MediaCo Holding (MDIA) 10-K 24 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 16, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	MDIA
Entity Registrant Name	MEDIACO HOLDING INC.
Entity Central Index Key	0001784254
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 10,182,038
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Annual Report	true
Entity Interactive Data Current	Yes
Document Transition Report	false
Entity Address, Address Line One	395 HUDSON STREET
Entity Address, Address Line Two	FLOOR 7
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10014
City Area Code	212
Local Phone Number	229-9797
Title of 12(b) Security	Class A common stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity File Number	001-39029
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	84-2427771
ICFR Auditor Attestation Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Indianapolis, IN
Auditor Firm ID	42
Documents Incorporated by Reference	Documents Form 10-K Reference Proxy Statement for 2022 Annual Meeting of Shareholders expected to be filed by May 2, 2022 (the first business day following the day that is 120 days after the last day of the registrant’s 2021 fiscal year) Part III
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,914,606
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,413,197

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
NET REVENUES	$ 55,493	$ 39,261
OPERATING EXPENSES:
Operating expenses excluding depreciation and amortization expense	37,724	32,344
Corporate expenses	8,434	4,338
Depreciation and amortization	3,925	4,081
(Gain) loss on disposal of assets	(47)	197
Total operating expenses	50,036	40,960
OPERATING INCOME (LOSS)	5,457	(1,699)
OTHER EXPENSE:
Interest expense	(11,100)	(9,493)
Loss on debt extinguishment	(81)
Total other expense	(11,181)	(9,493)
LOSS BEFORE INCOME TAXES	(5,724)	(11,192)
PROVISION FOR INCOME TAXES	358	15,561
CONSOLIDATED NET LOSS	(6,082)	(26,753)
PREFERRED STOCK DIVIDENDS	2,752	2,148
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (8,834)	$ (28,901)
Basic and diluted net loss per share attributable to common shareholders:	$ (1.22)	$ (4.07)
Basic and diluted weighted average common shares outstanding	7,217	7,094

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 6,121	$ 4,171
Accounts receivable, net of allowance for doubtful accounts of $313 and $503, respectively	13,756	8,508
Prepaid expenses	1,238	1,247
Other	526	1,274
Total current assets	21,641	15,200
PROPERTY AND EQUIPMENT:
Land and buildings	1,736	1,669
Leasehold improvements	8,479	8,479
Broadcasting equipment	5,989	5,927
Outdoor advertising structures	27,344	26,390
Office equipment, computer equipment, software and automobiles	2,566	2,210
Construction in progress	88	37
Total property and equipment	46,202	44,712
Less accumulated depreciation and amortization	(19,669)	(17,062)
Total property and equipment, net	26,533	27,650
INTANGIBLE ASSETS:
Indefinite-lived intangibles	63,999	63,999
Goodwill	13,102	13,102
Other intangibles	5,060	5,060
Total intangible assets	82,161	82,161
Less accumulated amortization	(4,131)	(2,944)
Total intangible assets, net	78,030	79,217
OTHER ASSETS:
Operating lease right of use assets	21,663	23,953
Deposits and other	343	331
Total other assets	22,006	24,284
Total assets	148,210	146,351
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,710	2,557
Current maturities of long-term debt	2,754	1,836
Accrued salaries and commissions	1,284	709
Deferred revenue	2,022	1,535
Operating lease liabilities	3,801	3,573
Other	1,412	549
Total current liabilities	13,983	10,759
LONG-TERM DEBT, NET OF CURRENT PORTION	97,527	93,918
OPERATING LEASE LIABILITIES, NET OF CURRENT	16,909	20,176
ASSET RETIREMENT OBLIGATION	7,267	6,316
DEFERRED INCOME TAXES	2,069	1,711
OTHER NONCURRENT LIABILITIES	16	221
Total liabilities	137,771	133,101
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES A CUMULATIVE CONVERTIBLE PARTICIPATING PREFERRED STOCK, $0.01 PAR VALUE, 10,000,000 SHARES AUTHORIZED; 220,000 SHARES ISSUED AND OUTSTANDING	27,010	24,258
RETAINED DEFICIT:
Additional paid-in capital	24,030	20,772
Accumulated deficit	(40,686)	(31,852)
Total deficit	(16,571)	(11,008)
Total liabilities and deficit	148,210	146,351
Class A Common Stock
RETAINED DEFICIT:
Common Stock	31	18
Class B Common Stock
RETAINED DEFICIT:
Common Stock	$ 54	$ 54

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts Receivable	$ 313	$ 503
Series A Cumulative Convertible Participating Preferred Stock
Convertible participating preferred stock, par value	$ 0.01	$ 0.01
Convertible participating preferred stock, authorized	10,000,000	10,000,000
Convertible participating preferred stock, issued	220,000	220,000
Convertible participating preferred stock, outstanding	220,000	220,000
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	3,056,757	1,785,880
Common stock, shares outstanding	3,056,757	1,785,880
Class B Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	5,413,197	5,413,197
Common stock, shares outstanding	5,413,197	5,413,197
Class C Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED DEFICIT - USD ($) $ in Thousands	Total	Common StockClass A Common Stock	Common StockClass B Common Stock	APIC	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 17,764	$ 17	$ 54	$ 20,644	$ (2,951)
Beginning Balance (in shares) at Dec. 31, 2019		1,666,667	5,359,753
Net loss	(26,753)				(26,753)
Adjustments related to distribution of common shares, shares		16,596	53,444
Issuance of class A to employees, officers and directors	129	$ 1		128
Issuance of class A to employees, officers and directors, shares		102,617
Preferred stock dividends	(2,148)				(2,148)
Ending balance at Dec. 31, 2020	(11,008)	$ 18	$ 54	20,772	(31,852)
Ending balance (in shares) at Dec. 31, 2020		1,785,880	5,413,197
Net loss	(6,082)				(6,082)
Sale of class A common shares	342	$ 1		341
Sale of class A common shares, shares		34,609
Issuance of class A to employees, officers and directors	2,929	$ 12		2,917
Issuance of class A to employees, officers and directors, shares		1,236,268
Preferred stock dividends	(2,752)				(2,752)
Ending balance at Dec. 31, 2021	$ (16,571)	$ 31	$ 54	$ 24,030	$ (40,686)
Ending balance (in shares) at Dec. 31, 2021		3,056,757	5,413,197

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Consolidated net loss	$ (6,082)	$ (26,753)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on debt extinguishment	81
Depreciation and amortization	3,925	4,081
Amortization of deferred financing costs, including original issue discount	636	590
Noncash interest expense	3,575	1,684
Noncash lease expense	3,016	2,852
Provision for bad debts	71	543
Accretion of asset retirement obligations	848	726
Provision for deferred income taxes	358	15,561
Noncash compensation	3,650	129
(Gain) loss on sale of property and equipment	(47)	197
Changes in assets and liabilities:
Accounts receivable	(5,319)	1,896
Prepaid expenses and other current assets	757	416
Other assets	(784)	(331)
Accounts payable and accrued liabilities	640	(8,761)
Deferred revenue	487	(146)
Operating lease liabilities	(3,039)	(2,395)
Other liabilities	167	68
Net cash provided by (used in) operating activities	2,940	(9,643)
INVESTING ACTIVITIES:
Purchases of property and equipment	(1,403)	(409)
Other	146
Net cash used in investing activities	(1,257)	(409)
FINANCING ACTIVITIES:
Payments on long-term debt	(3,000)	(1,836)
Proceeds from long-term debt	4,000	14,000
Proceeds of stock issuances	342
Payments for debt related costs	(354)	(24)
Settlement of tax withholding obligations	(721)
Net cash provided by financing activities	267	12,140
INCREASE IN CASH AND CASH EQUIVALENTS	1,950	2,088
CASH AND CASH EQUIVALENTS:
Beginning of period	4,171	2,083
End of period	6,121	4,171
Cash paid for:
Interest	$ 6,308	7,067
Noncash financing transactions:
Noncash debt-related costs		$ 281

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization MediaCo Holding Inc. (“MediaCo” or the “Company”) is an owned and operated multi-media company formed in Indiana in 2019, focused on radio, outdoor and digital advertising. Our assets consist of two radio stations, WQHT-FM and WBLS-FM (the “Stations”), which serve the New York City demographic market area that primarily targets Black, Hispanic, and multi-cultural consumers, as well as approximately 3,500 outdoor advertising displays in the Southeast (Georgia, Alabama, South Carolina and Florida) and the Mid-Atlantic (Kentucky, West Virginia and Ohio) regions of the United States. We derive our revenues primarily from radio, outdoor, and digital advertising sales, but we also generate revenues from events, including sponsorships and ticket sales, licensing, and syndication. Unless the context otherwise requires, references to “we”, “us” and “our” refer to MediaCo and its subsidiaries. Basis of Presentation and Consolidation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring adjustments) have been included. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Revenue Recognition The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, (iii) digital advertising, and (iv) outdoor advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues. Allowance for Doubtful Accounts An allowance for doubtful accounts is recorded based on management’s judgment of the collectability of receivables. When assessing the collectability of receivables, management considers, among other things, historical loss experience and existing economic conditions. Amounts are written off after all normal collection efforts have been exhausted. The activity in the allowance for doubtful accounts for the years ended December 31, 2021, and 2020, was as follows: Balance At Beginning Of Period Provision Write-Offs Balance At End Of Period Year ended December 31, 2020 $ 157 543 (197 ) $ 503 Year ended December 31, 2021 $ 503 71 (261 ) $ 313 Cash and Cash Equivalents MediaCo considers time deposits, money market fund shares and all highly liquid debt investment instruments with original maturities of three months or less to be cash equivalents. At times, such deposits may be in excess of FDIC insurance limits. Property and Equipment Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the related assets, which are 30 to Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” Definite-lived Intangibles The Company’s definite-lived intangible assets consist of programming agreements related to our radio business and customer relationships relating to our outdoor advertising business. These are amortized over the period of time the intangible assets are expected to contribute directly or indirectly to the Company’s future cash flows. Advertising Costs Advertising costs are expensed when incurred. Advertising expenses were $0.2 million and $0.4 million for the years ended December 31, 2021, and 2020, respectively. Asset Retirement Obligations We are required to estimate our obligations upon the termination or non-renewal of a lease to dismantle and remove its advertising structures from the leased land and to reclaim the site to its original condition. The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded the cost is capitalized as part of the related advertising structure’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The significant assumptions used in estimating the asset retirement obligation include the third-party cost of removing the asset, the cost of remediating the leased property to its original condition where required and the timing and number of lease renewals, all of which are estimated based on historical experience. The interest rate used to calculate the present value of such costs over the estimated retirement period is based on an estimated risk adjusted credit rate for the same period. Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter and other transactions in which payments are received prior to the performance of services (e.g., cash-in-advance advertising). Barter transactions are recorded at the estimated fair value of the product or service received. Revenue from barter transactions is recognized when commercials are broadcast. The appropriate expense or asset is recognized when merchandise or services are used or received. Barter revenues were $1.0 million and $0.9 million for the years ended December 31, 2021, and 2020, respectively. Barter expenses were $1.0 million and $0.9 million for the years ended December 31, 2021, and 2020, respectively. Earnings Per Share Our basic and diluted net loss per share is computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Shares of Series A preferred stock include rights to participate in dividends and distributions to common stockholders on an if-converted basis, and accordingly are considered participating securities. During periods of undistributed losses however, no effect is given to our participating securities since they are not contractually obligated to share in the losses. The following is a reconciliation of basic and diluted net loss per share attributable to Class A and Class B common shareholders: Year Ended December 31, 2021 2020 Net loss $ (6,082 ) $ (26,753 ) Preferred dividends 2,752 2,148 Net loss attributable to common shareholders $ (8,834 ) $ (28,901 ) Basic and diluted weighted average common shares outstanding 7,217 7,094 Net loss per share attributable to common shareholders $ (1.22 ) $ (4.07 ) Because we have incurred a net loss for the period where the Company had potentially dilutive securities, diluted net loss per common share is the same as basic net loss per common share. The following convertible equity shares and restricted stock awards were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. Year Ended December 31, (in thousands) 2021 2020 Convertible Emmis promissory note 2,269 1,370 Convertible Standard General promissory notes 8,725 5,308 Series A convertible preferred stock 9,845 6,005 Restricted stock awards 515 39 Total 21,354 12,722 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value. Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question is less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset. Estimates The Company has been actively monitoring the COVID-19 situation and its impact globally, as well as domestically and in the markets we serve. Our priority has been the safety of our employees, as well as the informational needs of the communities that we serve. Through the first few months of calendar 2020, the disease became widespread around the world, and on March 11, 2020, the World Health Organization declared a pandemic. In an effort to mitigate the continued spread of COVID-19, many federal, state and local governments mandated various restrictions, including travel restrictions, restrictions on non-essential businesses and services, restrictions on public gatherings and quarantining of people who may have been exposed to the virus. These restrictions, in turn, caused the United States economy to decline and businesses to cancel or reduce amounts spent on advertising, negatively impacting our advertising-based businesses. While not a material amount, some of our advertisers experienced a material decline in their businesses and were not able to pay amounts owed to us when they came due. Throughout 2021, with the increased availability of vaccines, the U.S. experienced an easing of restrictions on travel as well as social gatherings and business activities. However, the broad economic impact of the COVID-19 pandemic remains across multiple sectors, specifically disrupting logistics and global supply chains. If the spread of COVID-19 reaccelerates, or if supply chain disruptions persist, causing certain advertising categories (e.g., automotive dealers) to advertise less, we expect that our results of operations, financial condition and cash flows will continue to be negatively affected, the extent to which is difficult to estimate at this time. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Due to the uncertain future impacts of the COVID-19 pandemic and the related economic disruptions, actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company . The extent to which the COVID-19 pandemic and related economic disruptions impact the Company’s business and financial results will depend on future developments including, but not limited to: ( i ) the continued spread, duration and severity of the COVID-19 pandemic, (ii) the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided, (iii) the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity, (iv) the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event, and (v) how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, our ability to realize our deferred tax assets, and the carrying value of goodwill, FCC licenses and other long-lived assets. As discussed in Note 13, during 2020, as a result of a sharp deterioration of business activity related to the COVID-19 pandemic and the significant operating losses we incurred, we were unable to conclude that it was more likely than not that we would be able to realize our deferred tax assets; accordingly, we recorded a $18.8 million valuation allowance against these assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material changes to the estimates and material impacts to the Company’s consolidated financial statements in future reporting periods. Reclassifications Certain amounts have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Common Stock	2. COMMON STOCK MediaCo has authorized Class A common stock, Class B common stock, and Class C common stock. The rights of these three classes are essentially identical except that each share of Class A common stock has one vote with respect to substantially all matters, each share of Class B common stock has 10 votes with respect to substantially all matters, and each share of Class C common stock has no voting rights with respect to substantially all matters. All Class B common stock outstanding is owned by SG Broadcasting. At December 31, 2021 and December 31, 2020, no shares of Class C common stock were issued or outstanding. On August 20, 2021, MediaCo Holding Inc. entered into an At Market Issuance Sales Agreement with B. Riley Securities, Inc.(“B. Riley”), pursuant to which the Company may offer and sell, from time to time through or to B. Riley, as agent or principal, shares of the Company’s Class A Common Stock, $0.01 par value per share, having an aggregate offering price of up to $12.5 million. During the year ended December 31, 2021, Class A stock totaling $0.3 million was sold under the agreement.

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Convertible Preferred Stock	3. CONVERTIBLE PREFERRED STOCK The Company issued to SG Broadcasting 220,000 shares of MediaCo Series A Convertible Preferred Stock, par value $0.01 (the “MediaCo Series A Preferred Shares”) in exchange for a cash contribution of $22.0 million (the “SG Broadcasting Contribution”). This issuance of shares was issued in reliance upon an exemption from registration pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended. This issuance was not a “public offering” because no more than 35 non-accredited investors received securities of the Company, the Company did not engage in general solicitation or advertising with regard to the issuance and sale of shares of MediaCo Series A Preferred Shares and the Company did not make a public offering in connection with the sale of shares of MediaCo Series A Preferred Shares. MediaCo Series A Preferred Shares rank senior in preference to the MediaCo Class A common stock, MediaCo Class B common stock, and the MediaCo Class C common stock. Pursuant to the Articles of Amendment, the ability of the Company to make distributions with respect to, or make a liquidation payment on, any other class of capital stock in the Company designated to be junior to, or on parity with, the MediaCo Series A Preferred Shares, will be subject to certain restrictions, including that (i) the MediaCo Series A Preferred Shares shall be entitled to receive the amount of dividends per share that would be payable on the number of whole common shares of the Company into which each share of MediaCo Series A Preferred Share could be converted, and (ii) the MediaCo Series A Preferred Shares, upon any liquidation, dissolution or winding up of the Company, shall be entitled to a preference on the assets of the Company. Issued and outstanding shares of MediaCo Series A Preferred Shares shall accrue cumulative dividends, payable in kind, at an annual rate equal to the interest rate on any senior debt of the Company (see Note 6), or if no senior debt is outstanding, 6%, plus additional increases of 1% on December 12, 2020 and each anniversary thereof. On December 13, 2021, and 2020, dividends of $2.7 million and $2.1 million, respectively, were paid in kind. The payment in kind increased the accrued value of the preferred stock and no additional shares were issued as part of this payment. MediaCo Series A Preferred Shares are redeemable for cash at the option of SG Broadcasting at any time on or after June 12, 2025 , and so the shares are classified outside of permanent equity. The Series A Preferred Shares are also convertible into shares of Class A common stock at the option of SG Broadcasting at any time after May 25, 2020 , with the number of shares of common stock determined by dividing the original contribution, plus accrued dividends, by the 30-day volume weighted average share price of Class A common shares. On and after May 25, 2020, when the conversion option became effective, the Series A Preferred Shares became participating securities and we began calculating earnings per share using the two-class method.

Share Based Payments

Share Based Payments	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
Share Based Payments	4. SHARE BASED PAYMENTS The amounts recorded as share based compensation expense consist of restricted stock awards issued to officers and employees that have vesting periods up to three years. Awards are typically made pursuant to employment agreements. Restricted stock awards are granted out of the Company’s 2021 and 2020 Equity Compensation Plans. We determine the fair value of restricted stock and RSUs based on the closing price of our stock on the date of grant. We generally recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the period during which the restriction lapses. Forfeitures are recognized in the period in which they occur. The following table presents a summary of the Company’s restricted stock grants outstanding at December 31, 2021, and restricted stock activity during the year ended December 31, 2021 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 103 $ 5.41 Granted 1,366 3.67 Vested (restriction lapsed) (363 ) 3.75 Forfeited (22 ) 5.56 Grants outstanding, end of period 1,084 $ 3.77 Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense recognized by the Company for the years ended December 31, 2021, and 2020 Year Ended December 31, 2021 2020 Operating expenses excluding depreciation and amortization $ 1,436 $ — Corporate expenses 2,214 129 Stock-based compensation expense $ 3,650 $ 129 As of December 31, 2021, there was $1.7 million of unrecognized compensation cost related to nonvested stock-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately 1.7 years.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue	5. REVENUE The Company generates revenue from the sale of services including, but not limited to: (i) on-air commercial broadcast time, (ii) display advertising on outdoor structures, (iii) non-traditional revenues including event-related revenues and event sponsorship revenues, and (iv) digital advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising revenues presented in the condensed consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues Radio Advertising On-air broadcast revenue is recognized when or as performance obligations under the terms of a contract with a customer are satisfied. This typically occurs over the period of time that advertisements are provided, or as an event occurs. Revenues are reported at the amount the Company expects to be entitled to receive under the contract. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue in the consolidated balance sheets. Substantially all deferred revenue is recognized within twelve months of the payment date. Outdoor Advertising Our outdoor advertising business has approximately 3,500 faces consisting of bulletins, posters and digital billboards. Bulletins are generally large, illuminated advertising structures that are located on major highways and target vehicular traffic. Posters are generally smaller advertising structures that are located on major traffic arteries and city streets and target vehicular and pedestrian traffic. Digital billboards are computer-controlled LED displays where six to eight advertisers rotate continuously, each one having seven to ten seconds to display a static image. Digital billboards are generally located on major traffic arteries and streets. A substantial portion of this revenue is lessor revenue derived from operating leases accounted for under ASC 842, “Leases.” Nontraditional Nontraditional revenues principally consist of ticket sales and sponsorship of events our stations conduct in their local market. These revenues are recognized when our performance obligations are fulfilled, which generally coincides with the occurrence of the related event. Digital Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video sponsorships, but excluding digital billboard advertisements) to advertisers on Company-owned websites and from revenue generated from content distributed across other digital platforms. Digital revenues are generally recognized as the digital advertising is delivered. Other Other revenue includes barter revenue, network revenue, and production revenue. The Company provides advertising broadcast time in exchange for certain products and services, including on-air radio programming. These barter arrangements generally allow the Company to preempt such bartered broadcast time in favor of advertisers who purchase time for cash consideration. These barter arrangements are valued based upon the Company’s estimate of the fair value of the products and services received. Revenue is recognized on barter arrangements when we broadcast the advertisements. Advertisements delivered under barter arrangements are typically aired during the same period in which the products and services are consumed. The Company also sells certain remnant advertising inventory to third-parties for cash, and we refer to this as network revenue. The third-parties aggregate our remnant inventory with other broadcasters' remnant inventory for sale to third parties, generally to large national advertisers. This network revenue is recognized as we broadcast the advertisements. In connection with certain outdoor advertising arrangements, the customer may request that the Company produce the billboard wrap (commonly printed on a vinyl material) displaying the customer’s advertisement on our outdoor structure. This production revenue is recognized as the deliverable is made available to the customer or attached to our outdoor structure. Other revenue also includes the management fee received from Billboards Disaggregation of revenue The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2021 2020 Net revenues: Radio Advertising $ 30,012 54.1 % $ 19,129 48.7 % Nontraditional 4,864 8.8 % 761 1.9 % Digital 2,864 5.2 % 2,256 5.7 % Outdoor Advertising (1) 12,725 22.9 % 12,459 31.7 % Other 5,028 9.0 % 4,656 12.0 % Total net revenues $ 55,493 $ 39,261 (1) A substantial portion of this revenue is from lessor revenue derived from operating leases accounted for under ASC 842, “ Leases .”

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	6. LONG-TERM DEBT Long-term debt was comprised of the following at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 Senior credit facility $ 68,343 $ 70,972 Notes payable to Emmis 6,154 5,535 Notes payable to SG Broadcasting 27,574 21,400 Less: Current maturities (2,754 ) (1,836 ) Less: Unamortized original discount (1,790 ) (2,153 ) Total long-term debt, net of current portion and debt discount $ 97,527 $ 93,918 Senior secured term loan agreement The Company has a five-year 1.10:1.00 As of December 31, 2021, several amendments had been entered into by the Company and GACP to modify, among other things, certain provisions relating to the repayment of the Term Loan (as defined in the Senior Credit Facility). On May 19, 2021, the Company entered into Amendment No. 4 to its Senior Credit Facility. Under the terms of Amendment No. 4: • SG Broadcasting agreed to contribute up to $7.0 million to the Company in the form of subordinated debt, with $3.0 million contributed at closing, $1.0 million contributed on June 1, 2021, and up to an additional $3.0 million to be contributed through June 30, 2022, if necessary, to satisfy certain conditions described in Amendment No. 4; • the Company made a principal payment of $3.0 million to reduce borrowings outstanding under the Senior Credit Facility; • no • the Minimum Consolidated Fixed Charge Coverage Ratio (as defined in the Senior Credit Facility) was reduced to 1.00:1.00 1.10:1.00 • for purposes of calculating compliance with the Minimum Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA (as defined in the Senior Credit Facility) includes certain amounts contributed by SG Broadcasting in the form of subordinated debt or equity, including those described above; • for purposes of calculating the Company’s borrowing base under the Senior Credit Facility, the multiple applied to Billboard Cash Flow (as defined in the Senior Credit Facility) increased from 3.5 to 5.0 and the advance rate applied to the radio stations’ FCC licenses increased from 60% to 70%; • at any time the multiple applied to Billboard Cash Flow exceeds 3.5 or the advance rate applied to the radio stations’ FCC licenses exceeds 60%, an incremental annual interest rate of 1.0% applies and is paid-in-kind monthly; • certain specified events of default were waived; and • an amendment fee of $0.4 million was paid in cash. As a result of the $3.0 million payment made under the amendment, the Company recorded a loss on debt extinguishment of $81 thousand during the year ended December 31, 2021. For the period May 19, 2021 through December 31, 2021, the multiple applied to billboard cash flow was in excess of 3.5x and the advance rate applied to the Company's FCC Licenses exceeded 60% in order for the Company to achieve minimal compliance with its loan to value covenant. Therefore, the incremental annual interest rate of 1.0% applied during this period and additional interest payments of $0.4 million were paid in kind during the year ended December 31, 2021, all of which was added to the principal balance outstanding. $0.1 million of incremental interest was accrued at December 31, 2021 and was paid-in-kind after January 1, 2022. As of December 31, 2021, there is $68.3 million outstanding under the Senior Credit Facility, which is carried net of a total unamortized discount of $1.8 million. Emmis Convertible Promissory Note The Emmis Convertible Promissory Note carries interest at a base rate equal to the interest on any senior credit facility, including any applicable paid in kind rate, or if no senior credit facility is outstanding, of 6.0%, plus an additional 1.0% on any payment of interest in kind and, without regard to whether the Company pays such interest in kind, an additional increase of 1.0% following the second anniversary of the date of issuance and additional increases of 1.0% following each successive anniversary thereafter. Because the Senior Credit Facility prohibits the Company from paying interest in cash on the Emmis Convertible Promissory Note, the Company has been accruing interest since inception using the rate applicable if the interest will be paid-in-kind. The Emmis Convertible Promissory Note is convertible, in whole or in part, into MediaCo Class A common stock at the option of Emmis and at a strike price equal to the thirty-day volume weighted average price of the MediaCo Class A common stock on the date of conversion. The Emmis Convertible Promissory Note matures on November 25, 2024. For the year ended December 31, 2021, interest of $0.6 million was paid-in-kind and added to the principal balance outstanding which was $6.2 million December 31, 2021. Second Amended and Restated SG Broadcasting Promissory Note, Additional SG Broadcasting Promissory Note and May 2021 SG Broadcasting Promissory Note The Second Amended and Restated SG Broadcasting Promissory Note carries interest at a base rate equal to the interest on any senior credit facility, including any applicable paid-in-kind rate, or if no senior credit facility is outstanding, of 6.0%, and an additional increase of 1.0% following the second anniversary of the date of issuance and additional increases of 1.0% following each successive anniversary thereafter. The Second Amended and Restated SG Broadcasting Promissory Note matures on May 25, 2025. Additionally, interest under the Second Amended SG Broadcasting Promissory Note is payable in kind through maturity and is convertible into MediaCo Class A common stock at the option of SG Broadcasting at a strike price equal to the thirty-day volume weighted average price of the MediaCo Class A common stock on the date of conversion. The Additional SG Broadcasting Promissory Note carries interest at a base rate equal to the interest on any senior credit facility, including any applicable paid-in-kind rate, or if no senior credit facility is outstanding, of 6.0%, and an additional increase of 1.0% following the second anniversary of the date of issuance and additional increases of 1.0% following each successive anniversary thereafter. The Additional SG Broadcasting Promissory Note matures on May 25, 2025. Additionally, interest under the Additional SG Broadcasting Promissory Note is payable in kind through maturity and is convertible into MediaCo Class A common stock at the option of SG Broadcasting at a strike price equal to the thirty-day volume weighted average price of the MediaCo Class A common stock on the date of conversion. For the year ended December 31, 2021, annual interest of $2.2 million was paid-in-kind and added to the principal balance outstanding. On May 19, 2021, the Company issued to SG Broadcasting a subordinated convertible promissory note (the “May 2021 SG Broadcasting Promissory Note”), in return for which SG Broadcasting contributed $3.0 million to the Company to make the prepayment of Senior Credit Facility debt required under Amendment No. 4. Up to $7.0 million may be borrowed pursuant to the May 2021 SG Broadcasting Promissory Note. The May 2021 SG Broadcasting Promissory Note carries interest at a base rate equal to the interest on any senior credit facility, including any applicable paid-in-kind rate, or if no senior credit facility is outstanding, of 6.0%, and an additional increase of 1.0% on November 25, 2021 and additional annual increases of 1.0% following each successive anniversary thereafter. The May 2021 SG Broadcasting Promissory Note matures on May 25, 2025 and interest is payable in-kind through maturity. Subject to prior shareholder approval of the issuance of the shares, the May 2021 SG Broadcasting Promissory Note is convertible into MediaCo Class A common stock at the option of SG Broadcasting at a strike price equal to the thirty-day volume weighted average price of the MediaCo Class A common stock on the date of conversion. On June 1, 2021, SG Broadcasting contributed $1.0 million to the Company under the May 2021 SG Broadcasting Promissory Note as required by Amendment No. 4 to the Senior Credit Facility. As of December 31, 2021, there was a total of $27.6 million outstanding under the Second Amended and Restated SG Broadcasting Promissory Note, the Additional SG Broadcasting Promissory Note and the May 2021 SG Broadcasting Promissory Note. In March 2022, the Company extended the ability to draw the remaining $3.0 million on the May 2021 SG Broadcasting Promissory Note to June 30, 2023 and intends to draw the amount necessary to remain in compliance with our debt covenants under the Senior Credit Facility throughout the term of the note. Based on amounts outstanding at December 31, 2021, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year ended December 31, Senior Credit Facility Emmis Notes SG Broadcasting Notes Total 2022 2,754 — — 2,754 2023 3,672 — — 3,672 2024 61,917 6,154 — 68,071 2025 — — 27,574 27,574 2026 — — — — Total $ 68,343 $ 6,154 $ 27,574 $ 102,071

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. FAIR VALUE MEASUREMENTS Fair value is the exchange price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company uses market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Recurring Fair Value Measurements The Company has no financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 or 2020. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis including those described in Note 10, Intangible Assets and Goodwill, and are adjusted to fair value only when the carrying values are more than the fair values The categorization of the framework used to price the assets is considered a Level 3 measurement due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 10 for more discussion). Fair Value of Other Financial Instruments Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. The following methods and assumptions were used to estimate the fair value of financial instruments: • Cash and cash equivalents : The carrying amount of these assets approximates fair value because of the short maturity of these instruments. • Senior Credit Facility : As of December 31, 2021, the fair value and carrying value, excluding original issue discount, of the Company’s Senior Credit Facility debt was $68.3 million. This debt is not actively traded and is considered a Level 3 instrument. The Company believes the current carrying value of this debt approximates its fair value. • Other long-term debt : The Emmis Promissory Note and SG Broadcasting Note are not actively traded and are considered L evel 3 instruments . The Company believes the current carrying value of this debt approximates its fair value.

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisition	8. ACQUISITION On May 25, 2021, the Company purchased 24 outdoor advertising structures consisting of 41 faces from DS Outdoor LLC dba Hotspots Outdoor for $0.4 million. The structures are located in Alabama. On June 25, 2021, the Company purchased 8 outdoor advertising structures consisting of 26 faces from Carpenter Outdoor, LLC for $0.4 million. The structures are located in Georgia. Both acquisitions are accounted for as asset purchases and our accounting for these transactions was finalized in 2021. The assets associated with both acquisitions are assigned to our Outdoor Advertising segment. In connection with the two asset acquisitions, the Company recorded $0.9 million of property, plant and equipment, $0.3 million of operating lease right-of-use assets and corresponding operating lease liabilities and $0.1 million of additional asset retirement obligations.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	9. LEASES We determine if an arrangement is a lease at inception. We have operating leases for office space, sites upon which advertising structures are built, tower space, equipment and automobiles expiring at various dates through October 2049. Some leases have options to extend and some have options to terminate. Operating leases are included in operating lease right-of-use assets, current operating lease liabilities, and noncurrent operating lease liabilities in our consolidated balance sheets. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate if it is readily determinable. Our lease terms may include options to extend or terminate the lease, which we treat as exercised when it is reasonably certain and there is a significant economic incentive to exercise that option. Our outdoor advertising segment treats evergreen leases as though they will be automatically renewed at the end of each term. Operating lease expense for operating lease assets is recognized on a straight-line basis over the lease term. Variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the obligation for these payments was incurred. Variable lease expense for the years ended December 31, 2021, and 2020, was $0.2 million. We elected not to apply the recognition requirements of ASC 842, “Leases” The impact of operating leases to our consolidated financial statements was as follows: Year Ended December 31, 2021 2020 Lease Cost Operating lease cost $ 5,018 $ 4,986 Other Information Operating cash flows from operating leases 5,858 5,020 Right-of-use assets obtained in exchange for new operating lease liabilities 754 — Weighted average remaining lease term - operating leases (in years) 8.5 9.0 Weighted average discount rate - operating leases 9.4 % 9.1 % As of December 31, 2021, the annual minimum lease payments of our operating lease liabilities were as follows: Year ended December 31, 2022 $ 4,922 2023 4,390 2024 2,890 2025 2,873 2026 2,740 After 2026 12,785 Total lease payments 30,600 Less: imputed interest (9,890 ) Total recorded lease liabilities $ 20,710 Our outdoor advertising business generates lessor revenue derived from operating leases accounted for under ASC 842, “Leases.” Year ended December 31, 2022 $ 7,588 2023 597 2024 82 2025 4 2026 — After 2026 —

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles Assets and Goodwill	10. INTANGIBLE ASSETS AND GOODWILL As of December 31, 2021 and 2020, intangible assets consisted of the following: December 31, 2021 December 31, 2020 Indefinite-lived intangible assets: FCC Licenses $ 63,266 $ 63,266 Trade Name 733 733 Goodwill 13,102 13,102 Definite-lived intangible assets: Programming Contract — 220 Customer List 929 1,896 Total $ 78,030 $ 79,217 In accordance with ASC Topic 350, Intangibles—Goodwill and Other, Impairment Testing The Company generally performs its annual impairment review of indefinite-lived intangibles as of October 1 each year. At the time of each impairment review, if the fair value of the indefinite-lived intangible is less than its carrying value, a charge is recorded to results of operations. When indicators of impairment are present, the Company will perform an interim impairment test. We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. During the years ended December 31, 2021, and 2020, the Company did not record any impairment losses. Valuation of Indefinite-lived Broadcasting Licenses Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine the fair value of our FCC licenses, the Company considers both income and market valuation methods when it performs its impairment tests. Under the income method, the Company projects cash flows that would be generated by its unit of accounting assuming the unit of accounting was commencing operations in its market at the beginning of the valuation period. This cash flow stream is discounted to arrive at a value for the FCC license. The Company assumes the competitive situation that exists in its market remains unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon changes in general economic conditions, audience behavior, consummated transactions, and numerous other variables that may be beyond our control. The projections incorporated into our license valuations take into consideration the current economic conditions. Under the market method, the Company uses recent sales of comparable radio stations for which the sales value appeared to be concentrated entirely in the value of the license, to arrive at an indication of fair value. When evaluating our radio broadcasting licenses for impairment, the testing is performed at the unit of accounting level as determined by ASC Topic 350-30-35. In our case, radio stations in a geographic market cluster are considered a single unit of accounting. Below are some of the key assumptions used in our income method annual impairment assessments. The long-term growth rates in the New York market in which we operate are based on recent industry trends and our expectations for the market going forward. October 1, 2021 October 1, 2020 Discount Rate 12.1% 12.4% Long-term Revenue Growth Rate 1.3% 1.0% Mature Market Share 9.2% 9.4% Operating Profit Margin 24.2-29.0% 26.6-29.5% As of both December 31, 2021 and December 31 2020, the carrying amount of the Company’s FCC licenses was $63.3 million. Valuation of Trade Name As a result of the Fairway Acquisition, the Company acquired the trade name ‘Fairway’. The trade name is well known in the industry and is being retained for continued market use following the acquisition. This trade name favorably factors into customer purchasing decisions. For the purchase price allocation, the trade name was valued using the relief from royalty method. This method is based on what a company would be willing to pay for a royalty in order to exploit the related benefits of the trade name. The value of the trade name is determined by discounting the inherent after-tax royalty savings associated with ownership or possession of the trade name. The valuation assigned to the trade name as a result of the purchase price accounting was $0.7 million. We assess the trade name annually for impairment on October 1 of each year along with our other indefinite-lived intangibles. Valuation of Goodwill As a result of the Fairway Acquisition during 2019, the Company recorded $13.1 million of goodwill which accounts for all goodwill on the consolidated balance sheet as of December 31, 2021 and is part of the Outdoor Advertising segment. ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually. Under ASC 350 we have the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value as a basis for determining whether it is necessary to perform an annual quantitative goodwill impairment test. We perform this assessment annually as of October 1. When performing a quantitative assessment for impairment, the Company uses a market approach to determine the fair value of the reporting unit. Management determines the fair value for the reporting unit by multiplying the cash flows of the reporting unit by an estimated market multiple. Management believes this methodology for valuing outdoor advertising businesses is a common approach and believes that the multiples used in the valuation are reasonable given our peer comparisons, analyst reports, and market transactions. To corroborate the fair values determined using the market approach described above, management also uses an income approach, which is a discounted cash flow method to determine the fair value of the reporting unit. If the carrying value of a reporting unit’s goodwill exceeds its fair value, the Company recognizes an impairment charge equal to the difference in the statement of operations. Definite-lived Intangibles The following table presents the weighted-average remaining useful life at December 31, 2021 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Programming Contract — $ 2,154 $ 2,154 $ — $ 2,154 $ 1,934 $ 220 Customer List 1.0 2,906 1,977 929 2,906 1,010 1,896 Total $ 5,060 $ 4,131 $ 929 $ 5,060 $ 2,944 $ 2,116 The customer list was acquired as part of the Fairway Acquisition on December 13, 2019 and was valued as part of the purchase price allocation performed at closing. Customer relationships represent a source of repeat business. The information contained in such relationships usually includes the preferences of the customer, the buying patterns of the customer, and the history of purchases that have been made by the customer. In calculating the value of Fairway Outdoors’ customer relationships, we employed the multiperiod excess earnings method of the income approach, which estimates value based on the present value of future economic benefits. This methodology resulted in a valuation of $2.9 million. A useful life of three years was assigned to the customer list. Total amortization expense from definite-lived intangibles for the years ended December 31, 2021, and 2020, was $1.2 million and $1.3 million, respectively. The Company estimates amortization expense of $0.9 million for the year ended December 31, 2022 and none thereafter.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	11. ASSET RETIREMENT OBLIGATIONS The Company’s asset retirement obligation includes the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations. Balance at December 31, 2019 $ 5,623 Purchase price allocation adjustment 29 Accretion expense 726 Liabilities settled (62 ) Balance at December 31, 2020 $ 6,316 Additions to asset retirement obligations 179 Accretion expense 848 Liabilities settled (76 ) Balance at December 31, 2021 $ 7,267

Other Commitments and Contingen

Other Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Other Commitments and Contingencies	12. OTHER COMMITMENTS AND CONTINGENCIES Commitments In addition to the lease payments described in Note 9, t Year ended December 31, Total Payments 2022 $ 1,137 2023 249 2024 — 2025 — 2026 — Thereafter — Total $ 1,386 Litigation From time to time, our stations are parties to various legal proceedings arising in the ordinary course of business. In the opinion of management of the Company, however, there are no legal proceedings pending against the Company that we believe are likely to have a material adverse effect on the Company.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. INCOME TAXES The provision for income taxes for the years ended December 31, 2021, and 2020, consisted of the following: Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Total current — — Deferred: Federal 110 10,146 State 248 5,415 Total deferred 358 15,561 Provision for income taxes $ 358 $ 15,561 The provision for income taxes for the years ended December 31, 2021, and 2020, differs from that computed at the Federal statutory corporate tax rate as follows: Year Ended December 31, 2021 2020 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ (1,203 ) $ (2,350 ) State income tax (473 ) (920 ) Equity based compensation (201 ) — Valuation allowance 2,205 18,795 Other 30 36 Provision for income taxes $ 358 $ 15,561 The final determination of our income tax liability may be materially different from our income tax provision. Significant judgment is required in determining our provision for income taxes. Our calculation of the provision for income taxes is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. In addition, our income tax returns are subject to periodic examination by the Internal Revenue Service and other taxing authorities. As of December 31, 2021, the Company had no open income tax examinations. The components of deferred tax assets and deferred tax liabilities at December 31, 2021, and 2020, were as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Intangible assets $ 13,622 $ 14,427 Lease liability 6,230 7,125 Interest deduction carryforward 4,311 2,219 Stock compensation 726 39 Net operating losses 8,674 8,009 Other 412 285 Valuation allowance (21,000 ) (18,795 ) Total deferred tax assets 12,975 13,309 Deferred tax liabilities Indefinite-lived intangible assets (7,056 ) (5,939 ) Right of use asset (6,477 ) (7,186 ) Property and equipment (1,511 ) (1,895 ) Total deferred tax liabilities (15,044 ) (15,020 ) Net deferred tax liabilities $ (2,069 ) $ (1,711 ) A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset (“DTA”) will not be realized. The Company has considered future taxable income and ongoing prudent and feasible tax-planning strategies in assessing the need for the valuation allowance. As of December 31, 2021, and 2020, the Company recorded a valuation allowance against its deferred tax assets, because the Company's management determined that it was more likely than not that certain assets would not be fully realized , as a result of a sharp deterioration of business activity related to the COVID-19 pandemic. The Company records certain deferred tax liabilities (“DTLs”) related to indefinite lived intangibles that are not expected to reverse during the carry-forward period. These DTLs can be considered a source of future taxable income to support realization of net operating losses (“NOLs”) that do not expire and D TAs that upon reversal would give rise to NOLs that do not expire. With this consideration, the total valuation allowance recorded at December 31, 2021, and 2020, was $21.0 million and $18.8 million, respectively, resulting in a net $2.1 million and $1.7 million DTL, respectively. The Company has federal net operating losses (“NOLs”) of $34.8 million and state NOLs of $22.1 million available to offset future taxable income. The federal and certain state NOL carryforwards do not expire, and the remaining state NOL carryforwards begin expiring in the year ending December 2039. Accounting Standards Codification paragraph 740-10 clarifies the accounting for uncertainty in income taxes by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken within a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest benefit that is greater than 50 percent likely of being realized upon ultimate settlement. As of December 31, 2021, the Company has no uncertain tax positions.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	14. SEGMENT INFORMATION The Company’s operations are aligned into two business segments: (i) Radio, and (ii) Outdoor advertising. Radio includes the operations and results of WQHT-FM and WBLS-FM, and outdoor advertising includes the operations and results of the Fairway businesses acquired in December 2019 and additional acquisitions thereafter. The Company groups activities that are not considered operating segments in the “All Other” category. These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses, including transaction costs, are not allocated to reportable segments. The Company’s segments operate exclusively in the United States. The accounting policies as described in the summary of significant accounting policies included in Note 1 to these consolidated financial statements, are applied consistently across segments. Year Ended December 31, 2021 Radio Outdoor Advertising All Other Consolidated Net revenues $ 41,727 $ 13,766 $ — $ 55,493 Operating expenses excluding depreciation and amortization expense 28,667 9,057 — 37,724 Corporate expenses — — 8,434 8,434 Depreciation and amortization 667 3,258 — 3,925 Loss on disposal of assets — (47 ) — (47 ) Operating income (loss) $ 12,393 $ 1,498 $ (8,434 ) $ 5,457 Year Ended December 31, 2020 Radio Outdoor Advertising All Other Consolidated Net revenues $ 26,020 $ 13,241 $ — $ 39,261 Operating expenses excluding depreciation and amortization expense 22,827 9,517 — 32,344 Corporate expenses — — 4,338 4,338 Depreciation and amortization 893 3,188 — 4,081 Loss on disposal of assets — 197 — 197 Operating income (loss) $ 2,300 $ 339 $ (4,338 ) $ (1,699 ) Total Assets Radio Outdoor Advertising Consolidated December 31, 2021 $ 90,485 $ 57,725 $ 148,210 December 31, 2020 84,219 62,132 146,351

Employee Retention Credits

Employee Retention Credits	12 Months Ended
	Dec. 31, 2021
Employee Retention Credits [Abstract]
Employee Retention Credits	15. EMPLOYEE RETENTION CREDITS The Consolidated Appropriations Act, passed in December 2020, expanded the employee retention credit program through December 2021. The credits cover 70% of qualified wages, plus the cost to continue providing health benefits to our employees, subject to a $7 thousand cap per employee per quarter. Due to revenue declines we have experienced, we qualified for approximately $1.9 million of employee retention credits during the year ended December 31, 2021, of which $1.1 million was received in cash and $0.8 million of employment tax withholdings were retained. $1.7 million was recorded in Operating expenses excluding depreciation and amortization expense and $0.2 million was recorded in Corporate expenses.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	16. RELATED PARTY TRANSACTIONS Transaction Agreement with Emmis and SG Broadcasting On June 28, 2019, MediaCo entered into a Contribution and Distribution Agreement with Emmis and SG Broadcasting, pursuant to which (i) Emmis contributed the assets of its radio stations WQHT-FM and WBLS-FM, in exchange for $91.5 million in cash, a $5.0 million note and 23.72% of the common stock of MediaCo, (ii) Standard General purchased 76.28% of the common stock of MediaCo, and (iii) the common stock of MediaCo received by Emmis was distributed pro rata in a taxable dividend to Emmis’ shareholders on January 17, 2020. The common stock of MediaCo acquired by Standard General is entitled to ten votes per share and the common stock acquired by Emmis and distributed to Emmis’ shareholders is entitled to one vote per share. The sale closed on November 25, 2019, at which time MediaCo and Emmis also entered into a management agreement (the “Management Agreement”), an employee leasing agreement (the “Employee Leasing Agreement”) and certain other ancillary agreements. The Management Agreement with Emmis Operating Company was for an initial term of two years (cancellable by MediaCo after 18 months) under which Emmis provided various services to us, including accounting, human resources, information technology, legal, public reporting and tax. The Management Agreement was terminated in November 2021 The initial term of the Employee Leasing Agreement lasted through December 31, 2020. Effective January 1, 2021, the Employee Leasing Agreement was terminated, and the Company hired all of the leased employees and assumed the employment and collective bargaining agreements related to leased employees. The Employee Leasing Agreement was terminated at the expiration of the initial term, so no early termination penalties were incurred. Expense related to the Employee Leasing Agreement was $9.6 million for the year ended December 31, 2020. This expense was recognized in operating expenses excluding depreciation and amortization in the consolidated statements of operations. No amount remains unpaid as of December 31, 2021. As part of the acquisition of SG Broadcasting’s controlling interest in the Company from Emmis on November 25, 2019, MediaCo owed to Emmis the working capital of the stations, but the Company was permitted to collect and retain, for a period of nine months, the first $5.0 million of net working capital attributable to the stations as of the closing date. This right to $5.0 million of retained net working capital was satisfied in January 2020 and used in the operations of the business. This amount was paid to Emmis during the three months ended September 30, 2020. Convertible Promissory Notes As a result of the transaction described above, on November 25, 2019, we issued convertible promissory notes to both Emmis and SG Broadcasting in the amounts of $5.0 million and $6.3 million, respectively. On February 28, 2020, the Company and SG Broadcasting amended and restated the SG Broadcasting Promissory Note such that the maximum aggregate principal amount issuable under the note was increased from $6.3 million to $10.3 million. Also on February 28, 2020, SG Broadcasting loaned an additional $2.0 million to the Company pursuant to the amended note for working capital purposes. On March 27, 2020, the Company and SG Broadcasting further amended and restated the SG Broadcasting Promissory Note such that the maximum aggregate principal amount issuable under the note was increased from $10.3 million to $20.0 million. On March 27, 2020, SG Broadcasting loaned an additional $3.0 million to the Company pursuant to the Second Amended and Restated SG Promissory Note for working capital purposes. On August 28, 2020, SG Broadcasting loaned an additional $8.7 million to the Company pursuant to the Second Amended and Restated SG Promissory Note for working capital purposes, bringing the total principal amount outstanding to $20.0 million. On September 30, 2020, SG Broadcasting loaned an additional $0.3 million to the Company pursuant to the Additional SG Broadcasting Promissory Note for working capital purposes. On November 25, 2020, annual interest of $0.5 million and $1.1 million was paid in kind and added to the principal balances of the Emmis Convertible Promissory Note and the SG Broadcasting Promissory Note, respectively. Consequently, the principal amount outstanding under the Emmis Convertible Promissory Note and SG Broadcasting Promissory Note as of December 31, 2020 was $5.5 million and $21.2 million, respectively. On May 19, 2021, the Company issued to SG Broadcasting the May 2021 SG Broadcasting Promissory Note, in return for which SG Broadcasting loaned $3.0 million to the Company to make the prepayment of Senior Credit Facility debt required under Amendment No. 4. Up to $7.0 million may be borrowed pursuant to the May 2021 SG Broadcasting Promissory Note. On June 1, 2021, SG Broadcasting loaned $1.0 million to the Company under the May 2021 SG Broadcasting Promissory Note as required by Amendment No. 4 to the Senior Credit Facility. On September 30, 2021, annual interest of $25 thousand on the Second Amended Promissory Note was paid in kind and added to the principal balance outstanding. On November 25, 2021, annual interest of $0.6 million and $2.2 million was paid in kind and added to the principal balances of the Emmis Convertible Promissory Note and the SG Broadcasting Promissory Note, respectively. Consequently, the principal amount outstanding under the Emmis Convertible Promissory Note and the SG Broadcasting Promissory Notes as of December 31, 2021 was $6.2 million and $27.6 million, respectively. The Company recognized interest expense of $0.6 million and $2.5 million related to the Emmis Convertible Promissory Note and the SG Broadcasting Promissory Notes, respectively. The terms of these notes are described in Note 6. Convertible Preferred Stock On December 13, 2019, in connection with the Fairway Acquisition, the Company issued to SG Broadcasting 220,000 shares of MediaCo Series A Convertible Preferred Stock. Dividends on Series A Convertible Preferred Stock held by SG Broadcasting were $2.8 million and $2.1 million for the years ended December 31, 2021, and 2020. On December 13, 2021, and 2020, $2.7 million and $2.1 million, respectively, of dividends were paid in kind. These payments in kind increased the accrued value of the preferred stock and no additional shares were issued as part of this payment. As of December 31, 2021, and 2020, unpaid cumulative dividends were $0.2 million and $0.1 million, respectively, and included in the balance of preferred stock in the accompanying consolidated balance sheets. See Note 3 for a description of the Preferred Stock. Loan Proceeds Participation Agreement On April 22, 2020, MediaCo and Emmis entered into a certain Loan Proceeds Participation Agreement (the “LPPA”) pursuant to which (i) Emmis agreed to use certain of the proceeds of the loan Emmis received pursuant to the Paycheck Protection Program (“PPP”) under Division A, Title I of the CARES Act to pay certain wages of employees leased to MediaCo pursuant to the Employee Leasing Agreement, between Emmis and MediaCo (ii) Emmis agreed to waive up to $1.5 million in reimbursement obligations of MediaCo to Emmis under the Employee Leasing Agreement to the extent that the PPP Loan is forgiven, and (iii) MediaCo agreed to promptly pay Emmis an amount equal to 31.56% of the amount of the PPP Loan, if any, that Emmis is required to repay, up to the amount of the reimbursement obligations forgiven under (ii) above. Standard General L.P., on behalf of all of the funds for which it serves as an investment advisor, agreed to guaranty MediaCo’s obligations under the LPPA. During 2021, Emmis received notification that the full amount of the loan was forgiven. Management Agreement for Billboards LLC On August 11, 2020, the board of directors of the Company unanimously authorized the entry into a certain Management Agreement (the “Billboard Agreement”) between Fairway Outdoor LLC (a subsidiary of the Company, “Fairway”) and Billboards LLC (an affiliate of Standard General, “Billboards”). Under the Billboard Agreement, Fairway will manage the billboard business of Billboards in exchange for payments of $25,000 per quarter and reimbursement of all out-of-pocket expenses incurred by Fairway in the performance of its duties under the Billboard Agreement. The Billboard Agreement has an effective date of August 1, 2020, has a term of three years, and has customary provisions on limitation of liability and indemnification. $0.1 million of income was recognized in the year ended December 31, 2021 in relation to the Billboard Agreement, none of which was outstanding as of December 31, 2021. Additionally, Fairway incurred $0.2 million of out-of-pocket expenses for the period, $0.1 million of which has been reimbursed as of December 31, 2021.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS In March 2022, a bonus award of $1.3 million was approved and granted to certain employees based on their service and results in 2021. These awards are to be paid partially in cash and partially in restricted stock awards, which vest immediately upon grant in March 2022. For the year ended December 31, 2021, we recorded $0.5 million of expense related to the cash portion of the awards, of which $0.2 million and $0.3 million are included in Operating expenses excluding depreciation and amortization expense and Corporate expenses, respectively. $0.8 million was recorded as stock-based compensation expense in 2022. In March 2022, the Company extended the time we are able to make additional draws on the May 2021 SG Broadcasting Promissory Note. See Note 6 for further discussion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization	Organization MediaCo Holding Inc. (“MediaCo” or the “Company”) is an owned and operated multi-media company formed in Indiana in 2019, focused on radio, outdoor and digital advertising. Our assets consist of two radio stations, WQHT-FM and WBLS-FM (the “Stations”), which serve the New York City demographic market area that primarily targets Black, Hispanic, and multi-cultural consumers, as well as approximately 3,500 outdoor advertising displays in the Southeast (Georgia, Alabama, South Carolina and Florida) and the Mid-Atlantic (Kentucky, West Virginia and Ohio) regions of the United States. We derive our revenues primarily from radio, outdoor, and digital advertising sales, but we also generate revenues from events, including sponsorships and ticket sales, licensing, and syndication. Unless the context otherwise requires, references to “we”, “us” and “our” refer to MediaCo and its subsidiaries.
Basis Of Presentation and Consolidation	Basis of Presentation and Consolidation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring adjustments) have been included.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Revenue Recognition	Revenue Recognition The Company generates revenue from the sale of services and products including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, (iii) digital advertising, and (iv) outdoor advertising. Payments received from advertisers before the performance obligation is satisfied are recorded as deferred revenue. Substantially all deferred revenue is recognized within twelve months of the payment date. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts An allowance for doubtful accounts is recorded based on management’s judgment of the collectability of receivables. When assessing the collectability of receivables, management considers, among other things, historical loss experience and existing economic conditions. Amounts are written off after all normal collection efforts have been exhausted. The activity in the allowance for doubtful accounts for the years ended December 31, 2021, and 2020, was as follows: Balance At Beginning Of Period Provision Write-Offs Balance At End Of Period Year ended December 31, 2020 $ 157 543 (197 ) $ 503 Year ended December 31, 2021 $ 503 71 (261 ) $ 313
Cash and Cash Equivalents	Cash and Cash Equivalents MediaCo considers time deposits, money market fund shares and all highly liquid debt investment instruments with original maturities of three months or less to be cash equivalents. At times, such deposits may be in excess of FDIC insurance limits.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the related assets, which are 30 to
Intangible Assets and Goodwill	Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” Definite-lived Intangibles The Company’s definite-lived intangible assets consist of programming agreements related to our radio business and customer relationships relating to our outdoor advertising business. These are amortized over the period of time the intangible assets are expected to contribute directly or indirectly to the Company’s future cash flows.
Advertising Costs	Advertising Costs Advertising costs are expensed when incurred. Advertising expenses were $0.2 million and $0.4 million for the years ended December 31, 2021, and 2020, respectively.
Asset Retirement Obligations	Asset Retirement Obligations We are required to estimate our obligations upon the termination or non-renewal of a lease to dismantle and remove its advertising structures from the leased land and to reclaim the site to its original condition. The Company records the present value of obligations associated with the retirement of its advertising structures in the period in which the obligation is incurred. When the liability is recorded the cost is capitalized as part of the related advertising structure’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The significant assumptions used in estimating the asset retirement obligation include the third-party cost of removing the asset, the cost of remediating the leased property to its original condition where required and the timing and number of lease renewals, all of which are estimated based on historical experience. The interest rate used to calculate the present value of such costs over the estimated retirement period is based on an estimated risk adjusted credit rate for the same period.
Deferred Revenue and Barter Transactions	Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter and other transactions in which payments are received prior to the performance of services (e.g., cash-in-advance advertising). Barter transactions are recorded at the estimated fair value of the product or service received. Revenue from barter transactions is recognized when commercials are broadcast. The appropriate expense or asset is recognized when merchandise or services are used or received. Barter revenues were $1.0 million and $0.9 million for the years ended December 31, 2021, and 2020, respectively. Barter expenses were $1.0 million and $0.9 million for the years ended December 31, 2021, and 2020, respectively.
Earnings Per Share	Earnings Per Share Our basic and diluted net loss per share is computed using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to their participation rights in dividends and undistributed earnings or losses. Shares of Series A preferred stock include rights to participate in dividends and distributions to common stockholders on an if-converted basis, and accordingly are considered participating securities. During periods of undistributed losses however, no effect is given to our participating securities since they are not contractually obligated to share in the losses. The following is a reconciliation of basic and diluted net loss per share attributable to Class A and Class B common shareholders: Year Ended December 31, 2021 2020 Net loss $ (6,082 ) $ (26,753 ) Preferred dividends 2,752 2,148 Net loss attributable to common shareholders $ (8,834 ) $ (28,901 ) Basic and diluted weighted average common shares outstanding 7,217 7,094 Net loss per share attributable to common shareholders $ (1.22 ) $ (4.07 ) Because we have incurred a net loss for the period where the Company had potentially dilutive securities, diluted net loss per common share is the same as basic net loss per common share. The following convertible equity shares and restricted stock awards were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive. Year Ended December 31, (in thousands) 2021 2020 Convertible Emmis promissory note 2,269 1,370 Convertible Standard General promissory notes 8,725 5,308 Series A convertible preferred stock 9,845 6,005 Restricted stock awards 515 39 Total 21,354 12,722
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value.
Long-Lived Tangible Assets	Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question is less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset.
Estimates	Estimates The Company has been actively monitoring the COVID-19 situation and its impact globally, as well as domestically and in the markets we serve. Our priority has been the safety of our employees, as well as the informational needs of the communities that we serve. Through the first few months of calendar 2020, the disease became widespread around the world, and on March 11, 2020, the World Health Organization declared a pandemic. In an effort to mitigate the continued spread of COVID-19, many federal, state and local governments mandated various restrictions, including travel restrictions, restrictions on non-essential businesses and services, restrictions on public gatherings and quarantining of people who may have been exposed to the virus. These restrictions, in turn, caused the United States economy to decline and businesses to cancel or reduce amounts spent on advertising, negatively impacting our advertising-based businesses. While not a material amount, some of our advertisers experienced a material decline in their businesses and were not able to pay amounts owed to us when they came due. Throughout 2021, with the increased availability of vaccines, the U.S. experienced an easing of restrictions on travel as well as social gatherings and business activities. However, the broad economic impact of the COVID-19 pandemic remains across multiple sectors, specifically disrupting logistics and global supply chains. If the spread of COVID-19 reaccelerates, or if supply chain disruptions persist, causing certain advertising categories (e.g., automotive dealers) to advertise less, we expect that our results of operations, financial condition and cash flows will continue to be negatively affected, the extent to which is difficult to estimate at this time. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Due to the uncertain future impacts of the COVID-19 pandemic and the related economic disruptions, actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company . The extent to which the COVID-19 pandemic and related economic disruptions impact the Company’s business and financial results will depend on future developments including, but not limited to: ( i ) the continued spread, duration and severity of the COVID-19 pandemic, (ii) the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided, (iii) the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity, (iv) the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event, and (v) how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, our ability to realize our deferred tax assets, and the carrying value of goodwill, FCC licenses and other long-lived assets. As discussed in Note 13, during 2020, as a result of a sharp deterioration of business activity related to the COVID-19 pandemic and the significant operating losses we incurred, we were unable to conclude that it was more likely than not that we would be able to realize our deferred tax assets; accordingly, we recorded a $18.8 million valuation allowance against these assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material changes to the estimates and material impacts to the Company’s consolidated financial statements in future reporting periods.
Reclassification	Reclassifications Certain amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements Not Yet Implemented	Recent Accounting Pronouncements Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Activity in Allowance for Doubtful Accounts	The activity in the allowance for doubtful accounts for the years ended December 31, 2021, and 2020, was as follows: Balance At Beginning Of Period Provision Write-Offs Balance At End Of Period Year ended December 31, 2020 $ 157 543 (197 ) $ 503 Year ended December 31, 2021 $ 503 71 (261 ) $ 313
Reconciliation of Basic and Diluted Net Loss per Share Attributable to Common Shareholders	The following is a reconciliation of basic and diluted net loss per share attributable to Class A and Class B common shareholders: Year Ended December 31, 2021 2020 Net loss $ (6,082 ) $ (26,753 ) Preferred dividends 2,752 2,148 Net loss attributable to common shareholders $ (8,834 ) $ (28,901 ) Basic and diluted weighted average common shares outstanding 7,217 7,094 Net loss per share attributable to common shareholders $ (1.22 ) $ (4.07 )
Schedule of Convertible Equity Shares and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss per Share	The following convertible equity shares and restricted stock awards were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive Year Ended December 31, (in thousands) 2021 2020 Convertible Emmis promissory note 2,269 1,370 Convertible Standard General promissory notes 8,725 5,308 Series A convertible preferred stock 9,845 6,005 Restricted stock awards 515 39 Total 21,354 12,722

Share Based Payments (Tables)

Share Based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Compensation Related Costs [Abstract]
Schedule of Restricted Stock Grants Outstanding and Restricted Stock Activity	We determine the fair value of restricted stock and RSUs based on the closing price of our stock on the date of grant. We generally recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the period during which the restriction lapses. Forfeitures are recognized in the period in which they occur. The following table presents a summary of the Company’s restricted stock grants outstanding at December 31, 2021, and restricted stock activity during the year ended December 31, 2021 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 103 $ 5.41 Granted 1,366 3.67 Vested (restriction lapsed) (363 ) 3.75 Forfeited (22 ) 5.56 Grants outstanding, end of period 1,084 $ 3.77
Schedule of Stock-Based Compensation Expense Recognized	The following table summarizes stock-based compensation expense recognized by the Company for the years ended December 31, 2021, and 2020 Year Ended December 31, 2021 2020 Operating expenses excluding depreciation and amortization $ 1,436 $ — Corporate expenses 2,214 129 Stock-based compensation expense $ 3,650 $ 129

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2021 2020 Net revenues: Radio Advertising $ 30,012 54.1 % $ 19,129 48.7 % Nontraditional 4,864 8.8 % 761 1.9 % Digital 2,864 5.2 % 2,256 5.7 % Outdoor Advertising (1) 12,725 22.9 % 12,459 31.7 % Other 5,028 9.0 % 4,656 12.0 % Total net revenues $ 55,493 $ 39,261 (1) A substantial portion of this revenue is from lessor revenue derived from operating leases accounted for under ASC 842, “ Leases .”

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt was comprised of the following at December 31, 2021, and December 31, 2020: December 31, 2021 December 31, 2020 Senior credit facility $ 68,343 $ 70,972 Notes payable to Emmis 6,154 5,535 Notes payable to SG Broadcasting 27,574 21,400 Less: Current maturities (2,754 ) (1,836 ) Less: Unamortized original discount (1,790 ) (2,153 ) Total long-term debt, net of current portion and debt discount $ 97,527 $ 93,918
Schedule of Mandatory Principal Payments of Long-Term Debt	Based on amounts outstanding at December 31, 2021, mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: Year ended December 31, Senior Credit Facility Emmis Notes SG Broadcasting Notes Total 2022 2,754 — — 2,754 2023 3,672 — — 3,672 2024 61,917 6,154 — 68,071 2025 — — 27,574 27,574 2026 — — — — Total $ 68,343 $ 6,154 $ 27,574 $ 102,071

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Impact of Operating Leases to Consolidated Financial Statements	The impact of operating leases to our consolidated financial statements was as follows: Year Ended December 31, 2021 2020 Lease Cost Operating lease cost $ 5,018 $ 4,986 Other Information Operating cash flows from operating leases 5,858 5,020 Right-of-use assets obtained in exchange for new operating lease liabilities 754 — Weighted average remaining lease term - operating leases (in years) 8.5 9.0 Weighted average discount rate - operating leases 9.4 % 9.1 %
Schedule of Annual Minimum Lease Payments of Operating Lease Liabilities	As of December 31, 2021, the annual minimum lease payments of our operating lease liabilities were as follows: Year ended December 31, 2022 $ 4,922 2023 4,390 2024 2,890 2025 2,873 2026 2,740 After 2026 12,785 Total lease payments 30,600 Less: imputed interest (9,890 ) Total recorded lease liabilities $ 20,710
Schedule of Minimum Fixed Lease Consideration Under Non-cancelable Operating Leases Excluding Variable Lease Consideration	Our outdoor advertising business generates lessor revenue derived from operating leases accounted for under ASC 842, “Leases.” Year ended December 31, 2022 $ 7,588 2023 597 2024 82 2025 4 2026 — After 2026 —

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	As of December 31, 2021 and 2020, intangible assets consisted of the following: December 31, 2021 December 31, 2020 Indefinite-lived intangible assets: FCC Licenses $ 63,266 $ 63,266 Trade Name 733 733 Goodwill 13,102 13,102 Definite-lived intangible assets: Programming Contract — 220 Customer List 929 1,896 Total $ 78,030 $ 79,217
Summary of Methodology Used in Valuation of FCC Licenses	October 1, 2021 October 1, 2020 Discount Rate 12.1% 12.4% Long-term Revenue Growth Rate 1.3% 1.0% Mature Market Share 9.2% 9.4% Operating Profit Margin 24.2-29.0% 26.6-29.5%
Schedule of Definite-Lived Intangible Assets	The following table presents the weighted-average remaining useful life at December 31, 2021 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Programming Contract — $ 2,154 $ 2,154 $ — $ 2,154 $ 1,934 $ 220 Customer List 1.0 2,906 1,977 929 2,906 1,010 1,896 Total $ 5,060 $ 4,131 $ 929 $ 5,060 $ 2,944 $ 2,116

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Information Related to Asset Retirement Obligations	The following table reflects information related to our asset retirement obligations. Balance at December 31, 2019 $ 5,623 Purchase price allocation adjustment 29 Accretion expense 726 Liabilities settled (62 ) Balance at December 31, 2020 $ 6,316 Additions to asset retirement obligations 179 Accretion expense 848 Liabilities settled (76 ) Balance at December 31, 2021 $ 7,267

Other Commitments and Conting_2

Other Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Various Commitments for Material Contracts	In addition to the lease payments described in Note 9, t Year ended December 31, Total Payments 2022 $ 1,137 2023 249 2024 — 2025 — 2026 — Thereafter — Total $ 1,386

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The provision for income taxes for the years ended December 31, 2021, and 2020, consisted of the following: Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Total current — — Deferred: Federal 110 10,146 State 248 5,415 Total deferred 358 15,561 Provision for income taxes $ 358 $ 15,561
Schedule of Income Tax Provision Reconciliation	The provision for income taxes for the years ended December 31, 2021, and 2020, differs from that computed at the Federal statutory corporate tax rate as follows: Year Ended December 31, 2021 2020 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ (1,203 ) $ (2,350 ) State income tax (473 ) (920 ) Equity based compensation (201 ) — Valuation allowance 2,205 18,795 Other 30 36 Provision for income taxes $ 358 $ 15,561
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities	The components of deferred tax assets and deferred tax liabilities at December 31, 2021, and 2020, were as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Intangible assets $ 13,622 $ 14,427 Lease liability 6,230 7,125 Interest deduction carryforward 4,311 2,219 Stock compensation 726 39 Net operating losses 8,674 8,009 Other 412 285 Valuation allowance (21,000 ) (18,795 ) Total deferred tax assets 12,975 13,309 Deferred tax liabilities Indefinite-lived intangible assets (7,056 ) (5,939 ) Right of use asset (6,477 ) (7,186 ) Property and equipment (1,511 ) (1,895 ) Total deferred tax liabilities (15,044 ) (15,020 ) Net deferred tax liabilities $ (2,069 ) $ (1,711 )

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Results of Operations of Business Segments	Year Ended December 31, 2021 Radio Outdoor Advertising All Other Consolidated Net revenues $ 41,727 $ 13,766 $ — $ 55,493 Operating expenses excluding depreciation and amortization expense 28,667 9,057 — 37,724 Corporate expenses — — 8,434 8,434 Depreciation and amortization 667 3,258 — 3,925 Loss on disposal of assets — (47 ) — (47 ) Operating income (loss) $ 12,393 $ 1,498 $ (8,434 ) $ 5,457 Year Ended December 31, 2020 Radio Outdoor Advertising All Other Consolidated Net revenues $ 26,020 $ 13,241 $ — $ 39,261 Operating expenses excluding depreciation and amortization expense 22,827 9,517 — 32,344 Corporate expenses — — 4,338 4,338 Depreciation and amortization 893 3,188 — 4,081 Loss on disposal of assets — 197 — 197 Operating income (loss) $ 2,300 $ 339 $ (4,338 ) $ (1,699 ) Total Assets Radio Outdoor Advertising Consolidated December 31, 2021 $ 90,485 $ 57,725 $ 148,210 December 31, 2020 84,219 62,132 146,351

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)RadioStationStructure	Dec. 31, 2020USD ($)
Significant Accounting Policies [Line Items]
Number of radio stations | RadioStation	2
Number of advertising structures | Structure	3,500
Percentage of advertising agency fees on gross revenues	15.00%
Depreciation expense	$ 2,700	$ 2,800
Advertising expenses	200	400
Revenues	55,493	39,261
Deferred tax assets valuation allowance	21,000	18,795
COVID-19
Significant Accounting Policies [Line Items]
Deferred tax assets valuation allowance		18,800
Barter
Significant Accounting Policies [Line Items]
Revenues	1,000	900
Expenses	$ 1,000	$ 900
Automobiles, Office Equipment and Computer Equipment
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 years
Advertising Structures
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	15 years
Minimum | Buildings
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	30 years
Minimum | Broadcasting Equipment
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 years
Minimum | Software
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	3 years
Maximum | Buildings
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	39 years
Maximum | Broadcasting Equipment
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	7 years
Maximum | Software
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Net [Abstract]
Balance At Beginning Of Period	$ 503	$ 157
Provision	71	543
Write-Offs	(261)	(197)
Balance At End Of Period	$ 313	$ 503

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Net Loss per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net loss	$ (6,082)	$ (26,753)
Preferred dividends	2,752	2,148
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (8,834)	$ (28,901)
Basic and diluted weighted average common shares outstanding	7,217	7,094
Net loss per share attributable to common shareholders	$ (1.22)	$ (4.07)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Convertible Equity Shares and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	21,354	12,722
Convertible Promissory Note | Emmis
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	2,269	1,370
Convertible Promissory Note | SG Broadcasting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	8,725	5,308
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	9,845	6,005
Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	515	39

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Aug. 20, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock sold under agreement	$ 342,000
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock	one
Common stock, shares issued	3,056,757		1,785,880
Common stock, shares outstanding	3,056,757		1,785,880
Common stock, par value	$ 0.01		$ 0.01
Class A Common Stock | At Market Issuance Sales Agreement | B. Riley Securities, Inc.,
Class of Stock [Line Items]
Common stock, par value		$ 0.01
Aggregate offering price		$ 12,500,000
Common stock sold under agreement	$ 300,000
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock	10
Common stock, shares issued	5,413,197		5,413,197
Common stock, shares outstanding	5,413,197		5,413,197
Common stock, par value	$ 0.01		$ 0.01
Class C Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock	0
Common stock, shares issued	0		0
Common stock, shares outstanding	0		0
Common stock, par value	$ 0.01		$ 0.01

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details)	Dec. 13, 2021USD ($)shares	Dec. 13, 2020USD ($)shares	Dec. 31, 2021USD ($)Investor$ / sharesshares
Class of Stock [Line Items]
Senior credit facility amount			$ 0
Debt instrument interest percentage			6.00%
Debt instrument increasing interest rate of each successive anniversary			1.00%
Dividends paid in kind	$ 2,700,000	$ 2,100,000
Additional shares issued due to increase in accrued value of preferred stock | shares	0	0
Series A Convertible Preferred Stock | SG Broadcasting
Class of Stock [Line Items]
Preferred stock shares issued | shares			220,000
Preferred stock, par value | $ / shares			$ 0.01
Preferred stock issued			$ 22,000,000
Number of non-accredited investors | Investor			35
Preferred share redeemable for cash at the option at any time			Jun. 12, 2025
Convertible share conversion at the option at any time			May 25, 2020

Share Based Payments - Schedule

Share Based Payments - Schedule of Restricted Stock Grants Outstanding and Restricted Stock Activity (Details) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grants outstanding, Awards beginning of period | shares	103
Granted, Awards | shares	1,366
Vested (restriction lapsed), Awards | shares	(363)
Forfeited, Awards | shares	(22)
Grants outstanding, Awards end of period | shares	1,084
Grants outstanding, Price beginning of period | $ / shares	$ 5.41
Granted, Price | $ / shares	3.67
Vested (restriction lapsed), Price | $ / shares	3.75
Forfeited, Price | $ / shares	5.56
Grants outstanding, Price end of period | $ / shares	$ 3.77

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Compensation Related Costs [Abstract]
Recognized tax benefits related to stock-based compensation	$ 200,000	$ 0
Unrecognized compensation cost related to nonvested stock-based compensation	$ 1,700,000
Unrecognized compensation cost related to nonvested stock-based compensation, weighted average period for recognition	1 year 8 months 12 days

Share Based Payments - Schedu_2

Share Based Payments - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,650	$ 129
Operating Expenses Excluding Depreciation and Amortization
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,436
Corporate Expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,214	$ 129

Revenue - Additional Informatio

Revenue - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021Advertisement
Disaggregation Of Revenue [Line Items]
Advertising agency fee rate based on gross revenue	15.00%
Outdoor Advertising
Disaggregation Of Revenue [Line Items]
Number of advertising business	3,500

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total net revenues		$ 55,493	$ 39,261
Radio Advertising
Disaggregation Of Revenue [Line Items]
Total net revenues		$ 30,012	$ 19,129
Radio Advertising | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue		54.10%	48.70%
Nontraditional
Disaggregation Of Revenue [Line Items]
Total net revenues		$ 4,864	$ 761
Nontraditional | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue		8.80%	1.90%
Digital
Disaggregation Of Revenue [Line Items]
Total net revenues		$ 2,864	$ 2,256
Digital | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue		5.20%	5.70%
Outdoor Advertising
Disaggregation Of Revenue [Line Items]
Total net revenues	[1]	$ 12,725	$ 12,459
Outdoor Advertising | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	[1]	22.90%	31.70%
Other
Disaggregation Of Revenue [Line Items]
Total net revenues		$ 5,028	$ 4,656
Other | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue		9.00%	12.00%
[1]	A substantial portion of this revenue is from lessor revenue derived from operating leases accounted for under ASC 842, “ Leases .”

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: Current maturities	$ (2,754)	$ (1,836)
Less: Unamortized original discount	(1,790)	(2,153)
Total long-term debt, net of current portion and debt discount	97,527	93,918
SG Broadcasting
Debt Instrument [Line Items]
Notes payable	27,574	21,400
Emmis
Debt Instrument [Line Items]
Notes payable	6,154	5,535
Senior Credit Facility
Debt Instrument [Line Items]
Senior credit facility	68,343	$ 70,972
Less: Unamortized original discount	$ (1,800)

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)

Jan. 01, 2023

Nov. 25, 2021

May 19, 2021USD ($)

Mar. 31, 2022USD ($)

Sep. 30, 2021

Dec. 31, 2021USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2022

Jun. 30, 2022USD ($)

Jun. 01, 2021USD ($)

Dec. 31, 2020USD ($)

Aug. 28, 2020USD ($)

Mar. 27, 2020USD ($)

Feb. 28, 2020USD ($)

Debt Instrument [Line Items]

Debt frequency of principal payments, description

no quarterly scheduled principal payments are required through and including the quarter ending March 31, 2022

Debt instrument, amount of amendment fee added to principal amount

$ 400,000

$ 400,000

Loss on debt extinguishment

81,000

Principal amount outstanding

102,071,000

102,071,000

Credit facility, debt discount

1,790,000

1,790,000

$ 2,153,000

Senior credit facility amount

$ 0

$ 0

Debt instrument interest percentage

6.00%

6.00%

Debt instrument increasing interest rate of each successive anniversary

1.00%

Emmis

Debt Instrument [Line Items]

Principal amount outstanding

$ 6,154,000

$ 6,154,000

SG Broadcasting

Debt Instrument [Line Items]

Principal amount outstanding

27,574,000

27,574,000

SG Broadcasting | Convertible Promissory Note | Emmis

Debt Instrument [Line Items]

Principal amount outstanding

6,200,000

6,200,000

Senior credit facility amount

$ 0

$ 0

Debt instrument interest percentage

6.00%

6.00%

Additional payment of interest in kind

1.00%

Debt instrument increasing interest rate of second anniversary

1.00%

Debt instrument increasing interest rate of each successive anniversary

1.00%

Debt instrument maturity date

Nov. 25, 2024

Debt instrument interest paid in kind added to principal amount

$ 600,000

$ 600,000

SG Broadcasting | Second Amended and Restated SG Broadcasting Promissory Note

Debt Instrument [Line Items]

Senior credit facility amount

$ 0

$ 0

Debt instrument interest percentage

6.00%

6.00%

Debt instrument increasing interest rate of second anniversary

1.00%

Debt instrument increasing interest rate of each successive anniversary

1.00%

Debt instrument maturity date

May 25, 2025

SG Broadcasting | Additional SG Broadcasting Promissory Note

Debt Instrument [Line Items]

Additional interest payments

$ 2,200,000

Senior credit facility amount

$ 0

$ 0

Debt instrument interest percentage

6.00%

6.00%

Debt instrument increasing interest rate of second anniversary

1.00%

Debt instrument increasing interest rate of each successive anniversary

1.00%

Debt instrument maturity date

May 25, 2025

SG Broadcasting | Promissory Note

Debt Instrument [Line Items]

Principal amount outstanding

$ 27,600,000

$ 27,600,000

$ 20,000,000

SG Broadcasting | Promissory Note | Subsequent Event

Debt Instrument [Line Items]

Line of credit facility, maturity date

Jun. 30, 2023

Remaining available borrowings capacity

$ 3,000,000

SG Broadcasting | Maximum | Promissory Note

Debt Instrument [Line Items]

Face amount of debt

$ 20,000,000

$ 10,300,000

Senior Credit Facility

Debt Instrument [Line Items]

Debt instrument quarterly principal payment

0

0

Additional interest payments

400,000

Incremental interest accrued

100,000

Principal amount outstanding

68,343,000

68,343,000

Credit facility, debt discount

$ 1,800,000

$ 1,800,000

Senior Credit Facility | Licensing Agreements

Debt Instrument [Line Items]

Formula based percentage on fair value of licenses

60.00%

60.00%

70.00%

Senior Credit Facility | Minimum

Debt Instrument [Line Items]

Multiple applied to billboard cash flow

3.5

3.5

Senior Credit Facility | Maximum

Debt Instrument [Line Items]

Multiple applied to billboard cash flow

5

Senior Credit Facility | SG Broadcasting

Debt Instrument [Line Items]

Face amount of debt

$ 3,000,000

$ 7,000,000

$ 7,000,000

$ 1,000,000

Principal payment of debt

3,000,000

Loss on debt extinguishment

$ 81,000

Senior credit facility amount

$ 7,000,000

Debt instrument interest percentage

6.00%

Debt instrument increasing interest rate of each successive anniversary

1.00%

Debt instrument maturity date

May 25, 2025

Senior credit facility amount outstanding

$ 0

Debt instrument additional increase in interest rate

1.00%

Senior Credit Facility | If Multiple Applied To Billboard Cash Flow Exceeds Three Point Five Or Advance Rate Applied To F C C Licenses Exceeds Sixty Percent | Paid In Kind Monthly

Debt Instrument [Line Items]

Incremental annual interest rate

1.00%

1.00%

Senior Credit Facility | Debt Amount Contributed At Closing | SG Broadcasting

Debt Instrument [Line Items]

Face amount of debt

$ 3,000,000

$ 3,000,000

Senior Credit Facility | Forecast

Debt Instrument [Line Items]

Percentage of fixed charge coverage ratio

110.00%

100.00%

Senior Credit Facility | Forecast | SG Broadcasting

Debt Instrument [Line Items]

Face amount of debt

$ 3,000,000

GACP Finance Co., LLC | Senior Credit Facility

Debt Instrument [Line Items]

Debt instrument, term

5 years

Line of credit facility, maturity date

Nov. 25, 2024

Credit facility, payment terms

the Senior Credit Facility required interest payments on the first business day of each calendar month, and quarterly payments on the principal in an amount equal to one and one quarter percent of the initial aggregate principal amount were due on the last day of each calendar quarter.

Percentage of fixed charge coverage ratio

110.00%

GACP Finance Co., LLC | Senior Credit Facility | If Multiple Applied To Billboard Cash Flow Exceeds Three Point Five Or Advance Rate Applied To F C C Licenses Exceeds Sixty Percent | Paid In Kind Monthly

Debt Instrument [Line Items]

Incremental annual interest rate

1.00%

LIBOR | GACP Finance Co., LLC | Senior Credit Facility

Debt Instrument [Line Items]

Interest rate of borrowing

7.50%

LIBOR Floor | GACP Finance Co., LLC | Senior Credit Facility

Debt Instrument [Line Items]

Interest rate of borrowing

2.00%

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Mandatory Principal Payments of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 2,754
2023	3,672
2024	68,071
2025	27,574
Total	102,071
SG Broadcasting
Debt Instrument [Line Items]
2025	27,574
Total	27,574
Emmis
Debt Instrument [Line Items]
2024	6,154
Total	6,154
Senior Credit Facility
Debt Instrument [Line Items]
2022	2,754
2023	3,672
2024	61,917
Total	$ 68,343

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Senior Credit Facility | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt fair value, excluding original issue discount	$ 68,300,000
Debt carrying value, excluding original issue discount	68,300,000
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	$ 0
Liabilities fair value	$ 0	$ 0

Acquisition - Additional Inform

Acquisition - Additional Information (Details) $ in Millions	Jun. 25, 2021USD ($)StructureAdvertisement	May 25, 2021USD ($)StructureAdvertisement	Dec. 31, 2021USD ($)
DS Outdoor LLC dba Hotspots Outdoor | Alabama
Business Acquisition [Line Items]
Number of Outdoor Advertising Structures Purchased | Structure		24
Number of advertising business | Advertisement		41
Payments to acquire businesses		$ 0.4
Carpenter Outdoor, LLC | Georgia
Business Acquisition [Line Items]
Number of Outdoor Advertising Structures Purchased | Structure	8
Number of advertising business | Advertisement	26
Payments to acquire businesses	$ 0.4
DS Outdoor LLC dba Hotspots Outdoor and Carpenter Outdoor, LLC
Business Acquisition [Line Items]
Asset acquisitions, property, plant, and equipment			$ 0.9
Asset acquisitions, operating lease, right-of-use assets			0.3
Asset acquisitions, asset retirement obligations			$ 0.1

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Variable lease expense	$ 0.2	$ 0.2

Leases - Schedule of Impact of

Leases - Schedule of Impact of Operating Leases to Consolidated Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease Cost
Operating lease cost	$ 5,018	$ 4,986
Other Information
Operating cash flows from operating leases	5,858	$ 5,020
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 754
Weighted average remaining lease term - operating leases (in years)	8 years 6 months	9 years
Weighted average discount rate - operating leases	9.40%	9.10%

Leases - Schedule of Annual Min

Leases - Schedule of Annual Minimum Lease Payments of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 4,922
2023	4,390
2024	2,890
2025	2,873
2026	2,740
After 2026	12,785
Total lease payments	30,600
Less: imputed interest	(9,890)
Total recorded lease liabilities	$ 20,710

Leases - Schedule of Minimum Fi

Leases - Schedule of Minimum Fixed Lease Consideration Under Non-cancelable Operating Leases Excluding Variable Lease Consideration (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 7,588
2023	597
2024	82
2025	$ 4

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	$ 63,999	$ 63,999
Goodwill	13,102	13,102
Definite-lived intangible assets	929	2,116
Total	78,030	79,217
FCC Licenses
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	63,266	63,266
Trade Name
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangibles	733	733
Programming Contract
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Definite-lived intangible assets		220
Customer List
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Definite-lived intangible assets	$ 929	$ 1,896

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets And Goodwill [Line Items]
FCC licenses renewal term	8 years
Goodwill	$ 13,102,000	$ 13,102,000
Amortization of intangible assets	1,200,000	1,300,000
Estimate amortization expense, 2022	900,000
Estimate amortization expense, thereafter	0
FMG Valdosta, LLC and FMG Kentucky, LLC | Trade Name
Intangible Assets And Goodwill [Line Items]
Finite-lived intangible assets acquired preliminary valuation	700,000
FMG Valdosta, LLC and FMG Kentucky, LLC | Customer List
Intangible Assets And Goodwill [Line Items]
Finite-lived intangible assets acquired preliminary valuation	$ 2,900,000
Acquired finite-lived intangible assets useful life	3 years
FCC Licenses
Intangible Assets And Goodwill [Line Items]
Indefinite-lived intangible assets, carrying amount	$ 63,300,000	$ 63,300,000

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Summary of Methodology Used in Valuation of FCC Licenses (Details)	Oct. 01, 2021	Oct. 01, 2020
Discount Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	12.10%	12.40%
Long-term Revenue Growth Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	1.30%	1.00%
Mature Market Share
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	9.20%	9.40%
Operating Profit Margin | Minimum
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	24.20%	26.60%
Operating Profit Margin | Maximum
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	29.00%	29.50%

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,060	$ 5,060
Accumulated Amortization	4,131	2,944
Net Carrying Amount	$ 929	2,116
Programming Contract
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	0 years
Gross Carrying Amount	$ 2,154	2,154
Accumulated Amortization	$ 2,154	1,934
Net Carrying Amount		220
Customer List
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	1 year
Gross Carrying Amount	$ 2,906	2,906
Accumulated Amortization	1,977	1,010
Net Carrying Amount	$ 929	$ 1,896

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Information Related to Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 6,316	$ 5,623
Purchase price allocation adjustment		29
Additions to asset retirement obligations	179
Accretion expense	848	726
Liabilities settled	(76)	(62)
Ending Balance	$ 7,267	$ 6,316

Other Commitments and Conting_3

Other Commitments and Contingencies - Various Commitments for Material Contracts (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 1,137
2023	249
Total	$ 1,386

Other Commitments and Conting_4

Other Commitments and Contingencies - Additional Information (Details)	Dec. 31, 2021LegalProceeding
Commitments And Contingencies Disclosure [Abstract]
Number of legal proceedings pending	0

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred:
Federal	$ 110	$ 10,146
State	248	5,415
Total deferred	358	15,561
Provision for income taxes	$ 358	$ 15,561

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Computed income tax provision at federal statutory rate	$ (1,203)	$ (2,350)
State income tax	(473)	(920)
Equity based compensation	(201)	0
Valuation allowance	2,205	18,795
Other	30	36
Provision for income taxes	$ 358	$ 15,561

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Intangible assets	$ 13,622	$ 14,427
Lease liability	6,230	7,125
Interest deduction carryforward	4,311	2,219
Stock compensation	726	39
Net operating losses	8,674	8,009
Other	412	285
Valuation allowance	(21,000)	(18,795)
Total deferred tax assets	12,975	13,309
Deferred tax liabilities
Indefinite-lived intangible assets	(7,056)	(5,939)
Right of use asset	(6,477)	(7,186)
Property and equipment	(1,511)	(1,895)
Total deferred tax liabilities	(15,044)	(15,020)
Net deferred tax liabilities	$ (2,069)	$ (1,711)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets valuation allowance	$ 21,000,000	$ 18,795,000
Deferred tax liabilities, net	2,069,000	$ 1,711,000
Uncertain tax positions	$ 0
Minimum
Deferred Tax Assets And Liabilities [Line Items]
Amount recognized is measured as the largest benefit	50.00%
Federal
Deferred Tax Assets And Liabilities [Line Items]
Operating loss carryforwards	$ 34,800,000
State and Local Jurisdiction
Deferred Tax Assets And Liabilities [Line Items]
Operating loss carryforwards	$ 22,100,000

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Schedule

Segment Information - Schedule of Results of Operations of Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
NET REVENUES	$ 55,493	$ 39,261
Operating expenses excluding depreciation and amortization expense	37,724	32,344
Corporate expenses	8,434	4,338
Depreciation and amortization	3,925	4,081
(Gain) loss on disposal of assets	(47)	197
OPERATING INCOME (LOSS)	5,457	(1,699)
Total Assets	148,210	146,351
All Other
Segment Reporting Information [Line Items]
Corporate expenses	8,434	4,338
OPERATING INCOME (LOSS)	(8,434)	(4,338)
Radio | Operating Segments
Segment Reporting Information [Line Items]
NET REVENUES	41,727	26,020
Operating expenses excluding depreciation and amortization expense	28,667	22,827
Depreciation and amortization	667	893
OPERATING INCOME (LOSS)	12,393	2,300
Total Assets	90,485	84,219
Outdoor Advertising | Operating Segments
Segment Reporting Information [Line Items]
NET REVENUES	13,766	13,241
Operating expenses excluding depreciation and amortization expense	9,057	9,517
Depreciation and amortization	3,258	3,188
(Gain) loss on disposal of assets	(47)	197
OPERATING INCOME (LOSS)	1,498	339
Total Assets	$ 57,725	$ 62,132

Employee Retention Credits - Ad

Employee Retention Credits - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Employee Retention Credit [Line Items]
Employee retention credits qualified	$ 1,900
Employee retention credits received in cash	1,100
Employee retention credits employment tax withholdings amount retained	$ 800
Employee retention credits percentage of qualified wages and health benefit cost	70.00%
Employee retention credits qualified wages and health benefit cost cap per employee	$ 7
Operating Expenses Excluding Depreciation and Amortization Expense
Employee Retention Credit [Line Items]
Employee retention credits qualified	1,700
Corporate Expenses
Employee Retention Credit [Line Items]
Employee retention credits qualified	$ 200

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)

Dec. 13, 2021USD ($)shares

Nov. 25, 2021USD ($)

Dec. 13, 2020USD ($)shares

Nov. 25, 2020USD ($)

Aug. 11, 2020USD ($)

Apr. 22, 2020USD ($)

Nov. 25, 2019USD ($)

Jun. 28, 2019USD ($)vote

Sep. 30, 2021USD ($)

Dec. 31, 2021USD ($)shares

Dec. 31, 2020USD ($)

Jun. 01, 2021USD ($)

May 19, 2021USD ($)

Sep. 30, 2020USD ($)

Aug. 28, 2020USD ($)

Mar. 27, 2020USD ($)

Feb. 28, 2020USD ($)

Jan. 31, 2020USD ($)

Dec. 13, 2019shares

Related Party Transaction [Line Items]

Transaction agreement date

Jun. 28, 2019

Principal amount outstanding

$ 102,071,000

Senior credit facility amount

0

Interest expense recognized

11,100,000

$ 9,493,000

Dividends paid in kind

$ 2,700,000

$ 2,100,000

Additional shares issued due to increase in accrued value of preferred stock | shares

0

0

Preferred Stock

Related Party Transaction [Line Items]

Unpaid cumulative dividends

200,000

100,000

Employee Leasing Agreement

Related Party Transaction [Line Items]

Unpaid expense

0

Employee Leasing Agreement | Operating Expenses Excluding Depreciation And Amortization

Related Party Transaction [Line Items]

Operating expenses

9,600,000

Second Amended Promissory Note

Related Party Transaction [Line Items]

Additional interest payments

$ 25,000

Emmis

Related Party Transaction [Line Items]

Principal amount outstanding

6,154,000

Emmis | Convertible Promissory Notes

Related Party Transaction [Line Items]

Face amount of debt

$ 5,000,000

SG Broadcasting | Series A Convertible Preferred Stock

Related Party Transaction [Line Items]

Preferred stock issued | shares

220,000

Preferred stock issued

2,800,000

2,100,000

SG Broadcasting | Convertible Promissory Notes

Related Party Transaction [Line Items]

Face amount of debt

$ 6,300,000

Emmis Operating Company | Management Agreement

Related Party Transaction [Line Items]

Initial term

2 years

Initial term cancellable period

18 months

Annual fee

$ 1,300,000

Emmis Operating Company | Management Agreement | Corporate Expenses

Related Party Transaction [Line Items]

Recorded fee expense

$ 1,100,000

1,300,000

Emmis Operating Company | Employee Leasing Agreement

Related Party Transaction [Line Items]

Employee lease agreement, terms

The initial term of the Employee Leasing Agreement lasted through December 31, 2020. Effective January 1, 2021, the Employee Leasing Agreement was terminated, and the Company hired all of the leased employees and assumed the employment and collective bargaining agreements related to leased employees.

SG Broadcasting

Related Party Transaction [Line Items]

Principal amount outstanding

$ 27,574,000

SG Broadcasting | Series A Convertible Preferred Stock

Related Party Transaction [Line Items]

Preferred stock issued | shares

220,000

Preferred stock issued

$ 22,000,000

SG Broadcasting | Emmis

Related Party Transaction [Line Items]

Business acquisition, date of acquisition

Nov. 25, 2019

Business acquisition, retained net working capital

$ 5,000,000

Business acquisition net working capital

$ 5,000,000

SG Broadcasting | Promissory Note

Related Party Transaction [Line Items]

Additional loan for working capital

$ 300,000

$ 8,700,000

$ 3,000,000

$ 2,000,000

Principal amount outstanding

27,600,000

$ 20,000,000

SG Broadcasting | Promissory Note | Maximum

Related Party Transaction [Line Items]

Face amount of debt

$ 20,000,000

$ 10,300,000

SG Broadcasting | May 2021 SG Broadcasting Promissory Note

Related Party Transaction [Line Items]

Face amount of debt

$ 1,000,000

$ 3,000,000

Senior credit facility amount

$ 7,000,000

SG Broadcasting | Emmis | Convertible Promissory Note

Related Party Transaction [Line Items]

Principal amount outstanding

6,200,000

Senior credit facility amount

0

Emmis | Convertible Promissory Notes

Related Party Transaction [Line Items]

Principal amount outstanding

6,200,000

5,500,000

Additional interest payments

$ 600,000

$ 500,000

Interest expense recognized

600,000

SG Broadcasting | Convertible Promissory Notes

Related Party Transaction [Line Items]

Principal amount outstanding

27,600,000

$ 21,200,000

Additional interest payments

$ 2,200,000

$ 1,100,000

Interest expense recognized

$ 2,500,000

Transaction Agreement

Related Party Transaction [Line Items]

Agreement termination date

Nov. 30, 2021

Transaction Agreement | Emmis

Related Party Transaction [Line Items]

Purchase price for the assets of radio stations

$ 91,500,000

Number of vote per share | vote

1

Transaction Agreement | Emmis | Convertible Promissory Note

Related Party Transaction [Line Items]

Notes payable

$ 5,000,000

Transaction Agreement | SG Broadcasting

Related Party Transaction [Line Items]

Number of vote per share | vote

10

Employee Leasing Agreement

Related Party Transaction [Line Items]

Agreed percentage to promptly pay amount equal to PPP loan

31.56%

Employee Leasing Agreement | Maximum

Related Party Transaction [Line Items]

Agreed amount to waive reimburse obligations

$ 1,500,000

Billboard Agreement | Fairway

Related Party Transaction [Line Items]

Payments to acquire businesses

$ 25,000

Provisions on limitation of liability and indemnification outstanding

$ 100,000

Fairway incurred of out-of-pocket expenses

200,000

Reimbursement for out-of-pocket expenses

$ 100,000

MediaCo | Transaction Agreement | Emmis

Related Party Transaction [Line Items]

Equity ownership interest

23.72%

MediaCo | Transaction Agreement | SG Broadcasting

Related Party Transaction [Line Items]

Equity ownership interest

76.28%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Stock-based compensation expense		$ 3,650	$ 129
Subsequent Event
Subsequent Event [Line Items]
Cash reward expenses	$ 500
Stock-based compensation expense	800
Subsequent Event | Bonus
Subsequent Event [Line Items]
Bonus award	1,300
Subsequent Event | Operating Expenses Excluding Depreciation and Amortization Expense
Subsequent Event [Line Items]
Cash reward expenses	200
Subsequent Event | Corporate Expenses
Subsequent Event [Line Items]
Cash reward expenses	$ 300