
Prepayment premium			3.1
Unamortized debt discount			1.8
Term Loan | Secured Credit Facility
Debt Instrument [Line Items]
Amount borrowed	272.4
Accrued interest	$ 2.1
Term Loans and 2023 Notes
Debt Instrument [Line Items]
Loss on debt			$ 1.1

Long-Term Debt - Optional Redem

Long-Term Debt - Optional Redemption (Details)	9 Months Ended
	Sep. 30, 2021
Beginning February 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage	103.438%
Beginning February 1, 2024
Debt Instrument [Line Items]
Redemption price, percentage	101.719%
Beginning February 1, 2025 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100.00%

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021 (remainder)	$ 0
2022	0
2023	0
2024	0
2025	0
2026	550,000
Long-term debt	$ 550,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	20.60%	25.60%	27.60%	28.00%

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders Equity (Details)	9 Months Ended
	Sep. 30, 2021USD ($)votePerShare$ / sharesshares	Aug. 16, 2021$ / shares	Jun. 30, 2021shares	Mar. 31, 2021shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020shares	Jun. 30, 2020shares	Mar. 31, 2020shares	Dec. 31, 2019shares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Warrants outstanding (in shares)	10,622
Common stock and warrants outstanding (in shares)	16,727,304
Exercise prices per warrant (in dollars per share) | $ / shares		$ 0.0001
Class A common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01
Common shares authorized (in shares)	300,000,000				300,000,000
Common shares outstanding (in shares)	12,440,045				14,436,065
Warrants, number of shares exercisable (in shares)	1
Exercise prices per warrant (in dollars per share) | $ / shares	$ 0.0001
Aggregate exercise price of all warrants (in shares) | $	$ 1
Class A common stock | Common Stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01
Common shares authorized (in shares)	300,000,000
Common shares outstanding (in shares)	12,440,045		12,159,425	14,674,552	14,436,065	14,330,220	14,330,220	14,330,220	14,314,092
Number of votes per share | votePerShare	1
Class B common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01
Common shares authorized (in shares)	50,000,000				50,000,000
Common shares outstanding (in shares)	815,296				2,966,669
Conversion ratio into common stock (in shares)	1
Class B common stock | Common Stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01
Common shares authorized (in shares)	50,000,000
Common shares outstanding (in shares)	815,296		815,296	815,296	2,966,669	3,011,634	3,011,634	3,011,634	3,011,634
Number of votes per share | votePerShare	10
Class C common stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01				$ 0.01
Common shares authorized (in shares)	50,000,000				50,000,000
Common shares outstanding (in shares)	3,461,341				1,636,341
Class C common stock | Common Stock
Class of Stock [Line Items]
Common par value (in dollars per share) | $ / shares	$ 0.01
Common shares authorized (in shares)	50,000,000
Common shares outstanding (in shares)	3,461,341		3,461,341	836,341	1,636,341	1,636,341	1,636,341	1,636,341	1,636,341
Number of votes per share | votePerShare	0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

Aug. 16, 2021

Jun. 02, 2021

Mar. 09, 2021

Mar. 08, 2021

Jun. 02, 2020

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Jan. 27, 2021

Jan. 25, 2021

Jan. 24, 2021

Class of Stock [Line Items]

Shares acquired cost

$ 80,400

Securities repurchased (in dollars per share)

$ 6.40

Repurchase of Oaktree securities

$ 1,400

$ 0

Conversion of warrants (in shares)

152,074

Exercise prices per warrant (in dollars per share)

$ 0.0001

Common stock issued under exercise of stock options (in shares)

(1,360,702)

Shares issued (in shares)

(1,360,702)

Maximum contractual term of stock options

10 years

Stock-based compensation

$ 877

$ 430

$ 2,833

$ 1,611

Oaktree Affiliated Stockholders

Class of Stock [Line Items]

Voting power, percentage

52.40%

2014 Omnibus Incentive Plan

Class of Stock [Line Items]

Number of shares authorized (in shares)

27,000,000

12,000,000

Number of shares available for grant (in shares)

16,624,382

16,624,382

Oaktree Capital Management Settlement Agreement

Class of Stock [Line Items]

Repurchase of Oaktree securities

$ 4,500

Total consideration and fees, aggregate amount

$ 82,000

Oaktree Capital Management Settlement Agreement | April 1, 2021

Class of Stock [Line Items]

Repurchase of Oaktree securities

$ 1,500

Oaktree Capital Management Settlement Agreement | July 1, 2021

Class of Stock [Line Items]

Repurchase of Oaktree securities

1,000

Oaktree Capital Management Settlement Agreement | October 1, 2021

Class of Stock [Line Items]

Repurchase of Oaktree securities

1,000

Oaktree Capital Management Settlement Agreement | November 10, 2021

Class of Stock [Line Items]

Repurchase of Oaktree securities

$ 1,000

Warrants

Class of Stock [Line Items]

Stock repurchase (in shares)

7,242,143

Warrants | Oaktree

Class of Stock [Line Items]

Securities repurchased (in shares)

8,814,980

Minimum

Class of Stock [Line Items]

Options outstanding, exercise price (in dollars per share)

$ 4.79

$ 4.79

Maximum

Class of Stock [Line Items]

Options outstanding, exercise price (in dollars per share)

$ 10.08

$ 10.08

Class A

Class of Stock [Line Items]

Shares issuable upon exercise of stock options (in shares)

4,829,289

4,829,289

Stock repurchase (in shares)

606,484

Securities repurchased (in shares)

1,595,224

Conversion of warrants (in shares)

152,074

Exercise prices per warrant (in dollars per share)

$ 0.0001

$ 0.0001

Class A | Chief Executive Officer

Class of Stock [Line Items]

Common stock repurchased (in shares)

100,000

Share price (in dollars per share)

$ 14

Shares issued at a grant date fair value (in dollars per share)

$ 6.31

Class B

Class of Stock [Line Items]

Shares issuable upon exercise of stock options (in shares)

3,670,509

3,670,509

Stock repurchase (in shares)

2,151,373

Securities repurchased (in shares)

2,151,373

Preferred Stock

Class of Stock [Line Items]

Preferred shares authorized (in shares)

50,000,000

50,000,000

Warrants | Warrants

Class of Stock [Line Items]

Common stock repurchased (in shares)

[1]

8,814,980

Conversion of warrants (in shares)

[2]

(152,074)

Restricted Stock

Class of Stock [Line Items]

Compensation cost not yet recognized

$ 700

$ 700

Compensation cost not yet recognized, period for recognition

1 year 1 month 9 days

Restricted Stock | Class A

Class of Stock [Line Items]

Shares outstanding (in shares)

212,605

212,605

Stock options

Class of Stock [Line Items]

Compensation cost not yet recognized

$ 6,000

$ 6,000

Compensation cost not yet recognized, period for recognition

3 years

[1]

On March 9, 2021, the Company repurchased all outstanding securities held by certain affiliates of Oaktree Capital Management L.P. (“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 further discussion on the repurchase, see Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements.

[2]

(4) See Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised during the period.

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Options
Beginning balance, outstanding (in shares) | shares	11,234,078
Granted (in shares) | shares	45,000
Exercised (in shares) | shares	(1,360,702)
Forfeited and expired (in shares) | shares	(1,418,577)
Ending balance, outstanding (in shares) | shares	8,499,799	11,234,078
Options, exercisable (in shares) | shares	5,356,257
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 7.92
Granted (in dollars per share) | $ / shares	10.08
Exercised (in dollars per share) | $ / shares	8.03
Forfeited and expired (in dollars per share) | $ / shares	8.46
Ending balance (in dollars per share) | $ / shares	7.83	$ 7.92
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 8.58
Weighted Average Remaining Contractual Life (years)
Weighted Average Remaining Contractual Life (years)	5 years 3 months	4 years 11 months 26 days
Weighted average remaining contractual life (years), exercisable	3 years 4 months 6 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding beginning balance | $	$ 1,062
Aggregate intrinsic value, exercised | $	3,950
Aggregate intrinsic value, outstanding ending balance | $	44,596	$ 1,062
Aggregate intrinsic value, exercisable | $	$ 24,045

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Computations of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		Aug. 16, 2021	Mar. 09, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)				$ 12,894	$ 10,074	$ (6,109)	$ 1,311	$ (26,822)	$ (59,577)	$ 16,859	$ (85,088)
Net income from non-controlling interest				489			516			1,571	1,449
Net income (loss) attributable to controlling interest				$ 12,405			$ 795			$ 15,288	$ (86,537)
Denominator:
Weighted average shares outstanding, basic (in shares)				16,474,000			27,661,000			19,250,000	27,605,000
Effect of dilutive common stock equivalents (in shares)				2,910,000			27,000			2,407,000	0
Weighted average diluted common shares outstanding (in shares)				19,384,000			27,688,000			21,657,000	27,605,000
Diluted income (loss) per share
Diluted income (loss) per share (in dollars per share)				$ 0.64			$ 0.03			$ 0.71	$ (4.68)
Conversion of warrants (in shares)		152,074
Stock options
Diluted income (loss) per share
Antidilutive securities (in shares)				45,000			9,152,000			26,000	9,152,000
Restricted Stock
Diluted income (loss) per share
Antidilutive securities (in shares)				0			210,000			0	296,000
Warrants
Diluted income (loss) per share
Antidilutive securities (in shares)				0			8,978,000			0	8,978,000
Warrants | Oaktree
Diluted income (loss) per share
Securities repurchased (in shares)			8,814,980
Common shares
Denominator:
Weighted average shares outstanding, basic (in shares)				16,386,000			18,683,000			16,917,000	18,627,000
Basic income (loss) per share:
Attributable to shares (in dollars per share)				$ 0.75			$ 0.03			$ 0.79	$ (4.68)
Warrants
Denominator:
Weighted average shares outstanding, basic (in shares)				88,000			8,978,000			2,333,000	8,978,000
Basic income (loss) per share:
Attributable to shares (in dollars per share)				$ 0.75			$ 0.03			$ 0.79	$ 0.08
Warrants | Warrants
Diluted income (loss) per share
Conversion of warrants (in shares)	[1]			(152,074)
[1]	(4) See Note 9, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised during the period.

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2021segmentarea
Segment Reporting [Abstract]
Number of reportable segments	3
Number of operating segments	3
Number of geographic areas | area	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 111,280	$ 95,356	$ 307,379	$ 262,844
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	75,719	71,088	211,837	207,046
Depreciation and amortization	4,821	5,248	14,546	15,293
Corporate expenses	6,410	6,764	15,996	20,724
Stock-based compensation	877	430	2,833	1,611
Transaction costs	2	384	5,107	2,624
Business realignment costs	484	472	740	2,639
Impairment of long-lived and intangible assets		1,343	95	109,058
Net loss on sale and retirement of assets	(14)	92	613	80
Operating income (loss)	22,981	9,535	55,612	(96,231)
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	0	0	0	0
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	0	0	0	0
Depreciation and amortization	1,331	1,133	3,409	3,762
Corporate expenses	6,410	6,764	15,996	20,724
Stock-based compensation	672	375	2,114	1,425
Transaction costs	2	384	5,107	2,624
Business realignment costs	477	188	715	2,355
Impairment of long-lived and intangible assets		0	95	0
Net loss on sale and retirement of assets	(14)	92	613	80
Operating income (loss)	(8,878)	(8,936)	(28,049)	(30,970)
Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	87,402	77,109	243,083	208,780
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	58,381	58,235	166,551	168,527
Depreciation and amortization	3,306	3,856	10,170	10,740
Corporate expenses	0	0	0	0
Stock-based compensation	75	37	297	116
Transaction costs	0	0	0	0
Business realignment costs	0	0	0	0
Impairment of long-lived and intangible assets		768	0	108,483
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	25,640	14,213	66,065	(79,086)
Townsquare Interactive | Operating segments
Segment Reporting Information [Line Items]
Net revenue	21,130	18,181	60,347	51,595
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	14,954	12,694	42,144	36,414
Depreciation and amortization	143	131	840	398
Corporate expenses	0	0	0	0
Stock-based compensation	128	16	411	63
Transaction costs	0	0	0	0
Business realignment costs	0	0	0	0
Impairment of long-lived and intangible assets		0	0	0
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	5,905	5,340	16,952	14,720
Live Events | Operating segments
Segment Reporting Information [Line Items]
Net revenue	2,748	66	3,949	2,469
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	2,384	159	3,142	2,105
Depreciation and amortization	41	128	127	393
Corporate expenses	0	0	0	0
Stock-based compensation	2	2	11	7
Transaction costs	0	0	0	0
Business realignment costs	7	284	25	284
Impairment of long-lived and intangible assets		575	0	575
Net loss on sale and retirement of assets	0	0	0	0
Operating income (loss)	$ 314	$ (1,082)	$ 644	$ (895)

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - Strategic Partnership And Services Agreement - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Related Party Transaction [Line Items]
Monthly service fee				$ 5,000
Aggregate payments received	$ 10,000	$ 20,000	$ 100,000