Spanish Broadcasting System (SBSAA) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Entity Registrant Name	SPANISH BROADCASTING SYSTEM INC
Entity Central Index Key	927,720
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	SBSAA
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	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 16,234	$ 23,835
Receivables:
Trade	28,034	32,952
Barter	162	270
Total Receivables	28,196	33,222
Less allowance for doubtful accounts	1,064	745
Net receivables	27,132	32,477
Prepaid expenses and other current assets	8,754	6,597
Total current assets	52,120	62,909
Property and equipment, net of accumulated depreciation of $63,654 in 2017 and $61,735 in 2016	24,621	26,406
FCC broadcasting licenses	322,197	323,961
Goodwill	32,806	32,806
Other intangible assets, net of accumulated amortization of $1,164 in 2017 and $1,116 in 2016	1,384	1,432
Assets held for sale	2,173	1,377
Deferred tax assets	1,789	1,615
Other assets	442	384
Total assets	437,532	450,890
Current liabilities:
Accounts payable and accrued expenses	17,013	12,733
Accrued interest	1,872	7,290
Unearned revenue	975	1,325
Other liabilities		4
12.5% senior secured notes, net of unamortized discount of $0 in 2017 and $629 in 2016 and net of deferred financing costs of $0 in 2017 and $1,138 in 2016 (note 8).	264,664	273,233
Current portion of other long-term debt	11	4,616
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 June 30, 2017 and December 31, 2016 and $70,165 and $65,299 of dividends payable as of June 30, 2017 and December 31, 2016, respectively.	160,714	155,848
Total current liabilities	445,249	455,049
Other liabilities, less current portion	3,143	2,955
Derivative instruments		17
Deferred income taxes	111,301	106,986
Total liabilities	559,693	565,007
Commitments and contingencies (note 6)
Stockholders’ deficit:
Additional paid-in capital	526,124	525,999
Accumulated other comprehensive loss, net		(102)
Accumulated deficit	(648,289)	(640,018)
Total stockholders’ deficit	(122,161)	(114,117)
Total liabilities and stockholders’ deficit	437,532	450,890
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 June 30, 2017 and December 31, 2016, respectively	$ 4	$ 4

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, accumulated depreciation	$ 63,654	$ 61,735
Other intangible assets, accumulated amortization	$ 1,164	1,116
12.5% Senior Secured Notes
Interest rate on Senior secured notes	12.50%
Senior secured notes, unamortized discount, current	$ 0	629
Deferred financing costs, current	$ 0	$ 1,138
Series B Preferred Stock
Cumulative exchangeable redeemable preferred stock dividend rate	10.75%	10.75%
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	$ 70,165	$ 65,299
Convertible preferred stock, liquidation value per share	$ 1,000
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
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
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 Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net revenue	$ 34,181	$ 35,260	$ 65,531	$ 66,873
Operating expenses:
Engineering and programming	6,818	7,586	15,435	15,748
Selling, general and administrative	16,563	12,978	31,050	28,433
Corporate expenses	2,793	2,549	5,237	5,542
Depreciation and amortization	1,111	1,165	2,243	2,415
Total operating expenses	27,285	24,278	53,965	52,138
Gain on the disposal of assets, net of disposal costs	(12,826)		(12,827)	(3)
Recapitalization costs	3,263		4,089
Other operating gains		(26)		(26)
Operating income	16,459	11,008	20,304	14,764
Other (expense) income:
Interest expense, net	(9,328)	(10,053)	(19,315)	(20,089)
Dividends on Series B preferred stock classified as interest expense	(2,433)	(2,434)	(4,866)	(4,867)
Income (loss) before income taxes	4,698	(1,479)	(3,877)	(10,192)
Income tax expense	2,131	2,300	4,394	4,903
Net income (loss)	$ 2,567	$ (3,779)	$ (8,271)	$ (15,095)
Basic and Diluted net income (loss) per common share	$ 0.35	$ (0.52)	$ (1.14)	$ (2.08)
Weighted average common shares outstanding:
Basic and Diluted	7,267	7,267	7,267	7,267
Net income (loss)	$ 2,567	$ (3,779)	$ (8,271)	$ (15,095)
Other comprehensive income, net of taxes	92	51	102	96
Total comprehensive income (loss)	$ 2,659	$ (3,728)	$ (8,169)	$ (14,999)

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statement of Changes in Stockholders' Deficit - 6 months ended Jun. 30, 2017 - 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, 2016	$ (114,117)	$ 4			$ 525,999	$ (102)	$ (640,018)
Beginning Balance, Shares at Dec. 31, 2016		380,000	4,166,991	2,340,353
Net loss	(8,271)						(8,271)
Stock-based compensation	125				125
Unrealized gain on derivative instrument	102					$ 102
Ending Balance at Jun. 30, 2017	$ (122,161)	$ 4			$ 526,124		$ (648,289)
Ending Balance, Shares at Jun. 30, 2017		380,000	4,166,991	2,340,353

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (8,271)	$ (15,095)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Dividends on Series B preferred stock classified as interest expense	4,866	4,867
(Gain) loss on the disposal of assets	(12,827)	(3)
Other operating gains		(26)
Stock-based compensation	125	463
Depreciation and amortization	2,243	2,415
Net barter loss	94	172
Provision for trade doubtful accounts	377	(126)
Amortization of deferred financing costs	1,138	1,695
Amortization of original issued discount	629	958
Deferred income taxes	4,240	4,421
Unearned revenue-barter	(337)	84
Changes in operating assets and liabilities:
Trade receivables	4,702	3,869
Prepaid expenses and other current assets	(1,998)	(1,332)
Other assets	(58)	70
Accounts payable and accrued expenses	4,240	(1,643)
Accrued interest	(5,418)	96
Other liabilities	184	14
Net cash (used in) provided by operating activities	(6,071)	899
Cash flows from investing activities:
Purchases of property and equipment	(450)	(1,752)
Proceeds from the sale of property and equipment	13,861
Cash payment related to station exchange		(1,897)
Net cash provided by (used in) investing activities	13,411	(3,649)
Cash flows from financing activities:
Payments of other debt	(4,605)	(153)
Net cash used in financing activities	(14,941)	(153)
Net decrease in cash and cash equivalents	(7,601)	(2,903)
Cash and cash equivalents at beginning of period	23,835	19,443
Cash and cash equivalents at end of period	16,234	16,540
Supplemental cash flows information:
Interest paid	22,971	17,347
Income tax paid	28	105
Noncash investing and financing activities:
Nonmonetary asset exchange		2,794
Unrealized gain on derivative instrument	102	$ 96
12.5% Senior Secured Notes
Cash flows from financing activities:
Paydown of 12.5% senior secured notes	$ (10,336)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 and for the three- and six-month periods ended June 30, 2017 and 2016 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, 2016, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. 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 June 30, 2017 through the financial statements issuance date. The results of operations for the six-months ended June 30, 2017 are not necessarily indicative of the results for the entire year ending December 31, 2017, or for any other future interim or annual periods. Our consolidated financial statements have been prepared assuming we will continue as a going-concern, and do not include any adjustments that might result if we were unable to do so, and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2017 and December 31, 2016, we had a working capital deficit due primarily to the classification of our 10¾% Series B Cumulative Exchangeable Redeemable Preferred Stock (the “Series B preferred stock”) as a current liability and the classification of our 12.5% Senior Secured Notes (the “Notes”) as a current liability. 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 redeem or repurchase the Series B preferred stock and its accumulated unpaid dividends. If we are successful in repaying or refinancing our Notes, and are able to generate legally available funds under Delaware law, we may be required to pay all or a portion of the accumulated preferred dividends and redeem all or a portion of the Series B preferred stock, to extent of the funds legally available. As discussed in Note 8, the Notes matured on April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the Notes when they became due. We are working with a team of financial and legal advisors in evaluating all options available to us in executing a comprehensive recapitalization plan. These options, include, but are not limited to, selling certain non-core assets (whose net proceeds would be used to repay a portion of outstanding Notes), new financings (including debt, equity-linked securities and equity offerings), an exchange offer with the holders of our Notes (the “Noteholders”), with or without exit consents to amend the terms of the indenture under which the Notes were issued (the “Indenture”), use of cash on hand and a combination of these options. We have been pursuing the sale of certain non-core assets, including certain of our television stations and real estate assets. As further described in Note 11, on June 9, 2017 we sold our Los Angeles real estate assets and used the net proceeds to pay down a portion of the Notes. We expect to continue to use the net proceeds of other significant asset sales to repay a portion of the Notes and thereby deleverage our balance sheet. In connection with our recapitalization plan, we continue conversations with representatives of the Noteholders and the holders of the Series B preferred stock regarding these matters. However, we cannot assure you that we will be successful in our recapitalization efforts. We did not repay the Notes at their maturity, as a result of which there was an event of default under the Indenture on April 17, 2017 (April 17, 2017 being the payment date following the Saturday, April 15, 2017 maturity date). On April 17, 2017, we made the interest payment due on the Notes. The Notes will continue to earn interest at the current rate of 12.5% per year after the maturity date but we are not required to pay any default interest under the Indenture. As further described in Note 8, the Company on May 8, 2017 entered into a forbearance agreement (the “Forbearance Agreement”) with an ad hoc group of more than 75% of the Notes (the “Supporting Holders”). Pursuant to the Forbearance Agreement, the Supporting Holders agreed to forbear from exercising any of their rights and remedies under the Indenture under which the Notes were issued, with respect to certain defaults from the effective date of the Forbearance Agreement until the earliest to occur of (a) the occurrence of any Event of Termination (as defined in the Forbearance Agreement) and (b) May 31, 2017 at 12:01 a.m. New York City time. The Forbearance Agreement expired and has not been extended, however the Company has continued to make monthly interest payments on the Notes on the 15 th The Company has incurred $3.3 and $4.1 million, respectively for the three and six-months ended June 30, 2017, of recapitalization costs, primarily due to professional fees related to the current process of evaluating all options available towards executing a comprehensive recapitalization plan. Also included in these amounts are the consent fees paid to the Supporting Holders of the Notes who entered into the Forbearance Agreement with the Company, as well as the legal and financial advisory fees incurred by the Supporting Holders. In the event we are unsuccessful in these efforts and one or more Noteholders seek to exercise remedies against us or our assets, we may be required to seek protection under Chapter 11 of the U.S. Bankruptcy Code, among other things, in order to maximize the value of our company for all of our constituents. While we believe that a Chapter 11 filing may create an avenue to successfully execute on our strategy, such a filing may also have several negative consequences to our business, including the costs and negative publicity that surrounds such a filing, reduced advertising revenue due to the uncertainty surrounding the filing, the potential need to sell assets (including the equity of our subsidiaries that own our FCC licenses) under distressed circumstances and the risk that we are unable to execute on a successful plan of reorganization. Management is responsible for evaluating whether there is substantial doubt about the organization’s ability to continue as a going concern and to provide related footnote disclosures, in accordance with the going concern accounting standard adopted in 2016. Our inability to obtain financing in adequate amounts and on acceptable terms necessary to operate our business, repay our Notes, redeem or refinance our Series B preferred stock or finance future acquisitions negatively impacts our business, financial condition, results of operations and cash flows and raises substantial doubt about our ability to continue as a going concern. The financial statements do not include adjustments, if any, that might arise from the outcome of this uncertainty. Recently Issued Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718), In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350) In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) In October 2016, the FASB issued ASU No. 2016-16, – Income Taxes (Topic 740) In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments – Recognition and Measurement. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). .

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Jun. 30, 2017
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 Media Corporation (formerly known as Infinity Media Corporation, “CBS Radio”), an indirect wholly-owned subsidiary 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. In connection with the issuance of the Series C preferred stock, we entered into a Stockholder Agreement, dated October 5, 2004, with CBS Radio and Mr. Alarcón. Pursuant to the terms of the Stockholder Agreement, CBS Radio was given a right of first negotiation with respect to any radio station that we control in the New York and Miami markets after the date of such agreement. The negotiation right is required to stay open for a period of ten (10) business days. In addition, CBS Radio was also given a right to match any offer received by us with respect to any Miami radio station. Such matching right expired one year after the date of the Stockholder Agreement. 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. The Series C preferred stock holders have the same voting rights and powers as our Class A common stock on an as-converted basis, subject to certain adjustments. The Certificate of Designations for the Series C preferred stock does not contain a voting rights triggering event provision like the one found in the Certificate of Designations for the Series B preferred stock. Each holder of Series C preferred stock (i) has preemptive rights to purchase its pro rata share of any equity securities we may offer, subject to certain conditions, and (ii) may, at their option, convert each share of Series C preferred stock into two (2) shares of Class A common stock, subject to certain adjustments. The terms of the Certificate of Designations for our Series C preferred stock limits our ability to (i) enter into transactions with affiliates and certain merger transactions and (ii) create or adopt any shareholders rights plan. On August 8, 2016, CBS Radio entered into a Stock Purchase Agreement with the Company, AAA Trust and Mr. Alarcón (the “Stock Purchase Agreement”) to sell and assign its rights related to its 380,000 shares of Series C preferred stock to the AAA Trust for $3.8 million. AAA Trust is a Florida trust, of which Mr. Alarcón is the trustee. Pursuant to the Stock Purchase Agreement, CBS Radio agreed to assign the rights under the registration rights agreement and Stockholder Agreement to AAA Trust, which now holds such registration rights. The parties closed on the Stock Purchase Agreement on August 18, 2016. (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 Series B preferred stock. The Series B preferred stock has a liquidation preference of $1,000 per share and is on parity with the Series C preferred stock with respect to dividend rights and rights upon liquidation, winding up and dissolution of SBS. (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 could 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 authorized up to 350,000 shares of our Class A common stock for issuance, subject to adjustment in certain circumstances. The Omnibus Plan provided 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 was 100,000 shares, subject to adjustments. The Omnibus Plan expired on July 17, 2016 and no further options can be granted under this plan. (d) Stock Options and Nonvested Share Activity Stock options have only been granted to employees or directors. Our stock options have various vesting schedules and are subject to the employees’ continuing service. A summary of the status of our stock options, as June 30, 2017 and March 31, 2017, and changes during the quarter ended June 30, 2017, is presented below (in thousands, except per share data and contractual life): Weighted Weighted Average Average Aggregate Remaining Exercise Intrinsic Contractual Shares Price Value Life (Years) Outstanding at March 31, 2017 408 $ 4.32 Granted — — Exercised — — Forfeited — — Outstanding at June 30, 2017 408 $ 4.32 $ 1,200 7.7 Exercisable at June 30, 2017 358 $ 4.50 $ 1,200 7.2 The following table summarizes information about our stock options outstanding and exercisable at June 30, 2017 (in thousands, except per share data and contractual life): Outstanding Exercisable Weighted Weighted Average Weighted Average Remaining Average Vested Unvested Exercise Contractual Number Exercise Range of Exercise Prices Options Options Price Life (Years) Exercisable Price $1.03 - 2.99 45 50 $ 2.68 8.9 45 $ 2.33 $3.00 - 4.99 273 - 3.21 8.1 273 3.21 $5.00 - 9.99 20 - 7.50 2.8 20 7.50 $10.00 - 49.99 20 - 24.03 1.0 20 24.03 358 50 $ 4.32 7.7 358 $ 4.50 As of June 30, 2017, there was $0.1 million of total unrecognized compensation costs related to nonvested stock-based compensation arrangements granted under all of our plans. The cost is expected to be recognized over a weighted average period of approximately 1.2 years. (e) Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss was comprised of accumulated gains and losses on a derivative instrument (interest rate swap) that qualifies for cash flow hedge treatment. Our total comprehensive income (loss) consisted of our net income (loss) and a gain on our interest rate swap for the respective periods. The gain on the interest rate swap was shown net of taxes; however, there was no tax effect as a result of a full deferred tax asset valuation allowance related to the interest rate swap. The interest rate swap expired on January 3, 2017. For the three-months ended June 30, 2017 and 2016, we reclassified from other comprehensive loss to interest expense less than $0.1 million and $0.1 million, respectively. During the three-months ended June 30, 2017 and 2016, we recognized in other comprehensive income, net of taxes, an unrealized gain on derivative instrument of approximately $92 thousand and $51 thousand, respectively. For the six-months ended June 30, 2017 and 2016, we reclassified from other comprehensive loss to interest expense less than $0.1 million and $0.1 million, respectively. During the six-months ended June 30, 2017 and 2016, we recognized in other comprehensive income, net of taxes, an unrealized gain on derivative instrument of approximately $102 thousand and $96 thousand, respectively.

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Common Share	3. Basic and Diluted Net Income (Loss) Per Common Share Basic net income (loss) per common share was computed by dividing net income (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 income (loss) per share for the three- and six-month periods ended June 30, 2017 and 2016 (in thousands): Three-Months Ended Six-Months Ended June 30, June 30, 2017 2016 2017 2016 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 408 399 399 409

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2017
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 Six-Months Ended June 30, June 30, 2017 2016 2017 2016 Net revenue: Radio $ 31,279 $ 31,429 $ 59,503 $ 59,954 Television 2,902 3,831 6,028 6,919 Consolidated $ 34,181 $ 35,260 $ 65,531 $ 66,873 Engineering and programming expenses: Radio $ 5,672 $ 6,112 $ 11,871 $ 12,144 Television 1,146 1,474 3,564 3,604 Consolidated $ 6,818 $ 7,586 $ 15,435 $ 15,748 Selling, general and administrative expenses: Radio $ 14,932 $ 11,327 $ 28,068 $ 24,803 Television 1,631 1,651 2,982 3,630 Consolidated $ 16,563 $ 12,978 $ 31,050 $ 28,433 Corporate expenses: $ 2,793 $ 2,549 $ 5,237 $ 5,542 Depreciation and amortization: Radio $ 460 $ 475 $ 936 $ 963 Television 559 584 1,118 1,247 Corporate 92 106 189 205 Consolidated $ 1,111 $ 1,165 $ 2,243 $ 2,415 Gain on the disposal of assets, net of disposal costs: Radio $ (12,826 ) $ — $ (12,826 ) $ (3 ) Television — — (1 ) — Corporate — — — — Consolidated $ (12,826 ) $ — $ (12,827 ) $ (3 ) Recapitalization costs: Radio $ — $ — $ — $ — Television — — — — Corporate 3,263 — 4,089 — Consolidated $ 3,263 $ — $ 4,089 $ — Other operating gains: Radio $ — $ — $ — $ — Television — — — — Corporate — (26 ) — (26 ) Consolidated $ — $ (26 ) $ — $ (26 ) Operating income (loss): Radio $ 23,041 $ 13,515 $ 31,454 $ 22,047 Television (434 ) 122 (1,635 ) (1,562 ) Corporate (6,148 ) (2,629 ) (9,515 ) (5,721 ) Consolidated $ 16,459 $ 11,008 $ 20,304 $ 14,764 Capital expenditures: Radio $ 111 $ 897 $ 313 $ 1,279 Television 44 215 67 309 Corporate 19 63 70 164 Consolidated $ 174 $ 1,175 $ 450 $ 1,752 June 30, December 31, 2017 2016 Total Assets: Radio $ 378,929 $ 391,817 Television 56,109 56,554 Corporate 2,494 2,519 Consolidated $ 437,532 $ 450,890

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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, due to the full valuation allowance on the Company’s deferred tax assets, other than the net operating loss carryforwards of our U.S. Licensing companies and the U.S. AMT tax credits. 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 dependent 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 the continued pre-tax operating losses reported through Q2 2017, management has not changed its valuation allowance position as of June 30, 2017, from December 31, 2016. Our income tax expense differs from the statutory federal tax rate of 35% and related statutory state tax rates primarily due to the tax amortization on certain indefinite-lived intangible assets that do not have any valuation allowance and the continued losses that cannot be realized due to the full valuation allowance. The gain on the sale of property in 2017 will be absorbed by operating losses for the current year, and as such, there is no incremental tax expense recorded for this transaction. 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 2013 through 2016. The tax years that remain subject to assessment of additional liabilities by state, local, and Puerto Rico tax authorities are 2012 through 2016. From time to time, we continue to be subject to state income tax audits, including an active audit by a State tax authority (the “State”) for the income tax years from December 31, 2010 through 2013. The audit is ongoing; however, the state has issued a “consent to field adjustments”, for which a resulting liability is probable. The liability is related to franchise taxes. The company has accrued $1.0 million for the liability expected to be paid. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our consolidated financial statements as of June 30, 2017 and December 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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. State Tax Assessment The company is periodically subject to state tax audits. Currently, the company is under audit by the State, which is challenging the company’s allocation of subsidiary capital and attributable liabilities, for the tax years from December 31, 2010 through 2013. The audit is ongoing; however, the state has issued a “consent to field adjustments”, for which a resulting liability is probable. The liability is related to franchise taxes. The company has accrued $1.0 million for the liability expected to be paid. Local Tax Assessment The company received an audit assessment (the “Assessment”) wherein it was proposed that the Company underpaid a local tax for the tax periods between June 1, 2005 and May 31, 2015 totaling $1,439,452 in underpaid tax, applicable interest and penalties. The Company disagrees with the assessment and related calculations but is developing a settlement strategy to discuss and pursue with the taxing jurisdiction with the hope of avoiding a lengthy litigation process. While we are uncertain as to whether the jurisdiction will accept this offer, an accrual of $391,000, based upon our current best estimate of probable loss, was charged to operations in the second quarter of 2016. However, if the settlement offer is not accepted by the jurisdiction, the amount of the ultimate loss to the Company, if any, may equal the entire amount of the Assessment sought by the taxing jurisdiction. Gutierrez-Ortiz Lawsuit We are a defendant in Aida Ivette Gutiérrez Ortiz et al. v. Municipio Autónomo de Bayamón, et al., a lawsuit involving the death of a man who was shot and killed at a concert co-promoted by us. Plaintiffs allege that we were negligent because we did not provide the necessary security to prevent the entry of firearms in the concert venue or its surrounding areas. Plaintiffs also allege we did not provide the necessary measures to control the venue and allege that we were negligent because we failed to provide the necessary medical assistance to aid the victim. Plaintiffs are seeking an estimated $3.5 million as indemnity. We intend to defend our self vigorously against this claim. At this stage, an estimate of loss cannot be made, however, we believe we have good defenses and it is not probable that the outcome of the litigation will result in a material loss or liability to us .

Fair Value Measurement Disclosu

Fair Value Measurement Disclosures	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement Disclosures	7. 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 Notes is 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 preferred stock was based upon a weighted average analysis using the Black-Scholes method, an income approach, and the yield method resulting in a Level 3 classification. The Black-Scholes method utilized an estimate of the fair value of the SBS equity, volatility, an estimate of the time to liquidity, and a risk free rate in the determination of the SBS preferred fair value. Key assumptions for the income and yield methods included the expected yield on preferred stock, accrued dividends, the principal amount of the Series B preferred stock, and an estimate of the time to liquidity. A discount for lack of marketability of the Series B preferred stock was also utilized in the analysis. The fair value of the Series B preferred stock may be impacted by the Company’s ability to monetize certain non-core assets to generate cash proceeds which we could use to repay, refinance and/or restructure our short term obligations, as well as its ability to be able to successfully recapitalize its balance sheet. The fair value of the Series B Preferred Stock may be impacted by the potential monetization of non-core assets used to generate cash proceeds which the Company could use to repay, refinance and/or restructure its short term obligations, as well as its ability to be able to successfully recapitalize its balance sheet. The estimated fair values of our financial instruments are as follows (in millions): June 30, 2017 December 31, 2016 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes (note 8) Level 2 $ 264.7 279.9 $ 275.0 275.5 10 3 4 redeemable preferred stock (note 9) Level 3 160.7 49.1 155.8 60.5 Promissory note payable Level 3 — — 4.6 4.7

12.5% Senior Secured Notes

12.5% Senior Secured Notes	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
12.5% Senior Secured Notes	8. 12.5% Senior Secured Notes On February 7, 2012 we closed our offering of $275 million in aggregate principal amount of our 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 some cash on hand, to repay and terminate our then existing senior credit facility term loan, and to pay the transaction costs related to the offering. The Notes matured on April 15, 2017. Because we did not have sufficient cash on hand and did not generate sufficient cash from operations or asset sales, we did not repay the Notes at their maturity on April 17, 2017 (being the payment date following the Saturday, April 15, 2017 maturity date), as a result the Company is in default of the covenant to repay the Notes at their maturity (which constitutes an event of default under the Indenture). See Note 1 elsewhere in these notes to the financial statements for additional detail regarding our recapitalization efforts and our failure to repay the Notes at maturity. In addition, one of our limited liability companies had not become a guarantor when formed in 2013, as required by a covenant under the Indenture and therefore we were in default under the Indenture from the formation of the limited liability company until we subsequently submitted documentation to the Trustee to have the limited liability company become an additional guarantor in April 2017. We were also required to amend the limited liability operating agreement to permit the trustee to more adequately perfect its security interest in the equity of the company. This default has subsequently been cured. On April 17, 2017, the Company timely made the interest payment due on the Notes. The Notes will continue to earn interest at the current rate of 12.5% per year after the maturity date. On May 8, 2017, the Company, and certain of its subsidiaries entered into the Forbearance Agreement with the Supporting Holders of more than 75% of the $275 million of outstanding Notes. The Forbearance Agreement became effective on May 17, 2017, after the Company complied with the conditions precedent to its effectiveness. Pursuant to the Forbearance Agreement, the Supporting Holders agreed to forbear from exercising any of their rights and remedies under the indenture under which the Notes were issued, with respect to certain defaults from the effective date of the Forbearance Agreement until the earliest to occur of (a) the occurrence of any Event of Termination (as defined in the Forbearance Agreement) and (b) May 31, 2017 at 12:01 a.m. New York City time. As part of the Forbearance Agreement, the Company agreed to make monthly (as opposed to semiannual) interest payments of $2,864,583 on the Notes for the 30 day periods ending on May 15, 2017 and June 15, 2017. The Company also agreed to pay a consent fee to the Supporting Holders equal to 0.35% of the principal amount of the Notes held by such parties and also agreed to pay the legal fees and financial advisor due diligence fees of the Supporting Holders. The Forbearance Agreement expired and has not been extended. As of the date of the filing of this Quarterly Report on Form 10Q, the Company had made all of the payments required to be made under the Forbearance Agreement and has continued to make the monthly interest payments on the Notes on the 15 th As further described in Note 11, on June 9, 2017 we sold our Los Angeles real estate assets and used the net proceeds to pay down a portion of the outstanding indebtedness on our Notes. On June 9, 2017, net proceeds of $10.3 million were delivered directly to the trustee in order to pay down our Notes. These monies were subsequently distributed to the Noteholders, by the trustee, on August 4, 2017. A summary of the outstanding balance of our Notes, as of March 31, 2017 and June 30, 2017, and changes during the quarter ended June 30, 2017, is presented below (in thousands and net of unamortized discount and deferred financing costs): 12.5% senior secured notes, net, as of March 31, 2017 $ 274,624 Amortization of discount and deferred financing cost 376 Redemption of Notes (10,336) 12.5% senior secured notes, net, as of June 30, 2017 $ 264,664 Interest The Notes accrue interest at a rate of 12.5% per year. Since April 17, 2017, interest has been payable, from time to time, on demand. We have been paying interest monthly since that date. Additional interest will be payable at a rate of 2.00% per annum (the “Additional Interest”) on (i) the unpaid 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, on any acceleration of the Notes and any redemption of the Notes; provided that no Additional Interest will be payable if, for the applicable fiscal period, either (a) we record positive consolidated station operating income for our television segment for the most recent twelve-month period ending either June 30 or December 31or (b) our secured leverage ratio on a consolidated basis is less than 4.75 to 1.00. Although our secured leverage ratio was greater than 4.75 to 1.00, we recorded positive consolidated station operating income for our television segment for the twelve month period ending June 30, 2017. 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 9 of the Notes to the Unaudited Condensed Consolidated Financial Statements) 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. As a result of our failure to pay the Notes at maturity, an event of default under the Indenture has occurred and is continuing.

10 3_4% Series B Cumulative Exc

10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock	9. 10 3 4 Voting Rights Triggering Event On October 30, 2003, we partially financed the purchase of a radio station with proceeds from the sale, through a private placement, of 75,000 shares of our 10 3/4% Series A cumulative exchangeable redeemable preferred stock, par value $0.01 per share, with a liquidation preference of $1,000 per share (the “Series A preferred stock”), without a specified maturity date. The gross proceeds from the issuance of the Series A preferred stock amounted to $75.0 million. On February 18, 2004, we commenced an offer to exchange registered shares of our 10 3/4% Series B preferred stock, par value $0.01 per share and liquidation preference of $1,000 per share for any and all shares of our outstanding unregistered Series A preferred stock. On April 5, 2004, we completed the exchange offer and exchanged 76,702 shares of our Series B preferred stock for all of our then outstanding shares of Series A preferred stock. Holders of the Series B preferred stock have customary protective provisions. The Certificate of Designations contains covenants that, among other things, limit our ability to: (i) pay dividends, purchase junior securities and make restricted investments other restricted payments; (ii) incur indebtedness, including refinancing indebtedness; (iii) merge or consolidate with other companies or transfer all or substantially all of our assets; and (iv) engage in transactions with affiliates. Upon a change of control, we will be required to make an offer to purchase these shares at a price of 101% of the aggregate liquidation preference of these shares plus accumulated and unpaid dividends to, but excluding the purchase date. We had the option to redeem all or some of the registered Series B preferred stock for cash on or after October 15, 2009 at 103.583%, October 15, 2010 at 101.792% and October 15, 2011 and thereafter at 100%, plus accumulated and unpaid dividends to the redemption date. On October 15, 2013, each holder of Series B preferred stock had the right to request that we repurchase (subject to the legal availability of funds under 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. Under the terms of our Series B preferred stock, we are required to pay dividends at a rate of 10 3/4% per year of the $1,000 liquidation preference per share of Series B preferred stock. From October 30, 2003 to October 15, 2008, we had the option to pay these dividends in either cash or additional shares of Series B On October 15, 2013, holders of shares of our Series B preferred stock requested that we repurchase 92,223 shares of Series B preferred stock 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 Series B preferred stock for which we received requests and instead used the limited funds legally available to us to repurchase 1,800 shares for a purchase price of approximately $2.5 million, which included accrued and unpaid dividends. Consequently, a “voting rights triggering event” occurred (the “Voting Rights Triggering Event”). During the continuation of a Voting Rights Triggering Event, certain of the covenants summarized above become more restrictive by their terms including (i) a prohibition on our ability to incur additional indebtedness, (ii) restrictions on our ability to make restricted payments and (iii) restrictions on our ability to merge or consolidate with other companies or transfer all or substantially all of our assets. In addition, the holders of the Series B preferred stock have the right to elect two members to our Board of Directors. At our Annual Meeting of Stockholders in 2014, the holders of the Series B preferred stock nominated and elected Alan Miller and Gary Stone to serve as the Series B preferred stock directors who have remained on the board since then. 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. The terms of our Series B preferred stock require us, in the event of a change of control, to offer to repurchase all or a portion of a holder’s shares at an offer price in cash equal to 101% of the liquidation preference of the shares, plus an amount in cash equal to all accumulated and unpaid dividends on those shares up to but excluding the date of repurchase. We do not currently have sufficient funds legally available to be able to satisfy the conditions for terminating the Voting Rights Triggering Event or for repurchasing the shares in the event of a change of control. During the continuation of the Voting Rights Triggering Event, the Indenture governing our Notes prohibits us from paying dividends or from repurchasing the Series B preferred stock. 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 June 30, 2017, the aggregate cumulative unpaid dividends on the outstanding shares of the Series B preferred stock was approximately $70.2 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 is being recorded as interest expense (i.e. “Dividends on Series B preferred stock classified as interest expense”).

Asset Exchange

Asset Exchange	6 Months Ended
	Jun. 30, 2017
Asset Exchange [Abstract]
Asset Exchange	10. Asset Exchange On January 4, 2016, the Company completed an asset exchange with International Broadcasting Corp. under which the Company agreed to exchange certain assets used or useful in the operations of WIOA-FM, WIOC-FM, and WZET-FM in Puerto Rico for certain assets used or useful in the operations of WTCV (DT), WVEO (DT), and WVOZ (TV) in Puerto Rico previously owned and operated by International Broadcasting Corp. The asset exchange is being accounted for as a non-monetary exchange in accordance with ASC-845 Nonmonetary Transactions Business Combinations

Asset Held for Sale

Asset Held for Sale	6 Months Ended
	Jun. 30, 2017
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Asset Held for Sale	11. Asset Held for Sale During 2016, the Company entered into listing agreements with brokers to sell two buildings and related improvements in New York City and Los Angeles which are part of our radio segment. The two properties have been reclassified from land, building and building improvements, as well as furniture and fixtures to assets held for sale as these assets were approved for immediate sale in their present condition, are expected to be sold within one year and management is actively working to locate buyers for these buildings and related improvements . As of December 31, 2016, the land, buildings and related improvements had a net book value of $1.4 million. On June 9, 2017, we closed on the sale of our Los Angeles facilities which had carrying values of $0.9 million of land and $0.1 million of property and equipment. These facilities are where we currently maintain our Los Angeles radio operations. We will continue to maintain our radio operations at the property pursuant to a separate office lease agreement which extends for a period of up to 12 months after the closing date and the Company has the option to unconditionally exit the lease by providing 30 days’ notice to the lessor. In accordance with ASC-840 Leases The $1.8 million Puerto Rico television spectrum for which the Company has received the cash proceeds of $4.7 million, described in note 10, is expected to be relinquished in its present condition during the fourth quarter 2017. A summary of assets held for sale as of June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, December 31, Description 2017 2016 Land $ — $ 850 Property and equipment, net 409 527 FCC licenses (Puerto Rico television spectrum) 1,764 — Assets held for sale $ 2,173 $ 1,377

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718), In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350) In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805) In October 2016, the FASB issued ASU No. 2016-16, – Income Taxes (Topic 740) In August 2016, the FASB issued ASU No. 2016-15, Statements of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments – Recognition and Measurement. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). .

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Summary of Stock Options	Stock options have only been granted to employees or directors. Our stock options have various vesting schedules and are subject to the employees’ continuing service. A summary of the status of our stock options, as June 30, 2017 and March 31, 2017, and changes during the quarter ended June 30, 2017, is presented below (in thousands, except per share data and contractual life): Weighted Weighted Average Average Aggregate Remaining Exercise Intrinsic Contractual Shares Price Value Life (Years) Outstanding at March 31, 2017 408 $ 4.32 Granted — — Exercised — — Forfeited — — Outstanding at June 30, 2017 408 $ 4.32 $ 1,200 7.7 Exercisable at June 30, 2017 358 $ 4.50 $ 1,200 7.2
Summary of Stock Options Outstanding and Exercisable	The following table summarizes information about our stock options outstanding and exercisable at June 30, 2017 (in thousands, except per share data and contractual life): Outstanding Exercisable Weighted Weighted Average Weighted Average Remaining Average Vested Unvested Exercise Contractual Number Exercise Range of Exercise Prices Options Options Price Life (Years) Exercisable Price $1.03 - 2.99 45 50 $ 2.68 8.9 45 $ 2.33 $3.00 - 4.99 273 - 3.21 8.1 273 3.21 $5.00 - 9.99 20 - 7.50 2.8 20 7.50 $10.00 - 49.99 20 - 24.03 1.0 20 24.03 358 50 $ 4.32 7.7 358 $ 4.50

Basic and Diluted Net Income 20

Basic and Diluted Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of the Shares Used in the Computation of Basic and Diluted Net Income (Loss) Per Share	The following is a reconciliation of the shares used in the computation of basic and diluted net income (loss) per share for the three- and six-month periods ended June 30, 2017 and 2016 (in thousands): Three-Months Ended Six-Months Ended June 30, June 30, 2017 2016 2017 2016 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 408 399 399 409

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Operating Segments	The following summary table presents separate financial data for each of our operating segments (in thousands): Three-Months Ended Six-Months Ended June 30, June 30, 2017 2016 2017 2016 Net revenue: Radio $ 31,279 $ 31,429 $ 59,503 $ 59,954 Television 2,902 3,831 6,028 6,919 Consolidated $ 34,181 $ 35,260 $ 65,531 $ 66,873 Engineering and programming expenses: Radio $ 5,672 $ 6,112 $ 11,871 $ 12,144 Television 1,146 1,474 3,564 3,604 Consolidated $ 6,818 $ 7,586 $ 15,435 $ 15,748 Selling, general and administrative expenses: Radio $ 14,932 $ 11,327 $ 28,068 $ 24,803 Television 1,631 1,651 2,982 3,630 Consolidated $ 16,563 $ 12,978 $ 31,050 $ 28,433 Corporate expenses: $ 2,793 $ 2,549 $ 5,237 $ 5,542 Depreciation and amortization: Radio $ 460 $ 475 $ 936 $ 963 Television 559 584 1,118 1,247 Corporate 92 106 189 205 Consolidated $ 1,111 $ 1,165 $ 2,243 $ 2,415 Gain on the disposal of assets, net of disposal costs: Radio $ (12,826 ) $ — $ (12,826 ) $ (3 ) Television — — (1 ) — Corporate — — — — Consolidated $ (12,826 ) $ — $ (12,827 ) $ (3 ) Recapitalization costs: Radio $ — $ — $ — $ — Television — — — — Corporate 3,263 — 4,089 — Consolidated $ 3,263 $ — $ 4,089 $ — Other operating gains: Radio $ — $ — $ — $ — Television — — — — Corporate — (26 ) — (26 ) Consolidated $ — $ (26 ) $ — $ (26 ) Operating income (loss): Radio $ 23,041 $ 13,515 $ 31,454 $ 22,047 Television (434 ) 122 (1,635 ) (1,562 ) Corporate (6,148 ) (2,629 ) (9,515 ) (5,721 ) Consolidated $ 16,459 $ 11,008 $ 20,304 $ 14,764 Capital expenditures: Radio $ 111 $ 897 $ 313 $ 1,279 Television 44 215 67 309 Corporate 19 63 70 164 Consolidated $ 174 $ 1,175 $ 450 $ 1,752 June 30, December 31, 2017 2016 Total Assets: Radio $ 378,929 $ 391,817 Television 56,109 56,554 Corporate 2,494 2,519 Consolidated $ 437,532 $ 450,890

Fair Value Measurement Disclo22

Fair Value Measurement Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	The estimated fair values of our financial instruments are as follows (in millions): June 30, 2017 December 31, 2016 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes (note 8) Level 2 $ 264.7 279.9 $ 275.0 275.5 10 3 4 redeemable preferred stock (note 9) Level 3 160.7 49.1 155.8 60.5 Promissory note payable Level 3 — — 4.6 4.7

12.5% Senior Secured Notes (Tab

12.5% Senior Secured Notes (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Outstanding Notes Balance	A summary of the outstanding balance of our Notes, as of March 31, 2017 and June 30, 2017, and changes during the quarter ended June 30, 2017, is presented below (in thousands and net of unamortized discount and deferred financing costs): 12.5% senior secured notes, net, as of March 31, 2017 $ 274,624 Amortization of discount and deferred financing cost 376 Redemption of Notes (10,336) 12.5% senior secured notes, net, as of June 30, 2017 $ 264,664

Asset Held for Sale (Tables)

Asset Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2017
Assets Of Disposal Group Including Discontinued Operation [Abstract]
Summary of Asset Held for Sale	A summary of assets held for sale as of June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, December 31, Description 2017 2016 Land $ — $ 850 Property and equipment, net 409 527 FCC licenses (Puerto Rico television spectrum) 1,764 — Assets held for sale $ 2,173 $ 1,377

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	May 08, 2017	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Basis Of Presentation [Line Items]
Recapitalization costs		$ 3,263	$ 4,089
Series B Preferred Stock
Basis Of Presentation [Line Items]
Cumulative exchangeable redeemable preferred stock dividend rate			10.75%	10.75%
12.5% Senior Secured Notes
Basis Of Presentation [Line Items]
Interest rate on Senior secured notes		12.50%	12.50%
Senior secured notes, maturity date			Apr. 15, 2017
12.5% Senior Secured Notes | Forbearance Agreement
Basis Of Presentation [Line Items]
Debt instrument frequency of periodic payment of interest	monthly		monthly interest payments on the Notes on the 15th of each month
12.5% Senior Secured Notes | Forbearance Agreement | Minimum
Basis Of Presentation [Line Items]
Percentage of notes covered under agreement	75.00%

Stockholders' Deficit - Additio

Stockholders' Deficit - Additional Information (Details) $ / shares in Units, $ in Thousands	Aug. 08, 2016USD ($)shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)RegistrationStatements$ / sharesshares	Jun. 30, 2016USD ($)	Dec. 31, 2016$ / sharesshares	Jul. 30, 2006shares	Dec. 23, 2004$ / sharesshares	Feb. 18, 2004$ / shares
Class Of Stock [Line Items]
Number of registration statements filled | RegistrationStatements				3
Unrecognized compensation costs related to nonvested | $		$ 100		$ 100
Weighted average period over which unrecognized compensation is expected to be recognized				1 year 2 months 12 days
Other comprehensive income, net of taxes- unrealized gain on derivative instrument | $		92	$ 51	$ 102	$ 96
Maximum
Class Of Stock [Line Items]
Amounts reclassified from other comprehensive loss to interest expense | $		$ 100	$ 100	$ 100	$ 100
Interest Rate Swap
Class Of Stock [Line Items]
Expiration date				Jan. 3, 2017
2006 Omnibus Equity Compensation Plan
Class Of Stock [Line Items]
Omnibus Plan authorized shares of Class A common stock for issuance, subject to adjustment in certain circumstances							350,000
Omnibus Plan provided 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
Omnibus Plan expiration date				Jul. 17, 2016
Number of options granted				0
Series C convertible preferred stock
Class Of Stock [Line Items]
Preferred stock par value per share | $ / shares								$ 0.01
Preferred Stock issued to CBS Radio		380,000		380,000		380,000
Common stock shares to be issued to CBS Radio								760,000
Liquidation preference per share | $ / shares		$ 0.01		$ 0.01		$ 0.01
Series C convertible preferred stock | CBS Radio
Class Of Stock [Line Items]
Preferred Stock issued to CBS Radio								380,000
Preferred Stock, shares issuable upon conversion								2
Series C convertible preferred stock | CBS Radio | Stock Purchase Agreement
Class Of Stock [Line Items]
Number of shares sold	380,000
Number of shares sold, value | $	$ 3,800
Series C convertible preferred stock | Stockholder Agreement | CBS Radio
Class Of Stock [Line Items]
Negotiation right open period				10 days
Matching right expiration period				1 year
Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value per share | $ / shares									$ 0.01
Liquidation preference per share | $ / shares		$ 1,000		$ 1,000					$ 1,000
Class A common stock
Class Of Stock [Line Items]
Common stock voting right				one vote per share
Class B common stock
Class Of Stock [Line Items]
Common stock voting right				ten votes per share

Stockholders' Deficit - Summary

Stockholders' Deficit - Summary of Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares
Summary of stock options
Shares, Outstanding, Beginning Balance | shares	408
Shares, Outstanding, Ending Balance | shares	408	408
Shares, Exercisable at June 30, 2017 | shares	358	358
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares	$ 4.32
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares	4.32	$ 4.32
Weighted Average Exercise Price, Exercisable at June 30, 2017 | $ / shares	$ 4.50	$ 4.50
Aggregate Intrinsic Value, Outstanding | $	$ 1,200	$ 1,200
Aggregate Intrinsic Value, Exercisable at June 30, 2017 | $	$ 1,200	$ 1,200
Weighted Average Remaining Contractual Life (Years), Outstanding	7 years 8 months 12 days	7 years 8 months 12 days
Weighted Average Remaining Contractual Life (Years), Exercisable at June 30, 2017	7 years 2 months 12 days

Stockholders' Deficit - Summa28

Stockholders' Deficit - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Stock options outstanding and exercisable
Stock options outstanding, Vested Options	358	358
Stock options outstanding, Unvested Options	50	50
Stock options outstanding, Weighted Average Exercise Price	$ 4.32	$ 4.32	$ 4.32
Weighted Average Remaining Contractual Life (Years), Outstanding	7 years 8 months 12 days	7 years 8 months 12 days
Stock options, Number Exercisable	358	358
Stock options, Exercisable, Weighted Average Exercise Price	$ 4.50	$ 4.50
1.03 - 2.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range		1.03
Range of Exercise Price, Upper Range		$ 2.99
Stock options outstanding, Vested Options	45	45
Stock options outstanding, Unvested Options	50	50
Stock options outstanding, Weighted Average Exercise Price	$ 2.68	$ 2.68
Weighted Average Remaining Contractual Life (Years), Outstanding		8 years 10 months 25 days
Stock options, Number Exercisable	45	45
Stock options, Exercisable, Weighted Average Exercise Price	$ 2.33	$ 2.33
3.00 - 4.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range		3
Range of Exercise Price, Upper Range		$ 4.99
Stock options outstanding, Vested Options	273	273
Stock options outstanding, Weighted Average Exercise Price	$ 3.21	$ 3.21
Weighted Average Remaining Contractual Life (Years), Outstanding		8 years 1 month 6 days
Stock options, Number Exercisable	273	273
Stock options, Exercisable, Weighted Average Exercise Price	$ 3.21	$ 3.21
5.00 - 9.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range		5
Range of Exercise Price, Upper Range		$ 9.99
Stock options outstanding, Vested Options	20	20
Stock options outstanding, Weighted Average Exercise Price	$ 7.50	$ 7.50
Weighted Average Remaining Contractual Life (Years), Outstanding		2 years 9 months 18 days
Stock options, Number Exercisable	20	20
Stock options, Exercisable, Weighted Average Exercise Price	$ 7.50	$ 7.50
10.00 - 49.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range		10
Range of Exercise Price, Upper Range		$ 49.99
Stock options outstanding, Vested Options	20	20
Stock options outstanding, Weighted Average Exercise Price	$ 24.03	$ 24.03
Weighted Average Remaining Contractual Life (Years), Outstanding		1 year
Stock options, Number Exercisable	20	20
Stock options, Exercisable, Weighted Average Exercise Price	$ 24.03	$ 24.03

Basic and Diluted Net Income 29

Basic and Diluted Net Income (Loss) Per Common Share - Reconciliation of the Shares Used in the Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
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	408	399	399	409

Operating Segments - Additional

Operating Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of reporting segment units	2

Operating Segments - Summary of

Operating Segments - Summary of Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Net revenue:
Net revenue	$ 34,181	$ 35,260	$ 65,531	$ 66,873
Engineering and programming expenses:
Engineering and programming expenses	6,818	7,586	15,435	15,748
Selling, general and administrative expenses:
Selling, general and administrative expenses	16,563	12,978	31,050	28,433
Corporate expenses	2,793	2,549	5,237	5,542
Depreciation and amortization:
Depreciation and amortization	1,111	1,165	2,243	2,415
Gain on the disposal of assets, net of disposal costs:
Gain on the disposal of assets, net of disposal costs	(12,826)		(12,827)	(3)
Recapitalization costs:
Recapitalization costs	3,263		4,089
Other operating gains:
Other operating gains		(26)		(26)
Operating income (loss):
Operating income (loss)	16,459	11,008	20,304	14,764
Capital expenditures:
Capital expenditures	174	1,175	450	1,752
Assets
Total Assets	437,532		437,532		$ 450,890
Operating Segments | Radio
Net revenue:
Net revenue	31,279	31,429	59,503	59,954
Engineering and programming expenses:
Engineering and programming expenses	5,672	6,112	11,871	12,144
Selling, general and administrative expenses:
Selling, general and administrative expenses	14,932	11,327	28,068	24,803
Depreciation and amortization:
Depreciation and amortization	460	475	936	963
Gain on the disposal of assets, net of disposal costs:
Gain on the disposal of assets, net of disposal costs	(12,826)		(12,826)	(3)
Operating income (loss):
Operating income (loss)	23,041	13,515	31,454	22,047
Capital expenditures:
Capital expenditures	111	897	313	1,279
Assets
Total Assets	378,929		378,929		391,817
Operating Segments | Television
Net revenue:
Net revenue	2,902	3,831	6,028	6,919
Engineering and programming expenses:
Engineering and programming expenses	1,146	1,474	3,564	3,604
Selling, general and administrative expenses:
Selling, general and administrative expenses	1,631	1,651	2,982	3,630
Depreciation and amortization:
Depreciation and amortization	559	584	1,118	1,247
Gain on the disposal of assets, net of disposal costs:
Gain on the disposal of assets, net of disposal costs			(1)
Operating income (loss):
Operating income (loss)	(434)	122	(1,635)	(1,562)
Capital expenditures:
Capital expenditures	44	215	67	309
Assets
Total Assets	56,109		56,109		56,554
Corporate, Non-Segment
Selling, general and administrative expenses:
Corporate expenses	2,793	2,549	5,237	5,542
Depreciation and amortization:
Depreciation and amortization	92	106	189	205
Recapitalization costs:
Recapitalization costs	3,263		4,089
Other operating gains:
Other operating gains		(26)		(26)
Operating income (loss):
Operating income (loss)	(6,148)	(2,629)	(9,515)	(5,721)
Capital expenditures:
Capital expenditures	19	$ 63	70	$ 164
Assets
Total Assets	$ 2,494		$ 2,494		$ 2,519

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	35.00%
Gain on sale of property, incremental tax expense	$ 0
Income tax examination, liability related to franchise tax accrued and expected to be paid	1,000,000
Significant of uncertain tax positions requiring recognition	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017
Commitments And Contingencies [Line Items]
Income tax examination, liability related to franchise tax accrued and expected to be paid		$ 1,000,000
Gutierrez-Ortiz Lawsuit
Commitments And Contingencies [Line Items]
Estimated indemnity value		$ 3,500,000
State Tax Assessment
Commitments And Contingencies [Line Items]
Tax assessment period, beginning date		Dec. 31, 2010
Tax assessment period, ending year		2,013
Local Tax Assessment
Commitments And Contingencies [Line Items]
Tax assessment period, beginning date		Jun. 1, 2005
Tax assessment period, ending date		May 31, 2015
Proposed underpaid tax, applicable interest and penalties amount		$ 1,439,452
Local tax assessment, estimated probable loss	$ 391,000

Fair Value Measurement Disclo34

Fair Value Measurement Disclosures - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount | Significant other observable inputs (Level 2) | 12.5% Senior Secured Notes
Estimated fair values of financial instruments
12.5% senior secured notes	$ 264.7	$ 275
Carrying Amount | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
Promissory note payable		4.6
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	160.7	155.8
Fair Value | Significant other observable inputs (Level 2) | 12.5% Senior Secured Notes
Estimated fair values of financial instruments
12.5% senior secured notes	279.9	275.5
Fair Value | Significant unobservable inputs (Level 3)
Estimated fair values of financial instruments
Promissory note payable		4.7
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	$ 49.1	$ 60.5

12.5% Senior Secured Notes - Ad

12.5% Senior Secured Notes - Additional Information (Details) - 12.5% Senior Secured Notes - USD ($)	Jun. 09, 2017	May 08, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Feb. 07, 2012
Debt Instrument [Line Items]
Notes issued principal amount						$ 275,000,000
Issue price percentage of principal amount						97.00%
Senior secured notes, maturity date				Apr. 15, 2017
Debt instrument, event of default description				On April 17, 2017 (being the payment date following the Saturday, April 15, 2017 maturity date), as a result the Company was in default of the covenant to repay the Notes at their maturity (which constitutes an event of default under the Indenture). See Note 1 elsewhere in these notes to the financial statements for additional detail regarding our recapitalization efforts and our failure to repay the Notes at maturity.
Pay down of senior secured notes	$ 10,300,000		$ 10,336,000	$ 10,336,000
Interest rate on Senior secured notes			12.50%	12.50%	12.50%
Additional interest rate				2.00%
Minimum
Debt Instrument [Line Items]
Secured leverage ratio					4.75%
Maximum
Debt Instrument [Line Items]
Secured leverage ratio				4.75%
Forbearance Agreement
Debt Instrument [Line Items]
Frequency of interest payment		monthly		monthly interest payments on the Notes on the 15th of each month
Debt instrument, periodic payment, interest		$ 2,864,583
Debt instrument payment period				As part of the Forbearance Agreement, the Company agreed to make monthly (as opposed to semiannual) interest payments of $2,864,583 on the Notes for the 30 day periods ending on May 15, 2017 and June 15, 2017.
Percentage of principal amount agreed to pay as consent fee		0.35%
Notes outstanding		$ 275,000,000
Agreement effective date		May 17, 2017
Forbearance Agreement | Minimum
Debt Instrument [Line Items]
Percentage of outstanding senior notes holders agreed to forbear from exercising rights		75.00%

12.5% Senior Secured Notes - Su

12.5% Senior Secured Notes - Summary of Outstanding Notes Balance (Details) - USD ($) $ in Thousands	Jun. 09, 2017	Jun. 30, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
12.5% senior secured notes, net, as of March 31, 2017			$ 273,233
12.5% senior secured notes, net, as of June 30, 2017		$ 264,664	264,664
12.5% Senior Secured Notes
Debt Instrument [Line Items]
12.5% senior secured notes, net, as of March 31, 2017		274,624
Amortization of discount and deferred financing cost		376
Redemption of Notes	$ (10,300)	(10,336)	(10,336)
12.5% senior secured notes, net, as of June 30, 2017		$ 264,664	$ 264,664

10 3_4% Series B Cumulative E37

10 3/4% Series B Cumulative Exchangeable Redeemable Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2013	Oct. 15, 2011	Oct. 15, 2010	Oct. 15, 2009	Apr. 05, 2004	Oct. 30, 2003	Jun. 30, 2017	Dec. 31, 2016	Oct. 30, 2008	Feb. 18, 2004
Series A Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value per share						$ 0.01
Liquidation preference per share						$ 1,000
Gross proceeds from the issuance of Series A preferred Stock						$ 75,000
Series A Preferred Stock | Private Placement
Class Of Stock [Line Items]
Preferred stock, shares issued						75,000
Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares issued							90,549	90,549
Preferred stock par value per share										$ 0.01
Liquidation preference per share							$ 1,000			$ 1,000
Shares of Series B preferred stock exchanged for Series A preferred stock					76,702
Purchase price percentage as of aggregate liquidation preference							101.00%
Rate of redemption of Preferred stock for cash		100.00%	101.792%	103.583%
Rate of redemption of Preferred stock at purchase price							100.00%
Dividends on the Series B preferred stock							10.75%	10.75%
Increase in carrying value of preferred stock									$ 17,300
Stock requested to be repurchased	92,223
Purchase price of stock requested to be repurchased	$ 126,900
Stock repurchased	1,800
Purchase price of stock repurchased	$ 2,500
Offer price in cash as percentage of liquidation preference							101.00%
Aggregate cumulative unpaid dividends on outstanding shares							$ 70,165	$ 65,299

Asset Exchange - Additional Inf

Asset Exchange - Additional Information (Details) - USD ($) $ in Thousands	Jul. 21, 2017	Jan. 04, 2016	Jun. 30, 2017	Jun. 30, 2016
Asset Exchange [Line Items]
Fair value of assets received in asset exchange				$ 2,794
Additional cash payments				$ 1,897
FCC Broadcast Incentive Auction
Asset Exchange [Line Items]
Period for relinquish of spectrum			90 days
FCC Broadcast Incentive Auction | Subsequent Event
Asset Exchange [Line Items]
Cash proceeds from sale of spectrum	$ 4,700
Assets held for exchange | International Broadcasting Corp
Asset Exchange [Line Items]
Fair value of assets received in asset exchange		$ 2,900
Additional cash payments		1,900
Assets held for exchange | International Broadcasting Corp | FCC Broadcasting License
Asset Exchange [Line Items]
Fair value difference of assets exchanged		$ 1,800

Asset Held for Sale - Additiona

Asset Held for Sale - Additional Information (Details) $ in Thousands	Jul. 21, 2017USD ($)	Jun. 09, 2017USD ($)	Dec. 31, 2016USD ($)Building	Jun. 30, 2017USD ($)
Long Lived Assets Held For Sale [Line Items]
Land, building and improvements, net book value			$ 1,377	$ 2,173
Disposal group including discontinued operation, television spectrum				1,764
Assets held for sale
Long Lived Assets Held For Sale [Line Items]
Number of properties held for sale | Building			2
Land, building and improvements, net book value			$ 1,400
Lease unconditionally exit notice to lessor		30 days
Purchase price under agreement		$ 14,700
Recognized gain, net of closing costs		12,800
Recognized gain on financial reporting		12,800
Disposal group including discontinued operation, television spectrum				$ 1,800
Assets held for sale | Subsequent Event
Long Lived Assets Held For Sale [Line Items]
Cash proceeds from sale of spectrum	$ 4,700
Assets held for sale | Los Angeles Facilities
Long Lived Assets Held For Sale [Line Items]
Sale of land at carrying value		900
Sale of property and equipment at carrying value		100
Net proceeds from sale of business		$ 10,300
Assets held for sale | Los Angeles Facilities | Maximum
Long Lived Assets Held For Sale [Line Items]
Lease agreement extended period		12 months

Asset Held for Sale - Summary o

Asset Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Discontinued Operations And Disposal Groups [Abstract]
Land		$ 850
Property and equipment, net	$ 409	527
FCC licenses (Puerto Rico television spectrum)	1,764
Assets held for sale	$ 2,173	$ 1,377