Townsquare Media (TSQ) 10-K 16 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 07, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 126,365,115
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2023 annual meeting of stockholders (the “2023 Proxy Statement”), to be filed with the Securities and Exchange Commission are incorporated by reference in Part III, Items 10 to 14 of this Annual Report on Form 10-K as indicated herein.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001499832
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		13,051,575
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		815,296
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,461,341

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, LLP
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 43,417	$ 50,505
Accounts receivable, net of allowance of $5,946 and $6,743, respectively	61,234	57,647
Prepaid expenses and other current assets	16,037	12,086
Total current assets	120,688	120,238
Property and equipment, net	113,846	106,717
Intangible assets, net	276,838	278,265
Goodwill	161,385	157,947
Investments	19,106	18,217
Operating lease right-of-use-assets	50,962	42,996
Other assets	1,197	1,437
Restricted cash	496	494
Total assets	744,518	726,311
Current liabilities:
Accounts payable	4,127	5,676
Deferred revenue	10,669	10,208
Accrued compensation and benefits	14,831	14,411
Accrued expenses and other current liabilities	17,876	22,512
Operating lease liabilities, current	9,008	7,396
Accrued interest	15,203	15,754
Total current liabilities	71,714	75,957
Long-term debt, net of deferred financing costs of $6,324 and $8,479, respectively	524,442	541,521
Deferred tax liability	18,748	20,081
Operating lease liability, net of current portion	45,107	38,743
Other long-term liabilities	15,428	425
Total liabilities	675,439	676,727
Stockholders’ equity:
Total common stock	173	169
Additional paid-in capital	309,645	302,724
Accumulated deficit	(244,298)	(256,635)
Non-controlling interest	3,559	3,326
Total stockholders’ equity	69,079	49,584
Total liabilities and stockholders’ equity	744,518	726,311
Class A common stock
Stockholders’ equity:
Total common stock	130	126
Class B common stock
Stockholders’ equity:
Total common stock	8	8
Class C common stock
Stockholders’ equity:
Total common stock	$ 35	$ 35

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable allowance	$ 5,946	$ 6,743
Deferred financing costs	$ 6,324	$ 8,479
Common shares authorized (in shares)	400,000,000
Class A common stock
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	12,964,312	12,573,654
Common stock, shares outstanding (in shares)	12,964,312	12,573,654
Class B common stock
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	815,296	815,296
Common stock, shares outstanding (in shares)	815,296	815,296
Class C common stock
Common stock par value par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	3,461,341	3,461,341
Common stock, shares outstanding (in shares)	3,461,341	3,461,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net revenue	$ 463,077	$ 417,957
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	324,931	288,302
Depreciation and amortization	19,044	19,098
Corporate expenses	24,428	24,542
Stock-based compensation	3,797	3,718
Transaction and business realignment costs	4,448	5,305
Impairment of long-lived assets, intangible assets and investments	31,114	1,913
Net (gain) loss on sale and retirement of assets	(275)	601
Total operating costs and expenses	407,487	343,479
Operating income	55,590	74,478
Other expense (income):
Interest expense, net	39,828	39,846
(Gain) loss on repurchases, extinguishment and modification of debt	(108)	5,997
Other expense (income), net	2,044	(500)
Income from operations before tax	13,826	29,135
Income tax (benefit) provision	(564)	10,351
Net income	14,390	18,784
Net income attributable to:
Controlling interests	12,337	16,736
Non-controlling interests	2,053	2,048
Net income	$ 14,390	$ 18,784
Diluted income per share:
Diluted income per share (in dollars per share)	$ 0.68	$ 0.79
Weighted average shares outstanding:
Basic (in shares)	16,991	18,583
Diluted (in shares)	18,204	21,241
Common shares
Basic income per share:
Attributable to shares (in dollars per share)	$ 0.73	$ 0.90
Weighted average shares outstanding:
Basic (in shares)	16,991	16,836
Participating shares
Basic income per share:
Attributable to shares (in dollars per share)	$ 0	$ 0.90
Weighted average shares outstanding:
Basic (in shares)	0	1,747

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income		$ 14,390	$ 18,784
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		19,044	19,098
Amortization of deferred financing costs		1,879	1,731
Non-cash lease expense (income)		11	(186)
Net deferred taxes and other		(1,333)	9,755
Provision for doubtful accounts		3,015	3,921
Stock-based compensation expense		3,797	3,718
(Gain) loss on repurchases, extinguishment and modification of debt		(108)	5,997
Trade activity, net		(4,626)	(10,933)
Impairment of long-lived assets, intangible assets and investments		31,114	1,913
Unrealized loss (gain) on investment		2,073	(132)
Content rights acquired		(19,784)	0
Amortization of content rights		4,315	0
Change in content rights liabilities		16,297	0
Other		(837)	(12)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(7,185)	(3,070)
Prepaid expenses and other assets		(4,719)	1,407
Accounts payable		(1,608)	(3,350)
Accrued expenses		(4,621)	6,947
Accrued interest		(551)	9,404
Other long-term liabilities		(378)	(3,876)
Net cash provided by (used in) operating activities - continuing operations		50,185	61,116
Net cash used in operating activities - discontinued operations		0	(33)
Net cash provided by operating activities		50,185	61,083
Cash flows from investing activities:
Payments for acquisition		(18,485)	0
Purchase of property and equipment		(15,828)	(12,423)
Purchase of investments		0	(278)
Purchase of digital assets		(4,997)	0
Proceeds from insurance recoveries		578	362
Proceeds from sale of assets and investment related transactions		968	1,701
Net cash used in investing activities		(37,764)	(10,638)
Cash flows from financing activities:
Repayment of term loans		0	(272,381)
Proceeds from the issuance of 2026 Notes		0	550,000
Prepayment fee on 2023 Notes		0	(4,443)
Deferred financing costs		0	(9,177)
Repurchase of Oaktree securities		0	(80,394)
Transaction costs related to Oaktree securities repurchase		0	(1,556)
Proceeds from stock options exercised		790	11,893
Repurchase of stock		(225)	(1,400)
Withholdings for shares issued under ESPP		753	0
Cash distribution to non-controlling interests		(1,820)	(2,216)
Repayments of capitalized obligations		(155)	(79)
Net cash used in financing activities		(19,507)	(83,169)
Cash, cash equivalents and restricted cash:
Net increase in cash, cash equivalents and restricted cash		(7,086)	(32,724)
Beginning of period		50,999	83,723
End of period		43,913	50,999
Cash payments:
Interest		38,603	28,701
Income taxes		1,198	595
Supplemental Disclosure of Non-cash Activities:
Investments acquired in exchange for advertising	[1]	4,161	6,576
Property and equipment acquired in exchange for advertising	[1]	1,198	2,522
Investments rights acquired in exchange for advertising		0	79
Accrued capital expenditures		158	99
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		10,909	10,175
Right-of-use assets obtained in exchange for operating lease obligations		10,944	2,690
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents		43,417	50,505
Restricted cash		496	494
Cash, cash equivalents, and restricted cash		43,913	50,999
2026 Notes
Cash flows from financing activities:
Repayments of Notes		(18,850)	0
2023 Notes
Cash flows from financing activities:
Repayments of Notes		$ 0	$ (273,416)
[1]Represents total advertising services provided by the Company in exchange for equity interests and property and equipment acquired during each of the years ended December 31, 2022 and 2021, respectively.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Class A common stock	Class B common stock	Class C common stock	Common Stock	Common Stock Class A common stock	Common Stock Class B common stock	Common Stock Class C common stock	Treasury Stock	Treasury Stock Class A common stock	Warrants	Additional Paid-in Capital	Retained Earnings (Deficit)	Non-controlling Interest
Common shares outstanding, beginning balance (in shares) at Dec. 31, 2020							14,436,065	2,966,669	1,636,341
Treasury shares outstanding, beginning balance (in shares) at Dec. 31, 2020											0
Warrants outstanding, beginning balance (in shares) at Dec. 31, 2020												8,977,676
Stockholders' equity, beginning balance at Dec. 31, 2020		$ 100,755				$ 191				$ 0			$ 369,672	$ (272,602)	$ 3,494
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net income		18,784												16,736	2,048
Conversion of common shares (in shares)	[1]						(1,825,000)		1,825,000
Common stock issued under exercise of stock options (in shares)							1,483,689
Common stock issued under exercise of stock options		11,893				15							11,878
Issuance of restricted stock (in shares)							11,428
Issuance of restricted stock		0											0
Stock-based compensation		3,718				0							3,718
Repurchase of securities (in shares)	[2]						(1,595,224)	(2,151,373)				(8,814,980)
Repurchase of securities	[2]	(81,950)				(38)							(81,912)
Repurchase of securities (in shares)	[3]						(100,000)
Repurchase of securities	[3]	(1,400)				(1)							(630)	(769)
Warrants exercised (in shares)	[4]						162,696					(162,696)
Warrants exercised	[4]	0				2							(2)
Cash distributions to non-controlling interests		(2,216)													(2,216)
Common shares outstanding, ending balance (in shares) at Dec. 31, 2021			12,573,654	815,296	3,461,341		12,573,654	815,296	3,461,341
Treasury shares outstanding, ending balance (in shares) at Dec. 31, 2021											0
Warrants outstanding, ending balance (in shares) at Dec. 31, 2021												0
Stockholders' equity, ending balance at Dec. 31, 2021		49,584				169				0			302,724	(256,635)	3,326
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net income		$ 14,390												12,337	2,053
Common stock issued under exercise of stock options (in shares)		116,601					116,601
Common stock issued under exercise of stock options		$ 790				1							789
Issuance of restricted stock (in shares)	[5]						197,456
Issuance of restricted stock	[5]	1,809				2							1,807
Stock-based compensation		3,797											3,797
Repurchase of securities (in shares)	[6]										(25,623)
Repurchase of securities	[6]	(225)								(225)
Common stock issued under employee stock purchase plan		754				1				225			528
Common stock issued under employee stock purchase plan (in shares)							76,601				(25,623)
Cash distributions to non-controlling interests		(1,820)													(1,820)
Common shares outstanding, ending balance (in shares) at Dec. 31, 2022			12,964,312	815,296	3,461,341		12,964,312	815,296	3,461,341
Treasury shares outstanding, ending balance (in shares) at Dec. 31, 2022											0
Warrants outstanding, ending balance (in shares) at Dec. 31, 2022												0
Stockholders' equity, ending balance at Dec. 31, 2022		$ 69,079				$ 173				$ 0			$ 309,645	$ (244,298)	$ 3,559
[1]On February 3, 2021, a direct holder of Class C Common Stock converted 800,000 shares into equal number of Class A Common Stock. 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.[2] 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 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements. See Note 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to the share repurchase. See Note 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)			12 Months Ended
	May 13, 2021 shares	Feb. 03, 2021 shares	Dec. 31, 2022 shares
Issuance of stock (in shares)			156,000
Class A common stock
Conversion of convertible securities (in shares)		800,000
Period in force			36 months
Class C common stock
Conversion of convertible securities (in shares)	2,625,000
Conversion ratio	1

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Nature of Business Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our integrated and diversified products and solutions enable local, regional and national advertisers to target audiences across multiple platforms, including digital, mobile, social, video, streaming, e-commerce, radio and events. Our assets include a subscription digital marketing services business (“Townsquare Interactive”), providing website design, creation and hosting, search engine optimization, social platforms and online reputation management for approximately 30,650 small to medium sized businesses; a robust digital advertising division (“Townsquare Ignite,” or “Ignite”), a powerful combination of (a) an owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data and (b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 357 local terrestrial radio stations in 74 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com , WJON.com and NJ101.5.com , and premier national music brands such as XXLmag.com , TasteofCountry.com , UltimateClassicRock.com , and Loudwire.com . The U.S. economy and financial markets may continue to experience volatility due to the lingering effects of the COVID-19 pandemic. 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, impairments to the carrying values of our FCC licenses and the cancellation of live events. As local public health conditions improved, our advertising revenue also improved. Current economic challenges, including the lingering effects of the COVID-19 pandemic, high and sustained inflation, rising interest rates, and supply chain disruptions have caused and could continue to cause economic uncertainty and volatility. These factors could result in advertising cancellations, declines in the purchase of new advertising by our clients and increases to our operating expenses. We monitor economic conditions closely, and in response to observed or anticipated reductions in revenue, we may institute precautionary measures to address the potential impact to our consolidated financial position, consolidated results of operations, and liquidity, including wage reduction efforts and controlling non-essential capital expenditures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation : The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries that it controls. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting : The Company’s operating segments are organized internally by the types of products and services provided, represented by three segments: Subscription Digital Marketing Solutions, which includes the results of the Company’s subscription digital marketing solutions business, Townsquare Interactive; Digital Advertising, which includes digital advertising on its owned and operated digital properties and its digital programmatic advertising platform; and Broadcast Advertising, which includes our local, regional and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with its broadcast advertising platform. The remainder of the Company’s business is reported in the Other category, which includes owned and operated live events. The presentation of $0.7 million of broadcast and digital advertising revenue previously reported in the Other category for the year ended December 31, 2021 has been reclassified to conform with the current period's presentation. The Company’s activities are predominately within the United States, which represents one geographic region for segment reporting. The Company does not have any material inter-segment sales. See Note 13, Segment Reporting, in our Notes to Consolidated Financial Statements for further information. Use of Estimates : The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes. Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The credit risk is limited due to the large number of customers comprising the Company’s customer base and their dispersion across several different geographic areas of the country. No single customer accounts for more than approximately 1% of revenue for the years ended December 31, 2022 and 2021. Cash and cash equivalents : The Company maintains its cash balances principally at large financial institutions throughout the United States. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation. Balances in these accounts may at times exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. As of December 31, 2022 and 2021, cash equivalents were comprised of money market funds of $42.4 million and $44.2 thousand, valued using Level 1 inputs. Restricted cash : Restricted cash includes the collateral account for the Company’s corporate credit cards and a stand-by letter of credit issued in favor of a landlord for one of our leases, and are classified in non-current assets in the Consolidated Balance Sheets. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash. We had restricted cash of $0.5 million as of December 31, 2022 and 2021, respectively. Accounts Receivable and Allowance for Doubtful Accounts : Accounts receivable are recorded at the invoiced amount and are reduced by a valuation allowance that reflects management’s best estimate of the accounts that will not be collected. In addition to reviewing delinquent accounts receivable, management considers many factors in estimating its general allowance including historical data, collection experience, customer types, creditworthiness and economic trends. From time to time, management may adjust its assumptions for anticipated changes in any of those or other factors expected to affect collectability. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. Property and Equipment : Property and equipment are recorded at cost and depreciated over their estimated useful life. Property and equipment acquired in a business combination are recorded at their estimated fair value at the date of acquisition under the acquisition method of accounting. Major additions or improvements are capitalized, while repairs and maintenance are charged to expense. Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for property and equipment are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 30 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 3 years Leasehold improvements Shorter of the economic useful life or remaining term of lease assuming likely renewal periods, as appropriate The above depreciable lives are used for new property and equipment. Used property and equipment may have a useful life that is less than that of an acquired fixed asset that is new, depending on its condition. Upon sale or disposition of an asset, the cost and related accumulated depreciation are removed from the accounts and any loss or gain is recognized in net loss (gain) on sale and retirement of assets in the Consolidated Statements of Operations. During each of the years ended December 31, 2022 and 2021, the Company received total insurance recoveries of $0.6 million and $0.4 million, respectively, primarily related to hurricane related damages incurred in the Lake Charles, LA market. Insurance recoveries are included as a component of Other expense (income), net in the Consolidated Statements of Operations. Software Development Costs : In accordance with Accounting Standards Codification (“ASC”) Topic 350, Internally Developed Software, we incurred and capitalized software development costs of $4.7 million and $4.1 million during each of the years ended December 31, 2022 and 2021, respectively. Certain costs incurred for software development during the application development stage are capitalized while costs incurred during the preliminary and post-implementation stages are expensed in the period incurred. Capitalized costs are amortized over the project’s estimated useful life. Software development costs consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the development and localization of products and services. Intangible Assets : Intangible assets consist principally of Federal Communication Commission (“FCC”) broadcast licenses and other definite-lived intangible assets. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no serious violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other serious violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at minimal cost. The weighted average time to renewal of our FCC licenses is 6.6 years as of December 31, 2022. FCC licenses, which have been recorded at their estimated fair value as of the date of acquisition, have an indefinite useful life and therefore are not amortized. The fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Costs associated with other definite-lived intangible assets are being amortized using the straight-line method over their estimated remaining useful lives, which range from 1 to 10 years, as of December 31, 2022. We have selected December 31st as the annual testing date for impairment of FCC licenses. We evaluate our FCC licenses annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. We evaluated the fair value of our FCC licenses at the unit of account level. Each market's broadcasting licenses were combined into a single unit of accounting for purposes of testing for impairments, which was geographic market. We utilized a discounted cash flow method to perform our impairment test. Under this method, the income that is attributable to each FCC license is isolated and is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and assumes that the only asset of the hypothetical start-up business is the license. It is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The cash flows generated in the greenfield method are presumed to emanate from the one asset, or the FCC license, that exists at time zero. This cash flow stream is discounted to arrive at a value for the FCC license. The key assumptions using the greenfield method are market revenue growth rates, market share, profit margin and duration and profile of the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC license within a market. The projections incorporated into our license valuations take into consideration the then current economic conditions. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. Below are some of the key assumptions used in our 2022 impairment assessments: December 31, 2022 Discount Rate 10.2% - 12.0% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 19.3 % 94.7 % Operating Profit Margin 20.0 % 47.0 % Below are some of the key assumptions used in our 2021 impairment assessments: December 31, 2021 Discount Rate 9.9% - 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. Based on the results of the Company’s impairment evaluations of its FCC licenses performed at June 30, 2022, September 30, 2022 and December 31, 2022, we incurred impairment charges of $5.2 million, $10.3 million and $10.6 million, respectively, for FCC licenses in nine of our 74 local markets representing total FCC impairment charges of $26.1 million for the year ended December 31, 2022. Based on the results of the Company’s annual impairment Assumptions used to estimate the fair value of our FCC licenses are dependent upon the expected performance and growth of our traditional broadcast operations. In the event broadcast revenues experience actual or anticipated declines, such declines will have a negative impact on the estimated fair value of our FCC licenses, and it is possible the Company will recognize additional impairment charges. Goodwill : The acquisition method of accounting requires that the excess of purchase price paid over the estimated fair value of identifiable tangible and intangible net assets of acquired businesses be recorded as goodwill. Under the provisions of ASC Topic 350, Intangibles-Goodwill and Other, goodwill is not amortized, but is reviewed for impairment at least on an annual basis at December 31 st , or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has determined appropriate reporting units. The most significant reporting is comprised of the components representing the local broadcast advertising businesses of all geographic markets, “Local Advertising”, which are aggregated into one reporting unit for testing. Our other reporting units include: (i) national digital assets, “National Digital”, which consists of music and entertainment focused national websites, (ii) Townsquare Ignite, our digital programmatic advertising platform, (iii) Amped, which is our owned and operated network of digital brands, made up of over 400 websites and 390 mobile applications (iv) Analytical Services, which is an attribution and analytics platform dedicated to tracking broadcast media, (v) Townsquare Interactive, which is our subscription based digital marketing solutions offered to small and mid-sized local and regional businesses in markets outside the top 50 in the United States, and (vi) Live Events, which includes the operations of our national events including other expos, lifestyle and active events which occur outside of our 74 distinct markets. Recoverability of goodwill is evaluated by comparison of the fair value of a reporting unit with its carrying value. For purposes of testing the carrying value of the Company's goodwill for impairment, the fair value of goodwill for each reporting unit contains significant assumptions incorporating variables that are based on past experiences and judgments about future performance using industry information. These variables would include, but are not limited to: (1) forecasted revenue growth; (2) profit margin; (3) estimated capital expenditures and working capital requirements during the projection period; (4) risk-adjusted discount rate; and (5) expected growth rates in perpetuity to estimate terminal values. These variables are susceptible to changes in estimates, which could result in significant changes to the fair value of the goodwill. Impairment of goodwill is calculated by comparing the fair value as described above to the carrying value of goodwill. The Company also performs a reasonableness test on the fair value results for goodwill by comparing the carrying value of the Company’s assets to the Company’s enterprise value based on its market capitalization. For 2022, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment for each of its reporting units. The Company compared the fair value of each of its reporting units, determined based upon discounted estimated future cash flows, to the carrying amount at December 31, 2022, including goodwill. Based upon such assessment, we determined that the fair value of each of our reporting units exceeded their respective carrying amounts. The fair values of our Local Markets, National Digital, Townsquare Ignite, Analytical Services, Townsquare Interactive and Live Events reporting units were in excess of their respective carrying values by approximately 18%, 243%, 90%, 211%, 252% and 19%, respectively. The fair values of each of our reporting units were determined using a weighted average market and income approach. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, capital expenditures, and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 10.0% to 18.8% with perpetual growth rates ranging from (4.9)% to 10.6%. For 2021, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment for each of its reporting units. The Company compared the fair value of each of its reporting units, determined based upon discounted estimated future cash flows, to the carrying amount at December 31, 2021, including goodwill. Based upon such assessment, we determined that the fair value of each of our reporting units exceeded their respective carrying amounts. The fair values of our National Digital, Townsquare Ignite, Analytical Services, Townsquare Interactive and Live Events reporting units were in excess of their respective carrying values by approximately 703%, 164%, 281%, 497% and 117%, respectively. The fair values of each of our reporting units were determined using a weighted average market and income approach. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, capital expenditures, and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 7.9% to 16.3% with a perpetual growth rates ranging from (2.8)% to 9.0%. The key assumptions used to determine the estimated fair value of each reporting unit are predicated on our market positioning and the ability to provide diversified and integrated product and service offerings. In the event our operating strategy faces challenges in the business environments in which each of our reporting units operate, a resulting change in the key assumptions (e.g., long-term financial projections) could have a negative impact on the estimated fair value of our reporting units, and it is possible the Company could recognize additional impairment charges. See Note 6, Goodwill and Other Intangible Assets, Net, for further details related to the results of our impairment testing for each of the years ended December 31, 2022 and 2021, respectively. Investments : Long-term investments consists of minority holdings in various companies. 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 equity securities is based upon an estimate of market value at the time of investment, or upon a combination of valuation analyses using both observable and unobservable inputs categorized as Level 2 and Level 3 within the ASC 820 framework, respectively. In accordance with ASC 321, Investments - Equity Securities , the Company measures its equity securities at cost minus impairment, as their fair value is not readily determinable and the investments do not qualify for the net asset value per share practical expedient. The Company monitors its investments for any subsequent observable price changes in orderly transactions for the identical or a similar investment of the same investee, at which time the Company adjusts the then current carrying values of the related investment. On July 2, 2021, one of the Company's investees completed its registration with the SEC and became a publicly traded company. As a result, the Company's investment was 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. Additionally, the Company evaluates its investments for any indicators of impairment. The Company recorded $1.2 million impairment charges for the year ended December 31, 2022. There were no impairment charges recorded for the year ended December 31, 2021. See Note 7, Investments, for further details related to the Company's investments. Deferred Financing Costs : Deferred financing costs related to the issuance of debt are capitalized and are amortized over the life of the instrument in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period (the interest method). The amortization of these costs is recorded as interest expense, net in the Consolidated Statements of Operations. Unamortized deferred financing costs as of December 31, 2022 and 2021 have been deducted from the long-term debt balance in the Consolidated Balance Sheets. Impairment of Long-Lived Assets : Long-lived assets (including property, equipment and intangible assets subject to amortization) to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset group may not be recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset group. If it were determined that the carrying amount of an asset was not recoverable, an impairment loss would be recorded. The Company determines the fair value of its long-lived assets based upon the market value of similar assets, if available, or independent appraisals, if necessary. Long-lived assets to be disposed of and/or held for sale are reported at the lower of carrying amount or fair value, less cost to sell. The fair value of assets held for sale is determined in the same manner as described for assets held and used. There were a total of $0.9 million non-cash impairment charges related to long-lived assets for the twelve months ended December 31, 2022. We recognized total impairment charges related to long-lived assets during the year ended December 31, 2021 of $0.1 million. Long-lived asset impairment charges are included in caption Impairment of long-lived and intangible assets , in the Company’s Consolidated Statements of Operations. Transaction and Business Realignment Costs : On June 17, 2022, following regulatory approval, the Company completed the acquisition of Cherry Creek Broadcasting LLC (“Cherry Creek”) and incurred transaction, acquisition, integration, and other costs. On January 24, 2021 the Company entered into a stock repurchase agreement with Oaktree Capital Management L.P. (“Oaktree”) and paid $4.5 million related to the settlement agreement. The Company recorded the following transaction and business realignment costs for the years ended December 31, 2022 and 2021 (in thousands): December 31, December 31, Transaction/Acquisition Costs 1,085 4,459 Business Integration Costs 1,272 — Compensation and Other Costs 2,091 846 Total $ 4,448 $ 5,305 Self-Insurance Liabilities : The Company is self-insured for medical liability. In addition, the Company has stop loss coverage in excess of certain defined limits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, severity factors and other assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. Revenue Recognition : Broadcast revenue for commercial broadcasting advertisements is recognized when the commercial is broadcast. Revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies. Subscription digital marketing solutions revenue, under the brand name Townsquare Interactive, is recognized as a contract liability until the terms of a customer contract are satisfied, which generally occurs with the transfer of control as the Company satisfies its contractual performance obligation over time. Digital revenue is derived primarily from the sale of internet-based advertising campaigns to local, regional, and national advertisers and is recognized over the duration of the campaigns. Live events revenue and other non-broadcast advertising revenue are recognized as events are conducted. Deferred revenue consists primarily of digital subscriptions in which payment is received in advance of the service month and advance ticket sales of events scheduled to take place at dates in the future. Trade Advertising : Trade Advertising (advertising provided in exchange for goods and services) are reported at the estimated fair value of the products or services received. Revenue from trade advertising is recognized when advertisements are broadcast. Merchandise or services received is charged to expense when received or utilized. If merchandise or services are received prior to the broadcast of the advertising, a liability is recorded. If advertising is broadcast before the receipt of the goods or services, a receivable is recorded. Total revenues recognized related to trade advertising were $13.3 million and $17.4 million for the years ended December 31, 2022 and 2021, respectively. Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liability, net of current portion on our Consolidated Balance Sheets. Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date, adjusted by the deferred rent liabilities at the adoption date. ROU assets may also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Our lease arrangements may contain lease and non-lease components. We elected to combine lease and non-lease components. In determining the present value of the future lease payments, we consider only payments that are fixed and determinable at commencement date, including non-lease components. Variable components such as utilities and maintenance costs are expensed as incurred. As our leases do not provide an implicit rate, in determining the net present value of lease payments, management used judgment in order to estimate the appropriate incremental borrowing rate, which is the rate incurred to borrow equivalent funds on a collateralized basis over a similar term in a similar economic environment. Lease terms include periods under options to extend or terminate the lease when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. ROU assets for operating leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. Local Marketing Agreements : At times, the Company enters into Local Marketing Agreements (“LMAs”), also known as Time Brokerage Agreements (“TBAs”). In a typical LMA, the licensee of a radio station makes available, for a fee, airtime on its radio station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. LMAs are subject to compliance with the antitrust laws and the Communications Act of 1934, as amended, and relevant FCC rules and published policies (“Communication Laws”), including the requirement that the licensee must maintain independent control over the radio station and, in particular, its personnel, content and finances. The FCC has held that such agreements do not violate the Communications Laws as long as the licensee of the radio station receiving content from another station maintains ultimate responsibility for, and control over radio station operations and otherwise ensures compliance with the Communications Laws. As of December 31, 2022, the Company operated one non-owned radio station under an LMA. The total net revenue for the contractual portion of the LMA of the radio station and its total expenses for the contractual portion of the LMA were immaterial. Financial Instruments : ASC 825, Disclosures about Fair Value of Financial Instruments , requires the Company to disclose estimated fair values for its financial instruments. Management has reviewed its cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and has determined that their carrying values approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s long-term debt is disclosed in Note 8, Long-Term Debt. Fair Value Measurements : ASC 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework under ASC 820 provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1: Inputs are quoted prices (unadjusted) in active markets for identified assets or liabilities that the Company has the ability to access at the measurement date. • Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets that are not active; and inputs other than quoted prices that are observable such as models. • Level 3: Inputs are unobservable inputs for the asset or liability. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Advertising and Promotion Costs : Costs of media advertising (including barter) and associated production costs are expensed to direct operating expenses the first time the advertising takes place. The Company recorded advertising expenses of $0.7 million and $0.5 million, for the years ended December 31, 2022 and 2021, respectively. Income Taxes : Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in t

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands): Year Ended December 31, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 90,402 $ 139,932 $ 216,780 $ 8,441 $ 455,555 Political — 501 7,021 — 7,522 Net Revenue $ 90,402 $ 140,433 $ 223,801 $ 8,441 $ 463,077 Year Ended December 31, 2021 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 81,792 $ 116,874 $ 212,021 $ 3,772 $ 414,459 Political — — 3,498 — 3,498 Net Revenue $ 81,792 $ 116,874 $ 215,519 $ 3,772 $ 417,957 Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; this occurs with the transfer of control as we satisfy contractual performance obligations over time. Our contractual performance obligations include the performance of digital marketing solutions, placement of internet-based advertising campaigns, broadcast of commercials on our owned and operated radio stations, 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 digital and broadcast advertising solutions on our owned and operated websites, radio stations’ online streams, and mobile applications, radio stations, and on third-party websites through our in-house digital programmatic advertising platform. Through our digital programmatic advertising platform, we are able to hyper-target audiences for our local, regional and national advertisers by combining first and third-party audience and geographic location data, providing them the ability to reach a high percentage of their online audience. We deliver these solutions across desktop, mobile, connected TV, email, paid search and social media platforms utilizing display, video and native executions. We also offer subscription digital marketing solutions under the brand name Townsquare Interactive to small and mid-sized local and regional businesses in markets outside the top 50 across the United States, including the markets in which we operate radio stations. Townsquare Interactive offers traditional and mobile-enabled website development and hosting services, e-commerce platforms, search engine and online directory optimization services, online reputation monitoring, social media management, and website retargeting. 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. Net revenue for digital and broadcast 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 traditional customer contracts and net 60-90 days for national agency customer contracts. Our billing practice is to invoice customers on a monthly basis for services delivered to date (representing the right to invoice). Our contractual arrangements do not include rights of return and do not include any significant judgments by nature of the products and services. Net revenue from digital subscription-based contractual performance obligations is recognized ratably over time as our performance obligations are satisfied. Subscription-based service fees are typically billed in advance of the month of service at a fixed monthly fee that is contractually agreed upon at contract inception. The measure of progress in such arrangements is the number of days of successful delivery of the contracted service. For all customer contracts, we evaluate whether we are the principal (i.e., report revenue on a gross basis) or the agent (i.e., report revenue on a net basis). Generally, we report revenue for advertising placed on Townsquare properties on a gross basis (the amount billed to our customers is recorded as revenue, and the amount paid to our publishers is recorded as a cost of revenue). We are the principal because we control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to monetize the advertising inventory, being primarily responsible to our customers, having discretion in establishing pricing, or a combination of these factors. We also generate revenue through agency relationships in which revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies. The following table provides information about receivables, contract acquisition costs and contract liabilities from contracts with customers (in thousands): December 31, 2022 December 31, 2021 Accounts Receivable $ 61,234 $ 57,647 Short-term contract liabilities (deferred revenue) $ 10,669 $ 10,208 Contract acquisition costs $ 6,348 $ 5,428 We receive payments from customers based upon contractual billing schedules; accounts receivable is recorded when the right to consideration becomes unconditional. Accounts receivable are recognized in the period the Company provides services when the Company’s right to consideration is unconditional. Payment terms vary by the type and location of our customer and the products or services offered. Payment terms for amounts invoiced are typically net 30-60 days. 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 December 31, 2022, and December 31, 2021, the balance in the contract liabilities was $10.7 million and $10.2 million, respectively. The increase in our contract liabilities balance from December 31, 2021 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $8.6 million of recognized revenue for the year ended December 31, 2022. For the year ended December 31, 2021, we recognized $7.7 million of revenue that was previously included in our deferred revenue balance. No significant changes in the time frame of the satisfaction of contract liabilities have occurred during the year ended December 31, 2022. 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 December 31, 2022 and 2021, we had a balance of $6.3 million and $5.4 million in capitalized contract acquisition costs and recognized $5.1 million and $4.3 million of amortization during the year ended December 31, 2022 and 2021, 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 years ended December 31, 2022 or 2021, respectively. Arrangements with Multiple Performance Obligations In contracts with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the contract at contract inception. When multiple performance obligations are identified, we identify how control transfers to the customer for each distinct contract obligation and determine the period when the obligations are satisfied. If obligations are satisfied in the same period, no allocation of revenue is deemed to be necessary. In the event performance obligations within a 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

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions and Divestitures On March 24, 2022, the Company executed an asset purchase agreement to acquire Cherry Creek Broadcasting LLC (“Cherry Creek”). Following regulatory approval, the acquisition was completed on June 17, 2022 for a cash purchase price of $18.5 million, net of closing adjustments. The purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. The Company expects to finalize the allocation of the purchase price for Cherry Creek as soon as possible, but in any event, no later than one year from the acquisition date. The preliminary purchase price allocation is subject to change pending a final valuation of the assets and liabilities acquired. We require additional time specifically related to obtaining information regarding property and equipment. The acquisition date fair values of major classes of net assets acquired are as follows (in thousands): Amounts recognized at June 17, 2022 Measurement Period Adjustments Amounts recognized at December 31, 2022 Net tangible assets acquired $ 1,366 $ 4,790 $ 6,156 Intangible assets, net 8,676 187 8,863 Goodwill 8,377 (4,939) 3,438 Total Purchase Price $ 18,419 $ 38 $ 18,457 The intangible assets acquired based on the estimate of the fair values of the identifiable intangible assets are as follows: Amounts recognized at December 31, 2022 Remaining Useful Life at June 17, 2022 Customer relationships $ 5,007 10 FCC licenses 2,889 Indefinite Content Rights 642 7 Other intangibles 325 3 Total Acquired Intangible Assets $ 8,863 The estimate of the fair value of the customer relationships acquired in the Cherry Creek acquisition were determined using a risk-adjusted discounted cash flow model, specifically, the excess earnings method which considers the use of other assets in the generation of the projected cash flows of a specific asset to isolate the economic benefit generated by the customer relationships. The contribution of other assets, such as fixed assets, working capital and workforce, to overall cash flows was estimated through contributory asset capital charges. Therefore, the value of the acquired customer relationship is the present value of the attributed post-tax cash flows, net of the return on fair value attributed to tangible and other intangible assets. The estimate of the fair value of the FCC licenses acquired in the Cherry Creek acquisition were determined utilizing observable market based transactions of similar broadcast licenses and their estimated replacement values. Goodwill totaling $3.4 million represents the excess of the Cherry Creek purchase price over the fair value of net assets acquired, representing future economic benefits that are expected to be achieved as a result of the acquisition, and is included in the Broadcast Advertising and Digital Advertising segments. The Company believes the acquisition of Cherry Creek, which includes a portfolio of local media brands, will further its goal of becoming the number one local media company in markets outside of the Top 50 in the United States. In addition, the acquisition provides an opportunity to bring our digital assets and solutions to the Cherry Creek markets and accelerate their digital growth with our Digital First strategy. Goodwill generated from the Cherry Creek acquisition is deductible for income tax purposes. The results of Cherry Creek's operations have been included in our Consolidated Financial Statements, following the closing of the acquisition on June 17, 2022. Pro forma information has not been presented because the effect of the acquisition is not material. Simultaneously, due to FCC ownership limitations, the Company sold six radio stations in Missoula, MT for an immaterial amount and has placed one radio station in Tri-Cities, WA in a divestiture trust. On July 19, 2022, the Company acquired a radio station in Tri-Cities, WA for an immaterial amount.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment consisted of the following (in thousands): December 31, December 31, Land and improvements $ 19,966 $ 20,558 Buildings and leasehold improvements 57,386 55,192 Broadcast equipment 108,057 95,962 Computer and office equipment 24,211 21,819 Furniture and fixtures 22,968 22,130 Transportation equipment 20,703 20,427 Software development costs 39,489 34,776 Total property and equipment, gross 292,780 270,864 Less: Accumulated depreciation and amortization (178,934) (164,147) Total property and equipment, net $ 113,846 $ 106,717 Depreciation and amortization expense for property and equipment was $17.1 million and $18.0 million for the years ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the Company sold land and a building in Quincy-Hannibal, IL and in Oelwein, IA. The Company recognized $0.9 million in impairment charges related to the sales. The Company recorded $0.1 million in impairment charges related to long-lived assets for the year ended December 31, 2021. On March 7, 2021 the Company sold a portion of land in Portsmouth, NH, recognizing a $0.6 million net loss on sale. On June 7, 2021, the Company sold a building and portion of land in the Boise, ID market for $0.6 million, an amount consistent with its current net carrying value. The Company had no material right of use assets related to it finance leases as of December 31, 2022 and 2021.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net Indefinite-lived intangible assets Indefinite-lived assets consist of goodwill and FCC broadcast licenses. FCC Broadcast Licenses 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, profit margins and a risk-adjusted discount rate. The Company has selected December 31 st as the annual testing date. The Company evaluates its FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Due to changes in forecasted traditional broadcast revenue in the markets in which we operate in and increases in the weighted average cost of capital, the Company quantitatively evaluated the fair value of its FCC licenses at each quarter during the year ended December 31, 2022. Based on the results of the Company’s impairment evaluations of its FCC licenses performed at June 30, 2022, September 30, 2022 and December 31, 2022, we incurred impairment charges of $5.2 million, $10.3 million and $10.6 million, respectively, for FCC licenses in nine of our 74 local markets representing total FCC impairment charges of $26.1 million for the year ended December 31, 2022. The $26.1 million impairment charges recorded during the year were primarily driven by increases in the discount rate applied in the valuation of our FCC licenses due to an increase in the weighted average cost of capital and the estimate of initial capital costs due to rising prices. The Company recorded impairment charges of $1.7 million for FCC licenses in one of our 67 local markets during the year ended December 31, 2021, driven by a change in the assumption for market revenue growth rates due to the availability of market data for the affected market. Charges related to the impairment of the Company’s FCC licenses are included in the Broadcast Advertising segment results. Unfavorable changes in key assumptions utilized in the impairment assessment of our FCC licenses may affect future testing results. For example, keeping all other assumptions constant, a 50-basis point increase in the weighted average cost of capital as of the date of our last quantitative assessment would cause the estimated fair values of our FCC licenses to decrease by $23.9 million which would have resulted in an additional impairment charge of $5.7 million as of December 31, 2022. Further, a 100-basis point decline in the long-term revenue growth rate would cause the estimated fair values of our FCC licenses to further decrease by $31.5 million which would have resulted in a further impairment charge of $9.0 million as of December 31, 2022. 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 broadcast revenue experiences actual or anticipated declines, 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. Goodwill For 2022, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment for each of its reporting units. Based upon such assessment, the Company determined that the fair value of the following reporting units exceeded their respective carrying amounts as of December 31, 2022. The fair values of our Local Markets, National Digital, Townsquare Ignite, Analytical Services, Townsquare Interactive and Live Events reporting units were in excess of their respective carrying values by approximately 18%, 243%, 90%, 211%, 252% and 19%, respectively. The Amped reporting unit had no goodwill as of December 31, 2022. For 2021, in assessing whether goodwill was impaired in connection with its annual impairment testing performed as of December 31st, the Company performed a quantitative assessment for each of its reporting units. Based upon such assessment, the Company determined that the fair value of the following reporting units exceeded their respective carrying amounts as of December 31, 2021. 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 703%, 164%, 281%, 497% and 117%, respectively. The local advertising businesses and Amped reporting units had no goodwill as of December 31, 2021. As of December 31, 2022, the goodwill balances remaining for each of our reporting units were as follows (amounts in thousands): Goodwill at December 31, 2022 Goodwill at December 31, 2021 Reporting Unit: Local Advertising $ 2,715 $ — National Digital 8,273 8,273 Townsquare Ignite 67,101 66,378 Amped — — Analytical Services 2,313 2,313 Townsquare Interactive 77,000 77,000 Live Events / Other 3,983 3,983 Balance $ 161,385 $ 157,947 The fair values of each of our reporting units were determined using an income approach whereby the fair value was calculated utilizing discounted estimated future cash flows. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing our reporting units for impairment ranged from 10.0% to 18.8% with perpetual growth rates ranging from (4.9)% to 10.6%. Due to the inherent uncertainties involved in making these estimates, assumptions may change in future periods. Estimates and assumptions made for purposes of goodwill impairment testing may prove to be inaccurate predictions of the future, and other factors used in assessing fair value, such as the weighted average cost of capital, are outside the control of management. Unfavorable changes in certain of these key assumptions may affect future testing results. For example, keeping all other assumptions constant, a 100-basis point increase in the weighted average cost of capital assumption for each of our reporting units would cause the estimated fair values of our Local Markets, National Digital, Townsquare Ignite and Townsquare Interactive reporting units to decline, resulting in a decrease in the fair value in excess of their respective carrying values by approximately 3%, 15%, 12%, and 12%, respectively. Further, for each reporting unit, a 10% decline in the estimated fair value of each reporting unit, due to other changes in assumptions, including forecasted future cash flows, would not have resulted in a goodwill impairment charge for the year ended December 31, 2022. The following table presents changes in goodwill by segment during each of the two years ended December 31, 2022 and 2021, respectively (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2020 (1) $ 77,000 $ — $ 76,964 $ 3,983 $ 157,947 Realignment of goodwill (2) — 76,964 (76,964) — — Balance at December 31, 2021 $ 77,000 $ 76,964 $ — $ 3,983 $ 157,947 Cherry Creek acquisition (3) — 723 2,715 — 3,438 Balance at December 31, 2022 $ 77,000 $ 77,687 $ 2,715 $ 3,983 $ 161,385 (1) The aggregate goodwill balance as of December 31, 2020 is net of (i) a $69.0 million non-cash goodwill impairment charge related to the local advertising businesses reporting unit in the fourth quarter of 2019; (ii) $48.9 million of accumulated impairment charges incurred in 2017, of which $39.9 million was included as a component of discontinued operations and $9.1 million of which related to the 2017 strategic review and restructuring of our entertainment business; and (iii) a $4.1 million write-off of goodwill was recorded in 2017 in connection with business realignments within the entertainment business. (2) In December of 2021, the Company changed its reporting segments in order to reflect its strategic focus, organizational structure and the information reviewed by its CODM as a digital media and digital marketing solutions with market leading radio stations, represented by three segments: Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. As there was no change to the Company’s identified reporting units, goodwill was not reallocated as a result of the change in segments. (3) For further information see Note 4, Acquisitions and Divestitures . Digital Assets During the first quarter of 2022, the Company invested an aggregate of $5.0 million in digital assets. They are accounted for as indefinite-lived intangible assets in accordance with ASC 350, Intangibles - Goodwill and Other, included as a component of intangible assets, net on the Consolidated Balance Sheet. We have ownership of and control over our digital assets and we use third-party custodial services to secure it. Any decrease in the digital assets' fair values below our carrying values at any time subsequent to acquisition requires the Company to recognize impairment charges. No upward revisions for any market price increases are recognized until a sale of the digital assets occurs. The fair value of the digital assets was based upon quoted prices (unadjusted) on the active exchange that the Company determined was the principal market for our digital assets, Level 1 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). The Company performed an analysis to identify whether events or changes in circumstances, principally decreases in the quoted prices on the active exchange, indicated that it was more likely than not that our digital assets were impaired. In determining if an impairment had occurred, the Company considered the lowest market price of one unit of digital asset quoted on the active exchange since the date the Company acquired the digital assets. Any observed declines in the market values of our digital assets below their current carrying values results in an impairment loss equal to the difference between the digital assets carrying values and the lowest observed market price, even if the overall market values of these assets subsequently increase. During the year ended December 31, 2022, the Company recorded $2.9 million in impairment losses due to changes in the fair value of the Company's digital assets observed during the period. As of December 31, 2022, the carrying value of the Company's digital assets is $2.1 million. The Company views its investment in digital assets as liquid due to the ability to readily convert the investment to cash through a sale on an active exchange. The Company may decrease its holdings of digital assets at any time based on our view of market conditions. Definite-lived intangible assets The Company’s definite-lived intangible assets were acquired primarily in various acquisitions as well as in connection with the acquisition of software and music licenses. Content Rights The Company enters into multi-year content licensing agreements pursuant to which the Company is required to make payments over the term of the license agreement. These licensing agreements are accounted for as a license of program material in accordance with ASC 920-350, Broadcasters - Intangibles - Goodwill and Other. The Company capitalizes the content licenses and records a related liability at fair value, which includes a discount, on the effective date of the respective license agreement. Amortization of capitalized content licenses is included as a component of direct operating expenses in the Consolidated Statement of Operations. The difference between the gross and net liability is amortized over the term of the license agreements and reflected as a component of interest expense. The following tables present details of intangible assets as of December 31, 2022 and 2021, respectively (in thousands): December 31, 2022 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 252,110 $ — $ 252,110 Digital Assets Indefinite 2,136 — 2,136 Content rights and other intangible assets 1 - 10 37,092 (14,500) 22,592 Total $ 291,338 $ (14,500) $ 276,838 December 31, 2021 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 275,321 $ — $ 275,321 Other intangible assets 2 - 10 11,530 (8,586) 2,944 Total $ 286,851 $ (8,586) $ 278,265 Amortization expense for definite-lived intangible assets for each of the years ended December 31, 2022 and 2021 was $6.2 million and $1.1 million, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of December 31, 2022 is as follows (in thousands): 2023 $ 7,171 2024 6,041 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 22,592

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Long-term investments primarily consists of minority holdings in various companies. 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 Level 3 within the ASC 820 framework. In accordance with ASC 321, Investments - Equity Securities, the Company measures its equity securities at cost minus impairment, as their fair values are not readily determinable and the investments do not qualify for the net asset value per share practical expedient. The Company monitors its investments for any subsequent observable price changes in orderly transactions for the identical or a similar investment of the same investee, at which time the Company would adjust the then current carrying values of the related investment. Additionally, the Company evaluates its investments for any indicators of impairment. Equity securities measured at cost minus impairment During the year ended December 31, 2022, the Company acquired a $3.2 million interest in three new investees and an additional $1.0 million interest in an existing investee. The Company recorded a $1.2 million impairment charge for an investee for the year ended December 31, 2022. There were no impairment charges recorded for the year ended December 31, 2021. Equity securities measured at fair value On July 2, 2021, one of the Company's investees completed its registration with the SEC and became a publicly traded company. Based on the market price of the investee's common stock as of December 31, 2022, the fair value of the Company's investment in the common stock of the investee was approximately $1.2 million. As a result, the Company recorded a total unrealized net loss of $2.1 million during 2022. The Company recorded an unrealized net gain of $0.1 million during 2021. Unrealized gains and losses are included as a component of other expense (income) on the Consolidated Financial Statements. The market price of the investee's common stock as of December 31, 2022 is categorized as Level 1 within the ASC 820 framework.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): December 31, December 31, 2026 Notes $ 530,766 $ 550,000 Deferred financing costs (6,324) (8,479) Total long-term debt $ 524,442 $ 541,521 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 at an effective rate of 7.2%. The Company recognized a $4.9 million loss on the early extinguishment of debt, 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, 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 certain covenants that may limit, among other things, our ability to; incur additional indebtedness, declare or pay dividends, redeem stock, transfer or sell assets, make investments or 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 December 31, 2022. During the year ended December 31, 2022, the Company voluntarily repurchased an aggregate $19.2 million principal amount of its 2026 Notes at or below par, plus accrued interest. The Company wrote-off approximately $0.3 million of unamortized deferred financing costs, recognizing a total net gain of $0.1 million in connection with the voluntary repurchases of its 2026 Notes. The repurchased notes were canceled by the Company. As of December 31, 2022 and 2021, based on available market information, the estimated fair value of the 2026 Notes was $472.4 million and $583.0 million, respectively. The Company used Level 2 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). The following table illustrates the components of our interest expense, net (in thousands): Year Ended 2022 2021 2026 Notes $ 36,999 $ 37,287 2023 Notes — 642 Term Loans — 161 Capital leases and other 1,140 44 Deferred financing costs and discounts 1,879 1,731 Interest income (190) (19) Interest expense, net $ 39,828 $ 39,846 Annual maturities of the Company's long-term debt as of December 31, 2022 are as follows (in thousands): (in thousands) 2023 $ — 2024 — 2025 — 2026 530,766 $ 530,766

Lease and Other Commitments

Lease and Other Commitments	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease and Other Commitments	Lease and Other CommitmentsOur lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088, escalating rent provisions and/or cost of living adjustments. The majority of our leases are operating leases, although we have several finance leases for equipment as the lease term represents a significant portion of the useful life. In several cases, we have lease arrangements where the lease payment is based upon the consumer price index. Our lease agreements generally do not contain guarantees of the residual value at the end of the lease term or restrictive financial or other covenants. On June 24, 2022, the Company executed a lease for office space of approximately 11,900 square feet in Phoenix, AZ, in order to support the growth of the Subscription Digital Marketing Solutions segment. The lease commenced in the third quarter of 2022 and has an eleven-year term, with the option to extend the lease for two consecutive five-year periods. Total rental expense, including costs incurred for live events such as venue and equipment rentals, for our operating leases was $13.0 million and $11.6 million for the years ended December 31, 2022 and 2021, respectively, and is included in Income from operations. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5-year renewal periods. The Company pays $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the prepaid rent asset and deferred gain, including the current portion of $0.2 million, as of December 31, 2022 and 2021 were $5.8 million and $6.0 million, respectively. The Company will continue to amortize these balances over the remaining lease term. Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Finance Leases 25.53 years 3.16 years Operating leases 7.09 years 7.24 years Weighted Average Discount Rate Finance Leases 7.39% 5.55% Operating leases 7.05% 6.80% Maturities of lease liabilities for operating leases are as follows as of December 31, 2022 (in thousands): 2023 $ 11,536 2024 10,889 2025 9,664 2026 6,827 2027 4,794 Thereafter 18,471 Total operating lease payments 62,181 Less: imputed interest (13,846) Add: deferred gain sale leaseback transaction 5,780 Total $ 54,115 Maturities of lease liabilities for financing leases are as follows as of December 31, 2022 (in thousands): 2023 $ 170 2024 159 2025 143 2026 116 2027 91 Thereafter 3,098 Total financing lease payments 3,777 Less: imputed interest (2,288) Total $ 1,489 Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Operating lease cost $ 10,778 $ 9,877 Short-term lease cost $ 35 $ 33 Variable lease cost $ 12 $ 7 Total lease cost $ 10,825 $ 9,917 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. (“Nielsen”), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of December 31, 2022 is approximately $1.3 million and is expected to be paid in accordance with the agreements through September 2023. In addition, the Company has aggregate commitments of $3.7 million for a business management platform through 2023. Future expected payments under these agreements as of December 31, 2022 are as follows (in thousands): 2023 $ 3,691 2024 630 2025 662 2026 — 2027 — Thereafter — Total purchase obligations $ 4,983 Total payments made under these agreements were $10.2 million and $9.6 million for the years ended December 31, 2022 and 2021, respectively.
Lease and Other Commitments	Lease and Other CommitmentsOur lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088, escalating rent provisions and/or cost of living adjustments. The majority of our leases are operating leases, although we have several finance leases for equipment as the lease term represents a significant portion of the useful life. In several cases, we have lease arrangements where the lease payment is based upon the consumer price index. Our lease agreements generally do not contain guarantees of the residual value at the end of the lease term or restrictive financial or other covenants. On June 24, 2022, the Company executed a lease for office space of approximately 11,900 square feet in Phoenix, AZ, in order to support the growth of the Subscription Digital Marketing Solutions segment. The lease commenced in the third quarter of 2022 and has an eleven-year term, with the option to extend the lease for two consecutive five-year periods. Total rental expense, including costs incurred for live events such as venue and equipment rentals, for our operating leases was $13.0 million and $11.6 million for the years ended December 31, 2022 and 2021, respectively, and is included in Income from operations. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5-year renewal periods. The Company pays $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the prepaid rent asset and deferred gain, including the current portion of $0.2 million, as of December 31, 2022 and 2021 were $5.8 million and $6.0 million, respectively. The Company will continue to amortize these balances over the remaining lease term. Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Finance Leases 25.53 years 3.16 years Operating leases 7.09 years 7.24 years Weighted Average Discount Rate Finance Leases 7.39% 5.55% Operating leases 7.05% 6.80% Maturities of lease liabilities for operating leases are as follows as of December 31, 2022 (in thousands): 2023 $ 11,536 2024 10,889 2025 9,664 2026 6,827 2027 4,794 Thereafter 18,471 Total operating lease payments 62,181 Less: imputed interest (13,846) Add: deferred gain sale leaseback transaction 5,780 Total $ 54,115 Maturities of lease liabilities for financing leases are as follows as of December 31, 2022 (in thousands): 2023 $ 170 2024 159 2025 143 2026 116 2027 91 Thereafter 3,098 Total financing lease payments 3,777 Less: imputed interest (2,288) Total $ 1,489 Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Operating lease cost $ 10,778 $ 9,877 Short-term lease cost $ 35 $ 33 Variable lease cost $ 12 $ 7 Total lease cost $ 10,825 $ 9,917 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. (“Nielsen”), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of December 31, 2022 is approximately $1.3 million and is expected to be paid in accordance with the agreements through September 2023. In addition, the Company has aggregate commitments of $3.7 million for a business management platform through 2023. Future expected payments under these agreements as of December 31, 2022 are as follows (in thousands): 2023 $ 3,691 2024 630 2025 662 2026 — 2027 — Thereafter — Total purchase obligations $ 4,983 Total payments made under these agreements were $10.2 million and $9.6 million for the years ended December 31, 2022 and 2021, respectively.
Lease and Other Commitments	Lease and Other CommitmentsOur lease agreements are primarily for facilities, land, radio towers and other equipment used in our operations and contain renewal options through 2088, escalating rent provisions and/or cost of living adjustments. The majority of our leases are operating leases, although we have several finance leases for equipment as the lease term represents a significant portion of the useful life. In several cases, we have lease arrangements where the lease payment is based upon the consumer price index. Our lease agreements generally do not contain guarantees of the residual value at the end of the lease term or restrictive financial or other covenants. On June 24, 2022, the Company executed a lease for office space of approximately 11,900 square feet in Phoenix, AZ, in order to support the growth of the Subscription Digital Marketing Solutions segment. The lease commenced in the third quarter of 2022 and has an eleven-year term, with the option to extend the lease for two consecutive five-year periods. Total rental expense, including costs incurred for live events such as venue and equipment rentals, for our operating leases was $13.0 million and $11.6 million for the years ended December 31, 2022 and 2021, respectively, and is included in Income from operations. In September 2015, the Company closed on the sale of 43 towers located on 41 sites in 28 markets to a subsidiary of Vertical Bridge, LLC ("Vertical Bridge") (the "Tower Sale"). The divested towers house antenna that broadcast certain of the Company’s radio stations. As part of this transaction, the Company leased a portion of the space on the sold towers that house certain of the Company's antenna. The lease is for a period of 35 years, including an initial term of twenty years and three optional 5-year renewal periods. The Company pays $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. In addition, the Company determined that the lease is an operating lease and is amortizing the long-term prepaid rent asset and deferred gain on the sale of towers as offsetting amounts over the lease term. The ending balances of the prepaid rent asset and deferred gain, including the current portion of $0.2 million, as of December 31, 2022 and 2021 were $5.8 million and $6.0 million, respectively. The Company will continue to amortize these balances over the remaining lease term. Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Finance Leases 25.53 years 3.16 years Operating leases 7.09 years 7.24 years Weighted Average Discount Rate Finance Leases 7.39% 5.55% Operating leases 7.05% 6.80% Maturities of lease liabilities for operating leases are as follows as of December 31, 2022 (in thousands): 2023 $ 11,536 2024 10,889 2025 9,664 2026 6,827 2027 4,794 Thereafter 18,471 Total operating lease payments 62,181 Less: imputed interest (13,846) Add: deferred gain sale leaseback transaction 5,780 Total $ 54,115 Maturities of lease liabilities for financing leases are as follows as of December 31, 2022 (in thousands): 2023 $ 170 2024 159 2025 143 2026 116 2027 91 Thereafter 3,098 Total financing lease payments 3,777 Less: imputed interest (2,288) Total $ 1,489 Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Operating lease cost $ 10,778 $ 9,877 Short-term lease cost $ 35 $ 33 Variable lease cost $ 12 $ 7 Total lease cost $ 10,825 $ 9,917 Other Commitments : The radio broadcast industry’s principal ratings service is Nielsen Holdings N.V. (“Nielsen”), which publishes surveys for domestic radio markets. The Company’s remaining aggregate obligation under the agreements with Nielsen as of December 31, 2022 is approximately $1.3 million and is expected to be paid in accordance with the agreements through September 2023. In addition, the Company has aggregate commitments of $3.7 million for a business management platform through 2023. Future expected payments under these agreements as of December 31, 2022 are as follows (in thousands): 2023 $ 3,691 2024 630 2025 662 2026 — 2027 — Thereafter — Total purchase obligations $ 4,983 Total payments made under these agreements were $10.2 million and $9.6 million for the years ended December 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax (benefit) expense from operations for the years ended December 31, 2022 and 2021 consisted of the following (in thousands): 2022 2021 Current income tax expense State $ 769 $ 596 Total current income tax expense $ 769 $ 596 Deferred tax (benefit) expense Federal $ 421 $ 6,840 State (1,754) 2,915 Total deferred income tax (benefit) expense (1,333) 9,755 Total income tax (benefit) expense $ (564) $ 10,351 Total income tax (benefit) expense from operations differed from the amount computed by applying the federal statutory tax rate of 21% for the years ended December 31, 2022 and 2021, due to the following (in thousands): 2022 2021 Pretax income at federal statutory rate $ 2,903 $ 6,118 State income tax expense, net federal expense 626 2,244 Non-deductible compensation 1,083 1,172 Non-controlling interest (431) (430) Stock repurchase settlement fee — 945 Other Non-deductible items (61) (159) Total Non-deductible items 591 1,528 Prior year true-up adjustment 241 237 Tax attribute expiration 764 404 Tax rate changes (192) (251) Stock-based compensation 188 457 Total Adjustment of prior year deferred taxes 1,001 847 Change in valuation allowance (5,672) (368) Other items (13) (18) Total (benefit) expense for income taxes $ (564) $ 10,351 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2022 and 2021 are presented below (in thousands): 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 1,516 $ 1,751 Accrued expenses and other current liabilities 479 657 Stock-based compensation 2,774 2,637 Investments 1,553 — Property and equipment 1,977 1,929 Interest expense 16,949 11,379 Operating lease obligations 13,773 11,978 Non-current liabilities 2,462 3,075 Net operating loss and credit carryforwards 52,179 60,655 Foreign tax credits 385 385 94,047 94,446 Less: valuation allowance (49,398) (55,070) Deferred tax assets 44,649 39,376 Deferred tax liabilities: Intangible assets 49,227 46,537 Operating lease right of use assets 12,998 11,162 Software development costs 1,172 1,758 Deferred tax liabilities 63,397 59,457 Net deferred tax liabilities $ (18,748) $ (20,081) As of December 31, 2022, the Company has federal net operating loss carryforwards of approximately $139.5 million available to offset future income which $99.4 million will expire in the years 2023 through 2037and the remaining $40.1 million has an indefinite life. Approximately $19.6 million is applicable to Townsquare Radio, Inc. and can only be utilized against its future earnings (subject to further limitations under Section 382 of the Internal Revenue Code), and $79.8 million applicable to post IPO operations of the Company and can be utilized against future earnings without limitation through 2037. The Company has approximately $55.7 million of capital loss carryforwards which can be utilized through 2023. Additionally, the Company has various amounts of state net operating loss carry forwards expiring through 2042. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making this assessment. At December 31, 2022 and 2021, management believes it is not more likely than not that the Company will realize the benefits of these deductible differences. The decrease in the valuation allowance of $5.7 million during the December 31, 2022 period, is primarily due to utilization of net operating loss carryforwards. The decrease in the valuation allowance of $0.4 million during the December 31, 2021 period, is primarily due to management’s conclusion in the period that an additional portion of the deferred tax assets will more than likely be realized. The Company has not recorded any unrecognized tax benefits as of December 31, 2022 and December 31, 2021. It is not expected that unrecognized tax benefits will materially change in the next 12 months.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below presents a summary, as of December 31, 2022, 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 12,964,312 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 Total 400,000,000 17,240,949 1 Each of the shares of common stock 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. The foregoing share totals include 93,181 shares of restricted Class A common stock, subject to vesting terms, but excludes 5,808,189 of Class A common stock and 3,670,509 of Class B common stock issuable upon exercise of stock options, which options have an exercise price of between $4.79 and $10.08 per share. Additionally, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock. Dividend Rights Each holder of shares of our common stock will be entitled to receive equally, on a per share basis, such dividends and other distributions in cash, securities or other property of the Company as may be declared thereon by our Board of Directors from time to time out of assets or funds of the Company legally available therefor; provided, however, that in the event that such dividend is paid in the form of shares of common stock or rights to acquire common stock, the holders of Class A common stock shall receive Class A common stock or rights to acquire Class A common stock, as the case may be, the holders of Class B common stock shall receive Class B common stock or rights to acquire Class B common stock, as the case may be, and the holders of Class C common stock shall receive Class C common stock or rights to acquire Class C common stock, as the case may be. Following the economic circumstances and uncertainty created by the COVID-19 pandemic, our board of directors determined to cease payment of quarterly cash dividends. On March 6, 2023, the Board of Directors approved a quarterly dividend of $0.1875 per share for holders of record as of March 27, 2023. The estimated $3.3 million dividend will be paid on May 1, 2023. Any future determination to pay dividends will be at the discretion of our board of directors. Other Rights Each holder of common stock is subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock that we may designate and issue in the future. Liquidation Rights If our company is involved in a consolidation, merger, recapitalization, reorganization, or similar event, each holder of common stock will participate pro rata in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. Equal Status Except as expressly provided in our certificate of incorporation, the Class A common stock, Class B common stock and Class C common stock shall have the same rights and privileges and rank equally, share ratably and be identical in all respects as to all matters. Without limiting the generality of the foregoing, (i) in the event of a merger or consolidation requiring the approval of the holders of the Company’s common stock entitled to vote thereon (whether or not the Company is the surviving entity), the holders of each class of common stock have the right to receive, or the right to elect to receive, the same form and amount of consideration, if any, as the holders of each other class of common stock on a per share basis, and (ii) in the event of (x) any tender or exchange offer to acquire any shares of common stock by any third party pursuant to an agreement to which the Company is a party or (y) any tender or exchange offer by the Company to acquire any shares of common stock, pursuant to the terms of the applicable tender or exchange offer, the holders of each class of common stock shall have the right to receive, or the right to elect to receive, the same form and amount of consideration on a per share basis as the holders of each other class of common stock, provided that if the consideration to be received by the holders of common stock in connection with any such transaction is in the form of shares of stock of the surviving or resulting corporation (or any parent corporation), such shares received by the holders of Class A common stock, Class B common stock or Class C common stock may have varying voting powers or other rights as are equivalent to those of the Class A common stock, Class B common stock and Class C common stock, respectively. Holders of shares of Class A common stock, Class B common stock and Class C common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law. Each holder of the Company’s Class A common stock is entitled to one vote per share on each matter submitted to a vote of stockholders. The Company’s Class A common stock is neither convertible nor redeemable. Each holder of the Company’s Class B common stock is entitled to ten votes per share on each matter submitted to a vote of stockholders. The Company’s Class B common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. Holders of shares of Class C common stock are not entitled to any voting rights with respect to such shares. The Company’s Class C common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock. 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. Employee Stock Purchase Plan In September 2021, the Company’s board of directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The Plan constitutes a sub-plan under the Townsquare Media, Inc. 2014 Omnibus Incentive Plan. Under the ESPP, eligible employees may authorize payroll deductions of at least 3% but no more than 15% of their current compensation of each payday during six months offering periods which commence on January 1 and July 1. Contributions are subject to an annual limitation of $25,000, and are used to purchase shares of Class A common stock at 90% of the fair market value of the Class A common stock on either the first or last day of an offering period, whichever is lower. The total number of shares purchased during each offering period may not exceed 2,000 shares per eligible participant and the total aggregate discount price for any calendar year may not exceed an annual limitation of $600,000. The first offering period for the ESPP commenced on January 1, 2022. As of December 31, 2022, the total amount of common stock issued under the ESPP totaled 102,224 shares. Stock Repurchase Plan On December 16, 2021, the Board of Directors approved a stock repurchase plan, pursuant to which the Company is authorized to repurchase up to $50 million of the Company’s issued and outstanding Class A common stock over a thirty-six month period. Repurchases of common stock under the repurchase plan may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions, applicable legal requirements, debt covenants and other considerations. Any such repurchases may be executed using open market purchases, privately negotiated agreements or other transactions, and may be funded from cash on hand, available borrowings or proceeds from potential debt or other capital markets sources. As of December 31, 2022, a total of 25,623 shares were repurchased under the 2021 Stock repurchase Plan. Stock Repurchase Agreement On January 24, 2021, the Company entered into a stock repurchase agreement with certain affiliates of 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. 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 year ended December 31, 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 year ended December 31, 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 twelve months ended December 31, 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. On December 14, 2021, a warrant holder exercised 10,622 warrants in a cashless exercise transaction and received 10,622 shares of Class A common stock. The Company’s common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. Unless the Company's board of directors determines otherwise, we will issue all of our capital stock in uncertificated form. Amendment to 2014 Incentive Plan 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 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. The aggregate number of shares of common stock which may be issued or used for reference purposes under the 2014 Incentive Plan or with respect to which awards may be granted may not exceed 27,000,000 shares. As of December 31, 2022, 15,208,437 shares were available for grant. Stock Option Activity During the year ended December 31, 2022, eligible option holders tendered 116,601 options to purchase 116,601 shares of Townsquare common stock. During the year ended December 31, 2022, the Company granted 681,951 options with grant date fair values of $3.24 to $3.35, each with a ten-year term. The options contain market conditions whereby the options will vest and become exercisable subject to the achievement of a specified volume weighted average trading price ("VWAP") over a period of 20 consecutive trading days from the grant date and continued employment through each vesting date, as observed over a five-year period, summarized as follows: VWAP Number of Shares that Vest $9.59 138,462 $11.59 134,730 $13.59 134,329 $15.59 135,542 $17.59 138,888 No portion of the grant will vest unless the VWAP targets are achieved during the five-year period. The Company also granted 582,901 options with a grant date fair value of $3.97. The options have a three year vesting period with a ten-year term. During the year ended December 31, 2021, the Company granted 45,000 options with grant date fair values of $4.94. The option grants have a four year vesting period of 25% each year with a ten-year term. The grant date fair value of the stock options with service conditions is estimated using the Black-Scholes option pricing model, while the Monte Carlo option pricing model is applied for grants with market conditions. Each model requires an estimate of the expected term of the option, the expected volatility of the Company’s common stock price, dividend yield and the risk-free interest rate. The below table summarizes the assumptions used to estimate the fair value of the equity options granted: Monte Carlo Model Black-Scholes Model Black-Scholes Model 2022 2022 2021 Expected volatility 50.0 % 50.0 % 50.0 % Expected term 6.67 years 6.01 years 6.25 years Risk free interest rate 3.94 % 4.09 % 1.32 % Expected dividend yield 0.0 % 0.0 % 0.0 % For options only containing service conditions, the expected term was calculated using the simplified method, defined as the midpoint between the vesting period and the contractual term of each award, due to the lack of sufficient historical exercise data. For options with market-based conditions, the expected term was estimated based on when the options are expected to be exercised. The expected volatility was based on market conditions of the Company and comparable companies. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the expected term of the option. The expected dividend yield of 0% was because our board of directors had determined to cease payment of quarterly cash dividends following the payment of our first quarter dividend of $2.1 million on May 15, 2020. The following table summarizes option activity for the year ended December 31, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 8,376,810 $ 7.82 5.01 $ 46,128 Granted - service conditions 582,901 7.59 Granted - market conditions 681,951 7.59 Exercised (116,601) 6.77 629 Forfeited and expired (46,363) 8.28 Outstanding at December 31, 2022 9,478,698 $ 7.80 4.62 $ 2,798 Exercisable at December 31, 2022 7,118,549 $ 8.03 3.19 $ 1,934 The maximum contractual term of stock options is 10 years. Restricted Stock Activity The following table summarizes restricted stock activity for the year ended December 31, 2022: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2022 151,725 $ 6.78 Shares granted 197,456 11.92 Shares vested (256,000) 9.71 Non-vested balance at December 31, 2022 93,181 $ 9.63 The fair value of the restricted stock is equal to the closing share price on the date of grant. The vesting term of shares of restricted stock vary from 1 to 4 years. For the years ended December 31, 2022 and 2021, the Company recognized $3.8 million and $3.7 million, respectively, of stock-based compensation expense with respect to options, shares of restricted stock granted, and the ESPP. As of December 31, 2022, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $7.2 million and $0.2 million, respectively, and is expected to be recognized over a weighted average period of 2.1 and 1.4 years, respectively.

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Income Per Common Share	Net Income Per Common Share Net Income Per Common Share Basic earnings 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 were a participating security, as defined, in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Although these Warrants were subject to restrictions on exercise, they participated in the undistributed earnings of the Company and therefore, our presentation reflects the two-class method. The calculation of basic and diluted EPS for the years ended December 31, 2022 and 2021, was as follows (in thousands, except per share data): Year Ended 2022 2021 Numerator: Net income $ 14,390 $ 18,784 Net income from non-controlling interest $ 2,053 $ 2,048 Net income attributable to controlling interest $ 12,337 $ 16,736 Denominator: Weighted average shares of common stock outstanding 16,991 16,836 Weighted average shares of participating securities outstanding — 1,747 Total weighted average basic shares outstanding 16,991 18,583 Effect of dilutive common stock equivalents 1,213 2,658 Weighted average diluted common shares outstanding 18,204 21,241 Basic income per share: Attributable to common shares $ 0.73 $ 0.90 Attributable to participating shares (1) $ — $ 0.90 Diluted income per share: $ 0.68 $ 0.79 (1) On March 9, 2021, the Company repurchased 8,814,980 warrants outstanding from Oaktree, on August 16, 2021, a warrant holder exercised 152,074 warrants, and on December 14, 2021, a warrant holder exercised 10,622 warrants, each as more fully discussed in Note 11, Stockholders' Equity . As of December 31, 2022, there are no warrants outstanding. Income (loss) attributable to participating shares and diluted income (loss) per share for 2022 was calculated utilizing the weighted-average method. The Company had the following dilutive securities that were not included in the computations of diluted net income per share as they were considered anti-dilutive (in thousands): Year Ended 2022 2021 Stock options 182 31 Stock options with unsatisfied market conditions 161 — Restricted Stock 8 —

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are organized internally by type of products and services provided. In December of 2021, the Company changed its reporting segments in order to reflect its strategic focus, organizational structure and the information reviewed by its CODM as a digital media and digital marketing solutions company with market leading local radio stations, represented by three segments: Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. The remainder of our business is reported in the Other category. The Company operates in one geographic area. The Company's assets and liabilities are managed within markets outside the top 50 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 Broadcast Advertising segment. For further information see Note 6, Goodwill and Other Intangible Assets, Net . The Company does not have any material inter-segment sales. The Company's management evaluates segment operating income, which excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges. The following table presents the Company's reportable segment information for the year ended December 31, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate Total Net revenue $ 90,402 $ 140,433 $ 223,801 $ 8,441 $ — $ 463,077 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 64,282 97,667 155,349 7,633 — 324,931 Depreciation and amortization 1,240 516 13,818 153 3,317 19,044 Corporate expenses — — — — 24,428 24,428 Stock-based compensation 521 60 413 9 2,794 3,797 Transaction and business realignment costs (1) — — — 25 4,423 4,448 Impairment of long-lived assets, intangible assets and investments — — 26,933 120 4,061 31,114 Net gain on sale and retirement of assets — — (219) — (56) (275) Operating income (loss) $ 24,359 $ 42,190 $ 27,507 $ 501 $ (38,967) $ 55,590 (1) Includes integration costs of $1.3 million related to the acquisition of Cherry Creek. These costs were predominantly for travel and compensation. The following table presents the Company's reportable segment information for the year ended December 31, 2021, (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate Total Net revenue $ 81,792 $ 116,874 $ 215,519 $ 3,772 $ — $ 417,957 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 57,374 79,906 147,352 3,670 — 288,302 Depreciation and amortization 986 489 12,971 167 4,485 19,098 Corporate expenses — — — — 24,542 24,542 Stock-based compensation 540 53 318 14 2,793 3,718 Transaction and business realignment costs — — — 30 5,275 5,305 Impairment of long-lived assets, intangible assets and investments — — 1,818 95 — 1,913 Net loss on sale and retirement of assets — — 601 — — 601 Operating income (loss) $ 22,892 $ 36,426 $ 52,459 $ (204) $ (37,095) $ 74,478

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule II - Valuation and Qualifying Accounts	Fiscal Year Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year Allowance for doubtful accounts 2022 $ 6,743 $ 3,015 $ (3,812) $ 5,946 2021 $ 7,051 $ 3,921 $ (4,229) $ 6,743

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation : The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries that it controls. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting : The Company’s operating segments are organized internally by the types of products and services provided, represented by three segments: Subscription Digital Marketing Solutions, which includes the results of the Company’s subscription digital marketing solutions business, Townsquare Interactive; Digital Advertising, which includes digital advertising on its owned and operated digital properties and its digital programmatic advertising platform; and Broadcast Advertising, which includes our local, regional and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with its broadcast advertising platform. The remainder of the Company’s business is reported in the Other category, which includes owned and operated live events. The presentation of $0.7 million of broadcast and digital advertising revenue previously reported in the Other category for the year ended December 31, 2021 has been reclassified to conform with the current period's presentation. The Company’s activities are predominately within the United States, which represents one geographic region for segment reporting. The Company does not have any material inter-segment sales. See Note 13, Segment Reporting, in our Notes to Consolidated Financial Statements for further information.
Use of Estimates	Use of Estimates : The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying consolidated financial statements include assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for doubtful accounts and income taxes.
Concentrations of Credit Risk	Concentrations of Credit Risk : Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The credit risk is limited due to the large number of customers comprising the Company’s customer base and their dispersion across several different geographic areas of the country. No single customer accounts for more than approximately 1% of revenue for the years ended December 31, 2022 and 2021.
Cash and cash equivalents	Cash and cash equivalents: The Company maintains its cash balances principally at large financial institutions throughout the United States. Accounts at the institutions are insured by the Federal Deposit Insurance Corporation. Balances in these accounts may at times exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents.
Restricted cash	Restricted cash: Restricted cash includes the collateral account for the Company’s corporate credit cards and a stand-by letter of credit issued in favor of a landlord for one of our leases, and are classified in non-current assets in the Consolidated Balance Sheets. From time to time, such restricted funds could be returned to us or we could be required to pledge additional cash.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts : Accounts receivable are recorded at the invoiced amount and are reduced by a valuation allowance that reflects management’s best estimate of the accounts
Property and Equipment	Property and Equipment : Property and equipment are recorded at cost and depreciated over their estimated useful life. Property and equipment acquired in a business combination are recorded at their estimated fair value at the date of acquisition under the acquisition method of accounting. Major additions or improvements are capitalized, while repairs and maintenance are charged to expense.
Software Development Costs	Software Development Costs : In accordance with Accounting Standards Codification (“ASC”) Topic 350, Internally Developed Software, we incurred and capitalized software development costs of $4.7 million and $4.1 million during each of the years ended December 31, 2022 and 2021, respectively. Certain costs incurred for software development during the application development stage are capitalized while costs incurred during the preliminary and post-implementation stages are expensed in the period incurred. Capitalized costs are amortized over the project’s estimated useful life. Software development costs consist primarily of salary and benefits for the Company’s development and technical support staff, contractors’ fees and other costs associated with the development and localization of products and services.
Intangible Assets	Intangible Assets : Intangible assets consist principally of Federal Communication Commission (“FCC”) broadcast licenses and other definite-lived intangible assets. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no serious violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other serious violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at minimal cost. The weighted average time to renewal of our FCC licenses is 6.6 years as of December 31, 2022. FCC licenses, which have been recorded at their estimated fair value as of the date of acquisition, have an indefinite useful life and therefore are not amortized. The fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Costs associated with other definite-lived intangible assets are being amortized using the straight-line method over their estimated remaining useful lives, which range from 1 to 10 years, as of December 31, 2022. We have selected December 31st as the annual testing date for impairment of FCC licenses. We evaluate our FCC licenses annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. We evaluated the fair value of our FCC licenses at the unit of account level. Each market's broadcasting licenses were combined into a single unit of accounting for purposes of testing for impairments, which was geographic market. We utilized a discounted cash flow method to perform our impairment test. Under this method, the income that is attributable to each FCC license is isolated and is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and assumes that the only asset of the hypothetical start-up business is the license. It is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. The cash flows generated in the greenfield method are presumed to emanate from the one asset, or the FCC license, that exists at time zero. This cash flow stream is discounted to arrive at a value for the FCC license. The key assumptions using the greenfield method are market revenue growth rates, market share, profit margin and duration and profile of the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC license within a market. The projections incorporated into our license valuations take into consideration the then current economic conditions. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control.
Goodwill	Goodwill : The acquisition method of accounting requires that the excess of purchase price paid over the estimated fair value of identifiable tangible and intangible net assets of acquired businesses be recorded as goodwill. Under the provisions of ASC Topic 350, Intangibles-Goodwill and Other, goodwill is not amortized, but is reviewed for impairment at least on an annual basis at December 31 st , or when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. The Company evaluates goodwill for impairment at the reporting unit level and has determined appropriate reporting units. The most significant reporting is comprised of the components representing the local broadcast advertising businesses of all geographic markets, “Local Advertising”, which are aggregated into one reporting unit for testing. Our other reporting units include: (i) national digital assets, “National Digital”, which consists of music and entertainment focused national websites, (ii) Townsquare Ignite, our digital programmatic advertising platform, (iii) Amped, which is our owned and operated network of digital brands, made up of over 400 websites and 390 mobile applications (iv) Analytical Services, which is an attribution and analytics platform dedicated to tracking broadcast media, (v) Townsquare Interactive, which is our subscription based digital marketing solutions offered to small and mid-sized local and regional businesses in markets outside the top 50 in the United States, and (vi) Live Events, which includes the operations of our national events including other expos, lifestyle and active events which occur outside of our 74 distinct markets. Recoverability of goodwill is evaluated by comparison of the fair value of a reporting unit with its carrying value. For purposes of testing the carrying value of the Company's goodwill for impairment, the fair value of goodwill for each reporting unit contains significant assumptions incorporating variables that are based on past experiences and judgments about future performance using industry information. These variables would include, but are not limited to: (1) forecasted revenue growth; (2) profit margin; (3) estimated capital expenditures and working capital requirements during the projection period; (4) risk-adjusted discount rate; and (5) expected growth rates in perpetuity to estimate terminal values. These variables are susceptible to changes in estimates, which could result in significant changes to the fair value of the goodwill. Impairment of goodwill is calculated by comparing the fair value as described above to the carrying value of goodwill. The Company also performs a reasonableness test on the fair value results for goodwill by comparing the carrying value of the Company’s assets to the Company’s enterprise value based on its market capitalization.
Investments	Investments : Long-term investments consists of minority holdings in various companies. 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 equity securities is based upon an estimate of market value at the time of investment, or upon a combination of valuation analyses using both observable and unobservable inputs categorized as Level 2 and Level 3 within the ASC 820 framework, respectively. In accordance with ASC 321, Investments - Equity Securities
Deferred Financing Costs	Deferred Financing Costs : Deferred financing costs related to the issuance of debt are capitalized and are amortized over the life of the instrument in such a way as to result in a constant rate of interest when applied to the amount outstanding at the beginning of any given period (the interest method). The amortization of these costs is recorded as interest expense, net in the Consolidated Statements of Operations. Unamortized deferred financing costs as of December 31, 2022 and 2021 have been deducted from the long-term debt balance in the Consolidated Balance Sheets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: Long-lived assets (including property, equipment and intangible assets subject to amortization) to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset group may not be recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposal of the asset group. If it were determined that the carrying amount of an asset was not recoverable, an impairment loss would be recorded. The Company determines the fair value of its long-lived assets based upon the market value of similar assets, if available, or independent appraisals, if necessary. Long-lived assets to be disposed of and/or held for sale are reported at the lower of carrying amount or fair value, less cost to sell. The fair value of assets held for sale is determined in the same manner as described for assets held and used.
Self-Insurance Liabilities	Self-Insurance Liabilities : The Company is self-insured for medical liability. In addition, the Company has stop loss coverage in excess of certain defined limits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, severity factors and other assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred.
Revenue Recognition	Revenue Recognition : Broadcast revenue for commercial broadcasting advertisements is recognized when the commercial is broadcast. Revenue is reported net of agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for advertisers that use agencies. Subscription digital marketing solutions revenue, under the brand name Townsquare Interactive, is recognized as a contract liability until the terms of a customer contract are satisfied, which generally occurs with the transfer of control as the Company satisfies its contractual performance obligation over time. Digital revenue is derived primarily from the sale of internet-based advertising campaigns to local, regional, and national advertisers and is recognized over the duration of the campaigns. Live events revenue and other non-broadcast advertising revenue are recognized as events are conducted. Deferred revenue consists primarily of digital subscriptions in which payment is received in advance of the service month and advance ticket sales of events scheduled to take place at dates in the future.
Leases	Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, current and operating lease liability, net of current portion on our Consolidated Balance Sheets. Finance leases are included in property and equipment, net, financing lease liabilities, current and financing lease liabilities, net of current portion on our Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date, adjusted by the deferred rent liabilities at the adoption date. ROU assets may also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Our lease arrangements may contain lease and non-lease components. We elected to combine lease and non-lease components. In determining the present value of the future lease payments, we consider only payments that are fixed and determinable at commencement date, including non-lease components. Variable components such as utilities and maintenance costs are expensed as incurred. As our leases do not provide an implicit rate, in determining the net present value of lease payments, management used judgment in order to estimate the appropriate incremental borrowing rate, which is the rate incurred to borrow equivalent funds on a collateralized basis over a similar term in a similar economic environment. Lease terms include periods under options to extend or terminate the lease when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. ROU assets for operating leases are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero.
Local Marketing Agreements	Local Marketing Agreements : At times, the Company enters into Local Marketing Agreements (“LMAs”), also known as Time Brokerage Agreements (“TBAs”). In a typical LMA, the licensee of a radio station makes available, for a fee, airtime on its radio station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. LMAs are subject to compliance with the antitrust laws and the Communications Act of 1934, as amended, and relevant FCC rules and published policies (“Communication Laws”), including the requirement that the licensee must maintain independent control over the radio station and, in particular, its personnel, content and finances. The FCC has held that such agreements do not violate the Communications Laws as long as the licensee of the radio station receiving content from another station maintains ultimate responsibility for, and control over radio station operations and otherwise ensures compliance with the Communications Laws. As of December 31, 2022, the Company operated one non-owned radio station under an LMA. The total net revenue for the contractual portion of the LMA of the radio station and its total expenses for the contractual portion of the LMA were immaterial.
Financial Instruments	Financial Instruments : ASC 825, Disclosures about Fair Value of Financial Instruments , requires the Company to disclose estimated fair values for its financial instruments. Management has reviewed its cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and has determined that their carrying values approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s long-term debt is disclosed in Note 8, Long-Term Debt.
Fair Value Measurements	Fair Value Measurements : ASC 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value framework under ASC 820 provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: • Level 1: Inputs are quoted prices (unadjusted) in active markets for identified assets or liabilities that the Company has the ability to access at the measurement date. • Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 assets include quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets that are not active; and inputs other than quoted prices that are observable such as models. • Level 3: Inputs are unobservable inputs for the asset or liability. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Advertising and Promotion Costs	Advertising and Promotion Costs: Costs of media advertising (including barter) and associated production costs are expensed to direct operating expenses the first time the advertising takes place.
Income Taxes	Income Taxes : Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company also evaluates the need for valuation allowances to reduce the deferred tax assets to realizable amounts. Management evaluates all positive and negative evidence and uses judgment regarding past and future events, including operating results, to help determine when it is more likely than not that all or some portion of the deferred tax assets may not be realized. When appropriate, a valuation allowance is recorded against deferred tax assets to offset future tax benefits that may not be realized. The Company follows the provisions of ASC Topic 740, Accounting for Income Taxes . ASC Topic 740 clarifies the accounting for uncertainties in income taxes recognized in an enterprise’s financial statements. ASC Topic 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on derecognition, classification, interest and penalties, disclosures and transition. As required by the uncertain tax position guidance in ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company’s policy is to recognize interest and penalties accrued on unrecognized tax benefits as part of income tax expense. The Company’s Federal income tax returns and various state tax returns remain subject to examination by taxing authorities for all years after 2018.
Stock-based compensation	Stock-based compensation : Stock-based compensation expense related to stock-based transactions, including employee awards and the Employee Stock Purchase Plan ( the “ESPP”), is measured and recognized in the Consolidated Financial Statements based on the fair value of the award on the grant date. The fair values of restricted stock awards are determined based on the fair market value of our common stock at the time of grant. The fair value of time-based and performance-based option awards is estimated using the Black-Scholes and Monte
Contingencies	Contingencies : In accordance with ASC Topic 450, Contingencies , the Company records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company monitors the stage of progress of its litigation matters and relates that to an accrual for estimated losses to determine if any adjustments are required. In the normal course of business, the Company is subject to various regulatory proceedings, lawsuits, claims and other matters. Additionally, from time to time the Company is engaged in various legal proceedings related to its intellectual property, employees or other matters. Although such matters are subject to many uncertainties and outcomes are not predictable with assurance, as of December 31, 2022 and 2021, management does not believe any such matters are material to the Company’s consolidated results of operations or financial condition.
Accounting Developments	Accounting Developments Recently Issued Standards That Have Not Yet Been Adopted 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. The Company will adopt this standard effective January 1, 2023, and does not anticipate its adoption to have a material impact on the Company’s Consolidated Financial Statements. On August 16, 2022, the Inflation Reduction Act (the "IRA") was signed into law in the U.S. Among other changes, the IRA introduced an excise tax on certain stock repurchases by certain covered corporations for taxable years beginning after December 31, 2022 and several tax incentives to promote clean energy. The Company will adopt the Act on January 1, 2023, and does not anticipate its adoption to have a material impact to its financial statements given the current level of repurchase activity.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for property and equipment are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 30 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 3 years Leasehold improvements Shorter of the economic useful life or remaining term of lease assuming likely renewal periods, as appropriate Property and equipment consisted of the following (in thousands): December 31, December 31, Land and improvements $ 19,966 $ 20,558 Buildings and leasehold improvements 57,386 55,192 Broadcast equipment 108,057 95,962 Computer and office equipment 24,211 21,819 Furniture and fixtures 22,968 22,130 Transportation equipment 20,703 20,427 Software development costs 39,489 34,776 Total property and equipment, gross 292,780 270,864 Less: Accumulated depreciation and amortization (178,934) (164,147) Total property and equipment, net $ 113,846 $ 106,717
Schedule of Assumptions Used in Annual Impairment Assessments	Below are some of the key assumptions used in our 2022 impairment assessments: December 31, 2022 Discount Rate 10.2% - 12.0% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 19.3 % 94.7 % Operating Profit Margin 20.0 % 47.0 % Below are some of the key assumptions used in our 2021 impairment assessments: December 31, 2021 Discount Rate 9.9% - 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 Realignment Costs	The Company recorded the following transaction and business realignment costs for the years ended December 31, 2022 and 2021 (in thousands): December 31, December 31, Transaction/Acquisition Costs 1,085 4,459 Business Integration Costs 1,272 — Compensation and Other Costs 2,091 846 Total $ 4,448 $ 5,305

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands): Year Ended December 31, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 90,402 $ 139,932 $ 216,780 $ 8,441 $ 455,555 Political — 501 7,021 — 7,522 Net Revenue $ 90,402 $ 140,433 $ 223,801 $ 8,441 $ 463,077 Year Ended December 31, 2021 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 81,792 $ 116,874 $ 212,021 $ 3,772 $ 414,459 Political — — 3,498 — 3,498 Net Revenue $ 81,792 $ 116,874 $ 215,519 $ 3,772 $ 417,957
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table provides information about receivables, contract acquisition costs and contract liabilities from contracts with customers (in thousands): December 31, 2022 December 31, 2021 Accounts Receivable $ 61,234 $ 57,647 Short-term contract liabilities (deferred revenue) $ 10,669 $ 10,208 Contract acquisition costs $ 6,348 $ 5,428

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Schedule of Asset Acquisition	The acquisition date fair values of major classes of net assets acquired are as follows (in thousands): Amounts recognized at June 17, 2022 Measurement Period Adjustments Amounts recognized at December 31, 2022 Net tangible assets acquired $ 1,366 $ 4,790 $ 6,156 Intangible assets, net 8,676 187 8,863 Goodwill 8,377 (4,939) 3,438 Total Purchase Price $ 18,419 $ 38 $ 18,457
Schedule of Intangible Assets Acquired	The intangible assets acquired based on the estimate of the fair values of the identifiable intangible assets are as follows: Amounts recognized at December 31, 2022 Remaining Useful Life at June 17, 2022 Customer relationships $ 5,007 10 FCC licenses 2,889 Indefinite Content Rights 642 7 Other intangibles 325 3 Total Acquired Intangible Assets $ 8,863

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Depreciation expense on property and equipment is recorded using the straight-line method. The estimated useful lives for property and equipment are as follows: Property Type Depreciation Period in Years Buildings and improvements 10 to 39 years Broadcasting equipment 3 to 30 years Computer and office equipment 3 to 5 years Furniture and fixtures 5 to 10 years Transportation equipment 2 to 5 years Software development costs 1 to 3 years Leasehold improvements Shorter of the economic useful life or remaining term of lease assuming likely renewal periods, as appropriate Property and equipment consisted of the following (in thousands): December 31, December 31, Land and improvements $ 19,966 $ 20,558 Buildings and leasehold improvements 57,386 55,192 Broadcast equipment 108,057 95,962 Computer and office equipment 24,211 21,819 Furniture and fixtures 22,968 22,130 Transportation equipment 20,703 20,427 Software development costs 39,489 34,776 Total property and equipment, gross 292,780 270,864 Less: Accumulated depreciation and amortization (178,934) (164,147) Total property and equipment, net $ 113,846 $ 106,717

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	As of December 31, 2022, the goodwill balances remaining for each of our reporting units were as follows (amounts in thousands): Goodwill at December 31, 2022 Goodwill at December 31, 2021 Reporting Unit: Local Advertising $ 2,715 $ — National Digital 8,273 8,273 Townsquare Ignite 67,101 66,378 Amped — — Analytical Services 2,313 2,313 Townsquare Interactive 77,000 77,000 Live Events / Other 3,983 3,983 Balance $ 161,385 $ 157,947 The following table presents changes in goodwill by segment during each of the two years ended December 31, 2022 and 2021, respectively (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2020 (1) $ 77,000 $ — $ 76,964 $ 3,983 $ 157,947 Realignment of goodwill (2) — 76,964 (76,964) — — Balance at December 31, 2021 $ 77,000 $ 76,964 $ — $ 3,983 $ 157,947 Cherry Creek acquisition (3) — 723 2,715 — 3,438 Balance at December 31, 2022 $ 77,000 $ 77,687 $ 2,715 $ 3,983 $ 161,385 (1) The aggregate goodwill balance as of December 31, 2020 is net of (i) a $69.0 million non-cash goodwill impairment charge related to the local advertising businesses reporting unit in the fourth quarter of 2019; (ii) $48.9 million of accumulated impairment charges incurred in 2017, of which $39.9 million was included as a component of discontinued operations and $9.1 million of which related to the 2017 strategic review and restructuring of our entertainment business; and (iii) a $4.1 million write-off of goodwill was recorded in 2017 in connection with business realignments within the entertainment business. (2) In December of 2021, the Company changed its reporting segments in order to reflect its strategic focus, organizational structure and the information reviewed by its CODM as a digital media and digital marketing solutions with market leading radio stations, represented by three segments: Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. As there was no change to the Company’s identified reporting units, goodwill was not reallocated as a result of the change in segments. (3) For further information see Note 4, Acquisitions and Divestitures .
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets	The following tables present details of intangible assets as of December 31, 2022 and 2021, respectively (in thousands): December 31, 2022 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 252,110 $ — $ 252,110 Digital Assets Indefinite 2,136 — 2,136 Content rights and other intangible assets 1 - 10 37,092 (14,500) 22,592 Total $ 291,338 $ (14,500) $ 276,838 December 31, 2021 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 275,321 $ — $ 275,321 Other intangible assets 2 - 10 11,530 (8,586) 2,944 Total $ 286,851 $ (8,586) $ 278,265
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of December 31, 2022 is as follows (in thousands): 2023 $ 7,171 2024 6,041 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 22,592

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): December 31, December 31, 2026 Notes $ 530,766 $ 550,000 Deferred financing costs (6,324) (8,479) Total long-term debt $ 524,442 $ 541,521
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 %
Schedule of Interest Expense, Debt	The following table illustrates the components of our interest expense, net (in thousands): Year Ended 2022 2021 2026 Notes $ 36,999 $ 37,287 2023 Notes — 642 Term Loans — 161 Capital leases and other 1,140 44 Deferred financing costs and discounts 1,879 1,731 Interest income (190) (19) Interest expense, net $ 39,828 $ 39,846
Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of December 31, 2022 are as follows (in thousands): (in thousands) 2023 $ — 2024 — 2025 — 2026 530,766 $ 530,766

Lease and Other Commitments (Ta

Lease and Other Commitments (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Consolidated Balance Sheet Impact	Weighted-average remaining lease term (in years) and discount rate related to leases were as follows: Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Finance Leases 25.53 years 3.16 years Operating leases 7.09 years 7.24 years Weighted Average Discount Rate Finance Leases 7.39% 5.55% Operating leases 7.05% 6.80%
Operating Lease Maturity	Maturities of lease liabilities for operating leases are as follows as of December 31, 2022 (in thousands): 2023 $ 11,536 2024 10,889 2025 9,664 2026 6,827 2027 4,794 Thereafter 18,471 Total operating lease payments 62,181 Less: imputed interest (13,846) Add: deferred gain sale leaseback transaction 5,780 Total $ 54,115
Finance Lease Maturity	Maturities of lease liabilities for financing leases are as follows as of December 31, 2022 (in thousands): 2023 $ 170 2024 159 2025 143 2026 116 2027 91 Thereafter 3,098 Total financing lease payments 3,777 Less: imputed interest (2,288) Total $ 1,489
Schedule of Supplemental Cash Flow Related to Leases	The components of lease costs recorded to operating and corporate expense where the short-term lease measurement and recognition exemption was not applied are as follows (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Operating lease cost $ 10,778 $ 9,877 Short-term lease cost $ 35 $ 33 Variable lease cost $ 12 $ 7 Total lease cost $ 10,825 $ 9,917
Schedule of Purchase Obligations	Future expected payments under these agreements as of December 31, 2022 are as follows (in thousands): 2023 $ 3,691 2024 630 2025 662 2026 — 2027 — Thereafter — Total purchase obligations $ 4,983

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Benefit) Expense	Income tax (benefit) expense from operations for the years ended December 31, 2022 and 2021 consisted of the following (in thousands): 2022 2021 Current income tax expense State $ 769 $ 596 Total current income tax expense $ 769 $ 596 Deferred tax (benefit) expense Federal $ 421 $ 6,840 State (1,754) 2,915 Total deferred income tax (benefit) expense (1,333) 9,755 Total income tax (benefit) expense $ (564) $ 10,351
Schedule of Effective Income Tax Rate Reconciliation	Total income tax (benefit) expense from operations differed from the amount computed by applying the federal statutory tax rate of 21% for the years ended December 31, 2022 and 2021, due to the following (in thousands): 2022 2021 Pretax income at federal statutory rate $ 2,903 $ 6,118 State income tax expense, net federal expense 626 2,244 Non-deductible compensation 1,083 1,172 Non-controlling interest (431) (430) Stock repurchase settlement fee — 945 Other Non-deductible items (61) (159) Total Non-deductible items 591 1,528 Prior year true-up adjustment 241 237 Tax attribute expiration 764 404 Tax rate changes (192) (251) Stock-based compensation 188 457 Total Adjustment of prior year deferred taxes 1,001 847 Change in valuation allowance (5,672) (368) Other items (13) (18) Total (benefit) expense for income taxes $ (564) $ 10,351
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2022 and 2021 are presented below (in thousands): 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 1,516 $ 1,751 Accrued expenses and other current liabilities 479 657 Stock-based compensation 2,774 2,637 Investments 1,553 — Property and equipment 1,977 1,929 Interest expense 16,949 11,379 Operating lease obligations 13,773 11,978 Non-current liabilities 2,462 3,075 Net operating loss and credit carryforwards 52,179 60,655 Foreign tax credits 385 385 94,047 94,446 Less: valuation allowance (49,398) (55,070) Deferred tax assets 44,649 39,376 Deferred tax liabilities: Intangible assets 49,227 46,537 Operating lease right of use assets 12,998 11,162 Software development costs 1,172 1,758 Deferred tax liabilities 63,397 59,457 Net deferred tax liabilities $ (18,748) $ (20,081)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Stockholders Equity	The table below presents a summary, as of December 31, 2022, 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 12,964,312 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 Total 400,000,000 17,240,949 1 Each of the shares of common stock 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.
Schedule of Vesting Shares Over Period	The options contain market conditions whereby the options will vest and become exercisable subject to the achievement of a specified volume weighted average trading price ("VWAP") over a period of 20 consecutive trading days from the grant date and continued employment through each vesting date, as observed over a five-year period, summarized as follows: VWAP Number of Shares that Vest $9.59 138,462 $11.59 134,730 $13.59 134,329 $15.59 135,542 $17.59 138,888
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The below table summarizes the assumptions used to estimate the fair value of the equity options granted: Monte Carlo Model Black-Scholes Model Black-Scholes Model 2022 2022 2021 Expected volatility 50.0 % 50.0 % 50.0 % Expected term 6.67 years 6.01 years 6.25 years Risk free interest rate 3.94 % 4.09 % 1.32 % Expected dividend yield 0.0 % 0.0 % 0.0 %
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes option activity for the year ended December 31, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 8,376,810 $ 7.82 5.01 $ 46,128 Granted - service conditions 582,901 7.59 Granted - market conditions 681,951 7.59 Exercised (116,601) 6.77 629 Forfeited and expired (46,363) 8.28 Outstanding at December 31, 2022 9,478,698 $ 7.80 4.62 $ 2,798 Exercisable at December 31, 2022 7,118,549 $ 8.03 3.19 $ 1,934
Nonvested Restricted Stock Shares Activity	The following table summarizes restricted stock activity for the year ended December 31, 2022: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2022 151,725 $ 6.78 Shares granted 197,456 11.92 Shares vested (256,000) 9.71 Non-vested balance at December 31, 2022 93,181 $ 9.63

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted EPS for the years ended December 31, 2022 and 2021, was as follows (in thousands, except per share data): Year Ended 2022 2021 Numerator: Net income $ 14,390 $ 18,784 Net income from non-controlling interest $ 2,053 $ 2,048 Net income attributable to controlling interest $ 12,337 $ 16,736 Denominator: Weighted average shares of common stock outstanding 16,991 16,836 Weighted average shares of participating securities outstanding — 1,747 Total weighted average basic shares outstanding 16,991 18,583 Effect of dilutive common stock equivalents 1,213 2,658 Weighted average diluted common shares outstanding 18,204 21,241 Basic income per share: Attributable to common shares $ 0.73 $ 0.90 Attributable to participating shares (1) $ — $ 0.90 Diluted income per share: $ 0.68 $ 0.79 (1) On March 9, 2021, the Company repurchased 8,814,980 warrants outstanding from Oaktree, on August 16, 2021, a warrant holder exercised 152,074 warrants, and on December 14, 2021, a warrant holder exercised 10,622 warrants, each as more fully discussed in Note 11, Stockholders' Equity . As of December 31, 2022, there are no warrants outstanding. Income (loss) attributable to participating shares and diluted income (loss) per share for 2022 was calculated utilizing the weighted-average method. The Company had the following dilutive securities that were not included in the computations of diluted net income per share as they were considered anti-dilutive (in thousands): Year Ended 2022 2021 Stock options 182 31 Stock options with unsatisfied market conditions 161 — Restricted Stock 8 —

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the Company's reportable segment information for the year ended December 31, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate Total Net revenue $ 90,402 $ 140,433 $ 223,801 $ 8,441 $ — $ 463,077 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 64,282 97,667 155,349 7,633 — 324,931 Depreciation and amortization 1,240 516 13,818 153 3,317 19,044 Corporate expenses — — — — 24,428 24,428 Stock-based compensation 521 60 413 9 2,794 3,797 Transaction and business realignment costs (1) — — — 25 4,423 4,448 Impairment of long-lived assets, intangible assets and investments — — 26,933 120 4,061 31,114 Net gain on sale and retirement of assets — — (219) — (56) (275) Operating income (loss) $ 24,359 $ 42,190 $ 27,507 $ 501 $ (38,967) $ 55,590 (1) Includes integration costs of $1.3 million related to the acquisition of Cherry Creek. These costs were predominantly for travel and compensation. The following table presents the Company's reportable segment information for the year ended December 31, 2021, (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate Total Net revenue $ 81,792 $ 116,874 $ 215,519 $ 3,772 $ — $ 417,957 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 57,374 79,906 147,352 3,670 — 288,302 Depreciation and amortization 986 489 12,971 167 4,485 19,098 Corporate expenses — — — — 24,542 24,542 Stock-based compensation 540 53 318 14 2,793 3,718 Transaction and business realignment costs — — — 30 5,275 5,305 Impairment of long-lived assets, intangible assets and investments — — 1,818 95 — 1,913 Net loss on sale and retirement of assets — — 601 — — 601 Operating income (loss) $ 22,892 $ 36,426 $ 52,459 $ (204) $ (37,095) $ 74,478

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	Dec. 31, 2022 market radio_station website business	Dec. 31, 2021 market
Organization and Basis of Presentation [Line Items]
Number of small and mid-sized markets in which entity operates | business	30,650
Number of news and entertainment websites | website	400
Number of radio stations entity operates | radio_station	357
Number of small and mid-sized markets		67
United States
Organization and Basis of Presentation [Line Items]
Number of small and mid-sized markets	74

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segment Reporting (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021 area	Dec. 31, 2022 USD ($) area segment	Dec. 31, 2021 USD ($) segment
Accounting Policies [Abstract]
Number of operating segments | segment		3	3
Number of geographic areas operating in | area	1	1
Segment Reporting Information [Line Items]
Net revenue		$ 463,077	$ 417,957
Operating Segments | Other
Segment Reporting Information [Line Items]
Net revenue		$ 8,441	3,772
Operating Segments | Other | As Previously Reported
Segment Reporting Information [Line Items]
Net revenue			$ 700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Money market instrument | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 42,400,000	$ 44,200

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Restricted cash	$ 496	$ 494

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Proceeds from insurance recoveries	$ 578	$ 362
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	39 years
Broadcast equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Broadcast equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	30 years
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful life	3 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Software Development Costs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Software development costs
Property, Plant and Equipment [Line Items]
Software development costs, net	$ 4.7	$ 4.1

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangible Assets (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($) market	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) market	Dec. 31, 2021 USD ($) market
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets, intangible assets and investments | $				$ 31,114	$ 1,913
Number of local markets with impairment charge incurred	9			9	1
Number of local markets					67
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]					Impairment of long-lived assets, intangible assets and investments
United States
Finite-Lived Intangible Assets [Line Items]
Number of local markets	74			74
FCC licenses
Finite-Lived Intangible Assets [Line Items]
Weighted average time to renewal period				6 years 7 months 6 days
Impairment of long-lived assets, intangible assets and investments | $	$ 10,600	$ 10,300	$ 5,200	$ 26,100
Number of local markets					67
Impairment loss | $					$ 1,700
Minimum | FCC licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life				1 year
Maximum | FCC licenses
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets period				8 years
Intangible assets estimated useful life				10 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Assumptions Used in Annual Impairment Assessments (Details)	Dec. 31, 2022	Dec. 31, 2021
Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input		0.099
Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input		0.101
Discount Rate | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.102
Discount Rate | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.120
Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0	0
Mature Market Share | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.193	0.205
Mature Market Share | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.947	0.960
Operating Profit Margin | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.200	0.180
Operating Profit Margin | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.470	0.480

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2022 website application test	Dec. 31, 2021 market
Goodwill [Line Items]
Number of local markets | market		67
Local Advertising
Goodwill [Line Items]
Number of reporting units | test	1
Local Markets
Goodwill [Line Items]
Fair value in excess of carrying amount	18%
National Digital
Goodwill [Line Items]
Fair value in excess of carrying amount	243%	703%
Townsquare Ignite
Goodwill [Line Items]
Fair value in excess of carrying amount	90%	164%
Analytical Services
Goodwill [Line Items]
Fair value in excess of carrying amount	211%	281%
Subscription Digital Marketing Solutions
Goodwill [Line Items]
Fair value in excess of carrying amount	252%	497%
Live Events Segment
Goodwill [Line Items]
Fair value in excess of carrying amount	19%	117%
Minimum
Goodwill [Line Items]
Weighted average cost of capital	10%	7.90%
Perpetual growth rate	(4.90%)	(2.80%)
Minimum | Amped
Goodwill [Line Items]
Number of websites | website	400
Number of mobile applications | application	390
Maximum
Goodwill [Line Items]
Weighted average cost of capital	18.80%	16.30%
Perpetual growth rate	10.60%	9%

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment on investment	$ 1,200,000	$ 0

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets & Transaction and Business Realignment Costs (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 24, 2021	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment of long-lived assets, intangible assets and investments
Impairment charge			$ 100
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of stock		$ 225	$ 1,400
Oaktree Capital Management Settlement Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repurchase of stock	$ 4,500

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Restructuring Costs (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction/Acquisition Costs	$ 1,085	$ 4,459
Business Integration Costs	1,272	0
Compensation and Other Costs	2,091	846
Total	$ 4,448	$ 5,305

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Trade Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 463,077	$ 417,957
Trade Advertising
Disaggregation of Revenue [Line Items]
Net revenue	$ 13,300	$ 17,400

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Local Marketing Agreements (Details)	Dec. 31, 2022 radio_station
Accounting Policies [Abstract]
Number of non-owned radio stations under local marketing agreement	1

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Advertising and Promotion Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 0.7	$ 0.5

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net Revenue	$ 463,077	$ 417,957
Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net Revenue	90,402	81,792
Digital Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	140,433	116,874
Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	223,801	215,519
Other
Disaggregation of Revenue [Line Items]
Net Revenue	8,441	3,772
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net Revenue	455,555	414,459
Net Revenue (ex Political) | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net Revenue	90,402	81,792
Net Revenue (ex Political) | Digital Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	139,932	116,874
Net Revenue (ex Political) | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	216,780	212,021
Net Revenue (ex Political) | Other
Disaggregation of Revenue [Line Items]
Net Revenue	8,441	3,772
Political
Disaggregation of Revenue [Line Items]
Net Revenue	7,522	3,498
Political | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net Revenue	0	0
Political | Digital Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	501	0
Political | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	7,021	3,498
Political | Other
Disaggregation of Revenue [Line Items]
Net Revenue	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 10,669,000	$ 10,208,000
Recognized revenue	8,600,000	7,700,000
Deferred costs	6,348,000	5,428,000
Recognized amortization	5,100,000	4,300,000
Impairment loss	$ 0	$ 0
Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	30 days
Minimum | Short-term Contract with Customer
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)	30 days
Payment terms for national agency advertising contracts (in days)	60 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	60 days
Maximum | Short-term Contract with Customer
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)	60 days
Payment terms for national agency advertising contracts (in days)	90 days

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Acquisition Costs and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts Receivable	$ 61,234	$ 57,647
Short-term contract liabilities (deferred revenue)	10,669	10,208
Contract acquisition costs	$ 6,348	$ 5,428

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Thousands			12 Months Ended
	Jun. 17, 2022 USD ($)	Mar. 24, 2022 USD ($) radio_station	Dec. 31, 2022 USD ($)
F C C Broadcast | Disposal Group, Disposed of by Sale, Not Discontinued Operations | M T
Business Acquisition [Line Items]
Number of radio station disposed | radio_station		6
F C C Broadcast | Disposal Group, Disposed of by Sale, Not Discontinued Operations | W A
Business Acquisition [Line Items]
Number of radio station disposed | radio_station		1
Cherry Creek Broadcasting L L C
Business Acquisition [Line Items]
Payments to acquire assets and liabilities | $	$ 18,419	$ 18,500	$ 18,457
Goodwill | $	$ 8,377		$ 3,438

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Schedule of Purchase Price Allocation (Details) - Cherry Creek Broadcasting L L C - USD ($) $ in Thousands			12 Months Ended
	Jun. 17, 2022	Mar. 24, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Net tangible assets acquired	$ 1,366		$ 6,156
Intangible assets, net	8,676		8,863
Goodwill	8,377		3,438
Total Purchase Price	$ 18,419	$ 18,500	18,457
Measurement, Period Adjustment
Business Acquisition [Line Items]
Net tangible assets acquired			4,790
Intangible assets, net			187
Goodwill			(4,939)
Total Purchase Price			$ 38

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Fair Value Of Identifiable Intangible Asset (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 17, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Fair value of intangible assets acquired		$ 8,863
FCC licenses
Business Acquisition [Line Items]
Fair value of intangible assets acquired		2,889
Customer relationships
Business Acquisition [Line Items]
Fair value of intangible assets acquired		5,007
Weighted Average Useful Life (in Years)	10 years
Content Rights
Business Acquisition [Line Items]
Fair value of intangible assets acquired		642
Weighted Average Useful Life (in Years)	7 years
Other intangible assets
Business Acquisition [Line Items]
Fair value of intangible assets acquired		$ 325
Weighted Average Useful Life (in Years)	3 years

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 292,780	$ 270,864
Less: Accumulated depreciation and amortization	(178,934)	(164,147)
Total property and equipment, net	113,846	106,717
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	19,966	20,558
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	57,386	55,192
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	108,057	95,962
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	24,211	21,819
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	22,968	22,130
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,703	20,427
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 39,489	$ 34,776

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 07, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 07, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense		$ 17,100,000	$ 18,000,000
Impairment charges		31,114,000	1,913,000
Impairment charges to long-lived assets			100,000
Net (gain) loss on sale and retirement of assets		(275,000)	601,000
Finance lease, right-of-use asset		0	$ 0
Quincy-Hannibal, IL and Oelwein, IA Land and Building
Property, Plant and Equipment [Line Items]
Impairment charges		$ 900,000
Discontinued Operations, Disposed of by Sale | Portsmouth, NH, Land
Property, Plant and Equipment [Line Items]
Net (gain) loss on sale and retirement of assets	$ 600,000
Discontinued Operations, Disposed of by Sale | Boise, ID, Land And Building
Property, Plant and Equipment [Line Items]
Assets of discontinued operations				$ 600,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) market	Dec. 31, 2021 USD ($) market	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
FCC licenses renewal period		8 years
Number of local markets with impairment charge incurred | market		9	1
Number of local markets | market			67
Goodwill		$ 161,385,000	$ 157,947,000	$ 157,947,000
Purchase of investments		0	278,000
Amortization of intangible assets		$ 6,200,000	$ 1,100,000
Weighted Average Cost of Capital
Goodwill [Line Items]
Point increase assumptions		0.50%
Long-Term Revenue Growth
Goodwill [Line Items]
Point decrease assumptions		1%
Minimum
Goodwill [Line Items]
Weighted average cost of capital		10%	7.90%
Perpetual growth rate		(4.90%)	(2.80%)
Maximum
Goodwill [Line Items]
Weighted average cost of capital		18.80%	16.30%
Perpetual growth rate		10.60%	9%
Local Markets
Goodwill [Line Items]
Fair value in excess of carrying amount		18%
Local Markets | Weighted Average Cost of Capital
Goodwill [Line Items]
Point increase assumptions		1%
Decrease in percentage of fair value		(3.00%)
Local Markets | Perpetual Growth Rate
Goodwill [Line Items]
Percentage of decline in estimated fair value		10%
National Digital
Goodwill [Line Items]
Fair value in excess of carrying amount		243%	703%
Goodwill		$ 8,273,000	$ 8,273,000
National Digital | Weighted Average Cost of Capital
Goodwill [Line Items]
Point increase assumptions		1%
Decrease in percentage of fair value		(15.00%)
National Digital | Perpetual Growth Rate
Goodwill [Line Items]
Percentage of decline in estimated fair value		10%
Townsquare Ignite
Goodwill [Line Items]
Fair value in excess of carrying amount		90%	164%
Goodwill		$ 67,101,000	$ 66,378,000
Townsquare Ignite | Weighted Average Cost of Capital
Goodwill [Line Items]
Point increase assumptions		1%
Decrease in percentage of fair value		(12.00%)
Townsquare Ignite | Perpetual Growth Rate
Goodwill [Line Items]
Percentage of decline in estimated fair value		10%
Amped
Goodwill [Line Items]
Goodwill		$ 0	$ 0
Analytical Services
Goodwill [Line Items]
Fair value in excess of carrying amount		211%	281%
Goodwill		$ 2,313,000	$ 2,313,000
Townsquare Interactive
Goodwill [Line Items]
Fair value in excess of carrying amount		252%	497%
Goodwill		$ 77,000,000	$ 77,000,000
Townsquare Interactive | Weighted Average Cost of Capital
Goodwill [Line Items]
Point increase assumptions		1%
Decrease in percentage of fair value		(12.00%)
Townsquare Interactive | Perpetual Growth Rate
Goodwill [Line Items]
Percentage of decline in estimated fair value		10%
Live Events / Other
Goodwill [Line Items]
Fair value in excess of carrying amount		19%	117%
Goodwill		$ 3,983,000	$ 3,983,000
Local Advertising
Goodwill [Line Items]
Goodwill		2,715,000	$ 0
FCC licenses
Goodwill [Line Items]
Number of local markets | market			67
Impairment charge of intangible assets			$ 1,700,000
FCC licenses | Weighted Average Cost of Capital
Goodwill [Line Items]
Decrease in intangible assets		23,900,000
Forecasted impairment charge		5,700,000
FCC licenses | Long-Term Revenue Growth
Goodwill [Line Items]
Decrease in intangible assets		31,500,000
Forecasted impairment charge		9,000,000
Digital assets
Goodwill [Line Items]
Purchase of investments	$ 5,000,000
Digital assets, impairment charges		2,900,000
Digital assets		$ 2,100,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill by Reporting Unit (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 161,385,000	$ 157,947,000	$ 157,947,000
Local Advertising
Goodwill [Line Items]
Goodwill	2,715,000	0
National Digital
Goodwill [Line Items]
Goodwill	8,273,000	8,273,000
Townsquare Ignite
Goodwill [Line Items]
Goodwill	67,101,000	66,378,000
Amped
Goodwill [Line Items]
Goodwill	0	0
Analytical Services
Goodwill [Line Items]
Goodwill	2,313,000	2,313,000
Townsquare Interactive
Goodwill [Line Items]
Goodwill	77,000,000	77,000,000
Live Events / Other
Goodwill [Line Items]
Goodwill	$ 3,983,000	$ 3,983,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 157,947	$ 157,947
Realignment of goodwill (2)			0
Cherry Creek acquisition		3,438
Goodwill, ending balance	$ 157,947	$ 161,385	$ 157,947
Accumulated impairment charges					$ 48,900
Goodwill included as a component of discontinued operations				$ 39,900
Number of operating segments | segment		3	3
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Goodwill [Roll Forward]
Impairment of goodwill				4,100
Local Advertising
Goodwill [Roll Forward]
Impairment of goodwill	69,000
Live Events Segment
Goodwill [Roll Forward]
Impairment of goodwill				$ 9,100
Operating Segments | Subscription Digital Marketing Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 77,000	$ 77,000
Realignment of goodwill (2)			0
Cherry Creek acquisition		0
Goodwill, ending balance	77,000	77,000	77,000
Operating Segments | Digital Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance		76,964	0
Realignment of goodwill (2)			76,964
Cherry Creek acquisition		723
Goodwill, ending balance	0	77,687	76,964
Operating Segments | Broadcast Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance		0	76,964
Realignment of goodwill (2)			(76,964)
Cherry Creek acquisition		2,715
Goodwill, ending balance	76,964	2,715	0
Operating Segments | Other
Goodwill [Roll Forward]
Goodwill, beginning balance		3,983	3,983
Realignment of goodwill (2)			0
Cherry Creek acquisition		0
Goodwill, ending balance	$ 3,983	$ 3,983	$ 3,983

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets, Net - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 17, 2022	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization		$ (14,500)	$ (8,586)
Net Carrying Amount		22,592
Intangible assets, gross carrying amount total		291,338	286,851
Intangible assets, net carrying amount total		276,838	278,265
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount		$ 252,110	275,321
FCC licenses | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		1 year
FCC licenses | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		10 years
Digital assets
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount		$ 2,136
Content rights and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		37,092
Accumulated Amortization		(14,500)
Net Carrying Amount		$ 22,592
Content rights and other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		1 year
Content rights and other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		10 years
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	3 years
Gross Carrying Amount			11,530
Accumulated Amortization			(8,586)
Net Carrying Amount			$ 2,944
Other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		2 years
Other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)		10 years

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 7,171
2024	6,041
2025	2,304
2026	2,108
2027	1,978
Thereafter	2,990
Net Carrying Amount	$ 22,592

Investments (Details)

Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 1,000,000
Impairment on investment	1,200,000	$ 0
Fair value of investment	1,200,000
Unrealized net loss	2,100,000
Unrealized net gain		$ 100,000
Three New Investments
Debt and Equity Securities, FV-NI [Line Items]
Investments	$ 3,200,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-term debt, gross	$ 530,766	$ 550,000
Deferred financing costs	(6,324)	(8,479)
Total long-term debt	$ 524,442	$ 541,521

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)		12 Months Ended
	Jan. 06, 2021	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Recognized amortization		$ 5,100,000	$ 4,300,000
Gain on repurchase of debt		$ 108,000	(5,997,000)
2026 Notes
Debt Instrument [Line Items]
Principal amount	$ 550,000,000
Stated interest rate	6.875%
Issuance price percentage	100%
Fees and expenses	$ 13,600,000
Recognized amortization	$ 9,400,000
Effective rate	7.20%
Principal amount redeem		40%
Redemption price, percentage	100%	106.875%
Term Loans
Debt Instrument [Line Items]
Principal amount	$ 275,000,000
Term	7 years
Amount borrowed	$ 272,400,000
Accrued interest	2,100,000
2023 Notes
Debt Instrument [Line Items]
Principal amount	$ 273,400,000
Stated interest rate	6.50%
Accrued interest	$ 5,100,000
Prepayment premium	4,400,000
Term Loans And 2023 Notes
Debt Instrument [Line Items]
Prepayment premium	3,100,000
Extinguishment of debt	4,900,000
Unamortized debt discount	1,800,000
Loss on debt	$ 1,100,000
2026 Notes
Debt Instrument [Line Items]
Repurchased of 2026 notes		$ 19,200,000
Write off of deferred debt issuance cost		300,000
Gain on repurchase of debt		100,000
Fair value		$ 472,400,000	$ 583,000,000
Change Of Control Secured Senior Note Due 2026
Debt Instrument [Line Items]
Redemption price, percentage		101%

Long-Term Debt - Optional Redem

Long-Term Debt - Optional Redemption (Details)	12 Months Ended
	Dec. 31, 2022
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%

Long-Term Debt - Components of

Long-Term Debt - Components of Interest Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Capital leases and other	$ 1,140	$ 44
Deferred financing costs and discounts	1,879	1,731
Interest income	(190)	(19)
Interest expense, net	39,828	39,846
2026 Notes
Debt Instrument [Line Items]
Interest expense, debt	36,999	37,287
2023 Notes
Debt Instrument [Line Items]
Interest expense, debt	0	642
Term Loans
Debt Instrument [Line Items]
Interest expense, debt	$ 0	$ 161

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	0
2026	530,766
Total long-term debt	$ 530,766

Lease and Other Commitments - N

Lease and Other Commitments - Narrative (Details)	1 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($) tOWER sITE market rENEWAL_OPTION $ / site	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) market	Jun. 24, 2022 ft² rENEWAL_OPTION
Operating Leased Assets [Line Items]
Rent expense		$ 13,000,000	$ 11,600,000
Number of local markets | market			67
Total payments under these agreements		10,200,000	$ 9,600,000
A Z
Operating Leased Assets [Line Items]
Area of office space | ft²				11,900
Term of lease				11 years
Number of option to renew | rENEWAL_OPTION				2
Renewal term				5 years
Rating Service Agreement with Nielsen
Operating Leased Assets [Line Items]
Remaining minimum amount committed		1,300,000
Business Management Platform
Operating Leased Assets [Line Items]
Remaining minimum amount committed		3,700,000
Tower Sale
Operating Leased Assets [Line Items]
Term of lease	35 years
Renewal term	5 years
Number of radio towers sold | tOWER	43
Number of radio tower sites sold | sITE	41
Number of local markets | market	28
Initial term of lease	20 years
Number of renewal options | rENEWAL_OPTION	3
Sale leaseback future minimum payments due yearly	$ 41
Operating lease expense per site per annum | $ / site	1
Prepaid rent		200,000	200,000
Deferred gain sale leaseback transaction, current portion		$ 5,800,000	$ 6,000,000

Lease and Other Commitments - C

Lease and Other Commitments - Consolidated Balance Sheet Impact (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Lease Term
Finance Leases	25 years 6 months 10 days	3 years 1 month 28 days
Operating leases	7 years 1 month 2 days	7 years 2 months 26 days
Weighted Average Discount Rate
Finance Leases	7.39%	5.55%
Operating leases	7.05%	6.80%

Lease and Other Commitments - O

Lease and Other Commitments - Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 11,536
2024	10,889
2025	9,664
2026	6,827
2027	4,794
Thereafter	18,471
Total operating lease payments	62,181
Less: imputed interest	(13,846)
Add: deferred gain sale leaseback transaction	5,780
Total	$ 54,115

Lease and Other Commitments - F

Lease and Other Commitments - Finance Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 170
2024	159
2025	143
2026	116
2027	91
Thereafter	3,098
Total financing lease payments	3,777
Less: imputed interest	$ (2,288)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Total	$ 1,489

Lease and Other Commitments -_2

Lease and Other Commitments - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 10,778	$ 9,877
Short-term lease cost	35	33
Variable lease cost	12	7
Total lease cost	$ 10,825	$ 9,917

Lease and Other Commitments - S

Lease and Other Commitments - Schedule of Minimum Fee Commitments for Contracts (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 3,691
2024	630
2025	662
2026	0
2027	0
Thereafter	0
Total purchase obligations	$ 4,983

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense
State	$ 769	$ 596
Total current income tax expense	769	596
Deferred tax (benefit) expense
Federal	421	6,840
State	(1,754)	2,915
Total deferred income tax (benefit) expense	(1,333)	9,755
Total income tax (benefit) expense	$ (564)	$ 10,351

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Pretax income at federal statutory rate	$ 2,903	$ 6,118
State income tax expense, net federal expense	626	2,244
Non-deductible compensation	1,083	1,172
Non-controlling interest	(431)	(430)
Stock repurchase settlement fee	0	945
Other Non-deductible items	(61)	(159)
Total Non-deductible items	591	1,528
Prior year true-up adjustment	241	237
Tax attribute expiration	764	404
Tax rate changes	(192)	(251)
Stock-based compensation	188	457
Total Adjustment of prior year deferred taxes	1,001	847
Change in valuation allowance	(5,672)	(368)
Other items	(13)	(18)
Total income tax (benefit) expense	$ (564)	$ 10,351

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 1,516	$ 1,751
Accrued expenses and other current liabilities	479	657
Stock-based compensation	2,774	2,637
Investments	1,553	0
Property and equipment	1,977	1,929
Interest expense	16,949	11,379
Operating lease obligations	13,773	11,978
Non-current liabilities	2,462	3,075
Net operating loss and credit carryforwards	52,179	60,655
Foreign tax credits	385	385
Gross noncurrent deferred tax assets	94,047	94,446
Less: valuation allowance	(49,398)	(55,070)
Deferred tax assets	44,649	39,376
Deferred tax liabilities:
Intangible assets	49,227	46,537
Operating lease right of use assets	12,998	11,162
Software development costs	1,172	1,758
Deferred tax liabilities	63,397	59,457
Net deferred tax liabilities	$ (18,748)	$ (20,081)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Net operating loss and credit carryforwards	$ 52,179,000	$ 60,655,000
Valuation allowance, decrease	(5,700,000)	(400,000)
Unrecognized tax benefits	0	$ 0
2023
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	55,700,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss and credit carryforwards	139,500,000
Operating loss carryforwards subject to expiration	99,400,000
Operating loss carryforwards not subject to expiration	40,100,000
Domestic Tax Authority | Townsquare Radio Inc.
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	19,600,000
Domestic Tax Authority | Townsquare Media Inc., Post LLC Conversion
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 79,800,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders Equity (Details)	12 Months Ended
	Dec. 31, 2022 votePerShare vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Common shares authorized (in shares)	400,000,000
Common stock and warrants outstanding (in shares)	17,240,949
Class A common stock
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	12,964,312	12,573,654
Number of votes per share | vote	1
Class B common stock
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	815,296	815,296
Number of votes per share | vote	10
Conversion ratio into common stock (in shares)	1
Class C common stock
Class of Stock [Line Items]
Common stock par value par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	3,461,341	3,461,341
Common Stock | Class A common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	12,964,312	12,573,654	14,436,065
Number of votes per share | votePerShare	1
Common Stock | Class B common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	815,296	815,296	2,966,669
Number of votes per share | votePerShare	10
Common Stock | Class C common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	3,461,341	3,461,341	1,636,341
Number of votes per share | votePerShare	0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)

1 Months Ended

12 Months Ended

Dec. 16, 2021 USD ($)

Dec. 14, 2021 shares

Aug. 16, 2021 $ / shares shares

Jun. 02, 2021 $ / shares shares

Mar. 09, 2021 USD ($) $ / shares shares

Mar. 08, 2021 USD ($)

Jan. 24, 2021 shares

Mar. 15, 2020 USD ($)

Sep. 30, 2021 USD ($) shares

Dec. 31, 2022 USD ($) vote $ / shares shares

Dec. 31, 2021 USD ($) $ / shares shares

Mar. 06, 2023 USD ($) $ / shares

Jan. 27, 2021

Jan. 25, 2021 shares

Class of Stock [Line Items]

Repurchase of stock | $

$ 225,000

$ 1,400,000

Shares issued at a grant date fair value (in dollars per share) | $ / shares

$ 6.31

Warrants exercised (in shares)

10,622

152,074

Exercise prices per warrant (in dollars per share) | $ / shares

$ 0.0001

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

116,601

Stock issued, new shares (in shares)

116,601

Maximum contractual term of stock options (in years)

10 years

Dividends | $

$ 2,100,000

Stock-based compensation expense | $

$ 3,797,000

$ 3,718,000

Oaktree Affiliated Stockholders

Class of Stock [Line Items]

Voting power

52.40%

Preferred Stock

Class of Stock [Line Items]

Preferred shares authorized (in shares)

50,000,000

Warrants

Class of Stock [Line Items]

Securities repurchased (in shares)

8,814,980

8,814,980

[1]

Repurchase of stock | $

$ 80,400,000

Securities repurchased (in dollars per share) | $ / shares

$ 6.40

Warrants exercised (in shares)

[2]

(162,696)

Minimum

Class of Stock [Line Items]

Options outstanding, exercise price (in dollars per share) | $ / shares

$ 4.79

Maximum

Class of Stock [Line Items]

Options outstanding, exercise price (in dollars per share) | $ / shares

$ 10.08

Oaktree Capital Management Settlement Agreement

Class of Stock [Line Items]

Repurchase of stock | $

$ 4,500,000

$ 4,500,000

Oaktree Capital Management Settlement Agreement | April 1, 2021

Class of Stock [Line Items]

Repurchase of stock | $

1,500,000

Oaktree Capital Management Settlement Agreement | July 1, 2021

Class of Stock [Line Items]

Repurchase of stock | $

1,000,000

Oaktree Capital Management Settlement Agreement | October 1, 2021

Class of Stock [Line Items]

Repurchase of stock | $

1,000,000

Oaktree Capital Management Settlement Agreement | November 10, 2021

Class of Stock [Line Items]

Repurchase of stock | $

$ 1,000,000

Repurchase Plan | Maximum

Class of Stock [Line Items]

Repurchase amount | $

$ 50,000,000

2014 Omnibus Incentive Plan

Class of Stock [Line Items]

Repurchase of stock | $

82,000,000

Number of shares authorized (in shares)

12,000,000

27,000,000

Number of shares available for grant (in shares)

15,208,437

2021 Stock Repurchase Plan

Class of Stock [Line Items]

Common stock repurchased (in shares)

25,623

Subsequent Event

Class of Stock [Line Items]

Dividends declared (in dollars per share) | $ / shares

$ 0.1875

Dividends declared, but not paid during the period | $

$ 3,300,000

Restricted Stock

Class of Stock [Line Items]

Shares issued at a grant date fair value (in dollars per share) | $ / shares

$ 11.92

Stock-based compensation expense | $

$ 3,800,000

$ 3,700,000

Compensation cost not yet recognized | $

$ 200,000

Compensation cost not yet recognized, period for recognition

1 year 4 months 24 days

Restricted Stock | Minimum

Class of Stock [Line Items]

Award vesting period (in years)

1 year

Restricted Stock | Maximum

Class of Stock [Line Items]

Award vesting period (in years)

4 years

Employee Stock | 2021 Employee Stock Purchase Plan

Class of Stock [Line Items]

Offering period

6 months

Maximum employee subscription amount | $

$ 25,000

Purchase price of common stock

90%

Maximum shares purchased (in shares)

2,000

Maximum discount price | $

$ 600,000

Common stock issued under ESPP (in shares)

102,224

Employee Stock | 2021 Employee Stock Purchase Plan | Minimum

Class of Stock [Line Items]

Discount rate from fair value on purchase date that participants pay for shares

3%

Employee Stock | 2021 Employee Stock Purchase Plan | Maximum

Class of Stock [Line Items]

Discount rate from fair value on purchase date that participants pay for shares

15%

Stock options

Class of Stock [Line Items]

Granted (in shares)

582,901

45,000

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 4.94

Maximum contractual term of stock options (in years)

10 years

10 years

Award vesting period (in years)

4 years

Compensation cost not yet recognized | $

$ 7,200,000

Compensation cost not yet recognized, period for recognition

2 years 1 month 6 days

Stock options | Share-based Compensation Award, Tranche One

Class of Stock [Line Items]

Award vesting rights, percentage

25%

Stock options | Share-based Compensation Award, Tranche Two

Class of Stock [Line Items]

Award vesting rights, percentage

25%

Stock options | Share-based Compensation Award, Tranche Three

Class of Stock [Line Items]

Award vesting rights, percentage

25%

Stock options | Share-based Compensation Award, Tranche Four

Class of Stock [Line Items]

Award vesting rights, percentage

25%

Performance-based option

Class of Stock [Line Items]

Granted (in shares)

681,951

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 3.97

Maximum contractual term of stock options (in years)

10 years

Award vesting period (in years)

3 years

Performance-based option | Minimum

Class of Stock [Line Items]

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 3.24

Performance-based option | Maximum

Class of Stock [Line Items]

Weighted average grant date fair value (in dollars per share) | $ / shares

$ 3.35

Class A common stock

Class of Stock [Line Items]

Shares issuable upon exercise of stock options (in shares)

5,808,189

Number of votes per share | vote

1

Period in force

36 months

Repurchased amount (in shares)

606,484

Securities repurchased (in shares)

1,595,224

Warrants exercised (in shares)

10,622

Common stock, shares issued (in shares)

12,964,312

12,573,654

Class A common stock | Warrants

Class of Stock [Line Items]

Repurchased amount (in shares)

7,242,143

Class A common stock | Repurchase Plan

Class of Stock [Line Items]

Repurchase amount | $

$ 50,000,000

Period in force

3 years

Class A common stock | Chief Executive Officer

Class of Stock [Line Items]

Common stock repurchased (in shares)

100,000

Share price (in dollars per share) | $ / shares

$ 14

Class A common stock | Restricted Stock

Class of Stock [Line Items]

Shares outstanding (in shares)

93,181

Class B common stock

Class of Stock [Line Items]

Shares issuable upon exercise of stock options (in shares)

3,670,509

Number of votes per share | vote

10

Conversion ratio

1

Repurchased amount (in shares)

2,151,373

Securities repurchased (in shares)

2,151,373

2,151,373

Common stock, shares issued (in shares)

815,296

815,296

Class C common stock

Class of Stock [Line Items]

Conversion ratio

1

Securities repurchased (in shares)

8,814,980

Common stock, shares issued (in shares)

3,461,341

3,461,341

[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 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements. See Note 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised.

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Shares (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 9.59
Vested (in shares) | shares	138,462
Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 11.59
Vested (in shares) | shares	134,730
Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 13.59
Vested (in shares) | shares	134,329
Year Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 15.59
Vested (in shares) | shares	135,542
Year Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 17.59
Vested (in shares) | shares	138,888

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Estimate Fair Value of Equity Options Granted (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Monte Carlo Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	50%
Expected term	6 years 8 months 1 day
Risk free interest rate	3.94%
Expected dividend yield	0%
Black-Scholes Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	50%	50%
Expected term	6 years 3 days	6 years 3 months
Risk free interest rate	4.09%	1.32%
Expected dividend yield	0%	0%

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Options
Beginning balance, outstanding (in shares)	8,376,810
Exercised (in shares)	(116,601)
Forfeited and expired (in shares)	(46,363)
Ending balance, outstanding (in shares)	9,478,698	8,376,810
Options, exercisable (in shares)	7,118,549
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 7.82
Exercised (in dollars per share)	6.77
Forfeited and expired (in dollars per share)	8.28
Ending balance (in dollars per share)	7.80	$ 7.82
Weighted average exercise price, exercisable (in dollars per share)	$ 8.03
Weighted Average Remaining Contractual Life (years)
Weighted Average Remaining Contractual Life (years)	4 years 7 months 13 days	5 years 3 days
Weighted average remaining contractual life (years), exercisable	3 years 2 months 8 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding beginning balance	$ 46,128
Aggregate intrinsic value, exercised	629
Aggregate intrinsic value, outstanding ending balance	2,798	$ 46,128
Aggregate intrinsic value, exercisable	$ 1,934
Time-Based Stock Option
Options
Granted (in shares)	582,901
Weighted Average Exercise Price
Granted (in dollars per share)	$ 7.59
Performance-Based Stock Option
Options
Granted (in shares)	681,951
Weighted Average Exercise Price
Granted (in dollars per share)	$ 7.59

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details) - $ / shares		12 Months Ended
	Jun. 02, 2021	Dec. 31, 2022
Weighted Average Fair Value
Shares granted (in dollars per share)	$ 6.31
Restricted Stock
Number of Shares
Beginning balance (in shares)		151,725
Shares granted (in shares)		197,456
Shares vested (in shares)		(256,000)
Ending balance (in shares)		93,181
Weighted Average Fair Value
Beginning balance (in dollars per share)		$ 6.78
Shares granted (in dollars per share)		11.92
Shares vested (in dollars per share)		9.71
Ending balance (in dollars per share)		$ 9.63

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
		Dec. 14, 2021	Aug. 16, 2021	Mar. 09, 2021	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income					$ 14,390	$ 18,784
Net income from non-controlling interest					2,053	2,048
Controlling interests					$ 12,337	$ 16,736
Denominator:
Weighted average shares outstanding, basic (in shares)					16,991,000	18,583,000
Effect of dilutive common stock equivalents (in shares)					1,213,000	2,658,000
Weighted average diluted common shares outstanding (in shares)					18,204,000	21,241,000
Diluted income per share:
Diluted income (loss) per share (in dollars per share)					$ 0.68	$ 0.79
Warrants exercised (in shares)		10,622	152,074
Warrants
Diluted income per share:
Securities repurchased (in shares)				8,814,980		8,814,980	[1]
Warrants exercised (in shares)	[2]					(162,696)
Warrants | Oaktree
Diluted income per share:
Securities repurchased (in shares)				8,814,980
Stock options
Diluted income per share:
Antidilutive securities (in shares)					182,000	31,000
Stock options with unsatisfied market conditions
Diluted income per share:
Antidilutive securities (in shares)					161,000	0
Restricted Stock
Diluted income per share:
Antidilutive securities (in shares)					8,000	0
Common shares
Denominator:
Weighted average shares outstanding, basic (in shares)					16,991,000	16,836,000
Basic income per share:
Attributable to shares (in dollars per share)					$ 0.73	$ 0.90
Warrants
Denominator:
Weighted average shares outstanding, basic (in shares)					0	1,747,000
Basic income per share:
Attributable to shares (in dollars per share)					$ 0	$ 0.90
[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 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements. See Note 11, Stockholders' Equity, in our Notes to Consolidated Financial Statements for further discussion related to warrants exercised.

Segment Information - Narrative

Segment Information - Narrative (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2021 area	Dec. 31, 2022 area segment	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of operating segments | segment		3	3
Number of geographic areas operating in | area	1	1

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net revenue	$ 463,077	$ 417,957
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	324,931	288,302
Depreciation and amortization	19,044	19,098
Corporate expenses	24,428	24,542
Stock-based compensation expense	3,797	3,718
Transaction and business realignment costs	4,448	5,305
Impairment of investments, goodwill, long-lived, and intangible assets	31,114	1,913
Net (gain) loss on sale and retirement of assets	(275)	601
Operating income	55,590	74,478
Travel And Compensation Costs | Cherry Creek Broadcasting L L C
Segment Reporting Information [Line Items]
Transaction and business realignment costs	1,300
Operating Segments | Subscription Digital Marketing Solutions
Segment Reporting Information [Line Items]
Net revenue	90,402	81,792
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	64,282	57,374
Depreciation and amortization	1,240	986
Corporate expenses	0	0
Stock-based compensation expense	521	540
Transaction and business realignment costs	0	0
Impairment of investments, goodwill, long-lived, and intangible assets	0	0
Net (gain) loss on sale and retirement of assets	0	0
Operating income	24,359	22,892
Operating Segments | Digital Advertising
Segment Reporting Information [Line Items]
Net revenue	140,433	116,874
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	97,667	79,906
Depreciation and amortization	516	489
Corporate expenses	0	0
Stock-based compensation expense	60	53
Transaction and business realignment costs	0	0
Impairment of investments, goodwill, long-lived, and intangible assets	0	0
Net (gain) loss on sale and retirement of assets	0	0
Operating income	42,190	36,426
Operating Segments | Broadcast Advertising
Segment Reporting Information [Line Items]
Net revenue	223,801	215,519
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	155,349	147,352
Depreciation and amortization	13,818	12,971
Corporate expenses	0	0
Stock-based compensation expense	413	318
Transaction and business realignment costs	0	0
Impairment of investments, goodwill, long-lived, and intangible assets	26,933	1,818
Net (gain) loss on sale and retirement of assets	(219)	601
Operating income	27,507	52,459
Operating Segments | Other
Segment Reporting Information [Line Items]
Net revenue	8,441	3,772
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	7,633	3,670
Depreciation and amortization	153	167
Corporate expenses	0	0
Stock-based compensation expense	9	14
Transaction and business realignment costs	25	30
Impairment of investments, goodwill, long-lived, and intangible assets	120	95
Net (gain) loss on sale and retirement of assets	0	0
Operating income	501	(204)
Operating Segments | Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	0	0
Depreciation and amortization	3,317	4,485
Corporate expenses	24,428	24,542
Stock-based compensation expense	2,794	2,793
Transaction and business realignment costs	4,423	5,275
Impairment of investments, goodwill, long-lived, and intangible assets	4,061	0
Net (gain) loss on sale and retirement of assets	(56)	0
Operating income	$ (38,967)	$ (37,095)

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts - (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 6,743	$ 7,051
Charged to Costs and Expenses	3,015	3,921
Deductions	(3,812)	(4,229)
Allowance for doubtful accounts, ending balance	$ 5,946	$ 6,743