Townsquare Media (TSQ) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36558
Entity Registrant Name	Townsquare Media, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1996555
Entity Address, Address Line One	One Manhattanville Road
Entity Address, Address Line Two	Suite 202
Entity Address, City or Town	Purchase,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10577
City Area Code	203
Local Phone Number	861-0900
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	TSQ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001499832
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,224,007
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		815,296
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,461,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 41,768	$ 43,417
Accounts receivable, net of allowance of $5,469 and $5,946, respectively	55,288	61,234
Prepaid expenses and other current assets	12,476	16,037
Total current assets	109,532	120,688
Property and equipment, net	111,873	113,846
Intangible assets, net	264,629	276,838
Goodwill	161,481	161,385
Investments	18,971	19,106
Operating lease right-of-use assets	50,032	50,962
Other assets	1,038	1,197
Restricted cash	497	496
Total assets	718,053	744,518
Current liabilities:
Accounts payable	4,035	4,127
Deferred revenue	11,933	10,669
Accrued compensation and benefits	8,335	14,831
Accrued expenses and other current liabilities	24,464	17,876
Operating lease liabilities, current	8,932	9,008
Accrued interest	5,945	15,203
Total current liabilities	63,644	71,714
Long-term debt, net of deferred finance costs of $5,761 and $6,324, respectively	512,844	524,442
Deferred tax liability	16,982	18,748
Operating lease liability, net of current portion	44,214	45,107
Other long-term liabilities	14,341	15,428
Total liabilities	652,025	675,439
Stockholders’ equity:
Total common stock	174	173
Additional paid-in capital	311,877	309,645
Accumulated deficit	(250,062)	(244,298)
Non-controlling interest	4,039	3,559
Total stockholders’ equity	66,028	69,079
Total liabilities and stockholders’ equity	718,053	744,518
Class A common stock
Stockholders’ equity:
Total common stock	131	130
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	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable allowance	$ 5,469	$ 5,946
Deferred financing costs	$ 5,761	$ 6,324
Class A common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	300,000,000	300,000,000
Common shares issued (in shares)	13,117,307	12,964,312
Common shares outstanding (in shares)	13,117,307	12,964,312
Class B common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	815,296	815,296
Common shares outstanding (in shares)	815,296	815,296
Class C common stock
Common par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common shares issued (in shares)	3,461,341	3,461,341
Common shares outstanding (in shares)	3,461,341	3,461,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net revenue	$ 103,110	$ 100,242
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	78,324	73,763
Depreciation and amortization	4,944	4,765
Corporate expenses	5,345	4,409
Stock-based compensation	1,772	869
Transaction and business realignment costs	292	452
Impairment of intangible and long-lived assets	8,487	478
Net gain on sale and retirement of assets	(292)	(308)
Total operating costs and expenses	98,872	84,428
Operating income	4,238	15,814
Other expense (income):
Interest expense, net	9,558	10,027
Gain on repurchase of notes	(775)	0
Other (income) expense, net	(1,026)	1,588
(Loss) income from operations before tax	(3,519)	4,199
Income tax (benefit) provision	(1,578)	1,458
Net (loss) income	(1,941)	2,741
Net (loss) income attributable to:
Controlling interests	(2,421)	2,224
Non-controlling interests	$ 480	$ 517
Diluted (loss) income per share (in dollars per share)	$ (0.14)	$ 0.11
Weighted average shares outstanding:
Diluted (in shares)	17,204	19,509
Cash dividend declared per share (in dollars per share)	$ 0.1875	$ 0
Common shares
Net (loss) income attributable to:
Basic (loss) income per share (in dollars per share)	$ (0.14)	$ 0.13
Weighted average shares outstanding:
Basic (in shares)	17,204	16,796

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Class A	Class B	Class C	Common Stock	Common Stock Class A	Common Stock Class B	Common Stock Class C	Additional Paid-in Capital	Accumulated Deficit	Non- Controlling Interest
Beginning balance (in shares) at Dec. 31, 2021							12,573,654	815,296	3,461,341
Beginning balance at Dec. 31, 2021		$ 49,584				$ 169				$ 302,724	$ (256,635)	$ 3,326
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		2,741									2,224	517
Stock-based compensation		869								869
Common stock issued under exercise of stock options (in shares)							94,422
Common stock issued under exercise of stock options		647				1				646
Issuance of restricted stock (in shares)	[1]						191,456
Issuance of restricted stock	[1]	1,809				2				1,807
Ending balance (in shares) at Mar. 31, 2022							12,859,532	815,296	3,461,341
Ending balance at Mar. 31, 2022		55,650				172				306,046	(254,411)	3,843
Beginning balance (in shares) at Dec. 31, 2022			12,964,312	815,296	3,461,341		12,964,312	815,296	3,461,341
Beginning balance at Dec. 31, 2022		69,079				173				309,645	(244,298)	3,559
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(1,941)									(2,421)	480
Dividends declared		(3,343)									(3,343)
Stock-based compensation		$ 1,772								1,772
Common stock issued under exercise of stock options (in shares)		5,000					5,000
Common stock issued under exercise of stock options		$ 31								31
ESPP shares issued (in shares)							65,732
ESPP shares issued		430								430
Issuance of restricted stock (in shares)							82,263
Issuance of restricted stock		0				1				(1)
Ending balance (in shares) at Mar. 31, 2023			13,117,307	815,296	3,461,341		13,117,307	815,296	3,461,341
Ending balance at Mar. 31, 2023		$ 66,028				$ 174				$ 311,877	$ (250,062)	$ 4,039
[1]Includes 150,000 shares issued in the form of stock awards that vested immediately.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2022 shares
Immediately
Issuance of stock (in shares)	150,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income		$ (1,941)	$ 2,741
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		4,944	4,765
Amortization of deferred financing costs		425	418
Non-cash lease expense (income)		41	(155)
Net deferred taxes and other		(1,766)	1,284
Provision (benefit) for doubtful accounts		1,323	(287)
Stock-based compensation expense		1,772	869
Gain on repurchases of debt		(775)	0
Trade activity, net		(454)	(654)
Impairment of intangible and long-lived assets		8,487	478
Realized gain on sale of digital assets		(839)	0
Unrealized loss on investment		134	1,508
Content rights acquired		70	(9,635)
Amortization of content rights		1,200	803
Change in content rights liabilities		258	9,635
Other		(625)	(311)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		5,058	7,049
Prepaid expenses and other assets		4,465	735
Accounts payable		(22)	2,861
Accrued expenses		(3,134)	(4,056)
Accrued interest		(9,258)	(9,453)
Other long-term liabilities		(8)	(29)
Net cash provided by operating activities		9,355	8,566
Cash flows from investing activities:
Payment for acquisition		0	(1,650)
Purchase of property and equipment		(3,639)	(2,765)
Purchase of digital assets		0	(4,997)
Proceeds from sale of digital assets		2,975	0
Proceeds from insurance recoveries		0	11
Proceeds from sale of assets and investment related transactions		493	593
Net cash used in investing activities		(171)	(8,808)
Cash flows from financing activities:
Repurchases of 2026 Notes		(11,248)	0
Proceeds from stock options exercised		31	647
Withholdings for shares issued under the ESPP		430	0
Repayments of capitalized obligations		(45)	(24)
Net cash (used in) provided by financing activities		(10,832)	623
Cash and cash equivalents and restricted cash:
Net (decrease) increase in cash, cash equivalents and restricted cash		(1,648)	381
Beginning of period		43,913	50,999
End of period		42,265	51,380
Cash payments:
Interest		18,728	18,909
Income taxes		4	48
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period		3,343	0
Investments acquired in exchange for advertising	[1]	0	250
Property and equipment acquired in exchange for advertising	[1]	98	211
Accrued capital expenditures		89	384
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		3,029	2,546
Right-of-use assets obtained in exchange for operating lease obligations		1,309	1,177
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		41,768	50,886
Restricted cash		497	494
Cash, cash equivalents, and restricted cash		$ 42,265	$ 51,380
[1]Represents total advertising services provided by the Company in exchange for property and equipment and equity interests acquired during each of the three months ended March 31, 2023 and 2022, respectively.

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Description of the 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 30,400 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 356 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 . Current economic challenges, including 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. The extent of the impact of current economic conditions will depend on future actions and outcomes, all of which remain fluid and cannot be predicted with confidence (including effects on advertising activity, consumer discretionary spending and our employees in the markets in which we operate). Basis of Presentation The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes thereto included in the Company's Annual Report on Form 10-K (the "2022 Annual Report on Form 10-K"). The accompanying unaudited interim Consolidated Financial Statements include the consolidated accounts of the Company and its wholly-owned subsidiaries, with all significant intercompany balances and transactions eliminated in consolidation. These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. All adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations and financial condition as of the end of the interim periods have been included. The results of operations for the three months ended March 31, 2023, cash flows for the three months ended March 31, 2023, and the Company’s financial condition as of such date are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition as of, any other interim period or for the fiscal year ending December 31, 2023. The Consolidated Balance Sheet as of December 31, 2022 is derived from the audited Consolidated Financial Statements at that date. The presentation of $0.1 million of broadcast and digital advertising revenue previously reported in the Other category for the three months ended March 31, 2022 has been reclassified to conform with the current period's presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its significant estimates, including those related to assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for credit losses and income taxes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates under different assumptions or conditions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes in the Company’s accounting policies since December 31, 2022. For the Company's detailed accounting policies please refer to the Consolidated Financial Statements and related notes thereto included in the Company's 2022 Annual Report on Form 10-K. Recently Adopted Accounting Standards 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 became effective for smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of 2023. In accordance with the guidance described above, the Company maintains an allowance for credit losses, which represents the portion of accounts receivable that is not expected to be collected over the duration of its contractual life. Credit losses are recorded when the Company believes a customer, or group of customers, may not be able to meet their financial obligations. A considerable amount of judgment is required in determining expected credit losses. Relevant factors include prior collection history with customers, the related aging of past due balances, projections of credit losses based on historical trends or past events, and the consideration of forecasts of future economic conditions. Allowances for credit losses are based on facts available and are re-evaluated and adjusted on a regular basis. Negative macroeconomic trends could result in an increase in credit losses if delays in the payment of outstanding receivables are observed or if future economic conditions differ from those considered in our forecasts. The adoption of this standard did not have a significant impact on the Consolidated Financial Statements. The change in the allowance for credit losses for the three months ended March 31, 2023 was as follows (in thousands): Balance at December 31, 2022 $ 5,946 Provision for credit losses 1,323 Amounts written off against allowance (1,800) Balance at March 31, 2023 $ 5,469 Recently Issued Standards That Have Not Yet Been Adopted There were no new accounting pronouncements issued during the three months ended March 31, 2023 that are expected to have a material impact on the Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 21,561 $ 33,692 $ 45,725 $ 1,919 $ 102,897 Political — 15 198 — 213 Net Revenue $ 21,561 $ 33,707 $ 45,923 $ 1,919 $ 103,110 Three Months Ended March 31, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 21,850 $ 29,172 $ 47,840 $ 948 $ 99,810 Political — 46 386 — 432 Net Revenue $ 21,850 $ 29,218 $ 48,226 $ 948 $ 100,242 Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; generally this occurs with the transfer of control as we satisfy contractual performance obligations over time. Our contractual performance obligations include the 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 tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): March 31, 2023 December 31, Accounts Receivable $ 55,288 $ 61,234 Short-term contract liabilities (deferred revenue) $ 11,933 $ 10,669 Contract Acquisition Costs $ 6,489 $ 6,348 We receive payments from customers based upon contractual billing schedules; contract receivables are recognized in the period the Company provides services when the Company’s right to consideration is unconditional. Payment terms vary by the type and location of our customer and the products or services offered. Payment terms for amounts invoiced are typically net 30-60 days. 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 March 31, 2023, and December 31, 2022, the balance in the contract liabilities was $11.9 million and $10.7 million, respectively. The increase in the contract liabilities balance at March 31, 2023 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $7.3 million of recognized revenue for the three months ended March 31, 2023. For the three months ended March 31, 2022, we recognized $6.4 million of revenue that was previously included in our deferred revenue balance. No significant changes in the time frame of the satisfaction of contract liabilities have occurred during the three months ended March 31, 2023. 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 March 31, 2023 and December 31, 2022, we had a balance of $6.5 million and $6.3 million, respectively, in capitalized contract acquisition costs and recognized $1.6 million and $1.2 million of amortization for the three months ended March 31, 2023 and 2022, respectively. No impairment losses have been recognized or changes made to the time frame for performance of the obligations related to deferred contract assets during the three months ended March 31, 2023 and 2022. Arrangements with Multiple Performance Obligations In contracts with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the contract at contract inception. When multiple performance obligations are identified, we identify how control transfers to the customer for each distinct contract obligation and determine the period when the obligations are satisfied. If obligations are satisfied in the same period, no allocation of revenue is deemed to be necessary. In the event performance obligations within a bundled contract do not run concurrently, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost-plus margins. Performance obligations that are not distinct at contract inception are combined. Performance Obligations

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions and Divestitures On June 17, 2022, the Company acquired Cherry Creek Broadcasting LLC (“Cherry Creek”) 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 finalized the allocation of the purchase price for Cherry Creek during the three months ended March 31, 2023. The table below summarizes the Cherry Creek purchase price allocation. The measurement period adjustments below reflect changes from the preliminary purchase acquisition date fair values of major classes of net assets acquired (in thousands): Amounts recognized at June 17, 2022 Measurement Period Adjustments Amounts recognized at March 31, 2023 Net tangible assets acquired $ 1,366 $ 4,694 $ 6,060 Intangible assets, net 8,676 187 8,863 Goodwill 8,377 (4,843) 3,534 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 March 31, 2023 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 $3.5 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. During the three months ended March 31, 2023, the Company sold assets associated with a radio broadcast station in Texarkana, TX for an immaterial amount.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2023 December 31, 2022 Land and improvements $ 19,261 $ 19,966 Buildings and leasehold improvements 57,867 57,386 Broadcast equipment 108,623 108,057 Computer and office equipment 24,488 24,211 Furniture and fixtures 22,951 22,968 Transportation equipment 20,409 20,703 Software development costs 40,869 39,489 Total property and equipment, gross 294,468 292,780 Less accumulated depreciation and amortization (182,595) (178,934) Total property and equipment, net $ 111,873 $ 113,846 Depreciation and amortization expense for property and equipment was $4.3 million and $4.5 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, the Company recognized $0.3 million in impairment charges related to certain long-lived assets expected to be sold for immaterial amounts in 5 local markets. During the three months ended March 31, 2022 the Company sold land in Bismarck, ND, recognizing a $0.3 million gain on sale. The Company had no material right of use assets related to its finance leases as of March 31, 2023 and December 31, 2022.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Indefinite-lived intangible assets Indefinite-lived assets consist of FCC broadcast licenses, goodwill and investment in digital assets. 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 rates, profit margins and a risk-adjusted discount rate. The Company has selected December 31 st as the annual testing date. The Company evaluates its FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Due to changes in forecasted traditional broadcast revenue in the markets in which we operate and increases in the weighted average cost of capital, the Company quantitatively evaluated the fair value of its FCC licenses at March 31, 2023. The key assumptions used in applying the direct valuation method are summarized as follows: March 31, 2023 Discount Rate 12.2% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 21.7% 75.0% Operating Profit Margin 20.0% 47.0% * Market share assumption used when reliable third-party data is available. Otherwise, Company results and forecasts are utilized. Based on the results of interim impairment assessments of our FCC licenses, as of March 31, 2023 we incurred impairment charges of $8.2 million for FCC licenses in 15 of our 74 local markets for the three months ended March 31, 2023. The impairment charges were primarily driven by decreases in forecasted broadcast revenues and increases in the discount rate applied in the valuation of our FCC licenses due to an increase in the weighted average cost of capital. The Company recorded no impairment charges on its FCC licenses for the three months ended March 31, 2022. 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 $21.7 million which would have resulted in an additional impairment charge of $4.3 million as of March 31, 2023. 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 $26.7 million which would have resulted in a further impairment charge of $9.6 million as of March 31, 2023. 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 goodwill impairment testing, the Company has selected December 31 st as the annual testing date. I n addition to the annual impairment test, the Company regularly assesses whether a triggering event has occurred, which would require interim impairment testing. As of December 31, 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. The Company considered whether any events have occurred or circumstances have changed from the last quantitative analysis performed as of December 31, 2022 that would indicate that the fair value of the Company's reporting units may be below their carrying amounts. Based on such analysis, the Company determined that there have been no indicators that the fair value of its reporting units may be below their carrying amounts as of March 31, 2023. The following table presents changes in goodwill by segment during the three months ended March 31, 2023: Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2022 $ 77,000 $ 77,687 $ 2,715 $ 3,983 $ 161,385 Cherry Creek measurement period adjustment — — 96 — 96 Balance at March 31, 2023 $ 77,000 $ 77,687 $ 2,811 $ 3,983 $ 161,481 Digital Assets During the first quarter of 2022, the Company invested an aggregate of $5.0 million in digital assets. They were 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. Any decrease in the digital assets' fair values below our carrying values at any time subsequent to acquisition was recognized as an impairment charge. No upward revisions for any market price increases were recognized. In early March 2023, the Company sold its digital assets with a carrying value of $2.1 million, recognizing a gain on the sale of $0.8 million during the three months ended March 31, 2023, included as a component of Other (income) expense, net on the Consolidated Statements of Operations. During the three months ended March 31, 2022, the Company recorded $0.4 million in impairment losses due to changes in the fair value of the Company's digital assets observed during the period. 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. The following tables present details of our intangible assets as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 243,908 $ — $ 243,908 Content rights and other intangible assets 1 - 10 37,186 (16,465) 20,721 Total $ 281,094 $ (16,465) $ 264,629 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 Amortization of definite-lived intangible assets was $1.8 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of March 31, 2023 is as follows (in thousands): 2023 (remainder) $ 5,324 2024 6,017 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 20,721

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Long-term investments consist of minority holdings in various companies. As management does not exercise significant influence 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. 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 three months ended March 31, 2023 and 2022, there were no impairment charges or observable price changes in orderly transactions for the Company's investees. In April of 2023, one of the Company's investments was acquired as a result of a private transaction. The Company will recognize a $4.8 million gain upon the effective date of the transaction, based on total cash consideration received. 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 March 31, 2023, the fair value of the Company's investment in the common stock of the investee was approximately $1.1 million. As a result, the Company recorded an unrealized loss of $0.1 million during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company recorded an unrealized loss of $1.5 million as a result of changes in the fair value of the investee's common stock during the period. Unrealized gains and losses are included as a component of other expense (income) on the Unaudited Consolidated Financial Statements. The market price of the investee's common stock is categorized as Level 1 within the ASC 820 framework.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): March 31, December 31, 2026 Notes $ 518,605 $ 530,766 Deferred financing costs (5,761) (6,324) Total long-term debt $ 512,844 $ 524,442 During the three months ended March 31, 2023, the Company voluntarily repurchased an aggregate $12.2 million principal amount of its 2026 Notes below par, plus accrued interest. The Company wrote-off approximately $0.1 million of unamortized deferred financing costs, recognizing a total net gain of $0.8 million in connection with the voluntary repurchases of its 2026 Notes. The repurchased notes were canceled by the Company. 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 March 31, 2023. As of March 31, 2023, based on available market information, the estimated fair value of the 2026 Notes was $481.0 million. The Company used Level 2 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). Annual maturities of the Company's long-term debt as of March 31, 2023 are as follows (in thousands): 2023 (remainder) $ — 2024 — 2025 — 2026 518,605 2027 — Thereafter — $ 518,605

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the three months ended March 31, 2023 and 2022 was approximately 44.8% and 34.7%, respectively. The increase in the effective tax rate for the three months ended March 31, 2023 is primarily driven by certain non-deductible expenses and increases in the valuation allowance for deferred tax assets . The effective tax rate may vary significantly from period to period, and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain non-deductible items, state and local income taxes and the valuation allowance for deferred tax assets.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityStock Options During the three months ended March 31, 2023, the Company granted 217,547 and 750,000 options with grant date fair values of $2.47 to $3.07 and $2.05 to $2.14, respectively. 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 specified period and continued employment through the performance period each as observed and summarized below, respectively: VWAP over the last 20 trading days of the three-year performance period VWAP over 30 consecutive trading days of the seven-year performance period VWAP Number of Shares that Vest VWAP Number of Shares that Vest $8.74 65,147 $11.00 250,000 $10.75 71,429 $14.00 250,000 $13.05 80,971 $17.00 250,000 217,547 750,000 No portion of the grants will vest unless the VWAP targets are achieved during the respective performance periods. The Company also granted 168,067 and 1,343,000 options with grant date fair values of $3.99 and $3.97, respectively. The options have three-year and four-year vesting periods, respectively, each with ten-year terms. The grant date fair value of stock options with market conditions is estimated using the Monte Carlo option pricing model, while stock options containing only service conditions is estimated using the Black-Scholes option pricing model. 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 Expected volatility 50.0 % 51% - 52% Expected term 5 - 7 years 6.01 - 6.38 years Risk free interest rate 3.43% - 3.74% 3.42% - 4.02% Expected dividend yield 0% - 9.15% 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 and meaningful 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. 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. We previously paid a quarterly dividend of $0.075 per share starting in 2018 which was ceased in 2020 as a result of uncertainty created by the COVID-19 pandemic. 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. Thus, for options with grant dates prior to March 6, 2023, the expected dividend yield was 0%. The following table summarizes option activity for the three months ended March 31, 2023: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 9,478,698 $ 7.80 4.62 $ 2,798 Granted - service conditions 1,511,067 7.30 Granted - market conditions 967,547 7.93 Exercised (5,000) 6.25 7 Forfeited and expired (3,257) 9.63 Outstanding at March 31, 2023 11,949,055 $ 7.75 5.34 $ 6,990 Exercisable at March 31, 2023 7,110,292 $ 8.03 2.95 $ 3,657 The maximum contractual term of stock options is 10 years. Restricted Stock Awards During the three months ended March 31, 2023, the Company granted 68,876 shares to non-employee directors with a vesting period of one year, and 13,387 shares with a vesting period of three years. The grant date fair value of the grants were $7.55 and $7.47 per share, respectively. The fair value of the restricted stock awards is equal to the closing share price on the date of grant. The following table summarizes restricted stock activity for the three months ended March 31, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 93,181 9.63 Shares granted 82,263 7.54 Shares vested (62,979) 9.52 Non-vested balance at March 31, 2023 112,465 8.16 Restricted Stock Units The following table summarizes restricted stock unit activity for the three months ended March 31, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 — $ — Shares granted - service conditions 218,543 7.55 Shares granted - market conditions 218,543 4.21 Shares vested — — Non-vested balance at March 31, 2023 437,086 5.88 During the three months ended March 31, 2023, the Company granted 218,543 stock units with a vesting period of three years and a grant date fair value of $7.55 per share. The fair value of the restricted stock awards is equal to the closing share price on the date of grant. During the three months ended March 31, 2023, the Company granted 218,543 restricted stock units with a vesting period of three-years and grant date fair values of $3.51 to $4.91. The stock units contain market conditions whereby the stock units will vest subject to the achievement of a specified volume weighted average trading price ("VWAP"), subject to continued employment or service through the end of the performance period as observed and summarized below: VWAP over the last 20 trading days of the three-year performance period VWAP Number of Shares that Vest $8.74 72,840 $10.75 72,840 $13.05 72,863 The grant date fair value of the restricted stock units with market conditions is estimated using the Monte Carlo option pricing model. The below table summarizes the assumptions used to estimate the fair value of the restricted stock units granted: Monte Carlo Model Expected volatility 50.0% Risk free interest rate 3.72% Expected dividend yield 0.0% The expected volatility was based on market conditions of the Company. 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 vesting period of the restricted stock units. Employee Stock Purchase Plan During the three months ended March 31, 2023, a total of 65,732 shares of Class A common stock were issued under the 2021 Employee Stock Purchase Plan (the "ESPP"). For the three months ended March 31, 2023 and 2022, the Company recognized approximately $1.8 million and $0.9 million, respectively, of stock-based compensation expense with respect to options, restricted stock awards, restricted stock units and the ESPP. As of March 31, 2023, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $14.0 million and $3.0 million, respectively, and is expected to be recognized over a weighted average period of 2.7 and 2.5 years respectively. Dividends Declared In May of 2023 the board of directors approved a dividend of $0.1875 per share. The dividend will be paid to holders of record as of June 30, 2023 on August 1, 2023.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per 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. Stock-based compensation awards that are out-of-the-money and stock options and restricted stock units in which the market-based performance criteria have not been met as of the end of the respective reporting period are omitted from the calculation of Diluted EPS. The following table sets forth the computations of basic and diluted net (loss) income per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net (loss) income $ (1,941) $ 2,741 Net income from non-controlling interest 480 517 Net (loss) income attributable to controlling interest $ (2,421) $ 2,224 Denominator: Weighted average shares of common stock outstanding 17,204 16,796 Effect of dilutive common stock equivalents — 2,713 Weighted average diluted common shares outstanding 17,204 19,509 Basic (loss) income per share $ (0.14) $ 0.13 Diluted (loss) income per share $ (0.14) $ 0.11 The Company had the following dilutive securities that were not included in the computation of diluted net (loss) income per share as they were considered anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Stock options 9,586 45 Stock options with unsatisfied market conditions 1,008 — Restricted stock units 177 — Restricted stock units with unsatisfied market conditions 177 — Restricted stock awards 121 — Shares expected to be issued under the 2021 Employee Stock Purchase Plan 49 78

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Operating segments are organized internally by type of products and services provided. Based on the information reviewed by the Company's CEO in his capacity as Chief Operating Decision Maker ("CODM"), the Company has identified three 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 . The Company does not have any material inter-segment sales. The Company's management evaluates segment operating income (loss), which excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance, and primarily includes expenses related to corporate stewardship and administration activities, transaction related costs and non-cash impairment charges. The following tables present the Company's reportable segment results for the three months ended March 31, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 21,561 $ 33,707 $ 45,923 $ 1,919 $ — $ 103,110 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 15,962 23,613 37,365 1,384 — 78,324 Depreciation and amortization 328 164 3,600 36 816 4,944 Corporate expenses — — — — 5,345 5,345 Stock-based compensation 128 45 164 2 1,433 1,772 Transaction and business realignment costs — — 193 11 88 292 Impairment of intangible and long-lived assets — — 8,487 — — 8,487 Net gain on sale and retirement of assets — — (292) — — (292) Operating income (loss) $ 5,143 $ 9,885 $ (3,594) $ 486 $ (7,682) $ 4,238 The following table presents the Company's reportable segment results for the three months ended March 31, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 21,850 $ 29,218 $ 48,226 $ 948 $ — $ 100,242 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 15,476 21,007 36,442 838 — 73,763 Depreciation and amortization 277 65 3,145 38 1,240 4,765 Corporate expenses — — — — 4,409 4,409 Stock-based compensation 132 15 87 3 632 869 Transaction and business realignment costs — — — 6 446 452 Impairment of intangible and long-lived assets — — 7 120 351 478 Net gain on sale and retirement of assets — — (272) — (36) (308) Operating income (loss) $ 5,965 $ 8,131 $ 8,817 $ (57) $ (7,042) $ 15,814

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and related notes thereto included in the Company's Annual Report on Form 10-K (the "2022 Annual Report on Form 10-K"). The accompanying unaudited interim Consolidated Financial Statements include the consolidated accounts of the Company and its wholly-owned subsidiaries, with all significant intercompany balances and transactions eliminated in consolidation. These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. All adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of results of operations and financial condition as of the end of the interim periods have been included. The results of operations for the three months ended March 31, 2023, cash flows for the three months ended March 31, 2023, and the Company’s financial condition as of such date are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition as of, any other interim period or for the fiscal year ending December 31, 2023. The Consolidated Balance Sheet as of December 31, 2022 is derived from the audited Consolidated Financial Statements at that date. The presentation of $0.1 million of broadcast and digital advertising revenue previously reported in the Other category for the three months ended March 31, 2022 has been reclassified to conform with the current period's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its significant estimates, including those related to assumptions used in determining the fair value of assets and liabilities acquired in a business combination, impairment testing of intangible assets, valuation and impairment testing of long-lived tangible assets and investments, the present value of leasing arrangements, share-based payment expense and the calculation of allowance for credit losses and income taxes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates under different assumptions or conditions.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards 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 became effective for smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the new guidance in the first quarter of 2023. In accordance with the guidance described above, the Company maintains an allowance for credit losses, which represents the portion of accounts receivable that is not expected to be collected over the duration of its contractual life. Credit losses are recorded when the Company believes a customer, or group of customers, may not be able to meet their financial obligations. A considerable amount of judgment is required in determining expected credit losses. Relevant factors include prior collection history with customers, the related aging of past due balances, projections of credit losses based on historical trends or past events, and the consideration of forecasts of future economic conditions. Allowances for credit losses are based on facts available and are re-evaluated and adjusted on a regular basis. Negative macroeconomic trends could result in an increase in credit losses if delays in the payment of outstanding receivables are observed or if future economic conditions differ from those considered in our forecasts. The adoption of this standard did not have a significant impact on the Consolidated Financial Statements. Recently Issued Standards That Have Not Yet Been Adopted There were no new accounting pronouncements issued during the three months ended March 31, 2023 that are expected to have a material impact on the Consolidated Financial Statements.
Revenue Recognition	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. Arrangements with Multiple Performance Obligations In contracts with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the contract at contract inception. When multiple performance obligations are identified, we identify how control transfers to the customer for each distinct contract obligation and determine the period when the obligations are satisfied. If obligations are satisfied in the same period, no allocation of revenue is deemed to be necessary. In the event performance obligations within a bundled contract do not run concurrently, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers or by using expected cost-plus margins. Performance obligations that are not distinct at contract inception are combined. Performance Obligations

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of the Change in the Allowance for Doubtful Accounts	The change in the allowance for credit losses for the three months ended March 31, 2023 was as follows (in thousands): Balance at December 31, 2022 $ 5,946 Provision for credit losses 1,323 Amounts written off against allowance (1,800) Balance at March 31, 2023 $ 5,469

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present a disaggregation of our revenue by reporting segment and revenue from political sources and all other sources (in thousands) for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 21,561 $ 33,692 $ 45,725 $ 1,919 $ 102,897 Political — 15 198 — 213 Net Revenue $ 21,561 $ 33,707 $ 45,923 $ 1,919 $ 103,110 Three Months Ended March 31, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 21,850 $ 29,172 $ 47,840 $ 948 $ 99,810 Political — 46 386 — 432 Net Revenue $ 21,850 $ 29,218 $ 48,226 $ 948 $ 100,242
Schedule of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): March 31, 2023 December 31, Accounts Receivable $ 55,288 $ 61,234 Short-term contract liabilities (deferred revenue) $ 11,933 $ 10,669 Contract Acquisition Costs $ 6,489 $ 6,348

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The measurement period adjustments below reflect changes from the preliminary purchase acquisition date fair values of major classes of net assets acquired (in thousands): Amounts recognized at June 17, 2022 Measurement Period Adjustments Amounts recognized at March 31, 2023 Net tangible assets acquired $ 1,366 $ 4,694 $ 6,060 Intangible assets, net 8,676 187 8,863 Goodwill 8,377 (4,843) 3,534 Total Purchase Price $ 18,419 $ 38 $ 18,457
Schedule of Intangible Assets Acquired as Part of Asset Acquisition	The intangible assets acquired based on the estimate of the fair values of the identifiable intangible assets are as follows: Amounts recognized at March 31, 2023 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)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, 2023 December 31, 2022 Land and improvements $ 19,261 $ 19,966 Buildings and leasehold improvements 57,867 57,386 Broadcast equipment 108,623 108,057 Computer and office equipment 24,488 24,211 Furniture and fixtures 22,951 22,968 Transportation equipment 20,409 20,703 Software development costs 40,869 39,489 Total property and equipment, gross 294,468 292,780 Less accumulated depreciation and amortization (182,595) (178,934) Total property and equipment, net $ 111,873 $ 113,846

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Assumptions Used in Annual Impairment Assessments	The key assumptions used in applying the direct valuation method are summarized as follows: March 31, 2023 Discount Rate 12.2% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 21.7% 75.0% Operating Profit Margin 20.0% 47.0% * Market share assumption used when reliable third-party data is available. Otherwise, Company results and forecasts are utilized.
Schedule of Goodwill	The following table presents changes in goodwill by segment during the three months ended March 31, 2023: Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2022 $ 77,000 $ 77,687 $ 2,715 $ 3,983 $ 161,385 Cherry Creek measurement period adjustment — — 96 — 96 Balance at March 31, 2023 $ 77,000 $ 77,687 $ 2,811 $ 3,983 $ 161,481
Schedule of Finite-Lived Intangible Assets	The following tables present details of our intangible assets as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 243,908 $ — $ 243,908 Content rights and other intangible assets 1 - 10 37,186 (16,465) 20,721 Total $ 281,094 $ (16,465) $ 264,629 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
Schedule of Indefinite-Lived Intangible Assets	The following tables present details of our intangible assets as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 243,908 $ — $ 243,908 Content rights and other intangible assets 1 - 10 37,186 (16,465) 20,721 Total $ 281,094 $ (16,465) $ 264,629 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
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 March 31, 2023 is as follows (in thousands): 2023 (remainder) $ 5,324 2024 6,017 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 20,721

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): March 31, December 31, 2026 Notes $ 518,605 $ 530,766 Deferred financing costs (5,761) (6,324) Total long-term debt $ 512,844 $ 524,442
Schedule of Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of March 31, 2023 are as follows (in thousands): 2023 (remainder) $ — 2024 — 2025 — 2026 518,605 2027 — Thereafter — $ 518,605

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	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 specified period and continued employment through the performance period each as observed and summarized below, respectively: VWAP over the last 20 trading days of the three-year performance period VWAP over 30 consecutive trading days of the seven-year performance period VWAP Number of Shares that Vest VWAP Number of Shares that Vest $8.74 65,147 $11.00 250,000 $10.75 71,429 $14.00 250,000 $13.05 80,971 $17.00 250,000 217,547 750,000 VWAP over the last 20 trading days of the three-year performance period VWAP Number of Shares that Vest $8.74 72,840 $10.75 72,840 $13.05 72,863
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 Expected volatility 50.0 % 51% - 52% Expected term 5 - 7 years 6.01 - 6.38 years Risk free interest rate 3.43% - 3.74% 3.42% - 4.02% Expected dividend yield 0% - 9.15% 0.0 % Monte Carlo Model Expected volatility 50.0% Risk free interest rate 3.72% Expected dividend yield 0.0%
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes option activity for the three months ended March 31, 2023: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 9,478,698 $ 7.80 4.62 $ 2,798 Granted - service conditions 1,511,067 7.30 Granted - market conditions 967,547 7.93 Exercised (5,000) 6.25 7 Forfeited and expired (3,257) 9.63 Outstanding at March 31, 2023 11,949,055 $ 7.75 5.34 $ 6,990 Exercisable at March 31, 2023 7,110,292 $ 8.03 2.95 $ 3,657 The following table summarizes restricted stock unit activity for the three months ended March 31, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 — $ — Shares granted - service conditions 218,543 7.55 Shares granted - market conditions 218,543 4.21 Shares vested — — Non-vested balance at March 31, 2023 437,086 5.88
Schedule of Nonvested Restricted Stock Shares Activity	The following table summarizes restricted stock activity for the three months ended March 31, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 93,181 9.63 Shares granted 82,263 7.54 Shares vested (62,979) 9.52 Non-vested balance at March 31, 2023 112,465 8.16

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	The following table sets forth the computations of basic and diluted net (loss) income per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Numerator: Net (loss) income $ (1,941) $ 2,741 Net income from non-controlling interest 480 517 Net (loss) income attributable to controlling interest $ (2,421) $ 2,224 Denominator: Weighted average shares of common stock outstanding 17,204 16,796 Effect of dilutive common stock equivalents — 2,713 Weighted average diluted common shares outstanding 17,204 19,509 Basic (loss) income per share $ (0.14) $ 0.13 Diluted (loss) income per share $ (0.14) $ 0.11 The Company had the following dilutive securities that were not included in the computation of diluted net (loss) income per share as they were considered anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Stock options 9,586 45 Stock options with unsatisfied market conditions 1,008 — Restricted stock units 177 — Restricted stock units with unsatisfied market conditions 177 — Restricted stock awards 121 — Shares expected to be issued under the 2021 Employee Stock Purchase Plan 49 78

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present the Company's reportable segment results for the three months ended March 31, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 21,561 $ 33,707 $ 45,923 $ 1,919 $ — $ 103,110 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 15,962 23,613 37,365 1,384 — 78,324 Depreciation and amortization 328 164 3,600 36 816 4,944 Corporate expenses — — — — 5,345 5,345 Stock-based compensation 128 45 164 2 1,433 1,772 Transaction and business realignment costs — — 193 11 88 292 Impairment of intangible and long-lived assets — — 8,487 — — 8,487 Net gain on sale and retirement of assets — — (292) — — (292) Operating income (loss) $ 5,143 $ 9,885 $ (3,594) $ 486 $ (7,682) $ 4,238 The following table presents the Company's reportable segment results for the three months ended March 31, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 21,850 $ 29,218 $ 48,226 $ 948 $ — $ 100,242 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 15,476 21,007 36,442 838 — 73,763 Depreciation and amortization 277 65 3,145 38 1,240 4,765 Corporate expenses — — — — 4,409 4,409 Stock-based compensation 132 15 87 3 632 869 Transaction and business realignment costs — — — 6 446 452 Impairment of intangible and long-lived assets — — 7 120 351 478 Net gain on sale and retirement of assets — — (272) — (36) (308) Operating income (loss) $ 5,965 $ 8,131 $ 8,817 $ (57) $ (7,042) $ 15,814

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) market radio_station website business	Mar. 31, 2022 USD ($)
Organization and Basis of Presentation [Line Items]
Number of small and medium sized markets in which entity operates | business	30,400
Number of radio stations | radio_station	356
Net revenue	$ 103,110	$ 100,242
Operating segments | Other
Organization and Basis of Presentation [Line Items]
Net revenue	$ 1,919	948
Operating segments | As Reported | Other
Organization and Basis of Presentation [Line Items]
Net revenue		$ 100
Minimum
Organization and Basis of Presentation [Line Items]
Number of local websites (more than) | website	400
United States
Organization and Basis of Presentation [Line Items]
Number of markets | market	74

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of the Change in the Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 5,946
Provision for credit losses	1,323
Amounts written off against allowance	(1,800)
Ending balance	$ 5,469

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 103,110	$ 100,242
Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	21,561	21,850
Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	33,707	29,218
Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	45,923	48,226
Other
Disaggregation of Revenue [Line Items]
Net revenue	1,919	948
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net revenue	102,897	99,810
Net Revenue (ex Political) | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	21,561	21,850
Net Revenue (ex Political) | Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	33,692	29,172
Net Revenue (ex Political) | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	45,725	47,840
Net Revenue (ex Political) | Other
Disaggregation of Revenue [Line Items]
Net revenue	1,919	948
Political
Disaggregation of Revenue [Line Items]
Net revenue	213	432
Political | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Political | Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	15	46
Political | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	198	386
Political | Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term contract liabilities (deferred revenue)	$ 11,933,000		$ 10,669,000
Revenue recognized	7,300,000	$ 6,400,000
Deferred costs	6,489,000		$ 6,348,000
Recognized amortization	1,600,000	1,200,000
Impairment loss	$ 0	$ 0
Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	30 days
Minimum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)	30 days
Payment terms for national agency advertising contracts (in days)	60 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	60 days
Maximum | Short-term contracts
Disaggregation of Revenue [Line Items]
Payment terms for local advertising contracts (in days)	60 days
Payment terms for national agency advertising contracts (in days)	90 days

Revenue Recognition - Summary o

Revenue Recognition - Summary of Receivables, Contract Assets and Contract Liabilities from Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts Receivable	$ 55,288	$ 61,234
Short-term contract liabilities (deferred revenue)	11,933	10,669
Contract Acquisition Costs	$ 6,489	$ 6,348

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Jun. 17, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 24, 2022 radio_station
FCC Broadcast | Disposal Group, Disposed of by Sale, Not Discontinued Operations | MONTANA
Asset Acquisition, Contingent Consideration [Line Items]
Number of radio station disposed | radio_station				6
FCC Broadcast | Disposal Group, Disposed of by Sale, Not Discontinued Operations | WASHINGTON
Asset Acquisition, Contingent Consideration [Line Items]
Number of radio station disposed | radio_station				1
Cherry Creek Broadcasting LLC
Asset Acquisition, Contingent Consideration [Line Items]
Asset acquisition consideration transferred | $	$ 18,419		$ 18,457
Asset acquisition, consideration transferred, goodwill | $	$ 8,377	$ 3,500	$ 3,534

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Schedule of Purchase Price Allocation (Details) - Cherry Creek Broadcasting LLC - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jun. 17, 2022	Mar. 31, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Net tangible assets acquired	$ 1,366		$ 6,060
Intangible assets, net	8,676		8,863
Goodwill	8,377	$ 3,500	3,534
Total Purchase Price	$ 18,419		18,457
Measurement Period Adjustments
Business Acquisition [Line Items]
Net tangible assets acquired			4,694
Intangible assets, net			187
Goodwill			(4,843)
Total Purchase Price			$ 38

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Fair Value Of Identifiable Intangible Asset (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 17, 2022	Mar. 31, 2023
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
Finite-lived intangible asset, useful life	10 years
Content Rights
Business Acquisition [Line Items]
Fair value of intangible assets acquired		642
Finite-lived intangible asset, useful life	7 years
Other intangibles
Business Acquisition [Line Items]
Fair value of intangible assets acquired		$ 325
Finite-lived intangible asset, useful life	3 years

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 294,468	$ 292,780
Less accumulated depreciation and amortization	(182,595)	(178,934)
Total property and equipment, net	111,873	113,846
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	19,261	19,966
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	57,867	57,386
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	108,623	108,057
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	24,488	24,211
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	22,951	22,968
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,409	20,703
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 40,869	$ 39,489

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) market	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,300,000	$ 4,500,000
Impairment charges to long-lived assets	$ 300,000
Number of local markets | market	5
Gain (loss) on disposition of assets	$ 292,000	308,000
Finance lease, right-of-use asset	$ 0		$ 0
Bismarck, ND | Discontinued Operations, Disposed of by Sale
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of assets		$ 300,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) market	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Impairment charge	$ 8,200,000
Number of local markets with impairment charge incurred | market	15
Goodwill	$ 161,481,000		$ 161,385,000
Digital assets, impairment charges		$ 400,000
Amortization of intangible assets	$ 1,800,000	1,100,000
Weighted Average Cost Of Capital
Indefinite-lived Intangible Assets [Line Items]
Point increase, assumptions	5,000%
Long-Term Revenue Growth
Indefinite-lived Intangible Assets [Line Items]
Point decrease assumptions	10,000%
Local Markets
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			18%
National Digital
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			243%
Townsquare Ignite
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			90%
Analytical Services
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			211%
Broadcast Advertising
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			252%
Other
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage			19%
Local Advertising Businesses
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 0
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Renewal period	8 years
FCC licenses | Weighted Average Cost Of Capital
Indefinite-lived Intangible Assets [Line Items]
Estimated fair value, assumptions	$ 21,700,000
IImpairment charge, assumptions	4,300,000
FCC licenses | Long-Term Revenue Growth
Indefinite-lived Intangible Assets [Line Items]
Estimated fair value, assumptions	26,700,000
IImpairment charge, assumptions	9,600,000
Digital assets
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire investments		$ 5,000,000
Digital assets	2,100,000
Gain (loss) on sale of investments	$ 800,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Assumptions Used in Annual Impairment Assessments (Details)	Mar. 31, 2023
Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.122
Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0
Mature Market Share | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.217
Mature Market Share | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.750
Operating Profit Margin | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.200
Operating Profit Margin | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.470

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 161,385
Cherry Creek measurement period adjustment	96
Goodwill, ending balance	161,481
Operating segments | Subscription Digital Marketing Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	77,000
Cherry Creek measurement period adjustment	0
Goodwill, ending balance	77,000
Operating segments | Digital Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	77,687
Cherry Creek measurement period adjustment	0
Goodwill, ending balance	77,687
Operating segments | Broadcast Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	2,715
Cherry Creek measurement period adjustment	96
Goodwill, ending balance	2,811
Operating segments | Other
Goodwill [Roll Forward]
Goodwill, beginning balance	3,983
Cherry Creek measurement period adjustment	0
Goodwill, ending balance	$ 3,983

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Finite Lived and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (16,465)	$ (14,500)
Net Carrying Amount	20,721
Intangible assets, gross carrying amount total	281,094	291,338
Intangible assets, net carrying amount total	264,629	276,838
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite intangible asset	243,908	252,110
Digital assets
Indefinite-lived Intangible Assets [Line Items]
Indefinite intangible asset		2,136
Content rights and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37,186	37,092
Accumulated Amortization	(16,465)	(14,500)
Net Carrying Amount	$ 20,721	$ 22,592
Content rights and other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	1 year	1 year
Content rights and other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	10 years	10 years

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder)	$ 5,324
2024	6,017
2025	2,304
2026	2,108
2027	1,978
Thereafter	2,990
Net Carrying Amount	$ 20,721

Investments (Details)

Investments (Details) - USD ($)		3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Impairment loss		$ 0	$ 0
Fair value of investment		1,100,000
Unrealized loss		$ 100,000	$ 1,500,000
Subsequent Event
Debt Securities, Available-for-Sale [Line Items]
Gain on the sale of its investments	$ 4,800,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2026 Notes	$ 518,605	$ 530,766
Deferred financing costs	(5,761)	(6,324)
Total long-term debt	$ 512,844	$ 524,442

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Gain on repurchase of notes	$ 775,000	$ 0
2026 Notes
Debt Instrument [Line Items]
Repurchased of 2026 notes	12,200,000
Write-off of deferred financing costs	100,000
Gain on repurchase of notes	800,000
Fair value of debt	$ 481,000,000

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder)	$ 0
2024	0
2025	0
2026	518,605
2027	0
Thereafter	0
Long-term debt	$ 518,605

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	44.80%	34.70%

Stockholders' Equity - Narrativ

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

3 Months Ended

Mar. 06, 2023

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

May 10, 2023

Class of Stock [Line Items]

Common stock, dividends, per share, cash paid

$ 0.075

$ 0.075

$ 0.075

$ 0.075

$ 0.075

$ 0.075

$ 0.075

$ 0.075

$ 0.075

Dividends (in dollars per share)

$ 0.1875

Stock-based compensation

$ 1,772

$ 869

Black-Scholes Model

Class of Stock [Line Items]

Expected dividend yield

0%

Subsequent Event

Class of Stock [Line Items]

Dividends (in dollars per share)

$ 0.1875

Stock options

Class of Stock [Line Items]

Maximum contractual term of stock options

10 years

Compensation cost not yet recognized

$ 14,000

Compensation cost not yet recognized, period for recognition

2 years 8 months 12 days

Stock options | Black-Scholes Model

Class of Stock [Line Items]

Expected dividend yield

0%

Stock options | Executive Officer

Class of Stock [Line Items]

Granted (in shares)

217,547

Stock options | Non Employee Directors

Class of Stock [Line Items]

Granted (in shares)

750,000

Stock options | Minimum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 3.99

Award vesting period (in years)

3 years

Stock options | Minimum | Executive Officer

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 2.47

Stock options | Minimum | Non Employee Directors

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

2.05

Stock options | Maximum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 3.97

Award vesting period (in years)

4 years

Stock options | Maximum | Executive Officer

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 3.07

Stock options | Maximum | Non Employee Directors

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 2.14

Performance-Based Stock Option

Class of Stock [Line Items]

Granted (in shares)

967,547

Performance-Based Stock Option | Minimum

Class of Stock [Line Items]

Granted (in shares)

168,067

Performance-Based Stock Option | Maximum

Class of Stock [Line Items]

Granted (in shares)

1,343,000

Shares expected to be issued under the 2021 Employee Stock Purchase Plan

Class of Stock [Line Items]

Maximum contractual term of stock options

10 years

Shares expected to be issued under the 2021 Employee Stock Purchase Plan | 2021 Employee Stock Purchase Plan | Class A

Class of Stock [Line Items]

ESPP shares issued (in shares)

65,732

Restricted stock awards

Class of Stock [Line Items]

Award vesting period (in years)

3 years

Vested (in shares)

13,387

Restricted stock awards | Non Employee Directors

Class of Stock [Line Items]

Granted (in shares)

68,876

Award vesting period (in years)

1 year

Restricted stock awards | Minimum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 7.55

Restricted stock awards | Maximum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 7.47

Restricted stock units

Class of Stock [Line Items]

Granted (in shares)

218,543

Grant date fair value of restricted stock (in dollars per share)

$ 7.55

Award vesting period (in years)

3 years

Stock-based compensation

$ 900

Compensation cost not yet recognized

$ 3,000

Compensation cost not yet recognized, period for recognition

2 years 6 months

Restricted stock units | Minimum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 3.51

Restricted stock units | Maximum

Class of Stock [Line Items]

Grant date fair value of restricted stock (in dollars per share)

$ 4.91

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Shares (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Stock options | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	217,547
Stock options | VWAP over 30 consecutive trading days of the seven-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	750,000
Stock options | Year One | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 8.74
Vested (in shares)	65,147
Stock options | Year One | VWAP over 30 consecutive trading days of the seven-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 11
Vested (in shares)	250,000
Stock options | Year Two | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 10.75
Vested (in shares)	71,429
Stock options | Year Two | VWAP over 30 consecutive trading days of the seven-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 14
Vested (in shares)	250,000
Stock options | Year Three | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 13.05
Vested (in shares)	80,971
Stock options | Year Three | VWAP over 30 consecutive trading days of the seven-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 17
Vested (in shares)	250,000
Restricted stock units | Year One | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 8.74
Vested (in shares)	72,840
Restricted stock units | Year Two | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 10.75
Vested (in shares)	72,840
Restricted stock units | Year Three | VWAP over the last 20 trading days of the three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 13.05
Vested (in shares)	72,863

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Estimate Fair Value of Equity Options Granted (Details)		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023
Monte Carlo Model | Restricted stock units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		50%
Risk free interest rate		3.72%
Expected dividend yield		0%
Monte Carlo Model | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		50%
Risk free interest rate, minimum		3.43%
Risk free interest rate, maximum		3.74%
Monte Carlo Model | Minimum | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)		5 years
Expected dividend yield		0%
Monte Carlo Model | Maximum | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)		7 years
Expected dividend yield		9.15%
Black-Scholes Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected dividend yield	0%
Black-Scholes Model | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk free interest rate, minimum		3.42%
Risk free interest rate, maximum		4.02%
Expected dividend yield		0%
Black-Scholes Model | Minimum | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		51%
Expected term (in years)		6 years 3 days
Black-Scholes Model | Maximum | Stock options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		52%
Expected term (in years)		6 years 4 months 17 days

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Beginning balance, outstanding (in shares)	9,478,698
Exercised (in shares)	(5,000)
Forfeited and expired (in shares)	(3,257)
Ending balance, outstanding (in shares)	11,949,055	9,478,698
Options, exercisable (in shares)	7,110,292
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 7.80
Exercised (in dollars per share)	6.25
Forfeited and expired (in dollars per share)	9.63
Ending balance (in dollars per share)	7.75	$ 7.80
Weighted average exercise price, exercisable (in dollars per share)	$ 8.03
Weighted Average Remaining Contractual Life (years)
Weighted average remaining contractual life (years)	5 years 4 months 2 days	4 years 7 months 13 days
Weighted average remaining contractual life (years), exercisable	2 years 11 months 12 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding beginning balance	$ 2,798
Aggregate intrinsic value, exercised	7
Aggregate intrinsic value, outstanding ending balance	6,990	$ 2,798
Aggregate intrinsic value, exercisable	$ 3,657
Time-Based Stock Option
Options
Granted (in shares)	1,511,067
Weighted Average Exercise Price
Granted (in dollars per share)	$ 7.30
Performance-Based Stock Option
Options
Granted (in shares)	967,547
Weighted Average Exercise Price
Granted (in dollars per share)	$ 7.93

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted stock awards
Number of Shares
Beginning balance (in shares) | shares	93,181
Shares granted (in shares) | shares	82,263
Shares vested (in shares) | shares	(62,979)
Ending balance (in shares) | shares	112,465
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.63
Shares granted (in dollars per share) | $ / shares	7.54
Shares vested (in dollars per share) | $ / shares	9.52
Ending balance (in dollars per share) | $ / shares	$ 8.16
Restricted stock units
Number of Shares
Beginning balance (in shares) | shares	0
Shares vested (in shares) | shares	0
Ending balance (in shares) | shares	437,086
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 0
Shares vested (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 5.88
Service Conditions
Number of Shares
Shares granted (in shares) | shares	218,543
Weighted Average Fair Value
Shares granted (in dollars per share) | $ / shares	$ 7.55
Market Conditions
Number of Shares
Shares granted (in shares) | shares	218,543
Weighted Average Fair Value
Shares granted (in dollars per share) | $ / shares	$ 4.21

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net (loss) income	$ (1,941)	$ 2,741
Net income from non-controlling interest	480	517
Net (loss) income attributable to controlling interest	$ (2,421)	$ 2,224
Denominator:
Effect of dilutive common stock equivalents (in shares)	0	2,713
Weighted average diluted common shares outstanding (in shares)	17,204	19,509
Diluted (loss) income per share
Diluted (loss) income per share (in dollars per share)	$ (0.14)	$ 0.11
Stock options
Diluted (loss) income per share
Antidilutive securities (in shares)	9,586	45
Stock options with unsatisfied market conditions
Diluted (loss) income per share
Antidilutive securities (in shares)	1,008	0
Restricted stock units
Diluted (loss) income per share
Antidilutive securities (in shares)	177	0
Restricted stock units with unsatisfied market conditions
Diluted (loss) income per share
Antidilutive securities (in shares)	177	0
Restricted stock awards
Diluted (loss) income per share
Antidilutive securities (in shares)	121	0
Common shares
Denominator:
Weighted average shares outstanding, basic (in shares)	17,204	16,796
Basic (loss) income per share
Basic (loss) income per share (in dollars per share)	$ (0.14)	$ 0.13
Shares expected to be issued under the 2021 Employee Stock Purchase Plan
Diluted (loss) income per share
Antidilutive securities (in shares)	49	78

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment area
Segment Reporting [Abstract]
Number of operating segments | segment	3
Number of geographic areas | area	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Reportable Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 103,110	$ 100,242
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	78,324	73,763
Depreciation and amortization	4,944	4,765
Corporate expenses	5,345	4,409
Stock-based compensation	1,772	869
Transaction and business realignment costs	292	452
Impairment of intangible and long-lived assets	8,487	478
Net gain on sale and retirement of assets	(292)	(308)
Operating income	4,238	15,814
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	0	0
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	0	0
Depreciation and amortization	816	1,240
Corporate expenses	5,345	4,409
Stock-based compensation	1,433	632
Transaction and business realignment costs	88	446
Impairment of intangible and long-lived assets	0	351
Net gain on sale and retirement of assets	0	(36)
Operating income	(7,682)	(7,042)
Subscription Digital Marketing Solutions | Operating segments
Segment Reporting Information [Line Items]
Net revenue	21,561	21,850
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	15,962	15,476
Depreciation and amortization	328	277
Corporate expenses	0	0
Stock-based compensation	128	132
Transaction and business realignment costs	0	0
Impairment of intangible and long-lived assets	0	0
Net gain on sale and retirement of assets	0	0
Operating income	5,143	5,965
Digital Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	33,707	29,218
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	23,613	21,007
Depreciation and amortization	164	65
Corporate expenses	0	0
Stock-based compensation	45	15
Transaction and business realignment costs	0	0
Impairment of intangible and long-lived assets	0	0
Net gain on sale and retirement of assets	0	0
Operating income	9,885	8,131
Broadcast Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	45,923	48,226
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	37,365	36,442
Depreciation and amortization	3,600	3,145
Corporate expenses	0	0
Stock-based compensation	164	87
Transaction and business realignment costs	193	0
Impairment of intangible and long-lived assets	8,487	7
Net gain on sale and retirement of assets	(292)	(272)
Operating income	(3,594)	8,817
Other | Operating segments
Segment Reporting Information [Line Items]
Net revenue	1,919	948
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	1,384	838
Depreciation and amortization	36	38
Corporate expenses	0	0
Stock-based compensation	2	3
Transaction and business realignment costs	11	6
Impairment of intangible and long-lived assets	0	120
Net gain on sale and retirement of assets	0	0
Operating income	$ 486	$ (57)