Townsquare Media (TSQ) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	2024
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		14,231,917
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		815,296
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		500,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 21,786	$ 61,046
Accounts receivable, net of allowance for credit losses of $4,131 and $4,041, respectively	57,654	60,780
Prepaid expenses and other current assets	12,759	10,356
Total current assets	92,199	132,182
Property and equipment, net	110,428	110,194
Intangible assets, net	165,179	200,306
Goodwill	152,903	157,270
Investments	975	3,542
Operating lease right-of-use assets	42,460	46,887
Other assets	763	1,165
Restricted cash	509	503
Total assets	565,416	652,049
Current liabilities:
Accounts payable	3,799	5,036
Deferred revenue	9,092	9,059
Accrued compensation and benefits	12,007	13,085
Accrued expenses and other current liabilities	26,986	25,112
Operating lease liabilities, current	9,487	9,376
Accrued interest	5,501	14,420
Total current liabilities	66,872	76,088
Long-term debt, net of deferred finance costs of $2,234 and $3,960, respectively	476,702	499,658
Deferred tax liability	25,163	11,856
Operating lease liability, net of current portion	38,153	41,437
Other long-term liabilities	10,989	13,099
Total liabilities	617,879	642,138
Stockholders’ equity:
Total common stock	165	168
Treasury stock, at cost; 965,399 and 183,768 shares of Class A common stock, respectively	(11,218)	(2,177)
Additional paid-in capital	304,097	310,612
Accumulated deficit	(349,000)	(302,193)
Non-controlling interest	3,493	3,501
Total stockholders’ equity	(52,463)	9,911
Total liabilities and stockholders’ equity	565,416	652,049
Class A common stock
Stockholders’ equity:
Total common stock	152	140
Class B common stock
Stockholders’ equity:
Total common stock	8	8
Class C common stock
Stockholders’ equity:
Total common stock	$ 5	$ 20

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable allowance	$ 4,131	$ 4,041
Deferred financing costs	$ 2,234	$ 3,960
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)	15,196,963	14,023,767
Common shares outstanding (in shares)	15,196,963	14,023,767
Treasury shares common shares (in shares)	965,399	183,768
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)	500,000	1,961,341
Common shares outstanding (in shares)	500,000	1,961,341

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenue	$ 115,311	$ 115,104	$ 333,169	$ 339,445
Operating costs and expenses:
Direct operating expenses, excluding depreciation, amortization, and stock-based compensation	83,794	81,323	246,201	245,301
Depreciation and amortization	4,947	4,717	14,896	14,496
Corporate expenses	6,063	6,604	17,762	18,911
Stock-based compensation	2,867	2,350	14,062	6,228
Transaction and business realignment costs	645	161	3,683	764
Impairment of intangible assets, investments, goodwill and long-lived assets	2,008	30,970	36,264	65,697
Net gain on sale and retirement of assets	(110)	(362)	(66)	(703)
Total operating costs and expenses	100,214	125,763	332,802	350,694
Operating income (loss)	15,097	(10,659)	367	(11,249)
Other expense (income):
Interest expense, net	9,175	9,343	27,418	28,215
Gain on repurchases of debt	(8)	(430)	(11)	(1,249)
Other income, net	(277)	(547)	(4,974)	(6,451)
Income (loss) from operations before tax	6,207	(19,025)	(22,066)	(31,764)
Income tax (benefit) provision	(5,129)	17,478	13,903	9,380
Net income (loss)	11,336	(36,503)	(35,969)	(41,144)
Net income (loss) attributable to:
Controlling interests	10,847	(36,999)	(37,261)	(42,620)
Non-controlling interests	$ 489	$ 496	$ 1,292	$ 1,476
Diluted income (loss) per share (in dollars per share)	$ 0.63	$ (2.27)	$ (2.38)	$ (2.52)
Weighted average shares outstanding:
Diluted (in shares)	17,227	16,277	15,650	16,897
Common shares
Net income (loss) attributable to:
Basic income (loss) per share (in dollars per share)	$ 0.71	$ (2.27)	$ (2.38)	$ (2.52)
Weighted average shares outstanding:
Basic (in shares)	15,296	16,277	15,650	16,897

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, 2022							12,964,312		815,296	3,461,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2022													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)							82,263
Issuance of restricted stock		0				1								(1)
Ending balance (in shares) at Mar. 31, 2023							13,117,307		815,296	3,461,341
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
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Cash dividend declared per share (in dollars per share)		$ 0.1875
Beginning balance (in shares) at Dec. 31, 2022							12,964,312		815,296	3,461,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2022													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)
Ending balance (in shares) at Sep. 30, 2023							13,864,471		815,296	1,961,341
Treasury stock, ending balance (in shares) at Sep. 30, 2023													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)										(1,500,000)
Repurchase of stock		(14,550)				(15)								(14,535)
Dividends declared		(3,148)													(3,148)
Stock-based compensation		2,106												2,106
Treasury stock acquired at cost (in shares)													89,568
Treasury stock acquired at cost		(1,135)										(1,135)
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
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]
Cash dividend declared per share (in dollars per share)		$ 0.1875
Net (loss) income		$ (36,503)													(36,999)	496
Dividends declared		(3,164)													(3,164)
Stock-based compensation		2,350												2,350
Treasury stock acquired at cost (in shares)													94,200
Treasury stock acquired at cost		(1,059)										(1,059)
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
Issuance of restricted stock (in shares)							17,752
Issuance of restricted stock		0
Ending balance (in shares) at Sep. 30, 2023							13,864,471		815,296	1,961,341
Treasury stock, ending balance (in shares) at Sep. 30, 2023													183,768
Ending balance at Sep. 30, 2023		$ 12,434				167						(2,194)		307,498	(296,573)	3,536
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Cash dividend declared per share (in dollars per share)		$ 0.1875
Beginning balance (in shares) at Dec. 31, 2023			14,023,767	815,296	1,961,341		14,023,767		815,296	1,961,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2023			183,768										183,768
Beginning balance at Dec. 31, 2023		$ 9,911				168						(2,177)		310,612	(302,193)	3,501
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		1,553													1,136	417
Conversion of common shares (in shares)			2,000,000				1,961,341	[1]		(1,961,341)	[1]
Settlement of options	[2]	(6,902)												(6,902)
Dividends declared		(3,158)													(3,158)
Stock-based compensation		2,162												2,162
Treasury stock acquired at cost (in shares)	[3]												396,759
Treasury stock acquired at cost	[3]	(4,299)										(4,299)
Common stock issued under exercise of stock options (in shares)							263,053
Common stock issued under exercise of stock options		2,205				3								2,202
ESPP shares issued (in shares)							42,360
ESPP shares issued		403												403
Issuance of restricted stock (in shares)	[4]						143,737
Issuance of restricted stock	[4]	0				1								(1)
Shares withheld to satisfy tax withholdings (in shares)							(3,108)
Shares withheld to satisfy tax withholdings		(35)												(35)
Ending balance (in shares) at Mar. 31, 2024							16,431,150		815,296	0
Treasury stock, ending balance (in shares) at Mar. 31, 2024													580,527
Ending balance at Mar. 31, 2024		$ 1,840				172						(6,476)		308,441	(304,215)	3,918
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Cash dividend declared per share (in dollars per share)		$ 0.1975
Beginning balance (in shares) at Dec. 31, 2023			14,023,767	815,296	1,961,341		14,023,767		815,296	1,961,341
Treasury stock, beginning balance (in shares) at Dec. 31, 2023			183,768										183,768
Beginning balance at Dec. 31, 2023		$ 9,911				168						(2,177)		310,612	(302,193)	3,501
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		$ (35,969)
Common stock issued under exercise of stock options (in shares)		907,793
Ending balance (in shares) at Sep. 30, 2024			15,196,963	815,296	500,000		15,196,963		815,296	500,000
Treasury stock, ending balance (in shares) at Sep. 30, 2024			965,399										965,399
Ending balance at Sep. 30, 2024		$ (52,463)				165						(11,218)		304,097	(349,000)	3,493
Beginning balance (in shares) at Mar. 31, 2024							16,431,150		815,296	0
Treasury stock, beginning balance (in shares) at Mar. 31, 2024													580,527
Beginning balance at Mar. 31, 2024		1,840				172						(6,476)		308,441	(304,215)	3,918
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Net (loss) income		(48,858)													(49,244)	386
Repurchase of stock (in shares)	[5]						(1,500,000)
Repurchase of stock	[5]	(14,640)				(15)								(14,625)
Dividends declared		(3,174)													(3,174)
Stock-based compensation		2,717												2,717
Treasury stock acquired at cost (in shares)	[3]												259,934
Treasury stock acquired at cost	[3]	(3,353)										(3,353)
Common stock issued under exercise of stock options (in shares)							294,962
Common stock issued under exercise of stock options		2,632				3								2,629
Issuance of restricted stock (in shares)	[4]						72,690
Issuance of restricted stock	[4]	0				1								(1)
Cash distributions to non-controlling interests		(1,300)														(1,300)
Ending balance (in shares) at Jun. 30, 2024							15,298,802		815,296	0
Treasury stock, ending balance (in shares) at Jun. 30, 2024													840,461
Ending balance at Jun. 30, 2024		$ (64,136)				161						(9,829)		299,161	(356,633)	3,004
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Cash dividend declared per share (in dollars per share)		$ 0.1975
Net (loss) income		$ 11,336													10,847	489
Conversion of common shares (in shares)			500,000				(500,000)	[1]		500,000	[1]
Dividends declared		(3,214)													(3,214)
Stock-based compensation		2,005												2,005
Treasury stock acquired at cost (in shares)	[3]												124,938
Treasury stock acquired at cost	[3]	(1,389)										(1,389)
Common stock issued under exercise of stock options (in shares)							349,778
Common stock issued under exercise of stock options		2,630				4								2,626
ESPP shares issued (in shares)							33,486
ESPP shares issued		305												305
Issuance of restricted stock (in shares)	[4]						14,897
Issuance of restricted stock	[4]	0
Ending balance (in shares) at Sep. 30, 2024			15,196,963	815,296	500,000		15,196,963		815,296	500,000
Treasury stock, ending balance (in shares) at Sep. 30, 2024			965,399										965,399
Ending balance at Sep. 30, 2024		$ (52,463)				$ 165						$ (11,218)		$ 304,097	$ (349,000)	$ 3,493
Increase (Decrease) in Stockholders' and Members' Equity [Roll Forward]
Cash dividend declared per share (in dollars per share)		$ 0.1975
[1]During the three months ended March 31, 2024, direct holders of Class C Common Stock converted approximately 2.0 million shares into an equal number of Class A Common Stock. During the three months ended September 30, 2024, direct holders of Class A Common Stock converted approximately 0.5 million shares into an equal number of Class C Common Stock. Except as expressly provided in our certificate of incorporation, the Class A common stock, Class B common stock and Class C common stock have equal economic rights and rank equally, share ratably and are identical in all respects as to all matters. Class C common stock is not redeemable, but is convertible 1:1 (including automatically upon certain transfers) into Class A common stock.[2]During the three months ended March 31, 2024, the Company launched a program that offered certain holders a cash settlement of options. Refer to Note 9, Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements for additional information related to the settlement. 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 9, Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements for additional information related to the stock repurchases. Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements for additional information related to shares issued. Stockholders' Equity , in the accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Cash dividend declared per share (in dollars per share) | $ / shares	$ 0.1975
Class A
Conversion of common shares (in shares) | shares	2,000,000
Class C
Conversion ratio	1
Repurchased Plan | Class A
Repurchase amount | $	$ 50,000,000
Period in force	3 years

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss		$ (35,969)	$ (41,144)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		14,896	14,496
Amortization of deferred financing costs		1,576	1,567
Non-cash lease (income) expense		(558)	69
Net deferred taxes and other		13,307	8,817
Allowance for credit losses		4,036	2,817
Stock-based compensation expense		14,062	6,228
Gain on repurchases of debt		(11)	(1,249)
Trade and barter activity, net		(993)	(1,352)
Impairment of intangible assets, investments, goodwill and long-lived assets		36,264	65,697
Realized gain on sale of digital assets		0	(839)
Gain on sale of investment		(4,054)	(5,210)
Unrealized gain on investment		(202)	493
Amortization of content rights		3,667	3,645
Change in content rights liabilities		(3,747)	(1,819)
Reimbursement of equipment modification costs		0	(1,487)
Other		1,837	(1,276)
Changes in assets and liabilities
Accounts receivable		(1,117)	(3,037)
Prepaid expenses and other assets		(1,516)	5,130
Accounts payable		(1,231)	646
Accrued expenses		(10,812)	(3,845)
Accrued interest		(8,920)	(9,443)
Other long-term liabilities		42	60
Net cash provided by operating activities		20,557	38,964
Cash flows from investing activities:
Purchases of property and equipment		(13,771)	(11,373)
Proceeds from sale of digital assets		0	2,975
Proceeds from insurance recoveries		336	721
Proceeds from sale of assets and investment related transactions		5,829	7,277
Net cash used in investing activities		(7,606)	(400)
Cash flows from financing activities:
Repurchases of 2026 Notes		(24,521)	(25,621)
Dividend payments		(9,267)	(6,285)
Proceeds from stock options exercised		7,252	5,440
Shares withheld in lieu of employee tax withholding		(35)	0
Withholdings for shares issued under the ESPP		708	729
Repurchases of stock		(23,551)	(16,645)
Cash distribution to non-controlling interests		(1,300)	(1,499)
Repayments of capitalized obligations		(1,491)	(140)
Net cash used in financing activities		(52,205)	(44,021)
Cash and cash equivalents and restricted cash:
Net decrease in cash, cash equivalents and restricted cash		(39,254)	(5,457)
Beginning of period		61,549	43,913
End of period		22,295	38,456
Cash payments:
Interest		35,390	37,273
Income taxes		945	1,122
Supplemental Disclosure of Non-cash Activities:
Dividends declared, but not paid during the period		3,214	3,164
Property and equipment acquired in exchange for advertising	[1]	772	550
Accrued capital expenditures		79	229
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		9,175	8,850
Right-of-use assets obtained in exchange for operating lease obligations		4,691	4,035
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		21,786	37,955
Restricted cash		509	501
Cash, cash equivalents, and restricted cash		$ 22,295	$ 38,456
[1] Represents total advertising services provided by the Company in exchange for property and equipment during each of the nine months ended September 30, 2024 and 2023, respectively.

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 subscription 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 solutions business (“Townsquare Interactive”), providing a business management platform, website design, creation and hosting, search engine optimization, social platforms and online reputation management for 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 349 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 and interest rates 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 "2023 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, 2024, cash flows for the nine months ended September 30, 2024, 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, 2024. The Consolidated Balance Sheet as of December 31, 2023 is derived from the audited Consolidated Financial Statements at that date. 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, 2024
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, 2023. For the Company's detailed accounting policies please refer to the Consolidated Financial Statements and related notes thereto included in the Company's 2023 Annual Report on Form 10-K. Recently Issued Standards That Have Not Yet Been Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, which enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extending certain annual disclosures to interim periods, and permitting more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. As this update only requires additional disclosures, the adoption of this standard is not expected to have a significant impact on the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional categories of information about federal and state income taxes in the rate reconciliation table and to provide more details about reconciling items in some categories if items meet a quantitative threshold. The guidance also requires the disclosure of income taxes paid, net of refunds, disaggregated by federal and state taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. As this update only requires additional disclosures, the adoption of this standard is not expected to have a significant impact on the Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 19,080 $ 40,716 $ 50,775 $ 1,040 $ 111,611 $ 20,257 $ 38,943 $ 53,618 $ 1,659 $ 114,477 Political — 145 3,555 — 3,700 — 66 561 — 627 Net Revenue $ 19,080 $ 40,861 $ 54,330 $ 1,040 $ 115,311 $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ 115,104 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 55,848 $ 116,177 $ 147,563 $ 7,362 $ 326,950 $ 63,086 $ 113,715 $ 152,704 $ 8,695 $ 338,200 Political — 364 5,855 — 6,219 — 127 1,118 — 1,245 Net Revenue $ 55,848 $ 116,541 $ 153,418 $ 7,362 $ 333,169 $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ 339,445 Revenue from contracts with customers is recognized as an obligation until the terms of a customer contract are satisfied; this occurs with the transfer of control as we satisfy contractual performance obligations. 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 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. 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. 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, 2024 December 31, Accounts Receivable $ 57,654 $ 60,780 Short-term contract liabilities (deferred revenue) $ 9,092 $ 9,059 Contract Acquisition Costs $ 6,600 $ 5,175 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, 2024, and December 31, 2023, the balance in the contract liabilities was $9.1 million and $9.1 million, respectively. The increase in the contract liabilities balance at September 30, 2024 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $0.7 million and $7.8 million of recognized revenue for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, we recognized $0.6 million and $9.1 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, 2024. 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, 2024 and December 31, 2023, we had a balance of $6.6 million and $5.2 million, respectively, in capitalized contract acquisition costs and recognized $1.0 million and $3.2 million of amortization for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023, we recognized $1.8 million and $5.1 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, 2024 and 2023. 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 We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Amounts related to performance obligations with expected durations of greater than one year are at a fixed price per unit and do not include any upfront or minimum payments requiring any estimation or allocation of revenue. Allowance for Credit Losses 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. Account balances are charged off against the allowance when it is probable the receivable will not be recovered. The change in the allowance for credit losses for the nine months ended September 30, 2024 was as follows (in thousands): Balance at December 31, 2023 $ 4,041 Provision for credit losses 4,036 Amounts written off against allowance, net of recoveries (3,946) Balance at September 30, 2024 $ 4,131

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Land and improvements $ 18,781 $ 19,320 Buildings and leasehold improvements 59,348 58,302 Broadcast equipment 111,143 107,663 Computer and office equipment 26,477 25,097 Furniture and fixtures 22,477 22,384 Transportation equipment 18,809 18,573 Software development costs 50,635 45,347 Total property and equipment, gross 307,670 296,686 Less accumulated depreciation and amortization (197,242) (186,492) Total property and equipment, net $ 110,428 $ 110,194 Depreciation and amortization expense for property and equipment was $4.3 million and $4.1 million for the three months ended September 30, 2024 and 2023, respectively and $13.1 million and $12.7 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, the Company recognized $0.3 million in impairment charges related to ROU assets associated with tower and land leases in 3 local markets and a $0.1 million impairment charge related to the pending sale of a station in Trenton, NJ. 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 buildings 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. The Company had no material right of use assets related to its finance leases as of September 30, 2024 and December 31, 2023.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Indefinite-lived intangible assets Indefinite-lived assets consist of FCC broadcast licenses, goodwill and investment in digital assets. FCC Broadcast Licenses FCC licenses represent a substantial portion of the Company’s total assets. The FCC licenses are renewable in the ordinary course of business, generally for a maximum of eight years. The fair value of FCC licenses is primarily dependent on the future cash flows of the radio markets and other assumptions, including, but not limited to, forecasted revenue growth rates, profit margins and a risk-adjusted discount rate. The Company has selected December 31 st as the annual testing date. The Company evaluates its FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Due to changes in the weighted average cost of capital and changes in forecasted traditional broadcast revenues 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, 2024. The key assumptions used in applying the direct valuation method are summarized as follows: September 30, 2024 Discount Rate 15.4% Long-term Revenue Growth Rate (0.5)% Low High Mature Market Share* 20.7% 75.0% Operating Profit Margin 23.1% 46.7% June 30, 2024 Discount Rate 16.5% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.7% 75.0% Operating Profit Margin 23.1% 46.7% March 31, 2024 Discount Rate 13.7% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 22.0% 73.0% Operating Profit Margin 23.1% 46.7% * Market share assumption used when reliable third-party data is available. Otherwise, Company results and forecasts are utilized. Based on the results of the interim impairment assessments of our FCC licenses, the Company incurred no impairment charges during the third quarter of 2024, and $29.7 million of impairment charges for the nine months ended September 30, 2024, for FCC licenses in 26 of our 74 local markets. 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 for the respective periods and decreases in third-party forecasts of broadcast revenues. The increases in the weighted average cost of capital were driven by changes in the market data, specifically industry bond yields, utilized in determining the discount rate applied in the valuation of our FCC licenses. The Company recorded an impairment charge of $23.6 million and $48.4 million for FCC licenses in 24 and 32 of our 74 local markets for the three and nine months ended September 30, 2023. Unfavorable changes in key assumptions utilized in the impairment assessment of our FCC licenses may affect future testing results. For example, keeping all other assumptions constant, a 100-basis point increase in the weighted average cost of capital as of the date of our last quantitative assessment would cause the estimated fair values of our FCC licenses to decrease by $21.1 million which would have resulted in an impairment charge of $3.3 million as of September 30, 2024. 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 $10.5 million which would have resulted in an impairment charge of $9.0 million as of September 30, 2024. Finally, a 100-basis point decline in operating profit margins would result in a decrease in the estimated fair values of our FCC licenses of $10.3 million which would result in an impairment charge of $9.0 million. Assumptions used to estimate the fair value of our FCC licenses are also dependent upon the expected performance and growth of our traditional broadcast 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, 2023, the fair values of our National Digital, Townsquare Ignite, Analytical Services, and Townsquare Interactive reporting units were in excess of their respective carrying values by approximately 117%, 41%, 157%, and 147%, respectively. The Local Advertising and Amped reporting units had no goodwill as of December 31, 2023. The Company considered whether any events have occurred or circumstances have changed from the last quantitative analysis performed as of December 31, 2023 that would indicate that the fair value of the Company's reporting units may be below their carrying amounts. During the third quarter of 2024, the Company concluded that the carrying amount of the Live Events reporting unit exceeded its fair value, resulting in the recognition of a non-cash goodwill impairment charge of $1.7 million. During the second quarter of 2024, the Company concluded that the carrying amount of the National Digital and Live Events reporting units exceeded their fair values, resulting in the recognition of a non-cash goodwill impairment charges of $1.8 million and $0.9 million, respectively. In total, the company recorded $4.4 million of non-cash goodwill impairment charges during the nine months ended September 30, 2024. Interim impairment assessments were considered necessary as a result of declines in revenues and profit and increases in the weighted average cost of capital. The Company did not identify indicators of impairment related to any other reporting units that would have required an interim impairment assessment during the three months ended September 30, 2024. The Local Advertising, Amped, and Live Events reporting units had no goodwill as of September 30, 2024. The fair value of the Live Events 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 Live Events reporting unit for impairment was 13.4%, with a perpetual growth rate of 3.2%. The following table presents changes in goodwill by segment during the nine months ended September 30, 2024: Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2023 $ 77,000 $ 77,687 $ — $ 2,583 $ 157,270 Impairment — (1,784) — (2,583) (4,367) Balance at September 30, 2024 $ 77,000 $ 75,903 $ — $ — $ 152,903 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, which was included as a component of Other (income) expense, net on the Consolidated Statements of Operations. 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, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 151,582 $ — $ 151,582 Content rights and other intangible assets 2 - 8 32,518 (18,921) 13,597 Total $ 184,100 $ (18,921) $ 165,179 December 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 181,236 $ — $ 181,236 Content rights and other intangible assets 3 - 9 32,630 (13,560) 19,070 Total $ 213,866 $ (13,560) $ 200,306 Amortization of definite-lived intangible assets was $1.8 million for the three months ended September 30, 2024 and 2023, respectively, and $5.5 million and $5.4 million for the nine months ended September 30, 2024 and 2023, respectively. Estimated future amortization expense for each of the five succeeding fiscal years and thereafter as of September 30, 2024 is as follows (in thousands): 2024 (remainder) $ 1,824 2025 3,609 2026 3,195 2027 1,978 2028 1,880 Thereafter 1,111 $ 13,597

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Long-term investments consist of minority holdings in various companies. As management does not exercise significant influence over operating and financial policies of the investees, the investments are not consolidated or accounted for under the equity method of accounting. The initial valuation of equity securities is based upon an estimate of market value at the time of investment, or upon a combination of valuation analyses using both observable and unobservable inputs categorized as Level 2 and Level 3 within the ASC 820 framework. In accordance with ASC 321, Investments - Equity Securities, the Company measures its equity securities at cost minus impairment, as their fair values are not readily determinable and the investments do not qualify for the net asset value per share practical expedient. The Company monitors its investments for any subsequent observable price changes in orderly transactions for the identical or a similar investment of the same investee, at which time the Company would adjust the then current carrying values of the related investment. Additionally, the Company evaluates its investments for any indicators of impairment. Equity securities measured at cost minus impairment During the three and nine months ended September 30, 2024, the Company recorded $0.2 million and $1.8 million of impairment charges for existing investments, respectively. During the three and nine months ended September 30, 2023, the Company recorded $4.4 million and $13.6 million of impairment charges for existing investments, respectively. The impairment charges were based on the implied fair values 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. In February of 2024, one of the Company’s investees announced the completion of its acquisition in a private transaction. The Company recognized a $4.0 million gain on the transaction during the nine months ended September 30, 2024, based on total cash consideration received in the amount of $4.0 million. 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, based on total consideration received in the amount of $6.0 million. 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. During the three months ended September 2024, the company sold the investment for $1.1 million, recognizing an immaterial gain on sale. During the nine months ended September 30, 2024, the Company recognized a total unrealized net gain of $0.2 million as a result of changes in the fair value of the investee's common stock during the period. During the three and nine months ended September 30, 2023, the Company recorded an unrealized loss of $0.6 million and $0.5 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, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 478,936 $ 503,618 Deferred financing costs (2,234) (3,960) Total long-term debt $ 476,702 $ 499,658 During the three and nine months ended September 30, 2024, the Company voluntarily repurchased an aggregate $11.0 million and $24.7 million principal amount of its 2026 Notes below par, plus accrued interest, respectively. The Company wrote-off approximately $0.1 million and $0.2 million of unamortized deferred financing costs, recognizing immaterial net gains for the three and nine months ended September 30, 2024, 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, 2024. As of September 30, 2024, based on available market information, the estimated fair value of the 2026 Notes was $478.3 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, 2024 are as follows (in thousands): 2024 (remainder) $ — 2025 — 2026 478,936 2027 — 2028 — Thereafter — $ 478,936

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the three months ended September 30, 2024 and 2023 was approximately 82.6% and 91.9%, respectively. The Company's effective tax rate for the nine months ended September 30, 2024 and 2023 was approximately 63.0% and 29.5%, respectively. The change in the effective tax rate for the three and nine months ended September 30, 2024, is driven by the valuation allowance for interest expense carryforwards resulting from non-cash impairment charges and an increase in certain non-deductible compensation costs recorded during the three and nine months ended September 30, 2024. 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, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock Options During the nine months ended September 30, 2024, eligible option holders tendered 907,793 options to purchase 907,793 shares of Townsquare common stock. During the nine months ended September 30, 2024, the Company granted 124,093 options with grant date fair values ranging from $2.30 to $2.95 and vesting periods from three VWAP over 20 consecutive trading days of the three-year performance period VWAP Number of Options that Vest $12.40 24,577 $14.40 24,577 $16.40 24,584 73,738 No portion of the grants will vest unless the VWAP targets are achieved during the respective performance periods. 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 53.0 % 51% - 52% Expected term 5.33 years 6.01 - 7.00 years Risk free interest rate 4.03% 3.63% - 4.23% Expected dividend yield 7.14 % 7.14% - 8.32% 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. The following table summarizes all option activity for the nine months ended September 30, 2024: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 11,056,324 $ 7.74 4.82 $ 31,221 Granted - service conditions 124,093 10.58 Granted - market conditions 73,738 10.50 Exercised (907,793) 8.23 2,624 Settled (3,186,653) 8.75 11,468 Forfeited and expired (72,457) 7.30 Outstanding at September 30, 2024 7,087,252 $ 7.30 6.32 $ 20,327 Exercisable at September 30, 2024 3,554,516 $ 7.05 5.05 $ 11,051 The maximum contractual term of stock options is 10 years. Restricted Stock Awards During the nine months ended September 30, 2024, the Company granted 85,787 shares, including 61,905 shares to non-employee directors, with vesting periods of one The following table summarizes restricted stock activity for the nine months ended September 30, 2024: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2024 125,145 $ 8.54 Shares granted 85,787 10.83 Shares vested (83,584) 8.00 Non-vested balance at September 30, 2024 127,348 $ 10.44 Restricted Stock Units The following table summarizes restricted stock unit activity for the nine months ended September 30, 2024: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2024 873,265 $ 7.69 Shares granted - service conditions — — Shares granted - market conditions — — Shares vested (145,537) 8.45 Non-vested balance at September 30, 2024 727,728 $ 7.54 The Company did not grant any stock units during the nine months ended September 30, 2024. Employee Stock Purchase Plan During the nine months ended September 30, 2024, a total of 75,846 shares of Class A common stock were issued under the 2021 Employee Stock Purchase Plan (the "ESPP"). For the three months ended September 30, 2024 and 2023, the Company recognized approximately $2.0 million and $2.4 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, 2024 and 2023, the Company recognized approximately $6.9 million and $6.2 million, respectively, of stock-based compensation expense with respect to options, restricted stock awards, restricted stock units and the ESPP. As of September 30, 2024, total unrecognized stock-based compensation expense related to our stock options and restricted stock was $5.2 million and $4.3 million, respectively, and is expected to be recognized over a weighted average period of 2.0 years and 1.9 years, respectively. Dividends Declared On July 22, 2024 the board of directors approved a dividend of $0.1975 per share. The dividend of $3.0 million was paid to holders of record as of October 15, 2024 on November 1, 2024. On October 28, 2024 the board of directors approved a dividend of $0.1975 per share. The dividend will be paid to holders of record as of January 21 2025, on February 1, 2025. Stock Repurchase On April 1, 2024, the Company repurchased 1.5 million shares of the Company’s Class A common stock from MSG National Properties, LLC (“MSG”) for total consideration in the aggregate amount of $14.6 million, or $9.76 per share. The shares were retired upon repurchase. 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, 2024 a total of 2,281,631 shares of Class A common stock were repurchased. As of September 30, 2024, a total of 2,491,022 shares were repurchased under the 2021 Stock Repurchase Plan. Option Settlement In late March of 2024, the Company launched a program that offered certain holders a cash settlement of options that were granted in July 2014 following the completion of the Company's initial public offering. These options were approaching their expiration date in July 2024. The cash settlement amount to be paid to each holder was indexed to the closing price of the Company's Class A common stock, as reported on the New York Stock Exchange consolidated tape, as of the date prior to each respective cash settlement election date, less the respective option exercise price. During the nine months ended September 30, 2024, a total of $11.5 million was paid in connection with the cash settlement of 3.2 million options. During the nine months ended September 30, 2024, a total of $4.6 million of expense was recognized as a component of stock-based compensation in connection with the cash settlement of the options. Stock Bonus Program In April of 2024, the Company launched a stock bonus program that offered certain employees the option to receive their 2024 annual incentive compensation in the form of the Company's Class A common stock. The incentive compensation to be paid to each employee was fixed at the time of election to participate in the program and the number of shares to be issued will be determined based on the closing price of the Company's Class A common stock on the settlement date in late 2024 or early 2025. During the three and nine months ended September 30, 2024, a total of $0.9 million and $2.6 million of expense was recognized as a component of stock-based compensation in connection with the stock bonus program.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss 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 per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 11,336 $ (36,503) $ (35,969) $ (41,144) Net income from non-controlling interest 489 496 1,292 1,476 Net income (loss) attributable to controlling interest $ 10,847 $ (36,999) $ (37,261) $ (42,620) Denominator: Weighted average shares of common stock outstanding 15,296 16,277 15,650 16,897 Effect of dilutive common stock equivalents 1,931 — — — Weighted average diluted common shares outstanding 17,227 16,277 15,650 16,897 Basic income (loss) per share $ 0.71 $ (2.27) $ (2.38) $ (2.52) Diluted income (loss) per share $ 0.63 $ (2.27) $ (2.38) $ (2.52) 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, 2024 2023 2024 2023 Stock options 173 10,135 7,522 10,226 Stock options with unsatisfied market conditions 1,175 1,126 1,173 981 Restricted stock units — 219 369 205 Restricted stock units with unsatisfied market conditions 364 219 396 205 Restricted stock awards 17 122 120 118 Shares expected to be issued under stock bonus program — — 297 — Shares expected to be issued under the 2021 Employee Stock Purchase Plan — 51 39 61

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is involved in legal proceedings in which damages and claims have been asserted against us. The Company believes that we have valid defenses to such proceedings and claims and intends to vigorously defend the Company. Management does not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. The Company records a loss contingency if the potential loss from a proceeding or claim is considered probable and the amount can be reasonably estimated or a range of loss can be determined. The Company provides disclosure when it is reasonably possible that a loss will be incurred in excess of any recorded provision. Significant judgment is required in these determinations. As additional information becomes available, the Company reassesses prior determinations and may change its estimates. Litigation is subject to many uncertainties, and the outcome of litigation is not predictable with assurance.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2024
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 5, 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, 2024 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 19,080 $ 40,861 $ 54,330 $ 1,040 $ — $ 115,311 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 13,956 30,050 38,560 1,228 — 83,794 Depreciation and amortization 602 251 2,715 32 1,347 4,947 Corporate expenses — — — — 6,063 6,063 Stock-based compensation 134 143 188 4 2,398 2,867 Transaction and business realignment costs — — 161 5 479 645 Impairment of intangible assets, investments, goodwill and long-lived assets — — 134 1,674 200 2,008 Net gain on sale and retirement of assets — — (110) — — (110) Operating income (loss) $ 4,388 $ 10,417 $ 12,682 $ (1,903) $ (10,487) $ 15,097 The following table presents 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 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 tables present the Company's reportable segment results for the nine months ended September 30, 2024 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 55,848 $ 116,541 $ 153,418 $ 7,362 $ — $ 333,169 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 40,251 87,665 111,442 6,843 — 246,201 Depreciation and amortization 1,824 698 8,386 97 3,891 14,896 Corporate expenses — — — — 17,762 17,762 Stock-based compensation 468 499 546 12 12,537 14,062 Transaction and business realignment costs — — 249 17 3,417 3,683 Impairment of intangible assets, investments, goodwill and long-lived assets — 1,784 30,137 2,583 1,760 36,264 Net gain on sale and retirement of assets — — (66) — — (66) Operating income (loss) $ 13,305 $ 25,895 $ 2,724 $ (2,190) $ (39,367) $ 367 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 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)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Controlling interests	$ 10,847	$ (36,999)	$ (37,261)	$ (42,620)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 "2023 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, 2024, cash flows for the nine months ended September 30, 2024, 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, 2024. The Consolidated Balance Sheet as of December 31, 2023 is derived from the audited Consolidated Financial Statements at that date.
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 Issued Standards That Have Not Yet Been Adopted	Recently Issued Standards That Have Not Yet Been Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures, which enhances disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extending certain annual disclosures to interim periods, and permitting more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. As this update only requires additional disclosures, the adoption of this standard is not expected to have a significant impact on the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional categories of information about federal and state income taxes in the rate reconciliation table and to provide more details about reconciling items in some categories if items meet a quantitative threshold. The guidance also requires the disclosure of income taxes paid, net of refunds, disaggregated by federal and state taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. As this update only requires additional disclosures, the adoption of this standard is not expected to have a significant impact on the Consolidated Financial Statements.
Revenue Recognition	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 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. 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. 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 We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Amounts related to performance obligations with expected durations of greater than one year are at a fixed price per unit and do not include any upfront or minimum payments requiring any estimation or allocation of revenue.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of 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, 2024 and 2023: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 19,080 $ 40,716 $ 50,775 $ 1,040 $ 111,611 $ 20,257 $ 38,943 $ 53,618 $ 1,659 $ 114,477 Political — 145 3,555 — 3,700 — 66 561 — 627 Net Revenue $ 19,080 $ 40,861 $ 54,330 $ 1,040 $ 115,311 $ 20,257 $ 39,009 $ 54,179 $ 1,659 $ 115,104 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Net Revenue (ex Political) $ 55,848 $ 116,177 $ 147,563 $ 7,362 $ 326,950 $ 63,086 $ 113,715 $ 152,704 $ 8,695 $ 338,200 Political — 364 5,855 — 6,219 — 127 1,118 — 1,245 Net Revenue $ 55,848 $ 116,541 $ 153,418 $ 7,362 $ 333,169 $ 63,086 $ 113,842 $ 153,822 $ 8,695 $ 339,445
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, 2024 December 31, Accounts Receivable $ 57,654 $ 60,780 Short-term contract liabilities (deferred revenue) $ 9,092 $ 9,059 Contract Acquisition Costs $ 6,600 $ 5,175
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, 2024 was as follows (in thousands): Balance at December 31, 2023 $ 4,041 Provision for credit losses 4,036 Amounts written off against allowance, net of recoveries (3,946) Balance at September 30, 2024 $ 4,131

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2024 December 31, 2023 Land and improvements $ 18,781 $ 19,320 Buildings and leasehold improvements 59,348 58,302 Broadcast equipment 111,143 107,663 Computer and office equipment 26,477 25,097 Furniture and fixtures 22,477 22,384 Transportation equipment 18,809 18,573 Software development costs 50,635 45,347 Total property and equipment, gross 307,670 296,686 Less accumulated depreciation and amortization (197,242) (186,492) Total property and equipment, net $ 110,428 $ 110,194

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 Discount Rate 15.4% Long-term Revenue Growth Rate (0.5)% Low High Mature Market Share* 20.7% 75.0% Operating Profit Margin 23.1% 46.7% June 30, 2024 Discount Rate 16.5% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 20.7% 75.0% Operating Profit Margin 23.1% 46.7% March 31, 2024 Discount Rate 13.7% Long-term Revenue Growth Rate 0.0% Low High Mature Market Share* 22.0% 73.0% Operating Profit Margin 23.1% 46.7% * 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, 2024: Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Total Balance at December 31, 2023 $ 77,000 $ 77,687 $ — $ 2,583 $ 157,270 Impairment — (1,784) — (2,583) (4,367) Balance at September 30, 2024 $ 77,000 $ 75,903 $ — $ — $ 152,903
Schedule of Finite-Lived Intangible Assets	The following tables present details of our intangible assets as of September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 151,582 $ — $ 151,582 Content rights and other intangible assets 2 - 8 32,518 (18,921) 13,597 Total $ 184,100 $ (18,921) $ 165,179 December 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 181,236 $ — $ 181,236 Content rights and other intangible assets 3 - 9 32,630 (13,560) 19,070 Total $ 213,866 $ (13,560) $ 200,306
Schedule of Indefinite-Lived Intangible Assets	The following tables present details of our intangible assets as of September 30, 2024 and December 31, 2023, respectively (in thousands): September 30, 2024 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 151,582 $ — $ 151,582 Content rights and other intangible assets 2 - 8 32,518 (18,921) 13,597 Total $ 184,100 $ (18,921) $ 165,179 December 31, 2023 Weighted Average Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets: FCC licenses Indefinite $ 181,236 $ — $ 181,236 Content rights and other intangible assets 3 - 9 32,630 (13,560) 19,070 Total $ 213,866 $ (13,560) $ 200,306
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, 2024 is as follows (in thousands): 2024 (remainder) $ 1,824 2025 3,609 2026 3,195 2027 1,978 2028 1,880 Thereafter 1,111 $ 13,597

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Total debt outstanding is summarized as follows (in thousands): September 30, December 31, 2026 Notes $ 478,936 $ 503,618 Deferred financing costs (2,234) (3,960) Total long-term debt $ 476,702 $ 499,658
Schedule of Annual Maturities of Long-term Debt	Annual maturities of the Company's long-term debt as of September 30, 2024 are as follows (in thousands): 2024 (remainder) $ — 2025 — 2026 478,936 2027 — 2028 — Thereafter — $ 478,936

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	These 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 20 consecutive trading days of the three-year performance period VWAP Number of Options that Vest $12.40 24,577 $14.40 24,577 $16.40 24,584 73,738
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 53.0 % 51% - 52% Expected term 5.33 years 6.01 - 7.00 years Risk free interest rate 4.03% 3.63% - 4.23% Expected dividend yield 7.14 % 7.14% - 8.32%
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes all option activity for the nine months ended September 30, 2024: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 11,056,324 $ 7.74 4.82 $ 31,221 Granted - service conditions 124,093 10.58 Granted - market conditions 73,738 10.50 Exercised (907,793) 8.23 2,624 Settled (3,186,653) 8.75 11,468 Forfeited and expired (72,457) 7.30 Outstanding at September 30, 2024 7,087,252 $ 7.30 6.32 $ 20,327 Exercisable at September 30, 2024 3,554,516 $ 7.05 5.05 $ 11,051 The following table summarizes restricted stock unit activity for the nine months ended September 30, 2024: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2024 873,265 $ 7.69 Shares granted - service conditions — — Shares granted - market conditions — — Shares vested (145,537) 8.45 Non-vested balance at September 30, 2024 727,728 $ 7.54
Schedule of Nonvested Restricted Stock Shares Activity	The following table summarizes restricted stock activity for the nine months ended September 30, 2024: Number of Shares Weighted Average Fair Value Non-vested balance at January 1, 2024 125,145 $ 8.54 Shares granted 85,787 10.83 Shares vested (83,584) 8.00 Non-vested balance at September 30, 2024 127,348 $ 10.44

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data): Three Months Ended Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 11,336 $ (36,503) $ (35,969) $ (41,144) Net income from non-controlling interest 489 496 1,292 1,476 Net income (loss) attributable to controlling interest $ 10,847 $ (36,999) $ (37,261) $ (42,620) Denominator: Weighted average shares of common stock outstanding 15,296 16,277 15,650 16,897 Effect of dilutive common stock equivalents 1,931 — — — Weighted average diluted common shares outstanding 17,227 16,277 15,650 16,897 Basic income (loss) per share $ 0.71 $ (2.27) $ (2.38) $ (2.52) Diluted income (loss) per share $ 0.63 $ (2.27) $ (2.38) $ (2.52) 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, 2024 2023 2024 2023 Stock options 173 10,135 7,522 10,226 Stock options with unsatisfied market conditions 1,175 1,126 1,173 981 Restricted stock units — 219 369 205 Restricted stock units with unsatisfied market conditions 364 219 396 205 Restricted stock awards 17 122 120 118 Shares expected to be issued under stock bonus program — — 297 — Shares expected to be issued under the 2021 Employee Stock Purchase Plan — 51 39 61

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 19,080 $ 40,861 $ 54,330 $ 1,040 $ — $ 115,311 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 13,956 30,050 38,560 1,228 — 83,794 Depreciation and amortization 602 251 2,715 32 1,347 4,947 Corporate expenses — — — — 6,063 6,063 Stock-based compensation 134 143 188 4 2,398 2,867 Transaction and business realignment costs — — 161 5 479 645 Impairment of intangible assets, investments, goodwill and long-lived assets — — 134 1,674 200 2,008 Net gain on sale and retirement of assets — — (110) — — (110) Operating income (loss) $ 4,388 $ 10,417 $ 12,682 $ (1,903) $ (10,487) $ 15,097 The following table presents 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 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 tables present the Company's reportable segment results for the nine months ended September 30, 2024 (in thousands): Subscription Digital Marketing Solutions Digital Advertising Broadcast Advertising Other Corporate and Other Reconciling Items Total Net revenue $ 55,848 $ 116,541 $ 153,418 $ 7,362 $ — $ 333,169 Direct operating expenses, excluding depreciation, amortization and stock-based compensation 40,251 87,665 111,442 6,843 — 246,201 Depreciation and amortization 1,824 698 8,386 97 3,891 14,896 Corporate expenses — — — — 17,762 17,762 Stock-based compensation 468 499 546 12 12,537 14,062 Transaction and business realignment costs — — 249 17 3,417 3,683 Impairment of intangible assets, investments, goodwill and long-lived assets — 1,784 30,137 2,583 1,760 36,264 Net gain on sale and retirement of assets — — (66) — — (66) Operating income (loss) $ 13,305 $ 25,895 $ 2,724 $ (2,190) $ (39,367) $ 367 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 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)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	Sep. 30, 2024 website market radio_station	Sep. 30, 2023 market
Organization and Basis of Presentation [Line Items]
Number of radio stations | radio_station	349
United States
Organization and Basis of Presentation [Line Items]
Number of markets | market	74	74
Minimum
Organization and Basis of Presentation [Line Items]
Number of local websites (more than) | website	400

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 115,311	$ 115,104	$ 333,169	$ 339,445
Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	19,080	20,257	55,848	63,086
Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	40,861	39,009	116,541	113,842
Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	54,330	54,179	153,418	153,822
Other
Disaggregation of Revenue [Line Items]
Net revenue	1,040	1,659	7,362	8,695
Net Revenue (ex Political)
Disaggregation of Revenue [Line Items]
Net revenue	111,611	114,477	326,950	338,200
Net Revenue (ex Political) | Subscription Digital Marketing Solutions
Disaggregation of Revenue [Line Items]
Net revenue	19,080	20,257	55,848	63,086
Net Revenue (ex Political) | Digital Advertising
Disaggregation of Revenue [Line Items]
Net revenue	40,716	38,943	116,177	113,715
Net Revenue (ex Political) | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	50,775	53,618	147,563	152,704
Net Revenue (ex Political) | Other
Disaggregation of Revenue [Line Items]
Net revenue	1,040	1,659	7,362	8,695
Political
Disaggregation of Revenue [Line Items]
Net revenue	3,700	627	6,219	1,245
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	145	66	364	127
Political | Broadcast Advertising
Disaggregation of Revenue [Line Items]
Net revenue	3,555	561	5,855	1,118
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Short-term contract liabilities (deferred revenue)	$ 9,092,000		$ 9,092,000		$ 9,059,000
Revenue recognized	700,000	$ 600,000	7,800,000	$ 9,100,000
Deferred costs	6,600,000		6,600,000		$ 5,175,000
Recognized amortization	1,000,000	1,800,000	3,200,000	5,100,000
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, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts Receivable	$ 57,654	$ 60,780
Short-term contract liabilities (deferred revenue)	9,092	9,059
Contract Acquisition Costs	$ 6,600	$ 5,175

Revenue Recognition - Schedule

Revenue Recognition - Schedule of the Change in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Roll Forward]
Beginning balance	$ 4,041
Provision for credit losses	4,036	$ 2,817
Amounts written off against allowance, net of recoveries	(3,946)
Ending balance	$ 4,131

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 307,670	$ 296,686
Less accumulated depreciation and amortization	(197,242)	(186,492)
Total property and equipment, net	110,428	110,194
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	18,781	19,320
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	59,348	58,302
Broadcast equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	111,143	107,663
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	26,477	25,097
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	22,477	22,384
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	18,809	18,573
Software development costs
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 50,635	$ 45,347

Property and Equipment, net - N

Property and Equipment, net - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) market	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,300,000	$ 4,100,000	$ 13,100,000	$ 12,700,000
Impairment charge to operating lease right-of-use assets			$ 300,000
Number of local markets | market			3
Finance lease, right-of-use asset	$ 0		$ 0		$ 0
Binghamton, NY
Property, Plant and Equipment [Line Items]
Impairment charge to operating lease right-of-use assets				400,000
Disposal Group, Held-for-Sale, Not Discontinued Operations | Trenton, NJ
Property, Plant and Equipment [Line Items]
Impairment charge to operating lease right-of-use assets			$ 100,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Bozeman, MT, and Yakima, WA
Property, Plant and Equipment [Line Items]
Gain on sale of buildings and land				700,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Battle Creek, MI
Property, Plant and Equipment [Line Items]
Impairment charges to long-lived assets				$ 400,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details)		3 Months Ended				9 Months Ended
	Mar. 01, 2023 USD ($)	Sep. 30, 2024 USD ($) market	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) market	Mar. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) market	Sep. 30, 2023 USD ($) market	Dec. 31, 2023 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Impairment charge				$ 23,600,000		$ 29,700,000	$ 48,400,000
Number of local markets with impairment charge incurred | market		26		24		26	32
Goodwill		$ 152,903,000				$ 152,903,000		$ 157,270,000
Impairment charge						4,367,000
Digital assets	$ 2,100,000
Amortization of intangible assets		1,800,000		$ 1,800,000		$ 5,500,000	$ 5,400,000
Maximum
Indefinite-lived Intangible Assets [Line Items]
Impairment, weighted average cost of capital						13.40%
Perpetual growth rate						3.20%
National Digital
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage								117%
Impairment charge			$ 1,800,000
Townsquare Ignite
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage								41%
Analytical Services
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage								157%
Townsquare Interactive Segment
Indefinite-lived Intangible Assets [Line Items]
Fair value in excess of carrying amount percentage								147%
Local Advertising
Indefinite-lived Intangible Assets [Line Items]
Goodwill		0				$ 0		$ 0
Amped
Indefinite-lived Intangible Assets [Line Items]
Goodwill		0				0		$ 0
Live Events
Indefinite-lived Intangible Assets [Line Items]
Goodwill		0				$ 0
Impairment charge		$ 1,700,000	$ 900,000
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]
Point increase, assumptions		1%				1%
Estimated fair value, assumptions						$ 21,100,000
Impairment charge, assumptions						3,300,000
FCC licenses | Long-Term Revenue Growth
Indefinite-lived Intangible Assets [Line Items]
Estimated fair value, assumptions						10,500,000
Impairment charge, assumptions						$ 9,000,000
Point decrease assumptions		10,000%				10,000%
FCC licenses | Operating Profit Margins
Indefinite-lived Intangible Assets [Line Items]
Estimated fair value, assumptions						$ 10,300,000
Impairment charge, assumptions						$ 9,000,000
Point decrease assumptions		1%				1%
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, 2024	Jun. 30, 2024	Mar. 31, 2024
Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.154	0.165	0.137
Long-term Revenue Growth Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	(0.005)	0	0
Mature Market Share | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.207	0.207	0.220
Mature Market Share | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.750	0.750	0.730
Operating Profit Margin | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.231	0.231	0.231
Operating Profit Margin | Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.467	0.467	0.467

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 157,270
Impairment	(4,367)
Goodwill, ending balance	152,903
Operating segments | Subscription Digital Marketing Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	77,000
Impairment	0
Goodwill, ending balance	77,000
Operating segments | Digital Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	77,687
Impairment	(1,784)
Goodwill, ending balance	75,903
Operating segments | Broadcast Advertising
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Impairment	0
Goodwill, ending balance	0
Operating segments | Other
Goodwill [Roll Forward]
Goodwill, beginning balance	2,583
Impairment	(2,583)
Goodwill, ending balance	$ 0

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, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (18,921)	$ (13,560)
Net Carrying Amount	13,597
Intangible assets, gross carrying amount total	184,100	213,866
Intangible assets, net carrying amount total	165,179	200,306
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Gross carrying amount	151,582	181,236
Content rights and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	32,518	32,630
Accumulated Amortization	(18,921)	(13,560)
Net Carrying Amount	$ 13,597	$ 19,070
Content rights and other intangible assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	2 years	3 years
Content rights and other intangible assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (in Years)	8 years	9 years

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remainder)	$ 1,824
2025	3,609
2026	3,195
2027	1,978
2028	1,880
Thereafter	1,111
Net Carrying Amount	$ 13,597

Investments (Details)

Investments (Details) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 12, 2023 USD ($) investee	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Impairment on investments			$ 0.2	$ 4.4	$ 1.8	$ 13.6
Gain on the sale of its investments	$ 5.2	$ 4
Proceeds from sale of equity securities	$ 6		$ 1.1		4
Number of investees acquired | investee	1
Unrealized gain					$ 0.2
Unrealized loss				$ 0.6		$ 0.5

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2026 Notes	$ 478,936	$ 503,618
Deferred financing costs	(2,234)	(3,960)
Total long-term debt	$ 476,702	$ 499,658

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - 2026 Notes $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Repayments of debt	$ 11	$ 24.7
Write-off of deferred financing costs	0.1	0.2
Fair value of debt	$ 478.3	$ 478.3

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remainder)	$ 0
2025	0
2026	478,936
2027	0
2028	0
Thereafter	0
Long-term debt	$ 478,936

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(82.60%)	(91.90%)	(63.00%)	(29.50%)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended						9 Months Ended
	Oct. 28, 2024	Jul. 22, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Common stock issued under exercise of stock options (in shares)									907,793
Shares, new issues (in shares)									907,793
Share-based compensation expense			$ 2			$ 2.4			$ 6.9	$ 6.2
Cash dividend declared per share (in dollars per share)			$ 0.1975	$ 0.1975	$ 0.1975	$ 0.1875	$ 0.1875	$ 0.1875
Dividends, cash		$ 3
Subsequent Event
Class of Stock [Line Items]
Cash dividend declared per share (in dollars per share)	$ 0.1975
Stock options
Class of Stock [Line Items]
Granted (in shares)									124,093
Maximum contractual term of stock options									10 years
Compensation cost not yet recognized			$ 5.2						$ 5.2
Compensation cost not yet recognized, period for recognition									2 years
Stock options | Minimum
Class of Stock [Line Items]
Grant date fair value of restricted stock (in dollars per share)									$ 2.30
Award vesting period (in years)									3 years
Stock options | Maximum
Class of Stock [Line Items]
Grant date fair value of restricted stock (in dollars per share)									$ 2.95
Award vesting period (in years)									5 years
Option, Market Conditions
Class of Stock [Line Items]
Granted (in shares)									73,738
Option, Market Conditions | Minimum
Class of Stock [Line Items]
Grant date fair value of restricted stock (in dollars per share)									$ 2.68
Option, Market Conditions | Maximum
Class of Stock [Line Items]
Grant date fair value of restricted stock (in dollars per share)									$ 2.86
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)									75,846
Restricted stock awards
Class of Stock [Line Items]
Shares granted (in shares)									85,787
Restricted stock awards | Non Employee Directors
Class of Stock [Line Items]
Shares granted (in shares)									61,905
Restricted stock awards | Minimum
Class of Stock [Line Items]
Award vesting period (in years)									1 year
Restricted stock awards | Maximum
Class of Stock [Line Items]
Award vesting period (in years)									3 years
Service conditions
Class of Stock [Line Items]
Shares granted (in shares)									0
Market conditions
Class of Stock [Line Items]
Shares granted (in shares)									0
Restricted stock units
Class of Stock [Line Items]
Compensation cost not yet recognized			$ 4.3						$ 4.3
Compensation cost not yet recognized, period for recognition									1 year 10 months 24 days

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Shares (Details) - Stock options - VWAP over 20 consecutive trading days of the three-year performance period	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	73,738
Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 12.40
Vested (in shares)	24,577
Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 14.40
Vested (in shares)	24,577
Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in dollars per share) | $ / shares	$ 16.40
Vested (in shares)	24,584

Stockholders' Equity - Assumpti

Stockholders' Equity - Assumptions Used to Estimate Fair Value of Equity Options Granted (Details) - Stock options	9 Months Ended
	Sep. 30, 2024
Monte Carlo Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	53%
Expected term (in years)	5 years 3 months 29 days
Risk free interest rate, minimum	4.03%
Expected dividend yield	7.14%
Black-Scholes Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility minimum	51%
Expected volatility maximum	52%
Risk free interest rate, minimum	3.63%
Risk free interest rate, maximum	4.23%
Black-Scholes Model | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	6 years 3 days
Expected dividend yield	7.14%
Black-Scholes Model | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	7 years
Expected dividend yield	8.32%

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Options
Beginning balance, outstanding (in shares) | shares	11,056,324
Exercised (in shares) | shares	(907,793)
Settled (in shares) | shares	(3,186,653)
Forfeited and expired (in shares) | shares	(72,457)
Ending balance, outstanding (in shares) | shares	7,087,252	11,056,324
Options, exercisable (in shares) | shares	3,554,516
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 7.74
Exercised (in dollars per share)	8.23
Settled (in dollars per share)	8.75
Forfeited and expired (in dollars per share)	7.30
Ending balance (in dollars per share)	7.30	$ 7.74
Weighted average exercise price, exercisable (in dollars per share)	$ 7.05
Weighted Average Remaining Contractual Life (years)
Weighted average remaining contractual life (years)	6 years 3 months 25 days	4 years 9 months 25 days
Weighted average remaining contractual life (years), exercisable	5 years 18 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding beginning balance | $	$ 31,221
Aggregate intrinsic value, exercised | $	2,624
Aggregate intrinsic value, settled | $	11,468
Aggregate intrinsic value, outstanding ending balance | $	20,327	$ 31,221
Aggregate intrinsic value, exercisable | $	$ 11,051
Time-Based Stock Option
Weighted Average Exercise Price
Granted (in dollars per share)	$ 10.58
Performance-Based Stock Option
Options
Granted (in shares) | shares	73,738
Weighted Average Exercise Price
Granted (in dollars per share)	$ 10.50

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted stock awards
Number of Shares
Beginning balance (in shares) | shares	125,145
Shares granted (in shares) | shares	85,787
Shares vested (in shares) | shares	(83,584)
Ending balance (in shares) | shares	127,348
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 8.54
Shares granted (in dollars per share) | $ / shares	10.83
Shares vested (in dollars per share) | $ / shares	8
Ending balance (in dollars per share) | $ / shares	$ 10.44
Restricted stock units
Number of Shares
Beginning balance (in shares) | shares	873,265
Shares vested (in shares) | shares	(145,537)
Ending balance (in shares) | shares	727,728
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 7.69
Shares vested (in dollars per share) | $ / shares	8.45
Ending balance (in dollars per share) | $ / shares	$ 7.54
Service conditions
Number of Shares
Shares granted (in shares) | shares	0
Weighted Average Fair Value
Shares granted (in dollars per share) | $ / shares	$ 0
Market conditions
Number of Shares
Shares granted (in shares) | shares	0
Weighted Average Fair Value
Shares granted (in dollars per share) | $ / shares	$ 0

Stockholder's Equity - Stock Re

Stockholder's Equity - Stock Repurchase Agreement (Details) - Class C - MSG National Properties LLC $ / shares in Units, $ in Millions	Apr. 01, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Repurchased amount (in shares) | shares	1,500,000
Repurchase amount | $	$ 14.6
Securities repurchased (in dollars per share) | $ / shares	$ 9.76

Stockholder's Equity - Stock _2

Stockholder's Equity - Stock Repurchase Plan (Details) - USD ($)			3 Months Ended			9 Months Ended	34 Months Ended
	Apr. 01, 2024	Dec. 16, 2021	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
2021 Stock Repurchase Plan
Class of Stock [Line Items]
Repurchase of stock (in shares)							2,491,022
Class A
Class of Stock [Line Items]
Stock repurchase program, period in force		36 months
Class A | 2021 Stock Repurchase Plan
Class of Stock [Line Items]
Repurchase of stock (in shares)						2,281,631
Repurchased Plan | Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000
Stock repurchase program, period in force			3 years	3 years	3 years
Repurchase of stock (in shares)	1,500,000
Repurchased Plan | Maximum
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 50,000,000

Stockholder's Equity - Option S

Stockholder's Equity - Option Settlement (Details) shares in Millions, $ in Millions	Sep. 30, 2024 USD ($) shares
Equity [Abstract]
Option contract indexed to equity, settlement | $	$ 11.5
Option contract indexed to equity, settlement, (in shares) | shares	3.2

Stockholders' Equity - Stock Bo

Stockholders' Equity - Stock Bonus Program (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 4.6
Shares expected to be issued under stock bonus program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 0.9	$ 2.6

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ 11,336	$ (48,858)	$ 1,553	$ (36,503)	$ (2,700)	$ (1,941)	$ (35,969)	$ (41,144)
Net income from non-controlling interest	489			496			1,292	1,476
Net income (loss) attributable to controlling interest	$ 10,847			$ (36,999)			$ (37,261)	$ (42,620)
Denominator:
Effect of dilutive common stock equivalents (in shares)	1,931			0			0	0
Weighted average diluted common shares outstanding (in shares)	17,227			16,277			15,650	16,897
Diluted income (loss) per share
Diluted income (loss) per share (in dollars per share)	$ 0.63			$ (2.27)			$ (2.38)	$ (2.52)
Shares expected to be issued under stock bonus program
Diluted income (loss) per share
Antidilutive securities (in shares)	0			0			297	0
Shares expected to be issued under the 2021 Employee Stock Purchase Plan
Diluted income (loss) per share
Antidilutive securities (in shares)	0			51			39	61
Stock options
Diluted income (loss) per share
Antidilutive securities (in shares)	173			10,135			7,522	10,226
Stock options with unsatisfied market conditions
Diluted income (loss) per share
Antidilutive securities (in shares)	1,175			1,126			1,173	981
Restricted stock units
Diluted income (loss) per share
Antidilutive securities (in shares)	0			219			369	205
Restricted stock units with unsatisfied market conditions
Diluted income (loss) per share
Antidilutive securities (in shares)	364			219			396	205
Restricted stock awards
Diluted income (loss) per share
Antidilutive securities (in shares)	17			122			120	118
Common shares
Denominator:
Weighted average shares of common stock outstanding (in shares)	15,296			16,277			15,650	16,897
Basic income (loss) per share
Basic income (loss) per share (in dollars per share)	$ 0.71			$ (2.27)			$ (2.38)	$ (2.52)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 area segment
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 115,311	$ 115,104	$ 333,169	$ 339,445
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	83,794	81,323	246,201	245,301
Depreciation and amortization	4,947	4,717	14,896	14,496
Corporate expenses	6,063	6,604	17,762	18,911
Stock-based compensation	2,867	2,350	14,062	6,228
Transaction and business realignment costs	645	161	3,683	764
Impairment of intangible assets, investments, goodwill and long-lived assets	2,008	30,970	36,264	65,697
Net gain on sale and retirement of assets	(110)	(362)	(66)	(703)
Operating income (loss)	15,097	(10,659)	367	(11,249)
Corporate and Other Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	0	0	0	0
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	0	0	0	0
Depreciation and amortization	1,347	947	3,891	2,688
Corporate expenses	6,063	6,604	17,762	18,911
Stock-based compensation	2,398	1,811	12,537	4,907
Transaction and business realignment costs	479	152	3,417	384
Impairment of intangible assets, investments, goodwill and long-lived assets	200	4,367	1,760	13,864
Net gain on sale and retirement of assets	0	0	0	0
Operating income (loss)	(10,487)	(13,881)	(39,367)	(40,754)
Subscription Digital Marketing Solutions | Operating segments
Segment Reporting Information [Line Items]
Net revenue	19,080	20,257	55,848	63,086
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	13,956	14,498	40,251	45,703
Depreciation and amortization	602	325	1,824	980
Corporate expenses	0	0	0	0
Stock-based compensation	134	152	468	431
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 on sale and retirement of assets	0	0	0	0
Operating income (loss)	4,388	5,282	13,305	15,972
Digital Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	40,861	39,009	116,541	113,842
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	30,050	27,271	87,665	77,666
Depreciation and amortization	251	147	698	479
Corporate expenses	0	0	0	0
Stock-based compensation	143	143	499	258
Transaction and business realignment costs	0	0	0	0
Impairment of intangible assets, investments, goodwill and long-lived assets	0	0	1,784	0
Net gain on sale and retirement of assets	0	0	0	0
Operating income (loss)	10,417	11,448	25,895	35,439
Broadcast Advertising | Operating segments
Segment Reporting Information [Line Items]
Net revenue	54,330	54,179	153,418	153,822
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	38,560	37,510	111,442	113,858
Depreciation and amortization	2,715	3,263	8,386	10,245
Corporate expenses	0	0	0	0
Stock-based compensation	188	240	546	622
Transaction and business realignment costs	161	6	249	366
Impairment of intangible assets, investments, goodwill and long-lived assets	134	26,603	30,137	51,833
Net gain on sale and retirement of assets	(110)	(362)	(66)	(703)
Operating income (loss)	12,682	(13,081)	2,724	(22,399)
Other | Operating segments
Segment Reporting Information [Line Items]
Net revenue	1,040	1,659	7,362	8,695
Direct operating expenses, excluding depreciation, amortization and stock-based compensation	1,228	2,044	6,843	8,074
Depreciation and amortization	32	35	97	104
Corporate expenses	0	0	0	0
Stock-based compensation	4	4	12	10
Transaction and business realignment costs	5	3	17	14
Impairment of intangible assets, investments, goodwill and long-lived assets	1,674	0	2,583	0
Net gain on sale and retirement of assets	0	0	0	0
Operating income (loss)	$ (1,903)	$ (427)	$ (2,190)	$ 493