Hemisphere Media (HMTV) 10-K 15 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 12, 2018	Jun. 30, 2017
Entity Registrant Name	HEMISPHERE MEDIA GROUP, INC.
Entity Central Index Key	1,567,345
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 241,226,350
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Common Class A
Entity Common Stock, Shares Outstanding		20,282,202
Common Class B
Entity Common Stock, Shares Outstanding		20,800,998

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash	$ 124,299	$ 163,090
Accounts receivable, net of allowance for doubtful accounts of $2,327 and $1,711, respectively	20,007	25,566
Due from related parties	2,169	1,505
Programming rights	7,723	5,450
Prepaid taxes and other current assets	12,517	7,904
Total current assets	166,715	203,515
Programming rights, net of current portion	11,520	10,450
Property and equipment, net	24,433	25,501
Broadcast license	41,356	41,356
Goodwill	164,887	164,887
Other intangibles, net	51,661	64,849
Equity method investments	30,907
Deferred income taxes	4,802	18,638
Other assets	1,605	1,245
Total Assets	497,886	530,441
Current Liabilities
Accounts payable	3,465	3,525
Due to related parties	1,885	413
Accrued agency commissions	4,064	6,725
Accrued compensation and benefits	5,540	4,488
Accrued marketing	4,997	6,378
Taxes payable	70	1,619
Other accrued expenses	3,725	3,610
Programming rights payable	2,920	3,293
Investee losses in excess of investment	2,806
Current portion of long-term debt	2,133
Total current liabilities	31,605	30,051
Programming rights payable, net of current portion	1,101	107
Long-term debt, net of current portion	205,509	210,270
Deferred income taxes	18,763	17,829
Defined benefit pension obligation	2,004	2,844
Total Liabilities	258,982	261,101
Stockholders' Equity
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2017 and December 31, 2016
Additional paid-in capital	265,329	261,051
Treasury stock, at cost 5,390,107 and 3,606,696 at December 31, 2017 and 2016, respectively	(57,303)	(35,069)
Retained earnings	30,401	43,837
Accumulated other comprehensive income (loss)	472	(483)
Total Stockholders' Equity	238,904	269,340
Total Liabilities and Stockholders' Equity	497,886	530,441
Common Class A
Stockholders' Equity
Common stock	3	2
Common Class B
Stockholders' Equity
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, allowance for doubtful accounts	$ 2,327	$ 1,711
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	5,390,107	3,606,696
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	25,171,433	24,944,913
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	33,000,000	33,000,000
Common stock, shares issued	20,800,998	20,800,998

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Operations
Net revenues	$ 124,464	$ 138,525	$ 129,790
Operating Expenses:
Cost of revenues	39,965	41,293	41,189
Selling, general and administrative	39,437	38,333	36,037
Depreciation and amortization	16,228	16,608	17,218
Other expenses	3,501	2,262	446
Loss on disposition of assets	(23)	6	33
Total operating expenses	99,108	98,502	94,923
Operating income	25,356	40,023	34,867
Other operating (expense) income:
Interest expense, net	(10,905)	(11,651)	(12,086)
Loss on impairment of fixed assets	(546)
Loss on equity method investments	(11,885)
Gain from insurance proceeds	3,250
Total other expense	(20,086)	(11,651)	(12,086)
Income before income tax expense	5,270	28,372	22,781
Income tax expense	(18,706)	(10,372)	(9,042)
Net (loss) income	$ (13,436)	$ 18,000	$ 13,739
(Loss) earnings per share:
Basic (in dollars per share)	$ (0.33)	$ 0.43	$ 0.32
Diluted (in dollars per share)	$ (0.33)	$ 0.43	$ 0.31
Weighted average shares outstanding:
Basic (in shares)	40,164	41,666	42,840
Diluted (in shares)	40,164	42,274	43,802

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (13,436)	$ 18,000	$ 13,739
Other comprehensive income (loss):
Change in fair value of interest rate swap, net of income taxes	773
Adjustment to defined benefit plan, net of income taxes	182	124	(21)
Total other comprehensive income (loss)	955	124	(21)
Comprehensive (loss) income	$ (12,481)	$ 18,124	$ 13,718

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common StockCommon Class A	Common StockCommon Class B	Additional Paid In Capital	Treasury StockCommon Class A	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at the beginning of the period at Dec. 31, 2014	$ 1	$ 3	$ 246,858	$ (1,961)	$ 12,098	$ (586)	$ 256,413
Balance at the beginning of the period (in shares) at Dec. 31, 2014	14,519	30,027
Consolidated Statements of Changes in Stockholders' Equity
Net income (loss)					13,739		13,739
Issuance of restricted stock			2,522	(1,183)			1,339
Issuance of restricted stock (in shares)	324
Excess tax benefits related to the issuance of restricted stock			272				272
Stock-based compensation			3,053				3,053
Issuance of Class A common stock			5,407				5,407
Issuance of Class A common stock (in shares)	479
Repurchase of warrants			(1,778)				(1,778)
Exercise of warrants			60				60
Exercise of warrants (in shares)	5
Exercise of stock options			157				157
Exercise of stock options (in shares)	15
Other comprehensive income (loss), net of tax						(21)	(21)
Balance at the end of the period at Dec. 31, 2015	$ 1	$ 3	256,551	(3,144)	25,837	(607)	278,641
Balance at the end of the period (in shares) at Dec. 31, 2015	15,342	30,027
Consolidated Statements of Changes in Stockholders' Equity
Net income (loss)					18,000		18,000
Issuance of restricted stock			934	(1,190)			(256)
Issuance of restricted stock (in shares)	328
Excess tax benefits related to the issuance of restricted stock			210				210
Stock-based compensation			3,757				3,757
Repurchase of Class A common stock				(30,735)			(30,735)
Conversion of Class B common stock to Class A common stock	$ 1	$ (1)
Conversion of Class B common stock to Class A common stock (in shares)	9,226	(9,226)
Repurchase of warrants			(976)				(976)
Exercise of warrants			420				420
Exercise of warrants (in shares)	35
Exercise of stock options			155				155
Exercise of stock options (in shares)	13
Other comprehensive income (loss), net of tax						124	124
Balance at the end of the period at Dec. 31, 2016	$ 2	$ 2	261,051	(35,069)	43,837	(483)	269,340
Balance at the end of the period (in shares) at Dec. 31, 2016	24,944	20,801
Consolidated Statements of Changes in Stockholders' Equity
Net income (loss)					(13,436)		(13,436)
Issuance of restricted stock	$ 1		1,155	(324)			832
Issuance of restricted stock (in shares)	204
Stock-based compensation			2,912				2,912
Repurchase of Class A common stock				(21,910)			(21,910)
Exercise of warrants			211				211
Exercise of warrants (in shares)	23
Other comprehensive income (loss), net of tax						955	955
Balance at the end of the period at Dec. 31, 2017	$ 3	$ 2	$ 265,329	$ (57,303)	$ 30,401	$ 472	$ 238,904
Balance at the end of the period (in shares) at Dec. 31, 2017	25,171	20,801

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities:
Net (loss) income	$ (13,436)	$ 18,000	$ 13,739
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	16,228	16,608	17,218
Program amortization	11,806	12,182	11,703
Amortization of deferred financing costs and original issue discount	620	879	886
Stock-based compensation	4,068	4,691	5,575
Provision for bad debts	756	398	920
Loss on disposition of assets	(23)	6	33
Deferred tax expense	14,473	(5,429)	(2,838)
Loss on equity investments, net	11,885
Loss on impairment of fixed assets	546
Gain from insurance proceeds	(3,250)
Excess tax benefits		210	272
(Increase) decrease in:
Accounts receivable	4,803	(453)	(1,676)
Programming rights	(15,149)	(15,073)	(12,619)
Due from related parties	(664)	217	(388)
Prepaid expenses and other assets	(7,006)	(3,029)	3,487
Increase (decrease) in:
Accounts payable	(60)	1,062	287
Due to related parties	1,472	(769)	395
Accrued expenses	(2,875)	(578)	4,206
Programming rights payable	621	(1,391)	452
Taxes payable	(1,549)	(103)	705
Other liabilities	2,445	227	107
Net cash provided by operating activities	25,711	27,655	42,464
Cash Flows From Investing Activities:
Investments in joint ventures	(39,986)	(111)
Capital expenditures	(2,496)	(3,392)	(5,358)
Proceeds from sale of assets		10	3
Insurance proceeds	3,250
Net cash used in investing activities	(39,232)	(3,493)	(5,355)
Cash Flows From Financing Activities:
Repayments of long-term debt	(2,133)	(8,278)	(2,250)
Repurchase of common stock	(22,234)	(31,925)	(1,183)
Financing fees	(1,114)
Proceeds from issuance of stock			5,407
Repurchase of warrants		(976)	(1,778)
Exercise of warrants	211	420	60
Exercise of stock options		155	157
Net cash (used in) provided by financing activities	(25,270)	(40,604)	413
Net (decrease) increase in cash	(38,791)	(16,442)	37,522
Cash:
Beginning	163,090	179,532	142,010
Ending	124,299	163,090	179,532
Cash payments for:
Interest	10,368	10,911	11,305
Income taxes	$ 10,139	$ 15,023	$ 5,812

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Nature of Business and Significant Accounting Policies
Nature of Business and Significant Accounting Policies	Note 1. Nature of Business and Significant Accounting Policies Nature of business: The accompanying Consolidated Financial Statements include the accounts of Hemisphere Media Group, Inc. ("Hemisphere" or the "Company"), the parent holding company of Cine Latino, Inc. ("Cinelatino"), WAPA Holdings, LLC (formerly known as InterMedia Español Holdings, LLC) ("WAPA Holdings"), and HMTV Cable, Inc., the parent company of the entities for the acquired networks consisting of Pasiones, TV Dominicana, and Centroamerica TV (see below). Hemisphere was formed on January 16, 2013 for purposes of effecting the transaction, (see Note 2), which was consummated on April 4, 2013. In these notes, the terms "Company," "we," "us" or "our" mean Hemisphere and all subsidiaries included in our Consolidated Financial Statements. For more information on our equity method investments, see Note 5, "Equity Method Investments" of Notes to Consolidated Financial Statements. Reclassification: Certain prior year amounts on the presented consolidated statement of cash flows have been reclassified to conform with current year presentation. Principles of consolidation: The Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company has interests in various entities including corporations and limited liability companies. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a Variable Interest Entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity's operations, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity's activities involve or are conducted on behalf of the investor with disproportionately few voting rights. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. The primary beneficiary is the party involved with the VIE that (i) has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company's consolidation policy are accounted for as equity method investments. Related party transactions between the Company and its equity method investees have not been eliminated. Basis of presentation: The accompanying consolidated financial statements for us and our subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Operating segments: The Company determines its operating segments based upon (i) financial information reviewed by the chief operating decision maker, the Chief Executive Officer, (ii) internal management and related reporting structure and (iii) the basis upon which the chief operating decision maker makes resource allocation decisions. We have one operating segment, Hemisphere. Net (loss) earnings per common share: Basic earnings per share ("EPS") are computed by dividing income attributable to common stockholders by the number of weighted-average outstanding shares of common stock. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares only in the periods in which such effect would have been dilutive. The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS ( amounts in thousands, except per share amounts ): Years Ended December 31 2017 2016 2015 Numerator for earnings per common share calculation: Net (loss) income $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings per common share calculation: Weighted-average common shares, basic Effect of dilutive securities Stock options, restricted stock and warrants — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares, diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share Basic $ ) $ $ Diluted $ ) $ $ On June 20, 2017, the Company announced that its Board of Directors authorized the repurchase of up to $25.0 million of the Company's Class A common stock, par value $0.0001 per share ("Class A common stock"). Under the Company's stock repurchase program, management is authorized to purchase shares of the Company's common stock from time to time through open market purchases at prevailing prices, subject to stock price, business and market conditions and other factors. As of December 31, 2017, the Company has repurchased 1.8 million shares of Class A common stock under the repurchase program for an aggregate purchase price of $21.9 million, which has been recorded as treasury stock on the consolidated balance sheet. As of December 31, 2017, the Company had $3.1 million of remaining authorization for future repurchases under the existing stock repurchase program, which will expire on July 17, 2018. We apply the treasury stock method to measure the dilutive effect of its outstanding warrants, stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted income per common share calculation. Per the Accounting Standards Codification ("ASC") 260 accounting guidance, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation (ASC 260-10-45-23). The assumed exercise only occurs when the warrants are "In the Money" (exercise price is lower than the average market price for the period). If the warrants are "Out of the Money" (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 2.0 million, 1.9 million and 1.0 million shares of common stock for the years ended December 31, 2017, 2016 and 2015, respectively, were excluded from the computation of diluted income per common share for this period because their effect would have been anti-dilutive. The net (loss) income per share amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As a result of the loss from continuing operations for the year ended December 31, 2017, 0.3 million outstanding awards were not included in the computation of diluted (loss) earnings per share because their effect was anti-dilutive. In computing earnings per share, the Company's Nonvoting Stock is considered a participating security. Each share of Nonvoting Stock has identical rights, powers, limitations and restrictions in all respects as each share of common of the Company, including the right to receive the same consideration per share payable in respect of each share of common stock, except that holders of Nonvoting Stock shall have no voting rights or powers whatsoever. Revenue recognition: Revenue is recognized when persuasive evidence of a sales arrangement exists, services are rendered or delivery occurs, the sales price is fixed or determinable and collectability is reasonably assured. Revenues do not include taxes collected from customers on behalf of taxing authorities such as sales tax and value-added tax. However, certain revenues include taxes that customers pay to taxing authorities on the Company's behalf, such as foreign withholding tax. Revenue related to the sale of advertising and contracted time is recognized, net of agency commissions, at the time of broadcast. The Company determines whether gross or net presentation is appropriate based on its relationship in the applicable transaction with its ultimate customer. Retransmission consent fees and subscriber fees received from multi-channel video providers are recognized in the period in which the services are performed, generally pursuant to multi-year carriage agreements based on the number of subscribers. In May 2014, the FASB issued ASU 2014 - 09 — Revenue from Contracts with Customers (Topic 606 ). ASU 2014 - 09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date . ASU 2015 - 14 deferred the effective date of ASU 2014 - 09 by one year to interim and annual reporting periods beginning after December 15, 2017, and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The standard permits the use of either a retrospective to each reporting period presented method, or a retrospective with the cumulative effect method to adopt the standard. In March 2016, the FASB issued ASU 2016 - 08, Principal versus Agent Considerations . This ASU amends the guidance of ASU 2014 - 09 to clarify the implementation guidance on principal versus agent considerations for reporting gross revenue versus net revenue. In April 2016, the FASB issued ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 : Identifying Performance Obligations and Licensing . This ASU amends the guidance of ASU 2014 - 09 to clarify the identification of performance obligations and to provide additional licensing implementation guidance. In May 2016, the FASB issued ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow Scope Improvements and Practical Expedients . This ASU was issued to provide guidance in assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, in order to reduce the potential for diversity in practice at initial application, and to reduce the cost and complexity of applying the standard. In December 2016, the FASB issued ASU 2016 - 20, Revenue from Contracts with Customers (Topic 606 ): Technical Corrections and Improvements . This ASU was issued to clarify the standard and to correct unintended application of guidance. We have identified retransmission and subscriber fees and advertising revenues as significant revenue streams and have completed our assessment. We have concluded that the adoption of ASC 606 will not change the timing of recognition of our revenues. The Update will be effective for the first interim period of our 2018 fiscal year and will be using the modified retrospective method to implement the standard. Our internal controls related to the revenue recognition process will not be changing, with the exception of those controls related to presentation and disclosure. Barter transactions: The Company engages in barter transactions in which advertising time is exchanged for products or services. Barter transactions are accounted for at the estimated fair value of the products or services received, or advertising time given up, whichever is more clearly determinable. Barter revenue is recognized at the time the advertising is broadcast. Barter expense is recorded at the time the merchandise or services are used and/or received. Barter revenue and expense included in the consolidated statements of operations are as follows ( amounts in thousands ): 2017 2016 2015 Barter revenue $ $ $ Barter expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Programming costs: Programming costs are recorded in cost of revenues based on the Company's contractual agreements with various third party programming distributors which are generally multi-year agreements. Equity-based compensation: We have given equity incentives to certain employees. We account for such equity incentives in accordance with ASC 718 "Stock Compensation," which requires us to measure compensation cost for equity settled awards at fair value on the date of grant and recognize compensation cost in the consolidated statements of operations over the requisite service or performance period the award is expected to vest. Compensation cost is determined using the Black-Scholes option pricing model. Advertising and marketing costs: The Company expenses advertising and marketing costs as incurred. The Company incurred advertising and marketing costs of $3.3 million, $3.8 million and $3.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. Cash: The Company maintains its cash in bank deposit accounts which, at times, may exceed federally-insured limits. The Company has not experienced any losses in such accounts. Accounts receivable: Accounts receivable are carried at the original charge amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition and current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. The Company considers an account receivable to be past due if any portion of the receivable balance is outstanding for more than 90 days. Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 consisted of the following (amounts in thousands): Year Description Beginning Additions Write-offs Recoveries End 2017 Allowance for doubtful accounts $ $ $ $ $ 2016 Allowance for doubtful accounts $ $ $ $ $ 2015 Allowance for doubtful accounts $ $ $ $ $ Programming rights: We enter into multi-year license agreements with various programming Distributors for distribution of their respective programming ("programming rights") and capitalize amounts paid to secure or extend these programming rights at the lower of unamortized cost or estimated net realizable value. If management estimates that the unamortized cost of programming rights exceeds the estimated net realizable value, an adjustment is recorded to reduce the carrying value of the programming rights. No such write-down was deemed necessary during the years ended December 31, 2017, 2016 and 2015. Programming rights are amortized over the term of the related license agreements or the number of exhibitions, whichever occurs first. The amortization of these rights, which was $11.8 million, $12.2 million and $11.7 million for the years ended December 31, 2017, 2016 and 2015, respectively, is recorded as part of cost of revenues in the accompanying consolidated statements of operations. Accumulated amortization of the programming rights was $32.6 million and $20.8 million at December 31, 2017 and 2016, respectively. Prior year amounts restated to conform with current year presentation. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as current assets, while costs of those programs to be broadcast subsequently are considered noncurrent. Program obligations are classified as current or noncurrent in accordance with the payment terms of the license agreement. Property and equipment: Property and equipment are recorded at cost. Depreciation is determined using the straight-line method over the expected remaining useful lives of the respective assets. Useful lives range from 1 - 40 years for improvements, equipment, buildings and towers. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is reflected in the determination of net income or loss. Expenditures for maintenance and repairs are expensed as incurred. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In 2017, we recorded an impairment charge of $0.5 million related to property and equipment damaged by Hurricane Maria. For more information on our property and equipment, see Note 3, "Property and Equipment" of Notes to Consolidated Financial Statements. Equity method investments: The Company holds investments in equity method investees. Investments in equity method investees are those for which the Company has the ability to exercise significant influence, but does not have control and is not the primary beneficiary. Significant influence typically exists if the Company has a 20% to 50% ownership interest in the venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company typically records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees, as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. In the event we incur losses in excess of the carrying amount of an equity investment and reduce our investment balance to zero, we would not record additional losses unless (i) we guaranteed obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee's return to profitability is imminent. If we provided a commitment to fund losses, we would continue to record losses resulting in a negative equity method investment, which is presented as a liability. As of December 31, 2017, our proportionate share of the losses of Pantaya exceeds our investment in Pantaya by $2.8 million. This amount is recorded as "Investee losses in excess of investment" on our consolidated balance sheet at December 31, 2017, due to our commitment for future capital funding. Equity method investments are reviewed for indicators of other-than-temporary impairment on a quarterly basis. An equity method investment is written down to fair value if there is evidence of a loss in value which is other-than-temporary. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as: the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions For our foreign equity investments, we perform an annual review of the international financial reporting standards ("IFRS") versus U.S. GAAP accounting. Any significant differences are considered and adjusted to ensure a U.S. GAAP presentation. There were no differences noted in the presentation of our foreign investment's IFRS financial statements when compared to U.S. GAAP. For more information on Equity method investments, see Note 5, "Equity Method Investments" of Notes to Consolidated Financial Statements. Goodwill and other intangibles: The Company's goodwill is recorded as a result of the Company's business combinations using the acquisition method of accounting. Indefinite lived intangible assets include a broadcast license, trademarks and tradenames. Other intangible assets include customer relationships, non-compete agreements and affiliate agreements with an estimated useful life of one to ten years. Other intangible assets are amortized over their estimated lives using the straight-line method. Costs incurred to renew or extend the term of recognized intangible assets are capitalized and amortized over the useful life of the asset. The Company tests its broadcast license annually for impairment or whenever events or changes in circumstances indicate that such assets might be impaired. The impairment test consists of a comparison of the fair value of these assets with their carrying amounts using a discounted cash flow valuation method, assuming a hypothetical start-up scenario. The Company tests its trademarks and tradenames annually for impairment or whenever events or changes in circumstances indicate that such assets might be impaired. The test consists of a comparison of the fair value of these assets with the carrying amounts utilizing an income approach in the form of the royalty relief method, which measure the cost savings that a business enjoys since it does not have to pay a royalty rate for the use of a particular domain name and brand. The Company tests its goodwill annually for impairment or whenever events or changes in circumstances indicate that goodwill might be impaired. The first step of the goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. The fair value of the reporting units are determined through the use of a discounted cash flow analysis incorporating variables such as revenue projections, projected operating cash flow margins, and discount rates. The valuation assumptions used in the discounted cash flow model reflect historical performance of the Company and prevailing values in the broadcast and cable markets. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company tests its other finite lived intangible asset for impairment whenever events or changes in circumstances indicate that such asset or asset group might be impaired. This analysis is performed by comparing the respective carrying value of the asset group to the current and expected future cash flows, on an undiscounted basis, to be generated from such asset group. If such analysis indicates that the carrying value of this asset group is not recoverable, the carrying value of such asset group is reduced to fair value. Deferred financing costs: Deferred financing costs are recorded net of accumulated amortization and are presented as a reduction to the principal amount of the long-term debt. Amortization is calculated on the effective-interest method over the term of the applicable loan. Amortization of deferred financing costs was $0.3 million, $0.5 million and $0.5 million, which is included in interest expense, net in the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, respectively. Accumulated amortization of deferred financing costs was $1.8 million and $1.5 million at December 31, 2017 and 2016. The net deferred financing costs of $1.5 million and $1.8 million at December 31, 2017 and 2016, respectively, and have been presented on the consolidated balance sheets as a reduction to the principal amount of the Long-term debt outstanding. Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We record foreign withholding tax, which is withheld by foreign customers from their remittances to us, on a gross basis as a component of income taxes and separate from revenue in the consolidated statement of operations. We follow the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained upon examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. To the extent that interest and penalties are assessed by taxing authorities on any underpayment of income taxes, such amounts are accrued and classified as a component of income tax expense. For more information on Income taxes, see Note 6, "Income Taxes" of Notes to Consolidated Financial Statements. Fair value of financial instruments: The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these items. The carrying value of the long-term debt approximates fair value because this instrument bears interest at a variable rate, is pre-payable, and is at terms currently available to the Company. U.S. GAAP establishes a framework for measuring fair value and expanded disclosures about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Under this guidance, assets and liabilities carried at fair value must be classified and disclosed in one of the following three categories: Level 1—inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2—inputs to the valuation methodology include quoted prices in markets that are not active or quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—inputs to the valuation methodology are unobservable, reflecting the entity's own assumptions about assumptions market participants would use in pricing the asset or liability. The categorization of an asset or liability within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company's programming rights and goodwill are classified as Level 3 in the fair value hierarchy, as they are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values exceed their fair values. For the years ended December 31, 2017, 2016 and 2015 there were no adjustments to fair value. The Company's variable-rate debt is classified as Level 2 in the fair value hierarchy, as its estimated fair value is derived from quoted market prices by independent dealers. The carrying value of the long-term debt approximates fair value at December 31, 2017 and 2016. Derivative Instruments: The Company uses derivative financial instruments from time to time to modify its exposure to market risks from changes in interest rates. The Company may designate derivative instruments as cash flow hedges or fair value hedges, as appropriate. The Company records all derivative instruments at fair value on a gross basis. For those derivative instruments designated as cash flow hedges that qualify for hedge accounting, gains or losses on the effective portion of derivative instruments are initially recorded in accumulated other comprehensive loss on the consolidated balance sheets and reclassified to the same account on the consolidated statements of operations in which the hedged item is recognized on the consolidated statements of operations. Major customers and suppliers: Two of our distributors each accounted for more than 10% of our total net revenues for the year ended December 31, 2017. There were no other distributors or other customers that accounted for more than 10% of revenue in any year. Our Networks are provided to these distributors pursuant to affiliation agreements with varying terms. Recent accounting pronouncements: In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of certain tax effects from Accumulated other comprehensive income. The amendments in this Update apply to any entity that has items of other comprehensive income ("OCI") for which the related tax effects are presented in OCI, as previously required by Generally Accepted Accounting Principles. This Update allows a one-time reclassification from OCI to Retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act enacted on December 22, 2017. The amendments in this ASU are effective for all entities for annual periods beginning after December 31, 2018. Early adoption is permitted and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. We will adopt this Update in the first quarter of 2018 and expect the impact to be immaterial to the financial statements of the Company. In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12—Derivatives and Hedging (Topic 815): Targeted Improvements t

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions
Related Party Transactions	Note 2. Related Party Transactions The Company has various agreements with MVS, a Mexican media and television conglomerate, which has directors and stockholders in common with the Company as follows: • An agreement through August 1, 2017, pursuant to which MVS provides Cinelatino with satellite and support services including origination, uplinking and satellite delivery of two feeds of Cinelatino's channel (for U.S. and Latin America), master control and monitoring, dubbing, subtitling and close captioning, and other support services (the "Satellite and Support Services Agreement"). This agreement was amended on May 20, 2015, to expand the services MVS provides to Cinelatino to include commercial insertion and editing services to support advertising sales on Cinelatino's U.S. feed. We continue to operate under the terms of this agreement while we negotiate the renewal. Expenses incurred under this agreement are included in cost of revenues in the accompanying consolidated statements of operations. Total expenses incurred were $2.6 million, $2.6 million and $2.3 million for the years ended December 31, 2017, 2016 and 2015, respectively, and are included in cost of revenues. • A ten-year master license agreement through July 2017, which grants MVS the non-exclusive right (except with respect to pre-existing distribution arrangements between MVS and third party distributors that were effective at the time of the consummation of our initial public offering) to duplicate, distribute and exhibit Cinelatino's service via cable, satellite or by any other means in Latin America and in Mexico to the extent that Mexico distribution is not owned by MVS. In February 2016, MVS terminated the agreement. We continued to operate under the terms of the terminated agreement through December 31, 2016. As of January 1, 2017, we assumed the management of all the rights for Latin American third party distributors, and MVS retained the non-exclusive right in Mexico. Pursuant to the agreement, Cinelatino receives revenue net of MVS's distribution fee, which is presently equal to 13.5% of all license fees collected from third party distributors managed by MVS. Total revenues recognized were $1.6 million, $4.0 million and $5.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. • An affiliation agreement through August 1, 2017 for the distribution and exhibition of Cinelatino's programming service through Dish Mexico (dba Comercializadora de Frecuencias Satelitales, S. de R.L. de C.V.), an MVS affiliate that transmits television programming services throughout Mexico. We continue to operate under the terms of this agreement while we negotiate the renewal. Total revenues recognized were $2.1 million, $2.2 million and $2.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. Amounts due from MVS pursuant to the agreements noted above, amounted to $2.2 million and $1.5 million at December 31, 2017 and 2016, respectively, and are remitted monthly. Amounts due to MVS pursuant to the agreements noted above amounted to $1.9 million and $0.5 million at December 31, 2017 and 2016, respectively, and are remitted monthly. We renewed the three-year consulting agreement effective April 9, 2016 with James M. McNamara, a member of the Company's board of directors, to provide the development, production and maintenance of programming, affiliate relations, identification and negotiation of carriage opportunities, and the development, identification and negotiation of new business initiatives including sponsorship, new channels, direct-to-consumer programs and other interactive initiatives. Total expenses incurred under these agreements are included in selling, general and administrative expenses and amounted to $0.5 million, $0.6 million, and $0.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. No amounts were due to this related party at December 31, 2017 and 2016. We have entered into programming agreements with Panamax Films, LLC ("Panamax"), an entity owned by James M. McNamara for the licensing of three specific movie titles. Expenses incurred under this agreement are included in cost of revenues in the accompanying consolidated statements of operations, and amounted to $0.0 million for each of the years ended December 31, 2017, 2016 and 2015. At December 31, 2017 and 2016, $0.1 million is included in other assets in the accompanying consolidated balance sheets as programming rights related to these agreements. During 2013, we engaged Pantelion to assist in the licensing of a feature film in the United States. Pantelion is a joint venture made up of several organizations, including Panamax, Lionsgate Films Inc. ("Lionsgate") and Grupo Televisa. Panamax is owned by James M. McNamara, who is also the Chairman of Pantelion. We agreed to pay to Pantelion, in connection with their services, up to 12.5% of all "licensing revenues". Total licensing revenues are included in net revenues in the accompanying consolidated statements of operations and amounted to $0.1 million for each of the years ended December 31, 2017 and 2016, and $0.0 million for the year ended December 31, 2015. Total expenses incurred are included in cost of revenues in the accompanying consolidated statements of operations and amounted to $0.0 for each of the years ended December 31, 2017, 2016, and 2015. There were no amounts due to Pantelion at December 31, 2017 and 2016. We entered into agreements to license the rights to motion pictures from Lionsgate for a total license fee of $1.0 million. Some of the titles are owned or controlled by Pantelion, for which Lionsgate acts as Pantelion's exclusive licensing agent. Fees paid by Cinelatino to Lionsgate may be remunerated to Pantelion in accordance with their financial arrangements. Expenses incurred under this agreement are included in cost of revenues in the accompanying consolidated statements of operations, and amounted to $0.3 million for the years ended December 31, 2017 and 2016, respectively, and $0.0 million for the year ended December 31, 2015. At December 31, 2017 and 2016, $0.1 million and $0.3 million, respectively, is included in programming rights, related to these agreements, in the accompanying consolidated balance sheets. We entered into an agreement to purchase the rights to motion pictures from Frontera Productions, LLC. One of our former Board members, holds an equity stake in this entity. The total license fee is $0.1 million. Expenses incurred under this agreement are included in cost of revenues in the accompanying consolidated statements of operations, and amounted to $0.0 million for the year ended December 31, 2017. At December 31, 2017, $0.0 million is included in programming rights related to this agreement, in the accompanying consolidated balance sheet. There was no amount due to this related party as of December 31, 2017. We entered into a services agreement with InterMedia Advisors, LLC ("IMA") which has officers, directors and stockholders in common with the Company for services including, without limitation, office space and operational support pursuant to a reimbursement agreement with IMA's affiliate, InterMedia Partners VII, L.P. Expenses incurred under this agreement are included in selling, general and administrative expenses in the accompanying consolidated statements of operations and amounted to $0.1 million for each of the years ended December 31, 2017 and 2016, respectively, and $0.0 million for the year ended December 31, 2015. The amounts due from this related party amounted to $0.0 million and $0.1 million as of December 31, 2017 and 2016, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2017
Property and Equipment
Property and Equipment	Note 3. Property and Equipment Property and equipment at December 31, 2017 and 2016 consists of the following (amounts in thousands ): 2017 2016 Land and improvements $ $ Building Equipment Towers ​ ​ ​ ​ ​ ​ ​ ​ Less: accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Equipment installations in progress ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense was $2.9 million, $3.2 million and $3.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. On September 20, 2017, Hurricane Maria made landfall in Puerto Rico, causing damage to WAPA's infrastructure. WAPA suffered limited damage to its studios and headquarters and to two of its three broadcast transmission towers, but the third transmission tower was completely destroyed. Accordingly, we have recorded a $0.5 million fixed asset impairment charge related to the net book value of the identified damaged assets. A significant portion of the damaged assets have been in service for more than 10 years and, as such, are largely fully depreciated. We anticipate the replacement cost will be well in excess of the net book value, though we expect insurance will cover most of the replacement costs, subject to deductibles and other costs. In 2017, we received and recognized $3.3 million in insurance recoveries related to these assets. There can be no assurances of the timing and amount of proceeds we may recover under our insurance policies.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 4. Goodwill and Intangible Assets Goodwill and intangible assets consist of the following at December 31, 2017 and 2016 ( amounts in thousands ): December 31, 2017 2016 Broadcast license $ $ Goodwill Other intangibles ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of changes in the Company's goodwill and other indefinite lived intangible assets, on a net basis, for the years ended December 31, 2017 and 2016, is as follows (amounts in thousands ): Net Balance at Additions Impairment Net Balance at Broadcast license $ $ — $ — $ Goodwill — — Brands — — Other intangibles — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total indefinite-lived intangibles $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at Additions Impairment Net Balance at Broadcast licenses $ $ — $ — $ Goodwill — — Brands — — Other intangibles — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total indefinite-lived intangibles $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of the changes in the Company's other amortizable intangible assets for the years ended December 31, 2017 and 2016 is as follows ( amounts in thousands ): Net Balance at Additions Amortization Net Balance at Affiliate relationships $ $ — $ ) $ Advertiser relationships — ) Non-compete agreement — ) Other intangibles ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total finite-lived intangibles $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at Additions Amortization Net Balance at Affiliate relationships $ $ — $ ) $ Advertiser relationships — ) Non-compete agreement — ) Other intangibles ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total finite-lived intangibles $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The aggregate amortization expense of the Company's amortizable intangible assets was $13.3 million, $13.4 million and $13.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. The weighted average remaining amortization period is 3.4 years at December 31, 2017. Future estimated amortization expense is as follows (amounts in thousands): Year Ending December 31, Amount 2018 $ 2019 2020 2021 2022 and thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2017
Equity Method Investments
Equity Method Investments	Note 5. Equity Method Investments The Company makes investments that support its underlying business strategy and enable it to enter new markets. The carrying values of the Company's equity method investments are consistent with its ownership in the underlying net assets of the investees, except Pantaya because the Company has recorded losses in excess of the amount invested in Pantaya. Certain of the Company's equity investments are variable interest entities, for which the Company is not the primary beneficiary. On November 3, 2016, we acquired a 25% interest in Pantaya, a newly formed joint venture with Lionsgate, to launch a Spanish-language OTT movie service. The service launched on August 1, 2017. The investment is deemed a VIE that is accounted for under the equity method. As of December 31, 2017, we have not funded any capital contributions to Pantaya. In accordance with U.S. GAAP, since we are committed to provide future capital contributions to Pantaya, we continue to record our proportionate share of losses on a one quarter lag. For the year ended December 31, 2017, we have recorded $2.8 million in Loss on equity method investments related to Pantaya, which is presented as a liability in the accompanying balance sheet. The Company's maximum exposure to loss on our investment in Pantaya is limited to our funding commitment. On November 30, 2016, we, in partnership with Colombian content producers, Radio Television Interamericana S.A., Compania de Medios de Informacion S.A.S. and NTC Nacional de Television y Comunicaciones S.A., were awarded a ten (10) year renewable television broadcast concession license for Canal 1 in Colombia. Canal 1 is one of only three national broadcast television networks in Colombia. The partnership began operating Canal 1 on May 1, 2017. At December 31, 2017 and 2016, the Company had a 20% interest in the joint venture, which is deemed a VIE that is accounted for under the equity method. We earn a preferred return on the capital funded, which is recorded quarterly as an offset to the loss on the investment. For the year ended December 31, 2017, we have recorded $35.0 million in Equity method investments, related to Canal 1. We record the income or loss on investment on a one quarter lag. For the year ended December 31, 2017, we recorded $9.1 million, net of preferred return, in Loss on equity method investments. The Canal 1 joint venture losses to date have exceeded the capital contributions of the common equity partners and as a result, in accordance with equity method accounting, equity losses in excess of the common equity have been recorded against the next layer of the capital structure, in this case, preferred equity. The Company is currently the sole preferred equity holder in Canal 1 and therefore, the Company has recorded nearly 100% of the losses of Canal 1. For the year ended December 31, 2017, we recorded $1.7 million of income, as an offset to losses incurred in Loss on equity method investments. The net balance recorded in Equity method investments related to Canal 1 joint venture was $25.9 million and $0.1 million at December 31, 2017 and 2016, respectively. On February 7, 2018, Colombian regulatory authorities approved an increase in our ownership in the joint venture to 40%. On April 28, 2017, we acquired a 25.5% interest in REMEZCLA, a digital media company targeting English speaking and bilingual U.S. Hispanics millennials through innovative content. For the year ended December 31, 2017, we have recorded $5.0 million in Equity method investments related to REMEZCLA. The Company records the income or loss on investment on a one quarter lag. For the year ended December 31, 2017, we have recorded $0.4 million in Loss on equity method investments related to this investment. Additionally, we earned a preferred return on capital funded. For the year ended December 31, 2017, we recorded $0.4 million of income as an offset to the loss incurred in loss on equity method investments. The net investment recorded in Equity method investments at December 31, 2017 was $5.0 million. We have no additional commitment to fund the operations of the venture which limits the maximum exposure to loss on our investment in Remezcla to our investment of $5.0 million. The Company records the income or loss on investment on a one quarter lag. Summary unaudited financial data for our equity investments as of the nine months ended September 30, 2017 are included below: Equity ( amounts in thousands ): Current assets $ Non-current assets Current liabilities Non-current liabilities Redeemable stock and noncontrolling interests Net sales Gross profit (Loss) from continuing operations ) Net (loss) $ )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income taxes
Income Taxes	Note 6. Income Taxes For the years ended December 31, 2017, 2016 and 2015, Income before provision for income taxes, includes the following components ( amounts in thousands ): 2017 2016 2015 Domestic income $ $ $ Foreign (loss) income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2017, 2016 and 2015, income tax expense is composed of the following (amounts in thousands ): 2017 2016 2015 Current income tax expense $ $ $ Deferred income tax (benefit) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current tax expense for the years ended December 31, 2017, 2016 and 2015 includes $1.5 million, $1.7 million and $1.5 million of foreign withholding tax, respectively. For the years ended December 31, 2017, 2016 and 2015 the Company's income tax expense and effective tax rates were as follows: 2017 2016 2015 Pre-tax book income—US Only % % % Pre-tax book income—Foreign Only % % % Permanent items % % % Return to provision true-ups—Current/Deferred –4.2 % –1.1 % –1.4 % Foreign rate differential % % % Foreign tax credits –51.7 % –32.0 % –24.5 % Foreign valuation allowance % — — Change in FTC valuation allowance due to tax reform % — — Tax Cut and Jobs Act Law Changes % — — Foreign withholding taxes % % % Deferred foreign tax credit offset –21.9 % % –2.2 % State taxes and state rate change % % –0.3 % UTP adjustment –2.6 % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The 2017 Tax Cut and Jobs Act ("Tax Act") was signed into law on December 22, 2017. While the effective date of the new corporate tax rates for the Company is January 1, 2018, the Company is required to calculate the effects of changes in tax rates and laws on deferred tax balances in 2017, the period in which the legislation was enacted. The 2017 Tax Act revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21% in 2018, eliminating certain deductions, imposing a mandatory one-time transition tax, or deemed repatriation tax on accumulated earnings of foreign subsidiaries as of 2017 that were previously tax deferred. The Company generates income in higher tax rate foreign locations, which result in foreign tax credits. The lower federal corporate tax rate reduced the likelihood or our utilization of foreign tax credits created by income taxes paid in Puerto Rico and Latin America, resulting in a valuation allowance of $10.6 million. Additionally, the remeasurement of net deferred tax asset at the lower enacted rate resulted in a $3.0 million increase in income tax expense. The Company evaluated the effects of the one-time transition tax and determined there was no impact for the period ended December 31, 2017. For the year ended December 31, 2017, the items that significantly affect the differences between the tax provision calculated at the statutory federal income tax rate and the actual tax expense recorded related primarily to the Tax Act that reduced the federal tax rate to 21%, and the loss on the Company's equity investment in Colombia, which created a deferred tax asset against which we established a $3.1 million valuation allowance. The investment in Colombia also impacted the foreign rate differential, as the Colombia tax rate was lower than the federal corporate tax rate in 2017. Increases in deferred tax liabilities in Puerto Rico increased the offsetting deferred tax asset in the U.S. The impact of permanent items as a percentage were higher due to lower income in 2017, but as a dollar amount were actually lower as compared to prior years. For the year ended December 31, 2016, the items that significantly affect the differences between the tax provision calculated at the statutory federal income tax rate and the actual tax benefit recorded primarily relate to increases in taxes in Puerto Rico and foreign withholding taxes that will generate offsetting U.S. foreign tax credits. The foreign rate differential is created by significant operations taxed in Puerto Rico which has a higher tax rate than the US federal rate. The operations that are taxed in Puerto Rico are also taxed in the U.S., generating a foreign tax credit. As a result, Puerto Rico timing differences creating deferred tax liabilities represent future Puerto Rico taxes and future potential foreign tax credits. The deferred foreign tax credit offset represents the future foreign tax credits related to the Puerto Rico timing differences. The Company receives revenue from various foreign jurisdictions that are subject to withholding taxes. These withholding taxes have been recorded in the provision for income taxes and generate foreign tax credits. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities calculated for financial reporting purposes and the amounts calculated for preparing its income tax returns in accordance with tax regulations and the net tax effects of operating loss and tax credits carried forward. Net deferred tax liabilities consist of the following components as of December 31, 2017 and 2016 (amounts in thousands ): 2017 2016 Deferred tax assets: Allowances for doubtful accounts $ $ Deferred branch tax benefit State tax Federal deduction true-up NOL credit and other carryovers — Fixed assets Accrued expenses Foreign tax credit Stock compensation Pension Intangibles Other DTA Less: Foreign income valuation allowance ) — Less: Foreign tax credit valuation allowance ) — ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: Prepaid expenses ) ) Intangibles ) ) Interest Rate Swap ) — Property and equipment ) ) Amortization expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ($ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The deferred tax amounts mentioned above have been classified on the accompanying consolidated balance sheets at December 31, 2017 and 2016 as follows ( amounts in thousands ): 2017 2016 Non-current assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current liabilities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2017 and 2016, the Company has foreign tax credit carryforwards for U.S. federal purposes and foreign minimum credits totaling $10.6 million and $11.4 million, respectively, which expire during the years 2021 through 2025. These tax credits were generated on revenues earned by our channels for airing content in Puerto Rico, and Latin America. The realization of deferred tax assets depends on the generation of sufficient taxable income of the appropriate character and in the appropriate taxing jurisdiction during the future periods in which the related temporary differences become deductible. A valuation allowance is provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. As the Tax Act significantly reduced the U.S. tax rate to 21%, the Company anticipates generating excess foreign tax credits and would not be able to use its historic foreign tax credits before they expire. As a result, in 2017, the Company recorded a valuation allowance against our foreign tax credits of $10.6 million. In addition, the Colombia operations incurred a significant loss in 2017 and the Company evaluated the ability to use the created deferred tax assets and recorded a valuation allowance of $3.1 million against the balance at December 31, 2017. The Company has foreign net operating losses carryforwards related to its Colombia operations totaling $0.3 million and $0 million, at December 31, 2017 and 2016, respectively, which expire beginning in 2029. Upon audit, taxing authorities may prohibit the realization of all or part of an uncertain tax position. The Company regularly assesses the outcome of potential examinations in each of the tax jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. As of December 31, 2017 and 2016, the Company has uncertain tax position reserves of $0.3 million and $0.4 million, respectively. Additionally, upon filing for an accounting method change related to an uncertain tax position, the Company reduced its uncertain tax position reserves in the amount of $0.1 million for related interest expense. During 2014, the Company identified an uncertain tax position and recorded a liability of $0.7 million with an offsetting deferred tax asset. The company accrued no interest related to this item in 2014.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2017
Long- Term Debt
Long- Term Debt	Note 7. Long-Term Debt Long-term debt as of December 31, 2017 and 2016 consists of the following ( amounts in thousands ): December 31, 2017 December 31, 2016 Senior Notes due February 2024 $ $ — Senior Notes due July 2020 — Less: Current portion — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On February 14, 2017 (the "Closing Date"), the Borrowers amended the Term Loan Facility (the "Second Amended Term Loan Facility"). The Second Amended Term Loan Facility provides for a $213.3 million senior secured term loan B facility, which matures on February 14, 2024. The Second Amended Term Loan Facility, bears interest at the Borrowers' option of either (i) LIBOR plus a margin of 3.50% (decreased from a margin of 4.00% under the Term Loan Facility) or (ii) or an Alternate Base Rate ("ABR") plus a margin of 2.50% (decreased from a margin of 3.00% under the Term Loan Facility). There is no LIBOR floor (a decrease from a LIBOR floor of 1.00% under the Term Loan Facility). The Second Amended Term Loan Facility, among other terms, provides for an uncommitted incremental loan option (the "Incremental Facility") allowing for increases for borrowings under the Second Amended Term Loan Facility and borrowing of new tranches of term loans, up to an aggregate principal amount equal to (i) $65.0 million plus (ii) an additional amount (the "Incremental Facility Increase") provided, that after giving effect to such Incremental Facility Increase (as well as any other additional term loans), on a pro forma basis, the First Lien Net Leverage Ratio (as defined in the Second Amended Term Loan Facility) for the most recent four consecutive fiscal quarters does not exceed 4.00:1.00 and the Total Net Leverage Ratio (as defined in the Second Amended Term Loan Facility) for the most recent four consecutive fiscal quarters does not exceed 6.00:1.00. The First Lien Net Leverage Ratio and the Total Net Leverage Ratio each cap the cash netted against debt up to a maximum amount of $60.0 million (increased from $45.0 million under the Term Loan Facility). Additionally, the Second Amended Term Loan Facility also provides for an uncommitted incremental revolving loan option (the "Incremental Revolving Facility") allowing for an aggregate principal amount of up to $30.0 million, which will be secured on a pari passu basis by the collateral securing the Second Amended Term Loan Facility. The Second Amended Term Loan Facility requires the Borrowers to make amortization payments (in quarterly installments) equal to 1.00% per annum with respect to the Second Amended Term Loan Facility with any remaining amount due at final maturity. The Second Amended Term Loan Facility principal payments commenced on March 31, 2017, with a final installment due on February 14, 2024. Voluntary prepayments are permitted, in whole or in part, subject to certain minimum prepayment requirements. In addition, pursuant to the terms of the Second Amended Term Loan Facility, within 90 days after the end of each fiscal year, the Borrowers are required to make a prepayment of the loan principal in an amount equal to a percentage of the excess cash flow of the most recently completed fiscal year. Excess cash flow is generally defined as net income plus depreciation and amortization expense, less mandatory prepayments of the term loan, income taxes and capital expenditures, and adjusted for the change in working capital. The percentage of the excess cash flow used to determine the amount of the prepayment of the loan declines from 50% to 25%, and again to 0% at lower leverage ratios. Pursuant to the terms of the Second Amended Term Loan Facility, our net leverage ratio was 2.95x at December 31, 2017, resulting in an excess cash flow percentage of 25% and therefore, an excess cash flow payment of $2.1 million will be required to be paid in 2018. In accordance with Accounting Standards Codification ("ASC") 470—Debt , the refinancing arrangement was deemed a modification of the Term Loan Facility and as such, an additional $1.1 million of original issue discount ("OID") incurred in connection with the Second Amended Term Loan Facility was added to the existing OID. As of December 31, 2017, the OID balance was $2.0 million, net of accumulated amortization of $1.5 million and was recorded as a reduction to the principal amount of the Second Amended Term Loan Facility outstanding as presented on the consolidated balance sheet and will be amortized as a component of interest expense over the term of the Second Amended Term Loan Facility. Financing costs of $1.4 million incurred in connection with the Second Amended Term Loan Facility were expensed in the period in accordance with ASC 470—Debt and are included in Other expenses in the consolidated statement of operations at December 31, 2017. In accordance with ASU 2015-15 Interest—Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements, deferred financing fees of $1.5 million, net of accumulated amortization of $1.8 million, are presented as a reduction to the Second Amended Term Loan Facility outstanding at December 31, 2017 as presented on the consolidated balance sheet, and will be amortized as a component of interest expense over the term of the Second Amended Term Loan Facility. The carrying value of the long-term debt approximates fair value at December 31, 201 7 and 2016, and was derived from quoted market prices by independent dealers (Level 2 in the fair value hierarchy under ASC 820, Fair Value Measurements and Disclosures ). The following are the maturities of our long-term debt as of December 31, 2017 ( amounts in thousands ): Year Ending December 31, 2018 $ 2019 2020 2021 2022 and thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 2017
Derivative instruments
Derivative instruments	Note 8. Derivative instruments We use derivative financial instruments in the management of our exposure to interest rate. Our strategy is to eliminate the cash flow risk on a portion of the variable rate debt caused by changes in the designated benchmark interest rate, LIBOR. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. On May 4, 2017, we entered into two identical pay-fixed, receive-variable, interest rate swaps with two different counter parties, to hedge the variability in the LIBOR interest payments on an aggregate notional value of $100.0 million of our Second Amended Term Loan Facility beginning May 31, 2017, through the expiration of the swaps on March 31, 2022. At inception, these interest rate swaps were designated as cash flow hedges of interest rate risk, and as such, the effective portion of unrealized changes in market value is recorded in Accumulated other comprehensive income ("AOCI"). Any losses from hedge ineffectiveness will be recognized in current earnings. The change in the fair value of the interest rate swap agreements in the year ended December 31, 2017 resulted in an unrealized gain of $0.8 million, and was included in AOCI. The Company paid $0.4 million of net interest on the settlement of the interest rate swap agreements for the year ended December 31, 2017. As of December 31, 2017, the Company estimates that none of the unrealized gain included in AOCI related to these interest rate swap agreements will be realized and reported in earnings within the next twelve months. No gain or loss was recorded in earnings for the year ended December 31, 2017. The fair value of the interest rate swaps as of December 31, 2017 was $0.8 million and was recorded in Other assets in non-current assets on the consolidated balance sheets. By entering into derivative instrument contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Our derivative instruments do not contain any credit-risk related contingent features.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Fair Value Measurements	Note 9. Fair Value Measurements Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by us or the counterparty. The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our consolidated balance sheets as of December 31, 2017 ( amounts in thousands ): Estimated Fair Value December 31, 2017 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other non-current assets — $ — $ Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to periodic impairment tests. These items primarily include long-lived assets, goodwill and other intangible assets. As of December 31, 2016, there were no assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these items. The carrying value of the long-term debt approximates fair value because this instrument bears interest at a variable rate, is pre-payable, and is at terms currently available to the Company.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity
Stockholders' Equity	Note 10. Stockholders' equity Capitalization Capital Stock As of December 31, 2017, the Company had 20,285,427 shares of Class A common stock (including shares subject to forfeiture), and 20,800,998 shares of Class B common stock (including shares subject to forfeiture), issued and outstanding. In the event the last sale price of the Class A common stock does not equal or exceed $15.00 per share (as adjusted for stock splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within at least one 30-trading day period before April 4, 2018, 0.9 million shares of Class A common stock and 1.1 million shares of Class B Common Shares will be forfeited. As of the date of this filing, it is expected that these shares will be forfeited on April 4, 2018. On June 20, 2017, the Company announced that its Board of Directors authorized the repurchase of up to $25.0 million of the Company's Class A common stock, par value $0.0001 per share ("Class A common stock"). Under the Company's stock repurchase program, management is authorized to purchase shares of the Company's common stock from time to time through open market purchases at prevailing prices, subject to stock price, business and market conditions and other factors. During 2017, the Company repurchased 1.8 million shares of Class A common stock under the repurchase program for an aggregate purchase price of $21.9 million, and was recorded as treasury stock on the consolidated balance sheet. As of December 31, 2017, the Company had $3.1 million of remaining authorization for future repurchases under the existing stock repurchase program, which will expire on July 17, 2018. Warrants At December 31, 2017, 12.1 million Warrants, exercisable into 6.0 million shares of our Class A common stock, were issued and outstanding. Each Warrant entitles the holder to purchase one-half of one share of our Class A common stock at a price of $6.00 per half share. Warrants may be exercised only through the date of expiration and are only exercisable for a whole number of shares of common stock (i.e. only an even number of Warrants may be exercised at any given time by a registered holder). As a result, a holder must exercise at least two Warrants at an effective exercise price of $12.00 per share. At the option of the Company, 7.6 million Warrants may be called for redemption, provided that the last sale price of our Class A common stock reported has been at least $18.00 per share on each of 20 trading days within the 30-day period ending on the third business day prior to the date on which notice of redemption is given. The Warrants expire on April 4, 2018. There were 190,749 Warrants exercised during the year ended December 31, 2017. In connection with such exercises 22,911 shares of Class A common stock were issued and the Company received $0.2 million in cash proceeds, as some of the Warrant exercises were done on a cashless basis. Voting Class B common stock votes on a 10 to 1 basis with the Class A common stock, which means that each share of Class B common stock will have 10 votes and each share of Class A common stock will have 1 vote. The Class B common stock shall be convertible in whole or in part at any time at the option of the holder or holders thereof, into an equal number of Class A common stock. Warrants are not entitled to vote, unless converted into shares of the Company's Class A common stock. On June 8, 2016, the Company completed a privately negotiated stock repurchase of 2.8 million shares of Class A common stock at a price of $10.50 per share for $29.4 million. On March 16, 2016, the Company completed a repurchase of 100,000 shares of Class A common stock at a price of $13.35 per share for $1.3 million. The repurchased shares were placed into treasury to be used for general corporate purposes. On October 21, 2016, an aggregate of 9.2 million shares of Class B common stock held by InterMedia Partners VII, L.P. and its affiliates ("IM") were distributed to limited partners of IM. A beneficial owner of shares of Class B common stock may transfer, directly or indirectly, shares of Class B common stock, whether by sale, assignment, gift or otherwise, only to a Class B Permitted Transferee (as defined in the Company's amended an and restated certificate of incorporation) and no Class B stockholder may otherwise transfer beneficial ownership (as hereinafter defined) of any shares of Class B common stock. As such, shares of Class B common stock held by IM were converted to shares of Class A common stock, including an aggregate of 419,383 shares of Class B common stock that are subject to forfeiture and distribution as elected by IM's limited partners were converted into shares of Class A common stock. Equity Incentive Plans Effective May 16, 2016, the stockholders of all classes of capital stock of the Company approved at the annual stockholder meeting the Hemisphere Media Group, Inc. Amended and Restated 2013 Equity Incentive Plan (the "2013 Equity Incentive Plan") to increase the number of shares of Class A common stock that may be delivered under the 2013 Equity Incentive Plan to an aggregate of 7.2 million shares of our Class A common stock. At December 31, 2017, 2.7 million shares remained available for issuance of stock options or other stock-based awards under our 2013 Equity Incentive Plan (including shares of restricted Class A common stock surrendered to the Company in payment of taxes required to be withheld in respect of vested shares of restricted Class A common stock, which are available for re-issuance). The expiration date of the 2013 Equity Incentive Plan, on and after which date no awards may be granted, is April 4, 2023. The Company's Board of Directors, or a committee thereof, administers the 2013 Equity Incentive Plan and has the sole and plenary authority to, among other things: (i) designate participants; (ii) determine the type, size, and terms and conditions of awards to be granted; and (iii) determine the method by which an award may be settled, exercised, canceled, forfeited or suspended. The Company's time-based restricted stock awards and option awards generally vest in three equal annual installments beginning on the first anniversary of the grant date, subject to the grantee's continued employment or service with the Company. The Company's event-based restricted stock awards and option awards generally vest either upon the Company's Class A common stock attaining a $15.00 closing price per share, as quoted on the NASDAQ Global Market, on at least 10 trading days, subject to the grantee's continued employment or service with the Company. Other event-based restricted stock awards granted to certain members of our Board vest on the day preceding the Company's annual shareholder meeting. Stock-Based Compensation Stock-based compensation expense related to stock options and restricted stock was $4.1 million, $4.7 million and $5.6 million for the years ended December 31, 2017, 2016, and 2015, respectively. At December 31, 2017, there was $1.9 million of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 1.4 years. At December 31, 2017, there was $2.5 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 1.5 years. Stock Options The fair value of stock options granted is estimated at the date of grant using the Black-Scholes pricing model for time-based options and the Monte Carlo simulation model for event-based options. The expected term of options granted is derived using the simplified method under ASC 718-10-S99-1/SEC Topic 14.D for "plain vanilla" options and the Monte Carlo simulation for event-based options. Expected volatility is based on the historical volatility of the Company's competitors given its lack of trading history. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has estimated forfeitures of 1.5%, as the awards are to management for which the Company expects lower turnover, and has assumed no dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. Black-Scholes Option Valuation Assumptions 2017 2016 2015 Risk-free interest rate % 1.60% - 2.44% 1.76% - 2.12% Dividend yield — — — Volatility % 26.4% - 32.4% 25.8% - 29.5% Weighted-average expected term (years) The following table summarizes stock option activity for the years ended December 31, 2017, 2016 and 2015 (shares and intrinsic values in thousands): Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2014 $ $ Granted $ — Exercised ) — — Forfeited or expired ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ $ Granted $ — Exercised ) — — Forfeited or expired — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Granted $ — Exercised — — — — Forfeited ) — — Expired ) $ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted average grant date fair value of options granted for the years ended December 31, 2017, 2016 and 2015 was $3.39, $3.71 and $4.13. At December 31, 2017, 0.3 million options granted are unvested, event-based options. Restricted Stock Certain employees and directors have been awarded restricted stock under the 2013 Equity Incentive Plan. The time-based restricted stock grants vest primarily over a period of three years. The fair value and expected term of event-based restricted stock grants is estimated at the grant date using the Monte Carlo simulation model. The following table summarizes restricted share activity for the years ended December 31, 2017, 2016 and 2015 ( shares in thousands ): Number of Weighted-average Outstanding at December 31, 2014 $ Granted Vested ) Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ Granted Vested ) Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2016 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2017 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2017, 0.2 million shares of restricted stock issued are unvested, event-based shares.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
Contingencies
Contingencies	Note 11. Contingencies The Company is involved in various legal actions, generally related to its operations. Management believes, based on advice from legal counsel, that the outcome of such legal actions will not adversely affect the financial condition of the Company.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2017
Commitments
Commitments	Note 12. Commitments The Company has entered into certain rental property contracts with third parties, which are accounted for as operating leases. Rental expense was $0.7 million, $0.7 million and $0.6 million for the years ended December 31, 2017, 2016 and 2015, respectively The Company has certain commitments including various operating leases. Future minimum payments for these commitments and other commitments, primarily programming and equity method capital contributions, are as follows (amounts in thousands): Year Ending December 31, Operating Other Total 2018 $ $ $ 2019 2020 2021 2022 and thereafter — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2017
Retirement Plans
Retirement Plans	Note 13. Retirement Plans WAPA, a wholly owned subsidiary of the Company, makes contributions to the Televicentro de Puerto Rico Special Retirement Benefits (the "Retirement Plan"). The Retirement Plan is available to all reporters and union employees after completing three (3) months of service. Eligible employees, those meeting active service minimums and minimum age requirements, are eligible to receive a one-time lump sum payment at retirement, of two (2) weeks per year of service capped at a maximum payment of forty-five (45) weeks. The number of retirees is capped at five (5) per year. There are 144 participants in the Retirement Plan. Following is the plan's projected benefit obligation at December 31, 2017 and 2016. (amounts in thousands ): 2017 2016 Projected benefit obligation: Balance, beginning of the year $ $ Service cost Interest cost Actuarial (gain) loss ) ) Benefits paid to participants ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of year $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2017, 2016 and 2015, the funded status of the plan was as follows ( amounts in thousands ): 2017 2016 2015 Excess of benefit obligation over the value of plan assets $ ) $ ) $ ) Unrecognized net actuarial loss Unrecognized prior service cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued benefit cost $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The plan is unfunded. As such, the Company is not required to make annual contributions to the plan. At December 31, 2017 and 2016, the amounts recognized in the consolidated balance sheets were classified as follows ( amounts in thousands): 2017 2016 Accrued benefit cost $ ) $ ) Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recorded in accumulated other comprehensive loss are reported net of tax. The benefits expected to be paid in each of the next five years and thereafter are as follows ( amounts in thousands ): Years Ending December 31, Amount 2018 $ 2019 2020 2021 2022 2023 through 2026 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2017 and 2016, the following weighted-average rates were used: 2017 2016 Discount rate on the benefit obligation % Rate of employee compensation increase(a) 1.75% - 2.5% % (a) Rate of employee compensation increase is 1.75% for periods ending 2017-2021, and increasing to 2.5% for periods thereafter. Pension expense for the years ended December 31, 2017, 2016 and 2015, consists of the following ( amounts in thousands ): 2017 2016 2015 Service cost $ $ $ Interest cost Expected return on plan assets — — — Recognized actuarial loss (gain) — — — Amortization of prior service cost Net loss amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WAPA makes contributions to the Plan, a multiemployer pension plan with a plan year end of December 31 that provides defined benefits to certain employees covered by two CBAs. Our main CBA expires on May 31, 2022 and covers all of our unionized employees except for four employees covered by the other CBA scheduled to expire on June 27, 2019. The risks in participating in such a plan are different from the risks of single-employer plans, in the following respects: • Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of any other participating employer. • If a participating employer ceases to contribute to a multiemployer plan, the unfunded obligation of the plan allocable to such withdrawing employer may be borne by the remaining participating employer. If WAPA completely or partially withdrew from the Plan, it would be obligated to pay complete or partial withdrawal liability. Under the statutory requirements applicable to withdrawal liability with respect to a multiemployer pension plan, in the event of a complete withdrawal from the Plan, WAPA would be obligated to make withdrawal liability payments to fund its proportionate share of the Plan's UVB's. WAPA's payment amount for a given year would be determined based on its highest contribution rate (as limited by MPRA) and its highest average contribution hours over a period of three consecutive plan years out of the ten-year period preceding the date of withdrawal. To the extent that the prescribed payment amount was not sufficient to discharge WAPA's share of the Plan's UVBs, WAPA's payment obligation would nevertheless end after 20 years of payments (absent a withdrawal that is part of a mass withdrawal, in which case the annual payments would continue indefinitely or until WAPA paid its share of the Plan's UVBs at the time of withdrawal). WAPA has received Annual Funding Notices, Report of Summary Plan Information, Critical Status Notices ("Notices") and the above-noted Rehabilitation Plan, as defined by the Pension Protection Act of 2006 ("PPA"), from the Plan. The Notices indicate that the Plan actuary has certified that the Plan is in critical and declining status, the "Red Zone", as defined by the PPA and MPRA, due to the projected insolvency of the Plan within the next 19 years. A plan of rehabilitation ("Rehabilitation Plan") was adopted by the Trustees of the Plan ("Trustees") on May 1, 2010 and then updated on November 17, 2015. On May 29, 2010, the Trustees sent WAPA a Notice of Reduction and Adjustment of Benefits Due to Critical Status explaining all changes adopted under the Rehabilitation Plan, including the reduction or elimination of benefits referred to as "adjustable benefits." In connection with the adoption of the Rehabilitation Plan, most of the Plan participating unions and contributing employers (including the Newspaper Guild International and WAPA), agreed to one of the "schedules" of changes as set forth under the Rehabilitation Plan. In 2015, the Plan's Trustee's reviewed the Rehabilitation Plan and the financial projections under the Plan and determined that is was not prudent to continue benefit accruals under the current Plan and that implementation of an updated plan with a new benefit design would be in the best interest of the Plan's participants. WAPA elected the "Preferred Schedule" and executed a Memorandum of Agreement, effective May 27, 2010 (the "MOA") and agreed to the following contribution rate increases: 3.0% beginning on January 1, 2013; an additional 3.0% beginning on January 1, 2014; and an additional 3% beginning on January 1, 2015. On July 1, 2017 WAPA executed an updated MOA under which it agreed to remain a contributing employer to the Plan through May 31, 2022 and to make contributions to the Plan at a fixed rate of $18.03 per week for each WAPA covered employee during such period (i.e., its contributions per employee will not increase during the term of its CBA or through any period during which a new CBA is entered into, if any). The contributions required under the terms of the CBA and the effect of the Rehabilitation Plan as described above are not anticipated to have a material effect on the Company's results of operations. However, in the event other contributing employers are unable to, or fail to, meet their ongoing funding obligations, the financial impact on WAPA to contribute to any plan underfunding may be material. In addition, if a United States multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service may impose a nondeductible excise tax of 5.0% on the amount of the accumulated funding deficiency for those employers contributing to the fund. If WAPA completely or partially withdrew from the Plan, it would be obligated to pay complete or partial withdrawal liability (which could be material). Pursuant to the last available notice (for the Plan year ended December 31, 2016), WAPA's contributions to the Plan exceeded 5% of total contributions made to the Plan. 3 Further information about the Plan is presented in the table below ( amounts in thousands ): Pension Protection Funding Improvement WAPA's Expiration Surcharge Pension Fund EIN 2016 Status 2017 2016 2015 TNGIPP (Plan No. 001) 52-1082662 Red Implemented $ $ $ No June 27, 2019

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	Note 14. Quarterly Financial Data (Unaudited) (Amounts in thousands, except per share amounts) 2017 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income (loss) ) Net income (loss) ) Earnings (loss) per share: Basic $ $ $ $ ) Dilutive $ $ $ $ ) 2016 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income Net income Earnings per share: Basic $ $ $ $ Dilutive $ $ $ $ 2015 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income Net income Earnings per share: Basic $ $ $ $ Dilutive $ $ $ $ (a) The sum of the quarters will not equal the full year due to rounding.

Nature of Business and Signif22

Nature of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Nature of Business and Significant Accounting Policies
Reclassification:	Reclassification: Certain prior year amounts on the presented consolidated statement of cash flows have been reclassified to conform with current year presentation.
Principles of consolidation:	Principles of consolidation: The Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company has interests in various entities including corporations and limited liability companies. For each such entity, the Company evaluates its ownership interest to determine whether the entity is a Variable Interest Entity ("VIE") and, if so, whether it is the primary beneficiary of the VIE. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity's operations, or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity's activities involve or are conducted on behalf of the investor with disproportionately few voting rights. The Company would consolidate any entity for which it was the primary beneficiary, regardless of its ownership or voting interests. The primary beneficiary is the party involved with the VIE that (i) has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Upon inception of a variable interest or the occurrence of a reconsideration event, the Company makes judgments in determining whether entities in which it invests are VIEs. If so, the Company makes judgments to determine whether it is the primary beneficiary and is thus required to consolidate the entity. If it is concluded that an entity is not a VIE, then the Company considers its proportional voting interests in the entity. The Company consolidates majority-owned subsidiaries in which a controlling financial interest is maintained. A controlling financial interest is determined by majority ownership and the absence of significant third-party participating rights. Ownership interests in entities for which the Company has significant influence that are not consolidated under the Company's consolidation policy are accounted for as equity method investments. Related party transactions between the Company and its equity method investees have not been eliminated.
Basis of presentation:	Basis of presentation: The accompanying consolidated financial statements for us and our subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Operating segments:	Operating segments: The Company determines its operating segments based upon (i) financial information reviewed by the chief operating decision maker, the Chief Executive Officer, (ii) internal management and related reporting structure and (iii) the basis upon which the chief operating decision maker makes resource allocation decisions. We have one operating segment, Hemisphere.
Net (loss) earnings per common share:	Net (loss) earnings per common share: Basic earnings per share ("EPS") are computed by dividing income attributable to common stockholders by the number of weighted-average outstanding shares of common stock. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares only in the periods in which such effect would have been dilutive. The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS ( amounts in thousands, except per share amounts ): Years Ended December 31 2017 2016 2015 Numerator for earnings per common share calculation: Net (loss) income $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings per common share calculation: Weighted-average common shares, basic Effect of dilutive securities Stock options, restricted stock and warrants — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares, diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share Basic $ ) $ $ Diluted $ ) $ $ On June 20, 2017, the Company announced that its Board of Directors authorized the repurchase of up to $25.0 million of the Company's Class A common stock, par value $0.0001 per share ("Class A common stock"). Under the Company's stock repurchase program, management is authorized to purchase shares of the Company's common stock from time to time through open market purchases at prevailing prices, subject to stock price, business and market conditions and other factors. As of December 31, 2017, the Company has repurchased 1.8 million shares of Class A common stock under the repurchase program for an aggregate purchase price of $21.9 million, which has been recorded as treasury stock on the consolidated balance sheet. As of December 31, 2017, the Company had $3.1 million of remaining authorization for future repurchases under the existing stock repurchase program, which will expire on July 17, 2018. We apply the treasury stock method to measure the dilutive effect of its outstanding warrants, stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted income per common share calculation. Per the Accounting Standards Codification ("ASC") 260 accounting guidance, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation (ASC 260-10-45-23). The assumed exercise only occurs when the warrants are "In the Money" (exercise price is lower than the average market price for the period). If the warrants are "Out of the Money" (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 2.0 million, 1.9 million and 1.0 million shares of common stock for the years ended December 31, 2017, 2016 and 2015, respectively, were excluded from the computation of diluted income per common share for this period because their effect would have been anti-dilutive. The net (loss) income per share amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As a result of the loss from continuing operations for the year ended December 31, 2017, 0.3 million outstanding awards were not included in the computation of diluted (loss) earnings per share because their effect was anti-dilutive. In computing earnings per share, the Company's Nonvoting Stock is considered a participating security. Each share of Nonvoting Stock has identical rights, powers, limitations and restrictions in all respects as each share of common of the Company, including the right to receive the same consideration per share payable in respect of each share of common stock, except that holders of Nonvoting Stock shall have no voting rights or powers whatsoever.
Revenue recognition:	Revenue recognition: Revenue is recognized when persuasive evidence of a sales arrangement exists, services are rendered or delivery occurs, the sales price is fixed or determinable and collectability is reasonably assured. Revenues do not include taxes collected from customers on behalf of taxing authorities such as sales tax and value-added tax. However, certain revenues include taxes that customers pay to taxing authorities on the Company's behalf, such as foreign withholding tax. Revenue related to the sale of advertising and contracted time is recognized, net of agency commissions, at the time of broadcast. The Company determines whether gross or net presentation is appropriate based on its relationship in the applicable transaction with its ultimate customer. Retransmission consent fees and subscriber fees received from multi-channel video providers are recognized in the period in which the services are performed, generally pursuant to multi-year carriage agreements based on the number of subscribers. In May 2014, the FASB issued ASU 2014 - 09 — Revenue from Contracts with Customers (Topic 606 ). ASU 2014 - 09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date . ASU 2015 - 14 deferred the effective date of ASU 2014 - 09 by one year to interim and annual reporting periods beginning after December 15, 2017, and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The standard permits the use of either a retrospective to each reporting period presented method, or a retrospective with the cumulative effect method to adopt the standard. In March 2016, the FASB issued ASU 2016 - 08, Principal versus Agent Considerations . This ASU amends the guidance of ASU 2014 - 09 to clarify the implementation guidance on principal versus agent considerations for reporting gross revenue versus net revenue. In April 2016, the FASB issued ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 : Identifying Performance Obligations and Licensing . This ASU amends the guidance of ASU 2014 - 09 to clarify the identification of performance obligations and to provide additional licensing implementation guidance. In May 2016, the FASB issued ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow Scope Improvements and Practical Expedients . This ASU was issued to provide guidance in assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, in order to reduce the potential for diversity in practice at initial application, and to reduce the cost and complexity of applying the standard. In December 2016, the FASB issued ASU 2016 - 20, Revenue from Contracts with Customers (Topic 606 ): Technical Corrections and Improvements . This ASU was issued to clarify the standard and to correct unintended application of guidance. We have identified retransmission and subscriber fees and advertising revenues as significant revenue streams and have completed our assessment. We have concluded that the adoption of ASC 606 will not change the timing of recognition of our revenues. The Update will be effective for the first interim period of our 2018 fiscal year and will be using the modified retrospective method to implement the standard. Our internal controls related to the revenue recognition process will not be changing, with the exception of those controls related to presentation and disclosure.
Barter transactions:	Barter transactions: The Company engages in barter transactions in which advertising time is exchanged for products or services. Barter transactions are accounted for at the estimated fair value of the products or services received, or advertising time given up, whichever is more clearly determinable. Barter revenue is recognized at the time the advertising is broadcast. Barter expense is recorded at the time the merchandise or services are used and/or received. Barter revenue and expense included in the consolidated statements of operations are as follows ( amounts in thousands ): 2017 2016 2015 Barter revenue $ $ $ Barter expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Programming costs:	Programming costs: Programming costs are recorded in cost of revenues based on the Company's contractual agreements with various third party programming distributors which are generally multi-year agreements.
Equity-based compensation:	Equity-based compensation: We have given equity incentives to certain employees. We account for such equity incentives in accordance with ASC 718 "Stock Compensation," which requires us to measure compensation cost for equity settled awards at fair value on the date of grant and recognize compensation cost in the consolidated statements of operations over the requisite service or performance period the award is expected to vest. Compensation cost is determined using the Black-Scholes option pricing model.
Advertising and marketing costs:	Advertising and marketing costs: The Company expenses advertising and marketing costs as incurred. The Company incurred advertising and marketing costs of $3.3 million, $3.8 million and $3.5 million for the years ended December 31, 2017, 2016 and 2015, respectively.
Cash:	Cash: The Company maintains its cash in bank deposit accounts which, at times, may exceed federally-insured limits. The Company has not experienced any losses in such accounts.
Accounts receivable:	Accounts receivable: Accounts receivable are carried at the original charge amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considering a customer's financial condition and current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. The Company considers an account receivable to be past due if any portion of the receivable balance is outstanding for more than 90 days. Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 consisted of the following (amounts in thousands): Year Description Beginning Additions Write-offs Recoveries End 2017 Allowance for doubtful accounts $ $ $ $ $ 2016 Allowance for doubtful accounts $ $ $ $ $ 2015 Allowance for doubtful accounts $ $ $ $ $
Programming rights:	Programming rights: We enter into multi-year license agreements with various programming Distributors for distribution of their respective programming ("programming rights") and capitalize amounts paid to secure or extend these programming rights at the lower of unamortized cost or estimated net realizable value. If management estimates that the unamortized cost of programming rights exceeds the estimated net realizable value, an adjustment is recorded to reduce the carrying value of the programming rights. No such write-down was deemed necessary during the years ended December 31, 2017, 2016 and 2015. Programming rights are amortized over the term of the related license agreements or the number of exhibitions, whichever occurs first. The amortization of these rights, which was $11.8 million, $12.2 million and $11.7 million for the years ended December 31, 2017, 2016 and 2015, respectively, is recorded as part of cost of revenues in the accompanying consolidated statements of operations. Accumulated amortization of the programming rights was $32.6 million and $20.8 million at December 31, 2017 and 2016, respectively. Prior year amounts restated to conform with current year presentation. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as current assets, while costs of those programs to be broadcast subsequently are considered noncurrent. Program obligations are classified as current or noncurrent in accordance with the payment terms of the license agreement.
Property and equipment:	Property and equipment: Property and equipment are recorded at cost. Depreciation is determined using the straight-line method over the expected remaining useful lives of the respective assets. Useful lives range from 1 - 40 years for improvements, equipment, buildings and towers. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is reflected in the determination of net income or loss. Expenditures for maintenance and repairs are expensed as incurred. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In 2017, we recorded an impairment charge of $0.5 million related to property and equipment damaged by Hurricane Maria. For more information on our property and equipment, see Note 3, "Property and Equipment" of Notes to Consolidated Financial Statements.
Equity method investments:	Equity method investments: The Company holds investments in equity method investees. Investments in equity method investees are those for which the Company has the ability to exercise significant influence, but does not have control and is not the primary beneficiary. Significant influence typically exists if the Company has a 20% to 50% ownership interest in the venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company typically records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees, as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. In the event we incur losses in excess of the carrying amount of an equity investment and reduce our investment balance to zero, we would not record additional losses unless (i) we guaranteed obligations of the investee, (ii) we are otherwise committed to provide further financial support for the investee, or (iii) it is anticipated that the investee's return to profitability is imminent. If we provided a commitment to fund losses, we would continue to record losses resulting in a negative equity method investment, which is presented as a liability. As of December 31, 2017, our proportionate share of the losses of Pantaya exceeds our investment in Pantaya by $2.8 million. This amount is recorded as "Investee losses in excess of investment" on our consolidated balance sheet at December 31, 2017, due to our commitment for future capital funding. Equity method investments are reviewed for indicators of other-than-temporary impairment on a quarterly basis. An equity method investment is written down to fair value if there is evidence of a loss in value which is other-than-temporary. The Company may estimate the fair value of its equity method investments by considering recent investee equity transactions, discounted cash flow analysis, recent operating results, comparable public company operating cash flow multiples and in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred, such as: the length of the time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value and general market conditions. The estimation of fair value and whether an other-than-temporary impairment has occurred requires the application of significant judgment and future results may vary from current assumptions For our foreign equity investments, we perform an annual review of the international financial reporting standards ("IFRS") versus U.S. GAAP accounting. Any significant differences are considered and adjusted to ensure a U.S. GAAP presentation. There were no differences noted in the presentation of our foreign investment's IFRS financial statements when compared to U.S. GAAP. For more information on Equity method investments, see Note 5, "Equity Method Investments" of Notes to Consolidated Financial Statements.
Goodwill and other intangibles:	Goodwill and other intangibles: The Company's goodwill is recorded as a result of the Company's business combinations using the acquisition method of accounting. Indefinite lived intangible assets include a broadcast license, trademarks and tradenames. Other intangible assets include customer relationships, non-compete agreements and affiliate agreements with an estimated useful life of one to ten years. Other intangible assets are amortized over their estimated lives using the straight-line method. Costs incurred to renew or extend the term of recognized intangible assets are capitalized and amortized over the useful life of the asset. The Company tests its broadcast license annually for impairment or whenever events or changes in circumstances indicate that such assets might be impaired. The impairment test consists of a comparison of the fair value of these assets with their carrying amounts using a discounted cash flow valuation method, assuming a hypothetical start-up scenario. The Company tests its trademarks and tradenames annually for impairment or whenever events or changes in circumstances indicate that such assets might be impaired. The test consists of a comparison of the fair value of these assets with the carrying amounts utilizing an income approach in the form of the royalty relief method, which measure the cost savings that a business enjoys since it does not have to pay a royalty rate for the use of a particular domain name and brand. The Company tests its goodwill annually for impairment or whenever events or changes in circumstances indicate that goodwill might be impaired. The first step of the goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. The fair value of the reporting units are determined through the use of a discounted cash flow analysis incorporating variables such as revenue projections, projected operating cash flow margins, and discount rates. The valuation assumptions used in the discounted cash flow model reflect historical performance of the Company and prevailing values in the broadcast and cable markets. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. If the carrying amount of goodwill exceeds the implied fair value, an impairment loss shall be recognized in an amount equal to that excess. The Company tests its other finite lived intangible asset for impairment whenever events or changes in circumstances indicate that such asset or asset group might be impaired. This analysis is performed by comparing the respective carrying value of the asset group to the current and expected future cash flows, on an undiscounted basis, to be generated from such asset group. If such analysis indicates that the carrying value of this asset group is not recoverable, the carrying value of such asset group is reduced to fair value.
Deferred financing costs:	Deferred financing costs: Deferred financing costs are recorded net of accumulated amortization and are presented as a reduction to the principal amount of the long-term debt. Amortization is calculated on the effective-interest method over the term of the applicable loan. Amortization of deferred financing costs was $0.3 million, $0.5 million and $0.5 million, which is included in interest expense, net in the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, respectively. Accumulated amortization of deferred financing costs was $1.8 million and $1.5 million at December 31, 2017 and 2016. The net deferred financing costs of $1.5 million and $1.8 million at December 31, 2017 and 2016, respectively, and have been presented on the consolidated balance sheets as a reduction to the principal amount of the Long-term debt outstanding.
Income taxes:	Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We record foreign withholding tax, which is withheld by foreign customers from their remittances to us, on a gross basis as a component of income taxes and separate from revenue in the consolidated statement of operations. We follow the accounting standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained upon examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. To the extent that interest and penalties are assessed by taxing authorities on any underpayment of income taxes, such amounts are accrued and classified as a component of income tax expense. For more information on Income taxes, see Note 6, "Income Taxes" of Notes to Consolidated Financial Statements.
Fair value of financial instruments:	Fair value of financial instruments: The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these items. The carrying value of the long-term debt approximates fair value because this instrument bears interest at a variable rate, is pre-payable, and is at terms currently available to the Company. U.S. GAAP establishes a framework for measuring fair value and expanded disclosures about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Under this guidance, assets and liabilities carried at fair value must be classified and disclosed in one of the following three categories: Level 1—inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date. Level 2—inputs to the valuation methodology include quoted prices in markets that are not active or quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—inputs to the valuation methodology are unobservable, reflecting the entity's own assumptions about assumptions market participants would use in pricing the asset or liability. The categorization of an asset or liability within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company's programming rights and goodwill are classified as Level 3 in the fair value hierarchy, as they are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values exceed their fair values. For the years ended December 31, 2017, 2016 and 2015 there were no adjustments to fair value. The Company's variable-rate debt is classified as Level 2 in the fair value hierarchy, as its estimated fair value is derived from quoted market prices by independent dealers. The carrying value of the long-term debt approximates fair value at December 31, 2017 and 2016.
Derivative Instruments:	Derivative Instruments: The Company uses derivative financial instruments from time to time to modify its exposure to market risks from changes in interest rates. The Company may designate derivative instruments as cash flow hedges or fair value hedges, as appropriate. The Company records all derivative instruments at fair value on a gross basis. For those derivative instruments designated as cash flow hedges that qualify for hedge accounting, gains or losses on the effective portion of derivative instruments are initially recorded in accumulated other comprehensive loss on the consolidated balance sheets and reclassified to the same account on the consolidated statements of operations in which the hedged item is recognized on the consolidated statements of operations.
Major customers and suppliers:	Major customers and suppliers: Two of our distributors each accounted for more than 10% of our total net revenues for the year ended December 31, 2017. There were no other distributors or other customers that accounted for more than 10% of revenue in any year. Our Networks are provided to these distributors pursuant to affiliation agreements with varying terms.
Recent accounting pronouncements:	Recent accounting pronouncements: In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of certain tax effects from Accumulated other comprehensive income. The amendments in this Update apply to any entity that has items of other comprehensive income ("OCI") for which the related tax effects are presented in OCI, as previously required by Generally Accepted Accounting Principles. This Update allows a one-time reclassification from OCI to Retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act enacted on December 22, 2017. The amendments in this ASU are effective for all entities for annual periods beginning after December 31, 2018. Early adoption is permitted and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. We will adopt this Update in the first quarter of 2018 and expect the impact to be immaterial to the financial statements of the Company. In August 2017, the FASB issued Accounting Standards Update ("ASU") 2017-12—Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The amendments in this update apply to any entity that elects to apply hedge accounting and is intended to better align an entity's risk management activities and financial reporting for hedging relationships. The update amends effectiveness testing requirements, income statement presentation and disclosures and permits additional risk management strategies to qualify for hedge accounting. This amendments in this ASU are effective for fiscal years beginning after December 15, 2019. Early application is permitted and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. We will adopt this update in the first quarter of 2018 and expect no impact to the financial statements of the Company. In March 2016, the FASB issued ASU 2016-09—Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, such as requiring all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and allowing a policy election to account for forfeitures as they occur. In addition, all related cash flows resulting from share-based payments will be reported as operating activities on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and has been adopted by the Company. In May 2014, the FASB issued ASU 2014-09—Revenue from Contracts with Customers , a comprehensive revenue recognition model that supersedes the current revenue recognition requirements and most industry-specific guidance. Subsequent accounting standard updates have also been issued which amend and/or clarify the application of ASU 2014-09. The guidance provides a five-step framework to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. The guidance will be effective for the first interim period of our 2018 fiscal year and allows adoption either under a full retrospective or a modified retrospective approach. We have identified subscriber and retransmission fees and advertising revenues as significant revenue streams and have competed our assessment in accordance with the new guidance. We have concluded that the adoption of ASU 2014-09 will not change the timing of recognition related to our revenue streams. The Company has determined that it will use the modified retrospective method of transition in adopting the new standard. In February 2016, the FASB issued ASU 2016-02—Leases (Topic 842) . ASU 2016-02 amends the FASB Accounting Standards Codification, creating Topic 842, Leases. Topic 842 affects any entity that enters into a lease, with specified scope exemptions, and supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases. The recognition, measurement and presentation of expenses and cash flows from a lease by a lessee have not changed significantly from previous GAAP. The principle difference from previous guidance is that the assets and liabilities arising from an operating lease should be recognized in the statement of financial position. The guidance will be effective for the first interim period of our 2019 fiscal year. Early application of the amendments in this update is permitted. We are currently evaluating the impact of the new standard
Use of estimates:	Use of estimates: In preparing these Consolidated Financial Statements, management made estimates and assumptions that affected the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the balance sheet date, and the reported revenues and expenses for the years then ended. Such estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances. However, actual results could differ from those estimates.

Nature of Business and Signif23

Nature of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Nature of Business and Significant Accounting Policies
Schedule of the computation of the common shares outstanding used in determining basic and diluted EPS	The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS ( amounts in thousands, except per share amounts ): Years Ended December 31 2017 2016 2015 Numerator for earnings per common share calculation: Net (loss) income $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings per common share calculation: Weighted-average common shares, basic Effect of dilutive securities Stock options, restricted stock and warrants — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares, diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share Basic $ ) $ $ Diluted $ ) $ $
Schedule of barter revenue and expense included in the consolidated statements of operations	Barter revenue and expense included in the consolidated statements of operations are as follows ( amounts in thousands ): 2017 2016 2015 Barter revenue $ $ $ Barter expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of changes in the allowance for doubtful accounts	Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015 consisted of the following (amounts in thousands): Year Description Beginning Additions Write-offs Recoveries End 2017 Allowance for doubtful accounts $ $ $ $ $ 2016 Allowance for doubtful accounts $ $ $ $ $ 2015 Allowance for doubtful accounts $ $ $ $ $

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property and Equipment
Schedule of property and equipment	Property and equipment at December 31, 2017 and 2016 consists of the following (amounts in thousands ): 2017 2016 Land and improvements $ $ Building Equipment Towers ​ ​ ​ ​ ​ ​ ​ ​ Less: accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Equipment installations in progress ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets
Schedule of goodwill and intangible assets	Goodwill and intangible assets consist of the following at December 31, 2017 and 2016 ( amounts in thousands ): December 31, 2017 2016 Broadcast license $ $ Goodwill Other intangibles ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the changes in goodwill and other indefinite lived intangible assets	A summary of changes in the Company's goodwill and other indefinite lived intangible assets, on a net basis, for the years ended December 31, 2017 and 2016, is as follows (amounts in thousands ): Net Balance at Additions Impairment Net Balance at Broadcast license $ $ — $ — $ Goodwill — — Brands — — Other intangibles — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total indefinite-lived intangibles $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at Additions Impairment Net Balance at Broadcast licenses $ $ — $ — $ Goodwill — — Brands — — Other intangibles — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total indefinite-lived intangibles $ $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the changes in other amortizable intangible assets	A summary of the changes in the Company's other amortizable intangible assets for the years ended December 31, 2017 and 2016 is as follows ( amounts in thousands ): Net Balance at Additions Amortization Net Balance at Affiliate relationships $ $ — $ ) $ Advertiser relationships — ) Non-compete agreement — ) Other intangibles ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total finite-lived intangibles $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at Additions Amortization Net Balance at Affiliate relationships $ $ — $ ) $ Advertiser relationships — ) Non-compete agreement — ) Other intangibles ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total finite-lived intangibles $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future estimated amortization expense	Future estimated amortization expense is as follows (amounts in thousands): Year Ending December 31, Amount 2018 $ 2019 2020 2021 2022 and thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments
Schedule of summary financial data of equity method investments	Equity ( amounts in thousands ): Current assets $ Non-current assets Current liabilities Non-current liabilities Redeemable stock and noncontrolling interests Net sales Gross profit (Loss) from continuing operations ) Net (loss) $ )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income taxes
Schedule of components of income before provision for income taxes	For the years ended December 31, 2017, 2016 and 2015, Income before provision for income taxes, includes the following components ( amounts in thousands ): 2017 2016 2015 Domestic income $ $ $ Foreign (loss) income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of composition of income tax expense	For the years ended December 31, 2017, 2016 and 2015, income tax expense is composed of the following (amounts in thousands ): 2017 2016 2015 Current income tax expense $ $ $ Deferred income tax (benefit) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Company's income tax expense and effective tax rates	2017 2016 2015 Pre-tax book income—US Only % % % Pre-tax book income—Foreign Only % % % Permanent items % % % Return to provision true-ups—Current/Deferred –4.2 % –1.1 % –1.4 % Foreign rate differential % % % Foreign tax credits –51.7 % –32.0 % –24.5 % Foreign valuation allowance % — — Change in FTC valuation allowance due to tax reform % — — Tax Cut and Jobs Act Law Changes % — — Foreign withholding taxes % % % Deferred foreign tax credit offset –21.9 % % –2.2 % State taxes and state rate change % % –0.3 % UTP adjustment –2.6 % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of net deferred tax liabilities	Net deferred tax liabilities consist of the following components as of December 31, 2017 and 2016 (amounts in thousands ): 2017 2016 Deferred tax assets: Allowances for doubtful accounts $ $ Deferred branch tax benefit State tax Federal deduction true-up NOL credit and other carryovers — Fixed assets Accrued expenses Foreign tax credit Stock compensation Pension Intangibles Other DTA Less: Foreign income valuation allowance ) — Less: Foreign tax credit valuation allowance ) — ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: Prepaid expenses ) ) Intangibles ) ) Interest Rate Swap ) — Property and equipment ) ) Amortization expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ($ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of classification of deferred tax amounts	The deferred tax amounts mentioned above have been classified on the accompanying consolidated balance sheets at December 31, 2017 and 2016 as follows ( amounts in thousands ): 2017 2016 Non-current assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current liabilities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Long- Term Debt
Schedule of long-term debt	Long-term debt as of December 31, 2017 and 2016 consists of the following ( amounts in thousands ): December 31, 2017 December 31, 2016 Senior Notes due February 2024 $ $ — Senior Notes due July 2020 — Less: Current portion — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of maturities of long-term debt	The following are the maturities of our long-term debt as of December 31, 2017 ( amounts in thousands ): Year Ending December 31, 2018 $ 2019 2020 2021 2022 and thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Measurements
Schedule of assets and Liabilities that are Measured at Fair Value on a Recurring Basis	The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our consolidated balance sheets as of December 31, 2017 ( amounts in thousands ): Estimated Fair Value December 31, 2017 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other non-current assets — $ — $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity incentive plans
Summary of stock option activity	The following table summarizes stock option activity for the years ended December 31, 2017, 2016 and 2015 (shares and intrinsic values in thousands): Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2014 $ $ Granted $ — Exercised ) — — Forfeited or expired ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ $ Granted $ — Exercised ) — — Forfeited or expired — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Granted $ — Exercised — — — — Forfeited ) — — Expired ) $ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of restricted share activity	The following table summarizes restricted share activity for the years ended December 31, 2017, 2016 and 2015 ( shares in thousands ): Number of Weighted-average Outstanding at December 31, 2014 $ Granted Vested ) Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ Granted Vested ) Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2016 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2017 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Time Based Stock Option | Black Scholes Pricing Model
Equity incentive plans
Schedule of valuation assumptions	Black-Scholes Option Valuation Assumptions 2017 2016 2015 Risk-free interest rate % 1.60% - 2.44% 1.76% - 2.12% Dividend yield — — — Volatility % 26.4% - 32.4% 25.8% - 29.5% Weighted-average expected term (years)

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments
Schedule of future minimum payments for operating leases and other commitments, primarily programming and equity method capital contributions	Future minimum payments for these commitments and other commitments, primarily programming and equity method capital contributions, are as follows (amounts in thousands): Year Ending December 31, Operating Other Total 2018 $ $ $ 2019 2020 2021 2022 and thereafter — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Retirement Plans
Schedule of projected benefit obligation	Following is the plan's projected benefit obligation at December 31, 2017 and 2016. (amounts in thousands ): 2017 2016 Projected benefit obligation: Balance, beginning of the year $ $ Service cost Interest cost Actuarial (gain) loss ) ) Benefits paid to participants ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of year $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of funded status of the plan	At December 31, 2017, 2016 and 2015, the funded status of the plan was as follows ( amounts in thousands ): 2017 2016 2015 Excess of benefit obligation over the value of plan assets $ ) $ ) $ ) Unrecognized net actuarial loss Unrecognized prior service cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued benefit cost $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amounts recognized in the consolidated balance sheets	At December 31, 2017 and 2016, the amounts recognized in the consolidated balance sheets were classified as follows ( amounts in thousands): 2017 2016 Accrued benefit cost $ ) $ ) Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Net amount recognized $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of benefits expected to be paid in each of the next five years and thereafter	The benefits expected to be paid in each of the next five years and thereafter are as follows ( amounts in thousands ): Years Ending December 31, Amount 2018 $ 2019 2020 2021 2022 2023 through 2026 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of weighted-average rates used	2017 2016 Discount rate on the benefit obligation % Rate of employee compensation increase(a) 1.75% - 2.5% % (a) Rate of employee compensation increase is 1.75% for periods ending 2017-2021, and increasing to 2.5% for periods thereafter.
Schedule of pension expenses	Pension expense for the years ended December 31, 2017, 2016 and 2015, consists of the following ( amounts in thousands ): 2017 2016 2015 Service cost $ $ $ Interest cost Expected return on plan assets — — — Recognized actuarial loss (gain) — — — Amortization of prior service cost Net loss amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of further information about the Plan	Further information about the Plan is presented in the table below ( amounts in thousands ): Pension Protection Funding Improvement WAPA's Expiration Surcharge Pension Fund EIN 2016 Status 2017 2016 2015 TNGIPP (Plan No. 001) 52-1082662 Red Implemented $ $ $ No June 27, 2019

Quarterly Financial Data (Una33

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data (Unaudited)
Schedule of quarterly financial data	(Amounts in thousands, except per share amounts) 2017 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income (loss) ) Net income (loss) ) Earnings (loss) per share: Basic $ $ $ $ ) Dilutive $ $ $ $ ) 2016 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income Net income Earnings per share: Basic $ $ $ $ Dilutive $ $ $ $ 2015 Quarters Ended(a) March 31 June 30 September 30 December 31 Net revenues $ $ $ $ Operating income Net income Earnings per share: Basic $ $ $ $ Dilutive $ $ $ $ (a) The sum of the quarters will not equal the full year due to rounding.

Nature of Business and Signif34

Nature of Business and Significant Accounting Policies - Other (Details) $ / shares in Units, $ in Thousands	Jun. 08, 2016USD ($)shares	Mar. 16, 2016USD ($)shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Jun. 30, 2015USD ($)$ / shares	Mar. 31, 2015USD ($)$ / shares	Dec. 31, 2017USD ($)segment$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Jun. 20, 2017USD ($)$ / shares
Nature of Business
Number of operating segments | segment															1
Numerator for earnings per common share calculation:
Net (loss) income | $			$ (22,044)	$ 682	$ 5,181	$ 2,745	$ 5,922	$ 4,349	$ 5,029	$ 2,700	$ 4,934	$ 2,910	$ 3,431	$ 2,462	$ (13,436)	$ 18,000	$ 13,739
Denominator for earnings per common share calculation:
Weighted-average common shares, basic															40,164,000	41,666,000	42,840,000
Effect of dilutive securities:
Stock options, restricted stock and warrants																608,000	962,000
Weighted-average common shares, diluted															40,164,000	42,274,000	43,802,000
(Loss) earnings per share
Basic (in dollars per share) | $ / shares			$ (0.56)	$ 0.02	$ 0.13	$ 0.07	$ 0.15	$ 0.11	$ 0.12	$ 0.06	$ 0.11	$ 0.07	$ 0.08	$ 0.06	$ (0.33)	$ 0.43	$ 0.32
Diluted (in dollars per share) | $ / shares			(0.56)	$ 0.02	$ 0.13	$ 0.07	0.15	$ 0.11	$ 0.12	$ 0.06	$ 0.11	$ 0.07	$ 0.08	$ 0.06	$ (0.33)	$ 0.43	$ 0.31
Aggregate purchase price of Class A common stock | $															$ (21,910)	$ (30,735)
Shares excluded from the computation of diluted income per common share															2,000,000	1,900,000	1,000,000
Outstanding awards excluded from computation of diluted earnings per share															300,000
Common Class A
(Loss) earnings per share
Authorized repurchase amount | $																		$ 25,000
Par value of common stock (in dollars per share) | $ / shares			$ 0.0001				$ 0.0001								$ 0.0001	$ 0.0001		$ 0.0001
Number of shares repurchased	2,800,000	100,000													1,800,000
Aggregate purchase price of Class A common stock | $	$ (29,400)	$ (1,300)
Remaining authorization for future repurchases | $			$ 3,100												$ 3,100

Nature of Business and Signif35

Nature of Business and Significant Accounting Policies - Barter (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Barter transactions:
Barter revenue	$ 710	$ 934	$ 811
Barter expense	(676)	(756)	(791)
Barter revenue and expense	34	178	20
Advertising and Marketing costs:
Advertising and marketing costs	$ 3,300	$ 3,800	$ 3,500

Nature of Business and Signif36

Nature of Business and Significant Accounting Policies - Allowance From Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable:
Threshold period for considering receivable as past due	90 days
Changes in the allowance for doubtful accounts
Beginning of Year	$ 1,711,000	$ 1,512,000	$ 1,073,000
Additions	756,000	398,000	920,000
Write-offs	160,000	201,000	482,000
Recoveries	20,000	1,000	1,000
End of Year	2,327,000	1,711,000	1,512,000
Programming rights:
Impairment of programming rights	0	0	0
Amortization of programming rights	11,806,000	12,182,000	$ 11,703,000
Accumulated amortization of programming rights	$ 32,600,000	$ 20,800,000

Nature of Business and Signif37

Nature of Business and Significant Accounting Policies - Property And Equipment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Property and equipment
Impairment charge related to property and equipment damaged by Hurricane Maria	$ (546)
Minimum
Property and equipment
Useful life	1 year
Maximum
Property and equipment
Useful life	40 years

Nature of Business and Signif38

Nature of Business and Significant Accounting Policies - Equity Method Investments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Nature of Business and Significant Accounting Policies
Investee losses in excess of investment	$ 2,806

Nature of Business and Signif39

Nature of Business and Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred financing costs:
Accumulated amortization of deferred financing costs	$ 1.8	$ 1.5
Deferred financing costs, net	1.5	1.8
Interest expense
Deferred financing costs:
Amortization of deferred financing costs	$ 0.3	$ 0.5	$ 0.5
Customer relationships, non-compete agreement and affiliate agreements | Minimum
Goodwill and other intangibles:
useful lives	1 year
Customer relationships, non-compete agreement and affiliate agreements | Maximum
Goodwill and other intangibles:
useful lives	10 years

Nature of Business and Signif40

Nature of Business and Significant Accounting Policies - Concentration Of Risk - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Revenue | Customer concentration risk
Concentration risk
Number of distributors who accounted for more than 10% | item	2
Programming rights | Level 3 | Fair Value, Measurements, Nonrecurring
Fair value of financial instruments:
Adjustments to fair value | $	$ 0	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	Apr. 09, 2016	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
MVS Multivision Digital Sde RLde CV and Affiliates
Related party transactions
Due from related parties, net of allowance for doubtful accounts		$ 2.2	$ 1.5
Due to related parties		$ 1.9	0.5
MVS Multivision Digital Sde RLde CV and Affiliates | Satellite and Support Services Agreement | Cinelatino
Related party transactions
Number of channel feeds delivered through satellite | item		2
Total expense		$ 2.6	2.6	$ 2.3
MVS Multivision Digital Sde RLde CV and Affiliates | Master License Agreement | Cinelatino
Related party transactions
Term of agreement		10 years
Distribution fee as a percentage of revenue earned		13.50%
Revenue recognized from related party		$ 1.6	4	5.1
MVS Multivision Digital Sde RLde CV and Affiliates | Affiliation Agreement | Cinelatino
Related party transactions
Revenue recognized from related party		2.1	2.2	2
Director and Entity Owned by Director | Consulting Agreements with Director and Entity Owned by Director
Related party transactions
Total expense		0.5	0.6	0.7
Due to related parties		0	0
Director | Consulting Agreement with Director
Related party transactions
Term of agreement	3 years
Panamax Films, LLC | Programming Agreements
Related party transactions
Total expense		$ 0	0	0
Number of specific movie titles to be distributed | item		3
Panamax Films, LLC | Programming Agreements | Other Assets
Related party transactions
Programming rights		$ 0.1	0.1
Pantelion Films | Distribution Agreement | Cinelatino
Related party transactions
Total expense		0	0	0
Due to related parties		0	0
Licensing revenues		$ 0.1	0.1	0
Pantelion Films | Distribution Agreement | Cinelatino | Maximum
Related party transactions
Percentage of rentals agreed to be paid		12.50%
Lionsgate | Movie License Agreement | Cinelatino
Related party transactions
Total expense		$ 0.3	0.3	0
Programming rights		0.1	0.3
License fee under agreement with related party		1
Inter Media Advisors LLC | Services Agreement
Related party transactions
Total expense		0.1	0.1	$ 0
Due from related parties, net of allowance for doubtful accounts		0	$ 0.1
Frontera Productions LLC | Movie License Agreement
Related party transactions
Total expense		0
Due to related parties		0
Programming rights		0
License fee under agreement with related party		$ 0.1

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property and equipment
Property and equipment, gross	$ 49,362	$ 53,740
Less: accumulated depreciation	(26,220)	(29,115)
Property and equipment, net excluding construction and equipment installations in progress	23,142	24,625
Property and equipment, net	24,433	25,501
Depreciation expense	2,900	3,200	$ 3,700
Insurance recoveries	3,250
Land and Land Improvements
Property and equipment
Property and equipment, gross	8,724	8,724
Building
Property and equipment
Property and equipment, gross	11,258	11,579
Equipment
Property and equipment
Property and equipment, gross	27,930	27,953
Towers
Property and equipment
Property and equipment, gross	1,450	5,484
Equipment installations in progress
Property and equipment
Property and equipment, net	1,291	$ 876
WAPA
Property and equipment
Fixed asset impairment charge	$ 500
Minimum period of significant portion of damaged assets have been in service	10 years
Insurance recoveries	$ 3,300

Goodwill and Intangible Asset43

Goodwill and Intangible Assets - Intangible Assets - (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets
Broadcast license	$ 41,356	$ 41,356
Goodwill	164,887	164,887	$ 164,887
Other intangibles	51,661	64,849
Total intangible assets	$ 257,904	$ 271,092

Goodwill and intangible Asset44

Goodwill and intangible Assets - Indefinite Lived Net Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Changes in the goodwill
Net balance at the beginning of the period	$ 164,887	$ 164,887
Net balance at the end of the period	164,887	164,887
Changes in the goodwill and other indefinite lived intangible assets, on a net basis
Net balance at the beginning of the period	222,929	222,929
Net balance at the end of the period	222,929	222,929
Broadcast licenses
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	41,356	41,356
Net balance at the end of the period	41,356	41,356
Brands
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	15,986	15,986
Net balance at the end of the period	15,986	15,986
Other intangibles
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	700	700
Net balance at the end of the period	$ 700	$ 700

Goodwill and Intangible Asset45

Goodwill and Intangible Assets - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Changes in other amortizable intangible assets
Balance at the beginning of the period	$ 48,163	$ 61,499
Additions	92	94
Amortization	(13,280)	(13,430)	$ (13,500)
Net balance at the end of the period	34,975	48,163	61,499
Future estimated amortization expense
2,018				$ 13,241
2,019				8,486
2,020				6,058
2,021				5,752
2022 and thereafter				1,438
Total	$ 48,163	61,499	61,499	34,975
Weighted Average
Changes in other amortizable intangible assets
Remaining amortization period	3 years 4 months 24 days
Affiliate relationships
Changes in other amortizable intangible assets
Balance at the beginning of the period	$ 44,468	56,766
Amortization	(12,125)	(12,298)
Net balance at the end of the period	32,343	44,468	56,766
Future estimated amortization expense
Total	44,468	56,766	56,766	32,343
Advertiser relationships
Changes in other amortizable intangible assets
Balance at the beginning of the period	1,792	2,344
Amortization	(552)	(552)
Net balance at the end of the period	1,240	1,792	2,344
Future estimated amortization expense
Total	1,792	2,344	2,344	1,240
Non-compete agreement
Changes in other amortizable intangible assets
Balance at the beginning of the period	1,784	2,333
Amortization	(549)	(549)
Net balance at the end of the period	1,235	1,784	2,333
Future estimated amortization expense
Total	1,784	2,333	2,333	1,235
Other intangibles
Changes in other amortizable intangible assets
Balance at the beginning of the period	119	56
Additions	92	94
Amortization	(54)	(31)
Net balance at the end of the period	157	119	56
Future estimated amortization expense
Total	$ 119	$ 56	$ 56	$ 157

Equity Method Investments - (De

Equity Method Investments - (Details) $ in Thousands	Nov. 30, 2016item	Dec. 31, 2017USD ($)	Feb. 07, 2018	Apr. 28, 2017	Dec. 31, 2016USD ($)	Nov. 03, 2016
Equity Method Investments
Loss on equity method investments		$ 2,806
Equity method investments		30,907
Loss from equity method investments		11,885
PANTAYA
Equity Method Investments
Ownership Percentage						25.00%
Loss on equity method investments		(2,800)
Canal 1
Equity Method Investments
Ownership Percentage			40.00%
Equity method investments		35,000
Loss from equity method investments		$ 9,100
Percentage of losses recorded		100.00%
Return on capital equity investment		$ 1,700
Net equity method investments		$ 25,900			$ 100
Canal 1 | Television broadcast license
Equity Method Investments
Ownership Percentage		20.00%			20.00%
Colombian content producers, Radio television and NTC nacional | Television broadcast license
Equity Method Investments
License life (in years)	10 years
Number of national broadcast television networks | item	3
REMEZCLA
Equity Method Investments
Ownership Percentage				25.50%
Equity method investments		$ 5,000
Loss from equity method investments		400
Return on capital equity investment		400
Net equity method investments		5,000
Maximum exposure to loss		$ 5,000

Equity Method Investments - Sum

Equity Method Investments - Summarized unaudited financial data (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Summary financial information of equity method investments
Current assets	$ 9,070
Non-current assets	60,526
Current liabilities	53,627
Non-current liabilities	40,168
Redeemable stock and noncontrolling interests	14,332
Net sales	4,519
Gross profit	4,241
(Loss) from continuing operations	(24,080)
Net (loss)	$ (24,887)

Income Taxes - Effective Tax Re

Income Taxes - Effective Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of income before income taxes
Domestic income		$ 9,984	$ 10,997	$ 9,663
Foreign (loss) income		(4,714)	17,375	13,118
Income before income tax expense		5,270	28,372	22,781
Composition of income tax expense
Current income tax expense		4,233	15,801	11,880
Deferred income tax (benefit)		14,473	(5,429)	(2,838)
Income tax expense		18,706	10,372	9,042
Foreign withholding tax included in current tax expense		$ 1,500	$ 1,700	$ 1,500
Effective tax rates reconciliation
Pre-tax book income - US Only (as a percent)		35.00%	35.00%	35.00%
Pre-tax book income - Foreign Only (as a percent)		31.30%	21.40%	20.20%
Permanent items (as a percent)		15.70%	3.20%	4.00%
Return to provision true-ups - Current/Deferred (as percent)		(4.20%)	(1.10%)	(1.40%)
Foreign rate differential (as a percent)		6.60%	2.40%	2.20%
Foreign tax credits (as a percent)		(51.70%)	(32.00%)	(24.50%)
Foreign valuation allowance		59.00%
Change in FTC valuation allowance due to tax reform		200.00%
Tax Cut and Jobs Act Law Changes		56.20%
Foreign withholding taxes (as a percent)		29.00%	6.00%	6.70%
Deferred foreign tax credit offset (as a percent)		(21.90%)	0.00%	(2.20%)
State taxes and state rate change (as a percent)		1.10%	1.40%	(0.30%)
UTP adjustment		(2.60%)	0.30%	0.00%
Effective tax rate (as a percent)		353.50%	36.60%	39.70%
Effect of Tax Cuts And Jobs Act 2017
Income tax expense due to remeasurement of deferred tax asset		$ 3,000
Scenario, Forecast
Effective tax rates reconciliation
Pre-tax book income - US Only (as a percent)	21.00%
Colombian content producers, Radio television and NTC nacional
Effect of Tax Cuts And Jobs Act 2017
Foreign income valuation allowance		3,117
Puerto Rico And Latin America
Effect of Tax Cuts And Jobs Act 2017
Foreign tax credit valuation allowance		$ 10,588

Income Taxes - Deferred (Detail

Income Taxes - Deferred (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Classification of deferred tax amounts
Non-current assets	$ 4,802	$ 18,638
Non-current liabilities	18,763	17,829
Deferred tax assets:
Allowances for doubtful accounts	1,308	2,046
Deferred branch tax benefit	10,846	15,859
State tax Federal deduction true-up	42	70
NOL credit and other carryovers	111
Fixed assets	47	43
Accrued expenses	935	1,204
Foreign tax credit	10,588	11,449
Stock compensation	3,081	3,865
Pension	397	690
Intangibles	1,355	2,286
Other DTA	438	533
Deferred tax assets, gross	15,443	38,045
Deferred tax liabilities:
Prepaid expenses	(328)	(505)
Intangibles	(17,676)	(20,910)
Interest Rate Swap	(173)
Property and equipment	(1,443)	(3,117)
Amortization expense	(9,784)	(12,704)
Total deferred tax liabilities	(29,404)	(37,236)
Total deferred tax assets		$ 809
Net deferred tax liabilities	(13,961)
Colombian content producers, Radio television and NTC nacional
Deferred tax assets:
Less: Foreign income valuation allowance	(3,117)
Puerto Rico And Latin America
Deferred tax assets:
Less: Foreign tax credit valuation allowance	$ (10,588)

Income Taxes - Other (Details)

Income Taxes - Other (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Income Taxes
Uncertain tax position reserves	$ 0.3	$ 0.4	$ 0.7
Interest expense related to uncertain tax positions	0.1		$ 0
Colombian content producers, Radio television and NTC nacional
Income Taxes
Foreign net operating losses carryforwards	0.3	0
Foreign tax authority | Puerto Rico, Latin America, and Mexico
Income Taxes
Foreign tax credit carryforwards	$ 10.6	$ 11.4

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Feb. 14, 2017USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Long-term debt
Less: Current portion			$ (2,133)
Long-term debt less current portion			205,509	$ 210,270
Assets			497,886	530,441
Liabilities			258,982	261,101
Financing costs			1,114
Deferred financing costs			1,500	1,800
Accumulated amortization			1,800	1,500
Maturities of long-term debt
2,018			2,133
2,019			2,133
2,020			2,133
2,021			2,133
2022 and thereafter			202,682
Total maturities			211,214
Second Amended Term Loan Facility
Long-term debt
OID	$ 1,100		2,000
Financing costs			1,400
Accumulated amortization of original issue discount			1,500
Deferred financing costs			1,500
Accumulated amortization			1,800
Amortization payments (in percentage)	1.00%
Second Amended Term Loan Facility | LIBOR
Long-term debt
Interest rate margin (as a percent)	3.50%
Interest rate floor (as a percent)	0.00%
Second Amended Term Loan Facility | Alternate Base Rate (ABR)
Long-term debt
Interest rate margin (as a percent)	2.50%
Senior Notes due February 2024
Long-term debt
Long-term Debt			$ 207,642
Existing Senior Secured Term Loan B Facility
Long-term debt
Long-term Debt				$ 210,270
Amount of term loan	$ 213,300
Uncommitted accordion option base amount	65,000
Uncommitted accordion option multiplier of net leverage ratio | item			2.95
Borrowing capacity	$ 60,000
Maximum period after each fiscal year for prepayment of debt			90 days
Prepayment of debt as a percentage of excess cash flow			50.00%
First prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained			25.00%
Second prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained			0.00%
Existing Senior Secured Term Loan B Facility | Adjustment
Long-term debt
Payment of excess cash flow		$ 2,100
Existing Senior Secured Term Loan B Facility | LIBOR
Long-term debt
Interest rate margin (as a percent)	4.00%
Interest rate floor (as a percent)	1.00%
Existing Senior Secured Term Loan B Facility | Alternate Base Rate (ABR)
Long-term debt
Interest rate margin (as a percent)	3.00%
Amended Term Loan Facility
Long-term debt
Borrowing capacity	$ 30,000
Debt caps amount	$ 45,000
Amended Term Loan Facility | First Lien Net Leverage Ratio
Long-term debt
Uncommitted accordion option multiplier of net leverage ratio | item	4
Amended Term Loan Facility | Total Net Leverage Ratio
Long-term debt
Uncommitted accordion option multiplier of net leverage ratio | item	6
Number of consecutive fiscal quarters | item	4

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	May 31, 2017
Derivative
Net change in fair value of cash flow hedge	$ 0.8
Interest rate expense	0.4
Other non-current assets | Interest Rate Swap
Derivative
Interest rate swap	$ 0.8
LIBOR | Nondesignated | Interest Rate Swap
Derivative
Notional amount		$ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Measurements
Assets fair value		$ 0
Liabilities fair value		$ 0
Cash flow hedges | Other non-current assets
Fair Value Measurements
Interest rate swap	$ 773
Cash flow hedges | Other non-current assets | Level 2
Fair Value Measurements
Interest rate swap	$ 773

Stockholders' Equity - Capitali

Stockholders' Equity - Capitalization (Details) $ / shares in Units, $ in Thousands	Jun. 20, 2017USD ($)$ / shares	Oct. 21, 2016shares	Jun. 08, 2016USD ($)$ / sharesshares	Mar. 16, 2016USD ($)$ / sharesshares	Dec. 31, 2017USD ($)D$ / sharesshares	Dec. 31, 2016USD ($)	Apr. 04, 2013item
Capitalization
Amount of stock repurchased | $					$ 21,910	$ 30,735
Period before April 4, 2018
Capitalization
Number of trading days | D					20
Number of consecutive trading days | D					30
Common Class B
Capitalization
Common stock shares issued, including forfeiture					20,800,998
Common stock shares outstanding, including forfeiture					20,800,998
Number of votes per share of common stock | item							10
Common Class B | Period before April 4, 2018
Capitalization
Number of shares forfeited					1,100,000
Common Class A
Capitalization
Common stock shares issued, including forfeiture					20,285,427
Common stock shares outstanding, including forfeiture					20,285,427
Number of shares repurchased			2,800,000	100,000	1,800,000
Stock repurchase price (in dollars per share) | $ / shares	$ 0.0001		$ 10.50	$ 13.35
Amount of stock repurchased | $			$ 29,400	$ 1,300
Number of votes per share of common stock | item							1
Remaining authorization for future repurchases | $					$ 3,100
Common Class A | Treasury Stock
Capitalization
Number of shares repurchased					1,800,000
Amount of stock repurchased | $					$ 21,910	$ 30,735
Common Class A | Maximum
Capitalization
Amount of stock repurchased | $	$ 25,000
Common Class A | Period before April 4, 2018
Capitalization
Number of shares forfeited					900,000
Stock trigger price (in dollars per share) | $ / shares					$ 15
IinterMedia Partners | Common Class B
Capitalization
Number of shares forfeited		419,383
IinterMedia Partners | Common Class A
Capitalization
Common stock Class B shares transferred		9,200,000

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item$ / shares$ / itemshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Warrants
Issued (in shares)	12,100,000
Exercise price of warrants per half share | $ / item	6
Minimum number of warrants exercisable by holder (in shares)	2
Exercise price of warrants (in dollars per share) | $ / shares	$ 12
Number of warrants that may be called for redemption (in shares)	7,600,000
Number of warrants exercised	190,749
Proceeds from exercise of warrant for Class A common stock | $	$ 211	$ 420	$ 60
Common Class A
Warrants
Number of shares entitled to warrant holders (as a percent)	0.5
Warrants exercisable into number of shares	6,000,000
Trigger price of stock in order to provide for redemption of warrants at option of the Company (in dollars per share) | $ / shares	$ 18
Number of trading days through which last sales price of common stock is reported for warrant redemption | item	20
Period of aggregate number of trading days through which last sales price of common stock is reported for warrant redemption	30 days
Shares issued upon exercise of warrants	22,911
Proceeds from exercise of warrant for Class A common stock | $	$ 200

Stockholders' Equity - Other (D

Stockholders' Equity - Other (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Equity incentive plans
Granted (in shares)	55
Shares available for issuance	2,700
Stock-based compensation
Stock-based compensation expense (in dollars) | $	$ 4,100	$ 4,700	$ 5,600
Number of shares
Granted (in shares)	55
Forfeited or expired (in shares)	(37)
Expired (in shares)	(40)
Outstanding at the end of the period (in shares)	2,898
Weighted-average exercise price
Granted (in dollars per share) | $ / shares	$ 11.35
Forfeited or expired (in dollars per share) | $ / shares	10.39
Expired (in dollars per share) | $ / shares	11.51
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 11.62
Weighted-average remaining contractual term
Outstanding	6 years 6 months
Granted	6 years
Aggregate intrinsic value
Outstanding at the end of the period (in dollars) | $	$ 1,738
Common Class A
Equity incentive plans
Shares authorized for issuance	7,200
Employee and Directors Stock Options
Equity incentive plans
Granted (in shares)		890	215
Vested at the end of the period (in shares)		1,888
Stock-based compensation
Unrecognized compensation cost related to unvested stock options (in dollars) | $	$ 1,900
Weighted-average periods over which unrecognized compensation cost recognized	1 year 4 months 24 days
Estimated forfeitures (as a percent)	1.50%
Valuation assumptions
Dividend yield (as a percent)	0.00%
Number of shares
Outstanding at the beginning of the period (in shares)	2,920	2,043	1,870
Granted (in shares)		890	215
Exercised (in shares)		(13)	(15)
Forfeited or expired (in shares)			(27)
Outstanding at the end of the period (in shares)		2,920	2,043	1,870
Vested at the end of the period (in shares)		1,888
Exercisable at the end of the period (in shares)		1,888
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 11.64	$ 11.49	$ 11.23
Granted (in dollars per share) | $ / shares		11.97	13.61
Exercised (in dollars per share) | $ / shares		10.60	10.60
Forfeited or expired (in dollars per share) | $ / shares			10.60
Outstanding at the end of the period (in dollars per share) | $ / shares		11.64	$ 11.49	$ 11.23
Vested at the end of the period (in dollars per share) | $ / shares		11.69
Exercisable at the end of the period (in dollars per share) | $ / shares		$ 11.69
Weighted-average remaining contractual term
Outstanding		7 years 7 months 6 days	7 years 7 months 6 days	8 years 4 months 24 days
Granted		6 years 2 months 12 days	6 years 2 months 12 days
Vested at the end of the period		5 years 9 months 18 days
Exercisable at the end of the period		5 years 9 months 18 days
Aggregate intrinsic value
Outstanding at the beginning of the period (in dollars) | $	$ 1,274	$ 6,740	$ 4,721
Outstanding at the end of the period (in dollars) | $		1,274	$ 6,740	$ 4,721
Vested at the end of the period (in dollars) | $		1,322
Exercisable at the end of the period (in dollars) | $		$ 1,322
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares	$ 3.39	$ 3.71	$ 4.13
Restricted Stock
Equity incentive plans
Granted (in shares)	154	395	99
Stock-based compensation
Unrecognized compensation cost related to unvested restricted stock (in dollars) | $	$ 2,500
Weighted-average periods over which unrecognized compensation cost recognized	1 year 6 months
Number of shares
Outstanding at the beginning of the period (in shares)	561	494	719
Granted (in shares)	154	395	99
Vested (in shares)	(203)	(328)	(324)
Forfeited (in shares)	(8)
Outstanding at the end of the period (in shares)	504	561	494	719
Weighted-average grant date fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 10.58	$ 9.79	$ 9.82
Granted (in dollars per share) | $ / shares	11.19	11.82	12.42
Vested (in dollars per share) | $ / shares	11.80	10.88	10.65
Forfeited (in dollars per share) | $ / shares	13.38
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 10.23	$ 10.58	$ 9.79	$ 9.82
Time Based Restricted Stock and Stock Option
Equity incentive plans
Number of equal annual installments for vesting of awards | item	3
Time Based Stock Option | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate, minimum (as a percent)		1.60%	1.76%
Risk-free interest rate, maximum (as a percent)	2.18%	2.44%	2.12%
Volatility, minimum (as a percent)		26.40%	25.80%
Volatility, maximum (as a percent)	25.80%	32.40%	29.50%
Weighted-average expected term	6 years	6 years 2 months 12 days
Time Based Stock Option | Black Scholes Pricing Model | Maximum
Valuation assumptions
Weighted-average expected term			6 years 3 months 18 days
Time Based Restricted Stock
Weighted-average grant date fair value
Vesting period	3 years
Event Based Restricted Stock and Stock Option | Common Class A
Equity incentive plans
Closing price per share to be attained for vesting of awards to begin (in dollars per share) | $ / shares	$ 15
Event Based Restricted Stock and Stock Option | Common Class A | Minimum
Equity incentive plans
Number of trading days on which the closing price per share should attain the specified price per share for vesting of awards to begin | item	10
Event Based Stock Option
Aggregate intrinsic value
Unvested options	300
Event Based Restricted Stock
Aggregate intrinsic value
Unvested options	200

Commitments (Details)

Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments
Rental expense	$ 700	$ 700	$ 600
Future minimum payments for operating leases
2,018	2,063
2,019	449
2,020	358
2,021	343
2022 and thereafter	655
Total	3,868
Future minimum payments for other commitments
2,018	10,418
2,019	6,929
2,020	3,121
2,021	1,242
Total	21,710
Future minimum payments for operating leases and other commitments
2,018	12,481
2,019	7,378
2,020	3,479
2,021	1,585
2022 and thereafter	655
Total	$ 25,578

Retirement Plans - Other (Detai

Retirement Plans - Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)employeeitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Projected benefit obligation:
Balance, beginning of the year	$ 3,027	$ 2,865
Service cost	80	109	$ 112
Interest cost	85	104	102
Actuarial (gain) loss	(469)	(45)
Benefits paid to participants	(481)	(6)
Balance, end of year	2,242	3,027	2,865
Funded status of the plan
Excess of benefit obligation over the value of plan assets	(2,242)	(3,027)	(2,865)
Unrecognized net actuarial loss	347	818	905
Unrecognized prior service cost	44	52	69
Accrued benefit cost	(1,851)	(2,157)	(1,891)
Net amounts recognized in the consolidated balance sheets
Accrued benefit cost	(2,242)	(3,027)
Accumulated other comprehensive loss	391	870
Accrued benefit cost	(1,851)	$ (2,157)	(1,891)
Benefits expected to be paid in each of the next five years and thereafter
2,018	242
2,019	109
2,020	91
2,021	182
2,022	235
2023 through 2026	582
Total	$ 1,441
Weighted-average rates used
Discount rate on the benefit obligation (as a percent)	3.35%	3.78%
Rate of employee compensation increase (as a percent)		4.00%
Pension expense
Service cost	$ 80	$ 109	112
Interest cost	85	104	102
Amortization of prior service cost	8	17	17
Net loss amortization	1	42	51
Net periodic benefit cost	$ 174	$ 272	$ 282
Maximum
Weighted-average rates used
Rate of employee compensation increase (as a percent)	2.50%
Minimum
Weighted-average rates used
Rate of employee compensation increase (as a percent)	1.75%
WAPA
Number of months to be in service for applicability of retirement plan	3 months
Number of weeks per year of service for one-time lump sum payment at retirement	14 days
Maximum number of retirees per year under the plan | employee	5
Number of retirees per year under the retirement plan | item	144
WAPA | Maximum
Number of weeks per year of service for one-time lump sum payment at retirement	315 days

Retirement Plans - Multiemploye

Retirement Plans - Multiemployer Pension (Details)	Jul. 01, 2017USD ($)	Dec. 31, 2017USD ($)employeeitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Multiemployer pension
Number of unionized employees covered under CBA expiring on June 27, 2019 | employee		4
Multiemployer Plans, Pension | WAPA
Multiemployer pension
Number of collective bargaining agreements | item		2
Period for payments under the plan (in years)		3 years
Maximum period for payments under the plan (in years)		10 years
Period for ending of payment obligation (in years)		20 years
Projected insolvency of the plan (in years)		19 years
Employer contributions to the plan per week through May 31, 2022	$ 18.03
Contribution to the plan assets (as a percent)			5.00%
Contributions		$ 149,000	$ 156,000	$ 151,000
Beginning on January 1, 2013 | Multiemployer Plans, Pension | WAPA
Multiemployer pension
Increase in the contribution rate agreed by the company under the "preferred schedule" of the Rehabilitation Plan (as a percent)		3.00%
Beginning on January 1, 2014 | Multiemployer Plans, Pension | WAPA
Multiemployer pension
Increase in the contribution rate agreed by the company under the "preferred schedule" of the Rehabilitation Plan (as a percent)		3.00%
Beginning on January 1, 2015 | Multiemployer Plans, Pension | WAPA
Multiemployer pension
Increase in the contribution rate agreed by the company under the "preferred schedule" of the Rehabilitation Plan (as a percent)		3.00%

Quarterly Financial Data (Una60

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data (Unaudited)
Net revenues	$ 23,952	$ 32,173	$ 35,180	$ 33,159	$ 39,407	$ 33,116	$ 35,031	$ 30,971	$ 36,236	$ 31,465	$ 32,618	$ 29,471	$ 124,464	$ 138,525	$ 129,790
Operating income (loss)	(604)	8,407	10,496	7,057	12,603	9,579	10,677	7,164	11,079	7,951	8,780	7,056	25,356	40,023	34,867
Net income (loss)	$ (22,044)	$ 682	$ 5,181	$ 2,745	$ 5,922	$ 4,349	$ 5,029	$ 2,700	$ 4,934	$ 2,910	$ 3,431	$ 2,462	$ (13,436)	$ 18,000	$ 13,739
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.56)	$ 0.02	$ 0.13	$ 0.07	$ 0.15	$ 0.11	$ 0.12	$ 0.06	$ 0.11	$ 0.07	$ 0.08	$ 0.06	$ (0.33)	$ 0.43	$ 0.32
Dilutive (in dollars per share)	$ (0.56)	$ 0.02	$ 0.13	$ 0.07	$ 0.15	$ 0.11	$ 0.12	$ 0.06	$ 0.11	$ 0.07	$ 0.08	$ 0.06	$ (0.33)	$ 0.43	$ 0.31