MediaCo Holding (MDIA) 10-K 1 Apr 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 21, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39029
Entity Registrant Name	MEDIACO HOLDING INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	84-2427771
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
Trading Symbol	MDIA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 23,670,214
Documents Incorporated by Reference	Documents Form 10-K Reference Proxy Statement for 2024 Annual Meeting of Shareholders expected to be filed by April 29, 2024 (the day that is 120 days after the last day of the registrant’s 2023 fiscal year) Part III
Entity Central Index Key	0001784254
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,594,481
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,413,197
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Indianapolis, IN
Auditor Firm ID	42

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
NET REVENUES	$ 32,391	$ 38,595
OPERATING EXPENSES:
Operating expenses excluding depreciation and amortization expense	32,633	32,847
Corporate expenses	5,451	6,463
Depreciation and amortization	568	666
Loss on disposal of assets	526	5
Total operating expenses	39,178	39,981
OPERATING LOSS	(6,787)	(1,386)
OTHER INCOME (EXPENSE):
Interest expense, net	(426)	(6,980)
Other income	100	125
Loss on debt extinguishment	0	(1,218)
Total other expense	(326)	(8,073)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(7,113)	(9,459)
PROVISION FOR INCOME TAXES	308	336
NET LOSS FROM CONTINUING OPERATIONS	(7,421)	(9,795)
Loss from discontinued operations before income taxes	(284)	(3,081)
Gain on sale of discontinued operations	0	46,875
Income tax benefit (expense) from discontinued operations	74	(3,085)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS	(210)	40,709
CONSOLIDATED NET (LOSS) INCOME	(7,631)	30,914
PREFERRED STOCK DIVIDENDS	2,415	3,330
Net income (loss) available to common shareholders, basic	(10,046)	27,584
Net income (loss) available to common shareholders, diluted	$ (10,046)	$ 27,584
Net (loss) income per share attributable to common shareholders - basic and diluted:
Continuing operations - basic (in dollars per share)	$ (0.39)	$ (0.98)
Continuing operations - diluted (in dollars per share)	(0.39)	(0.98)
Discontinued operations - basic (in dollars per share)	(0.01)	3.04
Discontinued operations - diluted (in dollars per share)	(0.01)	3.04
Earnings per share, basic (in dollars per share)	(0.40)	2.06
Earnings per share, diluted (in dollars per share)	$ (0.40)	$ 2.06
Weighted average common shares outstanding:
Weighted average number of shares outstanding, basic (in shares)	24,876,000	13,380,000
Weighted average number of shares outstanding, diluted (in shares)	24,876,000	13,380,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 3,817	$ 10,925
Restricted cash	1,337	2,500
Accounts receivable, net of allowance for doubtful accounts of $353 and $122, respectively	6,675	8,568
Prepaid expenses	891	979
Other	1,188	341
Current assets of discontinued operations	0	1,066
Total current assets	13,908	24,379
PROPERTY AND EQUIPMENT:
Leasehold improvements	1,102	8,474
Broadcasting equipment	3,516	5,786
Office equipment, computer equipment, software and automobiles	1,027	1,973
Construction in progress	740	31
Total property and equipment	6,385	16,264
Less accumulated depreciation and amortization	(5,005)	(15,683)
Total property and equipment, net	1,380	581
INTANGIBLE ASSETS:
Indefinite lived intangibles	63,266	63,266
Other intangibles	3,737	3,649
Total intangible assets	67,003	66,915
Less accumulated amortization	(2,410)	(2,212)
Total intangible assets, net	64,593	64,703
OTHER ASSETS:
Operating lease right of use assets	13,614	5,088
Deposits and other	1,996	1,954
Total other assets	15,610	7,042
Total assets	95,491	96,705
CURRENT LIABILITIES:
Accounts payable and accrued expenses	2,625	3,880
Current maturities of long-term debt	6,458	0
Accrued salaries and commissions	539	875
Deferred revenue	557	825
Operating lease liabilities	1,444	1,816
Other	65	35
Income taxes payable	29	3,008
Current liabilities of discontinued operations	0	659
Total current liabilities	11,717	11,098
LONG-TERM DEBT, NET OF CURRENT PORTION	0	5,950
OPERATING LEASE LIABILITIES, NET OF CURRENT	14,333	3,808
DEFERRED INCOME TAXES	2,775	2,483
OTHER NONCURRENT LIABILITIES	502	51
Total liabilities	29,327	23,390
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SERIES A CUMULATIVE CONVERTIBLE PARTICIPATING PREFERRED STOCK, $0.01 PAR VALUE, 10,000,000 SHARES AUTHORIZED; 286,031 AND 260,000 SHARES ISSUED AND OUTSTANDING AT DECEMBER 31, 2023 AND 2022	28,754	26,339
EQUITY:
Additional paid-in capital	60,294	59,817
Accumulated deficit	(23,148)	(13,102)
Total equity	37,410	46,976
Total liabilities and equity	95,491	96,705
Class A Common Stock
EQUITY:
Common Stock	210	207
Class B Common Stock
EQUITY:
Common Stock	54	54
Class C Common Stock
EQUITY:
Common Stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance	$ 353	$ 122
Series A Cumulative Convertible Participating Preferred Stock
Convertible participating preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible participating preferred stock, authorized (in shares)	10,000,000	10,000,000
Convertible participating preferred stock, issued (in shares)	286,031	286,031
Convertible participating preferred stock, outstanding (in shares)	260,000	260,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	170,000,000	170,000,000
Common stock, shares issued (in shares)	20,741,865	20,443,138
Common stock, shares outstanding (in shares)	20,741,865	20,443,138
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	5,413,197	5,413,197
Common stock, shares outstanding (in shares)	5,413,197	5,413,197
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS (DEFICIT) - USD ($) $ in Thousands	Total	Convertible Promissory Notes	Preferred Shares	Class A Common Stock	Class B Common Stock	Common Stock	Common Stock Class A Common Stock	Common Stock Class A Common Stock Convertible Promissory Notes	Common Stock Class A Common Stock Preferred Shares	Common Stock Class B Common Stock	APIC	APIC Convertible Promissory Notes	APIC Preferred Shares	Retained Earnings (Deficit)
Beginning balance (in shares) at Dec. 31, 2021							3,056,757			5,413,197
Beginning balance at Dec. 31, 2021	$ (16,571)						$ 31			$ 54	$ 24,030			$ (40,686)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,914													30,914
Issuance of class A to employees, officers and directors (in shares)							530,001
Issuance of class A to employees, officers and directors	1,281						$ 6				1,275
Conversion of convertible promissory notes and preferred shares (in shares)								13,714,730	3,328,728
Conversion of convertible promissory notes and preferred shares		$ 30,904	$ 4,000					$ 138	$ 34			$ 30,766	$ 3,966
Repurchase of class A common shares (in shares)							(187,078)
Repurchase of class A common shares	(222)					$ (200)	$ (2)				(220)
Preferred stock dividends	(3,330)													(3,330)
Ending balance (in shares) at Dec. 31, 2022				20,443,138	5,413,197		20,443,138			5,413,197
Ending balance at Dec. 31, 2022	46,976						$ 207			$ 54	59,817			(13,102)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,631)													(7,631)
Issuance of class A to employees, officers and directors (in shares)							928,607
Issuance of class A to employees, officers and directors	1,251						$ 9				1,242
Repurchase of class A common shares (in shares)							(629,880)
Repurchase of class A common shares	(771)					$ (800)	$ (6)				(765)
Preferred stock dividends	(2,415)													(2,415)
Ending balance (in shares) at Dec. 31, 2023				20,741,865	5,413,197		20,741,865			5,413,197
Ending balance at Dec. 31, 2023	$ 37,410						$ 210			$ 54	$ 60,294			$ (23,148)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Consolidated net (loss) income	$ (7,631)	$ 30,914
Less: Loss (income) from discontinued operations, net of tax	210	(40,709)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities from continuing operations:
Noncash loss on debt extinguishment	0	1,180
Depreciation and amortization	568	666
Amortization of deferred financing costs, including original issue discount	0	610
Noncash interest expense	508	1,436
Noncash lease expense	1,557	2,162
Provision for bad debts	282	2
Provision for deferred income taxes	272	336
Noncash compensation	1,688	2,514
Loss on sale of property and equipment	565	5
Other noncash items	342	53
Changes in assets and liabilities:
Accounts receivable	1,611	3,626
Prepaid expenses and other current assets	(162)	576
Other assets	0	0
Accounts payable and accrued liabilities	(1,526)	1,062
Deferred revenue	(268)	(472)
Operating lease liabilities	(238)	(2,319)
Income taxes	(3,129)	0
Other liabilities	(219)	678
Net cash (used in) provided by continuing operating activities	(5,570)	2,320
Net cash provided by (used in) discontinued operating activities	255	(122)
Net cash (used in) provided by operating activities	(5,315)	2,198
INVESTING ACTIVITIES:
Purchases of property and equipment	(1,069)	(76)
Purchases of internally-created software	(597)	(1,293)
Proceeds from sale of discontinued operations	0	78,982
Net cash (used in) provided by continuing investing activities	(1,666)	77,613
Net cash used in discontinued investing activities	0	(422)
Net cash (used in) provided by investing activities	(1,666)	77,191
FINANCING ACTIVITIES:
Payments on long-term debt	0	(68,573)
Repurchases of class A common stock	(771)	(222)
Settlement of tax withholding obligations	(440)	(1,343)
Net cash used in continuing financing activities	(1,211)	(70,138)
Net cash used in discontinued financing activities	(38)	(71)
Net cash used in financing activities	(1,249)	(70,209)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(8,230)	9,180
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	15,301	6,121
End of period	7,071	15,301
Cash paid for:
Interest	0	6,308
Income taxes - Federal	2,290	0
Income taxes - State	$ 752	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 and digital advertising, premium programming and events. 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. We derive our revenues primarily from radio and digital advertising sales, but we also generate revenues from events, including sponsorships and ticket sales, licensing, and syndication. On December 9, 2022, Fairway Outdoor LLC, FMG Kentucky, LLC and FMG Valdosta, LLC (collectively, “Fairway”), all of which are wholly owned direct and indirect subsidiaries of MediaCo, entered into an Asset Purchase Agreement (the “Purchase Agreement”), with The Lamar Company, L.L.C., a Louisiana limited liability company (the “Purchaser”), pursuant to which we sold our Fairway outdoor advertising business to the Purchaser. The transactions contemplated by the Purchase Agreement closed as of the date of the Purchase Agreement. We have classified the related assets and liabilities associated with our Fairway business as discontinued operations in our consolidated balance sheets and the results of our Fairway business have been presented as discontinued operations in our consolidated statements of income for all periods presented as the sale represented a strategic shift in our business that had a major effect on our operations and financial results. Unless otherwise noted, discussion in the notes to consolidated financial statements refers to the Company's continuing operations. See Note 2 — Discontinued Operations for additional information. 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. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Pursuant to ASC Topic 205-40, “Going Concern,” the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern within one year of the date of the filing of these financial statements (April 1, 2024). Management considered the Company’s ability to forecast future cash flows, current financial condition, sources of liquidity and debt service obligations due on or before April 1, 2025. The Company has experienced downturns in revenues and profitability and expects these to continue for an undetermined period of time. Management has considered these circumstances in assessing the Company’s liquidity over the next year. Liquidity is a measure of an entity’s ability to meet potential cash requirements, maintain its assets, fund its operations, and meet the other general cash needs of its business. The Company’s liquidity is impacted by general economic, financial, competitive, and other factors beyond its control. The Company’s liquidity requirements consist primarily of funds necessary to pay its expenses, principally debt service and operational expenses, such as labor costs, and other related expenditures. The Company generally satisfies its liquidity needs through cash provided by operations. In addition, the Company has taken steps to enhance its ability to fund its operational expenses by reducing various costs and is prepared to take additional steps as necessary. The Company has debt service obligations of approximately $7.1 million due under its Emmis Convertible Promissory Note (as defined in Note 13) from April 1, 2024 (the date of issuance of these financial statements) through April 1, 2025. As a result of this debt service obligation to Emmis, management anticipates the Company will be unable to meet its liquidity needs for the next twelve months with cash and cash equivalents on hand and projected cash flows from operations. As a result, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Management is prepared to implement additional cost cutting measures, as necessary, and intends to seek additional borrowings to meet its debt service obligations, if needed. While the Company has been successful in obtaining additional liquidity in the past, no assurances can be made that the Company will receive such liquidity in the future. 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 including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, and (iii) 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 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, 2023, and 2022, was as follows: Balance At Beginning Of Period Provision Write-Offs Balance At End Of Period Year ended December 31, 2022 $ 186 2 (66) $ 122 Year ended December 31, 2023 $ 122 282 (51) $ 353 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. Restricted cash at December 31, 2023 and 2022 represents $1.3 million and $2.5 million, respectively, held in escrow related to the Company's disposition of the Fairway business and $1.9 million and $1.8 million, respectively, held as collateral for a letter of credit entered into in connection with the lease in New York City for our radio operations and corporate offices and included in the line item Deposits and Other in the consolidated balance sheets. 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 39 years for buildings, the shorter of economic life or expected lease term for leasehold improvements, five three Intangible Assets Indefinite-lived Intangibles In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” radio broadcasting licenses are not amortized, but are tested at least annually for impairment at the reporting unit level and unit of accounting level, respectively. We test for impairment annually, on October 1 of each year, or more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to operations as an impairment charge. See Note 10 — Intangible Assets, for more discussion of our annual impairment tests performed during the years ended December 31, 2023, and 2022. Definite-lived Intangibles The Company’s definite-lived intangible assets consist of software developed internally and programming agreements related to our radio 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 $0.5 million and $0.6 million for the years ended December 31, 2023, and 2022, respectively. 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 $0.8 million for the years ended December 31, 2023, and 2022. Barter expenses were $0.8 million for the years ended December 31, 2023, and 2022. Earnings Per Share Our basic and diluted net income (loss) per share is computed using the two-class method. The two-class method is an earnings allocation that determines net income (loss) 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. We have elected to determine the earnings allocation based on income (loss) from continuing operations. As there is a loss from continuing operations, all potentially dilutive items were anti-dilutive and thus basic and diluted weighted-average shares are the same. The following is a reconciliation of basic and diluted net income (loss) per share attributable to Class A and Class B common shareholders: Year Ended December 31, 2023 2022 Numerator: Loss from continuing operations $ (7,421) $ (9,795) Less: Preferred stock dividends (2,415) (3,330) Loss from continuing operations available to common shareholders (9,836) (13,125) (Loss) income from discontinued operations, net of income taxes (210) 40,709 Net (loss) income available to common shareholders (10,046) 27,584 Denominator: Weighted-average shares of common stock outstanding — basic and diluted 24,876 13,380 Earnings per share of common stock attributable to common shareholders: Net (loss) income per share attributable to common shareholders - basic and diluted: Continuing operations $ (0.39) $ (0.98) Discontinued operations (0.01) 3.04 Net (loss) income per share attributable to common shareholders - basic and diluted: $ (0.40) $ 2.06 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) 2023 2022 Convertible Emmis promissory note 4,902 1,400 Convertible Standard General promissory notes — 3,088 Series A convertible preferred stock 21,634 6,105 Restricted stock awards 641 331 Total 27,177 10,924 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. Definite-Lived Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of definite-lived 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 the Company depreciates or amortizes over the remaining estimated useful life of the asset. Estimates 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. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates. Reclassifications Certain amounts have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements Implemented In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses , which introduces new guidance for an approach based on using expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities and net investments in leases as well as reinsurance and trade receivables. We adopted this standard on January 1, 2023. The adoption of the new standard did not have a significant impact on our consolidated financial statements. Recent Accounting Pronouncements Not Yet Implemented In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to enhance the transparency and decision usefulness of income tax disclosures by enhancing information about how an entity’s operations and related tax risks and its tax planning and operation opportunities affect its tax rate and prospects for future cash flows. This guidance is effective for fiscal years beginning after December 31, 2024, with early adoption permitted. Adoption allows for prospective application, with retrospective application permitted. We are currently assessing the impact this standard will have on our consolidated financial statements, including, but not limited to, our income taxes footnote disclosure.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	2. DISCONTINUED OPERATIONS On December 9, 2022, Fairway entered into the Purchase Agreement with the Purchaser. The transactions contemplated by the Purchase Agreement closed as of the date of the Purchase Agreement. The purchase price was $78.6 million, subject to certain customary adjustments, paid at closing in cash. The sale resulted in a pre-tax gain of $46.9 million in the fourth quarter of 2022. In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations , the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Fairway business. Interest expense was allocated based on a ratio of net assets discontinued to the sum of consolidated net assets plus consolidated debt. In addition, upon closing we entered into a transition service agreement with the Purchaser to support the operations after the divestiture for immaterial fees. This agreement commenced with the close of the transaction and was terminated at the end of the initial term in February 2023. The financial results of Fairway are presented as income from discontinued operations on our consolidated statements of income. The following table presents the financial results of Fairway: Year ended December 31, 2023 2022 (a) Net revenues $ — $ 13,484 OPERATING EXPENSES Operating expenses excluding depreciation and amortization expense 284 10,368 Depreciation and amortization — 3,035 Loss on disposal of assets — 68 Total operating expenses 284 13,471 (Loss) income from operations of discontinued operations (284) 13 Interest and other, net — (3,094) Loss from discontinued operations before income taxes and gain on sale (284) (3,081) Pre-tax gain on sale — 46,875 (Loss) income from discontinued operations, before income taxes (284) 43,794 Income tax benefit (expense) 74 (3,085) (Loss) income from discontinued operations, net of income taxes $ (210) $ 40,709 (a) Includes Fairway financial results through the transaction close on December 9, 2022 and the related gain on sale. The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for Fairway in the consolidated balance sheets: December 31, 2023 December 31, 2022 Assets: Accounts receivable, net — 1,026 Other — 40 Total current assets of discontinued operations — 1,066 Liabilities: Accounts payable and accrued expenses — 659 Total current liabilities of discontinued operations — 659

COMMON STOCK

COMMON STOCK	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
COMMON STOCK	3. 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, 2023 and December 31, 2022, no shares of Class C common stock were issued or outstanding. On December 16, 2022, our Board approved a stock repurchase plan (the “Repurchase Plan”), to repurchase from time to time, in the open market or through privately negotiated transactions, shares, up to $2.0 million in the aggregate of shares of our Class A common stock. The timing of purchases and the exact number of shares to be purchased depends on market conditions. The Repurchase Plan does not include specific price targets or timetables and may be suspended or terminated at any time. During the years ended December 31, 2023 and 2022, we repurchased under the Repurchase Plan 629,880 and 187,078 shares of Class A common stock for an aggregate of $0.8 million and $0.2 million, respectively. Subsequent to December 31, 2023 through March 21, 2024 we repurchased under the Repurchase Plan an additional 11,304 shares of Class A common stock for an immaterial amount. 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 years ended December 31, 2023 and 2022, no stock was sold under this agreement.

CONVERTIBLE PREFERRED STOCK

CONVERTIBLE PREFERRED STOCK	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
CONVERTIBLE PREFERRED STOCK	4. 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 7), or if no senior debt is outstanding, 6%, plus additional increases of 1% on December 12, 2020 and each anniversary thereof. On December 13, 2023 and 2022, dividends of $2.4 million and $3.4 million, respectively, were paid in kind. The payment in-kind (“PIK”) increased the accrued value of the preferred stock 26,031 and 80,000 additional shares, respectively, were issued as part of these payments. 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. There were 300,000 shares designated as MediaCo Series A Preferred shares available to be issued as of December 31, 2022. On March 23, 2023, the Company filed Articles of Amendment to its Articles of Amendment of Amended & Restated Articles of Incorporation to increase the number of designated shares of MediaCo Series A Preferred Shares from 300,000 to 500,000. The additional shares will only be issued in payment of the PIK dividends payable on outstanding shares of the Convertible Preferred Stock. On December 28, 2022, SG Broadcasting exercised its right to partially convert $4.0 million of the outstanding balance on the MediaCo Series A Preferred Shares, for 3.3 million shares of the Company's Class A common stock.

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
	Dec. 31, 2023
Compensation Related Costs [Abstract]
SHARE BASED PAYMENTS	5. 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 2020 and 2021 Equity Compensation Plans. We determine the fair value of restricted stock awards based on the closing price of our stock on the date of grant. We generally recognize compensation expense related to restricted stock awards 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, 2023, and restricted stock activity during the year ended December 31, 2023 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 856 $ 3.10 Granted 1,786 0.98 Vested (restriction lapsed) (1,031) 2.12 Forfeited (448) 2.08 Grants outstanding, end of period 1,163 $ 1.17 Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense recognized by the Company for the years ended December 31, 2023 and 2022. Tax expense related to stock compensation for the year ended December 31, 2023 was $0.2 million and was not material for the year ended December 31, 2022. Year Ended December 31, 2023 2022 Operating expenses excluding depreciation and amortization $ 1,008 $ 565 Corporate expenses 680 1,950 Loss from discontinued operations before income taxes — 232 Stock-based compensation expense $ 1,688 $ 2,747 As of December 31, 2023, there was $0.7 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 1.2 years.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	6. REVENUE The Company generates revenue from the sale of services including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, and (iii) 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 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 . Spot 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. Digital Digital revenue relates to revenue generated from the sale of digital marketing services (including display advertisements and video pre-roll and sponsorships) 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. Syndication Syndication revenue relates to revenue generated from the sale of rights to broadcast shows we produce as well as revenues from syndicated shows we broadcast for a fee. Syndication revenues are generally recognized ratably over the term of the contract. Events and Sponsorships Events and Sponsorships 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. Other Other revenue includes barter revenue, network revenue, talent fee revenue and other 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. Talent fee revenue are fees earned for appearances by our talent, which is recognized when our performance obligations are fulfilled, which generally coincides with the occurrence of the related appearance. Other revenue is comprised of brand integrations, custom on-air shows, or other amounts earned that do not fit in any other category and are recognized when our performance obligations are fulfilled. Disaggregation of revenue The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2023 2022 Net revenues: Spot Radio Advertising $ 18,650 57.6 % $ 25,790 66.8 % Digital 3,677 11.4 % 4,713 12.2 % Syndication 2,427 7.5 % 1,891 4.9 % Events and Sponsorships 5,766 17.8 % 3,380 8.8 % Other 1,871 5.7 % 2,821 7.3 % Total net revenues $ 32,391 $ 38,595

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	7. LONG-TERM DEBT Long-term debt was comprised of the note payable to Emmis of $6.5 million and $6.0 million at December 31, 2023 and 2022, respectively, and was classified as current at December 31, 2023 as the note matures within the next 12 months. Emmis Convertible Promissory Note The Emmis Convertible Promissory Note (as defined in Note 13) 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. 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. On December 21, 2022, Emmis exercised its right to partially convert the outstanding principal and accrued but unpaid interest on the Emmis Convertible Promissory Note of $0.9 million and $0.1 million, respectively, for 0.8 million of the Company's Class A common stock. For the year ended December 31, 2023, interest of $0.5 million was paid-in-kind and added to the principal balance outstanding which was $6.5 million at December 31, 2023. The Company has debt service obligations of approximately $7.1 million due under its Emmis Convertible Promissory Note from April 1, 2024 (the date of issuance of these financial statements) through April 1, 2025. As a result of this debt service obligation to Emmis, management anticipates the Company will be unable to meet its liquidity needs for the next twelve months with cash and cash equivalents on hand and projected cash flows from operations. See Note 1 for additional information. Senior secured term loan agreement Until December 9, 2022, the Company had a five-year senior secured term loan agreement (the “Senior Credit Facility”) with GACP Finance Co., LLC, (“GACP”) a Delaware limited liability company, as administrative agent and collateral agent. On December 9, 2022, following the consummation of the transactions contemplated by the Purchase Agreement, the Company repaid in full, without penalty, all of its obligations under the Senior Credit Facility, which was terminated at that time. SG Broadcasting Promissory Notes On July 28, 2022, SG Broadcasting exercised its right to convert the outstanding principal and accrued but unpaid interest on the SG Broadcasting Promissory Notes (as defined in Note 13) of $28.0 million and $1.9 million, respectively, for 12.9 million shares of the Company’s Class A common stock. The SG Broadcasting Promissory Notes were terminated at that time, except for one such promissory note issued on May 19, 2021 (the “May 2021 SG Broadcasting Promissory Note”), which expired on June 30, 2023, with no amounts outstanding thereunder as of its expiration or as of December 31, 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	8. 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, 2023 or 2022. 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 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 non-recurring 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. • Other long-term debt : The Emmis Convertible Promissory Note 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.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	9. LEASES We determine if an arrangement is a lease at inception. We have operating leases for office space and tower space, expiring at various dates through October 2039. 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 the 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. 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. None of our leases contain variable lease payments. We elected not to apply the recognition requirements of ASC 842, “Leases” , to short-term leases, which are deemed to be leases with a lease term of twelve months or less. Instead, we recognized lease payments in the consolidated statements of operations on a straight-line basis over the lease term and variable payments in the period in which the obligation for these payments was incurred. We elected this policy for all classes of underlying assets. Short-term lease expense for the year ended December 31, 2023 was $0.1 million and was not material for the year ended December 31, 2022. On November 18, 2022, the Company entered into a lease agreement in New York City for our radio operations and corporate offices with a lease commencement date of February 1, 2023 and a noncancellable lease term through October 2039. This resulted in a right of use asset of $10.4 million and an operating lease liability of $10.4 million when recorded at lease commencement. The impact of operating leases to our consolidated financial statements was as follows: Year Ended December 31, 2023 2022 Lease Cost Operating lease cost $ 3,468 $ 2,550 Other Information Operating cash flows from operating leases 2,061 2,996 Weighted average remaining lease term - operating leases (in years) 14.0 7.0 Weighted average discount rate - operating leases 11.4 % 5.9 % As of December 31, 2023, the annual minimum lease payments of our operating lease liabilities were as follows: Year ended December 31, 2024 $ 1,663 2025 2,053 2026 2,453 2027 2,477 2028 2,500 After 2028 26,560 Total lease payments 37,706 Less: imputed interest (21,929) Total recorded lease liabilities $ 15,777

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	10. INTANGIBLE ASSETS As of December 31, 2023 and 2022, intangible assets, net consisted of the following: December 31, 2023 December 31, 2022 Indefinite-lived intangible assets: FCC Licenses $ 63,266 $ 63,266 Definite-lived intangible assets: Software 1,327 1,437 Total $ 64,593 $ 64,703 In accordance with ASC Topic 350, Intangibles—Goodwill and Other, the Company reviews intangible assets at least annually for impairment. In connection with any such review, if the recorded value of intangible assets is greater than its fair value, they are written down and charged to results of operations. Our FCC licenses were successfully renewed in 2022 through June 2030. FCC licenses are renewed every eight years at a nominal cost, and historically both of our FCC licenses have been renewed at the end of their respective eight-year periods. Since we expect that both of our FCC licenses will continue to be renewed in the future, we believe they have indefinite lives. Given that our radio stations operate in the same geographic market they are considered a single unit of accounting. 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, 2023, and 2022, 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, 2023 October 1, 2022 Discount Rate 12.7% 12.7% Long-term Revenue Growth Rate 0.5% 0.6% Mature Market Share 10.8% 9.8% Operating Profit Margin 22.9-29.0% 23.5-29.0% As of both December 31, 2023 and 2022, the carrying amount of the Company’s FCC licenses was $63.3 million. Definite-lived Intangibles The following table presents the weighted-average remaining useful life at December 31, 2023 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Weighted Average Remaining Useful Life Gross Accumulated Net Gross Accumulated Net Software 4.3 $ 1,583 $ 256 $ 1,327 $ 1,495 $ 58 $ 1,437 The software was developed internally by our radio operations and represents our updated websites and mobile applications, which offer increased functionality and opportunities to grow and interact with our audience. They cost $1.6 million to develop and useful lives of five years and seven years were assigned to the application and website, respectively. Assets related to our websites placed in service during 2022 were disposed in the current year resulting in a loss of $0.3 million, included in Loss on disposal of assets in the consolidated statements of operations. Total amortization expense from definite-lived intangibles for the years ended December 31, 2023, and 2022, was $0.3 million and $0.1 million, respectively. The Company estimates amortization expense each of the next five years as follows: Year ended December 31, Amortization Expense 2024 $ 317 2025 317 2026 317 2027 274 2028 102 After 2028 — Total $ 1,327

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENCIES	11. OTHER COMMITMENTS AND CONTINGENCIES Commitments The Company has various commitments under contracts that include purchase obligations and employment agreements with annual commitments at December 31, 2023 as follows: Year ended December 31, Total Payments 2024 $ 2,044 2025 1,360 2026 479 2027 — 2028 — Thereafter — Total $ 3,883 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. On April 1, 2022, the Company received a deficiency letter (the “Nasdaq Letter”) from the Nasdaq Listing Qualifications Department, notifying the Company that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(3), which requires the Company to maintain net income from continuing operations of $0.5 million in the most recently completed fiscal year, or in two of the three most recently completed fiscal years (the “Minimum Net Income Requirement”), nor is it in compliance with either of the alternative listing standards, market value of listed securities or stockholders’ equity. The Company’s failure to comply with the Minimum Net Income Requirement was based on the Company’s filing of its Annual Report on Form 10-K for the year ended December 31, 2021, reporting net loss from continuing operations of $6.1 million. Pursuant to the Nasdaq Letter, the Company had 45 calendar days from the date of the Nasdaq Letter to submit a plan to regain compliance, and submitted such a plan during this period. The plan was accepted and Nasdaq granted an extension of up to 180 calendar days from the date of the Nasdaq Letter to evidence compliance. On July 28, 2022, the holder exercised its right under the SG Broadcasting Promissory Notes to convert the outstanding principal and accrued but unpaid interest of $28.0 million and $1.9 million, respectively, for 12.9 million shares of the Company's Class A common stock. The Note Conversion increased the Company’s stockholders’ equity by approximately $29.9 million. As a result, the Company regained compliance with the stockholders’ equity requirement based upon the transactions and events described above. On August 1, 2022, Nasdaq sent the Company a letter confirming conditional compliance with Listing Rule 5550(b)(1), reminding the Company that it must maintain compliance on a go forward basis (the “Nasdaq Compliance Letter”). On November 15, 2022, the Company received a second deficiency letter (the “Second Nasdaq Letter”) from the staff of the Nasdaq Listing Qualifications Department (the “Staff”) stating that because the Company had reported stockholders’ equity of $2.0 million in its Quarterly Report on Form 10-Q for the period ended September 30, 2022, the Company no longer complies with Nasdaq Listing Rule 5550(b)(1), which requires a minimum $2.5 million stockholders’ equity and thus the Company's Class A common stock (listed on The Nasdaq Capital Market) would be subject to delisting unless the Company requests a hearing before a Nasdaq Hearings Panel (the “Panel”) on or before November 22, 2022. Pursuant to the Nasdaq Letter, the Company promptly requested a hearing before the Panel, with the intention of presenting a plan to regain compliance with the Rule. On December 14, 2022, the Company received a letter (the “Third Nasdaq Letter”) from the Nasdaq Office of General Counsel stating that it had been informed by the Staff that the Company’s stockholders’ equity deficiency had been cured, and that the Company is now in compliance with all applicable listing standards. Consequently, the Third Nasdaq Letter informed the Company that the scheduled hearing to appeal the delisting proceedings had been cancelled, and the Company’s stock will continue to be listed on The Nasdaq Stock Market. On September 15, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Department (the “Staff”) notifying the Company that, because the closing bid price for the Company's Class A common stock was below $1.00 for 30 consecutive business days, the Company no longer met the minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”). The Nasdaq deficiency letter has no immediate effect on the listing of the Class A common stock, and the Class A common stock will continue to trade on The Nasdaq Capital Market under the symbol “MDIA” at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A)(ii), the Company was given 180 calendar days, or until March 13, 2024, to regain compliance with the Minimum Bid Price Requirement. The Company did not achieve compliance during that period. On March 14, 2024, the Company received a notification letter from the Staff notifying the Company that that it had been granted an additional 180 days, or until September 9, 2024, to regain compliance with the Minimum Bid Price Requirement, based on meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period. If at any time before September 9, 2024, the bid price of our Class A common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide written confirmation that we have achieved compliance. If we do not regain compliance with the Minimum Bid Price Requirement by the end of the second compliance period, the Class A common stock will become subject to delisting. In the event that the Company receives notice that the Class A common stock is being delisted, the Nasdaq listing rules permit the Company to appeal a delisting determination by the Staff to a hearings panel.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The provision for income taxes for continuing operations for the years ended December 31, 2023, and 2022, consisted of the following: Year Ended December 31, 2023 2022 Current: Federal $ 36 $ — State — — Total current 36 — Deferred: Federal 68 90 State 204 246 Total deferred 272 336 Provision for income taxes $ 308 $ 336 The provision for income taxes for continuing operations for the years ended December 31, 2023, and 2022, differs from that computed at the Federal statutory corporate tax rate as follows: Year Ended December 31, 2023 2022 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ (1,494) $ (1,986) State income tax (268) (652) State tax rate change — (278) Equity based compensation 230 32 Valuation allowance 1,822 3,188 Other 18 32 Provision for income taxes $ 308 $ 336 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, 2023, the Company had no open income tax examinations. The components of deferred tax assets and deferred tax liabilities at December 31, 2023, and 2022, were as follows: December 31, 2023 December 31, 2022 Deferred tax assets: Intangible assets $ 11,148 $ 12,197 Lease liability 4,891 1,749 Interest deduction carryforward 6,137 5,915 Stock compensation 209 340 Net operating losses 3,912 450 Property and equipment 61 812 Other 383 112 Valuation allowance (16,599) (14,718) Total deferred tax assets 10,142 6,857 Deferred tax liabilities Indefinite-lived intangible assets (8,697) (7,763) Right of use asset (4,220) (1,577) Total deferred tax liabilities (12,917) (9,340) Net deferred tax liabilities $ (2,775) $ (2,483) 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, 2023, and 2022, 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 DTAs that upon reversal would give rise to NOLs that do not expire. With this consideration, the total valuation allowance recorded at December 31, 2023 and 2022, was $16.6 million and $14.7 million, respectively, resulting in a net $2.8 million and $2.5 million DTL, respectively. As of December 31, 2023, the Company has $12.1 million of federal net operating losses (“NOLs”) and $19.9 million of state NOLs available to offset future taxable income. The federal NOLs do not expire. Certain 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, 2023, the estimated value of the Company's net uncertain tax positions was approximately $0.4 million all which is reported as a noncurrent liability. The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Gross unrecognized tax benefit - opening balance $ — $ — Gross increases - tax position prior year (390) — Gross increases - tax position current year — — Decreases relating to settlement with taxing authorities — — Gross decreases - lapse of applicable statute of limitation — — Gross unrecognized tax benefit - ending balance (390) — All of the unrecognized tax benefits as of December 31, 2023 and 2022, if recognized, would reduce the Company’s provision for income taxes. Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities that could be different from this estimate. In such case, the Company will record additional tax expense or tax benefit in the tax provision, or reclassify amounts on the accompanying consolidated balance sheets in the period in which such matter is effectively settled with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the uncertain tax positions noted above, the Company accrued $25 thousand of interest and no penalties during the current year.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS Transaction Agreement with Emmis and SG Broadcasting On June 28, 2019, MediaCo entered into a Contribution and Distribution Agreement with Emmis Communications Corporation (“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. Convertible Promissory Notes As a result of the transaction described above, on November 25, 2019, we issued convertible promissory notes to both Emmis (such note, the “Emmis Convertible Promissory Note”) and SG Broadcasting (such note, the “November 2019 SG Broadcasting Promissory Note”) in the amounts of $5.0 million and $6.3 million, respectively. Through December 31, 2021, there were additional borrowings from SG Broadcasting and annual interest amounts paid in kind on the Emmis Convertible Promissory Note and SG Broadcasting Promissory Notes such that the principal balances outstanding as of December 31, 2021 were $6.2 million and $27.6 million, respectively. In addition to the November 2019 SG Broadcasting Promissory Note, we issued additional promissory notes to evidence our indebtedness to SG Broadcasting (collectively with the November 2019 SG Broadcasting Promissory Note, the “SG Broadcasting Promissory Notes”). On May 19, 2022, annual interest of $0.4 million was paid in kind and added to the principal balance of the SG Broadcasting Promissory Notes. On July 28, 2022, SG Broadcasting exercised its right under the SG Broadcasting Promissory Notes to fully convert the outstanding principal and accrued but unpaid interest into the Company’s Class A common stock. The SG Broadcasting Promissory Notes were terminated at that time, except for the May 2021 SG Broadcasting Promissory Note, which expired on June 30, 2023 with no amounts outstanding thereunder as of December 31, 2023 or 2022. On August 19, 2022, Emmis exercised its right under the Emmis Convertible Promissory Note to convert $30 thousand of the outstanding principal for 11 thousand shares of the Company’s Class A common stock. On November 25, 2022, annual interest of $0.8 million was paid in kind and added to the principal balance of the Emmis Convertible Promissory Note. On December 21, 2022, Emmis exercised its right under the Emmis Convertible Promissory Note to convert $0.9 million of the outstanding principal and $0.1 million of accrued but unpaid interest for 0.8 million shares of the Company’s Class A common stock. Consequently, the principal amount outstanding as of December 31, 2022 under the Emmis Convertible Promissory Note was $6.0 million. For the year ended December 31, 2023, interest of $0.5 million was paid-in-kind and added to the principal balance outstanding which was $6.5 million at December 31, 2023 The Company recognized interest expense of $0.6 million and $0.8 million related to the Emmis Convertible Promissory Note for the years ended December 31, 2023, and 2022, respectively. The Company recognized no interest expense related to the SG Broadcasting Promissory Notes for the year ended December 31, 2023 and $1.8 million for the year ended December 31, 2022. The terms of these notes are described in Note 7. Convertible Preferred Stock On December 13, 2019, in connection with the purchase of Fairway, 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 $2.4 million and $3.3 million for the years ended December 31, 2023, and 2022. On December 13, 2023 and 2022, $2.4 million and $3.4 million, respectively, of dividends were paid in kind. These payments in kind increased the accrued value of the preferred stock and 26,031 and 80,000 additional shares, respectively, were issued as part of this payment. As of December 31, 2023, and 2022, 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 4 for a description of the Preferred Stock. On December 28, 2022, SG Broadcasting exercised its right to partially convert $4.0 million of the outstanding balance on the MediaCo Series A Preferred Shares, for 3.3 million shares of the Company's Class A common stock. 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 managed 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 had an effective date of August 1, 2020, a term of three years, and customary provisions on limitation of liability and indemnification. $0.1 million of income was recognized in the year ended December 31, 2022 in relation to the Billboard Agreement, none of which was outstanding as of December 31, 2022. Additionally, Fairway incurred $0.2 million of out-of-pocket expenses for the period, substantially all of which has been reimbursed as of December 31, 2022. On December 9, 2022, in connection with the sale of the assets held by Fairway, the Billboard Agreement was terminated pursuant to mutual agreement between Fairway and Billboards. In October 2023, we entered into agreements with five consultants that are currently employed by affiliates of Standard General. Two of the agreements have a term that expired on February 1, 2024 and are billed at hourly rates of $125 and $150 per hour. Two of the agreements have a term that expires on April 1, 2024 and are billed at rates of $6,000 and $8,400 per month. One agreement may be terminated at any time by either party and is billed at $18,000 per month, plus expenses. As of December 31, 2023, $49 thousand of fees were incurred related to these agreements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS There were no other subsequent events other than share repurchases discussed in Note 3 and the Nasdaq letter received as discussed in Note 11.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Discontinued Operations	We have classified the related assets and liabilities associated with our Fairway business as discontinued operations in our consolidated balance sheets and the results of our Fairway business have been presented as discontinued operations in our consolidated statements of income for all periods presented as the sale represented a strategic shift in our business that had a major effect on our operations and financial results. Unless otherwise noted, discussion in the notes to consolidated financial statements refers to the Company's continuing operations.
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.
Basis of Presentation and Consolidation	In the opinion of management, all adjustments necessary for fair presentation (including normal recurring adjustments) have been included. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Pursuant to ASC Topic 205-40, “Going Concern,” the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern within one year of the date of the filing of these financial statements (April 1, 2024). Management considered the Company’s ability to forecast future cash flows, current financial condition, sources of liquidity and debt service obligations due on or before April 1, 2025. The Company has experienced downturns in revenues and profitability and expects these to continue for an undetermined period of time. Management has considered these circumstances in assessing the Company’s liquidity over the next year. Liquidity is a measure of an entity’s ability to meet potential cash requirements, maintain its assets, fund its operations, and meet the other general cash needs of its business. The Company’s liquidity is impacted by general economic, financial, competitive, and other factors beyond its control. The Company’s liquidity requirements consist primarily of funds necessary to pay its expenses, principally debt service and operational expenses, such as labor costs, and other related expenditures. The Company generally satisfies its liquidity needs through cash provided by operations. In addition, the Company has taken steps to enhance its ability to fund its operational expenses by reducing various costs and is prepared to take additional steps as necessary. The Company has debt service obligations of approximately $7.1 million due under its Emmis Convertible Promissory Note (as defined in Note 13) from April 1, 2024 (the date of issuance of these financial statements) through April 1, 2025. As a result of this debt service obligation to Emmis, management anticipates the Company will be unable to meet its liquidity needs for the next twelve months with cash and cash equivalents on hand and projected cash flows from operations. As a result, there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Management is prepared to implement additional cost cutting measures, as necessary, and intends to seek additional borrowings to meet its debt service obligations, if needed. While the Company has been successful in obtaining additional liquidity in the past, no assurances can be made that the Company will receive such liquidity in the future.
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.
Revenue Recognition and Deferred Revenue and Barter Transactions	The Company generates revenue from the sale of services including, but not limited to: (i) on-air commercial broadcast time, (ii) non-traditional revenues including event-related revenues and event sponsorship revenues, and (iii) 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 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.
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. Restricted cash at December 31, 2023 and 2022 represents $1.3 million and $2.5 million, respectively, held in escrow related to the Company's disposition of the Fairway business and $1.9 million and $1.8 million, respectively, held as collateral for a letter of credit entered into in connection with the lease in New York City for our radio operations and corporate offices and included in the line item Deposits and Other in the consolidated balance sheets.
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 five three
Intangible Assets	Indefinite-lived Intangibles In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” radio broadcasting licenses are not amortized, but are tested at least annually for impairment at the reporting unit level and unit of accounting level, respectively. We test for impairment annually, on October 1 of each year, or more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to operations as an impairment charge. See Note 10 — Intangible Assets, for more discussion of our annual impairment tests performed during the years ended December 31, 2023, and 2022. Definite-lived Intangibles The Company’s definite-lived intangible assets consist of software developed internally and programming agreements related to our radio 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.
Earnings Per Share	Our basic and diluted net income (loss) per share is computed using the two-class method. The two-class method is an earnings allocation that determines net income (loss) 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. We have elected to determine the earnings allocation based on income (loss) from continuing operations. As there is a loss from continuing operations, all potentially dilutive items were anti-dilutive and thus basic and diluted weighted-average shares are the same.
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.
Definite-Lived Long-Lived Tangible Assets	The Company periodically considers whether indicators of impairment of definite-lived 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 the Company depreciates or amortizes over the remaining estimated useful life of the asset.
Estimates	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. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information becomes available. Actual results could differ materially from these estimates.
Reclassification	Certain amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements Implemented, Recent Accounting Pronouncements Not Yet Implemented	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses , which introduces new guidance for an approach based on using expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities and net investments in leases as well as reinsurance and trade receivables. We adopted this standard on January 1, 2023. The adoption of the new standard did not have a significant impact on our consolidated financial statements. Recent Accounting Pronouncements Not Yet Implemented In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to enhance the transparency and decision usefulness of income tax disclosures by enhancing information about how an entity’s operations and related tax risks and its tax planning and operation opportunities affect its tax rate and prospects for future cash flows. This guidance is effective for fiscal years beginning after December 31, 2024, with early adoption permitted. Adoption allows for prospective application, with retrospective application permitted. We are currently assessing the impact this standard will have on our consolidated financial statements, including, but not limited to, our income taxes footnote disclosure.
Leases	We determine if an arrangement is a lease at inception. We have operating leases for office space and tower space, expiring at various dates through October 2039. 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 the 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. 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. None of our leases contain variable lease payments. We elected not to apply the recognition requirements of ASC 842, “Leases” , to short-term leases, which are deemed to be leases with a lease term of twelve months or less. Instead, we recognized lease payments in the consolidated statements of operations on a straight-line basis over the lease term and variable payments in the period in which the obligation for these payments was incurred. We elected this policy for all classes of underlying assets. Short-term lease expense for the year ended December 31, 2023 was $0.1 million and was not material for the year ended December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Allowance for Credit Loss	The activity in the allowance for doubtful accounts for the years ended December 31, 2023, and 2022, was as follows: Balance At Beginning Of Period Provision Write-Offs Balance At End Of Period Year ended December 31, 2022 $ 186 2 (66) $ 122 Year ended December 31, 2023 $ 122 282 (51) $ 353
Reconciliation of Basic and Diluted Net Loss per Share Attributable to Common Shareholders	The following is a reconciliation of basic and diluted net income (loss) per share attributable to Class A and Class B common shareholders: Year Ended December 31, 2023 2022 Numerator: Loss from continuing operations $ (7,421) $ (9,795) Less: Preferred stock dividends (2,415) (3,330) Loss from continuing operations available to common shareholders (9,836) (13,125) (Loss) income from discontinued operations, net of income taxes (210) 40,709 Net (loss) income available to common shareholders (10,046) 27,584 Denominator: Weighted-average shares of common stock outstanding — basic and diluted 24,876 13,380 Earnings per share of common stock attributable to common shareholders: Net (loss) income per share attributable to common shareholders - basic and diluted: Continuing operations $ (0.39) $ (0.98) Discontinued operations (0.01) 3.04 Net (loss) income per share attributable to common shareholders - basic and diluted: $ (0.40) $ 2.06
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) 2023 2022 Convertible Emmis promissory note 4,902 1,400 Convertible Standard General promissory notes — 3,088 Series A convertible preferred stock 21,634 6,105 Restricted stock awards 641 331 Total 27,177 10,924

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The following table presents the financial results of Fairway: Year ended December 31, 2023 2022 (a) Net revenues $ — $ 13,484 OPERATING EXPENSES Operating expenses excluding depreciation and amortization expense 284 10,368 Depreciation and amortization — 3,035 Loss on disposal of assets — 68 Total operating expenses 284 13,471 (Loss) income from operations of discontinued operations (284) 13 Interest and other, net — (3,094) Loss from discontinued operations before income taxes and gain on sale (284) (3,081) Pre-tax gain on sale — 46,875 (Loss) income from discontinued operations, before income taxes (284) 43,794 Income tax benefit (expense) 74 (3,085) (Loss) income from discontinued operations, net of income taxes $ (210) $ 40,709 (a) Includes Fairway financial results through the transaction close on December 9, 2022 and the related gain on sale. The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for Fairway in the consolidated balance sheets: December 31, 2023 December 31, 2022 Assets: Accounts receivable, net — 1,026 Other — 40 Total current assets of discontinued operations — 1,066 Liabilities: Accounts payable and accrued expenses — 659 Total current liabilities of discontinued operations — 659

Share Based Payments (Tables)

Share Based Payments (Tables)	12 Months Ended
	Dec. 31, 2023
Compensation Related Costs [Abstract]
Schedule of Restricted Stock Grants Outstanding and Restricted Stock Activity	The following table presents a summary of the Company’s restricted stock grants outstanding at December 31, 2023, and restricted stock activity during the year ended December 31, 2023 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 856 $ 3.10 Granted 1,786 0.98 Vested (restriction lapsed) (1,031) 2.12 Forfeited (448) 2.08 Grants outstanding, end of period 1,163 $ 1.17
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, 2023 and 2022. Tax expense related to stock compensation for the year ended December 31, 2023 was $0.2 million and was not material for the year ended December 31, 2022. Year Ended December 31, 2023 2022 Operating expenses excluding depreciation and amortization $ 1,008 $ 565 Corporate expenses 680 1,950 Loss from discontinued operations before income taxes — 232 Stock-based compensation expense $ 1,688 $ 2,747

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Net revenues: Spot Radio Advertising $ 18,650 57.6 % $ 25,790 66.8 % Digital 3,677 11.4 % 4,713 12.2 % Syndication 2,427 7.5 % 1,891 4.9 % Events and Sponsorships 5,766 17.8 % 3,380 8.8 % Other 1,871 5.7 % 2,821 7.3 % Total net revenues $ 32,391 $ 38,595

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Lease Cost Operating lease cost $ 3,468 $ 2,550 Other Information Operating cash flows from operating leases 2,061 2,996 Weighted average remaining lease term - operating leases (in years) 14.0 7.0 Weighted average discount rate - operating leases 11.4 % 5.9 %
Schedule of Annual Minimum Lease Payments of Operating Lease Liabilities	As of December 31, 2023, the annual minimum lease payments of our operating lease liabilities were as follows: Year ended December 31, 2024 $ 1,663 2025 2,053 2026 2,453 2027 2,477 2028 2,500 After 2028 26,560 Total lease payments 37,706 Less: imputed interest (21,929) Total recorded lease liabilities $ 15,777

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	As of December 31, 2023 and 2022, intangible assets, net consisted of the following: December 31, 2023 December 31, 2022 Indefinite-lived intangible assets: FCC Licenses $ 63,266 $ 63,266 Definite-lived intangible assets: Software 1,327 1,437 Total $ 64,593 $ 64,703
Summary of Methodology Used in Valuation of FCC Licenses	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, 2023 October 1, 2022 Discount Rate 12.7% 12.7% Long-term Revenue Growth Rate 0.5% 0.6% Mature Market Share 10.8% 9.8% Operating Profit Margin 22.9-29.0% 23.5-29.0%
Schedule of Definite-Lived Intangible Assets	The following table presents the weighted-average remaining useful life at December 31, 2023 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Weighted Average Remaining Useful Life Gross Accumulated Net Gross Accumulated Net Software 4.3 $ 1,583 $ 256 $ 1,327 $ 1,495 $ 58 $ 1,437
Schedule of Finite-Lived Intangible Assets Amortization Expense	The Company estimates amortization expense each of the next five years as follows: Year ended December 31, Amortization Expense 2024 $ 317 2025 317 2026 317 2027 274 2028 102 After 2028 — Total $ 1,327

OTHER COMMITMENTS AND CONTING_2

OTHER COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	he Company has various commitments under contracts that include purchase obligations and employment agreements with annual commitments at December 31, 2023 as follows: Year ended December 31, Total Payments 2024 $ 2,044 2025 1,360 2026 479 2027 — 2028 — Thereafter — Total $ 3,883

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The provision for income taxes for continuing operations for the years ended December 31, 2023, and 2022, consisted of the following: Year Ended December 31, 2023 2022 Current: Federal $ 36 $ — State — — Total current 36 — Deferred: Federal 68 90 State 204 246 Total deferred 272 336 Provision for income taxes $ 308 $ 336
Schedule of Income Tax Provision Reconciliation	The provision for income taxes for continuing operations for the years ended December 31, 2023, and 2022, differs from that computed at the Federal statutory corporate tax rate as follows: Year Ended December 31, 2023 2022 Federal statutory income tax rate 21 % 21 % Computed income tax provision at federal statutory rate $ (1,494) $ (1,986) State income tax (268) (652) State tax rate change — (278) Equity based compensation 230 32 Valuation allowance 1,822 3,188 Other 18 32 Provision for income taxes $ 308 $ 336
Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities	The components of deferred tax assets and deferred tax liabilities at December 31, 2023, and 2022, were as follows: December 31, 2023 December 31, 2022 Deferred tax assets: Intangible assets $ 11,148 $ 12,197 Lease liability 4,891 1,749 Interest deduction carryforward 6,137 5,915 Stock compensation 209 340 Net operating losses 3,912 450 Property and equipment 61 812 Other 383 112 Valuation allowance (16,599) (14,718) Total deferred tax assets 10,142 6,857 Deferred tax liabilities Indefinite-lived intangible assets (8,697) (7,763) Right of use asset (4,220) (1,577) Total deferred tax liabilities (12,917) (9,340) Net deferred tax liabilities $ (2,775) $ (2,483)
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Gross unrecognized tax benefit - opening balance $ — $ — Gross increases - tax position prior year (390) — Gross increases - tax position current year — — Decreases relating to settlement with taxing authorities — — Gross decreases - lapse of applicable statute of limitation — — Gross unrecognized tax benefit - ending balance (390) —

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) RadioStation	Dec. 31, 2022 USD ($)	Apr. 01, 2024 USD ($)
Significant Accounting Policies [Line Items]
Number of radio stations | RadioStation	2
Percentage of advertising agency fees on gross revenues	15%
Restricted cash	$ 1,337	$ 2,500
Depreciation expense	300	600
Advertising expenses	500	600
Revenues	32,391	38,595
Subsequent Event
Significant Accounting Policies [Line Items]
Debt service obligations due within twelve months of issuance of these financial statements			$ 7,100
Asset Pledged as Collateral
Significant Accounting Policies [Line Items]
Restricted cash	1,900	1,800
Cash Held In Escrow
Significant Accounting Policies [Line Items]
Restricted cash	1,300	2,500
Barter
Significant Accounting Policies [Line Items]
Revenues	800	800
Expenses	$ 800	$ 800
Automobiles, Office Equipment and Computer Equipment
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	5 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, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance At Beginning Of Period	$ 122	$ 186
Provision	282	2
Write-Offs	(51)	(66)
Balance At End Of Period	$ 353	$ 122

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Basic and Diluted Net Earnings (Loss) per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Loss from continuing operations	$ (7,421)	$ (9,795)
Less: Preferred stock dividends	(2,415)	(3,330)
Loss from continuing operations available to common shareholders - basic	(9,836)	(13,125)
Loss from continuing operations available to common shareholders - diluted	(9,836)	(13,125)
(Loss) income from discontinued operations, net of income taxes	(210)	40,709
Net income (loss) available to common shareholders, basic	(10,046)	27,584
Net income (loss) available to common shareholders, diluted	$ (10,046)	$ 27,584
Denominator:
Weighted average number of shares outstanding, basic (in shares)	24,876,000	13,380,000
Weighted average number of shares outstanding, diluted (in shares)	24,876,000	13,380,000
Earnings per share of common stock attributable to common shareholders:
Continuing operations - basic (in dollars per share)	$ (0.39)	$ (0.98)
Continuing operations - diluted (in dollars per share)	(0.39)	(0.98)
Discontinued operations - basic (in dollars per share)	(0.01)	3.04
Discontinued operations - diluted (in dollars per share)	(0.01)	3.04
Earnings per share, basic (in dollars per share)	(0.40)	2.06
Earnings per share, diluted (in dollars per share)	$ (0.40)	$ 2.06

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, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	27,177	10,924
Convertible Emmis promissory note
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	4,902	1,400
Convertible Standard General promissory notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	0	3,088
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	21,634	6,105
Restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted net loss per share	641	331

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 09, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 46,875
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 46,875
Fairway | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration				$ 78,600
Gain on sale of discontinued operations	$ 46,900

DISCONTINUED OPERATIONS - Finan

DISCONTINUED OPERATIONS - Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale	$ 0	$ 46,875
Income tax benefit (expense) from discontinued operations	74	(3,085)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS	(210)	40,709
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	13,484
Operating expenses excluding depreciation and amortization expense	284	10,368
Depreciation and amortization	0	3,035
Loss on disposal of assets	0	68
Total operating expenses	284	13,471
(Loss) income from operations of discontinued operations	(284)	13
Interest and other, net	0	(3,094)
Loss from discontinued operations before income taxes and gain on sale	(284)	(3,081)
Pre-tax gain on sale	0	46,875
Loss from discontinued operations before income taxes	(284)	43,794
Income tax benefit (expense) from discontinued operations	74	(3,085)
NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (210)	$ 40,709

DISCONTINUED OPERATIONS - Aggre

DISCONTINUED OPERATIONS - Aggregate Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Current assets of discontinued operations	$ 0	$ 1,066
Liabilities:
Current liabilities of discontinued operations	0	659
Discontinued Operations, Disposed of by Sale
ASSETS
Accounts receivable, net	0	1,026
Other	0	40
Current assets of discontinued operations	0	1,066
Liabilities:
Accounts payable and accrued expenses	0	659
Current liabilities of discontinued operations	$ 0	$ 659

COMMON STOCK - Additional Infor

COMMON STOCK - Additional Information (Details)		3 Months Ended	12 Months Ended
	Dec. 16, 2022 USD ($)	Mar. 21, 2024 shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 shares	Aug. 20, 2021 USD ($) $ / shares
Class of Stock [Line Items]
Repurchase of class A common shares | $			$ 771,000	$ 222,000
Common Stock
Class of Stock [Line Items]
Repurchase of class A common shares | $			$ 800,000	$ 200,000
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share | vote			1
Common stock, shares issued (in shares)			20,741,865	20,443,138
Common stock, shares outstanding (in shares)			20,741,865	20,443,138
Repurchase of class A common shares | $	$ 2,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Class A Common Stock | Subsequent Event
Class of Stock [Line Items]
Repurchase of class A common shares (in shares)		11,304
Class A Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			20,741,865	20,443,138	3,056,757
Repurchase of class A common shares | $			$ 6,000	$ 2,000
Repurchase of class A common shares (in shares)			629,880	187,078
Class A Common Stock | At Market Issuance Sales Agreement | B. Riley Securities, Inc.,
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares						$ 0.01
Aggregate offering price | $						$ 12,500,000
Common stock sold under agreement | $			$ 0	$ 0
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share | vote			10
Common stock, shares issued (in shares)			5,413,197	5,413,197
Common stock, shares outstanding (in shares)			5,413,197	5,413,197
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Class B Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			5,413,197	5,413,197	5,413,197
Class C Common Stock
Class of Stock [Line Items]
Number of votes per share | vote			0
Common stock, shares issued (in shares)			0	0
Common stock, shares outstanding (in shares)			0	0
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01

CONVERTIBLE PREFERRED STOCK (De

CONVERTIBLE PREFERRED STOCK (Details)				12 Months Ended
	Dec. 13, 2023 USD ($) shares	Dec. 28, 2022 USD ($) shares	Dec. 13, 2022 USD ($) shares	Dec. 31, 2023 USD ($) Investor $ / shares shares	Mar. 23, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Senior credit facility amount | $				$ 0
Debt instrument interest percentage				6%
Debt instrument increasing interest rate of each successive anniversary				1%
Dividends paid in kind | $	$ 2,400,000		$ 3,400,000
Additional shares issued due to increase in accrued value of preferred stock (in shares) | shares	26,031		80,000	26,031		80,000
Conversion of convertible promissory notes and preferred shares | $		$ 4,000,000
Conversion of convertible promissory notes and preferred shares (in shares) | shares		3,300,000
Series A convertible preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares					500,000	300,000
Series A convertible preferred stock | Parent Company
Class of Stock [Line Items]
Preferred stock shares issued (in shares) | shares				220,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01
Preferred stock issued | $				$ 22,000,000
Number of non-accredited investors | Investor				35

SHARE BASED PAYMENTS - Narrativ

SHARE BASED PAYMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized tax benefits related to stock-based compensation	$ 0.2	$ 0
Unrecognized compensation cost related to nonvested stock-based compensation	$ 0.7
Unrecognized compensation cost related to nonvested stock-based compensation, weighted average period for recognition	1 year 2 months 12 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	3 years

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, 2023 $ / shares shares
Awards
Grants outstanding, awards beginning of period (in shares) | shares	856
Granted (in shares) | shares	1,786
Vested (in shares) | shares	(1,031)
Forfeited (in shares) | shares	(448)
Grants outstanding, awards end of period (in shares) | shares	1,163
Price
Grants outstanding, price beginning of period (in dollars per share) | $ / shares	$ 3.10
Granted (in dollars per share) | $ / shares	0.98
Vested (in dollars per share) | $ / shares	2.12
Forfeited (in dollars per share) | $ / shares	2.08
Grants outstanding, price end of period (in dollars per share) | $ / shares	$ 1.17

SHARE BASED PAYMENTS - Schedu_2

SHARE BASED PAYMENTS - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,688	$ 2,747
Operating expenses excluding depreciation and amortization
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,008	565
Corporate expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	680	1,950
Loss from discontinued operations before income taxes
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 0	$ 232

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Advertising agency fee rate based on gross revenue	15%

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 32,391	$ 38,595
Spot Radio Advertising
Disaggregation Of Revenue [Line Items]
Revenues	$ 18,650	$ 25,790
Spot Radio Advertising | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	57.60%	66.80%
Digital
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,677	$ 4,713
Digital | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	11.40%	12.20%
Syndication
Disaggregation Of Revenue [Line Items]
Revenues	$ 2,427	$ 1,891
Syndication | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	7.50%	4.90%
Events and Sponsorships
Disaggregation Of Revenue [Line Items]
Revenues	$ 5,766	$ 3,380
Events and Sponsorships | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	17.80%	8.80%
Other
Disaggregation Of Revenue [Line Items]
Revenues	$ 1,871	$ 2,821
Other | Revenue, Product and Service Benchmark | Product Concentration Risk
Disaggregation Of Revenue [Line Items]
Percentage of revenue	5.70%	7.30%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) shares in Millions					12 Months Ended
	Dec. 21, 2022	Dec. 09, 2022	Jul. 28, 2022	Nov. 25, 2019	Dec. 31, 2023	Apr. 01, 2024	Dec. 31, 2022
Debt Instrument, Redemption [Line Items]
Senior credit facility amount					$ 0
Debt instrument interest percentage					6%
Debt instrument increasing interest rate of each successive anniversary					1%
Subsequent Event
Debt Instrument, Redemption [Line Items]
Debt service obligations due within twelve months of issuance of these financial statements						$ 7,100,000
Senior Credit Facility [Member] | GACP Finance Co., LLC
Debt Instrument, Redemption [Line Items]
Debt instrument, term		5 years
Conversion of Emmis Promissory Note To Common Stock
Debt Instrument, Redemption [Line Items]
Debt conversion, original debt, amount, principal	$ 900,000
Debt conversion, original debt, amount, accrued interest	$ 100,000
Conversion of Emmis Promissory Note To Common Stock | Class A Common Stock
Debt Instrument, Redemption [Line Items]
Debt conversion, common stock (in shares)	0.8
Conversion of SG Broadcasting Promissory Notes To Common Stock
Debt Instrument, Redemption [Line Items]
Debt conversion, original debt, amount, principal			$ 28,000,000
Debt conversion, original debt, amount, accrued interest			$ 1,900,000
Conversion of SG Broadcasting Promissory Notes To Common Stock | Class A Common Stock
Debt Instrument, Redemption [Line Items]
Debt conversion, common stock (in shares)			12.9
Emmis Communications Corporation
Debt Instrument, Redemption [Line Items]
Notes payable					$ 6,500,000		$ 6,000,000
Emmis Communications Corporation | Parent Company | Convertible Standard General promissory notes
Debt Instrument, Redemption [Line Items]
Senior credit facility amount				$ 0
Debt instrument interest percentage				6%
Additional payment of interest in kind				1%
Debt instrument increasing interest rate of second anniversary				1%
Debt instrument increasing interest rate of each successive anniversary				1%
Debt instrument interest paid in kind added to principal amount					500,000
Principal amount outstanding					$ 6,500,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 0	$ 0
Liabilities fair value	$ 0	$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Feb. 01, 2023
Leases [Abstract]
Short-term lease expense	$ 100	$ 0
Operating lease right of use assets	13,614	$ 5,088	$ 10,400
Total recorded lease liabilities	$ 15,777		$ 10,400

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, 2023	Dec. 31, 2022
Lease Cost
Operating lease cost	$ 3,468	$ 2,550
Other Information
Operating cash flows from operating leases	$ 2,061	$ 2,996
Weighted average remaining lease term - operating leases (in years)	14 years	7 years
Weighted average discount rate - operating leases	11.40%	5.90%

LEASES - Schedule of Annual Min

LEASES - Schedule of Annual Minimum Lease Payments of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Feb. 01, 2023
Leases [Abstract]
2024	$ 1,663
2025	2,053
2026	2,453
2027	2,477
2028	2,500
After 2028	26,560
Total lease payments	37,706
Less: imputed interest	(21,929)
Total recorded lease liabilities	$ 15,777	$ 10,400

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 63,266	$ 63,266
Definite-lived intangible assets:	1,327
Total intangible assets, net	64,593	64,703
FCC Licenses
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Indefinite lived intangibles	63,266	63,266
Software
Indefinite Lived And Finite Lived Intangible Assets [Line Items]
Definite-lived intangible assets:	$ 1,327	$ 1,437

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets And Goodwill [Line Items]
FCC licenses renewal term	8 years
Loss on disposition of assets related to websites	$ 0.3
Amortization of intangible assets	0.3	$ 0.1
FMG Valdosta, LLC and FMG Kentucky, LLC | Software Development
Intangible Assets And Goodwill [Line Items]
Finite-lived intangible assets acquired preliminary valuation	$ 1.6
FMG Valdosta, LLC and FMG Kentucky, LLC | Website
Intangible Assets And Goodwill [Line Items]
Acquired finite-lived intangible assets useful life	5 years
FMG Valdosta, LLC and FMG Kentucky, LLC | Mobile App
Intangible Assets And Goodwill [Line Items]
Acquired finite-lived intangible assets useful life	7 years
FCC Licenses
Intangible Assets And Goodwill [Line Items]
Indefinite-lived intangible assets, carrying amount	$ 63.3	$ 63.3

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Methodology Used in Valuation of FCC Licenses (Details)	Oct. 01, 2023	Oct. 01, 2022
Discount Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	12.70%	12.70%
Long-term Revenue Growth Rate
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	0.50%	0.60%
Mature Market Share
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	10.80%	9.80%
Operating Profit Margin | Minimum
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	22.90%	23.50%
Operating Profit Margin | Maximum
Goodwill And Other Intangibles [Line Items]
FCC license valuation assumptions	29%	29%

INTANGIBLE ASSETS - Schedule _2

INTANGIBLE ASSETS - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,737	$ 3,649
Accumulated Amortization	2,410	2,212
Net Carrying Amount	$ 1,327
Software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in years)	4 years 3 months 18 days
Gross Carrying Amount	$ 1,583	1,495
Accumulated Amortization	256	58
Net Carrying Amount	$ 1,327	$ 1,437

INTANGIBLE ASSETS - Estimated A

INTANGIBLE ASSETS - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 317
2025	317
2026	317
2027	274
2028	102
After 2028	0
Total	2,410	$ 2,212
Net Carrying Amount	$ 1,327

OTHER COMMITMENTS AND CONTIGENC

OTHER COMMITMENTS AND CONTIGENCIES - Various Commitments for Material Contracts (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 2,044
2025	1,360
2026	479
2027	0
2028	0
Thereafter	0
Total	$ 3,883

OTHER COMMITMENTS AND CONTING_3

OTHER COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands, shares in Millions		12 Months Ended
	Jul. 28, 2022 USD ($) shares	Dec. 31, 2023 USD ($) LegalProceeding	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Number of legal proceedings pending | LegalProceeding		0
Commitments and contingencies, net income, minimum threshold		$ 500
Net loss from continuing operations		7,631	$ (30,914)	$ 6,100
Stockholders' equity	$ 29,900	37,410	$ 46,976	$ (16,571)	$ 2,000
Commitments and contingencies, equity, minimum threshold		$ 2,500
Conversion of SG Broadcasting Promissory Notes To Common Stock
Loss Contingencies [Line Items]
Debt conversion, original debt, amount, principal	28,000
Debt conversion, original debt, amount, accrued interest	$ 1,900
Conversion of SG Broadcasting Promissory Notes To Common Stock | Class A Common Stock
Loss Contingencies [Line Items]
Debt conversion, common stock (in shares) | shares	12.9

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 36	$ 0
State	0	0
Total current	36	0
Deferred:
Federal	68	90
State	204	246
Total deferred	272	336
Provision for income taxes	$ 308	$ 336

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Provision Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21%	21%
Computed income tax provision at federal statutory rate	$ (1,494)	$ (1,986)
State income tax	(268)	(652)
State tax rate change	0	(278)
Equity based compensation	230	32
Valuation allowance	1,822	3,188
Other	18	32
Provision for income taxes	$ 308	$ 336

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, 2023	Dec. 31, 2022
Deferred tax assets:
Intangible assets	$ 11,148	$ 12,197
Lease liability	4,891	1,749
Interest deduction carryforward	6,137	5,915
Stock compensation	209	340
Net operating losses	3,912	450
Property and equipment	61	812
Other	383	112
Valuation allowance	(16,599)	(14,718)
Total deferred tax assets	10,142	6,857
Deferred tax liabilities
Indefinite-lived intangible assets	(8,697)	(7,763)
Right of use asset	(4,220)	(1,577)
Total deferred tax liabilities	(12,917)	(9,340)
Net deferred tax liabilities	$ (2,775)	$ (2,483)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets And Liabilities [Line Items]
Deferred tax assets valuation allowance	$ 16,599	$ 14,718
Net deferred tax liabilities	2,775	2,483
Unrecognized tax positions	390	$ 0	$ 0
Unrecognized tax benefits, interest expense	25
Unrecognized tax benefits, penalty expense	0
Federal
Deferred Tax Assets And Liabilities [Line Items]
Operating loss carryforwards	12,100
State and Local Jurisdiction
Deferred Tax Assets And Liabilities [Line Items]
Operating loss carryforwards	$ 19,900

INCOME TAXES - Schedule of Unre

INCOME TAXES - Schedule of Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefit - opening balance	$ 0	$ 0
Gross increases - tax position prior year	(390)	0
Gross increases - tax position current year	0	0
Decreases relating to settlement with taxing authorities	0	0
Gross decreases - lapse of applicable statute of limitation	0	0
Gross unrecognized tax benefit - ending balance	$ (390)	$ 0

RELATED PARTY TRANSACTIONS - Tr

RELATED PARTY TRANSACTIONS - Transaction Agreement with Emmis and SG Broadcasting (Details) $ in Millions	Jun. 28, 2019 USD ($) vote
Parent Company
Related Party Transaction [Line Items]
Number of votes per share | vote	10
Transaction Agreement | MediaCo | Emmis Operating Company
Related Party Transaction [Line Items]
Equity ownership interest	23.72%
Transaction Agreement | MediaCo | Emmis Operating Company | SG Broadcasting
Related Party Transaction [Line Items]
Equity ownership interest	76.28%
Related Party | Transaction Agreement With Emmis And SG Broadcasting
Related Party Transaction [Line Items]
Number of votes per share | vote	1
Related Party | Transaction Agreement
Related Party Transaction [Line Items]
Purchase price for the assets of radio stations | $	$ 91.5
Related Party | Transaction Agreement | Convertible Standard General promissory notes | Transaction Agreement With Emmis And SG Broadcasting
Related Party Transaction [Line Items]
Notes payable | $	$ 5

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Convertible Promissory Notes (Details) - USD ($) shares in Thousands					12 Months Ended
	Dec. 21, 2022	Nov. 25, 2022	Aug. 19, 2022	May 19, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 25, 2019
Related Party Transaction [Line Items]
Interest expense recognized					$ 426,000	$ 6,980,000
Conversion of Emmis Promissory Note To Common Stock
Related Party Transaction [Line Items]
Debt conversion, original debt, amount, principal	$ 900,000
Debt conversion, original debt, amount, accrued interest	$ 100,000
Conversion of Emmis Promissory Note To Common Stock | Class A Common Stock
Related Party Transaction [Line Items]
Debt conversion, common stock (in shares)	800
Related Party | Emmis Communications Corporation
Related Party Transaction [Line Items]
Principal amount outstanding							$ 6,200,000
Related Party | SG Broadcasting
Related Party Transaction [Line Items]
Principal amount outstanding					0	0	$ 27,600,000
Emmis Communications Corporation
Related Party Transaction [Line Items]
Notes payable					6,500,000	6,000,000
Emmis Communications Corporation | Parent Company | Convertible Standard General promissory notes
Related Party Transaction [Line Items]
Principal amount outstanding					6,500,000
Debt instrument interest paid in kind added to principal amount					500,000
Emmis Communications Corporation | Related Party
Related Party Transaction [Line Items]
Additional interest payments		$ 800,000
Emmis Communications Corporation | Related Party | Emmis Communications Corporation
Related Party Transaction [Line Items]
Debt conversion, original debt, amount, principal			$ 30,000
Emmis Communications Corporation | Related Party | Emmis Communications Corporation | Class A Common Stock
Related Party Transaction [Line Items]
Debt conversion, common stock (in shares)			11
Emmis Communications Corporation | Related Party | Conversion of Emmis Promissory Note To Common Stock
Related Party Transaction [Line Items]
Debt conversion, original debt, amount, principal	$ 900,000
Debt conversion, common stock (in shares)	800
Debt conversion, original debt, amount, accrued interest	$ 100,000
Emmis Communications Corporation | Convertible Debt | Related Party
Related Party Transaction [Line Items]
Face amount of debt								$ 5,000,000
Interest expense recognized					600,000	800,000
SG Broadcasting | Related Party
Related Party Transaction [Line Items]
Additional interest payments				$ 400,000
SG Broadcasting | Convertible Debt | Related Party
Related Party Transaction [Line Items]
Face amount of debt								$ 6,300,000
Interest expense recognized					$ 0	$ 1,800,000

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Convertible Preferred Stock (Details) - USD ($) $ in Millions	Dec. 13, 2023	Dec. 28, 2022	Dec. 13, 2022	Dec. 31, 2023	Dec. 31, 2022	Jul. 28, 2022	Dec. 13, 2019
Related Party Transaction [Line Items]
Dividends paid in kind	$ 2.4		$ 3.4
Additional shares issued due to increase in accrued value of preferred stock (in shares)	26,031		80,000	26,031	80,000
Conversion of SG Broadcasting Promissory Notes To Common Stock
Related Party Transaction [Line Items]
Debt conversion, original debt, amount, principal						$ 28
SG Broadcasting | Related Party | Conversion of SG Broadcasting Promissory Notes To Common Stock
Related Party Transaction [Line Items]
Debt conversion, original debt, amount, principal		$ 4
Debt conversion, common stock (in shares)		3,300,000
SG Broadcasting | Related Party | Preferred Stock
Related Party Transaction [Line Items]
Dividends paid in kind	$ 2.4		$ 3.4
Unpaid cumulative dividends				$ 0.2	$ 0.1
SG Broadcasting | Related Party | Series A convertible preferred stock
Related Party Transaction [Line Items]
Preferred stock shares issued (in shares)							220,000
Preferred stock issued				$ 2.4	$ 3.3

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreement for Billboards LLC (Details)	1 Months Ended		12 Months Ended
	Feb. 01, 2024 USD ($) agreement	Oct. 31, 2023 USD ($) agreement consultant	Dec. 31, 2023 USD ($)	Aug. 11, 2020 USD ($)	Aug. 01, 2020
Billboard Agreement | Related Party
Related Party Transaction [Line Items]
Management services agreement, quarterly payments to counterparty				$ 25,000
Management services agreement, term					3 years
Provisions on limitation of liability and indemnification outstanding			$ 100,000
Management agreement, amount outstanding			0
Management services agreement, out of pocket expenses			200,000
Standard General Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Number of consultants | consultant		5
Number of agreements | agreement		2
Number of agreements that can be terminated at any time | agreement		1
Consulting fees per month, for agreement that can be terminated at any time		$ 18,000
Consulting fees incurred			$ 49,000
Standard General Agreement | Affiliated Entity | Minimum
Related Party Transaction [Line Items]
Consulting fees monthly rate		6,000
Standard General Agreement | Affiliated Entity | Maximum
Related Party Transaction [Line Items]
Consulting fees monthly rate		$ 8,400
Standard General Agreement | Affiliated Entity | Subsequent Event
Related Party Transaction [Line Items]
Number of expired agreements | agreement	2
Standard General Agreement | Affiliated Entity | Subsequent Event | Minimum
Related Party Transaction [Line Items]
Consulting fee, hourly rate	$ 125
Standard General Agreement | Affiliated Entity | Subsequent Event | Maximum
Related Party Transaction [Line Items]
Consulting fee, hourly rate	$ 150