Townsquare Media (TSQ) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Entity Central Index Key	0001499832
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,680,703
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		1,961,341

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 37,955	$ 43,417
Accounts receivable, net of allowance for credit losses of $4,544 and $5,946, respectively	63,527	61,234
Prepaid expenses and other current assets	11,860	16,037
Total current assets	113,342	120,688
Property and equipment, net	111,301	113,846
Intangible assets, net	220,755	276,838
Goodwill	158,670	161,385
Investments	4,209	19,106
Operating lease right-of-use assets	47,719	50,962
Other assets	828	1,197
Restricted cash	501	496
Total assets	657,325	744,518
Current liabilities:
Accounts payable	4,844	4,127
Deferred revenue	8,845	10,669
Accrued compensation and benefits	11,227	14,831
Accrued expenses and other current liabilities	24,326	17,876
Operating lease liabilities, current	9,039	9,008
Accrued interest	5,760	15,203
Total current liabilities	64,041	71,714
Long-term debt, net of deferred finance costs of $4,480 and $6,324, respectively	499,138	524,442
Deferred tax liability	27,565	18,748
Operating lease liability, net of current portion	42,281	45,107
Other long-term liabilities	11,866	15,428
Total liabilities	644,891	675,439
Stockholders’ equity:
Total common stock	167	173
Treasury stock, at cost; 183,768 and 0 shares of Class A common stock, respectively	(2,194)	0
Additional paid-in capital	307,498	309,645
Accumulated deficit	(296,573)	(244,298)
Non-controlling interest	3,536	3,559
Total stockholders’ equity	12,434	69,079
Total liabilities and stockholders’ equity	657,325	744,518
Class A common stock
Stockholders’ equity:
Total common stock	139	130
Class B common stock
Stockholders’ equity:
Total common stock	8	8
Class C common stock
Stockholders’ equity:
Total common stock	$ 20	$ 35

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable allowance	$ 4,544	$ 5,946
Deferred financing costs	$ 4,480	$ 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)	13,864,471	12,964,312
Common shares outstanding (in shares)	13,864,471	12,964,312
Treasury shares common shares (in shares)	183,768	0
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)	1,961,341	3,461,341
Common shares outstanding (in shares)	1,961,341	3,461,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenue	$ 115,104	$ 120,635	$ 339,445	$ 342,801
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	81,323	83,985	245,301	241,581
Depreciation and amortization	4,717	4,467	14,496	13,546
Corporate expenses	6,604	5,744	18,911	15,892
Stock-based compensation	2,350	722	6,228	2,430
Transaction and business realignment costs	161	1,004	764	2,280
Impairment of intangible assets, investments, goodwill and long-lived assets	30,970	10,300	65,697	20,197
Net gain on sale and retirement of assets	(362)	(119)	(703)	(338)
Total operating costs and expenses	125,763	106,103	350,694	295,588
Operating (loss) income	(10,659)	14,532	(11,249)	47,213
Other expense (income):
Interest expense, net	9,343	9,967	28,215	30,038
Gain on repurchases of debt	(430)	0	(1,249)	(108)
Other (income) expense, net	(547)	(508)	(6,451)	1,886
(Loss) income from operations before tax	(19,025)	5,073	(31,764)	15,397
Income tax provision	17,478	2,275	9,380	4,939
Net (loss) income	(36,503)	2,798	(41,144)	10,458
Net (loss) income attributable to:
Controlling interests	(36,999)	2,260	(42,620)	8,878
Non-controlling interests	$ 496	$ 538	$ 1,476	$ 1,580
Diluted (loss) income per share (in dollars per share)	$ (2.27)	$ 0.13	$ (2.52)	$ 0.48
Weighted average shares outstanding:
Diluted (in shares)	16,277	17,482	16,897	18,645
Cash dividend declared per share (in dollars per share)	$ 0.1875	$ 0	$ 0.5625	$ 0
Common shares
Net (loss) income attributable to:
Basic (loss) income per share (in dollars per share)	$ (2.27)	$ 0.13	$ (2.52)	$ 0.52
Weighted average shares outstanding:
Basic (in shares)	16,277	17,037	16,897	16,941

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	Treasury Stock	Treasury Stock Class A	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
Treasury stock, beginning balance (in shares) at Dec. 31, 2021											0
Beginning balance at Dec. 31, 2021		$ 49,584				$ 169				$ 0		$ 302,724	$ (256,635)	$ 3,326
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (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
Treasury stock, ending balance (in shares) at Mar. 31, 2022											0
Ending balance at Mar. 31, 2022		55,650				172				0		306,046	(254,411)	3,843
Beginning balance (in shares) at Dec. 31, 2021							12,573,654	815,296	3,461,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2021											0
Beginning balance at Dec. 31, 2021		49,584				169				0		302,724	(256,635)	3,326
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		10,458
Ending balance (in shares) at Sep. 30, 2022							12,881,711	815,296	3,461,341
Treasury stock, ending balance (in shares) at Sep. 30, 2022											25,623
Ending balance at Sep. 30, 2022		63,027				172				(225)		307,751	(247,757)	3,086
Beginning balance (in shares) at Mar. 31, 2022							12,859,532	815,296	3,461,341
Treasury stock, beginning balance (in shares) at Mar. 31, 2022											0
Beginning balance at Mar. 31, 2022		55,650				172				0		306,046	(254,411)	3,843
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		4,919											4,394	525
Stock-based compensation		839										839
Common stock issued under exercise of stock options (in shares)							17,179
Common stock issued under exercise of stock options		112										112
Treasury stock acquired at cost (in shares)	[2]										25,623
Treasury stock acquired at cost	[2]	(225)								(225)
Cash distributions to non-controlling interests		(1,820)												(1,820)
Ending balance (in shares) at Jun. 30, 2022							12,876,711	815,296	3,461,341
Treasury stock, ending balance (in shares) at Jun. 30, 2022											25,623
Ending balance at Jun. 30, 2022		59,475				172				(225)		306,997	(250,017)	2,548
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		2,798											2,260	538
Stock-based compensation		722										722
Common stock issued under exercise of stock options (in shares)							5,000
Common stock issued under exercise of stock options		32										32
Ending balance (in shares) at Sep. 30, 2022							12,881,711	815,296	3,461,341
Treasury stock, ending balance (in shares) at Sep. 30, 2022											25,623
Ending balance at Sep. 30, 2022		63,027				172				(225)		307,751	(247,757)	3,086
Beginning balance (in shares) at Dec. 31, 2022			12,964,312	815,296	3,461,341		12,964,312	815,296	3,461,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			0								0
Beginning balance at Dec. 31, 2022		69,079				173				0		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
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)	[3]						82,263
Issuance of restricted stock	[3]	0				1						(1)
Ending balance (in shares) at Mar. 31, 2023							13,117,307	815,296	3,461,341
Treasury stock, ending balance (in shares) at Mar. 31, 2023											0
Ending balance at Mar. 31, 2023		66,028				174				0		311,877	(250,062)	4,039
Beginning balance (in shares) at Dec. 31, 2022			12,964,312	815,296	3,461,341		12,964,312	815,296	3,461,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2022			0								0
Beginning balance at Dec. 31, 2022		69,079				173				0		309,645	(244,298)	3,559
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		$ (41,144)
Common stock issued under exercise of stock options (in shares)		688,435
Ending balance (in shares) at Sep. 30, 2023			13,864,471	815,296	1,961,341		13,864,471	815,296	1,961,341
Treasury stock, ending balance (in shares) at Sep. 30, 2023			183,768								183,768
Ending balance at Sep. 30, 2023		$ 12,434				167				(2,194)		307,498	(296,573)	3,536
Beginning balance (in shares) at Mar. 31, 2023							13,117,307	815,296	3,461,341
Treasury stock, beginning balance (in shares) at Mar. 31, 2023											0
Beginning balance at Mar. 31, 2023		66,028				174				0		311,877	(250,062)	4,039
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(2,700)											(3,200)	500
Repurchase of stock (in shares)	[4]								(1,500,000)
Repurchase of stock	[4]	(14,550)				(15)						(14,535)
Dividends declared		(3,148)											(3,148)
Stock-based compensation		2,106										2,106
Common stock issued under exercise of stock options (in shares)							551,121
Common stock issued under exercise of stock options		4,277				5						4,272
Treasury stock acquired at cost (in shares)	[5]										89,568
Treasury stock acquired at cost	[5]	(1,135)								(1,135)
Cash distributions to non-controlling interests		(1,499)												(1,499)
Ending balance (in shares) at Jun. 30, 2023							13,668,428	815,296	1,961,341
Treasury stock, ending balance (in shares) at Jun. 30, 2023											89,568
Ending balance at Jun. 30, 2023		49,379				164				(1,135)		303,720	(256,410)	3,040
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(36,503)											(36,999)	496
Dividends declared		(3,164)											(3,164)
Stock-based compensation		2,350										2,350
Common stock issued under exercise of stock options (in shares)							132,314
Common stock issued under exercise of stock options		1,132				2						1,130
ESPP shares issued (in shares)							45,977
ESPP shares issued		299				1						298
Treasury stock acquired at cost (in shares)	[5]										94,200
Treasury stock acquired at cost	[5]	(1,059)								(1,059)
Issuance of restricted stock (in shares)	[3]						17,752
Issuance of restricted stock	[3]	0
Ending balance (in shares) at Sep. 30, 2023			13,864,471	815,296	1,961,341		13,864,471	815,296	1,961,341
Treasury stock, ending balance (in shares) at Sep. 30, 2023			183,768								183,768
Ending balance at Sep. 30, 2023		$ 12,434				$ 167				$ (2,194)		$ 307,498	$ (296,573)	$ 3,536
[1]Includes 150,000 shares issued in the form of stock awards that vested immediately[2]Represents shares repurchased under the 2021 Stock Repurchase Plan.[3]Refer to Note 10, Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements for additional information related to shares issued. Represents shares repurchased under the terms of the Company's stock repurchase plan pursuant to which the Company is authorized to repurchase up to $50 million of the Company’s issued and outstanding Class A common stock over a three-year period, the "2021 Stock Repurchase Plan." Refer to Note 10, Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements for additional information related to the stock repurchases.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2022	Jun. 16, 2023
Immediately
Issuance of stock (in shares)	150,000
Repurchased Plan | Class C
Stock repurchase (in shares)		1,500,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income		$ (41,144)	$ 10,458
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		14,496	13,546
Amortization of deferred financing costs		1,567	1,359
Non-cash lease expense (income)		69	(298)
Net deferred taxes and other		8,817	4,413
Provision for doubtful accounts		2,817	1,429
Stock-based compensation expense		6,228	2,430
Gain on repurchases of debt		(1,249)	(108)
Trade activity, net		(1,352)	(3,496)
Impairment of intangible assets, investments, goodwill and long-lived assets		65,697	20,197
Realized gain on sale of digital assets		(839)	0
Gain on sale of investment		(5,210)	0
Unrealized loss on investment		493	1,934
Content rights acquired		0	(19,320)
Amortization of content rights		3,645	3,124
Change in content rights liabilities		(1,819)	17,397
Reimbursement of equipment modification costs		(1,487)	0
Other		(1,276)	(815)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(3,037)	(4,900)
Prepaid expenses and other assets		5,130	(1,253)
Accounts payable		646	(123)
Accrued expenses		(3,845)	(3,916)
Accrued interest		(9,443)	(9,674)
Other long-term liabilities		60	(278)
Net cash provided by operating activities		38,964	32,106
Cash flows from investing activities:
Payment for acquisition		0	(18,419)
Purchase of property and equipment		(11,373)	(13,100)
Purchase of investments		0	(100)
Purchase of digital assets		0	(4,997)
Proceeds from sale of digital assets		2,975	0
Proceeds from insurance recoveries		721	452
Proceeds from sale of assets and investment related transactions		7,277	810
Net cash used in investing activities		(400)	(35,354)
Cash flows from financing activities:
Repurchases of 2026 Notes		(25,621)	(18,850)
Dividend payments		(6,285)	0
Proceeds from stock options exercised		5,440	790
Withholdings for shares issued under the ESPP		729	0
Repurchases of stock		(16,645)	(225)
Cash distribution to non-controlling interests		(1,499)	(1,820)
Repayments of capitalized obligations		(140)	(105)
Net cash used in financing activities		(44,021)	(20,210)
Cash and cash equivalents and restricted cash:
Net decrease in cash, cash equivalents and restricted cash		(5,457)	(23,458)
Beginning of period		43,913	50,999
End of period		38,456	27,541
Cash payments:
Interest		37,273	38,284
Income taxes		1,122	1,049
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period		3,164	0
Investments acquired in exchange for advertising	[1]	0	2,750
Property and equipment acquired in exchange for advertising	[1]	550	726
Accrued capital expenditures		229	45
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		8,850	7,982
Right-of-use assets obtained in exchange for operating lease obligations		4,035	8,923
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		37,955	27,046
Restricted cash		501	495
Cash, cash equivalents, and restricted cash		$ 38,456	$ 27,541
[1]Represents total advertising services provided by the Company in exchange for property and equipment and equity interests acquired during each of the nine months ended September 30, 2023 and 2022, respectively.

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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 25,750 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 354 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 and subscription digital marketing solutions cancellations, declines in the purchase of new advertising by our clients, declines in the addition of new digital marketing solutions subscribers, 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 and nine months ended September 30, 2023, cash flows for the nine months ended September 30, 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 immaterial amounts of broadcast and digital advertising revenue for the three and nine months ended September 30, 2022 have 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2023 was as follows (in thousands): Balance at December 31, 2022 $ 5,946 Provision for credit losses 2,817 Amounts written off against allowance, net of recoveries (4,219) Balance at September 30, 2023 $ 4,544 Recently Issued Standards That Have Not Yet Been Adopted There were no new accounting pronouncements issued during the three and nine months ended September 30, 2023 that are expected to have a material impact on the Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 20,257 $ 38,943 $ 53,618 $ 1,659 $ 114,477 $ 23,188 $ 36,889 $ 57,806 $ 1,165 $ 119,048 Political — 66 561 — 627 — 100 1,487 — 1,587 Net Revenue $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ 115,104 $ 23,188 $ 36,989 $ 59,293 $ 1,165 $ 120,635 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 63,086 $ 113,715 $ 152,704 $ 8,695 $ 338,200 $ 68,021 $ 103,082 $ 161,282 $ 6,881 $ 339,266 Political — 127 1,118 — 1,245 — 297 3,238 — 3,535 Net Revenue $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ 339,445 $ 68,021 $ 103,379 $ 164,520 $ 6,881 $ 342,801 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): September 30, 2023 December 31, Accounts Receivable $ 63,527 $ 61,234 Short-term contract liabilities (deferred revenue) $ 8,845 $ 10,669 Contract Acquisition Costs $ 5,930 $ 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 September 30, 2023, and December 31, 2022, the balance in the contract liabilities was $8.8 million and $10.7 million, respectively. The decrease in the contract liabilities balance at September 30, 2023 is primarily driven by $0.6 million and $9.1 million of recognized revenue for the three and nine months ended September 30, 2023, offset by cash payments received or due in advance of satisfying our performance obligations. For the three and nine months ended September 30, 2022, we recognized $0.6 million and $8.2 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 and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, we had a balance of $5.9 million and $6.3 million, respectively, in capitalized contract acquisition costs and recognized $1.8 million and $5.1 million of amortization for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, we recognized $1.3 million and $3.7 million of amortization, respectively. No impairment losses have been recognized or changes made to the time frame for performance of the obligations related to deferred contract assets during the three and nine months ended September 30, 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. Performance obligations that are not distinct at contract inception are combined. Performance Obligations

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 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 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 nine months ended September 30, 2023, the Company sold assets associated with radio broadcast stations in Texarkana, TX and Bozeman, MT for an immaterial amount, and returned the license associated with a broadcast station in Binghamton, NY.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 19,331 $ 19,966 Buildings and leasehold improvements 58,649 57,386 Broadcast equipment 111,381 108,057 Computer and office equipment 24,884 24,211 Furniture and fixtures 22,882 22,968 Transportation equipment 20,297 20,703 Software development costs 43,833 39,489 Total property and equipment, gross 301,257 292,780 Less accumulated depreciation and amortization (189,956) (178,934) Total property and equipment, net $ 111,301 $ 113,846 Depreciation and amortization expense for property and equipment was $4.1 million and $4.2 million for the three months ended September 30, 2023 and 2022, respectively, and $12.7 million and $12.7 million for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, the Company recognized a total of $0.7 million in gains on the sale of buildings and land in the Bozeman, MT, and Yakima, WA, markets respectively. During the nine months ended September 30, 2023, the company recognized $0.4 million in impairment charges related to the sale of land and building in Battle Creek, MI and a total of $0.4 million in impairment charges to right of use assets associated with the abandonment of leased office space in Purchase and Binghamton, NY. During the nine months ended September 30, 2022, the Company sold land and a building in Quincy-Hannibal, IL. The Company recognized $0.8 million in impairment charges related to the sale. The Company had no material right of use assets related to its finance leases as of September 30, 2023 and December 31, 2022.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 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 increases in the weighted average cost of capital and changes in forecasted traditional broadcast revenue in the markets in which we operate, the Company quantitatively evaluated the fair value of its FCC licenses at September 30, June 30, and March 31, 2023. The key assumptions used in applying the direct valuation method are summarized as follows: September 30, 2023 Discount Rate 14.1% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.6% 75.0% Operating Profit Margin 20.0% 47.0% June 30, 2023 Discount Rate 13.5% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.8% 75.0% Operating Profit Margin 20.0% 47.0% 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 September 30, 2023 we incurred impairment charges of $23.6 million and $48.4 million for the three and nine months ended September 30, 2023, respectively, for FCC licenses in 24 and 32 of our 74 local markets, respectively. The impairment charges were primarily driven by increases in the discount rate applied in the valuation of our FCC licenses due to an increase in the weighted average cost of capital, decreases in third-party forecasts of broadcast revenues and an increase in the estimate of initial capital costs due to rising prices. The Company recorded an impairment charge of $10.3 million and $15.5 million for FCC licenses in 8 of our 74 local markets for the three and nine months ended September 30, 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 $14.0 million which would have resulted in an additional impairment charge of $9.7 million as of September 30, 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 $17.3 million which would have resulted in a further impairment charge of $13.4 million as of September 30, 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 radio operations. In the event broadcast radio 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 Advertising, 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. During the third quarter of 2023, the Company concluded that the carrying amount of the Local Advertising reporting unit exceeded its fair value, resulting in the recognition of a non-cash goodwill impairment charge of $2.8 million. An interim impairment assessment was considered necessary as a result of declines in traditional broadcast revenue and the increase in the weighted average cost of capital. The Company did not identify indicators of impairment related to any other reporting unit that would have required an interim impairment assessment during the nine months ended September 30, 2023. The fair value of the Local Advertising reporting unit was determined using an income approach whereby the fair value was calculated utilizing discounted estimated future cash flows. The income approach requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures and discount rates which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in testing the reporting unit for impairment was 12.1% with a perpetual growth rate of (1.7%). Following the non-cash goodwill impairment charge recognized during the three months ended September 30, 2023, the Local Advertising reporting unit had no goodwill as of September 30, 2023. The following table presents changes in goodwill by segment during the nine months ended September 30, 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 June 30, 2023 $ 77,000 $ 77,687 $ 2,811 $ 3,983 $ 161,481 Impairment (2,811) (2,811) Balance at September 30, 2023 $ 77,000 $ 77,687 $ — $ 3,983 $ 158,670 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 nine months ended September 30, 2023, included as a component of Other (income) expense, net on the Consolidated Statements of Operations. During the nine months ended September 30, 2022, the Company recorded $2.6 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 September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 203,661 $ — $ 203,661 Content rights and other intangible assets 1 - 9 34,827 (17,733) 17,094 Total $ 238,488 $ (17,733) $ 220,755 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 $1.5 million for the three months ended September 30, 2023 and 2022, respectively and $5.4 million and $4.0 million for the nine months ended September 30, 2023 and 2022, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of September 30, 2023 is as follows (in thousands): 2023 (remainder) $ 1,697 2024 6,017 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 17,094

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	InvestmentsLong-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 and nine months ended September 30, 2023, the Company recorded $4.4 million and $13.6 million of impairment charges, respectively, for existing investments based on the implied fair value of the investees, as the Company became aware of objective evidence to indicate that the fair value of the investments were below their carrying amounts. On April 12, 2023, one of the Company's investees was acquired as a result of a private transaction. The Company recognized a $5.2 million gain on the transaction during the nine months ended September 30, 2023, based on total consideration received in the amount of $6.0 million. During the nine months ended September 30, 2022, the Company recorded a $1.2 million impairment charge for an existing investee based on the implied fair value of the investee as a result of a private transaction. 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 September 30, 2023, the fair value of the Company's investment in the common stock of the investee was approximately $0.7 million. As a result, the Company recorded an unrealized loss of $0.6 million and a total net unrealized loss of $0.5 million, during the three and nine months ended September 30, 2023, respectively. During the three and nine months ended September 30, 2022, the Company recorded an unrealized gain of $0.2 million and a total net unrealized loss of $1.9 million, respectively, as a result of changes in the fair value of the investee's common stock. 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	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 503,618 $ 530,766 Deferred financing costs (4,480) (6,324) Total long-term debt $ 499,138 $ 524,442 During the nine months ended September 30, 2023, the Company voluntarily repurchased an aggregate $27.1 million principal amount of its 2026 Notes below par, plus accrued interest. The Company wrote-off approximately $0.3 million of unamortized deferred financing costs, recognizing a $0.4 million and $1.2 million net gain for the three and nine months ended September 30, 2023, respectively. 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 September 30, 2023. As of September 30, 2023, based on available market information, the estimated fair value of the 2026 Notes was $478.4 million. The Company used Level 2 measurements under the fair value measurement hierarchy established under Fair Value Measurement (Topic 820). Annual maturities of the Company's long-term debt as of September 30, 2023 are as follows (in thousands): 2023 (remainder) $ — 2024 — 2025 — 2026 503,618 2027 — Thereafter — $ 503,618

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the three months ended September 30, 2023 and 2022 was approximately (91.9)% and 44.8%, respectively. The Company's effective tax rate for the nine months ended September 30, 2023 and 2022 was approximately (29.5)% and 32.1%, respectively. The effective tax rate and income tax provision for the three and nine months ended September 30, 2023, respectively, is primarily the result of the non-cash impairment charges recorded for each period and the corresponding increase 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	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Options During the nine months ended September 30, 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. 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 all option activity for the nine months ended September 30, 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 1,516,067 7.31 Granted - market conditions 967,547 7.93 Exercised (688,435) 7.90 1,862 Forfeited and expired (54,257) 7.41 Outstanding at September 30, 2023 11,219,620 $ 7.74 5.03 $ 11,508 Exercisable at September 30, 2023 7,001,299 $ 8.01 3.00 $ 5,455 The maximum contractual term of stock options is 10 years. Restricted Stock Awards During the nine months ended September 30, 2023, the Company granted 68,876 shares to non-employee directors with a vesting period of one year, 26,067 shares with a vesting period of three years and 5,072 shares that vested immediately. 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 nine months ended September 30, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 93,181 $ 9.63 Shares granted 100,015 8.30 Shares vested (68,051) 9.68 Non-vested balance at September 30, 2023 125,145 $ 8.54 Restricted Stock Units The following table summarizes restricted stock unit activity for the nine months ended September 30, 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 September 30, 2023 437,086 $ 5.88 During the nine months ended September 30, 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 nine months ended September 30, 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 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 nine months ended September 30, 2023, a total of 111,709 shares of Class A common stock were issued under the 2021 Employee Stock Purchase Plan (the "ESPP"). For the three months ended September 30, 2023 and 2022, the Company recognized approximately $2.4 million and $0.7 million, respectively, of stock-based compensation expense with respect to options, restricted stock awards, restricted stock units and the ESPP. For the nine months ended September 30, 2023 and 2022, the Company recognized approximately $6.2 million and $2.4 million, respectively, of stock-based compensation expense with respect to options, restricted stock awards, restricted stock units and the ESPP. As of September 30, 2023, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $10.3 million and $2.4 million, respectively, and is expected to be recognized over a weighted average period of 2.4 years and 2.2 years, respectively. Dividends Declared On November 6, 2023 the board of directors approved a dividend of $0.1875 per share. The dividend will be paid to holders of record as of January 2, 2024 on February 1, 2024. On August 7, 2023 the board of directors approved a dividend of $0.1875 per share. The dividend was payable to holders of record as of October 2, 2023. The dividend of $3.1 million was paid on November 1, 2023. Stock Repurchase Agreement On June 16, 2023, the Company entered into a stock repurchase agreement with MSG National Properties, LLC (“MSG”) to repurchase 1.5 million shares of the Company’s Class C common stock. Total consideration paid in the aggregate amount of $14.6 million, or $9.70 per share, are reflected as a reduction in capital during the nine months ended September 30, 2023. The shares were retired upon repurchase. Following this transaction, MSG owned 1,708,139 shares of Common Stock in the Company (comprising 583,139 shares of Class A Common Stock and 1,125,000 shares of Class C Common Stock). Stock Repurchase Plan On December 16, 2021, the board of directors approved a stock repurchase plan, pursuant to which the Company is authorized to repurchase up to $50 million of the Company’s issued and outstanding Class A common stock over a thirty-six month period (the "2021 Stock Repurchase Plan"). Repurchases of common stock under the repurchase plan may be made, from time to time, in amounts and at prices the Company deems appropriate, subject to market conditions, applicable legal requirements, debt covenants and other considerations. Any such repurchases may be executed using open market purchases, privately negotiated agreements or other transactions, and may be funded from cash on hand, available borrowings or proceeds from potential debt or other capital markets sources. During the nine months ended September 30, 2023 a total of 183,768 shares were repurchased. As of September 30, 2023, a total of 209,391 shares were repurchased under the 2021 Stock Repurchase Plan.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (36,503) $ 2,798 $ (41,144) $ 10,458 Net income from non-controlling interest 496 538 1,476 1,580 Net (loss) income attributable to controlling interest $ (36,999) $ 2,260 $ (42,620) $ 8,878 Denominator: Weighted average shares of common stock outstanding 16,277 17,037 16,897 16,941 Effect of dilutive common stock equivalents — 445 — 1,704 Weighted average diluted common shares outstanding 16,277 17,482 16,897 18,645 Basic (loss) income per share $ (2.27) $ 0.13 $ (2.52) $ 0.52 Diluted (loss) income per share $ (2.27) $ 0.13 $ (2.52) $ 0.48 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options 10,135 5,036 10,226 45 Stock options with unsatisfied market conditions 1,126 — 981 — Restricted stock units 219 — 205 — Restricted stock units with unsatisfied market conditions 219 — 205 — Restricted stock awards 122 8 118 8 Shares expected to be issued under the 2021 Employee Stock Purchase Plan 51 — 61 —

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 September 30, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ — $ 115,104 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 14,498 27,271 37,510 2,044 — 81,323 Depreciation and amortization 325 147 3,263 35 947 4,717 Corporate expenses — — — — 6,604 6,604 Stock-based compensation 152 143 240 4 1,811 2,350 Transaction and business realignment costs — — 6 3 152 161 Impairment of intangible assets, investments, goodwill and long-lived assets — — 26,603 — 4,367 30,970 Net gain on sale and retirement of assets — — (362) — — (362) Operating income (loss) $ 5,282 $ 11,448 $ (13,081) $ (427) $ (13,881) $ (10,659) The following table presents the Company's reportable segment results for the three months ended September 30, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 23,188 $ 36,989 $ 59,293 $ 1,165 $ — $ 120,635 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 16,744 25,949 39,889 1,403 — 83,985 Depreciation and amortization 321 150 3,301 26 669 4,467 Corporate expenses — — — — 5,744 5,744 Stock-based compensation 137 20 109 2 454 722 Transaction and business realignment costs (1) — — — 6 998 1,004 Impairment of intangible assets, investments and long-lived assets — — 10,300 — — 10,300 Net gain on sale and retirement of assets — — (99) — (20) (119) Operating income (loss) $ 5,986 $ 10,870 $ 5,793 $ (272) $ (7,845) $ 14,532 The following tables present the Company's reportable segment results for the nine months ended September 30, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ — $ 339,445 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 45,703 77,666 113,858 8,074 — 245,301 Depreciation and amortization 980 479 10,245 104 2,688 14,496 Corporate expenses — — — — 18,911 18,911 Stock-based compensation 431 258 622 10 4,907 6,228 Transaction and business realignment costs — — 366 14 384 764 Impairment of intangible assets, investments, goodwill and long-lived assets — — 51,833 — 13,864 65,697 Net gain on sale and retirement of assets — — (703) — — (703) Operating income (loss) $ 15,972 $ 35,439 $ (22,399) $ 493 $ (40,754) $ (11,249) The following tables present the Company's reportable segment results for the nine months ended September 30, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 68,021 $ 103,379 $ 164,520 $ 6,881 $ — $ 342,801 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 48,513 73,058 113,875 6,135 — 241,581 Depreciation and amortization 911 360 9,603 113 2,559 13,546 Corporate expenses — — — — 15,892 15,892 Stock-based compensation 402 50 280 8 1,690 2,430 Transaction and business realignment costs (1) — — — 18 2,262 2,280 Impairment of intangible assets, investments and long-lived assets — — 16,258 120 3,819 20,197 Net gain on sale and retirement of assets — — (282) — (56) (338) Operating income (loss) $ 18,195 $ 29,911 $ 24,786 $ 487 $ (26,166) $ 47,213 (1) Includes integration costs of $1.2 million related to the acquisition of Cherry Creek. These costs were predominantly for travel and compensation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023, cash flows for the nine months ended September 30, 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 immaterial amounts of broadcast and digital advertising revenue for the three and nine months ended September 30, 2022 have 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.
Recently Adopted Accounting Standards and Recently Issued Standards That Have Not Yet Been Adopted	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 and nine months ended September 30, 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. Performance obligations that are not distinct at contract inception are combined. Performance Obligations

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of the Change in the Allowance for Doubtful Accounts	The change in the allowance for credit losses for the nine months ended September 30, 2023 was as follows (in thousands): Balance at December 31, 2022 $ 5,946 Provision for credit losses 2,817 Amounts written off against allowance, net of recoveries (4,219) Balance at September 30, 2023 $ 4,544

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 20,257 $ 38,943 $ 53,618 $ 1,659 $ 114,477 $ 23,188 $ 36,889 $ 57,806 $ 1,165 $ 119,048 Political — 66 561 — 627 — 100 1,487 — 1,587 Net Revenue $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ 115,104 $ 23,188 $ 36,989 $ 59,293 $ 1,165 $ 120,635 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 63,086 $ 113,715 $ 152,704 $ 8,695 $ 338,200 $ 68,021 $ 103,082 $ 161,282 $ 6,881 $ 339,266 Political — 127 1,118 — 1,245 — 297 3,238 — 3,535 Net Revenue $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ 339,445 $ 68,021 $ 103,379 $ 164,520 $ 6,881 $ 342,801
Schedule of Receivables, Contract Assets and Contract Liabilities from Contracts with Customers	The following tables provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): September 30, 2023 December 31, Accounts Receivable $ 63,527 $ 61,234 Short-term contract liabilities (deferred revenue) $ 8,845 $ 10,669 Contract Acquisition Costs $ 5,930 $ 6,348

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Land and improvements $ 19,331 $ 19,966 Buildings and leasehold improvements 58,649 57,386 Broadcast equipment 111,381 108,057 Computer and office equipment 24,884 24,211 Furniture and fixtures 22,882 22,968 Transportation equipment 20,297 20,703 Software development costs 43,833 39,489 Total property and equipment, gross 301,257 292,780 Less accumulated depreciation and amortization (189,956) (178,934) Total property and equipment, net $ 111,301 $ 113,846

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2023 Discount Rate 14.1% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.6% 75.0% Operating Profit Margin 20.0% 47.0% June 30, 2023 Discount Rate 13.5% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.8% 75.0% Operating Profit Margin 20.0% 47.0% 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 nine months ended September 30, 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 June 30, 2023 $ 77,000 $ 77,687 $ 2,811 $ 3,983 $ 161,481 Impairment (2,811) (2,811) Balance at September 30, 2023 $ 77,000 $ 77,687 $ — $ 3,983 $ 158,670
Schedule of Finite-Lived Intangible Assets	The following tables present details of our intangible assets as of September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 203,661 $ — $ 203,661 Content rights and other intangible assets 1 - 9 34,827 (17,733) 17,094 Total $ 238,488 $ (17,733) $ 220,755 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 September 30, 2023 and December 31, 2022, respectively (in thousands): September 30, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 203,661 $ — $ 203,661 Content rights and other intangible assets 1 - 9 34,827 (17,733) 17,094 Total $ 238,488 $ (17,733) $ 220,755 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 September 30, 2023 is as follows (in thousands): 2023 (remainder) $ 1,697 2024 6,017 2025 2,304 2026 2,108 2027 1,978 Thereafter 2,990 $ 17,094

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 503,618 $ 530,766 Deferred financing costs (4,480) (6,324) Total long-term debt $ 499,138 $ 524,442
Schedule of Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of September 30, 2023 are as follows (in thousands): 2023 (remainder) $ — 2024 — 2025 — 2026 503,618 2027 — Thereafter — $ 503,618

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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 all option activity for the nine months ended September 30, 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 1,516,067 7.31 Granted - market conditions 967,547 7.93 Exercised (688,435) 7.90 1,862 Forfeited and expired (54,257) 7.41 Outstanding at September 30, 2023 11,219,620 $ 7.74 5.03 $ 11,508 Exercisable at September 30, 2023 7,001,299 $ 8.01 3.00 $ 5,455 The following table summarizes restricted stock unit activity for the nine months ended September 30, 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 September 30, 2023 437,086 $ 5.88
Schedule of Nonvested Restricted Stock Shares Activity	The following table summarizes restricted stock activity for the nine months ended September 30, 2023: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2023 93,181 $ 9.63 Shares granted 100,015 8.30 Shares vested (68,051) 9.68 Non-vested balance at September 30, 2023 125,145 $ 8.54

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net (loss) income $ (36,503) $ 2,798 $ (41,144) $ 10,458 Net income from non-controlling interest 496 538 1,476 1,580 Net (loss) income attributable to controlling interest $ (36,999) $ 2,260 $ (42,620) $ 8,878 Denominator: Weighted average shares of common stock outstanding 16,277 17,037 16,897 16,941 Effect of dilutive common stock equivalents — 445 — 1,704 Weighted average diluted common shares outstanding 16,277 17,482 16,897 18,645 Basic (loss) income per share $ (2.27) $ 0.13 $ (2.52) $ 0.52 Diluted (loss) income per share $ (2.27) $ 0.13 $ (2.52) $ 0.48 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options 10,135 5,036 10,226 45 Stock options with unsatisfied market conditions 1,126 — 981 — Restricted stock units 219 — 205 — Restricted stock units with unsatisfied market conditions 219 — 205 — Restricted stock awards 122 8 118 8 Shares expected to be issued under the 2021 Employee Stock Purchase Plan 51 — 61 —

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ — $ 115,104 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 14,498 27,271 37,510 2,044 — 81,323 Depreciation and amortization 325 147 3,263 35 947 4,717 Corporate expenses — — — — 6,604 6,604 Stock-based compensation 152 143 240 4 1,811 2,350 Transaction and business realignment costs — — 6 3 152 161 Impairment of intangible assets, investments, goodwill and long-lived assets — — 26,603 — 4,367 30,970 Net gain on sale and retirement of assets — — (362) — — (362) Operating income (loss) $ 5,282 $ 11,448 $ (13,081) $ (427) $ (13,881) $ (10,659) The following table presents the Company's reportable segment results for the three months ended September 30, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 23,188 $ 36,989 $ 59,293 $ 1,165 $ — $ 120,635 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 16,744 25,949 39,889 1,403 — 83,985 Depreciation and amortization 321 150 3,301 26 669 4,467 Corporate expenses — — — — 5,744 5,744 Stock-based compensation 137 20 109 2 454 722 Transaction and business realignment costs (1) — — — 6 998 1,004 Impairment of intangible assets, investments and long-lived assets — — 10,300 — — 10,300 Net gain on sale and retirement of assets — — (99) — (20) (119) Operating income (loss) $ 5,986 $ 10,870 $ 5,793 $ (272) $ (7,845) $ 14,532 (1 ) Includes integration costs of $0.9 million related to the acquisition of Cherry Creek. These costs were predominantly for travel and compensation. The following tables present the Company's reportable segment results for the nine months ended September 30, 2023 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ — $ 339,445 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 45,703 77,666 113,858 8,074 — 245,301 Depreciation and amortization 980 479 10,245 104 2,688 14,496 Corporate expenses — — — — 18,911 18,911 Stock-based compensation 431 258 622 10 4,907 6,228 Transaction and business realignment costs — — 366 14 384 764 Impairment of intangible assets, investments, goodwill and long-lived assets — — 51,833 — 13,864 65,697 Net gain on sale and retirement of assets — — (703) — — (703) Operating income (loss) $ 15,972 $ 35,439 $ (22,399) $ 493 $ (40,754) $ (11,249) The following tables present the Company's reportable segment results for the nine months ended September 30, 2022 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 68,021 $ 103,379 $ 164,520 $ 6,881 $ — $ 342,801 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 48,513 73,058 113,875 6,135 — 241,581 Depreciation and amortization 911 360 9,603 113 2,559 13,546 Corporate expenses — — — — 15,892 15,892 Stock-based compensation 402 50 280 8 1,690 2,430 Transaction and business realignment costs (1) — — — 18 2,262 2,280 Impairment of intangible assets, investments and long-lived assets — — 16,258 120 3,819 20,197 Net gain on sale and retirement of assets — — (282) — (56) (338) Operating income (loss) $ 18,195 $ 29,911 $ 24,786 $ 487 $ (26,166) $ 47,213 (1) Includes integration costs of $1.2 million related to the acquisition of Cherry Creek. These costs were predominantly for travel and compensation.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) radio_station website market business	Sep. 30, 2022 USD ($) market	Sep. 30, 2023 USD ($) radio_station website market business	Sep. 30, 2022 USD ($) market
Organization and Basis of Presentation [Line Items]
Number of small and medium sized markets in which entity operates | business	25,750		25,750
Number of radio stations | radio_station	354		354
Net revenue	$ 115,104	$ 120,635	$ 339,445	$ 342,801
Operating segments | Other
Organization and Basis of Presentation [Line Items]
Net revenue	$ 1,659	1,165	$ 8,695	6,881
Operating segments | As Reported | Other
Organization and Basis of Presentation [Line Items]
Net revenue		$ 0		$ 0
United States
Organization and Basis of Presentation [Line Items]
Number of markets | market	74	74	74	74
Minimum
Organization and Basis of Presentation [Line Items]
Number of local websites (more than) | website	400		400

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 5,946
Provision for credit losses	2,817
Amounts written off against allowance, net of recoveries	(4,219)
Ending balance	$ 4,544

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 115,104	$ 120,635	$ 339,445	$ 342,801
Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	20,257	23,188	63,086	68,021
Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	39,009	36,989	113,842	103,379
Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	54,179	59,293	153,822	164,520
Other
Disaggregation of Revenue [Line Items]
Net revenue	1,659	1,165	8,695	6,881
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net revenue	114,477	119,048	338,200	339,266
Net Revenue (ex Political) | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	20,257	23,188	63,086	68,021
Net Revenue (ex Political) | Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	38,943	36,889	113,715	103,082
Net Revenue (ex Political) | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	53,618	57,806	152,704	161,282
Net Revenue (ex Political) | Other
Disaggregation of Revenue [Line Items]
Net revenue	1,659	1,165	8,695	6,881
Political
Disaggregation of Revenue [Line Items]
Net revenue	627	1,587	1,245	3,535
Political | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Political | Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	66	100	127	297
Political | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	561	1,487	1,118	3,238
Political | Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Short-term contract liabilities (deferred revenue)	$ 8,845,000		$ 8,845,000		$ 10,669,000
Revenue recognized	600,000	$ 600,000	9,100,000	$ 8,200,000
Deferred costs	5,930,000		5,930,000		$ 6,348,000
Recognized amortization	1,800,000	1,300,000	5,100,000	3,700,000
Impairment loss	$ 0	$ 0	$ 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	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts Receivable	$ 63,527	$ 61,234
Short-term contract liabilities (deferred revenue)	8,845	10,669
Contract Acquisition Costs	$ 5,930	$ 6,348

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Thousands		9 Months Ended		15 Months Ended
	Jun. 17, 2022 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	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	$ 18,500
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		9 Months Ended		15 Months Ended
	Jun. 17, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 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	$ 18,500
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
	Mar. 31, 2023	Jun. 17, 2022
Business Acquisition [Line Items]
Fair value of intangible assets acquired	$ 8,863
FCC licenses
Business Acquisition [Line Items]
Fair value of intangible assets acquired	2,889
Customer relationships
Business Acquisition [Line Items]
Fair value of intangible assets acquired	5,007
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	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 301,257	$ 292,780
Less accumulated depreciation and amortization	(189,956)	(178,934)
Total property and equipment, net	111,301	113,846
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	19,331	19,966
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	58,649	57,386
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	111,381	108,057
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	24,884	24,211
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	22,882	22,968
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	20,297	20,703
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 43,833	$ 39,489

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,100,000	$ 4,200,000	$ 12,700,000	$ 12,700,000
Impairment charge to operating lease right-of-use assets			400,000
Finance lease, right-of-use asset	$ 0		0		$ 0
Bozeman, MT, and Yakima, WA Markets | Discontinued Operations, Disposed of by Sale
Property, Plant and Equipment [Line Items]
Gain on sale of buildings and land			700,000
Battle Creek, MI | Discontinued Operations, Disposed of by Sale
Property, Plant and Equipment [Line Items]
Impairment charges to long-lived assets			$ 400,000
Quincy Hannibal, IL | Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Impairment on assets of the disposal group				$ 800,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($) market	Sep. 30, 2022 USD ($) market	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) market	Sep. 30, 2022 USD ($) market	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Impairment charge	$ 23,600,000	$ 10,300,000		$ 48,400,000	$ 15,500,000
Number of local markets with impairment charge incurred | market	24	8		32	8
Goodwill	$ 158,670,000			$ 158,670,000		$ 161,481,000		$ 161,385,000
Impairment	2,811,000
Impairment, weighted average cost of capital				12.10%
Perpetual growth rate				1.70%
Digital assets							$ 2,100,000
Digital assets, impairment charges					$ 2,600,000
Amortization of intangible assets	1,800,000	$ 1,500,000		$ 5,400,000	$ 4,000,000
Local Advertising
Indefinite-lived Intangible Assets [Line Items]
Impairment	$ 2,800,000
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%
Live Events
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
Weighted Average Cost Of Capital
Indefinite-lived Intangible Assets [Line Items]
Point increase, assumptions	5,000%			5,000%
Long-Term Revenue Growth
Indefinite-lived Intangible Assets [Line Items]
Point decrease assumptions	10,000%			10,000%
United States
Indefinite-lived Intangible Assets [Line Items]
Number of markets | market	74	74		74	74
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				$ 14,000,000
IImpairment charge, assumptions				9,700,000
FCC licenses | Long-Term Revenue Growth
Indefinite-lived Intangible Assets [Line Items]
Estimated fair value, assumptions				17,300,000
IImpairment charge, assumptions				13,400,000
Digital assets
Indefinite-lived Intangible Assets [Line Items]
Payments to acquire investments			$ 5,000,000
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)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.141	0.135	0.122
Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0	0	0
Mature Market Share | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.206	0.208	0.217
Mature Market Share | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.750	0.750	0.750
Operating Profit Margin | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.200	0.200	0.200
Operating Profit Margin | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.470	0.470	0.470

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 161,481	$ 161,385
Cherry Creek measurement period adjustment		96
Impairment	(2,811)
Goodwill, ending balance	158,670	161,481
Operating segments | Subscription Digital Marketing Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	77,000	77,000
Cherry Creek measurement period adjustment		0
Impairment
Goodwill, ending balance	77,000	77,000
Operating segments | Digital Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	77,687	77,687
Cherry Creek measurement period adjustment		0
Impairment
Goodwill, ending balance	77,687	77,687
Operating segments | Broadcast Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	2,811	2,715
Cherry Creek measurement period adjustment		96
Impairment	(2,811)
Goodwill, ending balance	0	2,811
Operating segments | Other
Goodwill [Roll Forward]
Goodwill, beginning balance	3,983	3,983
Cherry Creek measurement period adjustment		0
Impairment
Goodwill, ending balance	$ 3,983	$ 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	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (17,733)	$ (14,500)
Net Carrying Amount	17,094
Intangible assets, gross carrying amount total	238,488	291,338
Intangible assets, net carrying amount total	220,755	276,838
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite intangible asset	203,661	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	34,827	37,092
Accumulated Amortization	(17,733)	(14,500)
Net Carrying Amount	$ 17,094	$ 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)	9 years	10 years

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder)	$ 1,697
2024	6,017
2025	2,304
2026	2,108
2027	1,978
Thereafter	2,990
Net Carrying Amount	$ 17,094

Investments (Details)

Investments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Apr. 12, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Impairment on investments		$ 4.4		$ 13.6	$ 1.2
Gain on the sale of its investments	$ 5.2
Proceeds from sale of equity securities				6
Fair value of investment		0.7		0.7
Unrealized gain			$ 0.2
Unrealized loss		$ 0.6		$ 0.5	$ 1.9

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2026 Notes	$ 503,618	$ 530,766
Deferred financing costs	(4,480)	(6,324)
Total long-term debt	$ 499,138	$ 524,442

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Gain on repurchase of notes	$ 430,000	$ 0	$ 1,249,000	$ 108,000
2026 Notes
Debt Instrument [Line Items]
Repurchased of 2026 notes	27,100,000		27,100,000
Write-off of deferred financing costs	300,000		300,000
Gain on repurchase of notes	400,000		1,200,000
Fair value of debt	$ 478,400,000		$ 478,400,000

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder)	$ 0
2024	0
2025	0
2026	503,618
2027	0
Thereafter	0
Long-term debt	$ 503,618

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(91.90%)	44.80%	(29.50%)	32.10%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 07, 2023	Mar. 06, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 06, 2023
Class of Stock [Line Items]
Dividends (in dollars per share)	$ 0.1875	$ 0.1875
Stock-based compensation			$ 2,350	$ 722	$ 6,228	$ 2,430
Dividends payable			3,164	0	$ 3,164	0
Dividends, cash	$ 3,100
Subsequent Event
Class of Stock [Line Items]
Dividends (in dollars per share)							$ 0.1875
Black-Scholes Model
Class of Stock [Line Items]
Expected dividend yield		0%
Stock options
Class of Stock [Line Items]
Maximum contractual term of stock options					10 years
Compensation cost not yet recognized			10,300		$ 10,300
Compensation cost not yet recognized, period for recognition					2 years 4 months 24 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)					111,709
Restricted stock awards | Non Employee Directors | Tranche One
Class of Stock [Line Items]
Granted (in shares)					68,876
Award vesting period (in years)					1 year
Restricted stock awards | Non Employee Directors | Tranche Two
Class of Stock [Line Items]
Granted (in shares)					26,067
Award vesting period (in years)					3 years
Restricted stock awards | Non Employee Directors | Immediately
Class of Stock [Line Items]
Granted (in shares)					5,072
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			2,400	$ 700	$ 6,200	$ 2,400
Compensation cost not yet recognized			$ 2,400		$ 2,400
Compensation cost not yet recognized, period for recognition					2 years 2 months 12 days
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)	9 Months Ended
	Sep. 30, 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 the last 20 trading days of the three-year performance period | Year One
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 | VWAP over the last 20 trading days of the three-year performance period | Year Two
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 | VWAP over the last 20 trading days of the three-year performance period | Year Three
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 | 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 | VWAP over 30 consecutive trading days of the seven-year performance period | Year One
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 | VWAP over 30 consecutive trading days of the seven-year performance period | Year Two
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 | VWAP over 30 consecutive trading days of the seven-year performance period | Year Three
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 | VWAP over the last 20 trading days of the three-year performance period | Year One
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 | VWAP over the last 20 trading days of the three-year performance period | Year Two
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 | VWAP over the last 20 trading days of the three-year performance period | Year Three
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)		9 Months Ended
	Mar. 06, 2023	Sep. 30, 2023
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 | 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 | 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) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Options
Beginning balance, outstanding (in shares) | shares	9,478,698
Exercised (in shares) | shares	(688,435)
Forfeited and expired (in shares) | shares	(54,257)
Ending balance, outstanding (in shares) | shares	11,219,620	9,478,698
Options, exercisable (in shares) | shares	7,001,299
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 7.80
Exercised (in dollars per share) | $ / shares	7.90
Forfeited and expired (in dollars per share) | $ / shares	7.41
Ending balance (in dollars per share) | $ / shares	7.74	$ 7.80
Weighted average exercise price, exercisable (in dollars per share) | $ / shares	$ 8.01
Weighted Average Remaining Contractual Life (years)
Weighted average remaining contractual life (years)	5 years 10 days	4 years 7 months 13 days
Weighted average remaining contractual life (years), exercisable	3 years
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding beginning balance | $	$ 2,798
Aggregate intrinsic value, exercised | $	1,862
Aggregate intrinsic value, outstanding ending balance | $	11,508	$ 2,798
Aggregate intrinsic value, exercisable | $	$ 5,455
Time-Based Stock Option
Options
Granted (in shares) | shares	1,516,067
Weighted Average Exercise Price
Granted (in dollars per share) | $ / shares	$ 7.31
Performance-Based Stock Option
Options
Granted (in shares) | shares	967,547
Weighted Average Exercise Price
Granted (in dollars per share) | $ / shares	$ 7.93

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted stock awards
Number of Shares
Beginning balance (in shares) | shares	93,181
Shares granted (in shares) | shares	100,015
Shares vested (in shares) | shares	(68,051)
Ending balance (in shares) | shares	125,145
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 9.63
Shares granted (in dollars per share) | $ / shares	8.30
Shares vested (in dollars per share) | $ / shares	9.68
Ending balance (in dollars per share) | $ / shares	$ 8.54
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

Stockholder's Equity - Stock Re

Stockholder's Equity - Stock Repurchase Agreement (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 16, 2023	Sep. 30, 2023	Dec. 31, 2022
MSG National Properties LLC
Class of Stock [Line Items]
Common shares outstanding (in shares)	1,708,139
Class C
Class of Stock [Line Items]
Common shares outstanding (in shares)		1,961,341	3,461,341
Class C | MSG National Properties LLC
Class of Stock [Line Items]
Stock repurchase (in shares)	1,500,000
Common shares outstanding (in shares)	1,125,000
Repurchase amount	$ 14.6
Securities repurchased (in dollars per share)	$ 9.70
Class A
Class of Stock [Line Items]
Common shares outstanding (in shares)		13,864,471	12,964,312
Class A | MSG National Properties LLC
Class of Stock [Line Items]
Common shares outstanding (in shares)	583,139

Stockholder's Equity - Stock _2

Stockholder's Equity - Stock Repurchase Plan (Details) - USD ($)		3 Months Ended	9 Months Ended	21 Months Ended
	Dec. 16, 2021	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2023
2021 Stock Repurchase Plan
Class of Stock [Line Items]
Repurchase of stock (in shares)			183,768	209,391
Class A
Class of Stock [Line Items]
Stock repurchase program, period in force	36 months
Repurchased Plan | Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 50,000,000
Stock repurchase program, period in force		3 years
Repurchased Plan | Maximum
Class of Stock [Line Items]
Stock repurchase program, authorized amount	$ 50,000,000

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net (loss) income	$ (36,503)	$ (2,700)	$ (1,941)	$ 2,798	$ 4,919	$ 2,741	$ (41,144)	$ 10,458
Net income from non-controlling interest	496			538			1,476	1,580
Net (loss) income attributable to controlling interest	$ (36,999)			$ 2,260			$ (42,620)	$ 8,878
Denominator:
Effect of dilutive common stock equivalents (in shares)	0			445			0	1,704
Weighted average diluted common shares outstanding (in shares)	16,277			17,482			16,897	18,645
Diluted (loss) income per share
Diluted (loss) income per share (in dollars per share)	$ (2.27)			$ 0.13			$ (2.52)	$ 0.48
Shares expected to be issued under the 2021 Employee Stock Purchase Plan
Diluted (loss) income per share
Antidilutive securities (in shares)	51			0			61	0
Stock options
Diluted (loss) income per share
Antidilutive securities (in shares)	10,135			5,036			10,226	45
Stock options with unsatisfied market conditions
Diluted (loss) income per share
Antidilutive securities (in shares)	1,126			0			981	0
Restricted stock units
Diluted (loss) income per share
Antidilutive securities (in shares)	219			0			205	0
Restricted stock units with unsatisfied market conditions
Diluted (loss) income per share
Antidilutive securities (in shares)	219			0			205	0
Restricted stock awards
Diluted (loss) income per share
Antidilutive securities (in shares)	122			8			118	8
Common shares
Denominator:
Weighted average shares of common stock outstanding (in shares)	16,277			17,037			16,897	16,941
Basic (loss) income per share
Basic (loss) income per share (in dollars per share)	$ (2.27)			$ 0.13			$ (2.52)	$ 0.52

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 115,104	$ 120,635	$ 339,445	$ 342,801
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	81,323	83,985	245,301	241,581
Depreciation and amortization	4,717	4,467	14,496	13,546
Corporate expenses	6,604	5,744	18,911	15,892
Stock-based compensation	2,350	722	6,228	2,430
Transaction and business realignment costs	161	1,004	764	2,280
Impairment of intangible assets, investments, goodwill and long-lived assets	30,970	10,300	65,697	20,197
Net gain (loss) on sale and retirement of assets	(362)	(119)	(703)	(338)
Operating (loss) income	(10,659)	14,532	(11,249)	47,213
Cherry Creek Broadcasting LLC | Travel and Compensation Costs
Segment Reporting Information [Line Items]
Transaction and business realignment costs		900		1,200
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	0	0	0	0
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	0	0	0	0
Depreciation and amortization	947	669	2,688	2,559
Corporate expenses	6,604	5,744	18,911	15,892
Stock-based compensation	1,811	454	4,907	1,690
Transaction and business realignment costs	152	998	384	2,262
Impairment of intangible assets, investments, goodwill and long-lived assets	4,367	0	13,864	3,819
Net gain (loss) on sale and retirement of assets	0	(20)	0	(56)
Operating (loss) income	(13,881)	(7,845)	(40,754)	(26,166)
Subscription Digital Marketing Solutions | Operating segments
Segment Reporting Information [Line Items]
Net revenue	20,257	23,188	63,086	68,021
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	14,498	16,744	45,703	48,513
Depreciation and amortization	325	321	980	911
Corporate expenses	0	0	0	0
Stock-based compensation	152	137	431	402
Transaction and business realignment costs	0	0	0	0
Impairment of intangible assets, investments, goodwill and long-lived assets	0	0	0	0
Net gain (loss) on sale and retirement of assets	0	0	0	0
Operating (loss) income	5,282	5,986	15,972	18,195
Digital Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	39,009	36,989	113,842	103,379
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	27,271	25,949	77,666	73,058
Depreciation and amortization	147	150	479	360
Corporate expenses	0	0	0	0
Stock-based compensation	143	20	258	50
Transaction and business realignment costs	0	0	0	0
Impairment of intangible assets, investments, goodwill and long-lived assets	0	0	0	0
Net gain (loss) on sale and retirement of assets	0	0	0	0
Operating (loss) income	11,448	10,870	35,439	29,911
Broadcast Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	54,179	59,293	153,822	164,520
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	37,510	39,889	113,858	113,875
Depreciation and amortization	3,263	3,301	10,245	9,603
Corporate expenses	0	0	0	0
Stock-based compensation	240	109	622	280
Transaction and business realignment costs	6	0	366	0
Impairment of intangible assets, investments, goodwill and long-lived assets	26,603	10,300	51,833	16,258
Net gain (loss) on sale and retirement of assets	(362)	(99)	(703)	(282)
Operating (loss) income	(13,081)	5,793	(22,399)	24,786
Other | Operating segments
Segment Reporting Information [Line Items]
Net revenue	1,659	1,165	8,695	6,881
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	2,044	1,403	8,074	6,135
Depreciation and amortization	35	26	104	113
Corporate expenses	0	0	0	0
Stock-based compensation	4	2	10	8
Transaction and business realignment costs	3	6	14	18
Impairment of intangible assets, investments, goodwill and long-lived assets	0	0	0	120
Net gain (loss) on sale and retirement of assets	0	0	0	0
Operating (loss) income	$ (427)	$ (272)	$ 493	$ 487