Emmis (EMMS) 10-K 10 May 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	May 04, 2018	Aug. 31, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Feb. 28, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	EMMS
Entity Registrant Name	EMMIS COMMUNICATIONS CORP
Entity Central Index Key	783,005
Current Fiscal Year End Date	--02-28
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 26,989
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,654,111
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,242,366
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Net revenues	$ 148,487	$ 214,568	$ 231,433
OPERATING EXPENSES:
Station operating expenses excluding depreciation and amortization expense of $4,713, $3,998, and $2,897 respectively	119,758	180,085	183,394
Corporate expenses excluding depreciation and amortization expense of $1,084, $808, and $731 respectively	10,712	11,359	13,023
Impairment loss on intangible assets	265	9,843	9,499
Depreciation and amortization	3,628	4,806	5,797
Gain on sale of radio and publishing assets, net of disposition costs	(76,604)	(23,557)	0
Loss (gain) on sale of assets	(69)	124	56
Total operating expenses	57,690	182,660	211,769
OPERATING INCOME	90,797	31,908	19,664
OTHER EXPENSE:
Interest expense	(15,143)	(18,018)	(18,956)
Loss on debt extinguishment	(2,662)	(620)	0
Other income (expense), net	35	(160)	1,057
Total other expense	(17,770)	(18,798)	(17,899)
Income (loss) before income taxes	73,027	13,110	1,765
PROVISION (BENEFIT) FOR INCOME TAXES	(11,732)	(110)	2,069
CONSOLIDATED NET (LOSS) INCOME	84,759	13,220	(304)
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,630	101	(2,418)
NET INCOME ATTRIBUTABLE TO THE COMPANY	82,129	13,119	2,114
LOSS ON MODIFICATION OF PREFERRED STOCK	0	0	162
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	82,129	13,119	1,952
Amounts attributable to common shareholders for basic earnings per share:
Net (Loss) Income Available to Common Stockholders, Basic	82,129	13,119	1,952
Amounts attributable to common shareholders for diluted earnings per share:
Amounts attributable to common shareholders for diluted earnings per share	$ 82,129	$ 13,119	$ 1,952
Basic net income (loss) per share attributable to common shareholders:
Net income attributable to common shareholders (in dollars per share)	$ 6.65	$ 1.09	$ 0.18
Basic weighted average common shares outstanding (in shares)	12,347	12,040	11,034
Diluted net income (loss) per share attributable to common shareholders:
Net income attributable to common shareholders (in dollars per share)	$ 6.50	$ 1.07	$ 0.17
Diluted weighted average common shares outstanding (in shares)	12,626	12,229	11,316

CONSOLIDATED STATEMENTS OF OPE3

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Income Statement [Abstract]
Depreciation and amortization expense excluded from station operating expenses	$ 2,897	$ 3,998	$ 4,713
Depreciation and amortization expenses excluded from corporate expenses	$ 731	$ 808	$ 1,084

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Statement of Comprehensive Income [Abstract]
CONSOLIDATED NET (LOSS) INCOME	$ 84,759	$ 13,220	$ (304)
OTHER COMPREHENSIVE (LOSS) INCOME:
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,630	101	(2,418)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 82,129	$ 13,119	$ 2,114

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 4,107	$ 11,349
Restricted cash	2,008	2,323
Accounts receivable, net of allowance for doubtful accounts of $903 and $539, respectively	20,594	26,484
Prepaid expenses	3,234	4,798
Assets held for sale	26,170	0
Other	3,680	1,503
Total current assets	59,793	46,457
PROPERTY AND EQUIPMENT:
Land and buildings	26,608	27,242
Leasehold improvements	9,239	13,142
Broadcasting equipment	34,623	43,566
Office equipment and automobiles	24,773	27,810
Construction in progress	696	1,474
Total property and equipment	95,939	113,234
Less-accumulated depreciation and amortization	69,338	82,389
Total property and equipment, net	26,601	30,845
INTANGIBLE ASSETS:
Indefinite-lived intangibles	170,890	197,666
Goodwill	4,338	4,603
Other intangibles	2,154	3,165
Total intangible assets	177,382	205,434
Less-accumulated amortization	1,101	1,642
Total intangible assets, net	176,281	203,792
OTHER ASSETS:
Investments	800	800
Deposits and other	7,669	7,444
Total other assets	8,469	8,244
Total assets	271,144	289,338
CURRENT LIABILITIES:
Accounts payable and accrued expenses	6,394	13,398
Current maturities of long-term debt	16,037	23,600
Accrued salaries and commissions	3,541	6,238
Deferred revenue	4,030	4,560
Other	2,695	6,807
Total current liabilities	32,697	54,603
LONG-TERM DEBT, NET OF CURRENT PORTION	122,849	190,372
OTHER NONCURRENT LIABILITIES	5,932	4,842
DEFERRED INCOME TAXES	31,403	43,537
Total liabilities	192,881	293,354
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SHAREHOLDERS’ (DEFICIT) EQUITY:
Additional paid-in capital	594,708	592,320
Accumulated deficit	(547,252)	(629,381)
Total shareholders’ (deficit) equity	47,583	(36,937)
NONCONTROLLING INTERESTS	30,680	32,921
Total (deficit) equity	78,263	(4,016)
Total liabilities and (deficit) equity	271,144	289,338
Class A Common Stock
SHAREHOLDERS’ (DEFICIT) EQUITY:
Common stock	116	113
Class B Common Stock
SHAREHOLDERS’ (DEFICIT) EQUITY:
Common stock	11	11
Class C Common Stock
SHAREHOLDERS’ (DEFICIT) EQUITY:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Accounts receivable, allowance for doubtful accounts	$ 539	$ 903
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	42,500,000	42,500,000
Common stock, shares issued	11,278,065	10,402,400
Common stock, shares outstanding	11,278,065	10,402,400
Class B Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	1,142,366	1,142,366
Common stock, shares outstanding	1,142,366	1,142,366
Class C Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) - USD ($) $ in Thousands	Total		Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Series A preferred stockPreferred stock	Class B Common StockCommon Stock	Class A Common StockCommon Stock
Beginning Balance (in shares) at Feb. 28, 2015						928,991	1,142,366	9,763,680
Beginning Balance at Feb. 28, 2015	$ (12,149)		$ 585,686	$ (644,614)	$ 46,661	$ 9	$ 11	$ 98
Net income	(304)			2,114	(2,418)
Exercise of stock options and related income tax benefits (In shares)								47,500
Exercise of stock options and related income tax benefits	135		135					$ 0
Issuance of Common Stock to employees and officers and related income tax benefits (In shares)								552,990
Issuance of Common Stock to employees and officers and related income tax benefits	4,014		4,008					$ 6
Conversion of Preferred Stock to Class A Common Stock (In shares)						(62,672)		38,230
Conversion of Preferred Stock to Class A Common Stock			1					$ 0
Payments of dividends and distributions to noncontrolling interests	(5,846)				(5,846)
Ending Balance (in shares) at Feb. 29, 2016						866,319	1,142,366	10,402,400
Ending Balance at Feb. 29, 2016	(14,149)		589,830	(642,500)	38,397	$ 9	$ 11	$ 104
Net income	13,220			13,119	101
Exercise of stock options and related income tax benefits (In shares)								57,738
Exercise of stock options and related income tax benefits	115		114					$ 1
Issuance of Common Stock to employees and officers and related income tax benefits (In shares)								213,197
Issuance of Common Stock to employees and officers and related income tax benefits	2,374		2,372					$ 2
Conversion of Preferred Stock to Class A Common Stock (In shares)						(866,319)		606,423
Conversion of Preferred Stock to Class A Common Stock	6		9			$ (9)		$ 6
Stock Repurchased During Period, Value			(5)
Stock Repurchased During Period, Shares								(1,693)
Payments of dividends and distributions to noncontrolling interests	(5,577)				(5,577)
Ending Balance (in shares) at Feb. 28, 2017						0	1,142,366	11,278,065
Ending Balance at Feb. 28, 2017	(4,016)		592,320	(629,381)	32,921	$ 0	$ 11	$ 113
Net income	$ 84,759			82,129	2,630
Exercise of stock options and related income tax benefits (In shares)	52,250	[1]						52,250
Exercise of stock options and related income tax benefits	$ 131		131					$ 0
Issuance of Common Stock to employees and officers and related income tax benefits (In shares)								319,125
Issuance of Common Stock to employees and officers and related income tax benefits	2,260		2,257					$ 3
Payments of dividends and distributions to noncontrolling interests	(4,871)				(4,871)
Ending Balance (in shares) at Feb. 28, 2018						0	1,142,366	11,649,440
Ending Balance at Feb. 28, 2018	$ 78,263		$ 594,708	$ (547,252)	$ 30,680	$ 0	$ 11	$ 116
[1]	The Company did not record an income tax benefit related to option exercises in the years ended February 2016, 2017 and 2018. Cash received from option exercises during the years ended February 2016, 2017 and 2018 was $0.1 million, $0.1 million and $0.1 million, respectively.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
OPERATING ACTIVITIES:
Consolidated net (loss) income	$ 84,759	$ 13,220	$ (304)
Adjustments to reconcile net (loss) income to net cash provided by operating activities—
Gain on sale of radio and publishing assets, net of disposition costs	76,604	23,557	0
Impairment loss on intangible assets	265	9,843	9,499
Loss on debt extinguishment	2,662	620	0
Noncash accretion of debt instruments to interest expense	495	743	743
Amortization of deferred financing costs, including original issue discount	2,536	1,661	1,667
Depreciation and amortization	3,628	4,806	5,797
Provision for bad debts	699	377	626
Provision (benefit) for deferred income taxes	(12,134)	(178)	2,100
Noncash compensation	2,654	2,920	4,904
Loss on investments including other-than-temporary impairment	0	254	0
Loss (gain) on disposal of assets	(69)	124	56
Changes in assets and liabilities-
Restricted cash	315	(209)	1,276
Accounts receivable	5,191	3,460	1,796
Prepaid expenses and other current assets	(631)	1,639	1,289
Other assets	(507)	(644)	(1,583)
Accounts payable and accrued liabilities	(9,701)	5,131	(1,236)
Deferred revenue	(463)	(294)	(133)
Income taxes	(121)	(76)	(117)
Other liabilities	(2,733)	(788)	(1,266)
Net cash provided by operating activities	241	19,052	25,114
INVESTING ACTIVITIES:
Purchases of property and equipment	(1,809)	(2,850)	(3,388)
Proceeds from the sale of assets	80,238	31,330	0
Cash received from investments, net	0	54	107
Other	0	(35)	0
Net cash (used in) provided by investing activities	78,429	28,499	(3,281)
FINANCING ACTIVITIES:
Payments on long-term debt	(100,833)	(55,970)	(24,228)
Proceeds from long-term debt	21,690	21,350	11,000
Settlement of tax withholding obligations	(393)	(539)	(971)
Dividends and distributions paid to noncontrolling interests	(4,871)	(5,577)	(5,846)
Proceeds from exercise of stock options and employee stock purchases	131	115	133
Payments for debt related costs	(1,636)	(32)	(1,134)
Other	0	(5)	0
Net cash used in financing activities	(85,912)	(40,658)	(21,046)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(7,242)	6,893	787
CASH AND CASH EQUIVALENTS:
Beginning of period	11,349	4,456	3,669
End of period	4,107	11,349	4,456
Cash paid for (refund from)-
Interest	13,334	15,618	16,742
Income taxes	2,636	112	216
Non-cash financing transactions-
Value of stock issued to employees under stock compensation program and to satisfy accrued incentives	$ 2,650	$ 2,920	$ 4,963

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The following discussion pertains to Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “Emmis,” the “Company,” or “we”). All significant intercompany balances and transactions have been eliminated. Organization We are a diversified media company, principally focused on radio broadcasting. Emmis owns 11 FM and 3 AM radio stations in New York, Indianapolis, and Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there). One of the FM radio stations that Emmis currently owns in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming. On April 30, 2018, we sold our four radio stations in St. Louis. These stations were being operated pursuant to LMAs, which commenced on March 1, 2018 and remained in effect until the stations were sold. Emmis also developed and licenses TagStation ® , a cloud-based software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, developed NextRadio ® , a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones, and has introduced the Dial Report TM to give radio advertising buyers and sellers big data analytics derived from a nationwide radio station network, smartphone usage, location-based data, listening data, and demographic and behavioral attributes. In addition to our radio properties, we also publish Indianapolis Monthly and operate Digonex, a dynamic pricing business. Substantially all of ECC’s business is conducted through its subsidiaries. Our credit agreement, dated June 10, 2014 (the “2014 Credit Agreement”), contains certain provisions that may restrict the ability of ECC’s subsidiaries to transfer funds to ECC in the form of cash dividends, loans or advances. Common Stock Reverse Split On July 8, 2016, the Company effected a one-for-four reverse stock split for its Class A, Class B and Class C common stock. All share and per share information has been retroactively adjusted to reflect the reverse stock split. Revenue Recognition Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of delivery of the publication. Both broadcasting revenue and publication revenue recognition is subject to meeting certain conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. These criteria are generally met at the time the advertisement is aired for broadcasting revenue and upon delivery of the publication for publication revenue. 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 three years ended February 28, 2018 was as follows: Balance At Beginning Of Year Provision Write-Offs Balance At End Of Year Year ended February 29, 2016 $ 665 $ 626 $ (357 ) $ 934 Year ended February 28, 2017 934 377 (408 ) 903 Year ended February 28, 2018 903 699 (1,063 ) 539 Local Programming and Marketing Agreement Fees The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, pending regulatory approval of transfer of the FCC licenses. Under the terms of these agreements, the acquiring company makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. The acquiring company records revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station. On April 26, 2012, the Company entered into an LMA with New York AM Radio, LLC (“98.7FM Programmer”) pursuant to which, commencing April 30, 2012, 98.7FM Programmer purchased from Emmis the right to provide programming on 98.7FM until August 31, 2024. Disney Enterprises, Inc., the parent company of 98.7FM Programmer, has guaranteed the obligations of 98.7FM Programmer under the LMA. The Company retains ownership and control of the station, including the related FCC license during the term of the LMA and received an annual fee from 98.7FM Programmer of $8.4 million for the first year of the term under the LMA, which fee increases by 3.5% each year thereafter until the LMA’s termination. This LMA fee revenue is recorded on a straight-line basis over the term of the LMA. Emmis retains the FCC license of 98.7FM after the term of the LMA expires. On May 8, 2017, Emmis and an affiliate of the Meruelo Group (the “Meruelo Group”) entered into an LMA and asset purchase agreement related to KPWR-FM in Los Angeles. This LMA started on July 1, 2017 and terminated with the consummation of the sale of KPWR-FM on August 1, 2017. Emmis recognized $0.4 million of LMA fee revenue, which is included in net revenues in our accompanying consolidated statements of operations, during the year ended February 28, 2018. See Note 7 for more discussion of our sale of KPWR-FM to the Meruelo Group. On February 22, 2018, Emmis entered into LMAs with subsidiaries of Entercom Communications Corp. and Hubbard Radio, LLC related to Emmis’ four stations in St. Louis. As the LMAs for our St. Louis stations commenced on March 1, 2018, they had no effect on our results of operations for the three years ended February 28, 2018. See Note 16 for more discussion of the sale of our St. Louis stations. LMA fees recorded as net revenues in the accompanying consolidated statements of operations were as follows for the years ended February 2016, 2017 and 2018: For the years ended February 28 (29), 2016 2017 2018 98.7FM, New York $ 10,331 $ 10,331 $ 10,331 KPWR-FM, Los Angeles — — 421 Total LMA fees $ 10,331 $ 10,331 $ 10,752 Share-based Compensation The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-pricing model. The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded options that have no vesting restrictions and are fully transferable. The Company’s employee stock options have characteristics significantly different than these traded options. In addition, option pricing models require the input of highly subjective assumptions, including the expected stock price volatility and expected term of the options granted. The Company relies heavily upon historical data of its stock price when determining expected volatility, but each year the Company reassesses whether or not historical data is representative of expected results. See Note 4 for more discussion of share-based compensation. Cash and Cash Equivalents Emmis 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 As of February 28, 2018, restricted cash relates to cash on deposit in trust accounts related to our 98.7FM LMA in New York City that services long-term debt and cash held in escrow as part of our sale of four magazines in February 2017. Restricted cash as of February 28, 2017 also included cash collected by our wholly-owned subsidiary, NextRadio LLC, from other radio broadcasters for payments to Sprint. Usage of cash collected by NextRadio LLC was restricted for specific purposes by funding agreements. See Note 8 for more discussion of NextRadio LLC’s agreement with Sprint. The table below summarizes restricted cash held by the Company as of February 28, 2017 and 2018: For the years ending February 28, 2017 2018 98.7FM LMA restricted cash (see Note 8) $ 1,550 $ 1,358 NextRadio LLC restricted cash (see Note 8) 123 — Cash held in escrow from magazine sale restricted cash (see Note 7) 650 650 Total restricted cash $ 2,323 $ 2,008 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 39 years for buildings, the shorter of economic life or expected lease term for leasehold improvements, five to seven years for broadcasting equipment, five years for automobiles, and three to five years for office equipment. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be recorded through a charge to operations. See below for more discussion of impairment policies related to our property and equipment. Depreciation expense for the years ended February 2016, 2017 and 2018 was $4.3 million , $4.1 million and $3.3 million , respectively. Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” goodwill and 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 December 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 9, Intangible Assets and Goodwill, for more discussion of our interim and annual impairment tests performed during the three years ended February 28, 2018. Definite-lived Intangibles The Company’s definite-lived intangible assets primarily consist of trademarks which 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 and Subscription Acquisition Costs Advertising and subscription acquisition costs are expensed when incurred. Advertising expense for the years ended February 2016, 2017 and 2018 was $4.1 million , $5.7 million and $2.6 million , respectively. Investments For those investments in common stock or in-substance common stock in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. Equity method investment Emmis had a minority interest in a partnership that owns and operates various entertainment websites. During the year ended February 28, 2017, Emmis recorded a noncash impairment charge of $0.3 million in other income (expense), net in the accompanying consolidated statements of operations as it deemed the investment was impaired and the impairment was other-than-temporary. This impairment charge reduced the carrying value of this investment to zero as of February 28, 2017. Emmis sold its noncontrolling stake in this partnership in March 2017. Proceeds from this sale were immaterial. Available for sale investment Emmis’ available for sale investment is an investment in the preferred shares of a non-public company. This investment is accounted for under the provisions of ASC 320, and as such, is carried at its fair value which Emmis believes approximates its cost basis of $0.8 million . Unrealized gains and losses would be reported in other comprehensive income until realized, at which point they would be recognized in the consolidated statements of operations. If the Company determines that the value of an investment is other-than-temporarily impaired, the Company will recognize, through the statements of operations, a loss on the investment. Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter, other transactions in which payments are received prior to the performance of services (i.e. cash-in-advance advertising and prepaid LMA payments), and deferred magazine subscription revenue. 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 or a publication is delivered. The appropriate expense or asset is recognized when merchandise or services are used or received. Magazine subscription revenue is recognized when the publication is shipped. Barter revenues for the years ended February 2016, 2017 and 2018 were $8.5 million , $7.8 million and $4.7 million , respectively, and barter expenses were $8.5 million , $7.9 million , and $4.8 million , respectively. Earnings Per Share ASC Topic 260 requires dual presentation of basic and diluted income per share (“EPS”) on the face of the income statement for all entities with complex capital structures. Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at February 2016 consisted of stock options, restricted stock awards and preferred stock. Potentially dilutive securities at February 2017 and 2018 consisted of stock options and restricted stock awards. The following table sets forth the calculation of basic and diluted net income per share from continuing operations: For the year ended February 29, 2016 February 28, 2017 February 28, 2018 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (amounts in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders from continuing operations $ 1,952 11,034 $ 0.18 $ 13,119 12,040 $ 1.09 $ 82,129 12,347 $ 6.65 Impact of equity awards — 282 — 189 — 279 Diluted net income per common share: Net income available to common shareholders from continuing operations $ 1,952 11,316 $ 0.17 $ 13,119 12,229 $ 1.07 $ 82,129 12,626 $ 6.50 Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows: For the year ended February 28 (29), 2016 2017 2018 (shares in 000’s ) Preferred stock 607 — — Stock options and restricted stock awards 1,279 1,341 1,951 Antidilutive common share equivalents 1,886 1,341 1,951 Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value. Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset. Noncontrolling Interests The Company follows Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests related to our Austin radio partnership and Digonex. We have a 50.1% controlling interest in our Austin radio partnership. We do not own any of the common equity of Digonex, but we consolidate the entity because we control its board of directors via rights granted in convertible preferred stock and convertible debt that we own. As of February 28, 2018, Emmis owns rights that are convertible into approximately 82% of Digonex’s common equity. Noncontrolling interests represents the noncontrolling interest holders’ proportionate share of the equity of the Austin radio partnership and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders’ proportionate share of the earnings or losses of the applicable entity. The noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for the years ended February 2017 and 2018: Austin radio partnership Digonex Total noncontrolling interests Balance, February 29, 2016 $ 47,556 $ (9,159 ) $ 38,397 Net income (loss) 4,851 (4,750 ) 101 Payments of dividends and distributions to noncontrolling interests (5,577 ) — (5,577 ) Balance, February 28, 2017 46,830 (13,909 ) 32,921 Net income (loss) 5,465 (2,835 ) 2,630 Payments of dividends and distributions to noncontrolling interests (4,871 ) — (4,871 ) Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680 Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates. National Representation Agreement On October 1, 2007, Emmis terminated its existing national sales representation agreement with Interep National Radio Sales, Inc. (“Interep”) and entered into a new agreement with Katz Communications, Inc. (“Katz”) extending to March 2018. Emmis’ existing contract with Interep at the time extended through September 2011. Emmis, Interep and Katz entered into a tri-party termination and mutual release agreement under which Interep agreed to release Emmis from its future contractual obligations in exchange for a one-time payment of $15.3 million , which was paid by Katz on behalf of Emmis as an inducement for Emmis to enter into the new long-term contract with Katz. Emmis measured and recognized the charge associated with terminating the Interep contract as of the effective termination date, which was recorded as a noncash contract termination fee in the year ended February 2008. The liability established as a result of the termination represented an incentive received from Katz that was recognized as a reduction of our national agency commission expense over the term of the agreement with Katz. Liquidity and Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provided guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company adopted ASU 2014-15 during the year ended February 28, 2017. Subsequent to adoption, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period, including interim periods. In evaluating the Company’s ability to continue as a going concern, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements were issued (May 10, 2018). Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity and debt obligations due on or before May 10, 2019. The Company’s revolver expires on August 31, 2018 and its term loan is due no later than April 18, 2019. Subsequent to the closing of the sale of our St. Louis stations on April 30, 2018, the Company has no outstanding revolver borrowings, $28.0 million outstanding under its term loan, and has approximately $10 million of cash on hand. The Company believes it can fund its operational needs once its revolver expires on August 31, 2018 with its cash on hand and cash generated from operations, but will not be able to repay its term loan by April 18, 2019 absent other actions. Management is currently exploring a number of options that would allow the Company to repay its term loan by April 18, 2019. Management believes that it is probable that it will refinance its remaining term loan under the 2014 Credit Agreement prior to April 18, 2019. The Company has successfully refinanced its credit agreement debt many times in the past. Recent asset sales and associated term loan repayments have significantly reduced the Company’s leverage ratio, which management believes has enhanced its ability to refinance the debt. Management is also exploring several alternatives that would further reduce our term loan obligations and enhance our ability to refinance, including the sale of WLIB-AM in New York City and other assets. Management’s intention and belief that the credit agreement debt will be refinanced prior to April 18, 2019 assumes, among other things, that the Company will continue to be successful in implementing its business strategy and that there will be no material adverse developments in its business, liquidity or capital requirements. If one or more of these factors do not occur as expected, it could cause a default under the Company’s credit agreement. See Note 5 for more discussion of our indebtedness and Note 16 for more discussion of the sale of our St. Louis radio stations. Recent Accounting Standards Updates In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU was issued to simplify goodwill impairment by removing the second step of the goodwill impairment test. The Company early adopted this guidance as of March 1, 2017. As part of the Company’s annual review of goodwill impairment, the Company recorded an impairment charge of $0.3 million . In accordance with this ASU, the Company compared the fair value of its reporting units with their respective fair values. In one instance, the carrying value of a reporting unit exceeded its fair value. The Company recorded an impairment charge of equal to the amount that the carrying value exceeded the fair value, limited by the amount of goodwill allocated to the reporting unit. See Note 9, Intangible Assets and Goodwill, for more discussion of our interim and annual impairment tests performed during the three years ended February 28, 2018. In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance will be effective for the Company as of March 1, 2019. A modified retrospective transition method is required. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. Our future operating lease commitments are summarized in Note 11. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. The Company adopted this guidance on March 1, 2018 using the modified retrospective method with no impact on its consolidated financial statements for the three years ending February 28, 2018. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018 and the Company does not expect this guidance will have a material impact on its consolidated financial statements in future periods. However, additional disclosure will be included in future periods in accordance with the requirements of the guidance.

COMMON STOCK

COMMON STOCK	12 Months Ended
	Feb. 28, 2018
Equity [Abstract]
COMMON STOCK	COMMON STOCK Emmis 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 is owned by our Chairman, CEO and President, Jeffrey H. Smulyan, and automatically converts to Class A common stock upon sale or other transfer to a party unaffiliated with Mr. Smulyan. At February 28, 2017 and 2018 , no shares of Class C common stock were issued or outstanding. On July 8, 2016, the Company effected a one-for-four reverse stock split. As a result of the reverse stock split, every four shares of each class of the Company’s outstanding common stock were combined into one share of the same class of common stock and the authorized shares of each class of the Company’s common stock were reduced by the same ratio. In lieu of issuing fractional shares, the Company paid in cash the fair value of such fractions of a share as of July 7, 2016 . Such fair value was $0.695 for each pre-split share of our outstanding common stock, which was the average closing sales price of the Class A common stock as reported by the Nasdaq Global Select Market for the thirty trading days preceding such date. The number and strike price of the Company’s outstanding stock options were adjusted proportionally. The par value of the Company’s common stock was not adjusted as a result of the reverse stock split.

REDEEMABLE PREFERRED STOCK

REDEEMABLE PREFERRED STOCK	12 Months Ended
	Feb. 28, 2018
Preferred Stock, Including Additional Paid in Capital [Abstract]
REDEEMABLE PREFERRED STOCK	REDEEMABLE PREFERRED STOCK The Company’s redeemable Preferred Stock was delisted from the Nasdaq Global Select Market on March 28, 2016. Pursuant to the Company’s Articles of Incorporation, all shares of Preferred Stock were converted into shares of Class A common stock on April 4, 2016. Subsequent to the mandatory conversion on April 4, 2016, no shares of the Company’s redeemable Preferred Stock remain outstanding. On various dates during the year ended February 28, 2017, including the mandatory conversion date of April 4, 2016, 866,319 shares of Preferred Stock were originally converted into 2,452,692 shares of Class A common stock ( 606,423 shares of Class A common stock after the one-for-four reverse stock split). Each share of redeemable Preferred Stock was convertible into a number of shares of common stock, which was determined by dividing the liquidation preference of the share of preferred stock ( $50.00 per share) by the conversion price. The conversion price was originally $20.495 , which resulted in a conversion ratio of approximately 2.44 shares of common stock per share of Preferred Stock. On February 17, 2016, shareholders of Emmis’ common stock and Preferred Stock approved amendments to Emmis’ Articles of Incorporation which, among other things, modified the conversion ratio to 2.80 shares of Class A common stock per share of Preferred Stock. In connection with this modification, the Company recorded a loss of $0.2 million .

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
	Feb. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED PAYMENTS	SHARE BASED PAYMENTS The amounts recorded as share based compensation expense consist of stock option and restricted stock grants, common stock issued to employees and directors in lieu of cash payments, and Preferred Stock contributed to the 2012 Retention Plan. Stock Option Awards The Company has granted options to purchase its common stock to employees and directors of the Company under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding 10 years and are forfeited, except in certain circumstances, in the event the employee or director terminates his or her employment or relationship with the Company. Generally, these options either vest annually over 3 years ( one-third each year for 3 years ), or cliff vest at the end of 3 years . The Company issues new shares upon the exercise of stock options. The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model and expensed on a straight-line basis over the vesting period. Expected volatilities are based on historical volatility of the Company’s stock. The Company uses historical data to estimate option exercises and employee terminations within the valuation model. The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of awards. The risk-free interest rate for periods within the life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the years ended February 2016, 2017 and 2018 : For the Years Ended February 28 (29), 2016 2017 2018 Risk-Free Interest Rate: 1.2% - 1.4% 0.9% - 1.8% 1.7% - 2.0% Expected Dividend Yield: 0% 0% 0% Expected Life (Years): 4.3 4.3 - 4.4 4.4 Expected Volatility: 57.2% - 64.6% 52.9% - 60.0% 52.9% - 53.9% The following table presents a summary of the Company’s stock options outstanding at February 28, 2018 , and stock option activity during the year ended February 28, 2018 (“Price” reflects the weighted average exercise price per share): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,559,643 $ 5.17 Granted 341,250 2.79 Exercised (1) 52,250 2.51 Forfeited 33,330 4.20 Expired 123,984 11.06 Outstanding, end of period 2,691,329 4.66 6.4 $ 2,548 Exercisable, end of period 2,000,215 4.78 5.8 $ 1,822 (1) The Company did not record an income tax benefit related to option exercises in the years ended February 2016, 2017 and 2018. Cash received from option exercises during the years ended February 2016, 2017 and 2018 was $0.1 million, $0.1 million and $0.1 million, respectively. The weighted average grant date fair value of options granted during the years ended February 2016, 2017 and 2018 , was $2.98 , $1.20 and $1.25 , respectively. A summary of the Company’s nonvested options at February 28, 2018 , and changes during the year ended February 28, 2018 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 1,090,375 $ 2.26 Granted 341,250 1.25 Vested 707,181 1.94 Forfeited 33,330 2.06 Nonvested, end of period 691,114 2.10 There were 2.3 million shares available for future grants under the Company’s various equity plans at February 28, 2018 ( 2.0 million shares under the 2017 Equity Compensation Plan and 0.3 million shares under other plans). The vesting dates of outstanding options at February 28, 2018 range from March 2018 to October 2020, and expiration dates range from March 2018 to October 2027. Restricted Stock Awards The Company has historically granted restricted stock awards to directors annually, and periodically grants restricted stock to employees in connection with employment agreements. Awards to directors were granted on the date of our annual meeting of shareholders and vest on the earlier of (i) the completion of the director’s 3 -year term or (ii) the third anniversary of the date of grant. Restricted stock award grants are granted out of the Company’s 2017 Equity Compensation Plan. The Company may also award, out of the Company’s 2017 Equity Compensation Plan, stock to settle certain bonuses and other compensation that otherwise would be paid in cash. Any restrictions on these shares may be immediately lapsed on the grant date. The following table presents a summary of the Company’s restricted stock grants outstanding at February 28, 2018 , and restricted stock activity during the year ended February 28, 2018 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 196,706 $ 4.64 Granted 439,489 2.96 Vested (restriction lapsed) 282,801 4.01 Forfeited — — Grants outstanding, end of period 353,394 3.05 The total grant date fair value of shares vested during the years ended February 2016, 2017 and 2018 , was $3.4 million , $1.8 million and $1.1 million , respectively. Recognized Non-Cash Compensation Expense The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the years ended February 2016, 2017 and 2018 : Year Ended February 28 (29), 2016 2017 2018 Station operating expenses $ 1,760 $ 1,012 $ 501 Corporate expenses 3,144 1,908 2,153 Stock-based compensation expense included in operating expenses 4,904 2,920 2,654 Tax benefit — — — Recognized stock-based compensation expense, net of tax $ 4,904 $ 2,920 $ 2,654 As of February 28, 2018 , there was $0.9 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested share-based compensation arrangements. The cost is expected to be recognized over a weighted average period of approximately 1.4 years.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt was comprised of the following at February 28, 2017 and 2018 : As of February 28, 2017 As of February 28, 2018 Revolver $ — $ 9,000 Term Loan 152,245 69,451 Total 2014 Credit Agreement debt 152,245 78,451 Other nonrecourse debt (1) 8,807 9,992 98.7FM nonrecourse debt 59,958 53,919 Current maturities (23,600 ) (16,037 ) Unamortized original issue discount (7,038 ) (3,476 ) Total long-term debt $ 190,372 $ 122,849 (1) The face value of other nonrecourse debt was $9.5 million and $10.2 million at February 28, 2017 and 2018, respectively. On June 10, 2014, Emmis entered into the 2014 Credit Agreement, by and among the Company, EOC, as borrower (the “Borrower”), certain other subsidiaries of the Company, as guarantors (the “Subsidiary Guarantors”) and the lenders party thereto. Capitalized terms in this section not defined elsewhere in this 10-K are defined in the 2014 Credit Agreement and related amendments. The 2014 Credit Agreement consists of remaining balances of a term loan ( $152.2 million and $69.5 million as of February 28, 2017 and 2018, respectively) and a revolving credit facility with a maximum commitment of $20.0 million . Outstanding revolver borrowings as of February 28, 2018 were $9.0 million . No revolver borrowings were outstanding as of February 28, 2017. The revolving credit facility includes a sub-facility for the issuance of up to $5.0 million of letters of credit. No letters of credit were outstanding during the three years ended February 28, 2018. The term loan is due not later than April 18, 2019 and the revolving credit facility expires on August 31, 2018. The Company is not required to make scheduled principal payments under the term loan or revolving credit facility prior to these dates. Amounts outstanding under the 2014 Credit Agreement bear interest, at the Company’s option, at either (i) the Alternate Base Rate (but not less than 2.00% ) plus 6.00% or (ii) the Adjusted LIBO Rate plus 7.00% . The Company pays an unused commitment fee of 75 basis points per annum on the average unused amount of the revolving credit facility. If the Company has not refinanced the 2014 Credit Agreement by July 18, 2018, any principal payments on the term loans thereafter must be accompanied by a fee to the lenders equal to 2% of the amount being repaid. In addition, on each ninety day anniversary after July 18, 2018, such fee increases by an additional 0.5% and the interest rate on amounts outstanding increases by 0.5% . The weighted average borrowing rate of amounts outstanding related to the 2014 Credit Agreement was 7.0% and 8.7% at February 28, 2017 and 2018, respectively. Our 2014 Credit Agreement debt is carried net of an unamortized original issue discount of $1.8 million as of February 28, 2018. The original issue discount is being amortized as additional interest expense over the life of the 2014 Credit Agreement. The 2014 Credit Agreement requires mandatory prepayments for, among other things, proceeds from the sale of assets, insurance proceeds and Consolidated Excess Cash Flow (as defined in the 2014 Credit Agreement). The 2014 Credit Agreement requires the Company to comply with certain financial and non-financial covenants. These covenants include a minimum EBITDA amount covenant through May 31, 2018. Subsequent to the quarter ending May 31, 2018, the Company is required to comply with a Total Leverage Ratio covenant of 4.00:1.00. Additionally, the Company is required to meet a minimum Interest Coverage Ratio of at least 1.60:1.00. The obligations under the 2014 Credit Agreement are secured by a perfected first priority security interest in substantially all of the assets of the Company, the Borrower and the Subsidiary Guarantors. 2014 Credit Agreement Covenants We were in compliance with all financial and non-financial covenants as of February 28, 2018 . Based on the Company’s projections of cash and cash equivalents on hand, projected cash flows from operations and other factors, management believes the Company will be in compliance with its debt covenants through the end of fiscal year 2019. Our Minimum EBITDA Amount and Interest Coverage Ratio (each as defined in the 2014 Credit Agreement and related amendments) requirements and actual amounts as of February 28, 2018 were as follows: As of February 28, 2018 Covenant Requirement Actual Results Minimum EBITDA Amount $ 8.4 million $ 11.3 million Interest Coverage Ratio 1.60 : 1.00 2.63 : 1.00 98.7FM Nonrecourse Debt On May 30, 2012, the Company, through wholly-owned, newly-created subsidiaries, issued $82.2 million of nonrecourse notes. Teachers Insurance and Annuity Association of America, through a participation agreement with Wells Fargo Bank Northwest, National Association, is entitled to receive payments made on the notes. The notes are obligations only of the newly-created subsidiaries, are non-recourse to the rest of the Company’s subsidiaries and are secured by the assets of the newly-created subsidiaries, including the payments made to the newly-created subsidiary related to the 98.7FM LMA, which are guaranteed by Disney Enterprises, Inc. The notes bear interest at 4.1% . Our 98.7FM nonrecourse debt is carried net of an unamortized original issue discount of $1.7 million as of February 28, 2018. The original issue discount is being amortized as additional interest expense over the life of the 98.7FM nonrecourse debt. Other Nonrecourse Debt Digonex issued $6.2 million of notes payable prior to Emmis’ acquisition of a controlling interest of Digonex on June 16, 2014. Emmis recorded these notes at fair value in its purchase price allocation as of June 16, 2014. The difference between the fair value recorded on June 16, 2014 and the face value of the notes is being accreted as additional interest expense through the maturity date of the notes. The notes are obligations of Digonex only and are non-recourse to the rest of Emmis’ subsidiaries. Approximately $1.5 million of the Digonex notes are secured by the assets of Digonex and the remaining $4.7 million are unsecured. The notes bear simple interest at 5% with interest due at maturity of the notes on December 31, 2020. NextRadio, LLC issued $4.0 million of notes payable. As of February 28, 2018, these notes bear interest at 6.0% with interest due quarterly beginning in August 2018. The notes mature on December 23, 2021 and are to be repaid through revenues generated by enhanced advertisement revenues earned by NextRadio LLC. If any portion of the notes remain unpaid at maturity, the lender has the option to exchange the notes for senior preferred equity of NextRadio LLC’s parent entity, TagStation, LLC. These notes are obligations of NextRadio LLC and TagStation, LLC and are non-recourse to the rest of Emmis’ subsidiaries. Based on amounts outstanding at February 28, 2018 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 2014 Credit Agreement Year ended February 28 (29), Revolver Term Loan 98.7FM Debt Other Nonrecourse Debt Total 2019 $ 9,000 $ 450 $ 6,587 $ — $ 16,037 2020 — 69,001 7,150 — 76,151 2021 — — 7,755 6,239 13,994 2022 — — 8,394 4,000 12,394 2023 — — 9,069 — 9,069 Thereafter — — 14,964 — 14,964 Total $ 9,000 $ 69,451 $ 53,919 $ 10,239 $ 142,609

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS As defined in ASC Topic 820, fair value is 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 (exit price). The Company utilizes market data or assumptions that 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 can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Recurring Fair Value Measurements The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of February 28, 2017 and 2018. The financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. As of February 28, 2018 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 As of February 28, 2017 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 Available for sale securities — Emmis’ available for sale securities are comprised of preferred stock of a private company that is not traded in active markets. The preferred stock is recorded at fair value, which is generally estimated using significant unobservable market parameters, resulting in a level 3 categorization. The carrying value of our available for sale securities is determined by using implied valuations of recent rounds of financing and by other corroborating evidence, including the application of various valuation methodologies including option-pricing and discounted cash flow based models. The following table shows a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs: Year Ended February 28, 2017 2018 Available For Sale Securities Beginning Balance $ 800 $ 800 Purchases — — Ending Balance $ 800 $ 800 Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis under circumstances and events that include those described in Note 9, Intangible Assets and Goodwill, and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered a Level 3 measurement due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 9 for more discussion). Fair Value of Other Financial Instruments Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. Refer to Note 7 for the fair values of assets acquired and liabilities assumed in connection with the Company’s acquisitions. 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. - 2014 Credit Agreement debt : As of February 28, 2018 , the fair value and carrying value, excluding original issue discount, of the Company’s 2014 Credit Agreement debt was $76.1 million and $78.4 million , respectively. The Company’s estimate of fair value was based on quoted prices of this instrument and is considered a Level 2 measurement. - Other long-term debt : The Company’s 98.7FM non-recourse debt and other non-recourse debt is not actively traded and is considered a level 3 measurement. The Company believes the current carrying value of its other long-term debt approximates its fair value.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Feb. 28, 2018
Discontinued Operations and Disposal Groups [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Completed subsequent to February 28, 2018 On April 30, 2018, Emmis closed on its sale of substantially all of the assets of its radio stations in St. Louis in two separate transactions. See Note 16 for more discussion of the sale of our St. Louis radio stations. For the year ended February 28, 2018 Sale of KPWR-FM On August 1, 2017, Emmis closed on its sale of substantially all of the assets of KPWR-FM for gross proceeds of approximately $80.1 million to affiliates of the Meruelo Group. Under the terms of the Fourth Amendment to Emmis’ senior credit facility, Emmis was required to enter into definitive agreements to sell assets that generated at least $80 million of proceeds by January 18, 2018 and to close on such transactions following receipt of required regulatory approvals. The sale of KPWR-FM satisfied these requirements. Emmis found it more advantageous to sell its standalone radio station in Los Angeles than to sell other assets to meet this requirement. After payment of transaction costs and withholding for estimated tax obligations, net proceeds totaled approximately $73.6 million and were used to repay term loan indebtedness under Emmis’ senior credit facility. Emmis recorded a $76.7 million gain on the sale of KPWR-FM. KPWR-FM was operated pursuant to an LMA from July 1, 2017 through the closing of the sale on August 1, 2017. Affiliates of the Meruelo Group paid an LMA fee to Emmis totaling $0.4 million during this period, which is included in net revenues in the accompanying condensed consolidated statements of operations and in the summary of KPWR-FM results included below. KPWR-FM had historically been included in our Radio segment. The following table summarizes certain operating results of KPWR-FM for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of KPWR-FM is included in the results below. The sale of KPWR-FM did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45. The following table summarizes certain operating results of KPWR-FM for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of KPWR-FM is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 28,183 $ 24,379 $ 7,819 Station operating expenses, excluding depreciation and amortization expense 16,392 16,933 6,651 Depreciation and amortization 422 401 63 Gain on sale of assets, net of disposition costs — — (76,745 ) Operating income 11,369 7,045 77,850 Interest expense 5,115 5,223 2,479 Income before income taxes 6,254 1,822 75,371 For the year ended February 28, 2017 Sale of Los Angeles Magazine, Atlanta Magazine, Cincinnati Magazine and Orange Coast Magazine On February 28, 2017, Emmis closed on its sale of substantially all of the assets of Los Angeles Magazine, Atlanta Magazine, Cincinnati Magazine and Orange Coast Magazine (the “Hour Magazines”) for gross proceeds of $6.5 million to Hour Media Group, LLC. The Company previously announced that it was exploring strategic alternatives for its publishing division, excluding Indianapolis Monthly . Emmis decided to sell most of its publishing assets to reduce debt outstanding. Emmis received net proceeds of $2.9 million , consisting of the stated purchase price of $6.5 million , less $0.7 million held in escrow and disposition costs totaling $2.9 million . The $2.9 million of disposition costs primarily relate to $1.6 million of employee-related costs, including severance, and transaction advisory fees of $1.0 million . The funds held in escrow secure Emmis’ post closing indemnification obligations in the purchase agreement and were scheduled to be released six months after the closing of the transaction. The release of these funds from escrow is currently being litigated. See Note 11 for further discussion. These funds are classified as restricted cash in our accompanying consolidated balance sheets. After settling retention bonuses to affected employees, substantially all of the net proceeds were used to repay term loan indebtedness under Emmis’ senior credit facility. Emmis recorded a $2.7 million gain on the sale of the Hour Magazines. The Hour Magazines had historically been included in our Publishing segment. This disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45. The following table summarizes certain operating results of the Hour Magazines for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the Hour Magazines is included in the magazines’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 31,819 $ 29,112 $ — Station operating expenses, excluding depreciation and amortization expense 31,385 31,076 172 Depreciation and amortization 125 122 — (Gain) loss on sale of publishing assets, net of disposition costs — (2,677 ) 141 Operating income (loss) 309 591 (313 ) Interest expense 173 179 — Income (loss) before income taxes 136 412 (313 ) Sale of Terre Haute, Indiana radio stations On January 30, 2017, Emmis closed on its sale of substantially all of the assets of its radio stations in Terre Haute, Indiana, in two contemporaneous transactions. In one transaction, Emmis sold the assets of WTHI-FM and the intellectual property of WWVR-FM to Midwest Communications, Inc. In the other transaction, Emmis sold the assets of WFNF-AM, WFNB-FM, WWVR-FM (other than the intellectual property for that station) and an FM translator to DLC Media, Inc. The Company previously announced that it was exploring strategic alternatives for these radio stations. Emmis believed that operating stations in Terre Haute, Indiana was not a core part of its radio strategy and its strong market position in the Terre Haute market would be attractive to potential buyers. At closing, Emmis received gross proceeds of approximately $5.2 million for both transactions. After payment of brokerage and other transaction costs, net proceeds totaled $4.8 million and were used to repay term loan indebtedness under Emmis’ senior credit facility. Emmis recorded a $3.5 million gain on the sale of its Terre Haute radio stations . The Terre Haute radio stations had historically been included in our Radio segment. This disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45. The following table summarizes certain operating results of the our Terre Haute radio stations for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the Terre Haute radio stations is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 2,418 $ 2,298 $ (6 ) Station operating expenses, excluding depreciation and amortization expense 2,395 2,258 24 Depreciation and amortization 163 117 — Impairment loss 39 79 — Gain on sale of radio assets, net of disposition costs — (3,478 ) — Operating (loss) income (179 ) 3,322 (30 ) Interest expense 324 307 — (Loss) income before income taxes (503 ) 3,015 (30 ) Sale of Texas Monthly On November 1, 2016, Emmis closed on its sale of Texas Monthly for gross proceeds of $25.0 million in cash to a subsidiary of Genesis Park, LP. The Company previously announced that it was exploring strategic alternatives for its publishing division, excluding Indianapolis Monthly . Emmis believed that its publishing portfolio had significant brand value and planned to use proceeds from the sale of its publishing properties to repay debt. Emmis received net proceeds of $23.4 million , consisting of the stated purchase price of $25.0 million , net of estimated purchase price adjustments totaling $0.7 million and disposition costs totaling $0.9 million . The $0.9 million of disposition costs primarily related to severance costs. Proceeds were used to repay term and revolving loan indebtedness under Emmis’ senior credit facility. Emmis recorded a $17.4 million gain on the sale of Texas Monthly . Texas Monthly had historically been included in our Publishing segment. This disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45. The following table summarizes certain operating results of Texas Monthly for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of Texas Monthly is included in the magazine’s results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 23,561 $ 14,685 $ (2 ) Station operating expenses, excluding depreciation and amortization expense 21,527 14,465 (78 ) Depreciation and amortization 118 84 — Gain on sale of publishing assets, net of disposition costs — (17,402 ) — Operating income 1,916 17,538 76 Interest expense 1,384 1,067 — Other income (370 ) (37 ) — Income before income taxes 902 16,508 76 Unaudited pro forma summary information is presented below for the years ended February 28, 2017 and 2018, assuming the dispositions discussed above and related mandatory debt repayments had occurred on the first day of the pro forma periods presented below. For the year ended February 28, 2017 2018 (unaudited) (unaudited) Net revenues $ 120,243 $ 116,438 Station operating expenses, excluding depreciation and amortization 96,889 92,918 Consolidated net (loss) income (5,066 ) 502 Net loss attributable to the Company (5,167 ) (2,128 ) Net income per share - basic $ (0.43 ) $ (0.17 ) Net income per share - diluted $ (0.43 ) $ (0.17 ) For the year ended February 29, 2016 There were no acquisitions or dispositions during this period.

OTHER SIGNIFICANT TRANSACTIONS

OTHER SIGNIFICANT TRANSACTIONS	12 Months Ended
	Feb. 28, 2018
Business Combinations [Abstract]
OTHER SIGNIFICANT TRANSACTIONS	OTHER SIGNIFICANT TRANSACTIONS Going private offer On August 18, 2016, the Board of Directors of the Company received a letter from E Acquisition Corporation (“EAC”), an Indiana corporation owned by Jeffrey H. Smulyan, the Company’s Chairman of the Board, Chief Executive Officer and controlling shareholder, setting forth a non-binding proposal by which E Acquisition Corporation (the “Proposing Person”), would acquire all the outstanding shares of Class A Common Stock of the Company that were not owned by the Proposing Person at a cash purchase price of $4.10 per share (the “Proposal”). The Proposal contemplated that, following the closing of the proposed transaction, the Company’s shares would no longer be registered with the Securities and Exchange Commission and the Company would no longer be a reporting company or have any public shares traded on Nasdaq. The Company’s Board of Directors formed a special committee of independent and disinterested directors (the “Special Committee”) to review and evaluate the Proposal. The members of the Special Committee were Susan Bayh and Peter Lund. On October 14, 2016, EAC delivered to the Special Committee a letter (the “Proposal Expiration Letter”) confirming that the offer had expired on October 14, 2016 and had not been extended. The Special Committee engaged independent legal counsel and independent financial advisors to assist the Special Committee in the evaluation of the Proposal. During the year ended February 28, 2017, the Company incurred $0.9 million of costs associated with the Proposal, which are included in corporate expenses, excluding depreciation and amortization expense in the accompanying consolidated statements of operations. No further costs are expected to be incurred in connection with the going private offer as it has expired. Next Radio LLC - Sprint Agreement On August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint whereby Sprint agreed to pre-load the Company’s smartphone application, NextRadio, on a minimum of 30 million FM-enabled wireless devices on the Sprint wireless network over a three -year period. In return, NextRadio LLC agreed to serve as a conduit for the radio industry to pay Sprint $15 million per year in equal quarterly installments over the three year term and to share with Sprint certain revenue generated by the NextRadio application. Emmis did not guarantee NextRadio LLC’s performance under this agreement and Sprint did not have recourse to any Emmis related entity other than NextRadio LLC. Additionally, the agreement does not limit the ability of NextRadio LLC to place the NextRadio application on FM-enabled devices on other wireless networks. Through February 28, 2018, the NextRadio application had not generated a material amount of revenue. Nearly all of the largest radio broadcasters and many smaller radio broadcasters expressed support for NextRadio LLC’s agreement with Sprint. Accordingly, NextRadio LLC entered into a number of funding agreements with radio broadcasters and other participants in the radio industry to collect and remit cash to Sprint to fulfill the quarterly payment obligation. As part of some of these funding agreements, Emmis agreed to certain limitations on the operation of its NextRadio and TagStation businesses, including assurances of access to the NextRadio app and to TagStation (the cloud-based engine that provides data to the NextRadio application), and limitations on the sale of the businesses to potential competitors of the U.S. radio industry. Emmis also granted the U.S. radio industry (as defined in the funding agreements) a call option on substantially all of the assets used in the NextRadio and TagStation businesses in the United States. The call option may be exercised in August 2019 by paying Emmis a purchase price equal to the greater of (i) the appraised fair market value of the NextRadio and TagStation businesses, or (ii) two times Emmis’ cumulative investments in the development of the businesses through August 2015. If the call option is exercised, the businesses will continue to be subject to the operating limitations applicable today, and no radio operator will be permitted to own more than 30% of the NextRadio and TagStation businesses. From the inception of NextRadio LLC’s agreement with Sprint through December 7, 2016, NextRadio LLC had remitted to Sprint approximately $33.2 million . Effective December 8, 2016, NextRadio LLC and Sprint entered into an amendment of their original agreement. The amendment called for NextRadio LLC to make installment payments totaling $6.0 million through March 15, 2017, which have been paid. In exchange, Sprint agreed to forgive the remaining $5.8 million that it was due under the original agreement, and in return receive a higher share of certain revenue generated by the NextRadio application. NextRadio LLC received a loan of $4.0 million for the sole purpose of fulfilling the payment obligations to Sprint under the amendment. The loan will be repaid out of proceeds from sales of enhanced advertising through the NextRadio application. See Note 5 for more discussion of this loan. Emmis determined that NextRadio LLC is a variable interest entity (VIE) and that Emmis is the primary beneficiary because the Company has the power to direct substantially all of the activities of NextRadio LLC, and because the Company may absorb certain losses and receive certain benefits from the operations of the VIE. Emmis does not record any revenue or expense related to the amounts that are collected and remitted to Sprint except the portion of any payment to Sprint that was actually contributed to NextRadio LLC by Emmis (or the amounts funded by NextRadio LLC via the loan discussed above). Emmis contributed approximately $0.4 million and $0.3 million to NextRadio LLC during the years ended February 28, 2016 and February 28, 2018, respectively, and recorded its contributions as station operating expenses, excluding depreciation and amortization expense. Emmis did not fund any of NextRadio LLC’s payments to Sprint during the year ended February 28, 2017. As of February 28, 2017, the carrying value of assets of NextRadio LLC totaled $0.1 million , which represented cash collected by NextRadio LLC from other broadcasting companies and other companies in the radio industry. This cash was restricted because it must be remitted to Sprint. NextRadio LLC had $3.5 million of liabilities at February 28, 2017, which represented the obligation to remit $0.1 million of cash received from radio industry participants to Sprint along with NextRadio LLC’s then outstanding nonrecourse debt of $3.4 million. As of February 28, 2018, the carrying value of NextRadio LLC’s assets were less than $0.1 million. Liabilities totaled $4.2 million and consisted solely of NextRadio LLC’s nonrecourse debt and related accrued interest as previously discussed. LMA of 98.7FM in New York, NY and Related Financing Transaction On April 26, 2012 Emmis entered into an LMA with a subsidiary of Disney Enterprises, Inc., pursuant to which the Disney subsidiary purchased the right to provide programming for 98.7FM in New York, NY until August 24, 2024. Emmis retains ownership and control of 98.7FM, including the related FCC license during the term of the LMA and receives an annual fee from the Disney subsidiary. The fee, initially $8.4 million annually, increases by 3.5% annually until the LMA’s termination. As discussed in Note 5, Emmis, through newly-created subsidiaries, issued $82.2 million of notes, which are nonrecourse to the rest of the Company’s subsidiaries and are secured by the assets of the newly-created subsidiaries including the payments made in connection with the 98.7FM LMA. See Notes 1 and 5 for more discussion of the LMA payments and nonrecourse debt. The following table summarizes Emmis’ operating results of 98.7FM for all periods presented. Emmis programmed 98.7FM until the LMA commenced on April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of 98.7FM for the years ended February 2016, 2017 and 2018 were as follows: For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 10,331 $ 10,331 $ 10,331 Station operating expenses, excluding depreciation and amortization expense 1,000 1,275 1,169 Impairment loss on intangible assets (Note 9) 1,766 2,907 — Depreciation and amortization 21 21 21 Interest expense 3,042 2,827 2,591 Assets and liabilities of 98.7FM as of February 28, 2017 and 2018 were as follows: As of February 28, 2017 2018 Current assets: Restricted cash $ 1,550 $ 1,358 Prepaid expenses 445 448 Other 7 31 Total current assets 2,002 1,837 Noncurrent assets: Property and equipment 229 208 Indefinite lived intangibles 46,390 46,390 Deposits and other 6,205 6,543 Total noncurrent assets 52,824 53,141 Total assets $ 54,826 $ 54,978 Current liabilities: Accounts payable and accrued expenses $ 54 $ 18 Current maturities of long-term debt 6,039 6,587 Deferred revenue 807 835 Other current liabilities 205 184 Total current liabilities 7,105 7,624 Noncurrent liabilities: Long-term debt, net of current portion 51,954 45,632 Other noncurrent liabilities — — Total noncurrent liabilities 51,954 45,632 Total liabilities $ 59,059 $ 53,256

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Feb. 28, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL In accordance with ASC Topic 350, Intangibles—Goodwill and Other, the Company reviews goodwill and other intangibles at least annually for impairment. In connection with any such review, if the recorded value of goodwill and other intangibles is greater than its fair value, the intangibles are written down and charged to results of operations. FCC licenses are renewed every eight years at a nominal cost, and historically all of our FCC licenses have been renewed at the end of their respective eight-year periods. Since we expect that all of our FCC licenses will continue to be renewed in the future, we believe they have indefinite lives. Radio stations in a geographic market cluster are considered a single unit of accounting, provided that they are not being operated under a Local Marketing Agreement by another broadcaster. Impairment testing The Company generally performs its annual impairment review of indefinite-lived intangibles as of December 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. Impairment recorded as a result of our interim and annual impairment testing is summarized in the table below. We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. The table below summarizes the results of our interim and annual impairment testing for the three years ending February 28, 2018. Interim Assessment Annual Assessment FCC Licenses Goodwill Definite-lived FCC Licenses Goodwill Definite-lived Total Year Ended February 29, 2016 — — — 5,440 695 3,364 9,499 Year Ended February 28, 2017 — 2,058 930 6,855 — — 9,843 Year Ended February 28, 2018 — — — — 265 — 265 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 uses an income valuation method when it performs its impairment tests. Under this method, the Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was commencing operations in its respective 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 each 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 then current economic conditions. Below are some of the key assumptions used in our annual impairment assessments. As part of our recent annual impairment assessments, we reduced long-term growth rates in most of the markets in which we operate based on recent industry trends and our expectations for the markets going forward. The methodology used to value our FCC licenses has not changed in the three-year period ended February 28, 2018 . December 1, 2015 December 1, 2016 December 1, 2017 Discount Rate 12.0% - 12.4% 12.2% - 12.5% 12.1% - 12.4% Long-term Revenue Growth Rate 1.3% - 2.5% 1.0% - 2.0% 1.0% - 1.8% Mature Market Share 3.2% - 29.3% 3.1% - 30.4% 12.7% - 31.1% Operating Profit Margin 25.0% - 39.1% 25.1% - 39.1% 27.0% - 39.1% As of February 28, 2017 and 2018 , excluding amounts classified as held for sale, the carrying amounts of the Company’s FCC licenses were $197.7 million and $170.9 million , respectively. These amounts are entirely attributable to our radio division. The table below presents the changes to the carrying values of the Company’s FCC licenses for the years ended February 2017 and 2018 for each unit of accounting. Change in FCC License Carrying Values Unit of Accounting As of February 29, 2016 Purchase Sale of Stations Impairment As of February 28, 2017 Sale of Stations Reclassification As of February 28, 2018 New York Cluster $ 71,614 $ — $ — $ — $ 71,614 $ — $ — $ 71,614 98.7FM (New York) 49,297 — — (2,907 ) 46,390 — — 46,390 Austin Cluster 36,912 — — (2,192 ) 34,720 — — 34,720 St. Louis Cluster 26,401 34 — (1,677 ) 24,758 — (24,758 ) — Indianapolis Cluster 18,166 — — — 18,166 — — 18,166 KPWR-FM (Los Angeles) 2,018 — — — 2,018 (2,018 ) — — Terre Haute Cluster 721 — (642 ) (79 ) — — — — Subotal 205,129 34 (642 ) (6,855 ) 197,666 (2,018 ) (24,758 ) 170,890 Assets held for sale St. Louis Cluster — — — — — — 24,758 24,758 Grand Total $ 205,129 $ 34 $ (642 ) $ (6,855 ) $ 197,666 $ (2,018 ) $ — $ 195,648 Impairment was recorded for our New York station being operated pursuant to an LMA during the years ended February 2016 and 2017 along with impairment for our Austin, St. Louis and Terre Haute clusters. Stagnant market revenues in recent years, coupled with a reduction in the Company’s estimate of long-term revenue growth rates, led to a lower estimate of fair value for these FCC licenses. During the three years ended February 2018, we sold our stations in Terre Haute and Los Angeles. We closed on the sale of our St. Louis radio stations on April 30, 2018. See Note 7 and Note 16 for more discussion of these transactions. Valuation of Goodwill ASC Topic 350-20-35 requires the Company to test goodwill for impairment at least annually. The Company conducts its impairment test on December 1 of each fiscal year, unless indications of impairment exist during an interim period. When assessing its goodwill for impairment, the Company uses an enterprise valuation approach to determine the fair value of each of the Company’s reporting units (radio stations grouped by market, excluding any stations that are being operated pursuant to an LMA). Management determines enterprise value for each of its reporting units by multiplying the two-year average station operating income generated by each reporting unit (current year based on actual results and the next year based on budgeted results) by an estimated market multiple. The Company uses a blended station operating income trading multiple of publicly traded radio operators as well as recent market transactions as a benchmark for the multiple it applies to its radio reporting units. For the annual assessment performed as of December 1, 2017, the Company applied a market multiple of 8.0 times the reporting unit’s operating performance. Management believes this methodology for valuing radio properties is a common approach and believes that the multiples used in the valuation are reasonable given our peer comparisons and market transactions. To corroborate the fair values determined using the market approach described above, management also uses an income approach, which is a discounted cash flow method to determine the fair value of the reporting unit. If the carrying value of a reporting unit’s goodwill exceeds its fair value, the Company recognizes an impairment charge equal to the difference in the statement of operations. The Company adopted ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment as of March 1, 2017. Prior to March 1, 2017, the Company performed a two-step impairment test for goodwill. Goodwill impairments recorded during the years ended February 28 (29), 2016 and 2017 were recorded using the two-step methodology. Goodwill impairments recorded from March 1, 2017 forward will be recorded using the simplified method as described above. The Company used an income approach to determine the enterprise value of Digonex. Digonex is a dynamic pricing business that does not have well-established industry trading multiples, analyst estimates of valuations, or recently completed transactions that would indicate fair values of these businesses. As such, the Company used a discounted cash flow method to determine the fair value of Digonex. During our December 2015 annual goodwill impairment test, the Company wrote off $0.7 million of goodwill associated with Digonex. Emmis acquired a controlling interest in Digonex in June 2014 and recorded approximately $2.8 million of goodwill. The performance of Digonex since Emmis acquired its controlling interest has lagged the original assumptions used when estimating the fair values of the acquired assets and liabilities of the business. This, coupled with a reduction in long-term growth estimates for Digonex, resulted in a step-one indication of impairment. Upon completion of the step-two analysis, the Company determined that Digonex goodwill was partially impaired. During the quarter ended August 31, 2016, the Company lowered its growth expectations for Digonex for the next several years due to slow client adoption of dynamic pricing services. While the Company continues to believe in the long-term growth prospects of Digonex, the lengthy sales cycle has caused Digonex to perform below expectations to date. Despite lowering near-term growth expectations for Digonex in connection with our annual impairment review for fiscal 2016 as discussed above, performance in the first six months of fiscal 2017 indicated that a further revision was appropriate. Our then-current projections assumed that Digonex would generate cash flow losses in the short and medium-term. The combination of lower-than-expected current period results, coupled with downward revisions to future revenue projections, resulted in an impairment indicator that caused the Company to assess goodwill and related intangibles on an interim basis during the quarter ended August 31, 2016. The Company’s discounted cash flow analysis for Digonex indicated a nominal enterprise value. Therefore, in connection with the interim impairment test, Emmis determined that Digonex’s goodwill was fully impaired and recorded an impairment loss of $2.1 million . Subsequent to our impairment of Digonex goodwill and the sale of Texas Monthly (see note 7 for more discussion), the Company’s goodwill relates entirely to its Radio segment. During our December 2017 annual goodwill impairment test, the Company wrote off $0.3 million of goodwill associated with our Indianapolis radio cluster. Weak ratings and declining market revenues significantly impacted our operating performance in Indianapolis. This resulted in the carrying value of our Indianapolis radio cluster exceeding its estimated fair value by more than the amount of goodwill we had recorded for the cluster on the assessment date. As such, the Company fully impaired the goodwill of this cluster. As of February 28, 2017 and 2018 , the carrying amount of the Company’s goodwill was $4.6 million and $4.3 million . The table below presents the changes to the carrying values of the Company’s goodwill for the years ended February 2017 and 2018 for each reporting unit. A reporting unit is a cluster of radio stations in one geographical market (except for stations being operated pursuant to LMAs) and each magazine on an individual basis. We sold Texas Monthly in November 2016 (see Note 7 for more discussion). Change in Goodwill Carrying Values Reporting Unit (Segment) As of February 29, 2016 Impairment Sale of Entity As of February 28, 2017 Impairment As of February 28, 2018 Indianapolis Cluster (Radio) $ 265 $ — — $ 265 $ (265 ) $ — Austin Cluster (Radio) 4,338 — — 4,338 — 4,338 Texas Monthly (Publishing) 8,036 — (8,036 ) — — — Digonex (Corporate & Emerging Technologies) 2,058 (2,058 ) — — — — Total $ 14,697 $ (2,058 ) (8,036 ) $ 4,603 $ (265 ) $ 4,338 Definite-lived intangibles The following table presents the weighted-average remaining useful life at February 28, 2018 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at February 28, 2017 and 2018 : As of February 28, 2017 As of February 28, 2018 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks N/A $ 696 $ 545 $ 151 $ — $ — $ — Programming Contract 3.6 2,154 808 1,346 2,154 1,101 1,053 Customer List N/A 315 289 26 — — — Total $ 3,165 $ 1,642 $ 1,523 $ 2,154 $ 1,101 $ 1,053 In accordance with Accounting Standards Codification paragraph 360-10, the Company performs an analysis to (i) determine if indicators of impairment of a long-lived asset are present, (ii) test the long-lived asset for recoverability by comparing undiscounted cash flows of the long-lived asset to its carrying value and (iii) measure any potential impairment by comparing the long-lived asset’s fair value to its current carrying value. In connection with this analysis for the year ended February 29, 2016, the Company determined that the patents of Digonex were impaired and recorded an impairment charge of $3.4 million . As discussed above, performance below the Company’s expectations, coupled with a downward revision of long-term forecasts for Digonex, led the Company to measure impairment for Digonex’s definite-lived intangibles during the quarter ended August 31, 2016. The Company determined that the patents, customer list and trademarks of Digonex were fully impaired and recorded an impairment loss of $0.9 million . Total amortization expense from definite-lived intangibles was $1.5 million , $0.7 million and $0.3 million for the years ended February 2016 , 2017 and 2018 , respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense (in 000’s) 2019 $ 294 2020 294 2021 294 2022 171 2023 —

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Feb. 28, 2018
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS a. Equity Incentive Plans The Company has stock options and restricted stock grants outstanding that were issued to employees or non-employee directors under one or more of the following plans: the 2004 Equity Compensation Plan, the 2010 Equity Compensation Plan, the 2012 Equity Compensation Plan, the 2015 Equity Compensation Plan, the 2016 Equity Compensation Plan and the 2017 Equity Compensation Plan. These outstanding grants continue to be governed by the terms of the applicable plan. 2017 Equity Compensation Plan At the 2017 annual meeting, the shareholders approved the 2017 Equity Compensation Plan (the “2017 Plan”). Under the 2017 Plan, awards equivalent to 2.0 million shares of common stock may be granted. Furthermore, any unissued awards from prior equity compensation plans (or shares subject to outstanding awards that would again become available for awards under this plan) increases the number of shares of common stock available for grant under the 2017 Plan. The awards, which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, stock appreciation rights or performance units. Under the 2017 Plan, all awards are granted with a purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted with any purchase price (including zero). The stock options under the 2017 Plan generally expire not more than 10 years from the date of grant. Under the 2017 Plan, awards equivalent to approximately 2.0 million shares of common stock were available for grant as of February 28, 2018. b. 401(k) Retirement Savings Plan Emmis sponsors a Section 401(k) retirement savings plan that is available to substantially all employees age 18 years and older who have at least 30 days of service. Employees may make pretax contributions to the plan up to 50% of their compensation, not to exceed the annual limit prescribed by the Internal Revenue Service (“IRS”). Emmis may make discretionary matching contributions to the plan in the form of cash or shares of the Company’s Class A common stock. Emmis historically matched employee contributions at 33% up to a maximum of 6% of eligible compensation. Emmis’ discretionary contributions were made in cash until March 2015. From March 2015 through December 2015, Emmis’ discretionary contributions were made in the form of Class A common stock. Emmis suspended its discretionary contributions on January 1, 2016. Emmis’ discretionary contributions to the plan totaled $0.9 million for the year ended February 29, 2016. No discretionary matching contributions were made during the years ended February 28, 2017 and 2018. c. Defined Contribution Health and Retirement Plan Emmis contributes to a multi-employer defined contribution health and retirement plan for employees who are members of a certain labor union. Amounts charged to expense related to the multi-employer plan were approximately $0.3 million for each of the years ended February 2016 , 2017 and 2018 .

OTHER COMMITMENTS AND CONTINGEN

OTHER COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Feb. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
OTHER COMMITMENTS AND CONTINGENCIES	OTHER COMMITMENTS AND CONTINGENCIES a. Commitments The Company has various commitments under the following types of material contracts: (i) operating leases; (ii) employment agreements and (iii) other contracts with annual commitments (mostly contractual services for audience measurement information) at February 28, 2018 as follows: Year ending February 28 (29), Operating Leases Employment Agreements Other Contracts Total 2019 $ 5,991 $ 13,283 $ 11,076 $ 30,350 2020 5,898 5,365 3,769 15,032 2021 5,715 403 577 6,695 2022 5,500 373 485 6,358 2023 5,157 383 — 5,540 Thereafter 15,404 — — 15,404 Total $ 43,665 $ 19,807 $ 15,907 $ 79,379 Emmis leases certain office space, tower space, equipment and automobiles under operating leases expiring at various dates through March 2032. Some of the lease agreements contain renewal options and annual rental escalation clauses, as well as provisions for payment of utilities and maintenance costs. The Company recognizes escalated rents on a straight-line basis over the term of the lease agreement. Rental expense during the years ended February 2016, 2017 and 2018 was approximately $8.9 million , $8.3 million and $6.0 million , respectively. The Company recognized approximately $0.3 million , $0.3 million and less than $0.1 million of sublease income as a reduction of rent expense for the years ended February 2016, 2017, and 2018 respectively. The total minimum sublease rentals to be received in the future under noncancelable subleases as of February 28, 2018 were as follows: Year ending February 28 (29), Noncancelable Sublease rentals 2019 $ 222 2020 228 2021 226 2022 10 2023 — Total $ 686 b. Litigation The Company is a party to various legal proceedings arising in the ordinary course of business. In the opinion of management of the Company, there are no legal proceedings pending against the Company likely to have a material adverse effect on the Company. In connection with Emmis’ sale of four magazines to Hour Media on February 28, 2017, ten percent of the purchase price, or $0.65 million, was placed in escrow to secure Emmis’ post-closing indemnification obligations in the asset purchase agreement and was scheduled to be released six months after the closing of the transaction. Hour Media has claimed that Emmis breached the asset purchase agreement and will not consent to the release of the $0.65 million in escrow. Emmis filed a lawsuit against Hour Media for breach of the asset purchase agreement and Hour Media has filed a counterclaim against Emmis. Emmis believes that substantially all of Hour Media’s claims are without merit. Emmis filed suit against Illinois National Insurance Company (“INIC”) in 2015 related to INIC’s decision to not cover Emmis’ defense costs under Emmis’ directors and officers insurance policy in a lawsuit related to the Company’s preferred stock in which Emmis was the defendant (the “Prior Litigation”). On March 21, 2018, Emmis was granted summary judgment entitling it to coverage of its defense costs in the Prior Litigation, but the amount Emmis should recover has not yet been determined and all final decisions by the U.S. District Court are subject to appeal. Emmis incurred approximately $4.1 million of costs defending the Prior Litigation, subject to a $1.0 million deductible. Emmis is seeking to recover these costs plus applicable accrued interest less the applicable deductible from INIC. However, Emmis cannot reasonably estimate the amount or timing of such recovery.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Feb. 28, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision (benefit) for income taxes for the years ended February 2016 , 2017 , and 2018 consisted of the following: 2016 2017 2018 Current: Federal $ — $ — $ (1,209 ) State (31 ) 68 1,611 Total current (31 ) 68 402 Deferred: Federal 1,793 (152 ) (13,612 ) State 307 (26 ) 1,478 Total deferred 2,100 (178 ) (12,134 ) Provision (benefit) for income taxes $ 2,069 $ (110 ) $ (11,732 ) The provision (benefit) for income taxes for the years ended February 2016 , 2017 and 2018 differs from that computed at the Federal statutory corporate tax rate as follows: 2016 2017 2018 Computed income tax provision at 35% $ 618 $ 4,588 $ 23,855 State income tax 276 42 3,089 Nondeductible stock compensation 296 444 261 Entertainment disallowance 366 366 235 Disposal of goodwill with no tax basis — 3,533 — Change in federal valuation allowance 2,376 (7,387 ) (20,373 ) Tax attributed to noncontrolling interest (1,932 ) (1,698 ) (1,785 ) Federal tax credit (43 ) (171 ) (85 ) Federal tax reform — — (15,546 ) Reclassification of AMT credit — — (2,162 ) Other 112 173 779 Provision (benefit) for income taxes $ 2,069 $ (110 ) $ (11,732 ) 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 February 28, 2018, the Company had no open income tax examinations. The Company’s tax years ended February 28, 2015 through 2018 remain subject to federal income tax examination. For state and local jurisdictions, the tax years February 28, 2014 through 2018 remain subject to income tax examination. To the extent that net operating losses are utilized, the year of loss is open to examination. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into federal law. The provisions of this major tax reform are generally effective January 1, 2018. The most significant change impacting the Company is the reduction of the corporate federal income tax rate from 35% to 21% effective January 1, 2018. The Company was able to make reasonable estimates in order to remeasure its deferred tax balances and account for the effects of the Tax Act, which have been reflected in the February 28, 2018 financial statements. The adjustment to federal deferred tax balances resulted in a benefit of $15.5 million and the adjustment to state deferred tax balances resulted in an expense of $1.4 million . Any further technical corrections or other forms of guidance addressing the Tax Act, as well as regulatory or governmental actions, could result in adjustments to our accounting for the effects of the Tax Act. The components of deferred tax assets and deferred tax liabilities at February 28, 2017 and February 28, 2018 are as follows: 2017 2018 Deferred tax assets: Net operating loss carryforwards $ 35,365 $ 10,977 Intangible assets 22,130 14,072 Compensation relating to stock options 1,942 1,600 Deferred revenue 420 — Accrued rent 1,892 1,204 Tax credits 3,438 1,464 Investments in subsidiaries 396 143 Other 993 332 Valuation allowance (60,379 ) (27,099 ) Total deferred tax assets 6,197 2,693 Deferred tax liabilities Indefinite-lived intangible assets (43,505 ) (31,383 ) Property and equipment (814 ) (483 ) Cancellation of debt income (5,386 ) (1,839 ) Other (29 ) (391 ) Total deferred tax liabilities (49,734 ) (34,096 ) Net deferred tax liabilities $ (43,537 ) $ (31,403 ) 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 historically recorded a full valuation allowance on all U.S. (federal and state) deferred tax assets. The Company does not benefit its deferred tax assets based on the deferred tax liabilities (“DTLs”) related to indefinite-lived intangibles that are not expected to reverse during the carry-forward period. Because these DTLs would not reverse until some future indefinite period when the intangibles are either sold or impaired, any resulting temporary differences cannot be considered a source of future taxable income to support realization of the DTAs. The Company decreased its valuation allowance by $33.3 million ( $32.7 million federal and $ 0.6 million state), from $60.4 million as of February 28, 2017, to $27.1 million as of February 28, 2018, principally as a result of the sale of KPWR-FM in Los Angeles on August 1, 2017, and the corresponding realization of net operating loss carryforwards. The Company has considered future taxable income and ongoing prudent and feasible tax-planning strategies in assessing the need for the valuation allowance. The Company will assess quarterly whether it remains more likely than not that the deferred tax assets will not be realized. In the event the Company determines at a future time that it could realize its deferred tax assets in excess of the net amount recorded, the Company will reduce its deferred tax asset valuation allowance and decrease income tax expense in the period when the Company makes such determination. The Company has federal net operating losses (“NOLs”) of $18 million and state NOLs of $144 million available to offset future taxable income. The federal net operating loss carryforwards begin expiring in 2031, and the state net operating loss carryforwards expire between the years ending February 2019 and February 2037. A valuation allowance has been provided for the net operating loss carryforwards related to states in which the Company no longer has operating results as it is more likely than not that substantially all of these net operating losses will expire unutilized. The activities of Digonex Technologies, Inc., a C Corporation under the Internal Revenue Code, are consolidated for financial statement purposes, but are not included in the U.S. consolidated income tax return of Emmis. As of February 28, 2018, Digonex has federal NOLs of $47 million and state NOLs of $47 million . If Digonex produces pretax income in the future, it is possible that the utilization of these NOL carryforwards will be limited due to Section 382 of the Internal Revenue Code. The Company is in the process of completing a Section 382 study to determine the applicable limitation, if any. As of February 28, 2018, the Company was able to determine that at least $18 million of federal NOLs and $18 million of state NOLs will be fully available to offset future taxable income. These amounts are included in the above consolidated federal and state NOL totals of $18 million and $144 million , respectively. The Company had a $1.8 million tax credit at February 28, 2018, including tax credits in Illinois, Texas and a Federal Research Credit, all of which have a full valuation allowance. 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 February 28, 2018, the estimated value of the Company’s net uncertain tax positions is less than $0.1 million , most of which is included in other noncurrent liabilities, as the Company does not expect to settle the items within the next 12 months. The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending February 28, 2017 and February 28, 2018 : For the year ending February 28, 2017 2018 Gross unrecognized tax benefit – opening balance $ (87 ) $ (60 ) Gross decreases – lapse of applicable statute of limitations 27 22 Gross unrecognized tax benefit – ending balance $ (60 ) $ (38 ) Included in the balance of unrecognized tax benefits are tax benefits that, if recognized, would reduce the Company’s provision for income taxes by less than $0.1 million as of February 28, 2017 and February 28, 2018 . 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 benefits noted above, the Company accrued an immaterial amount of interest during the year ending February 28, 2018 and in total, as of February 28, 2018 , has recognized a liability for interest of $6 thousand .

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company’s operations have historically been aligned into three business segments: (i) Radio, (ii) Publishing and (iii) Corporate & Emerging Technologies. Emerging Technologies includes our TagStation, NextRadio and Digonex businesses. These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses are not allocated to reportable segments. Our radio operations in New York, including the LMA fee we receive from a subsidiary of Disney, accounted for approximately 40% of our radio revenues for the year ended February 28, 2018. The Company’s segments operate exclusively in the United States. During the year ended February 28, 2017, we sold our radio cluster in Terre Haute, Indiana and sold five of our six magazines. During the year ended February 28, 2018, we sold our radio station in Los Angeles and announced the sale of our radio stations in St. Louis. See Note 7 and Note 16 for more discussion of our dispositions. The accounting policies as described in the summary of significant accounting policies included in Note 1 to these consolidated financial statements, are applied consistently across segments. Year Ended February 28, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 142,852 $ 4,521 $ 1,114 $ 148,487 Station operating expenses excluding depreciation and amortization expense 102,413 5,035 12,310 119,758 Corporate expenses excluding depreciation and amortization expense — — 10,712 10,712 Impairment loss 265 — — 265 Depreciation and amortization 2,792 19 817 3,628 Gain on sale of radio and publishing assets, net of disposition costs (76,745 ) 141 — (76,604 ) (Gain) loss on disposal of fixed assets (82 ) 13 — (69 ) Operating income (loss) $ 114,209 $ (687 ) $ (22,725 ) $ 90,797 Year Ended February 28, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 165,148 $ 48,559 $ 861 $ 214,568 Station operating expenses excluding depreciation and amortization expense 115,366 51,063 13,656 180,085 Corporate expenses excluding depreciation and amortization expense — — 11,359 11,359 Impairment loss 6,855 — 2,988 9,843 Depreciation and amortization 3,462 230 1,114 4,806 Gain on sale of radio and publishing assets, net of disposition costs (3,478 ) (20,079 ) — (23,557 ) Loss on sale of fixed assets 124 — — 124 Operating income (loss) $ 42,819 $ 17,345 $ (28,256 ) $ 31,908 Year Ended February 29, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 169,228 $ 60,992 $ 1,213 $ 231,433 Station operating expenses excluding depreciation and amortization expense 116,862 58,891 7,641 183,394 Corporate expenses excluding depreciation and amortization expense — — 13,023 13,023 Impairment loss 5,440 — 4,059 9,499 Depreciation and amortization 3,345 266 2,186 5,797 Loss on sale of fixed assets 54 — 2 56 Operating income (loss) $ 43,527 $ 1,835 $ (25,698 ) $ 19,664 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 28, 2017 $ 260,228 $ 1,746 $ 27,364 $ 289,338 As of February 28, 2018 249,044 1,293 20,807 271,144

OTHER INCOME, NET

OTHER INCOME, NET	12 Months Ended
	Feb. 28, 2018
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET Components of other income (expense), net for the three years ended February 2016 , 2017 and 2018 were as follows: For the year ended February 28 (29), 2016 2017 2018 Income (loss) from unconsolidated affiliate, including other-than-temporary impairment losses $ (82 ) $ (28 ) $ (15 ) Other-than-temporary impairment loss on investments — (254 ) — Interest income 36 38 60 Other 1,103 84 (10 ) Total other income (expense), net $ 1,057 $ (160 ) $ 35 See Note 1 for further discussion of the other-than-temporary impairment loss on investments recorded during the year ended February 28, 2017. Other income in the year ended February 29, 2016 mostly relates to various nonrecurring recoveries and noncash gains.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Feb. 28, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Prior to 2002, the Company made certain life insurance premium payments for the benefit of Mr. Smulyan. The Company discontinued making such payments in 2001; however, pursuant to a Split Dollar Life Insurance Agreement and Limited Collateral Assignment dated November 2, 1997, the Company retains the right, upon Mr. Smulyan’s death, resignation or termination of employment, to recover all of the premium payments it has made, which total $1.1 million . As previously discussed in Note 8, the Company received an offer from EAC, an Indiana corporation owned by Jeffrey H. Smulyan, the Company’s Chairman of the Board, Chief Executive Officer and controlling shareholder, setting forth a non-binding proposal by which EAC would acquire all the outstanding shares of Class A common stock of the Company. During the year ended February 28, 2017, the Company incurred $0.9 of costs associated with the offer, which are included in corporate expenses, excluding depreciation and amortization expense in the accompanying consolidated statements of operations. The going private offer expired on October 14, 2016. No further costs are expected to be incurred in connection with the going private offer as it has expired. See Note 8 for further discussion of the going private offer.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Feb. 28, 2018
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Sale of St. Louis Radio Stations On April 30, 2018, Emmis closed on its sale of substantially all of the assets of its radio stations in St. Louis in two separate transactions. In one transaction, Emmis sold the assets of KSHE-FM and KPNT-FM to affiliates of Hubbard Radio. In the other transaction, Emmis sold the assets of KFTK-FM and KNOU-FM to affiliates of Entercom Communications Corp. At closing, Emmis received aggregate gross proceeds of $60.0 million . After deducting estimated taxes payable of $15.9 million and transaction-related expenses, net proceeds totaled approximately $40.5 million and were used to repay term loan indebtedness under Emmis’ senior credit facility. The taxes payable as a result of the transactions are not required to be remitted to the applicable taxing authority until May 2019, so we repaid amounts outstanding under our revolver and we plan to hold excess cash on our balance sheet to enhance our liquidity position until we remit the taxes in May 2019. Emmis recorded a $29.9 million gain on the sale of its St. Louis radio stations . The St. Louis radio stations were operated pursuant to LMAs from March 1, 2018 through the closing of the transactions. Entercom and Hubbard paid LMA fees to Emmis totaling $0.7 million during the period. These fees are not included in our results of operations for the year ended February 28, 2018, but will be included in net revenues for our first fiscal quarter of fiscal 2019. The St. Louis radio stations had historically been included in our Radio segment. This disposal did not qualify for reporting as a discontinued operation as it did not represent a strategic shift for the Company as described in Accounting Standards Codification 205-20-45-1C. The following table summarizes certain operating results of the our St. Louis radio stations for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the St. Louis radio stations is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 21,297 $ 23,851 $ 24,238 Station operating expenses, excluding depreciation and amortization expense 17,960 18,464 20,071 Depreciation and amortization 502 502 558 Impairment loss 1,677 1,293 — (Gain) loss on sale of assets (1 ) 123 — Operating income 1,159 3,469 3,609 Interest expense 2,842 2,910 3,379 (Loss) income before income taxes (1,683 ) 559 230 The carrying amounts of major classes of assets included in the sale of the St. Louis radio stations as of February 28, 2017 and 2018 were as follows. Amounts shown below as of February 28, 2018 were reclassified to current assets held for sale in the accompanying consolidated balance sheets. As of February 28, 2017 2018 Property and equipment, net 1,600 1,340 Indefinite-lived intangibles 24,758 24,758 Other intangibles, net 82 72

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The following discussion pertains to Emmis Communications Corporation (“ECC”) and its subsidiaries (collectively, “Emmis,” the “Company,” or “we”). All significant intercompany balances and transactions have been eliminated.
Organization	Organization We are a diversified media company, principally focused on radio broadcasting. Emmis owns 11 FM and 3 AM radio stations in New York, Indianapolis, and Austin (Emmis has a 50.1% controlling interest in Emmis’ radio stations located there). One of the FM radio stations that Emmis currently owns in New York is operated pursuant to a Local Marketing Agreement (“LMA”) whereby a third party provides the programming for the station and sells all advertising within that programming. On April 30, 2018, we sold our four radio stations in St. Louis. These stations were being operated pursuant to LMAs, which commenced on March 1, 2018 and remained in effect until the stations were sold. Emmis also developed and licenses TagStation ® , a cloud-based software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, developed NextRadio ® , a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones, and has introduced the Dial Report TM to give radio advertising buyers and sellers big data analytics derived from a nationwide radio station network, smartphone usage, location-based data, listening data, and demographic and behavioral attributes. In addition to our radio properties, we also publish Indianapolis Monthly and operate Digonex, a dynamic pricing business. Substantially all of ECC’s business is conducted through its subsidiaries. Our credit agreement, dated June 10, 2014 (the “2014 Credit Agreement”), contains certain provisions that may restrict the ability of ECC’s subsidiaries to transfer funds to ECC in the form of cash dividends, loans or advances.
Revenue Recognition	Revenue Recognition Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of delivery of the publication. Both broadcasting revenue and publication revenue recognition is subject to meeting certain conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. These criteria are generally met at the time the advertisement is aired for broadcasting revenue and upon delivery of the publication for publication revenue. Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction of advertising agency fees, usually at a rate of 15% of gross revenues.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts An allowance for doubtful accounts is recorded based on management’s judgment of the collectability of receivables. When assessing the collectability of receivables, management considers, among other things, historical loss experience and existing economic conditions.
Local Programming and Marketing Agreement Fees	Local Programming and Marketing Agreement Fees The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, pending regulatory approval of transfer of the FCC licenses. Under the terms of these agreements, the acquiring company makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. The acquiring company records revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station.
Share-based Compensation	Share-based Compensation The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-pricing model. The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded options that have no vesting restrictions and are fully transferable. The Company’s employee stock options have characteristics significantly different than these traded options. In addition, option pricing models require the input of highly subjective assumptions, including the expected stock price volatility and expected term of the options granted. The Company relies heavily upon historical data of its stock price when determining expected volatility, but each year the Company reassesses whether or not historical data is representative of expected results. See Note 4 for more discussion of share-based compensation.
Cash and Cash Equivalents	Cash and Cash Equivalents Emmis 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	Restricted Cash As of February 28, 2018, restricted cash relates to cash on deposit in trust accounts related to our 98.7FM LMA in New York City that services long-term debt and cash held in escrow as part of our sale of four magazines in February 2017. Restricted cash as of February 28, 2017 also included cash collected by our wholly-owned subsidiary, NextRadio LLC, from other radio broadcasters for payments to Sprint. Usage of cash collected by NextRadio LLC was restricted for specific purposes by funding agreements. See Note 8 for more discussion of NextRadio LLC’s agreement with Sprint. The table below summarizes restricted cash held by the Company as of February 28, 2017 and 2018: For the years ending February 28, 2017 2018 98.7FM LMA restricted cash (see Note 8) $ 1,550 $ 1,358 NextRadio LLC restricted cash (see Note 8) 123 — Cash held in escrow from magazine sale restricted cash (see Note 7) 650 650 Total restricted cash $ 2,323 $ 2,008
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the related assets, which are 39 years for buildings, the shorter of economic life or expected lease term for leasehold improvements, five to seven years for broadcasting equipment, five years for automobiles, and three to five years for office equipment. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be recorded through a charge to operations. See below for more discussion of impairment policies related to our property and equipment.
Intangible Assets and Goodwill	Intangible Assets and Goodwill Indefinite-lived Intangibles and Goodwill In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired. In accordance with ASC Topic 350, “ Intangibles—Goodwill and Other,” goodwill and 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 December 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 9, Intangible Assets and Goodwill, for more discussion of our interim and annual impairment tests performed during the three years ended February 28, 2018. Definite-lived Intangibles The Company’s definite-lived intangible assets primarily consist of trademarks which 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 and Subscription Acquisition Costs	Advertising and Subscription Acquisition Costs Advertising and subscription acquisition costs are expensed when incurred.
Investments	Investments For those investments in common stock or in-substance common stock in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities.
Deferred Revenue and Barter Transactions	Deferred Revenue and Barter Transactions Deferred revenue includes deferred barter, other transactions in which payments are received prior to the performance of services (i.e. cash-in-advance advertising and prepaid LMA payments), and deferred magazine subscription revenue. 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 or a publication is delivered. The appropriate expense or asset is recognized when merchandise or services are used or received.
Earnings Per Share	Earnings Per Share ASC Topic 260 requires dual presentation of basic and diluted income per share (“EPS”) on the face of the income statement for all entities with complex capital structures. Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Potentially dilutive securities at February 2016 consisted of stock options, restricted stock awards and preferred stock.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company’s financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary differences between amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be realized, a valuation allowance will be established against that asset to record it at its expected realizable value.
Long-Lived Tangible Assets	Long-Lived Tangible Assets The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an impairment charge to the extent the asset’s carrying value is greater than the fair value. The fair value of the asset then becomes the asset’s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful life of the asset.
Estimates	Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses in the financial statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
National Representation Agreement	National Representation Agreement On October 1, 2007, Emmis terminated its existing national sales representation agreement with Interep National Radio Sales, Inc. (“Interep”) and entered into a new agreement with Katz Communications, Inc. (“Katz”) extending to March 2018. Emmis’ existing contract with Interep at the time extended through September 2011. Emmis, Interep and Katz entered into a tri-party termination and mutual release agreement under which Interep agreed to release Emmis from its future contractual obligations in exchange for a one-time payment of $15.3 million , which was paid by Katz on behalf of Emmis as an inducement for Emmis to enter into the new long-term contract with Katz. Emmis measured and recognized the charge associated with terminating the Interep contract as of the effective termination date, which was recorded as a noncash contract termination fee in the year ended February 2008. The liability established as a result of the termination represented an incentive received from Katz that was recognized as a reduction of our national agency commission expense over the term of the agreement with Katz.
Liquidity	Liquidity and Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provided guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The Company adopted ASU 2014-15 during the year ended February 28, 2017. Subsequent to adoption, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period, including interim periods. In evaluating the Company’s ability to continue as a going concern, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements were issued (May 10, 2018). Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity and debt obligations due on or before May 10, 2019. The Company’s revolver expires on August 31, 2018 and its term loan is due no later than April 18, 2019. Subsequent to the closing of the sale of our St. Louis stations on April 30, 2018, the Company has no outstanding revolver borrowings, $28.0 million outstanding under its term loan, and has approximately $10 million of cash on hand. The Company believes it can fund its operational needs once its revolver expires on August 31, 2018 with its cash on hand and cash generated from operations, but will not be able to repay its term loan by April 18, 2019 absent other actions. Management is currently exploring a number of options that would allow the Company to repay its term loan by April 18, 2019. Management believes that it is probable that it will refinance its remaining term loan under the 2014 Credit Agreement prior to April 18, 2019. The Company has successfully refinanced its credit agreement debt many times in the past. Recent asset sales and associated term loan repayments have significantly reduced the Company’s leverage ratio, which management believes has enhanced its ability to refinance the debt. Management is also exploring several alternatives that would further reduce our term loan obligations and enhance our ability to refinance, including the sale of WLIB-AM in New York City and other assets. Management’s intention and belief that the credit agreement debt will be refinanced prior to April 18, 2019 assumes, among other things, that the Company will continue to be successful in implementing its business strategy and that there will be no material adverse developments in its business, liquidity or capital requirements. If one or more of these factors do not occur as expected, it could cause a default under the Company’s credit agreement.
Recent Accounting Pronouncements	Recent Accounting Standards Updates In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU was issued to simplify goodwill impairment by removing the second step of the goodwill impairment test. The Company early adopted this guidance as of March 1, 2017. As part of the Company’s annual review of goodwill impairment, the Company recorded an impairment charge of $0.3 million . In accordance with this ASU, the Company compared the fair value of its reporting units with their respective fair values. In one instance, the carrying value of a reporting unit exceeded its fair value. The Company recorded an impairment charge of equal to the amount that the carrying value exceeded the fair value, limited by the amount of goodwill allocated to the reporting unit. See Note 9, Intangible Assets and Goodwill, for more discussion of our interim and annual impairment tests performed during the three years ended February 28, 2018. In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on March 1, 2018 with no material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance will be effective for the Company as of March 1, 2019. A modified retrospective transition method is required. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. Our future operating lease commitments are summarized in Note 11. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The FASB deferred implementation of this guidance by one year with the issuance of Accounting Standards Update 2015-14. The Company adopted this guidance on March 1, 2018 using the modified retrospective method with no impact on its consolidated financial statements for the three years ending February 28, 2018. The cumulative effect of initially applying the new guidance had no impact on the opening balance of retained earnings as of March 1, 2018 and the Company does not expect this guidance will have a material impact on its consolidated financial statements in future periods. However, additional disclosure will be included in future periods in accordance with the requirements of the guidance.
Fair Value Measurements and Disclosure	As defined in ASC Topic 820, fair value is 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 (exit price). The Company utilizes market data or assumptions that 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 can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Allowance for Doubtful Accounts	The activity in the allowance for doubtful accounts for the three years ended February 28, 2018 was as follows: Balance At Beginning Of Year Provision Write-Offs Balance At End Of Year Year ended February 29, 2016 $ 665 $ 626 $ (357 ) $ 934 Year ended February 28, 2017 934 377 (408 ) 903 Year ended February 28, 2018 903 699 (1,063 ) 539
Local Programming and Marketing Agreement Fees Recorded as Net Revenues (Except for Discontinued Operations) in Accompanying Condensed Statements of Operations	LMA fees recorded as net revenues in the accompanying consolidated statements of operations were as follows for the years ended February 2016, 2017 and 2018: For the years ended February 28 (29), 2016 2017 2018 98.7FM, New York $ 10,331 $ 10,331 $ 10,331 KPWR-FM, Los Angeles — — 421 Total LMA fees $ 10,331 $ 10,331 $ 10,752
Calculation of Basic and Diluted Net Income Per Share from Continuing Operations	The following table sets forth the calculation of basic and diluted net income per share from continuing operations: For the year ended February 29, 2016 February 28, 2017 February 28, 2018 Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share Net Income Shares Net Income Per Share (amounts in 000’s, except per share data) Basic net income per common share: Net income available to common shareholders from continuing operations $ 1,952 11,034 $ 0.18 $ 13,119 12,040 $ 1.09 $ 82,129 12,347 $ 6.65 Impact of equity awards — 282 — 189 — 279 Diluted net income per common share: Net income available to common shareholders from continuing operations $ 1,952 11,316 $ 0.17 $ 13,119 12,229 $ 1.07 $ 82,129 12,626 $ 6.50
Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock would be Antidilutive	Shares excluded from the calculation as the effect of their conversion into shares of our common stock would be antidilutive were as follows: For the year ended February 28 (29), 2016 2017 2018 (shares in 000’s ) Preferred stock 607 — — Stock options and restricted stock awards 1,279 1,341 1,951 Antidilutive common share equivalents 1,886 1,341 1,951
Noncontrolling Interests	Below is a summary of the noncontrolling interest activity for the years ended February 2017 and 2018: Austin radio partnership Digonex Total noncontrolling interests Balance, February 29, 2016 $ 47,556 $ (9,159 ) $ 38,397 Net income (loss) 4,851 (4,750 ) 101 Payments of dividends and distributions to noncontrolling interests (5,577 ) — (5,577 ) Balance, February 28, 2017 46,830 (13,909 ) 32,921 Net income (loss) 5,465 (2,835 ) 2,630 Payments of dividends and distributions to noncontrolling interests (4,871 ) — (4,871 ) Balance, February 28, 2018 $ 47,424 $ (16,744 ) $ 30,680

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	12 Months Ended
	Feb. 28, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions used to Calculate Fair Value of Options on Date of Grant	The following assumptions were used to calculate the fair value of the Company’s options on the date of grant during the years ended February 2016, 2017 and 2018 : For the Years Ended February 28 (29), 2016 2017 2018 Risk-Free Interest Rate: 1.2% - 1.4% 0.9% - 1.8% 1.7% - 2.0% Expected Dividend Yield: 0% 0% 0% Expected Life (Years): 4.3 4.3 - 4.4 4.4 Expected Volatility: 57.2% - 64.6% 52.9% - 60.0% 52.9% - 53.9%
Summary of Stock Options Outstanding and Activity	The following table presents a summary of the Company’s stock options outstanding at February 28, 2018 , and stock option activity during the year ended February 28, 2018 (“Price” reflects the weighted average exercise price per share): Options Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, beginning of period 2,559,643 $ 5.17 Granted 341,250 2.79 Exercised (1) 52,250 2.51 Forfeited 33,330 4.20 Expired 123,984 11.06 Outstanding, end of period 2,691,329 4.66 6.4 $ 2,548 Exercisable, end of period 2,000,215 4.78 5.8 $ 1,822 (1) The Company did not record an income tax benefit related to option exercises in the years ended February 2016, 2017 and 2018. Cash received from option exercises during the years ended February 2016, 2017 and 2018 was $0.1 million, $0.1 million and $0.1 million, respectively.
Summary of Nonvested Options and Changes	A summary of the Company’s nonvested options at February 28, 2018 , and changes during the year ended February 28, 2018 , is presented below: Options Weighted Average Grant Date Fair Value Nonvested, beginning of period 1,090,375 $ 2.26 Granted 341,250 1.25 Vested 707,181 1.94 Forfeited 33,330 2.06 Nonvested, end of period 691,114 2.10
Summary of Restricted Stock Grants Outstanding and Activity	The following table presents a summary of the Company’s restricted stock grants outstanding at February 28, 2018 , and restricted stock activity during the year ended February 28, 2018 (“Price” reflects the weighted average share price at the date of grant): Awards Price Grants outstanding, beginning of period 196,706 $ 4.64 Granted 439,489 2.96 Vested (restriction lapsed) 282,801 4.01 Forfeited — — Grants outstanding, end of period 353,394 3.05
Stock-Based Compensation Expense and Related Tax Benefits Recognized	The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company in the years ended February 2016, 2017 and 2018 : Year Ended February 28 (29), 2016 2017 2018 Station operating expenses $ 1,760 $ 1,012 $ 501 Corporate expenses 3,144 1,908 2,153 Stock-based compensation expense included in operating expenses 4,904 2,920 2,654 Tax benefit — — — Recognized stock-based compensation expense, net of tax $ 4,904 $ 2,920 $ 2,654

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt was comprised of the following at February 28, 2017 and 2018 : As of February 28, 2017 As of February 28, 2018 Revolver $ — $ 9,000 Term Loan 152,245 69,451 Total 2014 Credit Agreement debt 152,245 78,451 Other nonrecourse debt (1) 8,807 9,992 98.7FM nonrecourse debt 59,958 53,919 Current maturities (23,600 ) (16,037 ) Unamortized original issue discount (7,038 ) (3,476 ) Total long-term debt $ 190,372 $ 122,849 (1) The face value of other nonrecourse debt was $9.5 million and $10.2 million
Leverage Ratio Requirements	We were in compliance with all financial and non-financial covenants as of February 28, 2018 . Based on the Company’s projections of cash and cash equivalents on hand, projected cash flows from operations and other factors, management believes the Company will be in compliance with its debt covenants through the end of fiscal year 2019. Our Minimum EBITDA Amount and Interest Coverage Ratio (each as defined in the 2014 Credit Agreement and related amendments) requirements and actual amounts as of February 28, 2018 were as follows: As of February 28, 2018 Covenant Requirement Actual Results Minimum EBITDA Amount $ 8.4 million $ 11.3 million Interest Coverage Ratio 1.60 : 1.00 2.63 : 1.00
Summary of Long-Term Debt Principal Repayments	ased on amounts outstanding at February 28, 2018 , mandatory principal payments of long-term debt for the next five years and thereafter are summarized below: 2014 Credit Agreement Year ended February 28 (29), Revolver Term Loan 98.7FM Debt Other Nonrecourse Debt Total 2019 $ 9,000 $ 450 $ 6,587 $ — $ 16,037 2020 — 69,001 7,150 — 76,151 2021 — — 7,755 6,239 13,994 2022 — — 8,394 4,000 12,394 2023 — — 9,069 — 9,069 Thereafter — — 14,964 — 14,964 Total $ 9,000 $ 69,451 $ 53,919 $ 10,239 $ 142,609

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Accounted for at Fair Value on Recurring Basis	The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. As of February 28, 2018 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800 As of February 28, 2017 Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Available for sale securities $ — $ — $ 800 $ 800 Total assets measured at fair value on a recurring basis $ — $ — $ 800 $ 800
Reconciliation of Beginning and Ending Balances for Fair Value Measurements using Significant Unobservable Inputs	The following table shows a reconciliation of the beginning and ending balances for fair value measurements using significant unobservable inputs: Year Ended February 28, 2017 2018 Available For Sale Securities Beginning Balance $ 800 $ 800 Purchases — — Ending Balance $ 800 $ 800

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Feb. 28, 2018
Business Acquisition [Line Items]
Business Disposition, Pro Forma Results [Table Text Block]	Unaudited pro forma summary information is presented below for the years ended February 28, 2017 and 2018, assuming the dispositions discussed above and related mandatory debt repayments had occurred on the first day of the pro forma periods presented below. For the year ended February 28, 2017 2018 (unaudited) (unaudited) Net revenues $ 120,243 $ 116,438 Station operating expenses, excluding depreciation and amortization 96,889 92,918 Consolidated net (loss) income (5,066 ) 502 Net loss attributable to the Company (5,167 ) (2,128 ) Net income per share - basic $ (0.43 ) $ (0.17 ) Net income per share - diluted $ (0.43 ) $ (0.17 )
Kpwr Fm
Business Acquisition [Line Items]
Disposal Groups, Including Discontinued Operations	The following table summarizes certain operating results of KPWR-FM for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of KPWR-FM is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 28,183 $ 24,379 $ 7,819 Station operating expenses, excluding depreciation and amortization expense 16,392 16,933 6,651 Depreciation and amortization 422 401 63 Gain on sale of assets, net of disposition costs — — (76,745 ) Operating income 11,369 7,045 77,850 Interest expense 5,115 5,223 2,479 Income before income taxes 6,254 1,822 75,371
Hour Magazines
Business Acquisition [Line Items]
Disposal Groups, Including Discontinued Operations	The following table summarizes certain operating results of the Hour Magazines for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the Hour Magazines is included in the magazines’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 31,819 $ 29,112 $ — Station operating expenses, excluding depreciation and amortization expense 31,385 31,076 172 Depreciation and amortization 125 122 — (Gain) loss on sale of publishing assets, net of disposition costs — (2,677 ) 141 Operating income (loss) 309 591 (313 ) Interest expense 173 179 — Income (loss) before income taxes 136 412 (313 )
Terre Haute Cluster
Business Acquisition [Line Items]
Disposal Groups, Including Discontinued Operations	The following table summarizes certain operating results of the our Terre Haute radio stations for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the Terre Haute radio stations is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 2,418 $ 2,298 $ (6 ) Station operating expenses, excluding depreciation and amortization expense 2,395 2,258 24 Depreciation and amortization 163 117 — Impairment loss 39 79 — Gain on sale of radio assets, net of disposition costs — (3,478 ) — Operating (loss) income (179 ) 3,322 (30 ) Interest expense 324 307 — (Loss) income before income taxes (503 ) 3,015 (30 )
Texas Monthly
Business Acquisition [Line Items]
Disposal Groups, Including Discontinued Operations	The following table summarizes certain operating results of Texas Monthly for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of Texas Monthly is included in the magazine’s results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 23,561 $ 14,685 $ (2 ) Station operating expenses, excluding depreciation and amortization expense 21,527 14,465 (78 ) Depreciation and amortization 118 84 — Gain on sale of publishing assets, net of disposition costs — (17,402 ) — Operating income 1,916 17,538 76 Interest expense 1,384 1,067 — Other income (370 ) (37 ) — Income before income taxes 902 16,508 76

OTHER SIGNIFICANT TRANSACTIONS

OTHER SIGNIFICANT TRANSACTIONS (Tables)	12 Months Ended
	Feb. 28, 2018
Business Combinations [Abstract]
Schedule Of Income Statement Disclosures for Subsegment	The following table summarizes Emmis’ operating results of 98.7FM for all periods presented. Emmis programmed 98.7FM until the LMA commenced on April 26, 2012. 98.7FM is a part of our Radio segment. Results of operations of 98.7FM for the years ended February 2016, 2017 and 2018 were as follows: For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 10,331 $ 10,331 $ 10,331 Station operating expenses, excluding depreciation and amortization expense 1,000 1,275 1,169 Impairment loss on intangible assets (Note 9) 1,766 2,907 — Depreciation and amortization 21 21 21 Interest expense 3,042 2,827 2,591
Schedule Of Balance Sheet Disclosures for Subsegment	Assets and liabilities of 98.7FM as of February 28, 2017 and 2018 were as follows: As of February 28, 2017 2018 Current assets: Restricted cash $ 1,550 $ 1,358 Prepaid expenses 445 448 Other 7 31 Total current assets 2,002 1,837 Noncurrent assets: Property and equipment 229 208 Indefinite lived intangibles 46,390 46,390 Deposits and other 6,205 6,543 Total noncurrent assets 52,824 53,141 Total assets $ 54,826 $ 54,978 Current liabilities: Accounts payable and accrued expenses $ 54 $ 18 Current maturities of long-term debt 6,039 6,587 Deferred revenue 807 835 Other current liabilities 205 184 Total current liabilities 7,105 7,624 Noncurrent liabilities: Long-term debt, net of current portion 51,954 45,632 Other noncurrent liabilities — — Total noncurrent liabilities 51,954 45,632 Total liabilities $ 59,059 $ 53,256

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Feb. 28, 2018
Intangible Assets And Goodwill [Line Items]
Summary of intangible impairment by assessment period	We will perform additional interim impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted. The table below summarizes the results of our interim and annual impairment testing for the three years ending February 28, 2018. Interim Assessment Annual Assessment FCC Licenses Goodwill Definite-lived FCC Licenses Goodwill Definite-lived Total Year Ended February 29, 2016 — — — 5,440 695 3,364 9,499 Year Ended February 28, 2017 — 2,058 930 6,855 — — 9,843 Year Ended February 28, 2018 — — — — 265 — 265
Assumptions used in valuation of indefinite-lived intangibles	December 1, 2015 December 1, 2016 December 1, 2017 Discount Rate 12.0% - 12.4% 12.2% - 12.5% 12.1% - 12.4% Long-term Revenue Growth Rate 1.3% - 2.5% 1.0% - 2.0% 1.0% - 1.8% Mature Market Share 3.2% - 29.3% 3.1% - 30.4% 12.7% - 31.1% Operating Profit Margin 25.0% - 39.1% 25.1% - 39.1% 27.0% - 39.1%
Fcc license agreement rollforward	Change in FCC License Carrying Values Unit of Accounting As of February 29, 2016 Purchase Sale of Stations Impairment As of February 28, 2017 Sale of Stations Reclassification As of February 28, 2018 New York Cluster $ 71,614 $ — $ — $ — $ 71,614 $ — $ — $ 71,614 98.7FM (New York) 49,297 — — (2,907 ) 46,390 — — 46,390 Austin Cluster 36,912 — — (2,192 ) 34,720 — — 34,720 St. Louis Cluster 26,401 34 — (1,677 ) 24,758 — (24,758 ) — Indianapolis Cluster 18,166 — — — 18,166 — — 18,166 KPWR-FM (Los Angeles) 2,018 — — — 2,018 (2,018 ) — — Terre Haute Cluster 721 — (642 ) (79 ) — — — — Subotal 205,129 34 (642 ) (6,855 ) 197,666 (2,018 ) (24,758 ) 170,890 Assets held for sale St. Louis Cluster — — — — — — 24,758 24,758 Grand Total $ 205,129 $ 34 $ (642 ) $ (6,855 ) $ 197,666 $ (2,018 ) $ — $ 195,648
Goodwill rollforward	Change in Goodwill Carrying Values Reporting Unit (Segment) As of February 29, 2016 Impairment Sale of Entity As of February 28, 2017 Impairment As of February 28, 2018 Indianapolis Cluster (Radio) $ 265 $ — — $ 265 $ (265 ) $ — Austin Cluster (Radio) 4,338 — — 4,338 — 4,338 Texas Monthly (Publishing) 8,036 — (8,036 ) — — — Digonex (Corporate & Emerging Technologies) 2,058 (2,058 ) — — — — Total $ 14,697 $ (2,058 ) (8,036 ) $ 4,603 $ (265 ) $ 4,338
Summary of definite-lived intangible assets	The following table presents the weighted-average remaining useful life at February 28, 2018 and gross carrying amount and accumulated amortization for each major class of definite-lived intangible assets at February 28, 2017 and 2018 : As of February 28, 2017 As of February 28, 2018 Weighted Average Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademarks N/A $ 696 $ 545 $ 151 $ — $ — $ — Programming Contract 3.6 2,154 808 1,346 2,154 1,101 1,053 Customer List N/A 315 289 26 — — — Total $ 3,165 $ 1,642 $ 1,523 $ 2,154 $ 1,101 $ 1,053
Expected amortization of definite-lived intangibles	The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangibles: Year ended February 28 (29), Expected Amortization Expense (in 000’s) 2019 $ 294 2020 294 2021 294 2022 171 2023 —

OTHER COMMITMENTS AND CONTING33

OTHER COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Feb. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Various Commitments for Material Contracts	The Company has various commitments under the following types of material contracts: (i) operating leases; (ii) employment agreements and (iii) other contracts with annual commitments (mostly contractual services for audience measurement information) at February 28, 2018 as follows: Year ending February 28 (29), Operating Leases Employment Agreements Other Contracts Total 2019 $ 5,991 $ 13,283 $ 11,076 $ 30,350 2020 5,898 5,365 3,769 15,032 2021 5,715 403 577 6,695 2022 5,500 373 485 6,358 2023 5,157 383 — 5,540 Thereafter 15,404 — — 15,404 Total $ 43,665 $ 19,807 $ 15,907 $ 79,379
Minimum Net Annual Commitments Under All Leases Subleases And Contracts With Non Cancelable Terms	The total minimum sublease rentals to be received in the future under noncancelable subleases as of February 28, 2018 were as follows: Year ending February 28 (29), Noncancelable Sublease rentals 2019 $ 222 2020 228 2021 226 2022 10 2023 — Total $ 686

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Feb. 28, 2018
Income Tax Disclosure [Abstract]
Components of Income Tax Provision (Benefit)	The provision (benefit) for income taxes for the years ended February 2016 , 2017 , and 2018 consisted of the following: 2016 2017 2018 Current: Federal $ — $ — $ (1,209 ) State (31 ) 68 1,611 Total current (31 ) 68 402 Deferred: Federal 1,793 (152 ) (13,612 ) State 307 (26 ) 1,478 Total deferred 2,100 (178 ) (12,134 ) Provision (benefit) for income taxes $ 2,069 $ (110 ) $ (11,732 )
Reconciliation of Income Tax Provision (Benefit)	The provision (benefit) for income taxes for the years ended February 2016 , 2017 and 2018 differs from that computed at the Federal statutory corporate tax rate as follows: 2016 2017 2018 Computed income tax provision at 35% $ 618 $ 4,588 $ 23,855 State income tax 276 42 3,089 Nondeductible stock compensation 296 444 261 Entertainment disallowance 366 366 235 Disposal of goodwill with no tax basis — 3,533 — Change in federal valuation allowance 2,376 (7,387 ) (20,373 ) Tax attributed to noncontrolling interest (1,932 ) (1,698 ) (1,785 ) Federal tax credit (43 ) (171 ) (85 ) Federal tax reform — — (15,546 ) Reclassification of AMT credit — — (2,162 ) Other 112 173 779 Provision (benefit) for income taxes $ 2,069 $ (110 ) $ (11,732 )
Components of Deferred Tax Assets and Deferred Tax Liabilities	The components of deferred tax assets and deferred tax liabilities at February 28, 2017 and February 28, 2018 are as follows: 2017 2018 Deferred tax assets: Net operating loss carryforwards $ 35,365 $ 10,977 Intangible assets 22,130 14,072 Compensation relating to stock options 1,942 1,600 Deferred revenue 420 — Accrued rent 1,892 1,204 Tax credits 3,438 1,464 Investments in subsidiaries 396 143 Other 993 332 Valuation allowance (60,379 ) (27,099 ) Total deferred tax assets 6,197 2,693 Deferred tax liabilities Indefinite-lived intangible assets (43,505 ) (31,383 ) Property and equipment (814 ) (483 ) Cancellation of debt income (5,386 ) (1,839 ) Other (29 ) (391 ) Total deferred tax liabilities (49,734 ) (34,096 ) Net deferred tax liabilities $ (43,537 ) $ (31,403 )
Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending February 28, 2017 and February 28, 2018 : For the year ending February 28, 2017 2018 Gross unrecognized tax benefit – opening balance $ (87 ) $ (60 ) Gross decreases – lapse of applicable statute of limitations 27 22 Gross unrecognized tax benefit – ending balance $ (60 ) $ (38 )

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Results of Operations of Business Segments	Year Ended February 28, 2018 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 142,852 $ 4,521 $ 1,114 $ 148,487 Station operating expenses excluding depreciation and amortization expense 102,413 5,035 12,310 119,758 Corporate expenses excluding depreciation and amortization expense — — 10,712 10,712 Impairment loss 265 — — 265 Depreciation and amortization 2,792 19 817 3,628 Gain on sale of radio and publishing assets, net of disposition costs (76,745 ) 141 — (76,604 ) (Gain) loss on disposal of fixed assets (82 ) 13 — (69 ) Operating income (loss) $ 114,209 $ (687 ) $ (22,725 ) $ 90,797 Year Ended February 28, 2017 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 165,148 $ 48,559 $ 861 $ 214,568 Station operating expenses excluding depreciation and amortization expense 115,366 51,063 13,656 180,085 Corporate expenses excluding depreciation and amortization expense — — 11,359 11,359 Impairment loss 6,855 — 2,988 9,843 Depreciation and amortization 3,462 230 1,114 4,806 Gain on sale of radio and publishing assets, net of disposition costs (3,478 ) (20,079 ) — (23,557 ) Loss on sale of fixed assets 124 — — 124 Operating income (loss) $ 42,819 $ 17,345 $ (28,256 ) $ 31,908 Year Ended February 29, 2016 Radio Publishing Corporate & Emerging Technologies Consolidated Net revenues $ 169,228 $ 60,992 $ 1,213 $ 231,433 Station operating expenses excluding depreciation and amortization expense 116,862 58,891 7,641 183,394 Corporate expenses excluding depreciation and amortization expense — — 13,023 13,023 Impairment loss 5,440 — 4,059 9,499 Depreciation and amortization 3,345 266 2,186 5,797 Loss on sale of fixed assets 54 — 2 56 Operating income (loss) $ 43,527 $ 1,835 $ (25,698 ) $ 19,664 Total Assets Radio Publishing Corporate & Emerging Technologies Consolidated As of February 28, 2017 $ 260,228 $ 1,746 $ 27,364 $ 289,338 As of February 28, 2018 249,044 1,293 20,807 271,144

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	12 Months Ended
	Feb. 28, 2018
Other Income and Expenses [Abstract]
Components of Other Expense, Net	Components of other income (expense), net for the three years ended February 2016 , 2017 and 2018 were as follows: For the year ended February 28 (29), 2016 2017 2018 Income (loss) from unconsolidated affiliate, including other-than-temporary impairment losses $ (82 ) $ (28 ) $ (15 ) Other-than-temporary impairment loss on investments — (254 ) — Interest income 36 38 60 Other 1,103 84 (10 ) Total other income (expense), net $ 1,057 $ (160 ) $ 35

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Feb. 28, 2018
Subsequent Event [Line Items]
Disclosure of Long Lived Assets Held-for-sale	The carrying amounts of major classes of assets included in the sale of the St. Louis radio stations as of February 28, 2017 and 2018 were as follows. Amounts shown below as of February 28, 2018 were reclassified to current assets held for sale in the accompanying consolidated balance sheets. As of February 28, 2017 2018 Property and equipment, net 1,600 1,340 Indefinite-lived intangibles 24,758 24,758 Other intangibles, net 82 72
St Louis
Subsequent Event [Line Items]
Disposal Groups, Including Discontinued Operations	The following table summarizes certain operating results of the our St. Louis radio stations for all periods presented. Pursuant to Accounting Standards Codification 205-20-45-6, interest expense associated with the required term loan repayment associated with the sale of the St. Louis radio stations is included in the stations’ results below. For the year ended February 28 (29), 2016 2017 2018 Net revenues $ 21,297 $ 23,851 $ 24,238 Station operating expenses, excluding depreciation and amortization expense 17,960 18,464 20,071 Depreciation and amortization 502 502 558 Impairment loss 1,677 1,293 — (Gain) loss on sale of assets (1 ) 123 — Operating income 1,159 3,469 3,609 Interest expense 2,842 2,910 3,379 (Loss) income before income taxes (1,683 ) 559 230

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail)	Jul. 08, 2016	Apr. 26, 2012USD ($)	Oct. 01, 2007USD ($)	Feb. 28, 2018USD ($)Station	Feb. 28, 2017USD ($)	Feb. 29, 2016USD ($)	Apr. 30, 2018USD ($)	Feb. 28, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25
Advertising agency fee rate based on gross revenue				15.00%
LMA fees				$ 10,752,000	$ 10,331,000	$ 10,331,000
Depreciation and amortization				3,300,000	4,100,000	4,300,000
Advertising expense				2,600,000	5,700,000	4,100,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net				0	254,000	0
Other equity method investments				0
Available for sale investments				800,000	800,000
Bater revenue				4,700,000	7,800,000	8,500,000
Barter expenses				4,800,000	7,900,000	8,500,000
One time payment made by Katz on behalf of Emmis to enter into a new long-term contract			$ 15,300,000
Cash and cash equivalents				4,107,000	11,349,000	4,456,000		$ 3,669,000
Term loans				142,609,000
Impairment losses on intangible assets				265,000	9,843,000	$ 9,499,000
Equity Method Investments [Member]
Summary Of Significant Accounting Policies [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net				$ 300,000
Building
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				39 years
Broadcasting equipment | Minimum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				5 years
Broadcasting equipment | Maximum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				7 years
Automobiles
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				5 years
Office equipment and automobiles | Minimum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				3 years
Office equipment and automobiles | Maximum
Summary Of Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life				5 years
Local Programming And Marketing Agreement
Summary Of Significant Accounting Policies [Line Items]
LMA fees		$ 8,400,000
Annual license fees increased in percent				3.50%
Subsequent Event [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents							$ 10,000,000
Term loans							$ 28,000,000
St. Louis, Austin, Indianapolis and Terre Haute | FM radio
Summary Of Significant Accounting Policies [Line Items]
Number of radio stations in operation | Station				11
St. Louis, Austin, Indianapolis and Terre Haute | AM radio
Summary Of Significant Accounting Policies [Line Items]
Number of radio stations in operation | Station				3
Emmis Austin Radio Partnership, L.P. | FM radio
Summary Of Significant Accounting Policies [Line Items]
Percentage of controlling interest				50.10%
2014 Credit Agreement
Summary Of Significant Accounting Policies [Line Items]
Term loans				$ 78,451,000	152,245,000
Term Loan
Summary Of Significant Accounting Policies [Line Items]
Term loans				69,451,000
Term Loan | 2014 Credit Agreement
Summary Of Significant Accounting Policies [Line Items]
Term loans				$ 69,451,000	$ 152,245,000

Activity in Allowance for Doubt

Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Accounting Policies [Abstract]
Balance At Beginning Of Year	$ 903	$ 934	$ 665
Provision	699	377	626
Write-Offs	(1,063)	(408)	(357)
Balance At End Of Year	$ 539	$ 903	$ 934

Local Programming and Marketing

Local Programming and Marketing Agreement Fees Recorded as Net Revenues (Except for Discontinued Operations) in Accompanying Condensed Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Principal Transaction Revenue [Line Items]
LMA fees	$ 10,752	$ 10,331	$ 10,331
98.7FM (New York)
Principal Transaction Revenue [Line Items]
LMA fees	10,331	10,331	10,331
Kpwr Fm
Principal Transaction Revenue [Line Items]
LMA fees	$ 421	$ 0	$ 0

Summary of Investment (Detail)

Summary of Investment (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Investment [Line Items]
Available-for-sale investments	$ 800	$ 800

Calculation of Basic and Dilute

Calculation of Basic and Diluted Net Income Per Share from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Amounts attributable to common shareholders for basic earnings per share:
Net income (loss) available to common shareholders from continuing operations	$ 82,129	$ 13,119	$ 1,952
Diluted net income (loss):
Net income (loss) available to common shareholders from continuing operations	$ 82,129	$ 13,119	$ 1,952
Basic shares:
Basic weighted average common shares outstanding (in shares)	12,347	12,040	11,034
Impact of equity awards (in shares)	279	189	282
Diluted shares:
Diluted weighted average common shares outstanding (in shares)	12,626	12,229	11,316
Basic net income (loss) per common share:
Basic net income (loss) per common share (in dollars per share)	$ 6.65	$ 1.09	$ 0.18
Diluted net income (loss) per common share:
Diluted net income (loss) per common share (in dollars per share)	$ 6.50	$ 1.07	$ 0.17

Shares Excluded from Calculatio

Shares Excluded from Calculation as Effect of Conversion into Shares of Common Stock (Detail) - shares shares in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,951	1,341	1,886
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	0	0	607
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common share equivalents	1,951	1,341	1,279

Noncontrolling Interests (Detai

Noncontrolling Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	$ 32,921	$ 38,397
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,630	101	$ (2,418)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(4,871)	(5,577)	(5,846)
Stockholders' Equity Attributable to Noncontrolling Interest	30,680	32,921	38,397
Austin Radio Partnership [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	46,830	47,556
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	5,465	4,851
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(4,871)	(5,577)
Stockholders' Equity Attributable to Noncontrolling Interest	47,424	46,830	47,556
Digonex
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	(13,909)	(9,159)
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2,835)	(4,750)
Stockholders' Equity Attributable to Noncontrolling Interest	$ (16,744)	$ (13,909)	$ (9,159)

Summary of Restricted Cash (Det

Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 2,008	$ 2,323
Ninety Eight Point Seven Fm [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	1,358	1,550
NextRadio LLC [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	0	123
Cash in magazine escrow [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents	$ 650	$ 650

Common Stock (Details)

Common Stock (Details)	Jul. 08, 2016	Feb. 28, 2018vote	Jul. 07, 2016$ / shares
Class of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25
Fair Value Per Share | $ / shares			$ 0.695
Class A Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock		1
Class B Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock		10
Class C Common Stock
Class of Stock [Line Items]
Number of votes per share of common stock		0

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 04, 2016	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016	Feb. 16, 2016
Class of Stock [Line Items]
Liquidation preference per share of preferred stock					$ 50
Conversion price, per share					$ 20.495
Number of shares of Class A common stock converted for each share of Preferred Stock					2.44
Modified Number Of Preferred Stock Converted Into Common Stock					2.80
LOSS ON MODIFICATION OF PREFERRED STOCK		$ 0	$ 0	$ 162
Stock based compensation expense		$ 2,654	$ 2,920	$ 4,904
Series A preferred stock
Class of Stock [Line Items]
Conversion of Preferred Stock to Class A Common Stock (In shares)	866,319
Class A Common Stock
Class of Stock [Line Items]
Conversion of Preferred Stock to Class A Common Stock (In shares)	606,423

Share Based Payments - Addition

Share Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, term	10 years
Stock options vesting period	3 years
Annual percentage over three years	33.33%
Cash received from exercise of stock options	$ 0.1	$ 0.1	$ 0.1
Stock options weighted average grant date fair value	$ 1.25	$ 1.20	$ 2.98
Shares available for future grants	2.3
Grant date fair value of shares vested	$ 1.1	$ 1.8	$ 3.4
Unrecognized compensation cost	$ 0.9
Compensation cost of weighted average period	1 year 4 months 26 days
Two Thousand Twelve Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	2
Other Equity Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	0.3
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option Vesting Date	Mar. 1, 2018
Option Expiration Date	Mar. 1, 2018
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option Vesting Date	Oct. 1, 2020
Option Expiration Date	Oct. 1, 2027
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards requisite service period	3 years

Share Based Payments Assumption

Share Based Payments Assumptions used to Calculate Fair Value of Options on Date of Grant (Detail)	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Dividend Yield:	0.00%	0.00%	0.00%
Expected Life (Years):	4 years 4 months 12 days		4 years 3 months 12 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	1.70%	0.90%	1.20%
Expected Life (Years):		4 years 3 months 12 days
Expected Volatility:	52.90%	52.90%	57.20%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-Free Interest Rate:	2.00%	1.80%	1.40%
Expected Life (Years):		4 years 4 months 12 days
Expected Volatility:	53.90%	60.00%	64.60%

Share Based Payments Summary of

Share Based Payments Summary of Stock Options Outstanding and Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 28, 2018USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	2,559,643
Granted (in shares) | shares	341,250
Exercised (in shares) | shares	52,250	[1]
Forfeited (in shares) | shares	33,330
Expired (in shares) | shares	123,984
Outstanding, end of period (in shares) | shares	2,691,329
Exercisable, end of period (in shares) | shares	2,000,215
Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 5.17
Granted (in dollars per share) | $ / shares	2.79
Exercised (in dollars per share) | $ / shares	2.51	[1]
Forfeited (in dollars per share) | $ / shares	4.20
Expired or exchanged (in dollars per share) | $ / shares	11.06
Outstanding, end of period (in dollars per share) | $ / shares	4.66
Exercisable, end of period (in dollars per share) | $ / shares	$ 4.78
Weighted Average Remaining Contractual Term, Outstanding	6 years 4 months 26 days
Weighted Average Remaining Contractual Term, Exercisable, end of period	5 years 9 months 22 days
Aggregate Intrinsic Value, Outstanding, end of period | $	$ 2,548
Aggregate Intrinsic Value, Exercisable, end of period | $	$ 1,822
[1]	The Company did not record an income tax benefit related to option exercises in the years ended February 2016, 2017 and 2018. Cash received from option exercises during the years ended February 2016, 2017 and 2018 was $0.1 million, $0.1 million and $0.1 million, respectively.

Share Based Payments Summary 51

Share Based Payments Summary of Nonvested Options and Changes (Detail)	12 Months Ended
	Feb. 28, 2018$ / sharesshares
Options
Nonvested, beginning of period (in shares) | shares	1,090,375
Granted (in shares) | shares	341,250
Vested (in shares) | shares	707,181
Forfeited (in shares) | shares	33,330
Nonvested, end of period (in shares) | shares	691,114
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in dollars per share) | $ / shares	$ 2.26
Granted (in dollars per share) | $ / shares	1.25
Vested (in dollars per share) | $ / shares	1.94
Forfeited (in dollars per share) | $ / shares	2.06
Nonvested, end of period (in dollars per share) | $ / shares	$ 2.10

Share Based Payments Summary 52

Share Based Payments Summary of Restricted Stock Grants Outstanding and Activity (Detail) - Restricted Stock	12 Months Ended
	Feb. 28, 2018$ / sharesshares
Awards
Grants outstanding, beginning of year (in shares) | shares	196,706
Granted (in shares) | shares	439,489
Vested (restriction lapsed) (in shares) | shares	282,801
Forfeited (in shares) | shares	0
Grants outstanding, end of year (in shares) | shares	353,394
Price
Grants outstanding, beginning of year (in dollars per share) | $ / shares	$ 4.64
Granted (in dollars per share) | $ / shares	2.96
Vested (restriction lapsed) (in dollars per share) | $ / shares	4.01
Forfeited (in dollars per share) | $ / shares	0
Grants outstanding, end of year (in dollars per share) | $ / shares	$ 3.05

Share Based Payments Stock-Base

Share Based Payments Stock-Based Compensation Expense and Related Tax Benefits Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 2,654	$ 2,920	$ 4,904
Tax benefit	0	0	0
Recognized stock-based compensation expense, net of tax	2,654	2,920	4,904
Station operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	501	1,012	1,760
Corporate expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 2,153	$ 1,908	$ 3,144

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Debt Instrument [Line Items]
Total Credit Agreement debt	$ 142,609
Current maturities	(16,037)	$ (23,600)
Unamortized original issue discount	(3,476)	(7,038)
Total long-term debt	122,849	190,372
Revolver
Debt Instrument [Line Items]
Total Credit Agreement debt	9,000
Term Loan
Debt Instrument [Line Items]
Total Credit Agreement debt	69,451
2014 Credit Agreement
Debt Instrument [Line Items]
Total Credit Agreement debt	78,451	152,245
Unamortized original issue discount	(1,800)
Total long-term debt	78,400
2014 Credit Agreement | Revolver
Debt Instrument [Line Items]
Total Credit Agreement debt	9,000	0
2014 Credit Agreement | Term Loan
Debt Instrument [Line Items]
Total Credit Agreement debt	69,451	152,245
Other nonrecourse debt [Member]
Debt Instrument [Line Items]
Nonrecourse debt	9,992	8,807
98.7 FM Nonrecourse Debt
Debt Instrument [Line Items]
Nonrecourse debt	$ 53,919	$ 59,958

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Jul. 18, 2018	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016	Apr. 30, 2018	Jun. 16, 2014	May 30, 2012
Debt Instrument [Line Items]
Long-term debt		$ 122,849,000	$ 190,372,000
Original issue discount of issuance of debt		3,476,000	7,038,000
Debt, Face Amount							$ 82,200,000
Total Credit Agreement debt		142,609,000
Loss on debt extinguishment		2,662,000	620,000	$ 0
Interest rate during period							4.10%
Term Loan
Debt Instrument [Line Items]
Total Credit Agreement debt		69,451,000
Revolver
Debt Instrument [Line Items]
Total Credit Agreement debt		9,000,000
Other nonrecourse debt [Member]
Debt Instrument [Line Items]
Debt, Face Amount		10,200,000	$ 9,500,000
2014 Credit Agreement
Debt Instrument [Line Items]
Long-term debt		$ 78,400,000
Debt Instrument, Interest Rate, Effective Percentage [Abstract]		8.70%	7.00%
Original issue discount of issuance of debt		$ 1,800,000
Total Credit Agreement debt		78,451,000	$ 152,245,000
2014 Credit Agreement | Term Loan
Debt Instrument [Line Items]
Total Credit Agreement debt		69,451,000	152,245,000
2014 Credit Agreement | Revolver
Debt Instrument [Line Items]
Total Credit Agreement debt		9,000,000	$ 0
2012 Credit Agreement | Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility		20,000,000
2012 Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility		5,000,000
Digonex Nonrecourse Debt
Debt Instrument [Line Items]
Debt, Face Amount						$ 6,200,000
Interest rate (as a percent)						5.00%
NextRadio LLC Nonrecourse Debt [Member]
Debt Instrument [Line Items]
Debt, Face Amount		$ 4,000,000
Interest rate (as a percent)		6.00%
Base Rate | 2014 Credit Agreement
Debt Instrument [Line Items]
Variable rate, floor (as a percent)		2.00%
Basis spread on variable rate (as a percent)		6.00%
London Interbank Offered Rate (LIBOR) | 2014 Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		7.00%
Secured Debt | Digonex Nonrecourse Debt
Debt Instrument [Line Items]
Long-term debt						$ 1,500,000
Unsecured Debt | Digonex Nonrecourse Debt
Debt Instrument [Line Items]
Long-term debt						$ 4,700,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Total Credit Agreement debt					$ 28,000,000
Subsequent Event [Member] | 2014 Credit Agreement
Debt Instrument [Line Items]
Principal redemption premium	2.00%
Principal redemption premium, additional quarterly amount	0.50%
Debt Instrument, Interest Rate, Increase (Decrease)	0.50%

Senior Leverage Ratio and Total

Senior Leverage Ratio and Total Leverage Ratio Requirements and Actual Amounts (Detail) $ in Millions	12 Months Ended
	Feb. 28, 2018USD ($)
Covenant Requirement
Line of Credit Facility [Line Items]
Minimum EBITDA Amount	$ 8.4
Covenant Requirement | Minimum
Line of Credit Facility [Line Items]
Interest Coverage Ratio	1.60
Actual
Line of Credit Facility [Line Items]
Minimum EBITDA Amount	$ 11.3
Actual | Minimum
Line of Credit Facility [Line Items]
Interest Coverage Ratio	2.63

Summary of Long-Term Debt Princ

Summary of Long-Term Debt Principal Repayments (Detail) $ in Thousands	Feb. 28, 2018USD ($)
Debt Instrument [Line Items]
2,019	$ 16,037
2,020	76,151
2,021	13,994
2,022	12,394
2,023	9,069
Thereafter	14,964
Total	142,609
Revolver
Debt Instrument [Line Items]
2,019	9,000
2,020	0
2,021	0
2,022	0
2,023	0
Thereafter	0
Total	9,000
Term Loan
Debt Instrument [Line Items]
2,019	450
2,020	69,001
2,021	0
2,022	0
2,023	0
Thereafter	0
Total	69,451
98.7 FM nonrecourse debt
Debt Instrument [Line Items]
2,019	6,587
2,020	7,150
2,021	7,755
2,022	8,394
2,023	9,069
Thereafter	14,964
Total	53,919
Digonex Debt
Debt Instrument [Line Items]
2,019	0
2,020	0
2,021	6,239
2,022	4,000
2,023	0
Thereafter	0
Total	$ 10,239

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 800	$ 800
Total assets measured at fair value on a recurring basis	800	800
Level 3 Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	800	800
Total assets measured at fair value on a recurring basis	$ 800	$ 800

Fair Value Measurements Reconci

Fair Value Measurements Reconciliation of Beginning and Ending Balances for Fair Value Measurements using Significant Unobservable Inputs (Detail) - Available For Sale Investments - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 800	$ 800
Purchases	0	0
Ending Balance	$ 800	$ 800

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 122,849	$ 190,372
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	$ 254	$ 0
2014 Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure, Nonrecurring	76,100
Long-term debt	$ 78,400

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Business Acquisition [Line Items]
Minimum required sale proceeds	$ 80,000
Gain on sale of radio and publishing assets, net of disposition costs	76,604	$ 23,557	$ 0
LMA fees	10,752	10,331	10,331
Kpwr Fm
Business Acquisition [Line Items]
LMA fees	421	0	0
Kpwr Fm
Business Acquisition [Line Items]
Net Proceeds from Divestiture of Businesses	73,600
Gain on sale of radio and publishing assets, net of disposition costs	76,745	0	0
Hour Magazines
Business Acquisition [Line Items]
Gross Proceeds from Divestiture of Business		6,500
Net Proceeds from Divestiture of Businesses		2,900
Stated Purchase Price for Divestiture of Business		6,500
Proceeds from asset sale held in escrow		700
Business Divestiture Disposition Costs		2,900
Gain on sale of radio and publishing assets, net of disposition costs	(141)	2,677	0
Terre Haute Cluster
Business Acquisition [Line Items]
Gross Proceeds from Divestiture of Business		5,200
Net Proceeds from Divestiture of Businesses	4,800
Gain on sale of radio and publishing assets, net of disposition costs	0	3,478	0
Texas Monthly
Business Acquisition [Line Items]
Gross Proceeds from Divestiture of Business		25,000
Net Proceeds from Divestiture of Businesses		23,400
Stated Purchase Price for Divestiture of Business		25,000
Divestiture Working Capital Adjustments		700
Business Divestiture Disposition Costs		900
Gain on sale of radio and publishing assets, net of disposition costs	$ 0	17,402	$ 0
Severance | Hour Magazines
Business Acquisition [Line Items]
Business Divestiture Disposition Costs		1,600
Transaction advisory fees | Hour Magazines
Business Acquisition [Line Items]
Business Divestiture Disposition Costs		$ 1,000

Acquisitions and Dispositions62

Acquisitions and Dispositions - Results of Sold Businesses (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	$ 148,487	$ 214,568	$ 231,433
Station Operating Expenses Excluding Depreciation And Amortization	119,758	180,085	183,394
Depreciation and amortization	3,628	4,806	5,797
Impairment loss on intangible assets	265	9,843	9,499
Gain on sale of radio and publishing assets, net of disposition costs	(76,604)	(23,557)	0
OPERATING INCOME	90,797	31,908	19,664
Interest expense	15,143	18,018	18,956
Income (loss) before income taxes	73,027	13,110	1,765
Other income (expense), net	35	(160)	1,057
Kpwr Fm
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	7,819	24,379	28,183
Station Operating Expenses Excluding Depreciation And Amortization	6,651	16,933	16,392
Depreciation and amortization	63	401	422
Gain on sale of radio and publishing assets, net of disposition costs	(76,745)	0	0
OPERATING INCOME	77,850	7,045	11,369
Interest expense	2,479	5,223	5,115
Income (loss) before income taxes	75,371	1,822	6,254
Hour Magazines
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	29,112	31,819
Station Operating Expenses Excluding Depreciation And Amortization	172	31,076	31,385
Depreciation and amortization	0	122	125
Gain on sale of radio and publishing assets, net of disposition costs	141	(2,677)	0
OPERATING INCOME	(313)	591	309
Interest expense	0	179	173
Income (loss) before income taxes	(313)	412	136
Terre Haute Cluster
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	(6)	2,298	2,418
Station Operating Expenses Excluding Depreciation And Amortization	24	2,258	2,395
Depreciation and amortization	0	117	163
Impairment loss on intangible assets	0	79	39
Gain on sale of radio and publishing assets, net of disposition costs	0	(3,478)	0
OPERATING INCOME	(30)	3,322	(179)
Interest expense	0	307	324
Income (loss) before income taxes	(30)	3,015	(503)
Texas Monthly
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	(2)	14,685	23,561
Station Operating Expenses Excluding Depreciation And Amortization	(78)	14,465	21,527
Depreciation and amortization	0	84	118
Gain on sale of radio and publishing assets, net of disposition costs	0	(17,402)	0
OPERATING INCOME	76	17,538	1,916
Interest expense	0	1,067	1,384
Income (loss) before income taxes	76	16,508	902
Other income (expense), net	$ 0	$ (37)	$ (370)

Acquisitions and Dispositions63

Acquisitions and Dispositions - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Business Acquisition [Line Items]
Business Disposition, Pro Forma Net Revenues	$ 116,438	$ 120,243
Business Disposition, Pro Forma Operating Expenses	92,918	96,889
Business Disposition, Pro Forma Consolidated Net Income	502	(5,066)
Business Disposition, Pro Forma Net Income Available to the Company	$ (2,128)	$ (5,167)
Basic Earnings Per Share, Pro Forma	$ (0.17)	$ (0.43)
Diluted Earnings Per Share Pro Forma	$ (0.17)	$ (0.43)

Other Significant Transaction64

Other Significant Transactions - Additional Information (Details)	Aug. 05, 2016$ / shares	Aug. 09, 2013USD ($)wireless_device	Apr. 26, 2012USD ($)	Mar. 15, 2017USD ($)	Feb. 28, 2018USD ($)	Feb. 28, 2017USD ($)	Feb. 29, 2016USD ($)	Dec. 07, 2016USD ($)	May 30, 2012USD ($)
Long-term Purchase Commitment [Line Items]
Debt, Face Amount									$ 82,200,000
Proposed Merger Per Share Amount | $ / shares	$ 4.10
Potential Going Private Transaction Costs						$ 900,000
Call option, maximum ownership interest allowed to be exercised by radio operator		30.00%
Payments on Pre-load Agreement								$ 33,200,000
Amended Pre-load commitment				$ 6,000,000
Pre-load Commitment Forgiven				$ 5,800,000
NextRadio
Long-term Purchase Commitment [Line Items]
Period of agreement		3 years
Agreement amount		$ 15,000,000
Variable interest entity, consolidated, carrying amount of assets						100,000
Variable interest entity, liabilities					$ 4,200,000	3,500,000
NextRadio | Minimum
Long-term Purchase Commitment [Line Items]
Minimum number of devices with pre-loaded smartphone application | wireless_device		30,000,000
Emmis
Long-term Purchase Commitment [Line Items]
Expense recognized in period					300,000		$ 400,000
Non-Recourse Debt [Member]
Long-term Purchase Commitment [Line Items]
Nonrecourse Debt, Maximum Borrowing					4,000,000
Other nonrecourse debt [Member]
Long-term Purchase Commitment [Line Items]
Debt, Face Amount					$ 10,200,000	$ 9,500,000
Local Programming And Marketing Agreement
Long-term Purchase Commitment [Line Items]
Proceeds from License Fees Received			$ 8,400,000
Annual license fees increased in percent					3.50%

Other Significant Transaction65

Other Significant Transactions - Income Statement Disclosures from LMA (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Segment Reporting Information [Line Items]
Net revenues	$ 148,487	$ 214,568	$ 231,433
Station Operating Expenses Excluding Depreciation And Amortization	119,758	180,085	183,394
Impairment loss on intangible assets	265	9,843	9,499
Depreciation and amortization	3,628	4,806	5,797
Interest expense	15,143	18,018	18,956
Radio
Segment Reporting Information [Line Items]
Net revenues	142,852	165,148	169,228
Station Operating Expenses Excluding Depreciation And Amortization	102,413	115,366	116,862
Impairment loss on intangible assets	265	6,855	5,440
Depreciation and amortization	2,792	3,462	3,345
Radio | 98.7FM (New York)
Segment Reporting Information [Line Items]
Net revenues	10,331	10,331	10,331
Station Operating Expenses Excluding Depreciation And Amortization	1,169	1,275	1,000
Impairment loss on intangible assets	0	2,907	1,766
Depreciation and amortization	21	21	21
Interest expense	$ 2,591	$ 2,827	$ 3,042

Other Significant Transaction66

Other Significant Transactions - Balance Sheet Disclosures of LMA (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
CURRENT ASSETS:
Restricted cash	$ 2,008	$ 2,323
Prepaid expenses	3,234	4,798
Other	3,680	1,503
Total current assets	59,793	46,457
Property and equipment, net	26,601	30,845
Noncurrent Assets:
Indefinite-lived intangibles	170,890	197,666	$ 205,129
Deposits and other	7,669	7,444
Total other assets	8,469	8,244
Total assets	271,144	289,338
Current Liabilities:
Accounts payable and accrued expenses	6,394	13,398
Current maturities of long-term debt	16,037	23,600
Deferred revenue	4,030	4,560
Other current liabilities	2,695	6,807
Total current liabilities	32,697	54,603
Noncurrent liabilities:
Long-term debt, net of current portion	122,849	190,372
Other noncurrent liabilities	5,932	4,842
Total liabilities	192,881	293,354
Radio
Noncurrent Assets:
Total assets	249,044	260,228
Radio | 98.7FM (New York)
CURRENT ASSETS:
Restricted cash	1,358	1,550
Prepaid expenses	448	445
Other	31	7
Total current assets	1,837	2,002
Property and equipment, net	208	229
Noncurrent Assets:
Indefinite-lived intangibles	46,390	46,390
Deposits and other	6,543	6,205
Total other assets	53,141	52,824
Total assets	54,978	54,826
Current Liabilities:
Accounts payable and accrued expenses	18	54
Current maturities of long-term debt	6,587	6,039
Deferred revenue	835	807
Other current liabilities	184	205
Total current liabilities	7,624	7,105
Noncurrent liabilities:
Long-term debt, net of current portion	45,632	51,954
Other noncurrent liabilities	0	0
Total noncurrent liabilities	45,632	51,954
Total liabilities	$ 53,256	$ 59,059

Intangible Assets and Goodwil67

Intangible Assets and Goodwill - Additional Interim Impairment Assessments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets	$ 265	$ 9,843	$ 9,499
Scenario Four [Member] | Fcc Licenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets		6,855	5,440
Scenario Four [Member] | Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets	$ 265		695
Scenario Four [Member] | Finite-Lived Intangible Assets [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets			$ 3,364
Scenario Three [Member] | Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets		2,058
Scenario Three [Member] | Finite-Lived Intangible Assets [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment losses on intangible assets		$ 930

Intangible Assets and Goodwil68

Intangible Assets and Goodwill - Methodology used to Value Licenses (Detail)	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Minimum
Goodwill And Other Intangibles [Line Items]
Discount Rate	12.10%	12.20%	12.00%
Long-term Revenue Growth Rate	1.00%	1.00%	1.30%
Mature Market Share	12.70%	3.10%	3.20%
Operating Profit Margin	27.00%	25.10%	25.00%
Maximum
Goodwill And Other Intangibles [Line Items]
Discount Rate	12.40%	12.50%	12.40%
Long-term Revenue Growth Rate	1.80%	2.00%	2.50%
Mature Market Share	31.10%	30.40%	29.30%
Operating Profit Margin	39.10%	39.10%	39.10%

Intangible Assets and Goodwil69

Intangible Assets and Goodwill - Change in License Carrying Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	$ 197,666	$ 205,129
Purchases		34
Sale of stations	(2,018)	(642)
Impairment		(6,855)
Carrying amount of FCC license, ending balance	170,890	197,666
Total including held for sale [Member]
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	197,666	205,129
Purchases		34
Sale of stations	(2,018)	(642)
Reclassification to held for sale	0
Impairment		(6,855)
Carrying amount of FCC license, ending balance	195,648	197,666
New York Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	71,614	71,614
Carrying amount of FCC license, ending balance	71,614	71,614
98.7FM (New York)
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	46,390	49,297
Impairment		(2,907)
Carrying amount of FCC license, ending balance	46,390	46,390
Austin Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	34,720	36,912
Impairment		(2,192)
Carrying amount of FCC license, ending balance	34,720	34,720
St Louis
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	24,758	26,401
Purchases		34
Reclassification to held for sale	(24,758)
Impairment		(1,677)
Carrying amount of FCC license, ending balance		24,758
St Louis | St. Louis Cluster, held for sale
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	0	0
Purchases		0
Sale of stations	0	0
Reclassification to held for sale	24,758
Impairment		0
Carrying amount of FCC license, ending balance	24,758	0
Indianapolis Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	18,166	18,166
Carrying amount of FCC license, ending balance	18,166	18,166
Kpwr Fm
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance	2,018	2,018
Sale of stations	$ (2,018)
Carrying amount of FCC license, ending balance		2,018
Terre Haute Cluster
Indefinite-lived Intangible Assets [Line Items]
Carrying amount of FCC license, beginning balance		721
Sale of stations		(642)
Impairment		$ (79)

Intangible Assets and Goodwil70

Intangible Assets and Goodwill - Change in Goodwill Carrying Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Goodwill [Line Items]
Goodwill Including Goodwill Of Discontinued Operations	$ 4,338	$ 4,603	$ 14,697
Goodwill, Sale of Entity		(8,036)
Goodwill, Impairment	(265)	(2,058)
Indianapolis Cluster | Radio [Member]
Goodwill [Line Items]
Goodwill Including Goodwill Of Discontinued Operations		265	265
Goodwill, Impairment	265
Austin Cluster | Radio [Member]
Goodwill [Line Items]
Goodwill Including Goodwill Of Discontinued Operations	$ 4,338	4,338	4,338
Texas Monthly | Publishing
Goodwill [Line Items]
Goodwill Including Goodwill Of Discontinued Operations			8,036
Goodwill, Sale of Entity		(8,036)
Digonex | Corporate and Emerging Technologies
Goodwill [Line Items]
Goodwill Including Goodwill Of Discontinued Operations			$ 2,058
Goodwill, Impairment		$ 2,058

Intangible Assets and Goodwil71

Intangible Assets and Goodwill - Weighted-Average Useful Life, Gross Carrying Amount and Accumulated Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Finite-Lived Intangible Assets [Line Items]
Other intangibles	$ 2,154	$ 3,165
Accumulated Amortization	1,101	1,642
Net Carrying Amount	1,053	1,523
Trademarks
Finite-Lived Intangible Assets [Line Items]
Other intangibles		696
Accumulated Amortization		545
Net Carrying Amount		151
Contract-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Other intangibles	2,154	2,154
Accumulated Amortization	1,101	808
Net Carrying Amount	$ 1,053	1,346
Weighted Average Remaining Useful Life (in years)	3 years 219 days
Customer-Related Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Other intangibles		315
Accumulated Amortization		289
Net Carrying Amount		$ 26

Intangible assets and goodwil72

Intangible assets and goodwill - Estimated future amortization expense (Detail) $ in Thousands	Feb. 28, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
2,019	$ 294
2,020	294
2,021	294
2,022	171
2,023	$ 0

Intangible Assets and Goodwil73

Intangible Assets and Goodwill - Additional Information (Detail) $ in Thousands	12 Months Ended
	Feb. 28, 2018USD ($)multiple	Feb. 28, 2017USD ($)	Feb. 29, 2016USD ($)	Jun. 16, 2014USD ($)
Intangible Assets And Goodwill [Line Items]
Purchases		$ 34
Amortization of Intangible Assets	$ 300	700
Indefinite-lived intangibles	$ 170,890	197,666	$ 205,129
FCC license term	8 years
Goodwill impairment testing, period of average income used in test	2 years
Impairment losses on intangible assets	$ 265	9,843	9,499
Goodwill, Impairment	265	2,058
Goodwill	4,338	4,603
Maximum
Intangible Assets And Goodwill [Line Items]
Amortization of Intangible Assets			1,500
Patents
Intangible Assets And Goodwill [Line Items]
Impairment losses on intangible assets	900	3,400
Goodwill | Digonex
Intangible Assets And Goodwill [Line Items]
Impairment losses on intangible assets	2,100	700
Radio
Intangible Assets And Goodwill [Line Items]
Impairment losses on intangible assets	$ 265	6,855	5,440
Radio | Minimum
Intangible Assets And Goodwill [Line Items]
Goodwill impairment testing, market multiple used in test calculation | multiple	8
Publishing
Intangible Assets And Goodwill [Line Items]
Impairment losses on intangible assets		0	0
Digonex
Intangible Assets And Goodwill [Line Items]
Goodwill				$ 2,800
Indianapolis Cluster
Intangible Assets And Goodwill [Line Items]
Indefinite-lived intangibles	$ 18,166	$ 18,166	$ 18,166

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	341,250
Number of shares available for grants	2,300,000
Multi-employer plan contribution expense	$ 0.3	$ 0.3	$ 0.3
Two Thousand Twelve Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grants	2,000,000
Two Thousand Seventeen Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares that may be granted	2,000,000
Number of shares available for grants	2,000,000
Two Thousand Seventeen Equity Compensation Plan [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration of Stock option under the plan	10 years
401 (k) Retirement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum age for retirement saving plan	18 years
Minimum days of service required to participate in retirement savings plan	30 days
Maximum percentage of eligible compensation by employee	50.00%
Maximum employer match on employee's contribution	33.00%
Employer matching contribution on employee's salary percentage	6.00%
Employer discretionary contribution		$ 0.9

Other Commitments and Conting75

Other Commitments and Contingencies - Various Commitments for Material Contracts (Detail) $ in Thousands	Feb. 28, 2018USD ($)
Schedule Of Commitments And Contingencies [Line Items]
2,019	$ 30,350
2,020	15,032
2,021	6,695
2,022	6,358
2,023	5,540
Thereafter	15,404
Total	79,379
Operating Lease
Schedule Of Commitments And Contingencies [Line Items]
2,019	5,991
2,020	5,898
2,021	5,715
2,022	5,500
2,023	5,157
Thereafter	15,404
Total	43,665
Employment Agreement
Schedule Of Commitments And Contingencies [Line Items]
2,019	13,283
2,020	5,365
2,021	403
2,022	373
2,023	383
Thereafter	0
Total	19,807
Other Contracts
Schedule Of Commitments And Contingencies [Line Items]
2,019	11,076
2,020	3,769
2,021	577
2,022	485
2,023	0
Thereafter	0
Total	$ 15,907

Other Commitments and Conting76

Other Commitments and Contingencies - Future Minimum Sublease Rentals (Detail) $ in Thousands	Feb. 28, 2018USD ($)
Other Commitments [Line Items]
2,019	$ 222
2,020	228
2,021	226
2,022	10
2,023	0
Total	$ 686

Other Commitments and Conting77

Other Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Schedule Of Commitments And Contingencies [Line Items]
Restricted Cash and Cash Equivalents	$ 2,008	$ 2,323
Rent expensed for continuing operations	6,000	8,300	$ 8,900
Sublease income	100	300	$ 300
Cash in magazine escrow [Member]
Schedule Of Commitments And Contingencies [Line Items]
Restricted Cash and Cash Equivalents	650	$ 650
INIC Suit [Member]
Schedule Of Commitments And Contingencies [Line Items]
Hungary license litigation expense	4,100
Insurance deductible	$ 1,000

Components of Income Tax Provis

Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Current:
Federal	$ (1,209)	$ 0	$ 0
State	1,611	68	(31)
Current Income Tax Expense (Benefit), Total	402	68	(31)
Deferred:
Federal	(13,612)	(152)	1,793
State	1,478	(26)	307
Deferred Income Taxes and Tax Credits, Total	(12,134)	(178)	2,100
(Benefit) provision for income taxes	$ (11,732)	$ (110)	$ 2,069

Reconciliation of Income Tax Pr

Reconciliation of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Income Tax Disclosure [Abstract]
Computed income tax (benefit) provision at 35%	$ 23,855	$ 4,588	$ 618
State income tax	3,089	42	276
Nondeductible stock compensation and Section 162 disallowance	261	444	296
Entertainment disallowance	235	366	366
Disposal of goodwill with no tax basis	0	3,533	0
Change in valuation allowance	(20,373)	(7,387)	2,376
Tax attributed to noncontrolling interest	(1,785)	(1,698)	(1,932)
Federal tax credit	(85)	(171)	(43)
Federal tax reform	(15,546)	0	0
Reclassification AMT credit	(2,162)	0	0
Other	779	173	112
(Benefit) provision for income taxes	$ (11,732)	$ (110)	$ 2,069

Components of Deferred Tax Asse

Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 10,977	$ 35,365
Intangible assets	14,072	22,130
Compensation relating to stock options	1,600	1,942
Deferred revenue	0	420
Accrued rent	1,204	1,892
Tax credits	1,464	3,438
Investments in subsidiairies	143	396
Other	332	993
Valuation allowance	(27,099)	(60,379)
Total deferred tax assets	2,693	6,197
Deferred tax liabilities
Indefinite-lived intangible assets	(31,383)	(43,505)
Property and equipment	(483)	(814)
Cancellation of debt income	(1,839)	(5,386)
Other	(391)	(29)
Total deferred tax liabilities	(34,096)	(49,734)
Net deferred tax liabilities	$ (31,403)	$ (43,537)

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Deferred Tax Assets And Liabilities [Line Items]
Federal statutory tax rate	35.00%		35.00%	35.00%	35.00%
Impairment losses on intangible assets		$ 265		$ 9,843	$ 9,499
Decrease in valuation allowance		33,300
Valuation allowance	$ (27,099)	(27,099)	$ (27,099)	(60,379)
Amount recognized is measured as the largest benefit	50.00%
Uncertain tax positions	$ 100	100	100
Unrecognized tax benefits that would reduce, if recognized, provision for income taxes	100	100	100
Interest accrued related to unrecognized tax benefits	6	6	$ 6
Federal statutory tax rate - revised			21.00%
Adjustment to federal deferred - tax reform		15,546		$ 0	$ 0
Adjustment to state deferred - tax reform		1,400
Federal
Deferred Tax Assets And Liabilities [Line Items]
Decrease in valuation allowance		32,700
Operating Loss Carryforwards	18,000	18,000	$ 18,000
State and Local Jurisdiction
Deferred Tax Assets And Liabilities [Line Items]
Decrease in valuation allowance		0
Operating Loss Carryforwards	144,000	144,000	144,000
Digonex | Federal
Deferred Tax Assets And Liabilities [Line Items]
Operating Loss Carryforward, Determined to be Available to Offset Future Income	18,000	18,000	18,000
Operating Loss Carryforwards	47,000	47,000	47,000
Digonex | State and Local Jurisdiction
Deferred Tax Assets And Liabilities [Line Items]
Operating Loss Carryforward, Determined to be Available to Offset Future Income	18,000	18,000	18,000
Operating Loss Carryforwards	$ 47,000	$ 47,000	$ 47,000

Reconciliation of Total Amounts

Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefit - opening balance	$ (60)	$ (87)
Gross decreases - lapse of applicable statute of limitations	22	27
Gross unrecognized tax benefit - ending balance	$ (38)	$ (60)

Segment Information - Concentra

Segment Information - Concentration Risk (Detail)	12 Months Ended
	Feb. 28, 2018
Geographic risk | Radio | Revenue
Concentration Risk [Line Items]
Concentration risk	40.00%

Segment Information - Results o

Segment Information - Results of Operations of Business Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Segment Reporting Information [Line Items]
Net revenues	$ 148,487	$ 214,568	$ 231,433
Station Operating Expenses Excluding Depreciation And Amortization	119,758	180,085	183,394
Corporate expenses excluding depreciation and amortization expense	10,712	11,359	13,023
Impairment losses on intangible assets	265	9,843	9,499
Depreciation and amortization	3,628	4,806	5,797
Gain on sale of radio and publishing assets, net of disposition costs	(76,604)	(23,557)	0
Loss (gain) on sale of assets	(69)	124	56
OPERATING INCOME	90,797	31,908	19,664
Total Assets	271,144	289,338
Radio
Segment Reporting Information [Line Items]
Net revenues	142,852	165,148	169,228
Station Operating Expenses Excluding Depreciation And Amortization	102,413	115,366	116,862
Corporate expenses excluding depreciation and amortization expense		0	0
Impairment losses on intangible assets	265	6,855	5,440
Depreciation and amortization	2,792	3,462	3,345
Gain on sale of radio and publishing assets, net of disposition costs	(76,745)	(3,478)
Loss (gain) on sale of assets	(82)	124	54
OPERATING INCOME	114,209	42,819	43,527
Total Assets	249,044	260,228
Publishing
Segment Reporting Information [Line Items]
Net revenues	4,521	48,559	60,992
Station Operating Expenses Excluding Depreciation And Amortization	5,035	51,063	58,891
Corporate expenses excluding depreciation and amortization expense		0	0
Impairment losses on intangible assets		0	0
Depreciation and amortization	19	230	266
Gain on sale of radio and publishing assets, net of disposition costs	141	(20,079)
Loss (gain) on sale of assets	13	0	0
OPERATING INCOME	(687)	17,345	1,835
Total Assets	1,293	1,746
Corporate and Emerging Technologies [Member]
Segment Reporting Information [Line Items]
Net revenues	1,114	861	1,213
Station Operating Expenses Excluding Depreciation And Amortization	12,310	13,656	7,641
Corporate expenses excluding depreciation and amortization expense	10,712	11,359	13,023
Impairment losses on intangible assets		2,988	4,059
Depreciation and amortization	817	1,114	2,186
Gain on sale of radio and publishing assets, net of disposition costs	0	0
Loss (gain) on sale of assets	0	0	2
OPERATING INCOME	(22,725)	(28,256)	$ (25,698)
Total Assets	$ 20,807	$ 27,364

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
	Feb. 28, 2018Segment
Segment Reporting [Abstract]
Magazines Sold	5
Number of Operating Segments	3
Magazines Owned Prior to Sales	6

Components of Other Income, Net

Components of Other Income, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Income (loss) from unconsolidated affiliate, including other-than-temporary impairment losses
(Loss) income from unconsolidated affiliate, including other-than-temporary impairment losses	$ (15)	$ (28)	$ (82)
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0	(254)	0
Interest income	60	38	36
Other	(10)	84	1,103
Other (expense) income, net	$ 35	$ (160)	$ 1,057

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 28, 2017	Feb. 28, 2018
Related Party Transactions [Abstract]
Life insurance premium payments made, recoverable		$ 1.1
Potential Going Private Transaction Costs	$ 0.9

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	Apr. 30, 2018	Apr. 30, 2018	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Subsequent Event [Line Items]
Gain on sale of radio and publishing assets, net of disposition costs			$ 76,604	$ 23,557	$ 0
LMA fees			$ 10,752	$ 10,331	$ 10,331
St Louis | Subsequent Event [Member]
Subsequent Event [Line Items]
Net Proceeds from Divestiture of Businesses	$ 40,500
Gain on sale of radio and publishing assets, net of disposition costs	29,900
LMA fees		$ 700
Gross Proceeds from Divestiture of Business	60,000
Business Divestiture Disposition Costs	$ 15,900

Subsequent Events - Results of

Subsequent Events - Results of operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Subsequent Event [Line Items]
Sales Revenue, Services, Net	$ 148,487	$ 214,568	$ 231,433
Station Operating Expenses Excluding Depreciation And Amortization	119,758	180,085	183,394
Depreciation and amortization	3,628	4,806	5,797
Impairment loss on intangible assets	265	9,843	9,499
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	(69)	124	56
OPERATING INCOME	90,797	31,908	19,664
Interest expense	15,143	18,018	18,956
Income (loss) before income taxes	73,027	13,110	1,765
St Louis
Subsequent Event [Line Items]
Sales Revenue, Services, Net	24,238	23,851	21,297
Station Operating Expenses Excluding Depreciation And Amortization	20,071	18,464	17,960
Depreciation and amortization	558	502	502
Impairment loss on intangible assets	0	1,293	1,677
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	0	123	(1)
OPERATING INCOME	3,609	3,469	1,159
Interest expense	3,379	2,910	2,842
Income (loss) before income taxes	$ 230	$ 559	$ (1,683)

Subsequent Events - Assets held

Subsequent Events - Assets held for sale (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Feb. 28, 2017	Feb. 29, 2016
Subsequent Event [Line Items]
Property and equipment, net	$ 26,601	$ 30,845
Indefinite-lived intangibles	170,890	197,666	$ 205,129
St Louis
Subsequent Event [Line Items]
Property and equipment, net	1,340	1,600
Indefinite-lived intangibles	24,758	24,758
Other intangibles, net	$ 72	$ 82