Hemisphere Media (HMTV) 10-K 15 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 11, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-35886
Entity Registrant Name	Hemisphere Media Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0885255
Entity Address, Address Line One	4000 Ponce de Leon Blvd., Suite 650
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33146
City Area Code	305
Local Phone Number	421-6364
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001567345
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Trading Symbol	HMTV
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Entity Public Float			$ 177,066,202
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		20,143,881
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		19,720,381

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash	$ 134,471	$ 92,151
Accounts receivable, net of allowance for doubtful accounts of $919 and $507, respectively	35,955	29,269
Due from related parties	943	1,626
Programming rights	8,301	11,691
Prepaid taxes and other current assets	9,298	11,003
Total current assets	188,968	145,740
Programming rights, net of current portion	13,430	14,804
Property and equipment, net	31,798	34,319
Operating lease right-of-use assets	1,820	1,833
Broadcast license	41,356	41,356
Goodwill	165,597	167,322
Other intangibles, net	24,761	32,587
Deferred income taxes		1,208
Equity method investments	29,782	49,639
Other assets	4,333	3,979
Total Assets	501,845	492,787
Current Liabilities
Accounts payable	2,350	1,925
Due to related parties	648	669
Accrued agency commissions	6,529	4,662
Accrued compensation and benefits	5,934	5,021
Accrued marketing	7,066	5,327
Other accrued expenses	8,137	6,596
Income taxes payable	2,233
Programming rights payable	7,626	6,369
Investee losses in excess of investment		1,484
Current portion of long-term debt	2,134	2,134
Total current liabilities	42,657	34,187
Programming rights payable, net of current portion	776	820
Long-term debt, net of current portion	200,856	202,406
Deferred income taxes	19,306	19,331
Other long-term liabilities	3,932	2,917
Defined benefit pension obligation	2,832	2,457
Total Liabilities	270,359	262,118
Stockholders' Equity
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued at December 31, 2020 and December 31, 2019
Additional paid-in capital	279,800	274,518
Retained earnings	14,840	16,075
Accumulated other comprehensive loss	(2,187)	(792)
Total Hemisphere Media Group Stockholders' Equity	231,005	229,285
Equity attributable to non-controlling interest	481	1,384
Total Stockholders' Equity	231,486	230,669
Total Liabilities and Stockholders' Equity	501,845	492,787
Common Class A
Stockholders' Equity
Common stock	3	3
Class A treasury stock, at cost 5,710,416 and 5,609,966 at December 31, 2020 and 2019, respectively	(61,453)	(60,521)
Common Class B
Stockholders' Equity
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 919	$ 507
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
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	25,457,709	25,202,314
Treasury stock, shares	5,710,416	5,609,966
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	19,720,381	19,720,381

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Operations
Net revenues	$ 151,184	$ 149,387
Operating expenses:
Cost of revenues	48,309	43,138
Selling, general and administrative	44,646	44,761
Depreciation and amortization	11,472	12,533
Other expenses	3,226	1,451
Gain from FCC spectrum repack and other	(953)	(1,739)
Impairment of goodwill and intangibles	2,784
Total operating expenses	109,484	100,144
Operating income	41,700	49,243
Other expenses, net:
Interest expense and other, net	(10,376)	(11,953)
Loss on equity method investments	(22,258)	(30,271)
Impairment of equity method investment	(5,479)
Gain on insurance proceeds and other, net	3,267	1,596
Total other expenses, net	(34,846)	(40,628)
Income before income tax expense	6,854	8,615
Income tax expense	(8,992)	(12,086)
Net loss	(2,138)	(3,471)
Net loss attributable to non-controlling interest	903	104
Net loss attributable to Hemisphere Media Group, Inc.	$ (1,235)	$ (3,367)
Loss per share attributable to Hemisphere Media Group, Inc.:
Basic (in dollars per share)	$ (0.03)	$ (0.09)
Diluted (in dollars per share)	$ (0.03)	$ (0.09)
Weighted average shares outstanding:
Basic (in shares)	39,434	39,158
Diluted (in shares)	39,434	39,158

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Loss
Net loss	$ (2,138)	$ (3,471)
Other comprehensive loss:
Change in fair value of interest rate swap, net of income taxes	(1,101)	(1,885)
Adjustment to defined benefit plan, net of income taxes	(294)	(115)
Total other comprehensive loss	(1,395)	(2,000)
Comprehensive loss	(3,533)	(5,471)
Comprehensive loss attributable to non-controlling interest	903	104
Comprehensive loss attributable to Hemisphere Media Group, Inc.	$ (2,630)	$ (5,367)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common StockCommon Class A	Common StockCommon Class B	Additional Paid In Capital	Treasury StockCommon Class A	Retained EarningsAdoption of accounting standards	Retained Earnings	Accumulated Comprehensive Income(Loss)Adoption of accounting standards	Accumulated Comprehensive Income(Loss)	Non-controlling Interest	Total
Balance at the beginning of the period (ASU 2018-02) at Dec. 31, 2018					$ (53)		$ 53
Balance at the beginning of the period at Dec. 31, 2018	$ 2	$ 2	$ 270,345	$ (59,088)		$ 19,495		$ 1,155	$ 1,488	$ 233,399
Balance at the beginning of the period (in shares) at Dec. 31, 2018	24,850,000	19,720,000
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss						(3,367)			(104)	(3,471)
Issuance of treasury shares for acquisition of Snap Media			(588)	588
Stock-based compensation			2,883							2,883
Vesting of restricted stock	$ 1		1,925	(1,513)						413
Vesting of restricted stock (in shares)	352,000
Repurchases of Class A common stock				(662)						(662)
Issuance of treasury shares for option exercise			(47)	154						107
Other comprehensive loss, net of tax								(2,000)		(2,000)
Balance at the end of the period at Dec. 31, 2019	$ 3	$ 2	274,518	(60,521)		16,075		(792)	1,384	230,669
Balance at the end of the period (in shares) at Dec. 31, 2019	25,202,000	19,720,000
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss	$ 0	$ 0	0	0		(1,235)		0	(903)	(2,138)
Stock-based compensation	0	0	3,108	0		0		0	0	3,108
Vesting of restricted stock	$ 0	$ 0	2,174	(582)		0		0	0	1,592
Vesting of restricted stock (in shares)	256,000	0
Repurchases of Class A common stock				$ (350)						(350)
Repurchases of Class A common stock (in shares)				33,082
Other comprehensive loss, net of tax	$ 0	$ 0	0	$ 0		0		(1,395)	0	(1,395)
Balance at the end of the period at Dec. 31, 2020	$ 3	$ 2	$ 279,800	$ (61,453)		$ 14,840		$ (2,187)	$ 481	$ 231,486
Balance at the end of the period (in shares) at Dec. 31, 2020	25,458,000	19,720,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities:
Net loss	$ (2,138)	$ (3,471)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,472	12,533
Program amortization	16,841	13,648
Amortization of deferred financing costs and original issue discount	582	580
Stock-based compensation	5,282	4,808
Provision for bad debts	922	135
Gain from FCC spectrum repack and other	(953)	(1,739)
Deferred tax expense	1,587	3,593
Loss on equity investments	22,258	30,271
Impairment of equity method investment	5,479
Impairment of goodwill and intangibles	2,784
Amortization of operating lease right-of-use assets	554	486
Gain from insurance proceeds	0	(1,661)
(Increase) decrease in:
Accounts receivable	(7,608)	(993)
Due from related parties, net	662	(613)
Programming rights	(12,077)	(14,087)
Prepaid expenses and other assets	810	(6,235)
Increase (decrease) in:
Accounts payable	425	(590)
Other accrued expenses	6,060	(1,819)
Programming rights payable	1,213	2,005
Income taxes payable	2,233	(2,265)
Other liabilities	(409)	1,033
Net cash provided by operating activities	55,979	35,619
Cash Flows From Investing Activities:
Funding of equity method investments	(9,364)	(31,747)
Capital expenditures	(2,386)	(5,376)
Insurance proceeds	0	1,661
FCC spectrum repack proceeds	1,157	1,717
Net cash used in investing activities	(10,593)	(33,745)
Cash Flows From Financing Activities:
Repayments of long-term debt	(2,134)	(2,133)
Purchases of common stock	(932)	(2,175)
Proceeds from exercise of options	0	107
Net cash used in financing activities	(3,066)	(4,201)
Net increase (decrease) in cash	42,320	(2,327)
Cash:
Beginning	92,151	94,478
Ending	134,471	92,151
Cash payments for:
Interest	9,949	12,863
Income taxes	2,463	13,459
Non-cash investing activity:
Acquisition financed in part by treasury shares	0	588
Non-cash financing activity:
Cashless exercise of options issued from treasury shares	$ 0	$ 47

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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”), HMTV Cable, Inc., the parent company of the entities for the acquired networks consisting of Pasiones, TV Dominicana, and Centroamerica TV (see below), and HMTV Distribution, LLC, the parent of Snap Global, LLC, a Delaware limited liability company and its wholly owned subsidiaries (“Snap Media”), which we acquired a Reclassification: Principles of consolidation: The accompanying 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 or the Company is not primary beneficiary of the 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. For more information on our equity method investments, see Note 6, “Equity Method Investments” of Notes to Consolidated Financial Statements. 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: Operating segments: Risks and Uncertainties The impact of COVID-19 and measures to prevent its spread have continued to affect our businesses in a number of ways. Beginning in March 2020, the Company has experienced adverse advertising revenue impacts. Operationally, most non-production and programming personnel are working remotely, and the Company has restricted business travel. The Company has managed the remote workforce transition effectively and there have been no material adverse impacts on operations through December 31, 2020. While the Company’s advertising revenue improved in second part of the year, the Company is unable to predict the impact that a significant change in circumstances including the ability of our workforce and/or key personnel to work effectively because of illness, government actions or other restrictions in connection with the COVID-19 pandemic may have on our businesses in the future. The extent of the impact of the COVID-19 pandemic on our future operations will depend on numerous factors, all of which are highly uncertain and cannot be predicted. These factors include the length and severity of the outbreak, the responses of private sector businesses and governments including the timing and amount of government stimulus, the impact on economic activity and the impact on our customers, employees and suppliers. For more information on the risks associated with the COVID-19 pandemic, see "Item 1A-Risk Factors" included elsewhere in this Annual Report. The Company has evaluated and continues to evaluate the potential impact of the COVID-19 pandemic on its Consolidated Financial Statements, including the impairment of goodwill and indefinite-lived intangible assets and the fair value of equity method investments. The ultimate impact of the COVID-19 pandemic, including the extent of any adverse impact on our business, results of operations and financial condition, remains uncertain. The negative effect of the pandemic on the Company’s business for the year ended December 31, 2020 was significant and the adverse impact of COVID-19 could be material to the Company's future operating results. The Company believes it has substantial liquidity to satisfy its financial commitments. Net loss per common share: Basic loss per share is computed by dividing loss attributable to Hemisphere Media Group, Inc. common stockholders by the number of weighted-average outstanding shares of common stock. Diluted loss per share 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 loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 Numerator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Net loss attributable to Hemisphere Media Group, Inc. ​ $ (1,235) ​ $ (3,367) Denominator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,434 ​ 39,158 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options, restricted stock and warrants ​ — ​ — Weighted-average common shares, diluted ​ 39,434 ​ 39,158 Loss per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.03) ​ $ (0.09) Diluted ​ $ (0.03) ​ $ (0.09) ​ We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260, 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 loss per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options 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 3.3 million and 1.3 million shares of common stock for the years ended December 31, 2020 and 2019, respectively, were excluded from the computation of diluted loss per common share for this period because their effect would have been anti-dilutive. The net loss per share attributable to Hemisphere Media Group, Inc. 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 operations for each of the years ended December 31, 2020 and 2019, 0.1 million and 0.7 million outstanding awards, respectively, were not included in the computation of diluted loss per share because their effect was anti-dilutive. Revenue Recognition: For more information on our revenue recognition, see Note 2, “Revenue Recognition” of Notes to Consolidated Financial Statements. 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 accompanying Consolidated Statements of Operations are as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ 2020 2019 Barter revenue ​ $ 434 ​ $ 872 Barter expense ​ (419) ​ (557) ​ ​ $ 15 ​ $ 315 ​ 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 accompanying 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 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, 2020 and 2019 consisted of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Provisions ​ ​ ​ ​ ​ ​ ​ End Year Description of Year for bad debt Write-offs Recoveries of Year 2020 ​ Allowance for doubtful accounts ​ $ 507 ​ $ 922 ​ $ 577 ​ $ 67 ​ $ 919 2019 Allowance for doubtful accounts ​ $ 2,645 ​ $ 135 ​ $ 2,274 ​ $ 1 ​ $ 507 ​ 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 fair value. If management estimates that the unamortized cost of programming rights exceeds the estimated fair value, an adjustment is recorded to reduce the carrying value of the programming rights. For the year ended December 31, 2020, management deemed it necessary to write-down certain program rights of 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 are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For more information on our property and equipment, see Note 4, “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. The Company makes investments that support its underlying business strategy and enable it to enter new markets. The Company holds equity investments in Pantaya, Canal 1 and Snap JV (in each case, as defined and discussed in Note 6, “Equity Method Investments” of Notes to Consolidated Financial Statements), which are variable interest entities (“VIEs”), for which the Company is not the primary beneficiary. 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 or the right to receive benefits that could potentially be significant to the VIE. The activities of each VIE that most significantly impact the VIE’s economic performance are controlled by the VIE’s board of directors and the Company’s representation on the board of directors of each VIE is commensurate with its voting equity interest. As the Company does not hold a majority voting interest or disproportionate voting or other rights, it does not have the power to direct the activities that most significantly impact the economic performance of any of these VIEs. 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, 2019, our proportionate share of the losses of Pantaya (“Pantaya” refers to Pantaya, LLC, a Delaware limited liability company, a joint venture among us and a subsidiary of Lions Gate Entertainment, Inc.) exceeded our investment in Pantaya by $1.5 million. This amount was recorded as “Investee losses in excess of investment” on our accompanying Consolidated Balance Sheet at December 31, 2019, due to our commitment for future capital funding. As of December 31, 2019, we were committed to provide future capital contributions to Pantaya. During the year ended December 31, 2020, we satisfied our capital contribution obligation to Pantaya, and as a result, the balance recorded for our share of Pantaya's losses in excess of the amount funded was $ 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 investment, 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 6, “Equity Method Investments” of Notes to Consolidated Financial Statements. Leases: On January 1, 2019, the Company adopted Financial Accounting Standards Board ("the FASB") ASC Topic 842, Leases (ASC 842) (the "new lease standard"), the core principle of which, is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases, in the statement of financial position. The Company is a lessee under leases for land, office space and equipment with third parties, all of which are accounted for as operating leases under ASC 842. These leases generally have an initial term of one to seven years and provide for fixed monthly payments. Some of these leases provide for future rent escalations and renewal options and certain leases also obligate us to pay the cost of maintenance, insurance and property taxes. Lease cost is recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Operations. For additional information about our leases, see Note 13, “Leases” 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, affiliate agreements, and programming rights with estimated useful lives of one to ten years . Other intangible assets are amortized over their estimated useful 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 measures 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 goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. The fair value of the reporting units is determined utilizing a combination of a discounted cash flow analysis incorporating variables such as revenue projections, projected operating cash flow margins, and discount rates, as well as a market based approach employing comparable sales analysis. 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, 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. In January 2017, the FASB issued Accounting Standards Updates ASU") 2017 04-Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment The Company completed its annual impairment analysis and determined that based on the economic downturn related to the COVID-19 pandemic, the expected timing of recovery, and the expected growth of the business, the carrying value of the Snap reporting unit and other finite lived intangible assets, identified in connection with the acquisition of Snap, exceeded their respective fair values, resulting in an impairment charge totaling $2.8 million for the year ended December 31, 2020. There were no impairment charges for the year ended December 31, 2019. For more information on Goodwill and intangible assets, see Note 5, “Goodwill and Intangible Assets” of Notes to Consolidated Financial Statements. 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 For more information on deferred financing costs, see Note 8, “Long Term Debt” of Notes to Consolidated Financial Statements. 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 accompanying Consolidated Statements 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 7, “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, goodwill and intangibles, and equity method investments 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 year ended December 31, 2020, the Company recorded an impairment charge of $5.5 million related to the write-off of the full carrying value of REMEZCLA, an impairment charge totaling $2.8 million related to Snap goodwill and other finite lived intangible assets and a $0.9 million write-down of programming rights. For the year ended December 31, 2019, there were no adjustments to fair value. The Company’s variable-rate debt and interest rate swaps are classified as Level 2 in the fair value hierarchy, as their estimated fair values are derived from quoted market prices by independent dealers. The carrying value of the long-term debt approximates fair value at December 31, 2020 and 2019. For more information on fair value instruments, see Note 10, “Fair Value Measurements” of Notes to Consolidated Financial Statements. Derivative Instruments: For more information on derivative instruments, see Note 9, “Derivative Instruments” of Notes to Consolidated Financial Statements. Major customers and suppliers: Accounting guidance not yet adopted: ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In March 2020, the FASB issued ASU 2020-04-Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Use of estimates: In preparing the accompanying 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.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue Recognition
Revenue Recognition	Note 2. Revenue Recognition The following is a description of principal activities from which we generate our revenue: Affiliate revenue: We enter into arrangements with multi-channel video distributors, such as cable, satellite and telecommunications companies (referred to as “MVPDs”) to provide a continuous feed of our programming generally based on a per subscriber fee pursuant to multi-year contracts, referred to as “affiliation agreements”, which typically provide for annual rate increases. We have used the practical expedient related to the right to invoice and recognize revenue at the amount to which we have the right to invoice for services performed. The specific affiliate revenue we earn varies from period to period, distributor to distributor and also vary among our Networks, but are generally based upon the number of each distributor’s paying subscribers who subscribe to our Networks. Changes in affiliate revenue are primarily derived from changes in contractual per subscriber rates charged for our Networks and changes in the number of subscribers. MVPDs report their subscriber numbers to us generally on a two month lag. We record revenue based on estimates of the number of subscribers utilizing the most recently received remittance reporting of each MVPD, which is consistent with our past practice and industry practice. Revenue is recognized on a month by month basis when the performance obligations to provide service to the MVPDs is satisfied. Payment is typically received within sixty days of the remittance. Advertising revenue: Advertising revenue is generated from the sale of commercial time, which is typically sold pursuant to sale orders with advertisers providing for an agreed upon commitment and price per spot. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency fees are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory and are reported as a reduction of advertising revenue. Payment is typically due and received within thirty days of the invoice date. Other revenue: The following table presents the revenues disaggregated by revenue source (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Revenues by type 2020 2019 Affiliate revenue ​ $ 77,284 ​ $ 83,256 Advertising revenue ​ 68,942 ​ 60,323 Other revenue ​ ​ 4,958 ​ ​ 5,808 Total revenue ​ $ 151,184 ​ $ 149,387 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions
Related Party Transactions	Note 3. 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: ● 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 closed captioning, and other support services. 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 for each of the years ended December 31, 2020 and 2019. Amounts due to MVS pursuant to the agreements noted above amounted to $0.6 million and $0.7 million as of December 31, 2020 and 2019, respectively. ● Dish Mexico (d/b/a Comercializadora de Frecuencias Satelitales, S. de R.L. de C.V.), an MVS affiliate that operates a subscription satellite television service throughout Mexico and distributes Cinelatino as part of its service. Total revenues recognized were $1.1 million and $1.9 million for the years ended December 31, 2020 and 2019, respectively. Amounts due from Dish Mexico amounted to $0.3 million as of December 31, 2020 and 2019. ● MVS has the non-exclusive right to duplicate, distribute and exhibit Cinelatino’s service via cable, satellite or by any other means in Mexico. Cinelatino receives revenues net of MVS’s distribution fee, which is equal to 13.5% of all license fees collected from third party distributors managed but not owned by MVS. Total revenues recognized were $0.9 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively. Amounts due from MVS pursuant to the agreements noted above amounted to $0.4 million and $0.7 million as of December 31, 2020 and 2019, respectively. The Company entered into an amended and restated consulting agreement with James M. McNamara, a member of the Company’s board of directors, on August 13, 2019, 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 in the accompanying Consolidated Statements of Operations and amounted to $0.5 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively. No amounts were due to this related party as of December 31, 2020 and 2019. For the year ended December 31, 2020, the Company received $3.3 million from Searchlight Capital Partners LLC (“Searchlight”), two principals of which are directors of the Company, as reimbursement of expenses incurred in connection with the pursuit of a strategic transaction during the year. The reimbursement was recorded in gain from insurance proceeds and other, net in the accompanying Consolidated Statements of Operations.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Property and Equipment	Note 4. Property and Equipment Property and equipment at December 31, 2020 and 2019 consists of the following (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Land and improvements ​ $ 8,724 ​ $ 8,724 ​ Building ​ 11,325 ​ 11,530 ​ Equipment ​ 35,637 ​ 38,318 ​ Towers ​ 1,257 ​ 1,536 ​ ​ ​ 56,943 ​ 60,108 ​ Less: accumulated depreciation ​ (28,726) ​ (28,241) ​ ​ ​ 28,217 ​ 31,867 ​ Equipment installations in progress ​ 3,581 ​ 2,452 ​ Total property and equipment, net ​ $ 31,798 ​ $ 34,319 ​ ​ Depreciation expense was $4.7 million and $3.3 million for the years ended December 31, 2020 and 2019, respectively. For the years ended December 31, 2020 and 2019, we purchased equipment required as a result of the FCC mandated spectrum repack of $0.9 million and $0.7 million, respectively, for which we received proceeds of $1.2 million and $1.7 million, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 5. Goodwill and Intangible Assets Goodwill and intangible assets consist of the following at December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 2019 Broadcast license ​ $ 41,356 ​ $ 41,356 Goodwill ​ 165,597 ​ 167,322 Other intangibles ​ 24,761 ​ 32,587 Total intangible assets ​ $ 231,714 ​ $ 241,265 ​ As part of the Company’s annual goodwill impairment analysis, we determined the fair value of goodwill utilizing a combination of a discounted cash flow analysis incorporating variables such as revenue projections, projected operating cash flow margins, and discount rates, as well as a market based approach employing comparable sales analysis. 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 as well as the extent of the economic downturn related to the COVID-19 pandemic and the expected timing of recovery. The result of our annual impairment test indicated that the carrying amount of the Snap reporting unit exceeded the fair value primarily due to the economic downturn related to the COVID-19 pandemic, the expected timing of recovery, and the expected growth of the business. As a result, for the year ended December 31, 2020, we recorded a goodwill impairment charge of $1.7 million, which was presented as impairment of goodwill and intangibles in our accompanying Consolidated Statements of Operations. The Company determined that the goodwill impairment was an indicator of impairment under ASC 360. As result, the Company performed a recoverability test for the other finite lived intangible assets of Snap to determine whether an impairment loss should be measured. The undiscounted cash flows in the recoverability test of Snap’s other finite lived intangible assets was less than the carrying value. As a result, for the year ended December 31, 2020, we calculated the fair value of the other finite lived intangible assets using a discounted cash flow model and recorded an impairment charge of $1.1 million to the customer relationships intangible asset, which was presented as impairment of goodwill and intangibles A summary of changes in the Company’s broadcast licenses, goodwill and other indefinite lived intangible assets, on a net basis, for the years ended December 31, 2020 and 2019, is as follows (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ December 31, 2019 Additions Impairment December 31, 2020 Broadcast licenses ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 Goodwill ​ 167,322 ​ — ​ (1,725) ​ 165,597 Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 Other intangibles ​ 700 ​ — ​ — ​ 700 Total indefinite-lived intangibles ​ $ 225,364 ​ $ — ​ $ (1,725) ​ $ 223,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2018 Additions (a) Impairment December 31, 2019 Broadcast licenses ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 ​ Goodwill ​ ​ 169,994 ​ (2,672) ​ — ​ 167,322 ​ Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 ​ Other intangibles ​ 700 ​ — ​ — ​ 700 ​ Total indefinite-lived intangibles ​ $ 228,036 ​ $ (2,672) ​ $ — ​ $ 225,364 ​ (a) ​ A summary of the changes in the Company’s finite lived intangible assets for the years ended December 31, 2020 and 2019 is as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ December 31, 2019 Additions Impairment ​ Amortization December 31, 2020 Affiliate and customer relationships ​ $ 14,352 ​ $ — ​ $ (1,059) ​ $ (5,989) ​ $ 7,304 Advertiser relationships ​ ​ 138 ​ ​ — ​ ​ — ​ ​ (138) ​ ​ — Non-compete agreement ​ ​ 826 ​ ​ — ​ ​ — ​ ​ (497) ​ ​ 329 Programming contracts ​ ​ 517 ​ ​ — ​ ​ — ​ ​ (90) ​ ​ 427 Other intangibles ​ ​ 68 ​ ​ — ​ ​ — ​ ​ (53) ​ ​ 15 Total finite-lived intangibles ​ $ 15,901 ​ $ — ​ $ (1,059) ​ $ (6,767) ​ $ 8,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2018 Additions Impairment ​ Amortization December 31, 2019 Affiliate and customer relationships ​ $ 20,273 ​ $ 1,668 ​ $ — ​ $ (7,589) ​ $ 14,352 ​ Advertiser relationships ​ ​ 690 ​ ​ — ​ ​ — ​ ​ (552) ​ ​ 138 ​ Non-compete agreement ​ ​ 686 ​ ​ 1,078 ​ ​ — ​ ​ (938) ​ ​ 826 ​ Programming contracts ​ ​ 607 ​ ​ — ​ ​ — ​ ​ (90) ​ ​ 517 ​ Other intangibles ​ ​ 144 ​ ​ — ​ ​ — ​ ​ (76) ​ ​ 68 ​ Total finite-lived intangibles ​ $ 22,400 ​ $ 2,746 ​ $ — ​ $ (9,245) ​ $ 15,901 ​ ​ The aggregate amortization expense of the Company’s amortizable intangible assets was $6.8 million and $9.2 million for the years ended December 31, 2020 and 2019, respectively. The weighted average remaining amortization period is 1.5 years at December 31, 2020. Future estimated amortization expense is as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount 2021 ​ $ 6,210 2022 ​ 1,550 2023 ​ ​ 112 2024 ​ 112 2025 and thereafter ​ 91 ​ ​ $ 8,075 ​

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2020
Equity Method Investments
Equity Method Investments	Note 6. Equity Method Investments The Company makes investments that support its underlying business strategy and enable it to enter new markets. The Company holds equity investments in Pantaya, Canal 1 and Snap JV (in each case, as defined and discussed below), which are variable interest entities (“VIEs”), for which the Company is not the primary beneficiary. 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 or the right to receive benefits that could potentially be significant to the VIE. The activities of each VIE that most significantly impact the VIE’s economic performance are controlled by the VIE’s board of directors and the Company’s representation on the board of directors of each VIE is commensurate with its voting equity interest. As the Company does not hold a majority voting interest or disproportionate voting or other rights, it does not have the power to direct the activities that most significantly impact the economic performance of any of these VIEs. 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 variable interest entity (“VIE”) that is accounted for under the equity method. As of December 31, 2020, we have funded $10 million in capital contributions to Pantaya, which equals our funding obligation. We record the income or loss on investment on a one quarter lag. As of March 31, 2019, our applicable pro rata share of the inception-to-date losses exceeded our contractual funding commitment of $10 million. As such, our cumulative share of the losses is limited to $10 million and no additional losses were recorded following the three months ended March 31, 2019. For the years ended December 31, 2020 and 2019, we recorded $0 million and $0.3 million, respectively in loss on equity method investments in the accompanying Consolidated Statements of Operations. The net balance recorded in equity method investment related to Pantaya was $0 at December 31, 2020. As of December 31, 2019, we were committed to provide future capital contributions to Pantaya. Accordingly, we presented the net balance recorded for our share of Pantaya’s losses in excess of the amount funded into Pantaya as a liability in the amount of $1.5 million in the accompanying Consolidated Balance Sheet as of December 31, 2019. During the year ended December 31, 2020, we satisfied our capital contribution obligation to Pantaya, and as a result, the balance recorded for our share of Pantaya’s losses in excess of the amount funded was $0, and accordingly, there was no liability presented in the accompanying Consolidated Balance Sheet as of December 31, 2020. At December 31, 2020 and 2019, we had a receivable balance of $3.8 million and $3.9 million, respectively, which is included in accounts receivable and other assets in the accompanying Consolidated Balance Sheets. 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. The partnership began operating Canal 1 on May 1, 2017. On February 7, 2018, Colombian regulatory authorities approved an increase in our ownership in the joint venture from 20% to 40% . In July 2019, the Colombian government enacted legislation resulting in the extension of the concession license for Canal 1 for an additional ten years for no additional consideration. The concession is now due to expire on April 30, 2037 and is renewable for an additional 20-year period. The joint venture is deemed a VIE that is accounted for under the equity method. As of December 31, 2020, we have funded $119.5 million in capital contributions to Canal 1. The Canal 1 joint venture losses-to-date have exceeded the capital contributions of the common equity partners and in accordance with equity method accounting, 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 the joint venture. We record the income or loss on investment on a one quarter lag. For years ended December 31, 2020 and 2019, we recorded $22.1 million and $30.2 million in loss on equity method investment in the accompanying Consolidated Statements of Operations, respectively. The net balance recorded in equity method investments related to the Canal 1 joint venture was $29.9 million and $44.2 million at December 31, 2020 and 2019, respectively, and is included in equity method investments in the accompanying Consolidated Balance Sheets. At December 31, 2020 and 2019, we had a receivable balance of $2.6 million and $2.0 million, respectively, which is included in other assets in the accompanying Consolidated Balance Sheets. On April 28, 2017, we acquired a 25.5% interest in REMEZCLA, a digital media company targeting English speaking and bilingual U.S. Hispanic millennials through innovative content, for $5.0 million. At March 31, 2020, given the negative impacts caused by the COVID-19 pandemic and the associated liquidity and going-concern uncertainties related to REMEZCLA, the Company determined that the investment in REMEZCLA was other-than-temporarily impaired. As a result, we recorded a non-cash impairment charge of . ​ On November 26, 2018, Snap Media acquired a 50% interest in Snap JV, LLC (“Snap JV”) (we own 75% of Snap Media), a newly formed joint venture with Mar Vista Entertainment, LLC (“MarVista”), to co-produce original movies and series. The investment is deemed a VIE that is accounted for under the equity method. As of December 31, 2020, we have funded $0.4 million into Snap JV. We record the income or loss on investment on a one quarter lag. For the years ended December 31, 2020 and 2019, we have recorded The Company records the income or loss on investments on a one quarter lag. Summary (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Equity ​ Investees Current assets ​ $ 61,690 Non-current assets ​ ​ 24,272 Current liabilities ​ ​ 53,523 Non-current liabilities ​ ​ 27,939 Net revenue ​ ​ 50,354 Operating loss ​ ​ (28,510) Net loss ​ $ (52,006) ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	Note 7. Income Taxes For the years ended December 31, 2020 and 2019, Income before provision for income taxes, includes the following components ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Domestic income ​ $ 8,112 ​ $ 21,695 Foreign loss ​ (1,258) ​ (13,080) Income before provision for income taxes ​ $ 6,854 ​ $ 8,615 ​ For the years ended December 31, 2020 and 2019, income tax expense is comprised of the following (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Current income tax expense ​ $ 7,405 ​ $ 8,493 Deferred income tax ​ 1,587 ​ 3,593 Income tax expense ​ $ 8,992 ​ $ 12,086 ​ Current tax expense for the years ended December 31, 2020 and 2019, includes foreign withholding tax of $1.3 million and $1.4 million, respectively. For the years ended December 31, 2020 and 2019, the reconciliation of income tax expense computed at the U.S. federal statutory rates to income tax expense is (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Income tax expense at federal statutory rate-US Only ​ $ 1,439 ​ $ 1,810 Income tax expense at federal statutory rate-Foreign Only ​ 4,402 ​ ​ 3,637 Permanent items ​ 1,325 ​ ​ 184 Return to provision true-ups -Current/Deferred ​ (2,042) ​ ​ 301 Foreign rate differential ​ (1,117) ​ ​ (2,284) Foreign tax credits ​ (5,693) ​ ​ (5,501) Foreign valuation allowance ​ ​ 4,615 ​ ​ 10,007 Change in FTC valuation allowance ​ 543 ​ ​ 3,785 Revaluation of Puerto Rico deferred taxes ​ ​ 84 ​ ​ (1,361) Foreign withholding taxes ​ ​ 1,283 ​ ​ 1,449 Deferred foreign tax credit offset ​ 29 ​ ​ (421) State taxes and state rate change ​ 2,073 ​ ​ 480 Foreign rate tax change ​ ​ 2,051 ​ ​ — Income tax expense ​ $ 8,992 ​ $ 12,086 ​ The effective tax rate for the years ended December 31, 2020 and 2019, excluding our share of the operating results from our equity investment in Canal 1 and return to provision adjustments, was 31% and 30%, respectively. The 2017 Tax Cuts and Jobs Act (“Jobs Act”) was enacted on December 22, 2017. The Jobs Act revised the U.S. corporate income tax by lowering the statutory corporate tax rate from 35% to 21% in 2018. The Company generates income in higher tax rate foreign locations, which result in foreign tax credits. The lower federal corporate tax rate reduces 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. Additionally, the Company evaluated the potential interest limitation established under the tax act and determined that no limitation would affect the 2020 provision for income taxes. For the year ended December 31, 2020, the items that significantly affect the differences between the tax provision calculated at the statutory federal income tax rate, are the continued impact of the Tax Act, which impacted the valuation allowance on foreign tax credits, limitations on the deductibility of executive compensation under Section 162(m) of the Internal Revenue Code, the tax impact of state filings and filings in Puerto Rico related to prior years. The Company has evaluated the impact related the state filings and tax incentives in Puerto Rico which resulted in a net tax beneficial position. The impact of the Company’s state filings related to prior years is a net tax payable of $1.0 million. The impact of the tax incentives in Puerto Rico is a net refund benefit of $3.0 million related to Puerto Rico tax returns in prior years. During 2020, the Company accounted for the reduction in the Colombia tax rate related to its deferred tax assets. However, as these deferred tax assets have a full valuation allowance there was no effect on the provision expense. For the year ended December 31, 2019, the items that significantly affect the differences between the tax provision calculated at the statutory federal income tax rate, are the continued impact of the Tax Act that reduced the federal tax rate to 21%, resulting in a valuation allowance on foreign tax credit carryforwards generated in 2019 of $3.8 million and the loss on the Company’s equity investment in Canal 1, which created a deferred tax asset, requiring an additional $10 million valuation allowance. In 2019, the Company qualified for Puerto Rico tax incentive in connection with local programming, and as a result, the company revalued certain deferred tax assets and liabilities, resulting in a net reduction of deferred tax liabilities of $1.4 million. Additionally, the increase in deferred tax liabilities in Puerto Rico increased the offsetting deferred tax asset in the U.S. ​ 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, 2020 and 2019 (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowances for doubtful accounts ​ $ 1,078 ​ $ 776 Deferred branch tax benefit ​ 11,645 ​ 11,813 Deferred revenue ​ ​ 114 ​ ​ 109 NOL credit and other carryovers ​ 290 ​ 274 Fixed assets ​ ​ 140 ​ ​ 94 Accrued expenses ​ 1,353 ​ 1,455 Foreign tax credit ​ 19,040 ​ 18,497 Stock compensation ​ 3,594 ​ 3,634 Pension ​ ​ 449 ​ ​ 360 Interest rate swap ​ ​ 510 ​ ​ 178 Intangibles ​ 1,335 ​ 1,354 Equity method losses ​ ​ 26,996 ​ ​ 21,976 Other deferred tax assets ​ ​ 4 ​ ​ 38 Less: Foreign income valuation allowance ​ ​ (27,186) ​ ​ (22,570) Less: Foreign tax credit valuation allowance ​ ​ (19,040) ​ ​ (18,497) Total deferred tax assets ​ 20,322 ​ 19,491 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Prepaid expenses ​ (535) ​ (504) Intangibles ​ (15,506) ​ (15,496) Property and equipment ​ (7,992) ​ (8,225) Amortization expense ​ (15,595) ​ (13,389) Total deferred tax liabilities ​ (39,628) ​ (37,614) ​ ​ $ (19,306) ​ $ (18,123) ​ The deferred tax amounts mentioned above have been classified on the accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Non-current assets ​ $ — ​ $ 1,208 Non-current liabilities ​ $ 19,306 ​ $ 19,331 ​ At December 31, 2020 and 2019, the Company has foreign tax credit carryforwards for U.S. federal purposes and foreign minimum credits totaling $19.0 million and $18.5 million, respectively, which expire during the years 2021 through 2030. In addition, the impact of foreign tax credits and related valuation allowance had an impact on the tax rate. These tax credits were generated on revenues earned by our networks 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 Jobs 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 2020 and in 2019, the Company recorded a valuation allowance against our foreign tax credits of 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, 2020, the Company recorded a gross uncertain tax position reserve of $0.1 million related to state tax filings. As of December 31, 2019, the Company did not have any uncertain tax position reserves.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Long-Term Debt
Long-Term Debt	Note 8. Long-Term Debt Long-term debt as of December 31, 2020 and 2019 consists of the following ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Senior Notes due February 2024 ​ $ 202,990 ​ $ 204,540 Less: Current portion ​ 2,134 ​ 2,134 ​ ​ $ 200,856 ​ $ 202,406 ​ 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) London Inter-bank Offered Rate ("LIBOR") plus a margin of 3.50% or (ii) an Alternate Base Rate (“ABR”) plus a margin of 2.50%. 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 pari passu 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 2.3 x at December 31, 2020, resulting in an excess cash flow percentage of 0% and therefore, no excess cash flow payment will be due in March 2021. As of December 31, 2020, the original issue discount balance was $1.0 million, net of accumulated amortization of $2.5 million and was recorded as a reduction to the principal amount of the Second Amended Term Loan Facility outstanding as presented on the accompanying Consolidated Balance Sheet and will be amortized as a component of interest expense over the term of the Second Amended Term Loan Facility. 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, The carrying value of the long-term debt approximates fair value as of December 31, 2020 and 2019, 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 amounts in thousands ​ ​ ​ ​ ​ Year Ending December 31, Amount 2021 ​ $ 2,134 2022 ​ 2,134 2023 ​ 2,134 2024 ​ 198,411 ​ ​ $ 204,813 ​

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments
Derivative Instruments	Note 9. Derivative Instruments We use derivative financial instruments in the management of our interest rate exposure. 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 counterparties, 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 unrealized changes in fair value are recorded in accumulated other comprehensive income (“AOCI”). The change in the fair value of the interest rate swap agreements for the years ended December 31, 2020 and 2019, resulted in unrealized losses of $1.4 million and $2.4 million, respectively, and was included in AOCI net of taxes. The Company paid $1.3 million of net interest on the settlement of the interest rate swap agreements for the year ended December 31, 2020 and the Company received $0.4 million of net interest on the settlement of the interest rate swap agreements for the year ended December 31, 2019. As of December 31, 2020, the Company estimates that none of the unrealized loss included in AOCI related to these interest rate swap agreements will be realized and reported in operations within the next twelve months. No gain or loss was recorded in operations for the years ended December 31, 2020 and 2019, respectively. The aggregate fair value of the interest rate swaps was $2.2 million and $0.8 million as of December 31, 2020 and 2019, respectively, and was recorded in other long-term liabilities on the accompanying 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, 2020
Fair Value Measurements
Fair Value Measurements	Note 10. 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 accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2020 Category ​ Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 2,231 — ​ $ 2,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2019 Category ​ Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 804 — ​ $ 804 ​ 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 intangible assets, and equity method investments. As of March 31, 2020, the Company measured its equity method investment in REMEZCLA and recorded an other-than-temporary non-cash impairment charge using Level 3 inputs. Fair value was estimated using a market approach that reflected estimated revenue multiples, adjusted for liquidity and going-concern uncertainty. As of December 31, 2020, the Company determined that the carrying value of the Snap reporting unit and other finite lived intangibles, identified in connection with the acquisition of Snap, exceeded their respective fair values, resulting in an impairment charge totaling $2.8 million. There were no other changes to the fair value of non-financial assets and liabilities measured on a nonrecurring basis. For more information on REMEZCLA, see Note 6, "Equity Method Investments" of Notes to Consolidated Financial Statements. For more information on Goodwill and intangible assets, see Note 5, "Goodwill and Intangible Assets" of Notes to Consolidated Financial Statements. 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, 2020
Stockholders' Equity
Stockholders' Equity	Note 11. Stockholders’ Equity Capitalization Capital Stock As of December 31, 2020, the Company had 20,246,610 shares of Class A common stock, and 19,720,381 shares of Class B common stock, issued and outstanding. On November 18, 2020, the Company announced that its Board of Directors authorized the repurchase of up to $20.0 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. The expiration date for the repurchase plan is November 19, 2021. For the year ended December 31, 2020, the Company repurchased 33,082 shares of Class A common stock under the repurchase program for an aggregate purchase price of $0.4 million and the repurchased shares were recorded as treasury stock on the accompanying Consolidated Balance Sheets. 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. 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 “Equity Incentive Plan”) to increase the number of shares of Class A common stock that may be delivered under the Equity Incentive Plan to an aggregate of 7.2 million shares of our Class A common stock. At December 31, 2020, 1.1 million shares remained available for issuance of stock options or other stock-based awards under our 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 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 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. Stock-Based Compensation Stock-based compensation expense relates to both stock options and restricted stock. Stock-based compensation expense was $5.3 million and $4.8 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, there was $2.6 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, 2020, there was $3.5 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 1.4 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Black-Scholes Option Valuation Assumptions December 31, 2020 December 31, 2019 ​ Risk-free interest rate ​ 0.42% - 0.50 % ​ 1.6 % Dividend yield ​ — ​ ​ — ​ Volatility ​ 44.2% - 46.1 % ​ 40.3 % Weighted-average expected term (years) ​ 6.0 ​ ​ 6.0 ​ ​ ​ The following table summarizes stock option activity for the years ended December 31, 2020 and 2019 (shares and intrinsic values in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ Weighted- ​ remaining ​ Aggregate ​ ​ Number of ​ average exercise ​ contractual ​ intrinsic ​ ​ shares price term value Outstanding at December 31, 2018 ​ 2,910 ​ $ 11.62 5.6 ​ $ 2,806 Granted ​ 1,025 ​ ​ 12.06 ​ 6.0 ​ ​ — Exercised ​ (60) ​ ​ 11.63 ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ — ​ ​ — Expired ​ (20) ​ ​ 13.64 ​ — ​ ​ — Outstanding at December 31, 2019 ​ 3,855 ​ $ 11.72 ​ 6.1 ​ $ 12,101 Granted ​ 80 ​ ​ 10.05 ​ 6.0 ​ ​ — Exercised ​ — ​ ​ — ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ — ​ ​ — Expired ​ — ​ ​ — ​ — ​ ​ — Outstanding at December 31, 2020 ​ 3,935 ​ $ 11.69 ​ 5.1 ​ $ 291 Vested at December 31, 2020 ​ 3,140 ​ $ 11.64 ​ 4.2 ​ $ 264 Exercisable at December 31, 2020 ​ 3,140 ​ $ 11.64 4.2 ​ $ 264 ​ The weighted average grant date fair value of options granted for the years ended December 31, 2020 and 2019 was $4.01 and $4.93, respectively. Restricted Stock Certain employees and directors have been awarded restricted stock under the 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, 2020 and 2019 ( shares in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ ​ shares grant date fair value Outstanding at December 31, 2018 ​ 370 ​ $ 9.86 Granted ​ 581 ​ ​ 12.37 Vested ​ (352) ​ ​ 9.78 Forfeited ​ (7) ​ ​ 14.55 Outstanding at December 31, 2019 ​ 592 ​ $ 12.32 Granted ​ 163 ​ ​ 9.59 Vested ​ (256) ​ ​ 12.65 Forfeited ​ — ​ ​ — Outstanding at December 31, 2020 ​ 499 ​ $ 11.26 ​

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Contingencies
Contingencies	Note 12. 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases
Leases	Note 13. Leases The Company is a lessee under leases for land, office space and equipment with third parties, all of which are accounted for as operating leases under ASC 842, which was adopted by the Company on January 1, 2019. These leases generally have an initial term of one to seven years and provide for fixed monthly payments. Some of these leases provide for future rent escalations and renewal options and certain leases also obligate us to pay the cost of maintenance, insurance and property taxes. Lease cost is recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Operations. Total lease cost was $0.8 million and $0.9 million for the years ended December 31, 2020 and 2019, respectively. Leases with a term of one year or less are classified as short-term and are not recognized in the statement of financial position. A summary of the classification of operating leases on our accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Operating lease right-of-use assets ​ ​ $ 1,820 ​ $ 1,833 ​ Operating lease liability, current ​ (Other accrued expenses) ​ 609 ​ 538 ​ Operating lease liability, non-current ​ (Other long-term liabilities) ​ $ 1,400 ​ $ 1,574 ​ ​ Components of lease cost reflected in our accompanying Consolidated Statements of Operations for the year ended December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating lease cost ​ $ 656 ​ $ 656 Short-term lease cost ​ 105 ​ 223 Total lease cost ​ $ 761 ​ $ 879 ​ A summary of weighted-average remaining lease term and weighted-average discount rate as of December 31, 2020: ​ ​ ​ ​ Weighted-average remaining lease term 3.7 years Weighted average discount rate 6.3 % ​ Supplemental cash flow and other non-cash information for the years ended December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating cash flows from operating leases $ 677 ​ $ 719 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities ​ 541 ​ 393 ​ Future annual minimum lease commitments as of December 31, 2020 were as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 718 2022 ​ 614 2023 ​ 494 2024 ​ 226 2025 ​ 201 Total minimum payments ​ $ 2,253 Less: amount representing interest ​ (244) Lease liability ​ $ 2,009 ​

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Commitments
Commitments	Note 14. Commitments The Company has other commitments in addition to the various operating leases included in Note 13, “Leases” of Notes to Consolidated Financial Statements, primarily programming. Future minimum payments under these other commitments as of December 31, 2020, are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ Amounts 2021 ​ $ 10,027 2022 ​ 2,848 2023 ​ 568 2024 ​ ​ 274 2025 ​ 25 Total minimum payments ​ $ 13,742 ​

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2020
Retirement Plans
Retirement Plans	Note 15. 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 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 149 participants in the Retirement Plan. Following is the plan’s projected benefit obligation at December 31, 2020 and 2019 (amounts in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Projected benefit obligation: ​ ​ ​ ​ ​ ​ Balance, beginning of the year ​ $ 2,637 ​ $ 2,362 Service cost ​ 116 ​ 88 Interest cost ​ 76 ​ 90 Actuarial loss ​ 422 ​ 291 Benefits paid to participants ​ (162) ​ (194) Balance, end of year ​ $ 3,089 ​ $ 2,637 ​ At December 31, 2020 and 2019, the funded status of the plan was as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Excess of benefit obligation over the value of plan assets ​ $ (3,089) ​ $ (2,637) Unrecognized net actuarial loss ​ 957 ​ 575 Unrecognized prior service cost ​ 20 ​ 28 Accrued benefit cost ​ $ (2,112) ​ $ (2,034) ​ The plan is unfunded. As such, the Company is not required to make annual contributions to the plan. At December 31, 2020 and 2019, the amounts recognized in the accompanying Consolidated Balance Sheets were classified as follows ( amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Accrued benefit cost ​ $ (3,089) ​ $ (2,637) Accumulated other comprehensive loss ​ 977 ​ 603 Net amount recognized ​ $ (2,112) ​ $ (2,034) ​ 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 ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 260 2022 ​ 231 2023 ​ 156 2024 ​ ​ 130 2025 ​ ​ 145 2026 through 2030 ​ 897 ​ ​ $ 1,819 ​ At December 31, 2020 and 2019, the following weighted-average rates were used: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Discount rate on the benefit obligation ​ ​ ​ ​ 2.00 % ​ ​ ​ 2.84 % Rate of employee compensation increase(a) 1.75 % - 2.5 % 1.75 % - 2.50 % (a) Rate of employee compensation increase is 1.75% per year through 2021, and 2.5% per year thereafter. Pension expense for the years ended December 31, 2020 and 2019, consists of the following ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Service cost ​ $ 116 ​ $ 88 Interest cost ​ 76 ​ 90 Expected return on plan assets ​ — ​ — Recognized actuarial loss (gain) ​ — ​ — Amortization of prior service cost ​ 8 ​ 8 Net loss amortization ​ 40 ​ 6 ​ ​ $ 240 ​ $ 192 ​ WAPA also makes contributions to a multiemployer pension plan (the “Plan”) with a plan year end of December 31, that provides defined benefits to certain employees covered by the main CBA. Our main CBA expires on May 31, 2022 and covers all of our unionized employees except for two employees covered by the other CBA which expired on June 27, 2019 and we continue to operate under the terms of the expired CBA while we continue to engage in active and good faith negotiations on its renewal. 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 employers. 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 below-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 it 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. On July 1, 2017, WAPA executed an updated MOA pursuant to 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. Pursuant to the last available notice (for the Plan year ended December 31, 2019), WAPA’s contributions to the Plan exceeded 5% of total contributions made to the Plan. Further information about the Plan is presented in the table below ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ ​ Pension Protection ​ Funding Improvement ​ WAPA’s ​ ​ ​ Collective ​ ​ ​ ​ Act Zone Status ​ Plan/Rehabilitation Plan ​ Contribution ​ Surcharge ​ Bargaining Pension Fund EIN 2019 Status 2020 2019 Imposed Agreements TNGIPP (Plan No. 001) ​ 52-1082662 ​ Red ​ Implemented ​ $ 141 ​ $ 158 ​ No ​ June 27, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 31, 2022 ​

Nature of Business and Signif_2

Nature of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Nature of Business and Significant Accounting Policies
Reclassification:	Reclassification:
Principles of consolidation:	Principles of consolidation: The accompanying 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 or the Company is not primary beneficiary of the 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. For more information on our equity method investments, see Note 6, “Equity Method Investments” of Notes to Consolidated Financial Statements. 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:
Operating segments:	Operating segments:
Risks and Uncertainties:	Risks and Uncertainties The impact of COVID-19 and measures to prevent its spread have continued to affect our businesses in a number of ways. Beginning in March 2020, the Company has experienced adverse advertising revenue impacts. Operationally, most non-production and programming personnel are working remotely, and the Company has restricted business travel. The Company has managed the remote workforce transition effectively and there have been no material adverse impacts on operations through December 31, 2020. While the Company’s advertising revenue improved in second part of the year, the Company is unable to predict the impact that a significant change in circumstances including the ability of our workforce and/or key personnel to work effectively because of illness, government actions or other restrictions in connection with the COVID-19 pandemic may have on our businesses in the future. The extent of the impact of the COVID-19 pandemic on our future operations will depend on numerous factors, all of which are highly uncertain and cannot be predicted. These factors include the length and severity of the outbreak, the responses of private sector businesses and governments including the timing and amount of government stimulus, the impact on economic activity and the impact on our customers, employees and suppliers. For more information on the risks associated with the COVID-19 pandemic, see "Item 1A-Risk Factors" included elsewhere in this Annual Report. The Company has evaluated and continues to evaluate the potential impact of the COVID-19 pandemic on its Consolidated Financial Statements, including the impairment of goodwill and indefinite-lived intangible assets and the fair value of equity method investments. The ultimate impact of the COVID-19 pandemic, including the extent of any adverse impact on our business, results of operations and financial condition, remains uncertain. The negative effect of the pandemic on the Company’s business for the year ended December 31, 2020 was significant and the adverse impact of COVID-19 could be material to the Company's future operating results. The Company believes it has substantial liquidity to satisfy its financial commitments.
Net loss per common share:	Net loss per common share: Basic loss per share is computed by dividing loss attributable to Hemisphere Media Group, Inc. common stockholders by the number of weighted-average outstanding shares of common stock. Diluted loss per share 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 loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 Numerator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Net loss attributable to Hemisphere Media Group, Inc. ​ $ (1,235) ​ $ (3,367) Denominator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,434 ​ 39,158 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options, restricted stock and warrants ​ — ​ — Weighted-average common shares, diluted ​ 39,434 ​ 39,158 Loss per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.03) ​ $ (0.09) Diluted ​ $ (0.03) ​ $ (0.09) ​ We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260, 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 loss per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options 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 3.3 million and 1.3 million shares of common stock for the years ended December 31, 2020 and 2019, respectively, were excluded from the computation of diluted loss per common share for this period because their effect would have been anti-dilutive. The net loss per share attributable to Hemisphere Media Group, Inc. 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 operations for each of the years ended December 31, 2020 and 2019, 0.1 million and 0.7 million outstanding awards, respectively, were not included in the computation of diluted loss per share because their effect was anti-dilutive.
Revenue Recognition:	Revenue Recognition: For more information on our revenue recognition, see Note 2, “Revenue Recognition” of Notes to Consolidated Financial Statements.
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 accompanying Consolidated Statements of Operations are as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ 2020 2019 Barter revenue ​ $ 434 ​ $ 872 Barter expense ​ (419) ​ (557) ​ ​ $ 15 ​ $ 315
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 accompanying 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
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, 2020 and 2019 consisted of the following (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Provisions ​ ​ ​ ​ ​ ​ ​ End Year Description of Year for bad debt Write-offs Recoveries of Year 2020 ​ Allowance for doubtful accounts ​ $ 507 ​ $ 922 ​ $ 577 ​ $ 67 ​ $ 919 2019 Allowance for doubtful accounts ​ $ 2,645 ​ $ 135 ​ $ 2,274 ​ $ 1 ​ $ 507
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 fair value. If management estimates that the unamortized cost of programming rights exceeds the estimated fair value, an adjustment is recorded to reduce the carrying value of the programming rights. For the year ended December 31, 2020, management deemed it necessary to write-down certain program rights of
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 are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For more information on our property and equipment, see Note 4, “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. The Company makes investments that support its underlying business strategy and enable it to enter new markets. The Company holds equity investments in Pantaya, Canal 1 and Snap JV (in each case, as defined and discussed in Note 6, “Equity Method Investments” of Notes to Consolidated Financial Statements), which are variable interest entities (“VIEs”), for which the Company is not the primary beneficiary. 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 or the right to receive benefits that could potentially be significant to the VIE. The activities of each VIE that most significantly impact the VIE’s economic performance are controlled by the VIE’s board of directors and the Company’s representation on the board of directors of each VIE is commensurate with its voting equity interest. As the Company does not hold a majority voting interest or disproportionate voting or other rights, it does not have the power to direct the activities that most significantly impact the economic performance of any of these VIEs. 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, 2019, our proportionate share of the losses of Pantaya (“Pantaya” refers to Pantaya, LLC, a Delaware limited liability company, a joint venture among us and a subsidiary of Lions Gate Entertainment, Inc.) exceeded our investment in Pantaya by $1.5 million. This amount was recorded as “Investee losses in excess of investment” on our accompanying Consolidated Balance Sheet at December 31, 2019, due to our commitment for future capital funding. As of December 31, 2019, we were committed to provide future capital contributions to Pantaya. During the year ended December 31, 2020, we satisfied our capital contribution obligation to Pantaya, and as a result, the balance recorded for our share of Pantaya's losses in excess of the amount funded was $ 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 investment, 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 6, “Equity Method Investments” of Notes to Consolidated Financial Statements.
Leases:	Leases: On January 1, 2019, the Company adopted Financial Accounting Standards Board ("the FASB") ASC Topic 842, Leases (ASC 842) (the "new lease standard"), the core principle of which, is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases, in the statement of financial position. The Company is a lessee under leases for land, office space and equipment with third parties, all of which are accounted for as operating leases under ASC 842. These leases generally have an initial term of one to seven years and provide for fixed monthly payments. Some of these leases provide for future rent escalations and renewal options and certain leases also obligate us to pay the cost of maintenance, insurance and property taxes. Lease cost is recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Operations. For additional information about our leases, see Note 13, “Leases” 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, affiliate agreements, and programming rights with estimated useful lives of one to ten years . Other intangible assets are amortized over their estimated useful 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 measures 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 goodwill impairment test compares the fair value of each reporting unit with its carrying amount, including goodwill. The fair value of the reporting units is determined utilizing a combination of a discounted cash flow analysis incorporating variables such as revenue projections, projected operating cash flow margins, and discount rates, as well as a market based approach employing comparable sales analysis. 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, 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. In January 2017, the FASB issued Accounting Standards Updates ASU") 2017 04-Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment The Company completed its annual impairment analysis and determined that based on the economic downturn related to the COVID-19 pandemic, the expected timing of recovery, and the expected growth of the business, the carrying value of the Snap reporting unit and other finite lived intangible assets, identified in connection with the acquisition of Snap, exceeded their respective fair values, resulting in an impairment charge totaling $2.8 million for the year ended December 31, 2020. There were no impairment charges for the year ended December 31, 2019. For more information on Goodwill and intangible assets, see Note 5, “Goodwill and Intangible Assets” of Notes to Consolidated Financial Statements.
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 For more information on deferred financing costs, see Note 8, “Long Term Debt” of Notes to Consolidated Financial Statements.
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 accompanying Consolidated Statements 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 7, “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, goodwill and intangibles, and equity method investments 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 year ended December 31, 2020, the Company recorded an impairment charge of $5.5 million related to the write-off of the full carrying value of REMEZCLA, an impairment charge totaling $2.8 million related to Snap goodwill and other finite lived intangible assets and a $0.9 million write-down of programming rights. For the year ended December 31, 2019, there were no adjustments to fair value. The Company’s variable-rate debt and interest rate swaps are classified as Level 2 in the fair value hierarchy, as their estimated fair values are derived from quoted market prices by independent dealers. The carrying value of the long-term debt approximates fair value at December 31, 2020 and 2019. For more information on fair value instruments, see Note 10, “Fair Value Measurements” of Notes to Consolidated Financial Statements.
Derivative Instruments:	Derivative Instruments: For more information on derivative instruments, see Note 9, “Derivative Instruments” of Notes to Consolidated Financial Statements.
Major customers and suppliers:	Major customers and suppliers:
Accounting guidance not yet adopted	Accounting guidance not yet adopted: ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In March 2020, the FASB issued ASU 2020-04-Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Use of estimates:	Use of estimates: In preparing the accompanying 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 Signif_3

Nature of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Nature of Business and Significant Accounting Policies
Schedule of the computation of the common shares outstanding used in determining basic and diluted loss per share	The following table sets forth the computation of the common shares outstanding used in determining basic and diluted loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2020 2019 Numerator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Net loss attributable to Hemisphere Media Group, Inc. ​ $ (1,235) ​ $ (3,367) Denominator for loss per common share calculation: ​ ​ ​ ​ ​ ​ Weighted-average common shares, basic ​ 39,434 ​ 39,158 Effect of dilutive securities ​ ​ ​ ​ ​ ​ Stock options, restricted stock and warrants ​ — ​ — Weighted-average common shares, diluted ​ 39,434 ​ 39,158 Loss per share attributable to Hemisphere Media Group, Inc. ​ ​ ​ ​ ​ ​ Basic ​ $ (0.03) ​ $ (0.09) Diluted ​ $ (0.03) ​ $ (0.09)
Schedule of barter revenue and expense included in the Consolidated Statements of Operations	Barter revenue and expense included in the accompanying Consolidated Statements of Operations are as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ 2020 2019 Barter revenue ​ $ 434 ​ $ 872 Barter expense ​ (419) ​ (557) ​ ​ $ 15 ​ $ 315
Schedule of changes in the allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Provisions ​ ​ ​ ​ ​ ​ ​ End Year Description of Year for bad debt Write-offs Recoveries of Year 2020 ​ Allowance for doubtful accounts ​ $ 507 ​ $ 922 ​ $ 577 ​ $ 67 ​ $ 919 2019 Allowance for doubtful accounts ​ $ 2,645 ​ $ 135 ​ $ 2,274 ​ $ 1 ​ $ 507

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue Recognition
Schedule of disaggregation of revenue	The following table presents the revenues disaggregated by revenue source (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, Revenues by type 2020 2019 Affiliate revenue ​ $ 77,284 ​ $ 83,256 Advertising revenue ​ 68,942 ​ 60,323 Other revenue ​ ​ 4,958 ​ ​ 5,808 Total revenue ​ $ 151,184 ​ $ 149,387

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Schedule of property and equipment	Property and equipment at December 31, 2020 and 2019 consists of the following (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Land and improvements ​ $ 8,724 ​ $ 8,724 ​ Building ​ 11,325 ​ 11,530 ​ Equipment ​ 35,637 ​ 38,318 ​ Towers ​ 1,257 ​ 1,536 ​ ​ ​ 56,943 ​ 60,108 ​ Less: accumulated depreciation ​ (28,726) ​ (28,241) ​ ​ ​ 28,217 ​ 31,867 ​ Equipment installations in progress ​ 3,581 ​ 2,452 ​ Total property and equipment, net ​ $ 31,798 ​ $ 34,319 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets
Schedule of goodwill and intangible assets	Goodwill and intangible assets consist of the following at December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 2019 Broadcast license ​ $ 41,356 ​ $ 41,356 Goodwill ​ 165,597 ​ 167,322 Other intangibles ​ 24,761 ​ 32,587 Total intangible assets ​ $ 231,714 ​ $ 241,265
Summary of the changes in goodwill and other indefinite lived intangible assets	A summary of changes in the Company’s broadcast licenses, goodwill and other indefinite lived intangible assets, on a net basis, for the years ended December 31, 2020 and 2019, is as follows (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ December 31, 2019 Additions Impairment December 31, 2020 Broadcast licenses ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 Goodwill ​ 167,322 ​ — ​ (1,725) ​ 165,597 Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 Other intangibles ​ 700 ​ — ​ — ​ 700 Total indefinite-lived intangibles ​ $ 225,364 ​ $ — ​ $ (1,725) ​ $ 223,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2018 Additions (a) Impairment December 31, 2019 Broadcast licenses ​ $ 41,356 ​ $ — ​ $ — ​ $ 41,356 ​ Goodwill ​ ​ 169,994 ​ (2,672) ​ — ​ 167,322 ​ Brands ​ ​ 15,986 ​ ​ — ​ ​ — ​ ​ 15,986 ​ Other intangibles ​ 700 ​ — ​ — ​ 700 ​ Total indefinite-lived intangibles ​ $ 228,036 ​ $ (2,672) ​ $ — ​ $ 225,364 ​ (a)
Summary of the changes in finite lived intangible assets	A summary of the changes in the Company’s finite lived intangible assets for the years ended December 31, 2020 and 2019 is as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ December 31, 2019 Additions Impairment ​ Amortization December 31, 2020 Affiliate and customer relationships ​ $ 14,352 ​ $ — ​ $ (1,059) ​ $ (5,989) ​ $ 7,304 Advertiser relationships ​ ​ 138 ​ ​ — ​ ​ — ​ ​ (138) ​ ​ — Non-compete agreement ​ ​ 826 ​ ​ — ​ ​ — ​ ​ (497) ​ ​ 329 Programming contracts ​ ​ 517 ​ ​ — ​ ​ — ​ ​ (90) ​ ​ 427 Other intangibles ​ ​ 68 ​ ​ — ​ ​ — ​ ​ (53) ​ ​ 15 Total finite-lived intangibles ​ $ 15,901 ​ $ — ​ $ (1,059) ​ $ (6,767) ​ $ 8,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Balance at ​ December 31, 2018 Additions Impairment ​ Amortization December 31, 2019 Affiliate and customer relationships ​ $ 20,273 ​ $ 1,668 ​ $ — ​ $ (7,589) ​ $ 14,352 ​ Advertiser relationships ​ ​ 690 ​ ​ — ​ ​ — ​ ​ (552) ​ ​ 138 ​ Non-compete agreement ​ ​ 686 ​ ​ 1,078 ​ ​ — ​ ​ (938) ​ ​ 826 ​ Programming contracts ​ ​ 607 ​ ​ — ​ ​ — ​ ​ (90) ​ ​ 517 ​ Other intangibles ​ ​ 144 ​ ​ — ​ ​ — ​ ​ (76) ​ ​ 68 ​ Total finite-lived intangibles ​ $ 22,400 ​ $ 2,746 ​ $ — ​ $ (9,245) ​ $ 15,901 ​
Schedule of future estimated amortization expense	​ ​ ​ ​ ​ Year Ending December 31, Amount 2021 ​ $ 6,210 2022 ​ 1,550 2023 ​ ​ 112 2024 ​ 112 2025 and thereafter ​ 91 ​ ​ $ 8,075

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments
Schedule of financial data of equity method investments	The Company records the income or loss on investments on a one quarter lag. Summary (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Equity ​ Investees Current assets ​ $ 61,690 Non-current assets ​ ​ 24,272 Current liabilities ​ ​ 53,523 Non-current liabilities ​ ​ 27,939 Net revenue ​ ​ 50,354 Operating loss ​ ​ (28,510) Net loss ​ $ (52,006)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of components of income before provision for income taxes	For the years ended December 31, 2020 and 2019, Income before provision for income taxes, includes the following components ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Domestic income ​ $ 8,112 ​ $ 21,695 Foreign loss ​ (1,258) ​ (13,080) Income before provision for income taxes ​ $ 6,854 ​ $ 8,615
Schedule of composition of income tax expense	For the years ended December 31, 2020 and 2019, income tax expense is comprised of the following (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Current income tax expense ​ $ 7,405 ​ $ 8,493 Deferred income tax ​ 1,587 ​ 3,593 Income tax expense ​ $ 8,992 ​ $ 12,086
Schedule of reconciliation of income tax (benefit) expense	For the years ended December 31, 2020 and 2019, the reconciliation of income tax expense computed at the U.S. federal statutory rates to income tax expense is (amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Income tax expense at federal statutory rate-US Only ​ $ 1,439 ​ $ 1,810 Income tax expense at federal statutory rate-Foreign Only ​ 4,402 ​ ​ 3,637 Permanent items ​ 1,325 ​ ​ 184 Return to provision true-ups -Current/Deferred ​ (2,042) ​ ​ 301 Foreign rate differential ​ (1,117) ​ ​ (2,284) Foreign tax credits ​ (5,693) ​ ​ (5,501) Foreign valuation allowance ​ ​ 4,615 ​ ​ 10,007 Change in FTC valuation allowance ​ 543 ​ ​ 3,785 Revaluation of Puerto Rico deferred taxes ​ ​ 84 ​ ​ (1,361) Foreign withholding taxes ​ ​ 1,283 ​ ​ 1,449 Deferred foreign tax credit offset ​ 29 ​ ​ (421) State taxes and state rate change ​ 2,073 ​ ​ 480 Foreign rate tax change ​ ​ 2,051 ​ ​ — Income tax expense ​ $ 8,992 ​ $ 12,086 ​
Schedule of components of net deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowances for doubtful accounts ​ $ 1,078 ​ $ 776 Deferred branch tax benefit ​ 11,645 ​ 11,813 Deferred revenue ​ ​ 114 ​ ​ 109 NOL credit and other carryovers ​ 290 ​ 274 Fixed assets ​ ​ 140 ​ ​ 94 Accrued expenses ​ 1,353 ​ 1,455 Foreign tax credit ​ 19,040 ​ 18,497 Stock compensation ​ 3,594 ​ 3,634 Pension ​ ​ 449 ​ ​ 360 Interest rate swap ​ ​ 510 ​ ​ 178 Intangibles ​ 1,335 ​ 1,354 Equity method losses ​ ​ 26,996 ​ ​ 21,976 Other deferred tax assets ​ ​ 4 ​ ​ 38 Less: Foreign income valuation allowance ​ ​ (27,186) ​ ​ (22,570) Less: Foreign tax credit valuation allowance ​ ​ (19,040) ​ ​ (18,497) Total deferred tax assets ​ 20,322 ​ 19,491 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Prepaid expenses ​ (535) ​ (504) Intangibles ​ (15,506) ​ (15,496) Property and equipment ​ (7,992) ​ (8,225) Amortization expense ​ (15,595) ​ (13,389) Total deferred tax liabilities ​ (39,628) ​ (37,614) ​ ​ $ (19,306) ​ $ (18,123)
Schedule of classification of deferred tax amounts	The deferred tax amounts mentioned above have been classified on the accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Non-current assets ​ $ — ​ $ 1,208 Non-current liabilities ​ $ 19,306 ​ $ 19,331

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Long-Term Debt
Schedule of long-term debt	Long-term debt as of December 31, 2020 and 2019 consists of the following ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Senior Notes due February 2024 ​ $ 202,990 ​ $ 204,540 Less: Current portion ​ 2,134 ​ 2,134 ​ ​ $ 200,856 ​ $ 202,406
Schedule of maturities of long-term debt	​ ​ ​ ​ ​ Year Ending December 31, Amount 2021 ​ $ 2,134 2022 ​ 2,134 2023 ​ 2,134 2024 ​ 198,411 ​ ​ $ 204,813

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
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 accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2020 Category ​ Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 2,231 — ​ $ 2,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ ​ ​ December 31, 2019 Category ​ Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap ​ Other long-term liabilities — ​ $ 804 — ​ $ 804

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Summary of stock option activity	The following table summarizes stock option activity for the years ended December 31, 2020 and 2019 (shares and intrinsic values in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ Weighted- ​ remaining ​ Aggregate ​ ​ Number of ​ average exercise ​ contractual ​ intrinsic ​ ​ shares price term value Outstanding at December 31, 2018 ​ 2,910 ​ $ 11.62 5.6 ​ $ 2,806 Granted ​ 1,025 ​ ​ 12.06 ​ 6.0 ​ ​ — Exercised ​ (60) ​ ​ 11.63 ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ — ​ ​ — Expired ​ (20) ​ ​ 13.64 ​ — ​ ​ — Outstanding at December 31, 2019 ​ 3,855 ​ $ 11.72 ​ 6.1 ​ $ 12,101 Granted ​ 80 ​ ​ 10.05 ​ 6.0 ​ ​ — Exercised ​ — ​ ​ — ​ — ​ ​ — Forfeited ​ — ​ ​ — ​ — ​ ​ — Expired ​ — ​ ​ — ​ — ​ ​ — Outstanding at December 31, 2020 ​ 3,935 ​ $ 11.69 ​ 5.1 ​ $ 291 Vested at December 31, 2020 ​ 3,140 ​ $ 11.64 ​ 4.2 ​ $ 264 Exercisable at December 31, 2020 ​ 3,140 ​ $ 11.64 4.2 ​ $ 264 ​
Summary of restricted share activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-average ​ ​ shares grant date fair value Outstanding at December 31, 2018 ​ 370 ​ $ 9.86 Granted ​ 581 ​ ​ 12.37 Vested ​ (352) ​ ​ 9.78 Forfeited ​ (7) ​ ​ 14.55 Outstanding at December 31, 2019 ​ 592 ​ $ 12.32 Granted ​ 163 ​ ​ 9.59 Vested ​ (256) ​ ​ 12.65 Forfeited ​ — ​ ​ — Outstanding at December 31, 2020 ​ 499 ​ $ 11.26
Time Based Stock Option | Black Scholes Pricing Model
Stockholders' Equity
Schedule of valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Black-Scholes Option Valuation Assumptions December 31, 2020 December 31, 2019 ​ Risk-free interest rate ​ 0.42% - 0.50 % ​ 1.6 % Dividend yield ​ — ​ ​ — ​ Volatility ​ 44.2% - 46.1 % ​ 40.3 % Weighted-average expected term (years) ​ 6.0 ​ ​ 6.0 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases
Summary of the classification of operating leases	A summary of the classification of operating leases on our accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ ​ 2020 ​ ​ 2019 ​ Operating lease right-of-use assets ​ ​ $ 1,820 ​ $ 1,833 ​ Operating lease liability, current ​ (Other accrued expenses) ​ 609 ​ 538 ​ Operating lease liability, non-current ​ (Other long-term liabilities) ​ $ 1,400 ​ $ 1,574 ​
Schedule of components of lease cost	Components of lease cost reflected in our accompanying Consolidated Statements of Operations for the year ended December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating lease cost ​ $ 656 ​ $ 656 Short-term lease cost ​ 105 ​ 223 Total lease cost ​ $ 761 ​ $ 879 ​
Schedule of lease term and discount rate	A summary of weighted-average remaining lease term and weighted-average discount rate as of December 31, 2020: ​ ​ ​ ​ Weighted-average remaining lease term 3.7 years Weighted average discount rate 6.3 %
Schedule of supplemental cash flow and other non-cash information	Supplemental cash flow and other non-cash information for the years ended December 31, 2020 and 2019 ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating cash flows from operating leases $ 677 ​ $ 719 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities ​ 541 ​ 393
Schedule of Future annual minimum lease commitments	Future annual minimum lease commitments as of December 31, 2020 were as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 718 2022 ​ 614 2023 ​ 494 2024 ​ 226 2025 ​ 201 Total minimum payments ​ $ 2,253 Less: amount representing interest ​ (244) Lease liability ​ $ 2,009

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments
Future minimum payments for other commitments, primarily programming	Future minimum payments under these other commitments as of December 31, 2020, are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ Amounts 2021 ​ $ 10,027 2022 ​ 2,848 2023 ​ 568 2024 ​ ​ 274 2025 ​ 25 Total minimum payments ​ $ 13,742

Retirement Plans (Tables)

Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Plans
Schedule of projected benefit obligation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Projected benefit obligation: ​ ​ ​ ​ ​ ​ Balance, beginning of the year ​ $ 2,637 ​ $ 2,362 Service cost ​ 116 ​ 88 Interest cost ​ 76 ​ 90 Actuarial loss ​ 422 ​ 291 Benefits paid to participants ​ (162) ​ (194) Balance, end of year ​ $ 3,089 ​ $ 2,637 ​
Schedule of funded status of the plan	At December 31, 2020 and 2019, the funded status of the plan was as follows ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Excess of benefit obligation over the value of plan assets ​ $ (3,089) ​ $ (2,637) Unrecognized net actuarial loss ​ 957 ​ 575 Unrecognized prior service cost ​ 20 ​ 28 Accrued benefit cost ​ $ (2,112) ​ $ (2,034) ​
Schedule of amounts recognized in the consolidated balance sheets	At December 31, 2020 and 2019, the amounts recognized in the accompanying Consolidated Balance Sheets were classified as follows ( amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Accrued benefit cost ​ $ (3,089) ​ $ (2,637) Accumulated other comprehensive loss ​ 977 ​ 603 Net amount recognized ​ $ (2,112) ​ $ (2,034) ​
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 ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 260 2022 ​ 231 2023 ​ 156 2024 ​ ​ 130 2025 ​ ​ 145 2026 through 2030 ​ 897 ​ ​ $ 1,819
Schedule of weighted-average rates used	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Discount rate on the benefit obligation ​ ​ ​ ​ 2.00 % ​ ​ ​ 2.84 % Rate of employee compensation increase(a) 1.75 % - 2.5 % 1.75 % - 2.50 % (a) Rate of employee compensation increase is 1.75% per year through 2021, and 2.5% per year thereafter.
Schedule of pension expenses	Pension expense for the years ended December 31, 2020 and 2019, consists of the following ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Service cost ​ $ 116 ​ $ 88 Interest cost ​ 76 ​ 90 Expected return on plan assets ​ — ​ — Recognized actuarial loss (gain) ​ — ​ — Amortization of prior service cost ​ 8 ​ 8 Net loss amortization ​ 40 ​ 6 ​ ​ $ 240 ​ $ 192
Schedule of further information about the Plan	Further information about the Plan is presented in the table below ( amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ ​ Pension Protection ​ Funding Improvement ​ WAPA’s ​ ​ ​ Collective ​ ​ ​ ​ Act Zone Status ​ Plan/Rehabilitation Plan ​ Contribution ​ Surcharge ​ Bargaining Pension Fund EIN 2019 Status 2020 2019 Imposed Agreements TNGIPP (Plan No. 001) ​ 52-1082662 ​ Red ​ Implemented ​ $ 141 ​ $ 158 ​ No ​ June 27, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 31, 2022

Nature of Business and Signif_4

Nature of Business and Significant Accounting Policies (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Nov. 26, 2018
Nature of business
Number of operating segments | segment	1
Numerator for loss per common share calculation:
Net loss attributable to Hemisphere Media Group, Inc. | $	$ (1,235)	$ (3,367)
Denominator for loss per common share calculation:
Weighted-average common shares, basic	39,434	39,158
Effect of dilutive securities
Weighted-average common shares, diluted	39,434	39,158
Loss per share attributable to Hemisphere Media Group, Inc.
Basic (in dollars per share) | $ / shares	$ (0.03)	$ (0.09)
Diluted (in dollars per share) | $ / shares	$ (0.03)	$ (0.09)
Shares excluded from the computation of diluted income (loss) per common share	3,300	1,300
Outstanding awards excluded from computation of diluted loss per share	100	700
Snap Media
Nature of business
Voting interest acquired (as a percent)			75.00%

Nature of Business and Signif_5

Nature of Business and Significant Accounting Policies - Barter, Advertising and Marketing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Barter transactions:
Barter revenue	$ 434	$ 872
Barter expense	(419)	(557)
Barter revenue and expense	15	315
Advertising and Marketing costs:
Advertising and marketing costs	$ 3,100	$ 3,700

Nature of Business and Signif_6

Nature of Business and Significant Accounting Policies - Allowance For Doubtful Accounts and Programming Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable:
Threshold period for considering receivable as past due	90 days
Changes in the allowance for doubtful accounts
Beginning of Year	$ 507	$ 2,645
Provisions for bad debt	922	135
Write-offs	577	2,274
Recoveries	67	1
End of Year	919	507
Programming rights:
Impairment of programming rights	900	0
Amortization of programming rights	16,841	13,648
Accumulated amortization of programming rights	$ 75,500	$ 58,700

Nature of Business and Signif_7

Nature of Business and Significant Accounting Policies - Property And Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Property and equipment
Useful life	1 year
Maximum
Property and equipment
Useful life	40 years

Nature of Business and Signif_8

Nature of Business and Significant Accounting Policies - Equity Method Investments and Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investee losses in excess of investment		$ 1,484
Minimum
Initial lease term	1 year
Maximum
Initial lease term	7 years
PANTAYA
Investee losses in excess of investment	$ 0	$ 1,500

Nature of Business and Signif_9

Nature of Business and Significant Accounting Policies - Goodwill and Other Intangibles and Deferred Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill and other intangibles:
Goodwill and Intangible Asset Impairment	$ 2,784
Deferred financing costs:
Accumulated amortization of deferred financing costs	2,500	$ 2,300
Deferred financing costs, net	800	1,000
Interest expense
Deferred financing costs:
Amortization of deferred financing costs	$ 200	300
Customer relationships, non-compete agreements, affiliate agreements, and programming rights | Minimum
Goodwill and other intangibles:
Useful lives	1 year
Customer relationships, non-compete agreements, affiliate agreements, and programming rights | Maximum
Goodwill and other intangibles:
Useful lives	10 years
Snap Media
Goodwill and other intangibles:
Goodwill and Intangible Asset Impairment	$ 2,800	$ 0

Nature of Business and Signi_10

Nature of Business and Significant Accounting Policies - Fair Value of Financial Instruments and Major Customers and Suppliers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Fair value of financial instruments:
Impairment of equity method investment	$ 5,479
Impairment charge	2,784
Impairment of Programming Rights	900	$ 0
REMEZCLA
Fair value of financial instruments:
Impairment of equity method investment	$ 5,500
Revenue | Customer concentration risk
Concentration risk
Number of distributors who accounted for more than 10% | item	1
Snap Media
Fair value of financial instruments:
Impairment charge	$ 2,800	0
Snap Media | Fair Value, Nonrecurring
Fair value of financial instruments:
Impairment charge	$ 2,800
Programming rights | Level 3 | Fair Value, Nonrecurring
Fair value of financial instruments:
Adjustments to fair value		$ 0

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Revenues
Total revenue	$ 151,184	$ 50,354	$ 149,387
Affiliate revenue
Revenues
Total revenue	$ 77,284		83,256
Affiliate revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	60 days
Advertising revenue
Revenues
Total revenue	$ 68,942		60,323
Advertising revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	30 days
Other revenue
Revenues
Total revenue	$ 4,958		$ 5,808

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
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
Due to related parties	0.6	0.7
MVS Multivision Digital Sde RLde CV and Affiliates | Affiliation Agreement
Related party transactions
Revenue recognized from related party	1.1	1.9
Due from related parties	$ 0.3	0.3
MVS Multivision Digital Sde RLde CV and Affiliates | Master License Agreement | Cinelatino
Related party transactions
Distribution fee as a percentage of revenue earned	13.50%
Revenue recognized from related party	$ 0.9	1
Due from related parties	0.4	0.7
Director | Consulting Agreement with Director
Related party transactions
Total expense	0.5	0.4
Due to related parties	0	$ 0
Searchlight Capital Partners LLC
Related party transactions
Expense reimbursement by shareholder	$ 3.3

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property and equipment
Property and equipment, gross	$ 56,943	$ 60,108
Less: accumulated depreciation	(28,726)	(28,241)
Property and equipment, net excluding equipment installations in progress	28,217	31,867
Total property and equipment, net	31,798	34,319
Depreciation expense	4,700	3,300
Equipment purchased	900	700
Reimbursement received	1,200	1,700
Land and improvements
Property and equipment
Property and equipment, gross	8,724	8,724
Building
Property and equipment
Property and equipment, gross	11,325	11,530
Equipment
Property and equipment
Property and equipment, gross	35,637	38,318
Towers
Property and equipment
Property and equipment, gross	1,257	1,536
Equipment installations in progress
Property and equipment
Total property and equipment, net	$ 3,581	$ 2,452

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Broadcast license	$ 41,356	$ 41,356
Goodwill	165,597	167,322
Other intangibles	24,761	32,587
Total intangible assets	231,714	241,265
Goodwill impairment charge	1,059
Customer relationships
Goodwill impairment charge	1,700
Other finite lived intangible assets, impairment charge	$ 1,100	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Indefinite Lived Net Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in other indefinite-lived intangible assets
Impairment	$ 1,725
Changes in the goodwill
Net balance at the beginning of the period	167,322
Impairment	(1,059)
Net balance at the end of the period	165,597	$ 167,322
Changes in the goodwill and other indefinite lived intangible assets, on a net basis
Net balance at the beginning of the period	225,364	228,036
Additions		(2,672)
Impairment	1,725
Net balance at the end of the period	223,639	225,364
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
Goodwill
Changes in the goodwill
Net balance at the beginning of the period	167,322	169,994
Additions		(2,672)
Impairment	(1,725)
Net balance at the end of the period	165,597	167,322
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
Changes in the goodwill
Net balance at the beginning of the period	15,986
Net balance at the end of the period		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 Asset_4

Goodwill and Intangible Assets - Other Amortizable Intangible (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in other amortizable intangible assets
Net balance at the beginning of the period	$ 15,901	$ 22,400
Additions		2,746
Impairment	(1,059)
Amortization	(6,767)	(9,245)
Net balance at the end of the period	8,075	15,901
Affiliate relationships
Changes in other amortizable intangible assets
Net balance at the beginning of the period	14,352	20,273
Additions		1,668
Impairment	(1,059)
Amortization	(5,989)	(7,589)
Net balance at the end of the period	7,304	14,352
Advertiser relationships
Changes in other amortizable intangible assets
Net balance at the beginning of the period	138	690
Amortization	(138)	(552)
Net balance at the end of the period		138
Non-compete agreement
Changes in other amortizable intangible assets
Net balance at the beginning of the period	826	686
Additions		1,078
Amortization	(497)	(938)
Net balance at the end of the period	329	826
Other intangibles
Changes in other amortizable intangible assets
Net balance at the beginning of the period	68	144
Amortization	(53)	(76)
Net balance at the end of the period	15	68
Programming contracts
Changes in other amortizable intangible assets
Net balance at the beginning of the period	517	607
Amortization	(90)	(90)
Net balance at the end of the period	$ 427	$ 517

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortizable intangible assets
Aggregate amortization expense	$ 6,767	$ 9,245
Future estimated amortization expense
2021	6,210
2022	1,550
2023	112
2024	112
2025 and thereafter	91
Total	$ 8,075	$ 15,901	$ 22,400
Weighted Average
Amortizable intangible assets
Remaining amortization period	1 year 6 months

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($)	Nov. 30, 2016	Jul. 31, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Nov. 26, 2018	Feb. 07, 2018	Feb. 06, 2018	Apr. 28, 2017	Nov. 03, 2016
Equity method investments
Amount funded during the period				$ 9,364,000	$ 31,747,000
Equity method investments				29,782,000	49,639,000
Income (loss) on equity method investments				22,258,000	30,271,000
Net balance of investee losses in excess of investment					1,484,000
Loss in Excess of Equity Method Investments					1,484,000
Non-cash impairment charge				5,479,000
Other assets				4,333,000	3,979,000
Snap Media
Equity method investments
Ownership Percentage						75.00%
PANTAYA
Equity method investments
Ownership Percentage										25.00%
Amount funded during the period				10,000,000
Excess of Company's contractual funding commitment			$ 10,000,000
Maximum exposure to loss			$ 10,000,000
Income (loss) on equity method investments				0	300,000
Net balance of investee losses in excess of investment				0	1,500,000
Net equity method investments				0
Loss in Excess of Equity Method Investments				0	1,500,000
Accounts receivable and other assets				3,800,000	3,900,000
Canal 1
Equity method investments
Equity method investments				119,500,000
Income (loss) on equity method investments				$ 22,100,000	30,200,000
Percentage of losses recorded				100.00%
Net equity method investments				$ 29,900,000	44,200,000
Other assets				$ 2,600,000	2,000,000
Colombian content producers, Radio television and NTC Nacional | Television broadcast license
Equity method investments
Ownership Percentage							40.00%	20.00%
License life (in years)	10 years			20 years
Additional consideration for the extended license period		$ 0
Additional renewable period for license (in years)		10 years
REMEZCLA
Equity method investments
Ownership Percentage									25.50%
Equity method investments									$ 5,000,000
Income (loss) on equity method investments					500,000
Net equity method investments				$ 0	5,500,000
Non-cash impairment charge				5,500,000
Snap JV
Equity method investments
Equity method investments				400,000
Income (loss) on equity method investments				200,000	300,000
Net equity method investments				$ 100,000	$ 0
Snap JV | Snap Media
Equity method investments
Ownership Percentage						50.00%

Equity Method Investments - Sum

Equity Method Investments - Summarized unaudited financial data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Summary financial information of equity method investments
Current assets	$ 188,968	$ 61,690	$ 145,740
Non-current assets		24,272
Current liabilities	42,657	53,523	34,187
Non-current liabilities		27,939
Net revenues	151,184	50,354	149,387
Operating loss	41,700	(28,510)	49,243
Net loss	$ (2,138)	$ (52,006)	$ (3,471)

Income Taxes - Effective Tax Re

Income Taxes - Effective Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of income before income taxes
Domestic income	$ 8,112	$ 21,695
Foreign loss	(1,258)	(13,080)
Income before income tax expense	6,854	8,615
Income tax expense
Current income tax expense	7,405	8,493
Deferred income tax	1,587	3,593
Income tax expense	8,992	12,086
Foreign withholding tax included in current tax expense	$ 1,300	$ 1,400
Effective tax rates reconciliation
Statutory federal income tax rate (as a percent)	21.00%	21.00%	21.00%	35.00%
Equity investment and Colombia and return to provision adjustments (as a percent)		30.00%
Income tax (benefit) expense reconciliation
Net tax payable	$ 2,233
Income tax expense at federal statutory rate - US Only	1,439	$ 1,810
Income tax expense at federal statutory rate - Foreign Only	4,402	3,637
Permanent Items	1,325	184
Return to provision true ups - Current/Deferred	(2,042)	301
Foreign rate differential	(1,117)	(2,284)
Foreign tax credits	(5,693)	(5,501)
Foreign valuation allowance	4,615	10,007
Change in FTC valuation allowance	543	3,785
Foreign withholding taxes	1,283	1,449
Deferred foreign tax credit offset	29	(421)
State taxes and state rate change	2,073	480
Foreign rate tax change	2,051
Income tax expense	8,992	12,086
Foreign tax authority | Puerto Rico
Income tax (benefit) expense reconciliation
Net tax payable		1,000
Net refund benefit as an impact of tax incentives		3,000
Revaluation of Puerto Rico deferred taxes	$ 84	$ (1,361)

Income Taxes - Deferred (Detail

Income Taxes - Deferred (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Allowances for doubtful accounts	$ 1,078	$ 776
Deferred branch tax benefit	11,645	11,813
Deferred revenue	114	109
NOL credit and other carryovers	290	274
Fixed assets	140	94
Accrued expenses	1,353	1,455
Foreign tax credit	19,040	18,497
Stock compensation	3,594	3,634
Pension	449	360
Interest rate swap	510	178
Intangibles	1,335	1,354
Equity method losses	26,996	21,976
Other deferred tax assets	4	38
Less: Foreign income valuation allowance	(27,186)	(22,570)
Less: Foreign tax credit valuation allowance	(19,040)	(18,497)
Deferred tax assets, gross	20,322	19,491
Deferred tax liabilities:
Prepaid expenses	(535)	(504)
Intangibles	(15,506)	(15,496)
Property and equipment	(7,992)	(8,225)
Amortization expense	(15,595)	(13,389)
Total deferred tax liabilities	(39,628)	(37,614)
Net deferred tax liabilities	(19,306)	(18,123)
Classification of deferred tax amounts
Non-current assets		1,208
Non-current liabilities	$ 19,306	$ 19,331

Income Taxes - Other (Details)

Income Taxes - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Net reduction in deferred tax liabilities		$ 1,400
Uncertain tax position reserves	$ 100	0
Change in FTC valuation allowance	543	3,785
Foreign valuation allowance	4,615	10,007
Foreign income valuation allowance	27,186	22,570
Foreign tax credit valuation allowance	19,040	18,497
Colombian content producers, Radio television and NTC Nacional
Income Taxes
Foreign net operating losses carryforwards	900	800
Foreign tax authority | Puerto Rico, Latin America, and Mexico
Income Taxes
Foreign tax credit carryforwards	$ 19,000	$ 18,500

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	Feb. 14, 2017USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Long-term debt
Less: Current portion		$ 2,134	$ 2,134
Long-term debt less current portion		200,856	202,406
Deferred financing costs		800	1,000
Accumulated amortization		2,500	2,300
Maturities of long-term debt
2021		2,134
2022		2,134
2023		2,134
2024		198,411
Total		$ 204,813
Second Amended Term Loan Facility
Long-term debt
Amount of term loan	$ 213,300
Uncommitted accordion option multiplier of net leverage ratio		2.3
Original issue discount		$ 1,000
Accumulated amortization of original issue discount		2,500
Deferred financing costs		800
Accumulated amortization		$ 2,500
Maximum period after each fiscal year for prepayment of debt		90 days
First prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained		0.00%
Amortization payments (in percentage)	1.00%
Second Amended Term Loan Facility | First Lien and Total Net Leverage Ratio
Long-term debt
Debt caps amount	$ 60,000
Second Amended Term Loan Facility | LIBOR
Long-term debt
Interest rate margin (as a percent)	3.50%
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		$ 202,990	$ 204,540
Existing Senior Secured Term Loan B Facility
Long-term debt
Uncommitted accordion option base amount	$ 65,000
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%
Amended Term Loan Facility
Long-term debt
Borrowing capacity	$ 30,000
Amended Term Loan Facility | First Lien Net Leverage Ratio
Long-term debt
Uncommitted accordion option multiplier of net leverage ratio | item	4
Number of consecutive fiscal quarters | 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, 2020	Dec. 31, 2019	May 31, 2017
Derivative
Net change in fair value of cash flow hedge	$ 1.4	$ 2.4
Loss or gain in fair value	0	0
Interest Rate Swap
Derivative
Net interest income (expense)	1.3	0.4
Derivative liability - Interest rate swap	$ 2.2	$ 0.8
LIBOR | Non designated | Interest Rate Swap
Derivative
Notional amount			$ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurements
Impairment charge	$ 2,784
Fair Value, Nonrecurring
Fair Value Measurements
Assets fair value	0
Liabilities fair value	0
Snap Media
Fair Value Measurements
Impairment charge	2,800	$ 0
Snap Media | Fair Value, Nonrecurring
Fair Value Measurements
Impairment charge	2,800
Cash flow hedges | Other long-term liabilities | Fair value, Recurring
Fair Value Measurements
Derivative liability - Interest rate swap	2,231	804
Cash flow hedges | Other long-term liabilities | Level 2 | Fair value, Recurring
Fair Value Measurements
Derivative liability - Interest rate swap	$ 2,231	$ 804

Stockholders' Equity - Capital

Stockholders' Equity - Capital Stock (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itemshares	Dec. 31, 2019USD ($)shares	Nov. 18, 2020USD ($)$ / shares
Capital Stock
Stock Repurchased During Period, Value | $	$ 350	$ 662
Common Class B
Capital Stock
Common stock, shares issued	19,720,381	19,720,381
Common stock, shares outstanding	19,720,381
Number of votes per share of common stock | item	10
Common Class A
Capital Stock
Common stock, shares issued excluding treasury shares	20,246,610
Common stock, shares issued	25,457,709	25,202,314
Common stock, shares outstanding	20,246,610
Stock repurchase price (in dollars per share) | $ / shares			$ 0.0001
Number of votes per share of common stock | item	1
Common Class A | Treasury Stock
Capital Stock
Number of shares repurchased	33,082
Stock Repurchased During Period, Value | $	$ 350	$ 662
Common Class A | Maximum
Capital Stock
Authorized repurchase amount | $			$ 20,000

Stockholders' Equity - Other (D

Stockholders' Equity - Other (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Stockholders' Equity
Shares available for issuance	1,100
Stock option and restricted stock
Stock-based compensation
Stock-based compensation expense (in dollars) | $	$ 5,300	$ 4,800
Stock options
Stock-based compensation
Unrecognized compensation cost related to unvested stock options (in dollars) | $	$ 2,600
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)	3,855	2,910
Granted (in shares)	80	1,025
Exercised (in shares)		(60)
Expired (in shares)		(20)
Outstanding at the end of the period (in shares)	3,935	3,855	2,910
Vested at the end of the period (in shares)	3,140
Exercisable at the end of the period (in shares)	3,140
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 11.72	$ 11.62
Granted (in dollars per share) | $ / shares	10.05	12.06
Exercised (in dollars per share) | $ / shares		11.63
Expired (in dollars per share) | $ / shares		13.64
Outstanding at the end of the period (in dollars per share) | $ / shares	11.69	$ 11.72	$ 11.62
Vested at the end of the period (in dollars per share) | $ / shares	11.64
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 11.64
Weighted-average remaining contractual term
Outstanding	5 years 1 month 6 days	6 years 1 month 6 days	5 years 7 months 6 days
Granted	6 years	6 years
Vested at the end of the period	4 years 2 months 12 days
Exercisable at the end of the period	4 years 2 months 12 days
Aggregate intrinsic value
Outstanding at the beginning of the period (in dollars) | $	$ 12,101	$ 2,806
Outstanding at the end of the period (in dollars) | $	291	$ 12,101	$ 2,806
Vested at the end of the period (in dollars) | $	264
Exercisable at the end of the period (in dollars) | $	$ 264
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares	$ 4.01	$ 4.93
Restricted Stock
Stock-based compensation
Unrecognized compensation cost related to unvested restricted stock (in dollars) | $	$ 3,500
Weighted-average periods over which unrecognized compensation cost recognized	1 year 4 months 24 days
Number of shares
Outstanding at the beginning of the period (in shares)	592	370
Granted (in shares)	163	581
Vested (in shares)	(256)	(352)
Forfeited (in shares)		(7)
Outstanding at the end of the period (in shares)	499	592	370
Weighted-average grant date fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 12.32	$ 9.86
Granted (in dollars per share) | $ / shares	9.59	12.37
Vested (in dollars per share) | $ / shares	12.65	9.78
Forfeited (in dollars per share) | $ / shares		14.55
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 11.26	$ 12.32	$ 9.86
Time Based Restricted Stock Awards and Stock Option
Stockholders' Equity
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 (as a percent)		1.60%
Volatility (as a percent)		40.30%
Weighted-average expected term (years)	6 years	6 years
Time Based Stock Option | Minimum | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate (as a percent)	0.42%
Volatility (as a percent)	44.20%
Time Based Stock Option | Maximum | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate (as a percent)	0.50%
Volatility (as a percent)	46.10%
Time Based Restricted Stock
Aggregate intrinsic value
Vesting period	3 years
Common Class A
Stockholders' Equity
Shares authorized for issuance	7,200

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases
Total lease cost	$ 761	$ 879
Classification of operating leases
Operating lease right-of-use assets	1,820	1,833
Operating lease liability, current	609	538
Operating lease liability, non-current	$ 1,400	$ 1,574
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease cost
Operating lease cost	$ 656	$ 656
Short-term lease cost	105	223
Total lease cost	$ 761	879
Lease Term and Discount Rate
Weighted-average remaining lease term	3 years 8 months 12 days
Weighted average discount rate	6.30%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 677	719
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 541	$ 393
Minimum
Leases
Initial lease term	1 year
Maximum
Leases
Initial lease term	7 years

Leases - Maturity Analysis (Det

Leases - Maturity Analysis (Details) $ in Thousands	Dec. 31, 2020USD ($)
Future minimum lease commitments
2021	$ 718
2022	614
2023	494
2024	226
2025	201
Total minimum payments	2,253
Less: amount representing interest	(244)
Lease liability	$ 2,009

Commitments (Details)

Commitments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Future minimum payments for operating leases and other commitments
2021	$ 10,027
2022	2,848
2023	568
2024	274
2025	25
Total minimum payments	$ 13,742

Retirement Plans - Other (Detai

Retirement Plans - Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itememployee	Dec. 31, 2019USD ($)
Projected benefit obligation:
Balance, beginning of the year	$ 2,637	$ 2,362
Service cost	116	88
Interest cost	76	90
Actuarial loss	422	291
Benefits paid to participants	(162)	(194)
Balance, end of year	3,089	2,637
Funded status of the plan
Excess of benefit obligation over the value of plan assets	(3,089)	(2,637)
Unrecognized net actuarial loss	957	575
Unrecognized prior service cost	20	28
Accrued benefit cost	(2,112)	(2,034)
Net amounts recognized in the consolidated balance sheets
Accrued benefit cost	(3,089)	(2,637)
Accumulated other comprehensive loss	977	603
Accrued benefit cost	(2,112)	$ (2,034)
Benefits expected to be paid in each of the next five years and thereafter
2021	260
2022	231
2023	156
2024	130
2025	145
2026 through 2030	897
Total	$ 1,819
Weighted-average rates used
Discount rate on the benefit obligation (as a percent)	2.00%	2.84%
Pension expense
Service cost	$ 116	$ 88
Interest cost	76	90
Amortization of prior service cost	8	8
Net loss amortization	40	6
Net periodic benefit cost	$ 240	$ 192
Minimum
Weighted-average rates used
Rate of employee compensation increase (as a percent)	1.75%	1.75%
Maximum
Weighted-average rates used
Rate of employee compensation increase (as a percent)	2.50%	2.50%
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	149
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 ($)	Dec. 31, 2020USD ($)employee	Dec. 31, 2019USD ($)
Multiemployer pension
Number of unionized employees covered under CBA that expired on June 27, 2019 | employee		2
Multiemployer Plans, Pension | WAPA
Multiemployer pension
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		$ 141,000	$ 158,000