Spanish Broadcasting System (SBSAA) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Entity Registrant Name	SPANISH BROADCASTING SYSTEM INC
Entity Central Index Key	927,720
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A common stock
Entity Common Stock, Shares Outstanding		4,166,991
Class B common stock
Entity Common Stock, Shares Outstanding		2,340,353

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 28,292	$ 23,991
Receivables:
Trade	30,867	27,506
Barter	226	205
Total Receivables	31,093	27,711
Less allowance for doubtful accounts	1,179	2,322
Net receivables	29,914	25,389
Prepaid expenses and other current assets	6,084	3,928
Total current assets	64,290	53,308
Property and equipment, net of accumulated depreciation of $72,349 in 2015 and $69,632 in 2014	30,190	32,382
FCC broadcasting licenses	322,131	323,055
Goodwill	32,806	32,806
Other intangible assets, net of accumulated amortization of $996 in 2015 and $924 in 2014	1,552	1,624
Deferred financing costs, net of accumulated amortization of $12,235 in 2015 and $9,706 in 2014	5,381	7,910
Other assets	585	728
Total assets	456,935	451,813
Current liabilities:
Accounts payable and accrued expenses	17,558	16,495
Accrued interest	15,790	7,202
Unearned revenue	322	449
Other liabilities	93	269
Current portion of other long-term debt	312	336
10 3/4% Series B cumulative exchangeable redeemable preferred stock outstanding and dividends outstanding, $0.01 par value, liquidation value $1,000 per share. Authorized 280,000 shares: 90,549 shares issued and outstanding at September 30, 2015 and December 31, 2014 and $53,131 and $45,831 of dividends payable as of September 30, 2015 and December 31, 2014, respectively.	143,680	136,380
Total current liabilities	177,755	161,131
Other liabilities, less current portion	86	94
Derivative instruments	283	408
12.5% senior secured notes due 2017, net of unamortized discount of $3,064 in 2015 and $4,343 in 2014	271,936	270,657
Other long-term debt, less current portion	4,692	4,922
Deferred income taxes	96,151	88,806
Total liabilities	$ 550,903	$ 526,018
Commitments and contingencies (note 6)
Stockholders’ deficit:
Additional paid-in capital	$ 525,339	$ 525,335
Accumulated other comprehensive loss, net	(283)	(408)
Accumulated deficit	(619,028)	(599,136)
Total stockholders’ deficit	(93,968)	(74,205)
Total liabilities and stockholders’ deficit	456,935	451,813
Preferred Stock | Series C convertible preferred stock
Stockholders’ deficit:
Series C convertible preferred stock, $0.01 par value and liquidation value. Authorized 600,000 shares; 380,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	4	4
Total stockholders’ deficit	$ 4	$ 4

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property and equipment, accumulated depreciation	$ 72,349	$ 69,632
Other intangible assets, accumulated amortization	996	924
Deferred financing costs, accumulated amortization	$ 12,235	$ 9,706
Cumulative exchangeable redeemable preferred stock dividend rate	10.75%	10.75%
12.5% Senior Secured Notes Due 2017
Interest rate on Senior secured notes due 2017	12.50%	12.50%
Senior secured notes due 2017, unamortized discount	$ 3,064	$ 4,343
Series B Preferred Stock
Preferred stock par value per share	$ 0.01
Preferred Stock | Series B Preferred Stock
Preferred stock par value per share	0.01	$ 0.01
Preferred stock, liquidation value per share	$ 1,000	$ 1,000
Preferred stock, shares authorized	280,000	280,000
Preferred stock, shares issued	90,549	90,549
Preferred stock, shares outstanding	90,549	90,549
Preferred Stock, dividends outstanding	$ 53,131	$ 45,831
Preferred Stock | Series C convertible preferred stock
Convertible preferred stock, par value	$ 0.01	$ 0.01
Convertible preferred stock, liquidation value per share	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	600,000	600,000
Convertible preferred stock, shares issued	380,000	380,000
Convertible preferred stock, shares outstanding	380,000	380,000
Common Stock | Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,166,991	4,166,991
Common stock, shares outstanding	4,166,991	4,166,991
Common Stock | Class B common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	2,340,353	2,340,353
Common stock, shares outstanding	2,340,353	2,340,353

Unaudited Condensed Consolidat4

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net revenue	$ 36,381	$ 36,278	$ 106,623	$ 109,944
Operating expenses:
Engineering and programming	7,493	7,906	23,097	22,992
Selling, general and administrative	15,315	16,935	46,918	52,393
Corporate expenses	2,870	2,098	7,442	7,546
Depreciation and amortization	1,152	1,272	3,622	3,806
Total operating expenses	26,830	28,211	81,079	86,737
(Gain) loss on the disposal of assets	1		(77)	(1,204)
Impairment charges and restructuring costs	735	(30)	598	(103)
Operating income	8,815	8,097	25,023	24,514
Other (expense) income:
Interest expense, net	(9,951)	(9,927)	(29,879)	(29,797)
Dividends on Series B preferred stock classified as interest expense	(2,433)	(2,433)	(7,300)	(7,300)
Loss before income taxes	(3,569)	(4,263)	(12,156)	(12,583)
Income tax expense	4,123	402	7,736	1,402
Net loss	$ (7,692)	$ (4,665)	$ (19,892)	$ (13,985)
Basic and Diluted net loss per common share	$ (1.06)	$ (0.64)	$ (2.74)	$ (1.92)
Weighted average common shares outstanding:
Basic and Diluted	7,267	7,267	7,267	7,267
Net loss	$ (7,692)	$ (4,665)	$ (19,892)	$ (13,985)
Other comprehensive income, net of taxes- unrealized gain on derivative instrument	44	71	125	146
Total comprehensive loss	$ (7,648)	$ (4,594)	$ (19,767)	$ (13,839)

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statement of Changes in Stockholders' Deficit - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Preferred StockSeries C convertible preferred stock	Common StockClass A common stock	Common StockClass B common stock	Additional paid-in capital	Accumulated other comprehensive loss, net	Accumulated deficit
Beginning Balance at Dec. 31, 2014	$ (74,205)	$ 4			$ 525,335	$ (408)	$ (599,136)
Beginning Balance, Shares at Dec. 31, 2014		380,000	4,166,991	2,340,353
Net loss	(19,892)						(19,892)
Stock-based compensation	4				4
Unrealized gain on derivative instrument	125					125
Ending Balance at Sep. 30, 2015	$ (93,968)	$ 4			$ 525,339	$ (283)	$ (619,028)
Ending Balance, Shares at Sep. 30, 2015		380,000	4,166,991	2,340,353

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (19,892)	$ (13,985)
Adjustments to reconcile net loss to net cash provided by operating activities:
Dividends on Series B preferred stock classified as interest expense	7,300	7,300
(Gain) loss on the disposal of assets	(77)	(1,204)
Impairment and restructuring charges	598	(103)
Stock-based compensation	4	1
Depreciation and amortization	3,622	3,806
Net barter (income) loss	(228)	(125)
Provision for trade doubtful accounts	(701)	261
Amortization of deferred financing costs	2,529	2,514
Amortization of original issued discount	1,279	1,120
Deferred income taxes	7,345	872
Unearned revenue-barter	80	151
Changes in operating assets and liabilities:
Trade receivables	(4,165)	2,688
Prepaid expenses and other current assets	(1,794)	(658)
Other assets	143	449
Accounts payable and accrued expenses	1,087	(708)
Accrued interest	8,588	8,527
Other liabilities	142	(185)
Net cash provided by operating activities	5,860	10,721
Cash flows from investing activities:
Purchases of property and equipment	(1,384)	(1,868)
Proceeds from the sale of property and equipment	79	1,270
Net cash used in investing activities	(1,305)	(598)
Cash flows from financing activities:
Payments of other long-term debt	(254)	(2,919)
Net cash used in financing activities	(254)	(2,919)
Net increase in cash and cash equivalents	4,301	7,204
Cash and cash equivalents at beginning of period	23,991	23,566
Cash and cash equivalents at end of period	28,292	30,770
Supplemental cash flows information:
Interest paid	17,505	17,615
Income tax paid	321	358
Noncash investing and financing activities:
Unrealized gain on derivative instrument	$ 125	$ 146

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Spanish Broadcasting System, Inc. and its subsidiaries (the Company, we, us, our or SBS). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements as of September 30, 2015 and December 31, 2014 and for the three- and nine-month periods ended September 30, 2015 and 2014 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. They do not include all information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements as of, and for the fiscal year ended December 31, 2014, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which are all of a normal and recurring nature, necessary for a fair presentation of the results of the interim periods. Additionally, we evaluated subsequent events after the balance sheet date of September 30, 2015 through the financial statements issuance date. The results of operations for the nine-months ended September 30, 2015 are not necessarily indicative of the results for the entire year ending December 31, 2015, or for any other future interim or annual periods. Our consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2015, we had a working capital deficit due to the reclassification of our Series B preferred stock as a current liability, although under Delaware law, our state of incorporation, the Series B preferred stock is deemed equity. Because the holders of the Series B preferred stock are not creditors, they do not have rights of, or remedies available to, creditors. Delaware law does not recognize a right of preferred stockholders to force redemptions or repurchases where the corporation does not have funds legally available. Currently, we do not have sufficient funds legally available to be able to repurchase the Series B preferred stock and its accumulated unpaid dividends and management does not expect to be required to make any such repurchases during the next twelve months. Management does not believe that the Series B preferred stockholders have legal remedies that would require such repurchases (see note 11). Management continually projects anticipated cash requirements and believes that cash from operating activities, together with cash on hand, should be sufficient to permit us to meet our operating obligations over the next twelve-month period. Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements- Going Concern. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers.

Stockholders' Deficit

Stockholders' Deficit	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Deficit	2. Stockholders’ Deficit (a) Series C Convertible Preferred Stock On December 23, 2004, in connection with the closing of the merger agreement, dated October 5, 2004, with CBS Radio (formerly known as Infinity Media Corporation, CBS Radio), a division of CBS Corporation, Infinity Broadcasting Corporation of San Francisco (“Infinity SF”) and SBS Bay Area, LLC, a wholly-owned subsidiary of SBS, pursuant to which SBS acquired the FCC license of Infinity SF (the “CBS Radio Merger”), we issued to CBS Radio an aggregate of 380,000 shares of Series C convertible preferred stock, $0.01 par value per share (the “Series C preferred stock”). Each share of Series C preferred stock is convertible at the option of the holder into two fully paid and non-assessable shares of the Class A common stock. The shares of Series C preferred stock issued at the closing of the CBS Radio Merger are convertible into 760,000 shares of Class A common stock, subject to certain adjustments. In connection with the CBS Radio Merger, we also entered into a registration rights agreement with CBS Radio, pursuant to which CBS Radio may instruct us to file up to three registration statements, on a best efforts basis, with the SEC, providing for the registration for resale of the Class A common stock issuable upon conversion of the Series C preferred stock. We are required to pay holders of Series C preferred stock dividends on parity with our Class A common stock and Class B common stock, and each other class or series of our capital stock created after December 23, 2004. (b) Class A and B Common Stock The rights of the Class A common stockholders and Class B common stockholders are identical except with respect to their voting rights and conversion provisions. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share. The Class B common stock is convertible to Class A common stock on a share-for-share basis at the option of the holder at any time, or automatically upon a transfer of the Class B common stock to a person or entity which is not a permitted transferee (as described in our Certificate of Incorporation). Holders of each class of common stock are entitled to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders. Neither the holders of the Class A common stock nor the holders of the Class B common stock have preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares. Each class of common stock is subordinate to our 10 3 4 (c) 2006 Omnibus Equity Compensation Plan In July 2006, we adopted an omnibus equity compensation plan (the “Omnibus Plan”) in which grants of Class A common stock can be made to participants in any of the following forms: (i) incentive stock options, (ii) nonqualified stock options, (iii) stock appreciation rights, (iv) stock units, (v) stock awards, (vi) dividend equivalents, and (vii) other stock-based awards. The Omnibus Plan authorizes up to 350,000 shares of our Class A common stock for issuance, subject to adjustment in certain circumstances. The Omnibus Plan provides that the maximum aggregate number of shares of Class A common stock units, stock awards and other stock-based awards that may be granted, other than dividend equivalents, to any individual during any calendar year is 100,000 shares, subject to adjustments. As of September 30, 2015, we had 138,000 stock options outstanding and 113,000 stock options exercisable. (d) Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss is comprised of accumulated gains and losses on a derivative instrument (interest rate swap) that qualifies for cash flow hedge treatment. Our total comprehensive loss consists of our net loss and a gain on our interest rate swap for the respective periods. The gain on the interest rate swap is shown net of taxes; however, there is no tax effect as a result of a full deferred tax asset valuation allowance related to the interest rate swap. For the three-months ended September 30, 2015 and 2014, we reclassified from other comprehensive loss to interest expense $0.1 million. During the three-months ended September 30, 2015 and 2014, we recognized in other comprehensive income, net of taxes- an unrealized gain on derivative instrument of approximately $44 thousand and $71 thousand, respectively. For the nine-months ended September 30, 2015 and 2014, we reclassified from other comprehensive loss to interest expense $0.2 million. During the nine-months ended September 30, 2015 and 2014, we recognized in other comprehensive income, net of taxes- an unrealized gain on derivative instrument of approximately $125 thousand and $146 thousand, respectively.

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Common Share	3. Basic and Diluted Net Loss Per Common Share Basic net loss per common share was computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock and convertible preferred stock outstanding for each period presented, using the “if converted” method. Diluted net loss per common share is computed by giving effect to common stock equivalents as if they were outstanding for the entire period. The following is a reconciliation of the shares used in the computation of basic and diluted net loss per share for the three- and nine-month periods ended September 30, 2015 and 2014 (in thousands): Three-Months Ended Nine-Months Ended September 30, September 30, 2015 2014 2015 2014 Basic weighted average shares outstanding 7,267 7,267 7,267 7,267 Effect of dilutive equity instruments — — — — Dilutive weighted average shares outstanding 7,267 7,267 7,267 7,267 Options to purchase shares of common stock and other stock-based awards outstanding which are not included in the calculation of diluted net income per share because their impact is anti-dilutive 111 98 106 100

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Operating Segments	4. Operating Segments We have two reportable segments: radio and television. The following summary table presents separate financial data for each of our operating segments (in thousands): Three-Months Ended Nine-Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenue: Radio $ 33,476 32,713 $ 97,195 98,177 Television 2,905 3,565 9,428 11,767 Consolidated $ 36,381 36,278 $ 106,623 109,944 Engineering and programming expenses: Radio $ 5,551 5,508 $ 17,113 15,938 Television 1,942 2,398 5,984 7,054 Consolidated $ 7,493 7,906 $ 23,097 22,992 Selling, general and administrative expenses: Radio $ 13,583 15,054 $ 42,716 46,145 Television 1,732 1,881 4,202 6,248 Consolidated $ 15,315 16,935 $ 46,918 52,393 Corporate expenses: $ 2,870 2,098 $ 7,442 7,546 Depreciation and amortization: Radio $ 432 487 $ 1,363 1,468 Television 630 684 1,977 2,066 Corporate 90 101 282 272 Consolidated $ 1,152 1,272 $ 3,622 3,806 (Gain) loss on the disposal of assets, net: Radio $ — — $ (68 ) (1,204 ) Television 1 — 2 — Corporate — — (11 ) — Consolidated $ 1 — $ (77 ) (1,204 ) Impairment charges and restructuring costs: Radio $ 925 — $ 925 — Television — — — — Corporate (190 ) (30 ) (327 ) (103 ) Consolidated $ 735 (30 ) $ 598 (103 ) Operating income (loss): Radio $ 12,985 11,664 $ 35,146 35,830 Television (1,400 ) (1,398 ) (2,737 ) (3,601 ) Corporate (2,770 ) (2,169 ) (7,386 ) (7,715 ) Consolidated $ 8,815 8,097 $ 25,023 24,514 Capital expenditures: Radio $ 248 385 $ 698 1,167 Television 295 131 477 356 Corporate 117 155 209 345 Consolidated $ 660 671 $ 1,384 1,868 September 30, December 31, 2015 2014 Total Assets: Radio $ 397,296 $ 389,394 Television 51,290 51,876 Corporate 8,349 10,543 Consolidated $ 456,935 $ 451,813

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes We are calculating our effective income tax rate using a year-to-date income tax calculation, with the exception of one of our Puerto Rico subsidiaries for which we calculate the income tax expense based on our projected effective tax rate. In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or the entire deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependant upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to an unexpected operating loss reported in Q3 2015, management decided to revise its projections used to determine the realizability of the deferred tax asset on the net operating loss carryforward (NOL DTA). Based upon the projections for future net operating losses over the periods in which the NOL DTAs are expected to be realizable, management believes it is more likely than not that SBS of Puerto Rico, Inc. will not realize such deferred tax assets at September 30, 2015. Accordingly, an increase in the valuation allowance of $2.1 million was recorded in Q3 2015. Our income tax expense differs from the statutory federal tax rate of 35% and related statutory state tax rates primarily due to the change in the valuation allowance on substantially all of our deferred tax assets. The valuation allowance at the beginning of the year was adjusted as a result of a change in expected realization of the deferred tax assets on the NOL DTA for SBS of Puerto Rico, Inc. of approximately $5.3 million. We file federal, state and local income tax returns in the United States and Puerto Rico. The tax years that remain subject to assessment of additional liabilities by the United States federal tax authorities are 2012 through 2014. The tax years that remain subject to assessment of additional liabilities by state, local, and Puerto Rico tax authorities are 2011 through 2014. From time to time, we have been and are subject to certain legal proceedings and claims that have arisen in the ordinary course of business, including an audit by a State tax authority (the “State”) for the income tax years from December 31, 2007 through 2009, which was settled and closed during Q2 2015. The State audit did not result in a significant impact, as our tax positions were substantially sustained. The State audit resulted in an additional tax liability of approximately $0.1 million, plus interest, related to capital taxes and not based on income. We do not anticipate the result of this audit to impact subsequent open tax years with the State, and thus have not set up a reserve. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our consolidated financial statements as of September 30, 2015 and December 31, 2014.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies We are subject to certain legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated. In our opinion, we do not have a potential liability related to any current legal proceedings and claims that would individually or in the aggregate have a material adverse effect on our financial condition or operating results. However, the results of legal proceedings cannot be predicted with certainty. Should we fail to prevail in any of these legal matters or should all of these legal matters be resolved against us in the same reporting period, the operating results of a particular reporting period could be materially adversely affected. Litigation- On December 27, 2013, River Birch Master Fund, L.P., P River Birch Ltd. (together, “River Birch”) and Visium Catalyst Credit Master Fund, Ltd. (collectively with River Birch, “Initial Plaintiffs”) brought a claim against us in the Delaware Court of Chancery (the “Court”) seeking a declaratory judgment that a Voting Rights Triggering Event had occurred (as of April 15, 2010) under the certificate of designations for our Series B preferred stock (the “Certificate of Designations”) as a result of our non-payment of dividends. The claim states that as a result of such Voting Rights Triggering Event, the incurrence of indebtedness for the purpose of purchasing our Houston television station and the issuance of our 12.5% Senior Secured Notes due 2017 (the “Notes”) under the Indenture governing the Notes were prohibited incurrences of indebtedness under the Certificate of Designations. The Initial Plaintiffs further claim that we violated the Certificate of Designations by failing to take any actions or explore any options that would have given us legally available funds with which to repurchase the outstanding Series B preferred stock on October 15, 2013. In connection with their claims, Initial Plaintiffs also seek an award of contract damages. On January 17, 2014, we filed a motion to dismiss the complaint. On March 3, 2014, the complaint was amended to remove River Birch and add Brevan Howard Credit Catalyst Master Fund Ltd., Brevan Howard Master Fund, ALJ Capital I, LP, ALJ Capital II, LP, LJR Capital, LP, and Cedarview Opportunities Master Fund, LP as additional plaintiffs. Plaintiffs filed an answering brief to our Motion to Dismiss on April 30, 2014. Our reply brief was filed on May 16, 2014, and a hearing was held on our Motion to Dismiss on June 10, 2014. Following the hearing, the parties agreed to stay all proceedings relating to Count I (which seeks a declaration that a Voting Rights Triggering Event was in effect at all times after April 15, 2010), Count II (which alleges that SBS breached the Certificate of Designations by incurring indebtedness in 2011 and 2012) and Count IV (which alleges that SBS breached the implied covenant of good faith and fair dealing by deferring certain dividends) of the complaint. The stay has since been lifted. On June 27, 2014, the Court denied our motion to dismiss Count III (which alleges that SBS breached the Certificate of Designations by failing to redeem all of the Series B preferred stock on October 15, 2013) of the complaint. A hearing on our motion to dismiss Counts I, II and IV of the complaint was held on February 10, 2015, and on May 19, 2015, the Court granted our motion to dismiss Counts I, II and IV of the complaint. We deny the allegations contained in the complaint and, to the contrary, assert that we have been and continue to be in full and complete compliance with all of our obligations under the Certificate of Designations, as fully disclosed in our public filings dating back to 2009. Accordingly, we believe that the complaint’s allegations are frivolous and wholly without merit and intend to contest such allegations vigorously.

Impairment of FCC Broadcasting

Impairment of FCC Broadcasting Licenses	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of FCC Broadcasting Licenses	7. Impairment of FCC Broadcasting Licenses We generally perform our annual impairment test of our indefinite-lived intangibles during the fourth quarter of the fiscal year but, given the recent projection of slightly reduced anticipated long-term growth rates for total radio revenues, we performed an interim impairment test as of September 30, 2015. Our valuations principally use the discounted cash flow methodology. This income approach consists of a quantitative model, which assumes the FCC broadcasting licenses are acquired and operated by a third-party. The valuation method used is based on the premise that the only asset that the unbuilt start-up station would possess is the FCC broadcasting license. The valuation method isolates the income attributable to a FCC broadcasting license by modeling a hypothetical greenfield build-up to a normalized enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for as part of the build-up process. Consequently, the resulting accretion in value is solely attributed to the FCC broadcasting license. In the discounted cash flow projections, a period of ten years was determined to be an appropriate time horizon for the analysis. The yearly streams of cash flows are adjusted to present value using an after-tax discount rate calculated for the broadcast industry as of December 31 of each year. Additionally, it is necessary to project the terminal value at the end of the ten-year projection period. The terminal value represents the hypothetical value of the licenses at the end of a ten-year period. An estimated amount of taxes are deducted from the assumed terminal value, which accordingly is discounted to net present value. The key assumptions incorporated in the discounted cash flow model are market revenue projections, market revenue share projections, anticipated operating profit margins and risk adjusted discount rates. These assumptions vary based on the market size, type of broadcast signal, media competition and audience share. These assumptions primarily reflect industry norms for similar stations/broadcast signals, as well as historical performance and trends of the markets. In the preparation of the FCC broadcasting license appraisals, estimates and assumptions are made that affect the valuation of the intangible asset. These estimates and assumptions could differ from actual results and could have a material impact on our financial statements in the future. The methodology used by us in determining our key estimates and assumptions was applied consistently to each market. Below are some of the key assumptions used in our impairment assessment using significant unobservable inputs (Level 3 non-reoccurring fair value measure). September 30, 2015 Discount Rate 10.0% Long-term Revenue Growth Rate 0.5% - 1.5% Mature Market Share 2.7% - 23.1% Mature Operating Profit Margin 29.0 – 34.7% As a result of the interim impairment test, we determined that there was an impairment of one of our FCC broadcasting licenses primarily due to lower industry advertising revenue growth projections in the subject market. We recorded a non-cash impairment loss of approximately $0.9 million that reduced the carrying value of our San Francisco market FCC broadcasting license. The tax impact of the impairment loss was an approximate $0.4 million tax benefit, which was related to the reduction of the book/tax basis difference on our FCC broadcasting license.

Fair Value Measurement Disclosu

Fair Value Measurement Disclosures	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement Disclosures	8. Fair Value Measurement Disclosures Fair Value of Financial Instruments Cash and cash equivalents, receivables, as well as accounts payable and accrued expenses, and other current liabilities, as reflected in the consolidated financial statements, approximate fair value because of the short-term maturity of these instruments. The estimated fair value of our other long-term debt instruments, approximate their carrying amounts as the interest rates approximate our current borrowing rate for similar debt instruments of comparable maturity, or have variable interest rates. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value of the senior secured notes are estimated using market quotes from a major financial institution taking into consideration the most recent activity and are considered Level 2 measurements within the fair value hierarchy. The fair value of the Series B cumulative exchangeable redeemable preferred stock and the promissory notes payable were based upon either: (a) unobservable market quotes from a major financial institution taking into consideration the most recent activity or (b) discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. The estimated fair values of our financial instruments are as follows (in millions): September 30, 2015 December 31, 2014 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes due 2017 Level 2 $ 275.0 283.8 $ 275.0 286.5 10 3 4 redeemable preferred stock Level 3 143.7 58.8 136.4 61.8 Promissory note payable, included in other long- term debt Level 3 5.0 4.1 5.2 4.5 Fair Value of Derivative Instruments The following table represents required quantitative disclosures regarding fair values of our derivative instruments (in thousands). Fair value measurements at September 30, 2015 Liabilities Description September 30, 2015 carrying value and balance sheet location of derivative instruments Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative designated as a cash flow hedging instrument: Interest rate swap liability $ 283 — 283 — Fair value measurements at December 31, 2014 Liabilities Description December 31, 2014 carrying value and balance sheet location of derivative instruments Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative designated as a cash flow hedging instrument: Interest rate swap liability $ 408 — 408 — The interest rate swap fair value is derived from the present value of the difference in cash flows based on the forward-looking LIBOR yield curve rates, as compared to our fixed rate applied to the hedged amount through the term of the agreement, less adjustments for credit risk. There were no transfers between Levels during the three- and nine-month periods ended September 30, 2015 and 2014, respectively. Three-Months Ended Nine-Months Ended September 30, September 30, Interest rate swaps 2015 2014 2015 2014 Gain recognized in other comprehensive loss (effective portion) $ 44 71 125 146

Derivative Instrument and Hedgi

Derivative Instrument and Hedging Activity	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instrument and Hedging Activity	9. Derivative Instrument and Hedging Activity On January 4, 2007, in connection with a promissory note issued for the acquisition of a building, we entered into a ten-year interest rate swap agreement for the original notional principal amount of $7.7 million whereby we agreed to pay a fixed interest rate of 6.31%, as compared to interest at a floating rate equal to one-month LIBOR plus 125 basis points. The interest rate swap amortization schedule is identical to the promissory note amortization schedule, which has an effective date of January 4, 2007, monthly notional reductions and an expiration date of January 4, 2017. Our interest rate swap is governed by a master netting arrangement, which is required to be disclosed as a balance sheet offsetting item as follows (in thousands): As of September 30, 2015 Gross amounts not offset in the balance sheet Gross amounts of Gross amounts Net amounts of Cash recognized offset in the liabilities presented Financial collateral Description liabilities balance sheet in the balance sheet Instruments received Net amount Interest rate swap $ 283 — 283 283 — — As of December 31, 2014 Gross amounts not offset in the balance sheet Gross amounts of Gross amounts Net amounts of Cash recognized offset in the liabilities presented Financial collateral Description liabilities balance sheet in the balance sheet Instruments received Net amount Interest rate swap $ 408 — 408 408 — —

Twelve Point Five Percent Senio

Twelve Point Five Percent Senior Secured Notes due Twenty Seventeen	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
12.5% Senior Secured Notes due 2017	10. 12.5% Senior Secured Notes due 2017 On February 7, 2012 we closed our offering of $275 million in aggregate principal amount of 12.5% senior secured notes due 2017 (the “Notes”) at an issue price of 97% of the principal amount. The Notes were offered solely by means of a private placement either to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act, or to certain persons outside the United States pursuant to Regulation S under the Securities Act. We used the net proceeds from the offering, together with cash on hand, to repay and terminate the previous senior credit facility, and to pay the transaction costs related to the offering. Interest The Notes accrue interest at a rate of 12.5% per year. Interest on the Notes is paid semi-annually on each April 15 and October 15 (the “Interest Payment Date”), commencing on April 15, 2012. After April 15, 2013, interest will accrue at a rate of 12.5% per annum on (i) the original amount of the Notes plus (ii) any Additional Interest (as defined below) payable but unpaid in any prior interest period, payable in cash on each Interest Payment Date. Further, beginning on the Interest Payment Date occurring on April 15, 2013, additional interest will be payable at a rate of 2.00% per annum (the “Additional Interest”) on (i) the original principal amount of the Notes plus (ii) any amount of Additional Interest payable but unpaid in any prior interest period, to be paid in cash, at our election, (x) on the applicable Interest Payment Date or (y) on the earliest of the maturity date of the Notes, any acceleration of the Notes and any redemption of the Notes; provided that no Additional Interest will be payable on any Interest Payment Date if, for the applicable fiscal period, either (a) we record positive consolidated station operating income for our television segment or (b) our secured leverage ratio on a consolidated basis is less than 4.75 to 1.00. The measurement periods that determine if Additional Interest is applicable for the respective Interest Payment Dates are as follows: (1) Six-months ended December 31, 2012 or as of December 31, 2012 for the Interest Payment Date of April 15, 2013 (2) Last twelve months ended June 30, 2013 or as of June 30, 2013 for the Interest Payment Date of October 15, 2013 (3) Last twelve months ended December 31, 2013 or as of December 31, 2013 for the Interest Payment Date of April 15, 2014 (4) Last twelve months ended June 30, 2014 or as of June 30, 2014 for the Interest Payment Date of October 15, 2014 (5) Last twelve months ended December 31, 2014 or as of December 31, 2014 for the Interest Payment Date of April 15, 2015 (6) Last twelve months ended June 30, 2015 or as of June 30, 2015 for the Interest Payment Date of October 15, 2015 (7) Last twelve months ended December 31, 2015 or as of December 31, 2015 for the Interest Payment Date of April 15, 2016 (8) Last twelve months ended June 30, 2016 or as of June 30, 2016 for the Interest Payment Date of October 15, 2016 (9) Last twelve months ended December 31, 2016 or as of December 31, 2016 for the Interest Payment Date of April 15, 2017 Additional Interest during any given interest period, shall not be deemed to “accrue”. Rather, Additional Interest becomes payable on a given Interest Payment Date (April 15 or October 15) unless the condition in either clause (a) or (b) above has been met as of that Interest Payment Date or unless the Television Segment has been divested or the Notes redeemed prior to that Interest Payment Date. Although for the Additional Interest applicable periods (1), (2), (3), (4), (5) and (6) our secured leverage ratio was greater than 4.75 to 1.00, we recorded positive consolidated station operating income for our television segment for those respective periods (as defined in the Indenture). Therefore, no Additional Interest was incurred and/or payable for those respective Interest Payment Dates. Collateral and Ranking The Notes and the guarantees are secured on a first-priority basis by a security interest in certain of the Company’s and the guarantors’ existing and future tangible and intangible assets (other than Excluded Assets (as defined in the Indenture)). The Notes and the guarantees are structurally subordinated to the obligations of our non-guarantor subsidiaries. The Notes and guarantees are senior to all of the Company’s and the guarantors’ existing and future unsecured indebtedness to the extent of the value of the collateral. The Indenture permits us, under specified circumstances, to incur additional debt; however, the occurrence and continuance of the Voting Rights Triggering Event (as defined in note 11) currently prevents us from incurring any such additional debt. The Notes are senior secured obligations of the Company that rank equally with all of our existing and future senior indebtedness and senior to all of our existing and future subordinated indebtedness. Subject to certain exceptions, the Notes are fully and unconditionally guaranteed by each of our existing and future wholly owned domestic subsidiaries (which excludes (i) our existing and future subsidiaries formed in Puerto Rico (the “Puerto Rican Subsidiaries”), (ii) our future subsidiaries formed under the laws of foreign jurisdictions and (iii) our existing and future subsidiaries, whether domestic or foreign, of the Puerto Rican Subsidiaries or foreign subsidiaries) and our other domestic subsidiaries that guarantee certain of our other debt. The Notes and guarantees are structurally subordinated to all existing and future liabilities (including trade payables) of our nonguarantor subsidiaries. Covenants and Other Matters The Indenture governing the Notes contains covenants that, among other things, limit our ability and the ability of the guarantors to: · incur or guarantee additional indebtedness; · pay dividends and make other restricted payments; · incur restrictions on the payment of dividends or other distributions from our restricted subsidiaries; · engage in sale-lease back transactions; · enter into new lines of business; · make certain payments to holders of Notes that consent to amendments to the Indenture governing the Notes without paying such amounts to all holders of Notes; · create or incur certain liens; · make certain investments and acquisitions; · transfer or sell assets; · engage in transactions with affiliates; and · merge or consolidate with other companies or transfer all or substantially all of our assets. The Indenture contains certain customary representations and warranties, affirmative covenants and events of default which could, subject to certain conditions, cause the Notes to become immediately due and payable, including, but not limited to, the failure to make premium, principal or interest payments; failure by us to accept and pay for Notes tendered when and as required by the change of control and asset sale provisions of the Indenture; failure to comply with certain covenants in the Indenture; failure to comply with certain agreements in the Indenture for a period of 60 days following notice by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding; failure to pay any debt within any applicable grace period after the final maturity or acceleration of such debt by the holders thereof because of a default, if the total amount of such debt unpaid or accelerated exceeds $15 million; failure to pay final judgments entered by a court or courts of competent jurisdiction aggregating $15 million or more (excluding amounts covered by insurance), which judgments are not paid, discharged or stayed, for a period of 60 days; and certain events of bankruptcy or insolvency. As of September 30, 2015, we were in compliance with all of our covenants under our Indenture.

Ten Point Seven Five Percent Se

Ten Point Seven Five Percent Series B Cumulative Exchangeable Redeemable Preferred Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock	11. 10 3 4 Voting Rights Triggering Event Pursuant to the Certificate of Designations, each holder of shares of our Series B preferred stock had the right, on October 15, 2013, to request that we repurchase (subject to the legal availability of funds and the Delaware General Corporate Law) all or a portion of such holder’s shares of Series B preferred stock at a purchase price equal to 100% of the liquidation preference of such shares, plus all accumulated and unpaid dividends (as described in more detail below) on those shares to the date of repurchase. On October shares of Series B preferred stock requested that we repurchase 92,223 shares of for an aggregate repurchase price of $126.9 million, which included accumulated and unpaid dividends on these shares as of October 15, 2013. We did not have sufficient funds legally available to repurchase all of the for and 1,800 shares for a purchase price of approximately $2.5 million, which included accrued and unpaid dividends. Consequently (the “Voting Rights Triggering Event”). Following the occurrence and during the continuation of the Voting Rights Triggering Event outstanding operating The Voting Rights Triggering Event shall continue until (i) all dividends in arrears shall have been paid in full and (ii) all other failures, breaches or defaults giving rise to such Voting Rights Triggering Event are remedied or waived by the holders of at least a majority of the shares of the then outstanding Series B preferred stock. We do not currently have sufficient funds legally available to be able to satisfy the conditions for terminating the Voting Rights Triggering Event. During the continuation he Indenture governing Notes prohibits us from paying dividends or from repurchasing the Quarterly Dividends Under the terms of our Series B preferred stock, the holders of the outstanding shares of the Series B preferred stock are entitled to receive, when, as and if declared by the Board of Directors out of funds of the Company legally available therefor, dividends on the Series B preferred stock at a rate of 10 ¾% per year, of the $1,000 liquidation preference per share. All dividends are cumulative, whether or not earned or declared, and are payable quarterly in arrears on specified dividend payment dates. While the Voting Rights Triggering Event continues, we cannot pay dividends on the Series B preferred stock without causing a breach of covenants Indenture governing our Notes As of September 30, 2015, the aggregate cumulative unpaid dividends on the outstanding shares of the Series B preferred stock was approximately $53.1 million, which is accrued on our condensed consolidated balance sheet as 10 ¾% Series B cumulative exchangeable redeemable preferred stock. Redemption Date and Subsequent Accounting Treatment of the Preferred Stock Prior to October 15, 2013, the Series B preferred stock was considered “conditionally redeemable” because the redemption of the shares of Series B preferred stock was contingent on the Series B preferred stockholders requesting that their Series B preferred stock be repurchased on October 15, 2013. On October 15, 2013, almost all of the holders of the Series B preferred stock requested that we repurchase their shares of Series B preferred stock. As a result of their request, we assessed and determined that, under applicable accounting principles, the contingency had occurred, and the Series B preferred stock now met the definition of a “mandatorily redeemable” instrument under Accounting Standards Codification 480 “Distinguishing Liabilities from Equity” In addition, the Series B preferred stock will be measured at each reporting date as the amount of cash that would be paid pursuant to the contract, had settlement occurred on the reporting date, recognizing the resulting change in that amount from the previous reporting date as interest expense. Therefore, the accruing quarterly dividends of the Series B preferred stock will be recorded as interest expense (i.e. “Dividends on Series B preferred stock classified as interest expense”).

Exchange of Stations in Puerto

Exchange of Stations in Puerto Rico	9 Months Ended
	Sep. 30, 2015
Exchange Of Stations [Abstract]
Exchange of Stations in Puerto Rico	12. Exchange of Stations in Puerto Rico Since September of last year, we have been operating three full power television stations, WTCV-DT, Channel 32, WVEO-DT, Channel 17, and WVOZ-DT, Channel 47, in Puerto Rico (the “Television Stations”) pursuant to a programming agreement with International Broadcast Corp. That entity has the right to operate three of our radio stations WIOA-FM, WZET-FM and WIOC-FM in Puerto Rico (the “Radio Stations”) pursuant to a separate programming agreement, although we have continued operating one of those three stations, WZET-FM. In connection with those agreements, International Broadcast Corp. granted us an option to swap our Radio Stations plus $1.9 million for the Television Stations, subject to obtaining approval from the Federal Communications Commission (“FCC”). We exercised the option earlier this year and expect to receive FCC approval and be able to close this transaction, which will qualify as a like-kind exchange under Section 1031 of the Internal Revenue Code, before the end of the year. The closing of this transaction will afford us the flexibility of participating in the upcoming FCC television spectrum auction with all three of the acquired licenses and capture the potential excess value of those licenses that is expected to be created by the auction process. There can be no assurance that the FCC auction will be successfully completed or that any expected excess value will be subsequently realized.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements- Going Concern. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers.

Basic and Diluted Net Loss Pe20

Basic and Diluted Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of the Shares Used in the Computation of Basic and Diluted Net Loss Per Share	The following is a reconciliation of the shares used in the computation of basic and diluted net loss per share for the three- and nine-month periods ended September 30, 2015 and 2014 (in thousands): Three-Months Ended Nine-Months Ended September 30, September 30, 2015 2014 2015 2014 Basic weighted average shares outstanding 7,267 7,267 7,267 7,267 Effect of dilutive equity instruments — — — — Dilutive weighted average shares outstanding 7,267 7,267 7,267 7,267 Options to purchase shares of common stock and other stock-based awards outstanding which are not included in the calculation of diluted net income per share because their impact is anti-dilutive 111 98 106 100

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Operating Segments	The following summary table presents separate financial data for each of our operating segments (in thousands): Three-Months Ended Nine-Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenue: Radio $ 33,476 32,713 $ 97,195 98,177 Television 2,905 3,565 9,428 11,767 Consolidated $ 36,381 36,278 $ 106,623 109,944 Engineering and programming expenses: Radio $ 5,551 5,508 $ 17,113 15,938 Television 1,942 2,398 5,984 7,054 Consolidated $ 7,493 7,906 $ 23,097 22,992 Selling, general and administrative expenses: Radio $ 13,583 15,054 $ 42,716 46,145 Television 1,732 1,881 4,202 6,248 Consolidated $ 15,315 16,935 $ 46,918 52,393 Corporate expenses: $ 2,870 2,098 $ 7,442 7,546 Depreciation and amortization: Radio $ 432 487 $ 1,363 1,468 Television 630 684 1,977 2,066 Corporate 90 101 282 272 Consolidated $ 1,152 1,272 $ 3,622 3,806 (Gain) loss on the disposal of assets, net: Radio $ — — $ (68 ) (1,204 ) Television 1 — 2 — Corporate — — (11 ) — Consolidated $ 1 — $ (77 ) (1,204 ) Impairment charges and restructuring costs: Radio $ 925 — $ 925 — Television — — — — Corporate (190 ) (30 ) (327 ) (103 ) Consolidated $ 735 (30 ) $ 598 (103 ) Operating income (loss): Radio $ 12,985 11,664 $ 35,146 35,830 Television (1,400 ) (1,398 ) (2,737 ) (3,601 ) Corporate (2,770 ) (2,169 ) (7,386 ) (7,715 ) Consolidated $ 8,815 8,097 $ 25,023 24,514 Capital expenditures: Radio $ 248 385 $ 698 1,167 Television 295 131 477 356 Corporate 117 155 209 345 Consolidated $ 660 671 $ 1,384 1,868 September 30, December 31, 2015 2014 Total Assets: Radio $ 397,296 $ 389,394 Television 51,290 51,876 Corporate 8,349 10,543 Consolidated $ 456,935 $ 451,813

Impairment of FCC Broadcastin22

Impairment of FCC Broadcasting Licenses (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Assumptions Used in Impairment Assessment Using Significant Unobservable Inputs	The methodology used by us in determining our key estimates and assumptions was applied consistently to each market. Below are some of the key assumptions used in our impairment assessment using significant unobservable inputs (Level 3 non-reoccurring fair value measure). September 30, 2015 Discount Rate 10.0% Long-term Revenue Growth Rate 0.5% - 1.5% Mature Market Share 2.7% - 23.1% Mature Operating Profit Margin 29.0 – 34.7%

Fair Value Measurement Disclo23

Fair Value Measurement Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instrument	The estimated fair values of our financial instruments are as follows (in millions): September 30, 2015 December 31, 2014 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes due 2017 Level 2 $ 275.0 283.8 $ 275.0 286.5 10 3 4 redeemable preferred stock Level 3 143.7 58.8 136.4 61.8 Promissory note payable, included in other long- term debt Level 3 5.0 4.1 5.2 4.5
Fair Value of Derivative Instruments	The following table represents required quantitative disclosures regarding fair values of our derivative instruments (in thousands). Fair value measurements at September 30, 2015 Liabilities Description September 30, 2015 carrying value and balance sheet location of derivative instruments Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative designated as a cash flow hedging instrument: Interest rate swap liability $ 283 — 283 — Fair value measurements at December 31, 2014 Liabilities Description December 31, 2014 carrying value and balance sheet location of derivative instruments Quoted prices in active markets for identical instruments (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Derivative designated as a cash flow hedging instrument: Interest rate swap liability $ 408 — 408 —
Interest Rate Swaps	The interest rate swap fair value is derived from the present value of the difference in cash flows based on the forward-looking LIBOR yield curve rates, as compared to our fixed rate applied to the hedged amount through the term of the agreement, less adjustments for credit risk. There were no transfers between Levels during the three- and nine-month periods ended September 30, 2015 and 2014, respectively. Three-Months Ended Nine-Months Ended September 30, September 30, Interest rate swaps 2015 2014 2015 2014 Gain recognized in other comprehensive loss (effective portion) $ 44 71 125 146

Derivative Instrument and Hed24

Derivative Instrument and Hedging Activity (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap Governed by Master Netting Arrangement	Our interest rate swap is governed by a master netting arrangement, which is required to be disclosed as a balance sheet offsetting item as follows (in thousands): As of September 30, 2015 Gross amounts not offset in the balance sheet Gross amounts of Gross amounts Net amounts of Cash recognized offset in the liabilities presented Financial collateral Description liabilities balance sheet in the balance sheet Instruments received Net amount Interest rate swap $ 283 — 283 283 — — As of December 31, 2014 Gross amounts not offset in the balance sheet Gross amounts of Gross amounts Net amounts of Cash recognized offset in the liabilities presented Financial collateral Description liabilities balance sheet in the balance sheet Instruments received Net amount Interest rate swap $ 408 — 408 408 — —

Basis of Presentation (Details

Basis of Presentation (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Debt issuance cost	$ 5.3

Stockholders' Deficit (Details

Stockholders' Deficit (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)RegistrationStatements$ / sharesshares	Sep. 30, 2014USD ($)	Jul. 30, 2006shares	Dec. 23, 2004$ / sharesshares
Stockholders Equity (Textual) [Abstract]
Amounts reclassified from other comprehensive loss to interest expense | $	$ 100	$ 100	$ 200	$ 200
Other comprehensive income, net of taxes- unrealized gain on derivative instrument | $	$ 44	$ 71	$ 125	$ 146
Stockholders Equity (Additional Textual) [Abstract]
Number of registration statements filled | RegistrationStatements			3
2006 Omnibus Equity Compensation Plan
Stockholders Equity (Textual) [Abstract]
Omnibus Plan authorizes shares of Class A common stock for issuance, subject to adjustment in certain circumstances					350,000
Omnibus Plan provides that the maximum aggregate number of shares of Class A common stock units, stock awards and other stock-based awards that may be granted, other than dividend equivalent					100,000
Stock options outstanding	138,000		138,000
Stock options exercisable	113,000		113,000
Series C convertible preferred stock
Stockholders Equity (Textual) [Abstract]
Preferred stock par value per share | $ / shares						$ 0.01
Common stock shares to be issued to CBS Radio						760,000
Series B Preferred Stock
Stockholders Equity (Textual) [Abstract]
Preferred stock par value per share | $ / shares	$ 0.01		$ 0.01
Temporary Equity Dividend Rate Percentage	10.75%		10.75%
Liquidation preference per share | $ / shares	$ 1,000		$ 1,000
Class A common stock
Stockholders Equity (Textual) [Abstract]
Common stock voting right			one vote per share
Class B common stock
Stockholders Equity (Textual) [Abstract]
Common stock voting right			ten votes per share
CBS Radio | Series C convertible preferred stock
Stockholders Equity (Textual) [Abstract]
Preferred Stock issued to CBS Radio						380,000
Preferred Stock, shares issuable upon conversion						2

Basic and Diluted Net Loss Pe27

Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reconciliation of the shares used in the computation of basic and diluted net income per share
Basic weighted average shares outstanding	7,267	7,267	7,267	7,267
Dilutive weighted average shares outstanding	7,267	7,267	7,267	7,267
Options to purchase shares of common stock and other stock-based awards outstanding which are not included in the calculation of diluted net income per share because their impact is anti-dilutive	111	98	106	100

Operating Segments (Details Tex

Operating Segments (Details Textual)	9 Months Ended
	Sep. 30, 2015Segment
Operating Segments (Textual) [Abstract]
Number of Reportable Segments	2

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Net revenue:
Net revenue	$ 36,381	$ 36,278	$ 106,623	$ 109,944
Engineering and programming expenses:
Engineering and programming expenses	7,493	7,906	23,097	22,992
Selling, general and administrative expenses:
Selling, general and administrative expenses	15,315	16,935	46,918	52,393
Corporate expenses	2,870	2,098	7,442	7,546
Depreciation and amortization:
Depreciation and amortization	1,152	1,272	3,622	3,806
(Gain) loss on the disposal of assets, net:
(Gain) loss on the disposal of assets, net	1		(77)	(1,204)
Impairment charges and restructuring costs:
Impairment charges and restructuring costs	735	(30)	598	(103)
Operating income (loss):
Operating income (loss)	8,815	8,097	25,023	24,514
Capital expenditures:
Capital expenditures	660	671	1,384	1,868
Assets
Total Assets:	456,935		456,935		$ 451,813
Operating Segments | Radio
Net revenue:
Net revenue	33,476	32,713	97,195	98,177
Engineering and programming expenses:
Engineering and programming expenses	5,551	5,508	17,113	15,938
Selling, general and administrative expenses:
Selling, general and administrative expenses	13,583	15,054	42,716	46,145
Depreciation and amortization:
Depreciation and amortization	432	487	1,363	1,468
(Gain) loss on the disposal of assets, net:
(Gain) loss on the disposal of assets, net			(68)	(1,204)
Impairment charges and restructuring costs:
Impairment charges and restructuring costs	925		925
Operating income (loss):
Operating income (loss)	12,985	11,664	35,146	35,830
Capital expenditures:
Capital expenditures	248	385	698	1,167
Assets
Total Assets:	397,296		397,296		389,394
Operating Segments | Television
Net revenue:
Net revenue	2,905	3,565	9,428	11,767
Engineering and programming expenses:
Engineering and programming expenses	1,942	2,398	5,984	7,054
Selling, general and administrative expenses:
Selling, general and administrative expenses	1,732	1,881	4,202	6,248
Depreciation and amortization:
Depreciation and amortization	630	684	1,977	2,066
(Gain) loss on the disposal of assets, net:
(Gain) loss on the disposal of assets, net	1		2
Operating income (loss):
Operating income (loss)	(1,400)	(1,398)	(2,737)	(3,601)
Capital expenditures:
Capital expenditures	295	131	477	356
Assets
Total Assets:	51,290		51,290		51,876
Corporate, Non-Segment
Selling, general and administrative expenses:
Corporate expenses	2,870	2,098	7,442	7,546
Depreciation and amortization:
Depreciation and amortization	90	101	282	272
(Gain) loss on the disposal of assets, net:
(Gain) loss on the disposal of assets, net			(11)
Impairment charges and restructuring costs:
Impairment charges and restructuring costs	(190)	(30)	(327)	(103)
Operating income (loss):
Operating income (loss)	(2,770)	(2,169)	(7,386)	(7,715)
Capital expenditures:
Capital expenditures	117	$ 155	209	$ 345
Assets
Total Assets:	$ 8,349		$ 8,349		$ 10,543

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Valuation Allowance [Line Items]
Increase in valuation allowance	$ 2,100,000
U.S. federal income tax rate		35.00%
Additional tax liability based on audit result	100,000	$ 100,000
Significant of uncertain tax positions requiring recognition	0	0	$ 0
Puerto Rico
Valuation Allowance [Line Items]
Deferred tax assets net of existing valuation allowance, realized	$ 0	0
Valuation allowance, deferred tax assets		$ 5,300,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	Sep. 30, 2015	Feb. 07, 2012
Twelve Point Five Percentage Senior Secured Notes Due Two Thousand Seventeen
Disclosure Commitments And Contingencies Details Textual [Line Items]
Interest rate on Senior secured notes due 2017	12.50%	12.50%

Impairment of FCC Broadcastin32

Impairment of FCC Broadcasting Licenses (Details) - Level 3 Non-Reoccurring Fair Value Measure	9 Months Ended
	Sep. 30, 2015
Indefinite Lived Intangible Assets By Major Class [Line Items]
Discount Rate	10.00%
Minimum
Indefinite Lived Intangible Assets By Major Class [Line Items]
Long-term Revenue Growth Rate	0.50%
Mature Market Share	2.70%
Mature Operating Profit Margin	29.00%
Maximum
Indefinite Lived Intangible Assets By Major Class [Line Items]
Long-term Revenue Growth Rate	1.50%
Mature Market Share	23.10%
Mature Operating Profit Margin	34.70%

Impairment of FCC Broadcastin33

Impairment of FCC Broadcasting Licenses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Indefinite Lived Intangible Assets By Major Class [Line Items]
Tax benefit from impairment loss	$ (4,123)	$ (402)	$ (7,736)	$ (1,402)
FCC Broadcasting License
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible asset			900
Tax benefit from impairment loss			$ 400

Fair Value Measurement Disclo34

Fair Value Measurement Disclosures (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying Amount | Significant other observable inputs (Level 2) | Twelve Point Five Percentage Senior Secured Notes Due Two Thousand Seventeen
Estimated fair values of financial instruments
12.5% senior secured notes due 2017	$ 275	$ 275
Carrying Amount | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
Promissory note payable, included in other long- term debt	5	5.2
Carrying Amount | Series B Preferred Stock | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
10 3/4% Series B cumulative exchangeable redeemable preferred stock	143.7	136.4
Fair Value | Significant other observable inputs (Level 2) | Twelve Point Five Percentage Senior Secured Notes Due Two Thousand Seventeen
Estimated fair values of financial instruments
12.5% senior secured notes due 2017	283.8	286.5
Fair Value | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
Promissory note payable, included in other long- term debt	4.1	4.5
Fair Value | Series B Preferred Stock | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
10 3/4% Series B cumulative exchangeable redeemable preferred stock	$ 58.8	$ 61.8

Fair Value Measurement Disclo35

Fair Value Measurement Disclosures (Details 1) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative designated as a cash flow hedging instrument:
Derivative instruments	$ 283	$ 408
Significant other observable inputs (Level 2)
Derivative designated as a cash flow hedging instrument:
Derivative instruments	$ 283	$ 408

Fair Value Measurement Disclo36

Fair Value Measurement Disclosures (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Rate Swap
Interest rate swaps
Gain (loss) recognized in other comprehensive loss (effective portion)	$ 44	$ 71	$ 125	$ 146

Derivative Instrument and Hed37

Derivative Instrument and Hedging Activity (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Jan. 04, 2007
Derivative Instrument and Hedging Activity (Textual) [Abstract]
Interest rate swap agreement period	10 years
Ten Year Interest Rate Swap
Derivative Instrument and Hedging Activity (Textual) [Abstract]
Notional amount		$ 7.7
Fixed interest rate	6.31%
Basis spread on variable rate of five year interest rate swap	1.25%
Derivative floating interest rate description	Equal to one-month LIBOR plus 125 basis points
Interest rate swap expiration date	Jan. 4, 2017

Derivative Instrument and Hed38

Derivative Instrument and Hedging Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Description of Derivative Liabilities
Derivative instruments	$ 283	$ 408
Interest Rate Swap
Description of Derivative Liabilities
Gross amounts of recognized liabilities	283	408
Derivative instruments	283	408
Interest Rate Swap | Financial Instruments
Description of Derivative Liabilities
Gross amounts not offset in the balance sheet	$ 283	$ 408

Twelve Point Five Percent Sen39

Twelve Point Five Percent Senior Secured Notes due Twenty Seventeen (Details Textual) - Twelve Point Five Percentage Senior Secured Notes Due Two Thousand Seventeen - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Feb. 07, 2012
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Notes issued principal amount		$ 275
Interest rate on Senior secured notes due 2017	12.50%	12.50%
Issue price percentage of principal amount		97.00%
Frequency of interest payment	semi-annually
Date of first required payment	Apr. 15, 2012
Additional interest rate	2.00%
Aggregate principal amount of the notes	25.00%
Covenants, maximum unpaid principal payment	$ 15
Debt instrument payment period	60 days
Maximum
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period One
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period Two
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period Three
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period Four
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period Five
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%
Maximum | Period Six
12.5% Senior Secured Notes due 2017 (Textual) [Abstract]
Secured leverage ratio	4.75%

Ten Point Seven Five Percent 40

Ten Point Seven Five Percent Series B Cumulative Exchangeable Redeemable Preferred Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Oct. 15, 2013	Sep. 30, 2015
10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock (Textual) [Abstract]
Rate of redemption of Preferred stock at purchase price		100.00%
Series B Preferred Stock
10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock (Textual) [Abstract]
Stock requested to be repurchased	92,223
Purchase price of stock requested to be repurchased	$ 126.9
Stock repurchased	1,800
Purchase price of stock repurchased	$ 2.5
Dividends on Series B preferred stock		10.75%
Liquidation preference per share		$ 1,000
Preferred stock outstanding carrying value		$ 53.1

Exchange of Stations in Puert41

Exchange of Stations in Puerto Rico Disclosures (Details Textual) - Puerto Rico $ in Millions	12 Months Ended
	Sep. 30, 2015USD ($)TelevisionStationRadioStation
Exchange Of Stations [Line Items]
Number of operating power television stations	3
International Broadcast Corp
Exchange Of Stations [Line Items]
Number of operating radio stations | RadioStation	3
Expected additional payment on exchange of Radio Station to acquire Television Stations subject to approval of FCC | $	$ 1.9