Spanish Broadcasting System (SBSAA) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 23, 2020	Jun. 28, 2019
Entity Registrant Name	SPANISH BROADCASTING SYSTEM INC
Entity Central Index Key	0000927720
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	SBSAA
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	000-27823
Entity Tax Identification Number	13-3827791
Entity Address, Address Line One	7007 NW 77th Avenue
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33166
City Area Code	(305)
Local Phone Number	441-6901
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Documents Incorporated by Reference: Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement (the “Proxy Statement”) to be filed pursuant to Regulation 14A with respect to the registrant’s 2020 annual meeting of stockholders. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part hereof.
Class A common stock
Entity Public Float			$ 700,000
Entity Common Stock, Shares Outstanding		4,241,991
Class B common stock
Entity Public Float			$ 60
Entity Common Stock, Shares Outstanding		2,340,353

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 20,856	$ 22,468
Receivables:
Trade	40,394	32,769
Barter	197	431
Total Receivables	40,591	33,200
Less allowance for doubtful accounts	1,122	1,649
Net receivables	39,469	31,551
Prepaid expenses and other current assets	7,475	7,480
Assets held for sale	12,474
Total current assets	80,274	61,499
Property and equipment, net	23,022	22,414
FCC broadcasting licenses	311,282	321,714
Goodwill	32,806	32,806
Other intangible assets, net of accumulated amortization of $1,308 in 2018		1,239
Operating lease right-of-use assets	17,978
Other assets	3,682	4,640
Total assets	469,044	444,312
Current liabilities:
Accounts payable and accrued expenses	20,333	20,370
Accrued interest	1,513	1,513
Unearned revenue	991	798
Other liabilities		9
Operating lease liabilities	948
Liabilities held for sale	1,510
12.5% senior secured notes (Note 9)	249,864	249,864
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 December 31, 2019 and 2018 and $94,500 and $84,766 of dividends payable as of December 31, 2019 and 2018, respectively.	185,049	175,315
Total current liabilities	460,208	447,869
Other liabilities, less current portion	2,877	3,598
Operating lease liabilities - net of current portion	17,538
Deferred tax liabilities	68,718	72,224
Total liabilities	549,341	523,691
Commitments and contingencies (Note 12, 14 and 15)
Stockholders’ deficit:
Additional paid-in capital	526,201	526,191
Accumulated deficit	(606,502)	(605,574)
Total stockholders’ deficit	(80,297)	(79,379)
Total liabilities and stockholders’ deficit	469,044	444,312
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 December 31, 2019 and 2018	$ 4	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other intangible assets, accumulated amortization		$ 1,308
12.5% Senior Secured Notes
Interest rate on Senior secured notes	12.50%	12.50%
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	$ 94,500	$ 84,766
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	4,241,991	4,241,991
Common stock, shares outstanding	4,241,991	4,241,991
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenue	$ 156,665	$ 142,369
Operating expenses:
Engineering and programming	28,881	25,816
Selling, general and administrative	64,792	55,972
Corporate expenses	11,721	10,540
Depreciation and amortization	3,602	3,801
Total operating expenses	108,996	96,129
Loss (gain) on the disposal of assets	365	(12,550)
Recapitalization costs	6,845	6,713
Executive severance expense	1,844
Impairment charges		483
Other operating income	(16)
Operating income	38,631	51,594
Other (expense) income:
Interest expense	(31,245)	(31,862)
Dividends on Series B preferred stock classified as interest expense	(9,734)	(9,734)
Interest income	20	22
(Loss) income before income tax	(2,328)	10,020
Income tax benefit	(1,400)	(6,471)
Net (loss) income	$ (928)	$ 16,491
Class A and B net (loss) income per common share
Basic	$ (0.13)	$ 2.25
Diluted	$ (0.13)	$ 2.25
Weighted average common shares outstanding:
Basic	7,342	7,324
Diluted	7,342	7,324

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Deficit - 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 deficit
Beginning Balance at Dec. 31, 2017	$ (95,914)	$ 4			$ 526,147	$ (622,065)
Beginning Balance, Shares at Dec. 31, 2017		380,000	4,166,991	2,340,353
Stock-based compensation	44				44
Net income (loss)	16,491					16,491
Issuance of Class A common stock, Shares			75,000
Ending Balance at Dec. 31, 2018	(79,379)	$ 4			526,191	(605,574)
Ending Balance, Shares at Dec. 31, 2018		380,000	4,241,991	2,340,353
Stock-based compensation	10				10
Net income (loss)	(928)					(928)
Ending Balance at Dec. 31, 2019	$ (80,297)	$ 4			$ 526,201	$ (606,502)
Ending Balance, Shares at Dec. 31, 2019		380,000	4,241,991	2,340,353

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (928)	$ 16,491
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Dividends on Series B preferred stock classified as interest expense	9,734	9,734
Loss (gain) on the disposal of assets, net of disposal costs	(434)	12,370
Gain on insurance proceeds received for damage to equipment	(69)	(180)
Impairment charges		483
Stock-based compensation	10	44
Depreciation and amortization	3,602	3,801
Net barter income	(921)	(564)
Provision for trade doubtful accounts	906	528
Deferred income taxes	(3,506)	(9,047)
Unearned revenue-barter	803	504
Changes in operating assets and liabilities:
Trade receivables	(9,058)	(1,185)
Prepaid expenses and other current assets	105	718
Other assets	958	(3,949)
Accounts payable and accrued expenses	(194)	1,572
Accrued interest		(284)
Other liabilities	324	190
Net cash provided by operating activities	2,200	6,486
Cash flows from investing activities:
Purchases of property and equipment	(3,798)	(2,907)
Proceeds from the sale of property and equipment	6	12,950
Insurance proceeds received for damage to equipment	69	297
Payments towards FCC repack assets	(89)	(89)
Net cash (used) provided by investing activities	(3,812)	10,251
Cash flows from financing activities:
Net cash used in financing activities		(10,410)
Net (decrease) increase in cash and cash equivalents	(1,612)	6,327
Cash and cash equivalents at beginning of year	22,468	16,141
Cash and cash equivalents at end of year	20,856	22,468
Supplemental cash flows information:
Interest paid	31,245	32,147
Income tax paid, net	$ 2,354	1,417
12.5% Senior Secured Notes
Cash flows from financing activities:
Paydown of 12.5% senior secured notes		$ (10,410)

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	(1) Organization and Nature of Business Spanish Broadcasting System, Inc., a Delaware corporation, and its subsidiaries owns 17 radio stations in the Los Angeles, New York, Puerto Rico, Chicago, Miami and San Francisco markets. In addition, we own and operate six television stations, which operate as one television operation, branded as “MegaTV.” We also have various MegaTV broadcasting outlets under affiliation or programming agreements. As part of our operating business, we produce live concerts and events and maintain multiple bilingual websites, including www.LaMusica.com Our primary source of revenue is the sale of advertising time on our stations to local and national advertisers. Our revenue is affected primarily by the advertising rates that our stations are able to charge, as well as the overall demand for advertising time in each respective market. Seasonal net broadcasting revenue fluctuations are common in the broadcasting industry and are due to fluctuations in advertising expenditures by local and national advertisers. Typically for the broadcasting industry, the first calendar quarter generally produces the lowest revenue. The broadcasting industry is subject to extensive federal regulation which, among other things, requires approval by the Federal Communications Commission (“FCC”) for the issuance, renewal, transfer and assignment of broadcasting station operating licenses and limits the number of broadcasting properties we may acquire.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Related Matters	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Related Matters	(2) Summary of Significant Accounting Policies and Related Matters (a) Basis of Presentation The consolidated financial statements include the accounts of Spanish Broadcasting System, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In addition, we evaluated subsequent events after the balance sheet date and through the financial statements issuance date. 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 December 31, 2019, 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 due 2017 (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 the extent of the funds legally available. The Company is currently involved in litigation with some holders of the Series B preferred stock. See Note 10 elsewhere in these Notes to the consolidated financial statements for additional detail regarding the Series B preferred stock litigation. As discussed in Note 9, the Notes became due on April 15, 2017. Cash from operations and proceeds from the sale of assets and the FCC spectrum auction were not sufficient to repay the Notes when they became due. We have worked and continue to work with our advisors regarding a consensual recapitalization or restructuring of our balance sheet, including through the issuance of new debt or equity to raise the necessary funds to repay the Notes. The Series B preferred stock litigation and the foreign ownership issue have complicated our efforts at a successful refinancing of the Notes. The resolution of the recapitalization or restructuring of our balance sheet, the litigation with the purported holders of our Series B preferred stock and the foreign ownership issue are subject to several factors currently beyond our control. Our efforts to effect a consensual refinancing of the Notes, the Series B preferred stock litigation and the foreign ownership issue will likely continue to have a material adverse effect on us if they are not successfully resolved. On December 16, 2019, we announced in a press release that we had received a letter from a bank stating that it was highly confident of its ability to arrange secured debt financing for up to $300 million that, in combination with a possible additional first lien asset-based financing, would be used to repay our outstanding Notes and to make cash purchases of our Series B preferred stock. We cannot assure you that the bank will be successful in raising that financing, that we will be able to raise the additional contemplated first lien asset-based financing or that we will be able to reach agreement that will be acceptable to us. The Company has incurred $6.8 million and $6.7 million, respectively, for the years ended December 31, 2019 and 2018, of recapitalization costs, primarily due to professional fees, settlements, severance pay and station relocation costs directly related to our recapitalization efforts. Also included in these amounts are the legal and financial advisory fees incurred by the holders of the Notes. The Company’s inability to obtain financing in adequate amounts and on acceptable terms necessary to repay our Notes and redeem or refinance our Series B preferred stock, obtain a favorable resolution to the Series B preferred stock litigation, finance future acquisitions, or unexpected crisis such as the recent outbreak of the COVID-19 coronavirus negatively impacts our business, financial position, results of operations, liquidity 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. ( b ) Valuation of Accounts Receivable We review accounts receivable to determine which accounts are doubtful of collection. In making the determination of the appropriate allowance for doubtful accounts, we consider our history of write-offs, relationships with our customers, age of the invoices and the overall creditworthiness of our customers. For each of the years ended December 31, 2019 and 2018, we incurred bad debt expense of $0.9 and $0.5 million, respectively. Changes in the credit worthiness of customers, general economic conditions and other factors may impact the level of future write-offs. ( c ) Property and Equipment Property and equipment, including capital leases, are stated at historical cost, less accumulated depreciation and amortization. We depreciate the cost of our property and equipment using the straight-line method over the respective estimated useful lives (see Note 7). Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining life of the lease or the useful life of the improvements. Maintenance and repairs are charged to expense as incurred; improvements are capitalized. When items are retired or are otherwise disposed of, the related costs and accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are credited or charged to operating income. ( d ) Assets Held for Sale Long lived assets or asset groups that have met the initial criteria to be classified as held for sale (disposal group) and have not yet been sold are measured at the lower of their carrying amount or fair value less cost to sell. Long-lived asset classified as held for sale shall not be depreciated (amortized) while classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued. ( e ) Impairment or Disposal of Long-Lived Assets Accounting for impairment or disposal of long-lived assets requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. ( f ) FCC Broadcasting Licenses Our indefinite-lived intangible assets consist of FCC broadcasting licenses. FCC broadcasting licenses are granted to stations for up to eight years under the Telecommunications Act of 1996 (“the Act”). We intend to renew our licenses indefinitely and evidence supports our ability to do so. Historically, there has been no material challenge to our license renewals. In addition, the technology used in broadcasting is not expected to be replaced by another technology any time in the foreseeable future. The weighted-average period before the next renewal of our FCC broadcasting licenses is 4.7 years. We do not amortize our FCC broadcasting licenses. We test these indefinite-lived intangible assets for impairment at least annually, as of November 30, 2019, or when an event occurs that may indicate that impairment may have occurred. We test our FCC broadcasting licenses for impairment at the market cluster level. Our valuations principally use the discounted cash flow methodology. 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 of signal, media competition and audience share and 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. Since a number of factors such as: overall advertising demand, station listenership and viewership, audience tastes, technology, fluctuation in preferred advertising media and the estimated cost of capital may influence the determination of the fair value of our FCC broadcasting licenses, we are unable to predict whether impairments, which could have a material impact on our consolidated financial statements, will occur in the future. We also consider additional market valuation approaches in assessing whether any impairment may exist at reporting units. Based on consideration of these factors, we determined that there were no impairments of our FCC broadcasting licenses for the year ended December 31, 2019. Any significant change in these factors will result in a modification of the key assumptions, which may result in an additional impairment. ( g ) Goodwill Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. We test goodwill for impairment at least annually at the reporting unit level. We have determined that we have two reporting units, Radio and Television. We currently only have goodwill in our radio reporting unit. We have aggregated our operating components (radio stations) into a single radio reporting unit based upon the similarity of their economic characteristics. Our evaluation included consideration of factors, such as regulatory environment, business model, gross margins, nature of services and the process for delivering these services. The Company assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for its radio reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value of its radio reporting unit. If the fair value of its radio reporting unit is less than the carrying amount, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. The loss recognized will not exceed the total amount of goodwill. During 2019 and 2018, we performed interim and annual impairment reviews of our goodwill, as of November 30. Our impairment testing indicated that the estimated enterprise value of our radio reporting unit exceeded its carrying value. When evaluating our estimated enterprise value, we utilized an income approach which uses assumptions and estimates which among others include the aggregated expected revenues and operating margins generated by our FCC broadcasting licenses (i.e. our stations) and use of a risk adjusted discount rate. Based on our reviews it was determined that there was no impairment of goodwill for the years-ended December 31, 2019 and 2018. ( h ) Cash and Cash Equivalents Cash and cash equivalents consist of cash and money market accounts at various commercial banks. All cash equivalents have original maturities of 90 days or less. ( i ) Income Taxes We file a consolidated federal income tax return for substantially all of our domestic operations. We are also subject to foreign taxes on our Puerto Rico operations. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled and are respectively classified as noncurrent assets or noncurrent liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of 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 liabilities, projected future taxable income, and tax planning strategies in making this assessment. If the realization of deferred tax assets in the future is considered more likely than not, an adjustment to the deferred tax assets would increase net income in the period such determination is made. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, at this time, management believes it is more likely than not that we will not realize the benefits of the majority of these deductible differences. As a result, we have established and maintained a valuation allowance for that portion of the deferred tax assets we believe will not be realized. The Company’s accounting policy is to not record the amount of NOL carry-forwards that will expire due to Section 382 limitations. We account for uncertain tax positions which require that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not (a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Interest and penalties on tax liabilities, if any, would be recorded in interest expense and other noninterest expense, respectively (see Note 13). ( j ) Advertising Costs We incur advertising costs to add and maintain listeners. These costs are charged to expense in the period incurred. Cash advertising costs amounted to $1.3 million and $1.1 million in the years ended December 31, 2019 and 2018, respectively. ( k ) Contingent Liabilities and Gains Accounting standards require that an estimated loss from a loss contingency shall be accrued when information available prior to the issuance of the financial statements indicate that it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and when the amount of the loss can be reasonably estimated. Accounting for contingencies such as legal and income tax matters requires us to use our judgment. We believe that our accruals for these matters are adequate. Contingencies that might result in gains are disclosed but not reflected in the financial statements until realization has occurred. ( l ) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for doubtful accounts, the realization of deferred tax assets, the useful lives and future cash flows used for testing the recoverability of property and equipment, the recoverability of FCC broadcasting licenses, goodwill and other intangible assets, the fair value of Level 2 and Level 3 financial instruments, production tax credits, the assessment as to whether it is reasonably certain that we will exercise our options to extend lease terms when available, the present value of lease payments used to calculate our lease liabilities and related right-of-use assets which includes the use of estimated incremental borrowing rate (“IBR”), contingencies and litigation. These estimates and assumptions are based on management’s best judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions as facts and circumstances dictate. Illiquid credit markets, volatile equity markets and reductions in advertising spending have combined to increase the uncertainty inherent in such estimates and assumptions. Actual results could differ from these estimates. ( m ) Concentration of Business and Credit Risks Financial instruments that potentially subject us to concentrations of risk include primarily cash, trade receivables and financial instruments used in hedging activities. We place our cash with highly rated credit institutions. Although we try to limit the amount of credit exposure with any one financial institution, we do in the normal course of business maintain cash balances in excess of federally insured limits. Our operations are conducted in several markets across the United States, including Puerto Rico. Our New York, Los Angeles, and Miami markets accounted for more than 65% of net revenue for the years ended December 31, 2019 and 2018. Our credit risk is spread across a large number of diverse customers in a number of different industries, thus spreading the trade credit risk. We do not normally require collateral on credit sales; however, a credit analysis is performed before extending substantial credit to any customer and occasionally we request payment in advance. We establish an allowance for doubtful accounts based on customers’ payment history and perceived credit risks. ( n ) Basic and Diluted Net (Loss) Income Per Common Share Basic net (loss) income per common share was computed by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock and convertible preferred stock outstanding for each period presented. Diluted net (loss) income per common share is computed by giving effect to common stock equivalents as if they were outstanding for the entire period. The following table summarizes the net (loss) income applicable to common stockholders and the net (loss) income per common share for the years ended December 31, 2019 and 2018 (in thousands, except per share data): Twelve Months Ended December 31, 2019 2018 Class A Class B Series C Class A Class B Series C Basic net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Basic net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Diluted net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in basic computation 4,242 2,340 760 4,224 2,340 760 Weighted-average impact of dilutive equity instruments — — — — — — Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Diluted net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Common stock equivalents excluded from calculation of diluted net (loss) income per share as the effect would have been anti-dilutive: 435 — — 370 — — ( o ) Fair Value Measurement We determine the fair value of assets and liabilities using a fair value hierarchy that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price (see Note 16). The levels of the fair value hierarchy are: • Level 1: inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: inputs are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. ( p ) Share-Based Compensation Expense We account for our share-based compensation expense based on the estimated grant date fair value method using the Black-Scholes option pricing model. For these awards, we have recognized compensation expense using a straight-line amortization method (prorated). Share-based compensation expense is based on awards that are ultimately expected to vest. Share-based compensation for the years ended December 31, 2019 and 2018 were reduced for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors, as well as trends of actual option forfeitures. ( q ) Leasing (Operating Leases) We analyze if contracts are leases or contain leases at inception. Our analysis includes determining whether the right to control the use of an identified asset for a period of time in exchange for consideration has been transferred to the Company. The term of each lease is determined based on the noncancellable period specified in the agreement together with renewal periods which would provide the Company the option to extend the lease and it were reasonably certain that the Company would excrcise that option, as well as that it is also reasonably certain that the lessor would not preclude the Company form doing so. The lease liabilities and the related right-of-use assets are calculated based on the present value of the lease payments using the lessee’s incremental borrowing rate (“IBR”), if the rate is not defined in the contract. IBR is defined as the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a similar term. ( r ) Segment Reporting Accounting standards establish the way public business enterprises report information about operating segments in annual financial statements and require those enterprises to report selected information about operating segments in interim financial reports issued to stockholders. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. ( s ) Recently Issued Accounting Pronouncements In March 2019, the FASB issued ASU No. 2019-02, Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) – Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments Financial Instruments—Credit Losses (Topic 326) In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) Codification Improvements to Topic 842, Leases Leases (Topic 842) – Targeted improvements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).

Revenue

Revenue	12 Months Ended
	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue	(3) Revenue The Company adopted ASC 606 on January 1, 2018 using the modified retrospective transition method as the timing and amount of revenue recognized based on the new standard is consistent with the revenue recognition policy under previous guidance and there was no material impact to our financial position or results of operations. The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company's services and provides financial statement readers with enhanced disclosures. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized and reported reflects the consideration to which the Company expects to be entitled to receive in exchange for these services and entitled under the contract. Substantially all deferred revenue is recognized within twelve months of the payment date. To achieve this core principle, the Company applies the following five steps: 1) Identify the contract with a customer, 2) Identify the performance obligations in the contract, 3) Determine the transaction price, 4) Allocate the transaction price to performance obligations in the contract, and 5) Recognize revenue when or as the Company satisfies a performance obligation. Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the years ended 2019 and 2018 (in thousands): Year Ended December 31, 2019 2018 Local, national, digital and network $ 153,856 $ 143,647 Special events 9,746 6,860 Barter 8,019 6,309 Other 7,264 6,658 Gross revenue 178,885 163,474 Less: Agency commissions and other 22,220 21,105 Net revenue $ 156,665 $ 142,369 Nature of Products and Services (a) Local, national, digital and network advertising Local and digital revenues generally consist of advertising airtime sold in a station’s local market, the Company’s La Musica application or its websites either directly to the advertiser or through an advertiser’s agency. Local revenue includes local spot sales, integrated sales, sponsorship sales and paid-programming (or infomercials). National revenue generally consists of advertising airtime sold to agencies purchasing advertising for multiple markets. National sales are generally facilitated by an outside national representation firm, which serves as an agent in these transactions. Revenues from national advertisers are presented as net of agency commissions as this is the amount that the Company expects to be entitled to receive in exchange for these services and entitled to under the contract. Network revenue generally consists of advertising airtime sold on the AIRE Radio Networks platform by network sales staff. A contract for local, national, digital and network advertising exists only at the time commercial substance is present. For each contract, the Company considers the promise to air or display advertisements, each of which is distinct, to be the identified performance obligation. The price as specified on a customer purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs as an advertisement airs or appears. (b) Special events Special events revenue is generated from ticket sales, as well as through profit-sharing arrangements for producing or co-producing live concerts and events promoted by radio and television stations. In addition to ticket sales, the Company enters into profit-sharing arrangements to produce or co-produce live concerts and events with partners which may also purchase various production services from the company. These contracts include multiple promises that the Company evaluates to determine if the promises are separate performance obligations. Once the Company determines the performance obligations and the transaction price, including estimating the amount of variable consideration, the Company then allocates the transaction price to each performance obligation in the contract based on a relative stand-alone selling price method or using the variable consideration allocation exception if the required criteria are met. The corresponding revenues are recognized as the related performance obligations are satisfied, which may occur over time (i.e. term of agreement) or at a point in time (i.e. event completion). In order to determine if revenue should be reported gross as principal or net as agent, the Company considers indicators such as if it is the party primarily responsible for fulfillment, has inventory risk, and has discretion in establishing price to determine control. When management determines it controls an event, it is acting as the principal and records revenue gross. When management determines it does not control an event, it is acting as an agent and records revenue net. (c) Barter advertising Barter sales agreements are used to reduce cash paid for operating costs and expenses by exchanging advertising airtime for goods or services. A contract for barter advertising exists only at the time commercial substance is present. For each contract, the Company considers the promise to air or display advertisements, each of which is distinct, to be the identified performance obligation. The price as specified on a counterparty’s purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs as an advertisement airs or displays. For the years ended December 31, 2019 and 2018, barter revenue of $8.0 and $6.3 million was offset by barter expense of $7.6 million and $5.7 million, respectively. (d) Other revenue Other revenue consists of syndication revenue, subscriber revenue and other revenue. Syndication revenue is recognized from licensing various MegaTV content and is payable on a usage-based model. Subscriber revenue is payable in a per subscriber form from cable and satellite providers. Other revenue consists primarily of renting available tower space or sub-channels. The Company considers signed license or subscriber agreements to be the contract with a customer for the sale of syndicated or subscriber related content. For each contract, the Company considers making content available to the customer to be the identified performance obligation. The price as specified on a counterparty’s agreement, which is generally stated on a per user basis, is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs on a month-to-month basis. Other revenues related to renting tower space are recognized in accordance with ASC 842 - Leases. Significant Judgments As part of its consideration of the existence of contracts, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). Advertising contracts are for one year or less. In determining the transaction price the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. In determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Contract Balances During the years ended December 31, 2019 and 2018, there were $0.4 million of local, national and digital revenue recognized that were included in the unearned revenue balances at the beginning of each period, respectively. During the years ended December 31, 2019 and 2018, there were $0.1 million of special events revenue recognized that were included in the unearned balances at the beginning of each period, respectively. During years ended December 31, 2019 and 2018, there were $0.5 million and $0.3 million of barter revenue that were included in the unearned revenue balances at the beginning of each period, respectively. Network and other revenue recognized during the years ended December 31, 2019 and 2018, that were included in unearned revenue balances at the beginning of each period were not significant. At December 31, 2019 there was $2.0 million of variable consideration in the form of agency based volume discounts accrued as contract liabilities within accrued expenses as compared to $2.1 million at December 31, 2018. Variable consideration in the form of agency based volume discounts of $2.0 million and $2.1 million were recognized and recorded as contract liabilities within accrued expenses during the years ended December 31, 2019 and 2018, respectively. Transaction Price Allocated to the Remaining Performance Obligation The Company has elected to use the optional exemption in ASC 606-10-50-14 with regard to disclosing balances associated with remaining performance obligations. Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, is not material. Assets Recognized from the Costs to Obtain a Contract with a Customer ASC 606 requires that the Company capitalize incremental costs of obtaining a contract such as sales commissions. The guidance provides certain practical expedients that limit this requirement. The Company has elected to use the practical expedient in ASC 340-40-25-4 which allows us to recognize the incremental cost of obtaining a contract, such as sales commissions paid to our employees, as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	(4) Leases The Company has commitments under operating leases for office space and radio tower sites used in its operations. Our leases have initial lease terms that expire between 2020 and 2082, most of which include options to extend or renew the leases. Currently, we do not have finance leases. Our annual rental expenses can range from less than $3 thousand up to $0.5 million. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Certain rental agreements for office space and radio towers contain non-lease components such as common area maintenance and utilities. The Company elected to apply the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of an office space and radio tower lease contract and its associated non-lease components as a single lease component. Certain rental agreements for office space and radio towers also include taxes and insurance which are not considered lease components. Consideration for office space and radio tower site leases generally includes fixed monthly payments. The lease term begins at the commencement date and is determined on that date based on the term of the lease, together with periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option. When evaluating whether the Company is reasonably certain to exercise an option to renew the lease, the Company is required to assess all relevant factors that create an economic incentive for the Company to exercise the renewal. The various discount rates are based on the Company’s incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company’s incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company used publicly available information about low-grade debt, adjusted for the effects of collateralization, to determine the various rates it would pay to finance transactions over similar time periods. The Company elected to apply a package of practical expedients that allows it not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases. The following table summarizes the components of lease cost for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Operating lease cost $ 4,202 Sublease income (1,872 ) Total lease cost $ 2,330 Lease costs for the year ended December 31, 2018 include minimum rental payments under operating leases recognized on a straight-line basis over the term of the lease including any periods of free rent. Rental expense for operating leases during the year ended December 31, 2018 amounted to $3.9 million. At December 31, 2019, amounts reported in the Consolidated Balance Sheet are as follows (in thousands): Year Ended Operating Leases: December 31, 2019 Operating lease right-of-use assets $ 17,978 Operating lease liabilities 948 Operating lease liabilities - net of current portion 17,538 Total operating lease liabilities $ 18,486 Other information Operating cash flows from operating leases $ 1,775 Right-of-use assets obtained in exchange for new lease liabilities $ 7,701 Weighted-average remaining lease term 13.8 years Weighted average discount rate 12.7% At year end December 31, 2019, the company reclassified $1.6 million of operating lease right of use assets and $1.5 million of operating lease liabilities to assets and liabilities held for sale, further discussed in Note 6 – Assets and Liabilities Held For Sale. Future minimum lease payments under operating leases as of December 31, 2019 are as follows (in thousands): Year ending December 31: 2020 $ 3,202 2021 2,976 2022 2,922 2023 2,791 2024 2,851 Thereafter 28,694 Total undiscounted lease payments $ 43,436 Less: imputed interest 24,950 Total lease liabilities $ 18,486 We have agreements to sublease our radio frequencies and portions of our tower sites and buildings. Such agreements provide for payments through 2023. Future minimum rental income to be received under these agreement as of December 31, 2019 is as follows: Year ending December 31: 2020 $ 558 2021 436 2022 311 2023 104 2024 — Total undiscounted lease payments $ 1,409

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Prepaid Expenses and Other Current Assets	( 5 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at December 31, 2019 and 2018 consist of the following (in thousands): 2019 2018 Production tax credits $ 2,938 $ 2,513 FCC repack assets (1) 1,430 1,086 Prepaid expenses 2,511 3,432 Other current assets 596 449 $ 7,475 $ 7,480 (1) Pursuant to the FCC’s Television Broadcast Incentive Auction, repack assets are reimbursable by the FCC, of which $1.2 million of the balance is being used towards the build-out of a third party antenna with the remaining $0.2 million being used in the construction and purchase of company assets.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	12 Months Ended
	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	(6 ) Assets and Liabilities Held for Sale During 2019, the Company entered into a brokerage agreement with a broker to market various assets related to our Houston, KTBU, operations which are part of our television assets. The Company’s KTBU FCC license, certain transmission related fixed assets and an operating lease related to the transmission site have been reclassified to assets and liabilities held for sale as these assets were approved for immediate sale in their present condition, were expected to be sold within one year and management was actively working to locate buyers for these assets. On January 21, 2020, the Company entered into an asset purchase agreement with KHOU-TV, Inc. to sell these assets for $15 million, exclusive of closing costs, and the Company subsequently closed on the sale on March 23, 2020. Assets with a carrying amount of $12.5 million were reclassified to assets held for sale and operating lease liabilities with a carrying amount of $1.5 million were reclassified to liabilities held for sale. Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-20-45, Discontinued Operations, a disposal of a component of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. Management determined that the disposition did not represent a strategic shift that will have a major effect on the Company’s operations and financial results, therefore the operations in the Houston, TX, market were not reported as discontinued operations. Operating income for our Houston station was $0.3 million for the year ended December 31, 2019. A summary of assets and liabilities held for sale as of December 31, 2019 is as follows (in thousands): 2019 FCC broadcasting licenses $ 10,432 Property and equipment, net 425 Operating lease right-of-use asset 1,617 Assets held for sale $ 12,474 Operating lease liabilities $ 54 Operating lease liabilities, net of current portion 1,456 Liabilities held for sale $ 1,510 Pursuant to an agreement entered into by the Company, as of September 12, 2017, with 26 W. 56 LLC, the Company closed on the sale of its New York facilities on July 19, 2018 with a carrying value of $0.4 million for $14.0 million, exclusive of closing costs. The Company recognized a gain on the sale of the New York facilities of $12.5 million. Additionally, the sale of the New York facilities resulted in net proceeds of $10.4 million to the Company, as defined by the Indenture governing the Notes, which is calculated differently than the recognized gain for financial reporting purposes. In order to arrive at net proceeds, as defined by the Indenture, the Company is permitted to hold back certain amounts related to taxes, relocation expenses and capital expenditures that are expected to become payable in the future. The net proceeds of $10.4 million was used to repay a portion of the Notes on August 23, 2018.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property and Equipment, Net	( 7 ) Property and Equipment, Net Property and equipment, net consists of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Estimated useful lives Land $ 6,456 $ 6,456 — Building and building improvements 22,569 22,385 7–20 years Tower and antenna systems 5,402 5,627 10 years Studio and technical equipment 21,177 22,413 5–10 years Furniture and fixtures 3,331 3,175 5–10 years Transmitter equipment 8,609 8,605 10 years Leasehold improvements 3,413 3,064 1–20 years Computer equipment and software 9,650 8,807 3–5 years Other 2,419 2,328 3–5 years 83,026 82,860 Less accumulated depreciation (60,004 ) (60,446 ) $ 23,022 $ 22,414 During the years ended December 31, 2019 and 2018, depreciation of property and equipment totaled $3.6 and $3.8 million, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	( 8 ) Accounts Payable and Accrued Expenses Accounts payable and accrued expenses at December 31, 2019 and 2018 consist of the following (in thousands): 2019 2018 Accounts payable – trade $ 2,050 $ 1,913 Accrued compensation and commissions 8,463 7,209 Accrued professional fees 1,559 1,745 Accrued music license fees 1,395 2,157 Accrued step-up leases — 448 Accrued franchise and rent tax 1,273 1,735 Other accrued expenses 5,593 5,163 $ 20,333 $ 20,370

12.5% Senior Secured Notes due

12.5% Senior Secured Notes due 2017	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
12.5% Senior Secured Notes due 2017	( 9 ) 12.5% Senior Secured Notes due 2017 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 the 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, as a result of which there was an event of default under the Indenture on April 17, 2017 (being the payment date following the Saturday, April 15, 2017 maturity date). At December 31, 2019, there is $249.9 million in principal amount of Notes outstanding. As a result, there has been and remains an event of default under the Indenture which gives the holders of our Notes the right to demand repayment of the Notes and, subject to the terms of the Indenture, to foreclose on our assets that serve as collateral for the Notes. The collateral constitutes substantially all of our assets. We continue to pay interest on the Notes at their current rate of 12.5% per year on a monthly basis. We sold our Los Angeles real estate for $14.7 million and a portion of our Puerto Rico television spectrum for $5.5 million, during 2017, and our New York real estate for $14.0 million in the third quarter of 2018, whose net proceeds, as defined by the Indenture,we used to repay a portion of the Notes. On May 8, 2017, the Company, and certain of its subsidiaries entered into a Forbearance Agreement with the certain Noteholders, owning more than 75% the principal amount of the outstanding Notes. These Noteholders agreed to forbear from exercising any of their rights and remedies under the Indenture, 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 and (b) May 31, 2017. As part of the Forbearance Agreement, the Company agreed to make monthly interest payments of approximately $2.9 million on the Notes for the 30 day periods ending on May 15, 2017 and June 15, 2017, rather than on a semi-annual basis as required by the Indenture. The Company also agreed to pay a consent fee to these Noteholders equal to 0.35% of the principal amount of the Notes held by such parties and to pay the legal fees and financial advisor due diligence fees of these Noteholders. The Forbearance Agreement expired and has not been extended. As of the date of the filing of these financial statements, the Company had made all of the payments required to be made under the Forbearance Agreement and has continued to make monthly interest payments on the Notes on the 15th day of each month and continued to pay the monthly legal and financial advisor due diligence fees of these Noteholders. On July 19, 2018, the Company closed on the sale of its New York facilities and used the net proceeds to pay down a portion of the outstanding indebtedness on our Notes. On August 23, 2018, net proceeds, as defined by the Indenture, of $10.4 million were delivered directly to the trustee in order to pay down our Notes. A summary of the outstanding balance of our Notes, as of December 31, 2017 and changes through the year ended December 31, 2019, is presented below (in thousands). Redemptions listed below were made with the net proceeds of asset sales described above. 12.5% Senior Notes due 2017, as of December 31, 2017 $ 260,274 Redemption of Notes (August 23, 2018) (10,410) 12.5% Senior Notes due 2017, as of December 31, 2019 and 2018 $ 249,864 (a) Interest The Notes accrue interest at a rate of 12.5% per year. Since April 17, 2017, interest has been payable 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 31, or (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 ended December 31, 2019. (b) 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)), which constitutes substantially all of the Company’s assets. 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 10 to the audited 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 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 non-guarantor subsidiaries. (c) Covenants and Other Matters The Indenture contains covenants that, among other things, limit our ability and the ability of the guarantors to: • incur or guarantee additional indebtedness; • pay dividends or make other distributions, repurchase or redeem our capital stock and make certain restricted investments and make other restricted payments; • sell assets; • incur liens; • enter into transactions with affiliates; • engage into sale and leaseback transactions; • alter the businesses we conduct; • enter into agreements restricting our subsidiaries’ ability to pay dividends, make loans and sell assets to the Company and other restricted subsidiaries; • enter into change of control transactions; • manage our FCC licenses and broadcast license subsidiaries; and • consolidate, merge or sell 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 A and B Cumulati

10 3/4% Series A and B Cumulative Exchangeable Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
10 3/4% Series A and B Cumulative Exchangeable Redeemable Preferred Stock	( 10 ) 10 3/4% Series A and B Cumulative Exchangeable Redeemable Preferred Stock 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 cumulative exchangeable redeemable 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 governing the Series B preferred stock (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 preferred stock. During October 15, 2003 to October 30, 2008, we increased the carrying amount of the Series B preferred stock by approximately $17.3 million for stock dividends, which were accreted using the effective interest method. Since October 15, 2008, we have been required to pay the dividends on our Series B preferred stock in cash. 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 remained on the Board of Directors until their resignation on August 17, 2017. The holders of the Series B preferred stock have the right to elect two new directors to the Board of Directors to fill the seats vacated by Messrs. Miller and Stone for their unexpired terms at a special meeting of the holders of the Series B preferred stock. As of the date of these Consolidated Financial Statements, the holders of the Series B preferred stock have not elected any new directors to fill the vacated seats. The two vacancies on the Board of Directors will remain unfilled until such time as the holders of the Series B preferred stock appoint two new directors. 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 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 preferre Persons claiming to own 94.16% of our Series B preferred stock filed a complaint against us in the Delaware Court of Chancery, in Cedarview Opportunities Master Fund, L.P., et al. v. Spanish Broadcasting System, Inc. For additional detail regarding the Series B preferred stock litigation, see Note 15, Litigation, of the Notes to the Consolidated Financial Statements. Given the information that was disclosed to us in the Preferred Holder Complaint regarding the purported ownership of a majority of the Series B preferred stock by foreign persons, we were required to take immediate remedial action in order to ensure that any violations of the Communications Act and our Charter resulting from that ownership did not adversely affect our FCC broadcast licenses and ability to continue our business operations. Accordingly, on November 28, 2017, consistent with our obligations and authority provided to us under the Communications Act and by Article X of our Charter, we notified holders of our Series B preferred stock that we were suspending all rights, effective immediately, of the holders of the Series B preferred stock, other than their right to transfer their shares to a citizen of the United States. Such suspension of rights was meant from the outset to be a temporary and reasonable measure, intended to elicit the information necessary to determine which Series B preferred stock sales were proper under the Charter. The Company pledged to restore the suspended rights to each shareholder that demonstrated it was neither an alien nor a representative of an alien or upon a showing that its ownership of Series B preferred stock (including stakes held by any non-U.S. entities) complies with Section 310(b) of the Communications Act and the Charter. Additionally, on November 13, 2017, the Company filed a notification with the FCC to apprise the FCC of the possible non-compliance with the Communications Act’s limits on foreign ownership. On December 4, 2017, the Company also filed a petition with the FCC for declaratory ruling (the “Petition”) with respect to the potential excess foreign ownership. The Company filed the Petition not because it had concluded that an affirmative FCC public interest ruling regarding recognized foreign ownership was required, but at the suggestion of FCC staff to ensure the Company had prophylactically availed itself of the “safe harbor” protections of Section 1.5004(f)(4) of the FCC’s Rules, in the event such a declaratory ruling ultimately proved necessary. This suggestion came after the Company had previously notified the FCC of a possible Section 310(b) foreign ownership issue triggered by the filing of the Preferred Holder Complaint. The FCC responded to the Petition by sending a letter to the Company detailing the information the FCC would need regarding the identities and nature of the purported foreign ownership of the Series B preferred stock to make a determination regarding the Petition and establishing a deadline for the disclosure of that information. The purported Series B preferred stockholders were therefore required to provide to the Company sufficient information about the extent and nature of their foreign ownership to enable the Company to supplement Petition with this additional information. On March 23, 2018, counsel for the purported holders of most of the Series B preferred stock filed a letter with the FCC supplying a significant portion of the information requested. The Company reviewed this information in order to determine whether it was complete, true and correct, as required by the FCC’s rules, and requested some additional information from the Series B preferred stockholders. The purported Series B preferred stockholders did not provide any additional information regarding the timing of their alleged purchases of Series B preferred stock until December 5, 2018. On that date, such stockholders filed responses to the Company’s interrogatories in the Series B Preferred Stock Litigation. These responses contained a significant portion of the pending information that was originally solicited on November 2017 and January 2018, respectively. The new information mainly consisted of the trading information in the Series B preferred stock, including dates of acquisition, the number of shares purportedly acquired in each transaction and, to the extent available, seller information. On December 6, 2018, the Company received a letter from the Enforcement Bureau of the Investigations and Hearings Division (the “Bureau”) of the FCC advising the Company that it was under investigation for potential violations of Section 310(b) of the Communications Act related to excess foreign ownership of broadcast stations. As part of its investigation, the Bureau requested of the Company detailed information and supporting documentation about the identities of the Series B preferred stockholders, the potential for a foreign ownership violation, the dates that the Company became aware of the situation, and the steps it took to address the situation. The Company timely filed our response to the Bureau’s letter of inquiry on February 8, 2019. As of the date of this Annual Report, we have not received a response or any additional inquiries from the Bureau regarding this investigation. Previously, on April 27, 2018, the Company had announced publicly that the purported foreign ownership excess did not exist. On this date, the Company issued Notices of Ineffective Purported Purchase of Series B Preferred Stock (the “Notices”) to each of West Face Long Term Opportunities Global Master L.P., Stornoway Recovery Fund LP, Stonehill Master Fund Ltd. and Ravensource Fund notifying these investors that their claimed purchases of Series B preferred stock would be treated as void and non-existent because these investors attempted to acquire these shares in transactions that, if given effect, would have violated the Charter. In the Notices, the Company invited these investors to demonstrate facts to the contrary supported by relevant documentation. However, these investors have not provided the Company with any facts or provided any documentation that would support a different legal conclusion. As stated above, the Company takes the position that certain of the purported non-U.S. preferred stockholders do not currently hold valid equity interests in the Company, with the result that there is no foreign ownership excess. For this reason, the Company did not claim in its Petition or any supplement thereto that it would be in the public interest for the relevant entities to hold aggregate interests exceeding the 25 percent foreign ownership benchmark. As stated in the original Petition, the Company then recognized that its showing “is not yet complete with respect to the FCC’s ability to render a decision regarding the … public interest inquiry.” Because the share transfers that gave rise to some or all of the Series B preferred stock ownership claims of several purported non-U.S. preferred stockholders are invalid, there would be no need for such a showing unless a court first determines that the suspect transactions must be honored. Accordingly, both the Company and the purported Series B preferred stockholders have suggested that the FCC should consider simply holding the Petition in abeyance until the Series B Preferred Stock Litigation is resolved. As of the date of these financial statements, the Company believes that there remain genuine questions regarding valid ownership, or good title, to the Series B preferred stock by these foreign investors. As a result, we intend to remain vigilant regarding compliance with the Communications Act and our Charter and will continue to evaluate information provided to us by the purported holders of the Series B preferred stock. Because we have not yet received all of the requisite information from the purported holders, we have been unable to effectively determine whether to withdraw the suspension of their rights as owners of such preferred stock or the extent of any additional remedial action by the Company that may be necessary. 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 3/4% 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 under the Indenture governing our Notes. As of December 31, 2019, the aggregate cumulative unpaid dividends on the outstanding shares of the Series B preferred stock was approximately $94.5 million, which is accrued on our consolidated balance sheet as 10 ¾% Series B cumulative exchangeable redeemable preferred stock. Accounting Treatment of the Preferred Stock The Series B preferred stock will be measured at subsequent reporting dates at the amount of cash that would be paid under the conditions specified in the contract, as if the settlement occurred at the reporting date, recognizing the resulting change in that amount from the previous reporting date as interest expense. Therefore, the 10 ¾% accruing quarterly dividends will be recorded as interest expense (i.e. “Dividends on Series B preferred stock classified as interest expense”) as required by ASC 480. During the years 2019 and 2018, we recorded $9.7 million as dividends on Series B preferred stock classified as interest expense.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	(1 1 ) Stockholders’ Equity (a) Series C Convertible Preferred Stock We are required to pay holders of Series C convertible preferred stock, $0.01 par value per share (the “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. 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. Mr. Alarcón is also the beneficial owner of all the shares of Series C preferred stock which are convertible into 760,000 shares of Class A common stock, subject to certain adjustments. (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 Charter). 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) Share-Based Compensation Plans and Other Share Based Compensation 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. The Omnibus Plan expired on July 17, 2016 and no further share-based awards can be granted under this plan. 1999 Stock Option Plans In September 1999, we adopted an employee incentive stock option plan (the “1999 ISO Plan”) and a nonemployee director stock option plan (the “1999 NQ Plan”, and together with the 1999 ISO Plan, the “1999 Stock Option Plans”). Options granted under the 1999 ISO Plan vest according to the terms determined by the compensation committee of our Board of Directors, and have a contractual life of up to ten years from the date of grant. Options granted under the 1999 NQ Plan vest 20% upon grant and 20% each year for the first four years from the date of grant. All options granted under the 1999 ISO Plan and the 1999 NQ Plan vest immediately upon a change in control of SBS, as defined therein. A total of 300,000 shares and 30,000 shares of Class A common stock were reserved for issuance under the 1999 ISO Plan and the 1999 NQ Plan, respectively. In September 2009, our 1999 Stock Option Plans expired; therefore, no more options can be granted under these plans. Options granted under the 1999 Stock Option Plans expired during 2018. Other Share-Based Compensation In February 2016, the Company issued options to purchase 75,000 shares of the Company’s Class A Common Stock to an individual as an inducement to his taking a position with the Company. The options vest over a three-year period and have a ten-year term commencing on their vesting dates. If the employee is terminated without cause or resigns after a change in control, the options automatically vest. The grant was outside of the Company’s 2006 Omnibus Plan in accordance with the then applicable NASDAQ Stock Market rules. Accounting for Share-Based Compensation We recognize share-based compensation expense based on the estimated grant date fair value method using the Black-Scholes option pricing model. For these awards, we have recognized compensation expense using a straight-line amortization method (prorated). Share-based compensation expense is based on awards that are ultimately expected to vest. Share-based compensation for the years ended December 31, 2019 and 2018 was reduced for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors, as well as trends of actual option forfeitures. For the years ended December 31, 2019 and 2018, share-based compensation totaled $10 thousand and $44 thousand, respectively. As of December 31, 2019, there was no unrecognized compensation costs related to nonvested stock-based compensation arrangements granted under all of our plans. Accounting standards require that cash flows resulting from excess tax benefits be classified as a part of cash flows from financing activities. Excess tax benefits are realized tax benefits related to tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation costs for such options. During the years ended December 31, 2019 and 2018, no stock options were exercised; therefore, no cash payments were received. In addition, during the years ended December 31, 2019 and 2018 we did not recognize a tax benefit on our stock-based compensation expense due to our valuation allowance on substantially all of our deferred tax assets. Valuation Assumptions We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The per share weighted average fair value of the stock options granted to employees during 2019 was $0.21. The following weighted average assumptions were used for each respective period: 2019 Expected term 7 Dividends to common stockholders None Risk-free interest rate 2.58% Expected volatility 140.99 Our computation of expected volatility for the year ended December 31, 2019 was based on a combination of historical and market-based implied volatility from traded options on our stock. Our computation of expected term in 2019 was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The information provided above results from the behavior patterns of separate groups of employees that have similar historical experience. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. Stock Options and Nonvested Shares 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 of December 31, 2019 and 2018, and changes during the years ended December 31, 2019 and 2018, 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 December 31, 2017 393 $ 3.48 Granted — — Exercised — — Forfeited (23 ) 3.39 Outstanding at December 31, 2018 370 $ 3.49 Granted 75 0.22 Exercised — — Forfeited (10 ) 7.30 Outstanding at December 31, 2019 435 $ 2.84 $ 8,325 6.8 Exercisable at December 31, 2019 385 $ 3.18 $ 2,775 6.3 The following table summarizes information about our stock options outstanding and exercisable at December 31, 2019 (in thousands, except per share data and contractual life): Weighted Weighted Average Weighted Average Remaining Average Vested Unvested Exercise Contractual Options Exercise Range of Exercise Prices Options Options Price Life (Years) Exercisable Price $0.22 - 0.99 25 50 $ 0.22 10.6 25 $ 0.22 1.00 - 1.99 10 — 1.03 1.8 10 1.03 2.00 - 2.99 75 — 2.99 8.0 75 2.99 3.00 - 4.99 260 — 3.14 5.9 260 3.14 5.00 - 9.99 10 — 7.70 0.8 10 7.70 10.00 - 17.90 5 — 17.90 0.4 5 17.90 385 50 $ 2.84 6.8 385 $ 3.18 Nonvested shares (restricted stock) are awarded to employees under our Omnibus Plan. In general, nonvested shares vest over two to five years and are subject to the employees’ continuing service. The cost of nonvested shares is determined using the fair value of our common stock on the date of grant. The compensation expense is recognized over the vesting period. As of December 31, 2019 and 2018, there were no nonvested shares outstanding.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments	(1 2 ) Commitments ( a ) Employment and Service Agreements At December 31, 2019, we are committed to employment and service contracts for certain executives, on-air talent, general managers, and others expiring through 2024. Future payments under such contracts are as follows (in thousands): Year ending December 31: 2020 $ 9,793 2021 7,453 2022 4,593 2023 1,284 2024 271 Thereafter — $ 23,394 ( b ) 401(k) Profit-Sharing Plan In September 1999, we adopted a tax-qualified employee savings and retirement plan (the “401(k) Plan”). We can make matching and/or profit-sharing contributions to the 401(k) Plan on behalf of all participants at our sole discretion. All full-time employees are eligible to voluntarily participate in the 401(k) Plan after their 90 day introductory period. To date, we have not made contributions to this plan. ( c ) Other Commitments At December 31, 2019, we have commitments to vendors that provide us with goods or services. These commitments included services for rating services, programming contracts, software contracts and others. Future payments under such commitments are as follows (in thousands): Year ending December 31: 2020 $ 9,871 2021 1,819 2022 666 2023 — 2024 — $ 12,356

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	(1 3 ) Income Taxes Total income tax benefit, from continuing operations, for the years ended December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Income tax benefit $ (1,400 ) $ (6,471 ) For the years ended December 31, 2019 and 2018, loss before income tax (benefit) expense consists of the following (in thousands): 2019 2018 U.S. operations $ (7,222 ) $ 4,107 Foreign operations 4,894 5,913 $ (2,328 ) $ 10,020 The components of the provision for income tax (benefit) expense from continuing operations included in the consolidated statements of operations are as follows for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Current: Federal $ 73 $ 212 State and local, net of federal income tax benefit 81 65 Foreign 1,952 2,299 2,106 2,576 Deferred: Federal (1,785 ) (8,804 ) State and local, net of federal income tax benefit (1,721 ) (243 ) Foreign — — (3,506 ) (9,047 ) Total income benefit expense, from continuing operations $ (1,400 ) $ (6,471 ) For the year ended December 31, 2019 and 2018, approximately $3.3 million and $2.3 million, respectively, of Puerto Rico NOL carry-forwards were utilized. For the year ended December 31, 2019 and 2018, $24.3 million and $0.2 million, respectively, federal NOL carry-forwards were utilized. The tax effect of temporary differences and carry-forwards that give rise to deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Federal and state NOL carry-forwards $ 28,210 $ 35,350 Foreign NOL carry-forwards 6,721 7,912 FCC licenses 6,543 6,204 Allowance for doubtful accounts 804 1,174 Unearned revenue 316 263 AMT credit 1,228 1,121 Interest disallowance 11,571 8,084 Property and equipment 2,116 1,228 Accrued foreign withholding 2,693 2,513 Production costs 6,046 6,785 Stock-based compensation 118 134 Intercompany expenses 8,127 6,966 Accrued Vacation/Bonus/Payroll 825 654 Right of use liability 5,917 — Other 1,673 1,781 Total gross deferred tax assets 82,908 80,169 Less valuation allowance (57,538 ) (64,425 ) Net deferred tax assets 25,370 15,744 Deferred tax liabilities: FCC licenses and goodwill 88,291 87,968 Right of use asset 5,797 — Total gross deferred tax liabilities 94,088 87,968 Net deferred tax liability $ 68,718 $ 72,224 The net change in the total valuation allowance for the years ended December 31, 2019 and 2018 was a decrease of $6.9 million and an increase of $1.7 million, respectively. The valuation allowance at 2019 and 2018 was primarily related to domestic pre tax reform carry-forwards, future deductible amounts related to the excess tax basis over the book basis of certain FCC broadcasting licenses, intercompany expenses, production costs, and other various items. In 2019, the overall decrease in the valuation allowance was a result of the utilization of pre-reform NOLs. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of 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 liabilities, projected future taxable income, and tax planning strategies in making this assessment. Management also considered the company’s going concern as part of their assessment. As of December 31, 2019, the valuation allowance is comprised of $31.7 million in the US and $25.8 million in Puerto Rico. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, at this time, management believes it is more likely than not that we will not realize the benefits of the majority of these deductible differences. As a result, we have established and maintained a valuation allowance for that portion of the deferred tax assets we believe will not be realized. At December 31, 2019, we have federal and state NOL carry-forwards available of approximately $92.1 million $91.3 million The Company underwent ownership changes (pursuant to Section 382) in 2013 and 2017. As a result of the 2017 ownership change, the Company reduced its NOL carry-forwards by $32.8 million as of December 31, 2017 because of ownership changes under Section 382, all of which was adjusted against the corresponding valuation allowance. Therefore there was no impact to our income statement or balance sheet. The conclusions as to the ownership changes was based on applicable provisions of the Internal Revenue Code, related Treasury Regulations for Section 382. Based solely on these provisions, the Company believes that a 2017 ownership change occurred. Therefore available NOL carry-forwards were reported in the Consolidated Financial Statements reflecting such a change. This determination was made based on different provisions, laws and regulations than the separate and different conclusion the Company made regarding valid ownership of its capital stock in 2017 for purposes of its Charter and the Communications Act, as described above under “Part 1. Item 1. Business—Our Continued Recapitalization and Restructuring Efforts—Foreign Ownership Issue.” The Company evaluated its position based on the facts and circumstances that were currently available and may reevaluate the conclusion regarding the occurrence of a 2017 ownership change for income tax and financial statement purposes based on additional facts and developments in the future. The NOL’s that were subject to the 2017 ownership change did have a full valuation allowance against them. Therefore, if the Company subsequently determined it did not experience this additional ownership change in August 2017, there would be no impact to the Company’s financial position and results of operations. Total income tax (benefit) expense from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 21.0% for the years ended December 31, 2019 and 2018, as a result of the following: 2019 2018 Computed “expected” tax (benefit) expense 21.0 % 21.0 % State and local income taxes, net of federal benefit 23.7 (4.1 ) Intercompany debt charge off — (135.4 ) Foreign tax differential (18.2 ) 7.5 Prior year adjustment 2.8 — Current year change in valuation allowance 221.4 (6.9 ) Nondeductible expenses (1.3 ) 4.3 Florida valuation allowance release 24.7 — Nondeductible interest expense (87.8 ) 20.4 US GILTI tax inclusion (34.1 ) 10.2 Non-deductible recapitalization costs (61.7 ) 14.6 U.S. 162(m) limitation (22.0 ) — Meals and entertainment disallowance (3.7 ) — Puerto Rico management fee (2.2 ) — Puerto Rico tax credits sold 4.4 — Parking disallowance (1.2 ) — Foreign-derived intangible income deduction 1.9 — Change in effective rate 19.9 2.2 Return to provision (12.4 ) (0.2 ) Puerto Rico withholding taxes (7.7 ) — Puerto Rico alternative minimum tax (3.8 ) — Other (3.5 ) 1.8 60.2 % (64.6 ) % During 2018, the company wrote off intercompany debt with its Puerto Rico subsidiary for US income tax purposes. This resulted in a favorable deduction for the US consolidated group. These amounts are included as components of income tax expense from continuing operations in the fourth quarter of 2018 and had a (135.4%) impact on our annual effective income tax rate. This did not reoccur for 2019. On December 10, 2018, the Puerto Rico government enacted Act 257-2018 (“PR Tax Act”) introducing several amendments to the Puerto Rico Code. The most relevant income tax change includes a reduction of the maximum corporate income tax rate to 37.5%, from 39% effective January 1, 2019. Due to the full valuation allowance on Puerto Rico deferred taxes, there is no overall rate impact as a result of the PR Tax Act. On December 22, 2017, H.R. 1 formerly known as the “Tax Cuts and Jobs Act,” was enacted into law. The Tax Legislation includes changes to existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. The rate reduction takes effect on January 1, 2018. At December 31, 2017, we have not completed our accounting for the tax effects of enactment of the Act; however, we have made reasonable estimate of the effects on our existing deferred tax balances. We recognized a net tax benefit of $34.7 million, which is net of valuation allowance on the deferred tax assets, primarily due to re-measurement of deferred tax assets and liabilities associated with the enactment of the Tax Legislation. These amounts are included as components of income tax expense from continuing operations in the fourth quarter of 2017 and had a 688.4% impact on our annual effective income tax rate. U.S. Federal jurisdiction and the jurisdictions of Florida, New York, California, Illinois, Texas and Puerto Rico are the major tax jurisdictions where we file income tax returns. The tax years that remain subject to assessment of additional liabilities by the federal, state and local tax authorities are 2015 through 2018. The tax years that remain subject to assessment of additional liabilities by the Puerto Rico tax authority are 2013 through 2018. For the years ended December 31, 2019 and 2018, we did not have any unrecognized tax benefits as a result of tax positions taken during a prior period or during the current period. No interest or penalties have been recorded as a result of tax uncertainties. Our evaluation was performed for the tax years ended December 31, 2015 through December 31, 2018, which are the tax years that remain subject to examination by the tax jurisdictions as of December 31, 2019. We do not expect any unrecognized tax benefits to significantly change over the next twelve months.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Contingencies	(1 4 ) Contingencies 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 $1,993,624 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 $475,000, 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.

Litigation

Litigation	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Litigation	(1 5 ) Litigation From time to time, we are involved in various routine legal and administrative proceedings and litigation incidental to the conduct of our business, such as contractual matters and employee-related matters. In recent years, we have been subject to administrative proceedings and lawsuits, including class action lawsuits, alleging violations of federal and state law regarding workplace, wage-hour and employment discrimination matters. In the opinion of management, such litigation is not likely to have a material adverse effect on our business, operating results or financial condition. Series B Preferred Stock Litigation Persons claiming to own 94.16% of our Series B preferred stock filed a complaint against us in the Delaware Court of Chancery, in Cedarview Opportunities Master Fund, L.P., et al. v. Spanish Broadcasting System, Inc

Fair Value Measurement Disclosu

Fair Value Measurement Disclosures	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement Disclosures	(1 6 ) Fair Value Measurement Disclosures (a) 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 cumulative exchangeable redeemable 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 preferred stock was also utilized in the analysis. The outcome of the Series B preferred stock litigation may impact the fair value of the Series B preferred stock going forward. The estimated fair values of our financial instruments are as follows (in millions): December 31, 2019 2018 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes Level 2 $ 249.9 263.5 $ 249.9 258.6 10 3 4 preferred stock Level 3 185.0 66.0 175.3 37.8 From time to time, certain assets or liabilities may be recorded at fair value on a non-recurring basis. During the second quarter 2018, the Company determined there was an impairment on it Puerto Rico television market FCC broadcasting license. A non-cash impairment of $0.5 million was recorded to reduce the carrying value of the license to its fair value (Level 3 non-recurring fair value measure). Key assumptions used in the discounted cash flow method used to arrive at the fair value were : 0.5% revenue growth, 2.0% mature market share, 24% mature operating profit margin, and a 12% discount rate. At December 31, 2018, the fair value of this license exceeded its carrying value. There were no FCC broadcasting license impairments in 2019.

Segment Data

Segment Data	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Data	(1 7 ) Segment Data The following summary table presents separate financial data for each of our operating segments. The accounting applied to determine the segment information are generally the same as those described in the summary of significant accounting polices (see Note 2(r)). We evaluate the performance of our operating segments based on separate financial data for each operating segment as provided below (in thousands): Year Ended December 31, 2019 2018 Net revenue: Radio $ 140,385 $ 126,399 Television 16,280 15,970 Consolidated $ 156,665 $ 142,369 Engineering and programming expenses: Radio $ 22,283 $ 21,101 Television 6,598 4,715 Consolidated $ 28,881 $ 25,816 Selling, general and administrative expenses: Radio $ 58,351 $ 49,585 Television 6,441 6,387 Consolidated $ 64,792 $ 55,972 Corporate expenses: $ 11,721 $ 10,540 Depreciation and amortization: Radio $ 1,623 $ 1,659 Television 1,768 1,907 Corporate 211 235 Consolidated $ 3,602 $ 3,801 Loss (gain) on the disposal of assets, net: Radio $ (62 ) $ (3 ) Television 427 (6 ) Corporate — (12,541 ) Consolidated $ 365 $ (12,550 ) Recapitalization costs: Radio $ — $ — Television — — Corporate 6,845 6,713 Consolidated $ 6,845 $ 6,713 Executive severance expenses: Radio $ — $ — Television — — Corporate 1,844 — Consolidated $ 1,844 $ — Impairment charges: Radio $ — $ — Television — 483 Corporate — — Consolidated $ — $ 483 Other operating income: Radio $ (16 ) $ — Television — — Corporate — — Consolidated $ (16 ) $ — Operating income (loss): Radio $ 58,206 $ 54,057 Television 1,046 2,484 Corporate (20,621 ) (4,947 ) Consolidated $ 38,631 $ 51,594 Year Ended December 31, 2019 2018 Capital expenditures: Radio $ 2,003 $ 2,493 Television 1,337 232 Corporate 458 182 Consolidated $ 3,798 $ 2,907 December 31, December 31, 2019 2018 Total Assets: Radio $ 407,633 $ 386,303 Television 58,465 55,052 Corporate 2,946 2,957 Consolidated $ 469,044 $ 444,312

Retirement of Senior Executive

Retirement of Senior Executive Vice President and Chief Financial Officer	12 Months Ended
	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Retirement of Senior Executive Vice President and Chief Financial Officer	(18) Retirement of Senior Executive Vice President and Chief Financial Officer On May 31, 2019, the Company entered into a Separation Agreement (the “Separation Agreement”) with our former Senior Executive Vice President and Chief Financial Officer (“SEVP/CFO”). Pursuant to the Separation Agreement, effective May 31, 2019 (the “Separation Date”), the former SEVP/CFO resigned as an officer and employee of the Company, but will continue to serve as a director of the Company. Under the Separation Agreement, the former SEVP/CFO received his earned base salary and expenses through the Separation Date, plus $1,750,000 in cash severance. The cash severance amount represents two times his base salary (that he was entitled to receive under his employment agreement with the Company plus an additional $700,000, and the cash severance will be paid out over a 12 month period. The former SEVP/CFO’s vested stock options will also remain exercisable following the Separation Date, until the expiration of the applicable option term. The former SEVP/CFO is also entitled to continue to participate in the Company’s group health plan for six months following the Separation Date at the Company’s expense. Thereafter, the former SEVP/CFO may elect COBRA continuation coverage (subject to eligibility and timely election). If he elects such coverage, the Company will pay him a cash lump sum amount equivalent to 18 months of monthly COBRA premiums for the coverage elected. For the year ended December 31, 2019, we expensed $1.8 million as executive severance expenses which includes severance pay, future benefits and other expenses. As of December 31, 2019, within accounts payable and accrued expenses, there is approximately $0.4 million that remains accrued related to the executive severance expense.

Related Party Transaction

Related Party Transaction	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transaction	(19) Related Party Transaction (a) CEO Waiver of Performance Bonus Pursuant to his Employment Agreement, our Chief Executive Officer (CEO) was entitled to receive a bonus for 2019 if the Company met certain performance metrics for the year. Based on the Company’s performance, our CEO would have been entitled to receive a bonus in the amount of $750,000 for 2019 which was recorded as part of our corporate expenses. Our CEO decided to waive his right to receive a portion of his performance bonus amounting to $500,000 and notified the Compensation Committee of such decision. The Compensation Committee accepted our CEO’s waiver and the Company reversed its prior bonus accrual by $500,000 and recorded it as a benefit to corporate expenses. (b) Certain Relationships Alessandra Alarcón, the daughter of Raúl Alarcón, our Chief Executive Officer, is employed by us as President of SBS Entertainment. Ms. Alarcón’s total compensation paid during the fiscal years 2019 and 2018 was $0.3 million and $0.2 million, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	(20) Subsequent Events Outbreak of COVID-19 Coronavirus The recent global outbreak of COVID-19 has disrupted economic markets and the economic impact, duration and spread of COVID-19 is uncertain at this time. In response to this current health crisis, governmental authorities have imposed certain restrictions, including travel bans and recommendations on the limitation of social gatherings, which have directly impacted our ability to continue producing concerts and special events while those restrictions remain in place. Additionally, significant estimates, as further discussed in note 2(l), which include but are not limited to our FCC broadcasting licenses, goodwill, our allowance for doubtful accounts and the fair value of our Level 2 and Level 3 financial instruments maybe materially and adversely impacted by further governmental actions designed to contain the outbreak of COVID-19. Our operational and financial performance may be significantly impacted by COVID-19, however it is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business, financial position, results of operations, liquidity or cash flows, at this time. Enactment of H.R.748, The CARES Act On March 27, 2020, President Trump signed into law the CARES Act, in response to COVID-19. The CARES Act is meant to infuse negatively affected companies with various tax cash benefits to ease the impact of the pandemic. Significant impacts of the CARES Act include an increase of the IRC 163(j) Interest Disallowance Limitations from 30% to 50% of adjusted taxable income which will allow the Company to deduct additional interest for the 2019 and 2020 tax years. As a result of the increased interest deduction, the NOL utilization is expected to decrease in 2019 and 2020 resulting in additional carry forwards to be used in future years. The Company is assessing the potential impact of the CARES Act but is currently unable to provide an estimate on the income tax effects due to the timing of the expedited legislation. Asset Sale – KTBU-TV On March 23, 2020, the Company completed an asset sale with KHOU-TV, Inc. under which the Company agreed to sell its KTBU-DT FCC license and certain assets used in the transmission of the signal in the Houston, Texas, market. The respective assets were classified as held for sale as of December 31, 2019 and further discussed in note 6 of the Notes to the Consolidated Financial Statements.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2019
Valuation And Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	SPANISH BROADCASTING SYSTEM, INC. AND SUBSIDIARIES Consolidated Financial Statement Schedule – Valuation and Qualifying Accounts Years Ended December 31, 2019 and 2018 (In thousands) Balance at Charged to Charged beginning of cost and to other Balance at Description year expense accounts Deductions (1) end of year Year ended December 31, 2018: Allowance for doubtful accounts $ 1,529 528 — (408 ) 1,649 Valuation allowance on deferred taxes 62,688 1,737 — — 64,425 Year ended December 31, 2019: Allowance for doubtful accounts $ 1,649 906 — (1,433 ) 1,122 Valuation allowance on deferred taxes 64,425 (6,887 ) — — 57,538 (1) Cash write-offs, net of recoveries.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Related Matters (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The consolidated financial statements include the accounts of Spanish Broadcasting System, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In addition, we evaluated subsequent events after the balance sheet date and through the financial statements issuance date. 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 December 31, 2019, 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 due 2017 (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 the extent of the funds legally available. The Company is currently involved in litigation with some holders of the Series B preferred stock. See Note 10 elsewhere in these Notes to the consolidated financial statements for additional detail regarding the Series B preferred stock litigation. As discussed in Note 9, the Notes became due on April 15, 2017. Cash from operations and proceeds from the sale of assets and the FCC spectrum auction were not sufficient to repay the Notes when they became due. We have worked and continue to work with our advisors regarding a consensual recapitalization or restructuring of our balance sheet, including through the issuance of new debt or equity to raise the necessary funds to repay the Notes. The Series B preferred stock litigation and the foreign ownership issue have complicated our efforts at a successful refinancing of the Notes. The resolution of the recapitalization or restructuring of our balance sheet, the litigation with the purported holders of our Series B preferred stock and the foreign ownership issue are subject to several factors currently beyond our control. Our efforts to effect a consensual refinancing of the Notes, the Series B preferred stock litigation and the foreign ownership issue will likely continue to have a material adverse effect on us if they are not successfully resolved. On December 16, 2019, we announced in a press release that we had received a letter from a bank stating that it was highly confident of its ability to arrange secured debt financing for up to $300 million that, in combination with a possible additional first lien asset-based financing, would be used to repay our outstanding Notes and to make cash purchases of our Series B preferred stock. We cannot assure you that the bank will be successful in raising that financing, that we will be able to raise the additional contemplated first lien asset-based financing or that we will be able to reach agreement that will be acceptable to us. The Company has incurred $6.8 million and $6.7 million, respectively, for the years ended December 31, 2019 and 2018, of recapitalization costs, primarily due to professional fees, settlements, severance pay and station relocation costs directly related to our recapitalization efforts. Also included in these amounts are the legal and financial advisory fees incurred by the holders of the Notes. The Company’s inability to obtain financing in adequate amounts and on acceptable terms necessary to repay our Notes and redeem or refinance our Series B preferred stock, obtain a favorable resolution to the Series B preferred stock litigation, finance future acquisitions, or unexpected crisis such as the recent outbreak of the COVID-19 coronavirus negatively impacts our business, financial position, results of operations, liquidity 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.
Valuation of Accounts Receivable	( b ) Valuation of Accounts Receivable We review accounts receivable to determine which accounts are doubtful of collection. In making the determination of the appropriate allowance for doubtful accounts, we consider our history of write-offs, relationships with our customers, age of the invoices and the overall creditworthiness of our customers. For each of the years ended December 31, 2019 and 2018, we incurred bad debt expense of $0.9 and $0.5 million, respectively. Changes in the credit worthiness of customers, general economic conditions and other factors may impact the level of future write-offs.
Property and Equipment	( c ) Property and Equipment Property and equipment, including capital leases, are stated at historical cost, less accumulated depreciation and amortization. We depreciate the cost of our property and equipment using the straight-line method over the respective estimated useful lives (see Note 7). Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining life of the lease or the useful life of the improvements. Maintenance and repairs are charged to expense as incurred; improvements are capitalized. When items are retired or are otherwise disposed of, the related costs and accumulated depreciation and amortization are removed from the accounts and any resulting gains or losses are credited or charged to operating income.
Assets Held for Sale	( d ) Assets Held for Sale Long lived assets or asset groups that have met the initial criteria to be classified as held for sale (disposal group) and have not yet been sold are measured at the lower of their carrying amount or fair value less cost to sell. Long-lived asset classified as held for sale shall not be depreciated (amortized) while classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued.
Impairment or Disposal of Long-Lived Assets	( e ) Impairment or Disposal of Long-Lived Assets Accounting for impairment or disposal of long-lived assets requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.
FCC Broadcasting Licenses	( f ) FCC Broadcasting Licenses Our indefinite-lived intangible assets consist of FCC broadcasting licenses. FCC broadcasting licenses are granted to stations for up to eight years under the Telecommunications Act of 1996 (“the Act”). We intend to renew our licenses indefinitely and evidence supports our ability to do so. Historically, there has been no material challenge to our license renewals. In addition, the technology used in broadcasting is not expected to be replaced by another technology any time in the foreseeable future. The weighted-average period before the next renewal of our FCC broadcasting licenses is 4.7 years. We do not amortize our FCC broadcasting licenses. We test these indefinite-lived intangible assets for impairment at least annually, as of November 30, 2019, or when an event occurs that may indicate that impairment may have occurred. We test our FCC broadcasting licenses for impairment at the market cluster level. Our valuations principally use the discounted cash flow methodology. 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 of signal, media competition and audience share and 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. Since a number of factors such as: overall advertising demand, station listenership and viewership, audience tastes, technology, fluctuation in preferred advertising media and the estimated cost of capital may influence the determination of the fair value of our FCC broadcasting licenses, we are unable to predict whether impairments, which could have a material impact on our consolidated financial statements, will occur in the future. We also consider additional market valuation approaches in assessing whether any impairment may exist at reporting units. Based on consideration of these factors, we determined that there were no impairments of our FCC broadcasting licenses for the year ended December 31, 2019. Any significant change in these factors will result in a modification of the key assumptions, which may result in an additional impairment.
Goodwill	( g ) Goodwill Goodwill consists of the excess of the purchase price over the fair value of tangible and identifiable intangible net assets acquired in business combinations. We test goodwill for impairment at least annually at the reporting unit level. We have determined that we have two reporting units, Radio and Television. We currently only have goodwill in our radio reporting unit. We have aggregated our operating components (radio stations) into a single radio reporting unit based upon the similarity of their economic characteristics. Our evaluation included consideration of factors, such as regulatory environment, business model, gross margins, nature of services and the process for delivering these services. The Company assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for its radio reporting unit. If the quantitative assessment is necessary, the Company will determine the fair value of its radio reporting unit. If the fair value of its radio reporting unit is less than the carrying amount, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. The loss recognized will not exceed the total amount of goodwill. During 2019 and 2018, we performed interim and annual impairment reviews of our goodwill, as of November 30. Our impairment testing indicated that the estimated enterprise value of our radio reporting unit exceeded its carrying value. When evaluating our estimated enterprise value, we utilized an income approach which uses assumptions and estimates which among others include the aggregated expected revenues and operating margins generated by our FCC broadcasting licenses (i.e. our stations) and use of a risk adjusted discount rate. Based on our reviews it was determined that there was no impairment of goodwill for the years-ended December 31, 2019 and 2018.
Cash and Cash Equivalents	( h ) Cash and Cash Equivalents Cash and cash equivalents consist of cash and money market accounts at various commercial banks. All cash equivalents have original maturities of 90 days or less.
Income Taxes	( i ) Income Taxes We file a consolidated federal income tax return for substantially all of our domestic operations. We are also subject to foreign taxes on our Puerto Rico operations. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled and are respectively classified as noncurrent assets or noncurrent liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of 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 liabilities, projected future taxable income, and tax planning strategies in making this assessment. If the realization of deferred tax assets in the future is considered more likely than not, an adjustment to the deferred tax assets would increase net income in the period such determination is made. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, at this time, management believes it is more likely than not that we will not realize the benefits of the majority of these deductible differences. As a result, we have established and maintained a valuation allowance for that portion of the deferred tax assets we believe will not be realized. The Company’s accounting policy is to not record the amount of NOL carry-forwards that will expire due to Section 382 limitations. We account for uncertain tax positions which require that a position taken or expected to be taken in a tax return be recognized in the financial statements when it is more likely than not (a likelihood of more than 50%) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Interest and penalties on tax liabilities, if any, would be recorded in interest expense and other noninterest expense, respectively (see Note 13).
Advertising Costs	( j ) Advertising Costs We incur advertising costs to add and maintain listeners. These costs are charged to expense in the period incurred. Cash advertising costs amounted to $1.3 million and $1.1 million in the years ended December 31, 2019 and 2018, respectively.
Contingent Liabilities and Gains	( k ) Contingent Liabilities and Gains Accounting standards require that an estimated loss from a loss contingency shall be accrued when information available prior to the issuance of the financial statements indicate that it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and when the amount of the loss can be reasonably estimated. Accounting for contingencies such as legal and income tax matters requires us to use our judgment. We believe that our accruals for these matters are adequate. Contingencies that might result in gains are disclosed but not reflected in the financial statements until realization has occurred.
Use of Estimates	( l ) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the allowance for doubtful accounts, the realization of deferred tax assets, the useful lives and future cash flows used for testing the recoverability of property and equipment, the recoverability of FCC broadcasting licenses, goodwill and other intangible assets, the fair value of Level 2 and Level 3 financial instruments, production tax credits, the assessment as to whether it is reasonably certain that we will exercise our options to extend lease terms when available, the present value of lease payments used to calculate our lease liabilities and related right-of-use assets which includes the use of estimated incremental borrowing rate (“IBR”), contingencies and litigation. These estimates and assumptions are based on management’s best judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions as facts and circumstances dictate. Illiquid credit markets, volatile equity markets and reductions in advertising spending have combined to increase the uncertainty inherent in such estimates and assumptions. Actual results could differ from these estimates.
Concentration of Business and Credit Risks	( m ) Concentration of Business and Credit Risks Financial instruments that potentially subject us to concentrations of risk include primarily cash, trade receivables and financial instruments used in hedging activities. We place our cash with highly rated credit institutions. Although we try to limit the amount of credit exposure with any one financial institution, we do in the normal course of business maintain cash balances in excess of federally insured limits. Our operations are conducted in several markets across the United States, including Puerto Rico. Our New York, Los Angeles, and Miami markets accounted for more than 65% of net revenue for the years ended December 31, 2019 and 2018. Our credit risk is spread across a large number of diverse customers in a number of different industries, thus spreading the trade credit risk. We do not normally require collateral on credit sales; however, a credit analysis is performed before extending substantial credit to any customer and occasionally we request payment in advance. We establish an allowance for doubtful accounts based on customers’ payment history and perceived credit risks.
Basic and Diluted Net (Loss) Income Per Common Share	( n ) Basic and Diluted Net (Loss) Income Per Common Share Basic net (loss) income per common share was computed by dividing net (loss) income available to common stockholders by the weighted average number of shares of common stock and convertible preferred stock outstanding for each period presented. Diluted net (loss) income per common share is computed by giving effect to common stock equivalents as if they were outstanding for the entire period. The following table summarizes the net (loss) income applicable to common stockholders and the net (loss) income per common share for the years ended December 31, 2019 and 2018 (in thousands, except per share data): Twelve Months Ended December 31, 2019 2018 Class A Class B Series C Class A Class B Series C Basic net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Basic net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Diluted net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in basic computation 4,242 2,340 760 4,224 2,340 760 Weighted-average impact of dilutive equity instruments — — — — — — Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Diluted net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Common stock equivalents excluded from calculation of diluted net (loss) income per share as the effect would have been anti-dilutive: 435 — — 370 — —
Fair Value Measurement	( o ) Fair Value Measurement We determine the fair value of assets and liabilities using a fair value hierarchy that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price (see Note 16). The levels of the fair value hierarchy are: • Level 1: inputs are quoted prices, unadjusted, in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: inputs are unobservable and reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.
Share-based Compensation Expense	( p ) Share-Based Compensation Expense We account for our share-based compensation expense based on the estimated grant date fair value method using the Black-Scholes option pricing model. For these awards, we have recognized compensation expense using a straight-line amortization method (prorated). Share-based compensation expense is based on awards that are ultimately expected to vest. Share-based compensation for the years ended December 31, 2019 and 2018 were reduced for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors, as well as trends of actual option forfeitures.
Leasing (Operating Leases)	( q ) Leasing (Operating Leases) We analyze if contracts are leases or contain leases at inception. Our analysis includes determining whether the right to control the use of an identified asset for a period of time in exchange for consideration has been transferred to the Company. The term of each lease is determined based on the noncancellable period specified in the agreement together with renewal periods which would provide the Company the option to extend the lease and it were reasonably certain that the Company would excrcise that option, as well as that it is also reasonably certain that the lessor would not preclude the Company form doing so. The lease liabilities and the related right-of-use assets are calculated based on the present value of the lease payments using the lessee’s incremental borrowing rate (“IBR”), if the rate is not defined in the contract. IBR is defined as the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a similar term.
Segment Reporting	( r ) Segment Reporting Accounting standards establish the way public business enterprises report information about operating segments in annual financial statements and require those enterprises to report selected information about operating segments in interim financial reports issued to stockholders. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance.
Recently Issued Accounting Pronouncements	( s ) Recently Issued Accounting Pronouncements In March 2019, the FASB issued ASU No. 2019-02, Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) – Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments Financial Instruments—Credit Losses (Topic 326) In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) Codification Improvements to Topic 842, Leases Leases (Topic 842) – Targeted improvements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Related Matters (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Net (Loss) Income Applicable to Common Stockholders and the Net Income Per Common Share	The following table summarizes the net (loss) income applicable to common stockholders and the net (loss) income per common share for the years ended December 31, 2019 and 2018 (in thousands, except per share data): Twelve Months Ended December 31, 2019 2018 Class A Class B Series C Class A Class B Series C Basic net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Basic net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Diluted net (loss) income per share: Numerator Allocation of undistributed earnings $ (536 ) $ (296 ) $ (96 ) $ 9,510 $ 5,270 $ 1,711 Denominator Number of shares used in basic computation 4,242 2,340 760 4,224 2,340 760 Weighted-average impact of dilutive equity instruments — — — — — — Number of shares used in per share computation (as converted) 4,242 2,340 760 4,224 2,340 760 Diluted net (loss) income per share $ (0.13 ) $ (0.13 ) $ (0.13 ) $ 2.25 $ 2.25 $ 2.25 Common stock equivalents excluded from calculation of diluted net (loss) income per share as the effect would have been anti-dilutive: 435 — — 370 — —

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Summary of Revenue from Contracts with Customers	The following table summarizes revenue from contracts with customers for the years ended 2019 and 2018 (in thousands): Year Ended December 31, 2019 2018 Local, national, digital and network $ 153,856 $ 143,647 Special events 9,746 6,860 Barter 8,019 6,309 Other 7,264 6,658 Gross revenue 178,885 163,474 Less: Agency commissions and other 22,220 21,105 Net revenue $ 156,665 $ 142,369

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Summary of Components of Lease Cost	The following table summarizes the components of lease cost for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Operating lease cost $ 4,202 Sublease income (1,872 ) Total lease cost $ 2,330
Operating Leases, Summary of Amounts Reported in Consolidated Balance Sheet	At December 31, 2019, amounts reported in the Consolidated Balance Sheet are as follows (in thousands): Year Ended Operating Leases: December 31, 2019 Operating lease right-of-use assets $ 17,978 Operating lease liabilities 948 Operating lease liabilities - net of current portion 17,538 Total operating lease liabilities $ 18,486 Other information Operating cash flows from operating leases $ 1,775 Right-of-use assets obtained in exchange for new lease liabilities $ 7,701 Weighted-average remaining lease term 13.8 years Weighted average discount rate 12.7%
Summary of Future Minimum Lease Payments under Operating Leases	Future minimum lease payments under operating leases as of December 31, 2019 are as follows (in thousands): Year ending December 31: 2020 $ 3,202 2021 2,976 2022 2,922 2023 2,791 2024 2,851 Thereafter 28,694 Total undiscounted lease payments $ 43,436 Less: imputed interest 24,950 Total lease liabilities $ 18,486
Summary of Future Minimum Rental Income through Sublease	Future minimum rental income to be received under these agreement as of December 31, 2019 is as follows: Year ending December 31: 2020 $ 558 2021 436 2022 311 2023 104 2024 — Total undiscounted lease payments $ 1,409

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets at December 31, 2019 and 2018 consist of the following (in thousands): 2019 2018 Production tax credits $ 2,938 $ 2,513 FCC repack assets (1) 1,430 1,086 Prepaid expenses 2,511 3,432 Other current assets 596 449 $ 7,475 $ 7,480 (1) Pursuant to the FCC’s Television Broadcast Incentive Auction, repack assets are reimbursable by the FCC, of which $1.2 million of the balance is being used towards the build-out of a third party antenna with the remaining $0.2 million being used in the construction and purchase of company assets.

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Summary of Assets and Liabilities Held for Sale	A summary of assets and liabilities held for sale as of December 31, 2019 is as follows (in thousands): 2019 FCC broadcasting licenses $ 10,432 Property and equipment, net 425 Operating lease right-of-use asset 1,617 Assets held for sale $ 12,474 Operating lease liabilities $ 54 Operating lease liabilities, net of current portion 1,456 Liabilities held for sale $ 1,510

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment, net consists of the following at December 31, 2019 and 2018 (in thousands): 2019 2018 Estimated useful lives Land $ 6,456 $ 6,456 — Building and building improvements 22,569 22,385 7–20 years Tower and antenna systems 5,402 5,627 10 years Studio and technical equipment 21,177 22,413 5–10 years Furniture and fixtures 3,331 3,175 5–10 years Transmitter equipment 8,609 8,605 10 years Leasehold improvements 3,413 3,064 1–20 years Computer equipment and software 9,650 8,807 3–5 years Other 2,419 2,328 3–5 years 83,026 82,860 Less accumulated depreciation (60,004 ) (60,446 ) $ 23,022 $ 22,414

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Summary of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses at December 31, 2019 and 2018 consist of the following (in thousands): 2019 2018 Accounts payable – trade $ 2,050 $ 1,913 Accrued compensation and commissions 8,463 7,209 Accrued professional fees 1,559 1,745 Accrued music license fees 1,395 2,157 Accrued step-up leases — 448 Accrued franchise and rent tax 1,273 1,735 Other accrued expenses 5,593 5,163 $ 20,333 $ 20,370

12.5% Senior Secured Notes du_2

12.5% Senior Secured Notes due 2017 (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of Outstanding Notes Balance	A summary of the outstanding balance of our Notes, as of December 31, 2017 and changes through the year ended December 31, 2019, is presented below (in thousands). Redemptions listed below were made with the net proceeds of asset sales described above. 12.5% Senior Notes due 2017, as of December 31, 2017 $ 260,274 Redemption of Notes (August 23, 2018) (10,410) 12.5% Senior Notes due 2017, as of December 31, 2019 and 2018 $ 249,864

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Summary of Weighted Average Assumptions	The following weighted average assumptions were used for each respective period: 2019 Expected term 7 Dividends to common stockholders None Risk-free interest rate 2.58% Expected volatility 140.99
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 of December 31, 2019 and 2018, and changes during the years ended December 31, 2019 and 2018, 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 December 31, 2017 393 $ 3.48 Granted — — Exercised — — Forfeited (23 ) 3.39 Outstanding at December 31, 2018 370 $ 3.49 Granted 75 0.22 Exercised — — Forfeited (10 ) 7.30 Outstanding at December 31, 2019 435 $ 2.84 $ 8,325 6.8 Exercisable at December 31, 2019 385 $ 3.18 $ 2,775 6.3
Summary of Stock Options Outstanding and Exercisable	The following table summarizes information about our stock options outstanding and exercisable at December 31, 2019 (in thousands, except per share data and contractual life): Weighted Weighted Average Weighted Average Remaining Average Vested Unvested Exercise Contractual Options Exercise Range of Exercise Prices Options Options Price Life (Years) Exercisable Price $0.22 - 0.99 25 50 $ 0.22 10.6 25 $ 0.22 1.00 - 1.99 10 — 1.03 1.8 10 1.03 2.00 - 2.99 75 — 2.99 8.0 75 2.99 3.00 - 4.99 260 — 3.14 5.9 260 3.14 5.00 - 9.99 10 — 7.70 0.8 10 7.70 10.00 - 17.90 5 — 17.90 0.4 5 17.90 385 50 $ 2.84 6.8 385 $ 3.18

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Summary of Future Payments under Employment and Service Contracts	At December 31, 2019, we are committed to employment and service contracts for certain executives, on-air talent, general managers, and others expiring through 2024. Future payments under such contracts are as follows (in thousands): Year ending December 31: 2020 $ 9,793 2021 7,453 2022 4,593 2023 1,284 2024 271 Thereafter — $ 23,394
Summary of Future Payments under Vendor Agreements	Future payments under such commitments are as follows (in thousands): Year ending December 31: 2020 $ 9,871 2021 1,819 2022 666 2023 — 2024 — $ 12,356

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Summary of Total Income Tax Benefit From Continuing Operations	Total income tax benefit, from continuing operations, for the years ended December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Income tax benefit $ (1,400 ) $ (6,471 ) The components of the provision for income tax (benefit) expense from continuing operations included in the consolidated statements of operations are as follows for the years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Current: Federal $ 73 $ 212 State and local, net of federal income tax benefit 81 65 Foreign 1,952 2,299 2,106 2,576 Deferred: Federal (1,785 ) (8,804 ) State and local, net of federal income tax benefit (1,721 ) (243 ) Foreign — — (3,506 ) (9,047 ) Total income benefit expense, from continuing operations $ (1,400 ) $ (6,471 )
Loss before Income Tax (Benefit) Expense	For the years ended December 31, 2019 and 2018, loss before income tax (benefit) expense consists of the following (in thousands): 2019 2018 U.S. operations $ (7,222 ) $ 4,107 Foreign operations 4,894 5,913 $ (2,328 ) $ 10,020
Schedule of Deferred Tax Assets and Deferred Tax Liabilities	The tax effect of temporary differences and carry-forwards that give rise to deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Deferred tax assets: Federal and state NOL carry-forwards $ 28,210 $ 35,350 Foreign NOL carry-forwards 6,721 7,912 FCC licenses 6,543 6,204 Allowance for doubtful accounts 804 1,174 Unearned revenue 316 263 AMT credit 1,228 1,121 Interest disallowance 11,571 8,084 Property and equipment 2,116 1,228 Accrued foreign withholding 2,693 2,513 Production costs 6,046 6,785 Stock-based compensation 118 134 Intercompany expenses 8,127 6,966 Accrued Vacation/Bonus/Payroll 825 654 Right of use liability 5,917 — Other 1,673 1,781 Total gross deferred tax assets 82,908 80,169 Less valuation allowance (57,538 ) (64,425 ) Net deferred tax assets 25,370 15,744 Deferred tax liabilities: FCC licenses and goodwill 88,291 87,968 Right of use asset 5,797 — Total gross deferred tax liabilities 94,088 87,968 Net deferred tax liability $ 68,718 $ 72,224
Summary of Income Tax (Benefit) Expense From Continuing Operations	Total income tax (benefit) expense from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 21.0% for the years ended December 31, 2019 and 2018, as a result of the following: 2019 2018 Computed “expected” tax (benefit) expense 21.0 % 21.0 % State and local income taxes, net of federal benefit 23.7 (4.1 ) Intercompany debt charge off — (135.4 ) Foreign tax differential (18.2 ) 7.5 Prior year adjustment 2.8 — Current year change in valuation allowance 221.4 (6.9 ) Nondeductible expenses (1.3 ) 4.3 Florida valuation allowance release 24.7 — Nondeductible interest expense (87.8 ) 20.4 US GILTI tax inclusion (34.1 ) 10.2 Non-deductible recapitalization costs (61.7 ) 14.6 U.S. 162(m) limitation (22.0 ) — Meals and entertainment disallowance (3.7 ) — Puerto Rico management fee (2.2 ) — Puerto Rico tax credits sold 4.4 — Parking disallowance (1.2 ) — Foreign-derived intangible income deduction 1.9 — Change in effective rate 19.9 2.2 Return to provision (12.4 ) (0.2 ) Puerto Rico withholding taxes (7.7 ) — Puerto Rico alternative minimum tax (3.8 ) — Other (3.5 ) 1.8 60.2 % (64.6 ) %

Fair Value Measurement Disclo_2

Fair Value Measurement Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	The estimated fair values of our financial instruments are as follows (in millions): December 31, 2019 2018 Fair Value Carrying Fair Carrying Fair Description Hierarchy Amount Value Amount Value 12.5% senior secured notes Level 2 $ 249.9 263.5 $ 249.9 258.6 10 3 4 preferred stock Level 3 185.0 66.0 175.3 37.8

Segment Data (Tables)

Segment Data (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Operating Segments	The following summary table presents separate financial data for each of our operating segments. The accounting applied to determine the segment information are generally the same as those described in the summary of significant accounting polices (see Note 2(r)). We evaluate the performance of our operating segments based on separate financial data for each operating segment as provided below (in thousands): Year Ended December 31, 2019 2018 Net revenue: Radio $ 140,385 $ 126,399 Television 16,280 15,970 Consolidated $ 156,665 $ 142,369 Engineering and programming expenses: Radio $ 22,283 $ 21,101 Television 6,598 4,715 Consolidated $ 28,881 $ 25,816 Selling, general and administrative expenses: Radio $ 58,351 $ 49,585 Television 6,441 6,387 Consolidated $ 64,792 $ 55,972 Corporate expenses: $ 11,721 $ 10,540 Depreciation and amortization: Radio $ 1,623 $ 1,659 Television 1,768 1,907 Corporate 211 235 Consolidated $ 3,602 $ 3,801 Loss (gain) on the disposal of assets, net: Radio $ (62 ) $ (3 ) Television 427 (6 ) Corporate — (12,541 ) Consolidated $ 365 $ (12,550 ) Recapitalization costs: Radio $ — $ — Television — — Corporate 6,845 6,713 Consolidated $ 6,845 $ 6,713 Executive severance expenses: Radio $ — $ — Television — — Corporate 1,844 — Consolidated $ 1,844 $ — Impairment charges: Radio $ — $ — Television — 483 Corporate — — Consolidated $ — $ 483 Other operating income: Radio $ (16 ) $ — Television — — Corporate — — Consolidated $ (16 ) $ — Operating income (loss): Radio $ 58,206 $ 54,057 Television 1,046 2,484 Corporate (20,621 ) (4,947 ) Consolidated $ 38,631 $ 51,594 Year Ended December 31, 2019 2018 Capital expenditures: Radio $ 2,003 $ 2,493 Television 1,337 232 Corporate 458 182 Consolidated $ 3,798 $ 2,907 December 31, December 31, 2019 2018 Total Assets: Radio $ 407,633 $ 386,303 Television 58,465 55,052 Corporate 2,946 2,957 Consolidated $ 469,044 $ 444,312

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019RadioStationTelevisionStationTelevisionOperation
Radio
Organization and Nature of Business (Textual) [Abstract]
Number of stations owned | RadioStation	17
Television
Organization and Nature of Business (Textual) [Abstract]
Number of stations owned | TelevisionStation	6
Number of operations operated | TelevisionOperation	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Related Matters - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Dec. 16, 2019USD ($)	Jan. 01, 2019USD ($)
Significant Accounting Policies And Related Matters [Line Items]
Recapitalization costs	$ 6,845,000	$ 6,713,000
Provision of bad debt expense	$ 906,000	528,000
FCC Broadcasting license period	8 years
Weighted-average period before the next renewal of FCC broadcasting licenses	4 years 8 months 12 days
Number of reporting segment units | Segment	2
Impairment of goodwill	$ 0	0
Recognized tax position	Largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.
Cash advertising costs	$ 1,300,000	$ 1,100,000
Percentage revenue accounted by certain domestic markets	65.00%	65.00%
Operating lease right-of-use assets	$ 17,978,000
Operating lease, liability	18,486,000
ASU 842
Significant Accounting Policies And Related Matters [Line Items]
Operating lease right-of-use assets				$ 13,900,000
Operating lease, liability				$ 13,900,000
FCC Broadcasting License
Significant Accounting Policies And Related Matters [Line Items]
Non-cash impairment loss	$ 0
Series B Preferred Stock
Significant Accounting Policies And Related Matters [Line Items]
Cumulative exchangeable redeemable preferred stock dividend rate	10.75%	10.75%
12.5% Senior Secured Notes due 2017
Significant Accounting Policies And Related Matters [Line Items]
Interest rate on Senior secured notes	12.50%
Senior secured notes, maturity date	Apr. 15, 2017
Maximum debt financing commitment obtained			$ 300,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Related Matters - Summary of Net (Loss) Income Applicable to Common Stockholders and the Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Basic net (loss) income per share:
Number of shares used in per share computation (as converted)	7,342	7,324
Basic net (loss) income per share	$ (0.13)	$ 2.25
Diluted net (loss) income per share:
Number of shares used in per share computation (as converted)	7,342	7,324
Diluted net (loss) income per share	$ (0.13)	$ 2.25
Class A common stock
Basic net (loss) income per share:
Allocation of undistributed earnings	$ (536)	$ 9,510
Number of shares used in per share computation (as converted)	4,242	4,224
Basic net (loss) income per share	$ (0.13)	$ 2.25
Diluted net (loss) income per share:
Allocation of undistributed earnings	$ (536)	$ 9,510
Number of shares used in per share computation (as converted)	4,242	4,224
Diluted net (loss) income per share	$ (0.13)	$ 2.25
Common stock equivalents excluded from calculation of diluted net (loss) income per share as the effect would have been anti-dilutive:	435	370
Class B common stock
Basic net (loss) income per share:
Allocation of undistributed earnings	$ (296)	$ 5,270
Number of shares used in per share computation (as converted)	2,340	2,340
Basic net (loss) income per share	$ (0.13)	$ 2.25
Diluted net (loss) income per share:
Allocation of undistributed earnings	$ (296)	$ 5,270
Number of shares used in per share computation (as converted)	2,340	2,340
Diluted net (loss) income per share	$ (0.13)	$ 2.25
Series C convertible preferred stock
Basic net (loss) income per share:
Allocation of undistributed earnings	$ (96)	$ 1,711
Number of shares used in per share computation (as converted)	760	760
Basic net (loss) income per share	$ (0.13)	$ 2.25
Diluted net (loss) income per share:
Allocation of undistributed earnings	$ (96)	$ 1,711
Number of shares used in per share computation (as converted)	760	760
Diluted net (loss) income per share	$ (0.13)	$ 2.25

Revenue - Summary of Revenue fr

Revenue - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Gross revenue	$ 178,885	$ 163,474
Less: Agency commissions and other	22,220	21,105
Net revenue	156,665	142,369
Local, National, Digital and Network
Disaggregation Of Revenue [Line Items]
Gross revenue	153,856	143,647
Special Events
Disaggregation Of Revenue [Line Items]
Gross revenue	9,746	6,860
Barter
Disaggregation Of Revenue [Line Items]
Gross revenue	8,019	6,309
Other
Disaggregation Of Revenue [Line Items]
Gross revenue	$ 7,264	$ 6,658

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Barter revenue amount	$ 178,885	$ 163,474
Variable consideration form agency based volume discounts accrued as contract liabilities within accrued expense	991	798
Accrued Expenses
Disaggregation Of Revenue [Line Items]
Variable consideration form agency based volume discounts accrued as contract liabilities within accrued expense	2,000	2,100
Barter
Disaggregation Of Revenue [Line Items]
Barter revenue amount	8,019	6,309
Barter expense amount	7,600	5,700
Revenue recognized	500	300
Local, National, Digital and Network
Disaggregation Of Revenue [Line Items]
Barter revenue amount	153,856	143,647
Revenue recognized	400	400
Special Events
Disaggregation Of Revenue [Line Items]
Barter revenue amount	9,746	6,860
Revenue recognized	$ 100	$ 100

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Lessee Lease Description [Line Items]
Operating lease, description	The Company has commitments under operating leases for office space and radio tower sites used in its operations. Our leases have initial lease terms that expire between 2020 and 2082, most of which include options to extend or renew the leases.
Lessee, operating lease, existence of option to extend	true
Operating lease, options to extend	Our leases have initial lease terms that expire between 2020 and 2082, most of which include options to extend or renew the leases.
Rental expenses		$ 3,900
Assets held for sale	$ 12,474
Liabilities held for sale	1,510
Operating Lease Right of Use Assets
Lessee Lease Description [Line Items]
Assets held for sale	1,600
Operating Lease Liabilities
Lessee Lease Description [Line Items]
Liabilities held for sale	$ 1,500
Minimum
Lessee Lease Description [Line Items]
Initial lease term	2020
Rental expenses	$ 3
Maximum
Lessee Lease Description [Line Items]
Initial lease term	2082
Rental expenses	$ 500

Leases - Summary of Components

Leases - Summary of Components of Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lease Cost [Abstract]
Operating lease cost	$ 4,202
Sublease income	(1,872)
Total lease cost	$ 2,330

Leases - Operating Leases, Summ

Leases - Operating Leases, Summary of Amounts Reported in Consolidated Balance Sheet (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Operating Leases:
Operating lease right-of-use assets	$ 17,978
Operating lease liabilities	948
Operating lease liabilities - net of current portion	17,538
Total operating lease liabilities	18,486
Other information
Operating cash flows from operating leases	1,775
Right-of-use assets obtained in exchange for new lease liabilities	$ 7,701
Weighted-average remaining lease term	13 years 9 months 18 days
Weighted average discount rate	12.70%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessee Disclosure [Abstract]
2020	$ 3,202
2021	2,976
2022	2,922
2023	2,791
2024	2,851
Thereafter	28,694
Total undiscounted lease payments	43,436
Less: imputed interest	24,950
Total lease liabilities	$ 18,486

Leases - Summary of Future Mi_2

Leases - Summary of Future Minimum Rental Income through Sublease (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessor Operating Lease Payments Fiscal Year Maturity [Abstract]
2020	$ 558
2021	436
2022	311
2023	104
Total undiscounted lease payments	$ 1,409

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expense And Other Assets Current [Abstract]
Production tax credits	$ 2,938	$ 2,513
FCC repack assets	1,430	1,086
Prepaid expenses	2,511	3,432
Other current assets	596	449
Prepaid expenses and other current assets	$ 7,475	$ 7,480

Prepaid Expenses and Other Cu_4

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Parenthetical) (Details) $ in Millions	Dec. 31, 2019USD ($)
Prepaid Expense And Other Assets Current [Abstract]
FCC repack assets reimbursable	$ 1.2
FCC repack assets remaining	$ 0.2

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	Jan. 21, 2020	Aug. 23, 2018	Jul. 19, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale				$ 12,474
Liabilities held for sale				1,510
Operating income				38,631	$ 51,594
Carrying value of facilities				$ 425
Disposed of by Sale | New York Facilities
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Changes to plan of facilities sale, description				Pursuant to an agreement entered into by the Company, as of September 12, 2017, with 26 W. 56 LLC, the Company closed on the sale of its New York facilities on July 19, 2018 with a carrying value of $0.4 million for $14.0 million, exclusive of closing costs. The Company recognized a gain on the sale of the New York facilities of $12.5 million. Additionally, the sale of the New York facilities resulted in net proceeds of $10.4 million to the Company, as defined by the Indenture governing the Notes, which is calculated differently than the recognized gain for financial reporting purposes. In order to arrive at net proceeds, as defined by the Indenture, the Company is permitted to hold back certain amounts related to taxes, relocation expenses and capital expenditures that are expected to become payable in the future. The net proceeds of $10.4 million was used to repay a portion of the Notes on August 23, 2018.
Carrying value of facilities			$ 400
Agreement entered date for sale of facilities				Sep. 12, 2017
Gain on sale of property			14,000
Purchase price of facilities, excluding closing costs			$ 12,500
Net proceeds from sale of facility		$ 10,400
Houston Station
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating income				$ 300
Subsequent Event
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Amount of asset purchase agreement to sell assets	$ 15,000
Assets held for sale	12,500
Operating Lease Liabilities
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Liabilities held for sale				$ 1,500
Operating Lease Liabilities | Subsequent Event
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Liabilities held for sale	$ 1,500

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale - Summary of Assets and Liabilities Held for Sale (Details) $ in Thousands	Dec. 31, 2019USD ($)
Discontinued Operations And Disposal Groups [Abstract]
FCC broadcasting licenses	$ 10,432
Property and equipment, net	425
Operating lease right-of-use asset	1,617
Assets held for sale	12,474
Operating lease liabilities	54
Operating lease liabilities, net of current portion	1,456
Liabilities held for sale	$ 1,510

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of property and equipment
Property and equipment, Gross	$ 83,026	$ 82,860
Less accumulated depreciation	(60,004)	(60,446)
Property and equipment, Net	23,022	22,414
Land
Summary of property and equipment
Property and equipment, Gross	6,456	6,456
Building and building improvements
Summary of property and equipment
Property and equipment, Gross	$ 22,569	22,385
Building and building improvements | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	7 years
Building and building improvements | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	20 years
Tower and antenna systems
Summary of property and equipment
Property and equipment, Gross	$ 5,402	5,627
Property and Equipment, Estimated useful lives	10 years
Studio and technical equipment
Summary of property and equipment
Property and equipment, Gross	$ 21,177	22,413
Studio and technical equipment | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	5 years
Studio and technical equipment | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	10 years
Furniture and fixtures
Summary of property and equipment
Property and equipment, Gross	$ 3,331	3,175
Furniture and fixtures | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	5 years
Furniture and fixtures | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	10 years
Transmitter equipment
Summary of property and equipment
Property and equipment, Gross	$ 8,609	8,605
Property and Equipment, Estimated useful lives	10 years
Leasehold improvements
Summary of property and equipment
Property and equipment, Gross	$ 3,413	3,064
Leasehold improvements | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	1 year
Leasehold improvements | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	20 years
Computer equipment and software
Summary of property and equipment
Property and equipment, Gross	$ 9,650	8,807
Computer equipment and software | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	3 years
Computer equipment and software | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	5 years
Other
Summary of property and equipment
Property and equipment, Gross	$ 2,419	$ 2,328
Other | Minimum
Summary of property and equipment
Property and Equipment, Estimated useful lives	3 years
Other | Maximum
Summary of property and equipment
Property and Equipment, Estimated useful lives	5 years

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation of property and equipment	$ 3.6	$ 3.8

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Summary of accounts payable and accrued expenses
Accounts payable – trade	$ 2,050	$ 1,913
Accrued compensation and commissions	8,463	7,209
Accrued professional fees	1,559	1,745
Accrued music license fees	1,395	2,157
Accrued step-up leases		448
Accrued franchise and rent tax	1,273	1,735
Other accrued expenses	5,593	5,163
Total accounts payable and accrued expenses	$ 20,333	$ 20,370

12.5% Senior Secured Notes du_3

12.5% Senior Secured Notes due 2017 - Additional Information (Details) - 12.5% Senior Secured Notes due 2017 - USD ($) $ in Thousands	Aug. 23, 2018	May 08, 2017	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 07, 2012
Debt Instrument [Line Items]
Notes issued principal amount							$ 275,000
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).
Notes outstanding				$ 249,900
Interest rate on Senior secured notes				12.50%
Additional interest rate				2.00%
Redemption of Notes August 23, 2018
Debt Instrument [Line Items]
Pay down of senior secured notes	$ 10,400				$ 10,410
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
Debt instrument, periodic payment, interest		$ 2,900
Debt instrument payment period				As part of the Forbearance Agreement, the Company agreed to make monthly interest payments of approximately $2.9 million on the Notes for the 30 day periods ending on May 15, 2017 and June 15, 2017, rather than on a semi-annual basis as required by the Indenture.
Percentage of principal amount agreed to pay as consent fee		0.35%
Forbearance Agreement | Minimum
Debt Instrument [Line Items]
Percentage of outstanding senior notes holders agreed to forbear from exercising rights		75.00%
Los Angeles
Debt Instrument [Line Items]
Proceeds from sale of real estate						$ 14,700
Pay down of senior secured notes					14,700
Puerto Rico
Debt Instrument [Line Items]
Proceeds from sale of real estate						$ 5,500
New York
Debt Instrument [Line Items]
Expected proceeds from sale of real estate			$ 14,000
Expected repayments of debt					$ 14,000

12.5% Senior Secured Notes du_4

12.5% Senior Secured Notes due 2017 - Summary of Outstanding Notes Balance (Details) - USD ($) $ in Thousands	Aug. 23, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
12.5% Senior Notes due 2017		$ 249,864	$ 249,864
12.5% Senior Secured Notes due 2017
Debt Instrument [Line Items]
12.5% Senior Notes due 2017		249,864	$ 249,864	$ 260,274
12.5% Senior Secured Notes due 2017 | Redemption of Notes August 23, 2018
Debt Instrument [Line Items]
Redemption of Notes	$ (10,400)	$ (10,410)

12.5% Senior Secured Notes du_5

12.5% Senior Secured Notes due 2017 - Summary of Outstanding Notes Balance (Parenthetical) (Details)	Dec. 31, 2019
12.5% Senior Secured Notes due 2017
Debt Instrument [Line Items]
Interest rate on Senior secured notes	12.50%

10 3_4% Series A and B Cumula_2

10 3/4% Series A and B Cumulative Exchangeable Redeemable Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands

Apr. 27, 2018

Nov. 02, 2017

Oct. 15, 2013

Oct. 15, 2011

Oct. 15, 2010

Oct. 15, 2009

Apr. 05, 2004

Oct. 30, 2003

Dec. 31, 2019

Dec. 31, 2018

Oct. 30, 2008

Feb. 18, 2004

Class Of Stock [Line Items]

Series B preferred stock adjustment to contract settlement value at reporting date classified as interest expense

$ 9,700

$ 9,700

Series B Preferred Stock Litigation

Class Of Stock [Line Items]

Claiming percentage of litigation

94.16%

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

$ 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

$ 94,500

$ 84,766

Series B Preferred Stock | Minimum

Class Of Stock [Line Items]

Percentage of ownership on outstanding equity to be held by foreign entities

25.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2019	Dec. 31, 2018	Jul. 30, 2006	Dec. 23, 2004	Feb. 18, 2004
Class Of Stock [Line Items]
Number of options granted		75,000
Option Granted, Vesting period	3 years
Term of award	10 years
Stock-based compensation		$ 10,000	$ 44,000
Unrecognized compensation costs related to nonvested		0
Stock options exercised		0	0
Tax benefit from stock -based compensation expense		0	0
Cash payments received		$ 0	$ 0
Weighted average fair value of the stock options granted to employees		$ 0.21
Nonvested shares outstanding		50,000
2006 Omnibus Equity Compensation Plan
Class Of Stock [Line Items]
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
Omnibus Plan expiration date		Jul. 17, 2016
Number of options granted		0
2006 Omnibus Equity Compensation Plan | Restricted Stock
Class Of Stock [Line Items]
Nonvested shares outstanding		0	0
2006 Omnibus Equity Compensation Plan | Minimum | Restricted Stock
Class Of Stock [Line Items]
Option Granted, Vesting period		2 years
2006 Omnibus Equity Compensation Plan | Maximum | Restricted Stock
Class Of Stock [Line Items]
Option Granted, Vesting period		5 years
1999 NQ Plan
Class Of Stock [Line Items]
Option Granted, Vesting period		4 years
Options granted vesting percentage		20.00%
1999 NQ Plan vesting rights		20% each year for the first four years from the date of grant.
1999 NQ Plan | Share-based Compensation Award, Tranche One
Class Of Stock [Line Items]
Options granted vesting percentage		20.00%
1999 NQ Plan | Share-based Compensation Award, Tranche Two
Class Of Stock [Line Items]
Options granted vesting percentage		20.00%
1999 NQ Plan | Share-based Compensation Award, Tranche Three
Class Of Stock [Line Items]
Options granted vesting percentage		20.00%
1999 NQ Plan | Share-based Compensation Award, Tranche Four
Class Of Stock [Line Items]
Options granted vesting percentage		20.00%
1999 ISO Plan
Class Of Stock [Line Items]
Shares reserve for issuance		300,000
Contractual life of option		10 years
1999 Stock Option Plans
Class Of Stock [Line Items]
Number of options granted		0
Series C convertible preferred stock
Class Of Stock [Line Items]
Preferred stock par value per share					$ 0.01
Common stock shares to be issued upon conversion of preferred stock					760,000
Liquidation preference per share		$ 0.01	$ 0.01
Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value per share						$ 0.01
Liquidation preference per share		$ 1,000
Class A common stock
Class Of Stock [Line Items]
Common stock voting right		one vote per share
Number of options granted	75,000
Class A common stock | 1999 NQ Plan
Class Of Stock [Line Items]
Shares reserve for issuance		30,000
Class B common stock
Class Of Stock [Line Items]
Common stock voting right		ten votes per share

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Weighted Average Assumptions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected term	7 years
Dividends to common stockholders	$ 0
Risk-free interest rate	2.58%
Expected volatility	140.99%

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of stock options
Shares, Outstanding, Beginning Balance	370	393
Stock Options Outstanding, Granted	75
Stock Options Outstanding, Forfeited	(10)	(23)
Shares, Outstanding, Ending Balance	435	370
Shares, Exercisable at December 31, 2019	385
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 3.49	$ 3.48
Weighted Average Exercise Price, Granted	0.22
Weighted Average Exercise Price, Forfeited	7.30	3.39
Weighted Average Exercise Price, Outstanding, Ending Balance	2.84	$ 3.49
Weighted Average Exercise Price, Exercisable at December 31, 2019	$ 3.18
Aggregate Intrinsic Value, Outstanding	$ 8,325
Aggregate Intrinsic Value, Exercisable at December 31, 2019	$ 2,775
Weighted Average Remaining Contractual Life (Years), Outstanding	6 years 9 months 18 days
Weighted Average Remaining Contractual Life (Years), Exercisable at December 31, 2019	6 years 3 months 18 days

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock options outstanding and exercisable
Stock options outstanding, Vested Options	385
Stock options outstanding, Unvested Options	50
Stock options outstanding, Weighted Average Exercise Price	$ 2.84	$ 3.49	$ 3.48
Weighted Average Remaining Contractual Life (Years), Outstanding	6 years 9 months 18 days
Stock options, Number Exercisable	385
Stock options, Exercisable, Weighted Average Exercise Price	$ 3.18
0.22 - 0.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range	0.22
Range of Exercise Price, Upper Range	$ 0.99
Stock options outstanding, Vested Options	25
Stock options outstanding, Unvested Options	50
Stock options outstanding, Weighted Average Exercise Price	$ 0.22
Weighted Average Remaining Contractual Life (Years), Outstanding	10 years 7 months 6 days
Stock options, Number Exercisable	25
Stock options, Exercisable, Weighted Average Exercise Price	$ 0.22
1.00 - 1.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range	1
Range of Exercise Price, Upper Range	$ 1.99
Stock options outstanding, Vested Options	10
Stock options outstanding, Weighted Average Exercise Price	$ 1.03
Weighted Average Remaining Contractual Life (Years), Outstanding	1 year 9 months 18 days
Stock options, Number Exercisable	10
Stock options, Exercisable, Weighted Average Exercise Price	$ 1.03
2.00 - 2.99
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range	2
Range of Exercise Price, Upper Range	$ 2.99
Stock options outstanding, Vested Options	75
Stock options outstanding, Weighted Average Exercise Price	$ 2.99
Weighted Average Remaining Contractual Life (Years), Outstanding	8 years
Stock options, Number Exercisable	75
Stock options, Exercisable, Weighted Average Exercise Price	$ 2.99
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	260
Stock options outstanding, Weighted Average Exercise Price	$ 3.14
Weighted Average Remaining Contractual Life (Years), Outstanding	5 years 10 months 24 days
Stock options, Number Exercisable	260
Stock options, Exercisable, Weighted Average Exercise Price	$ 3.14
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	10
Stock options outstanding, Weighted Average Exercise Price	$ 7.70
Weighted Average Remaining Contractual Life (Years), Outstanding	9 months 18 days
Stock options, Number Exercisable	10
Stock options, Exercisable, Weighted Average Exercise Price	$ 7.70
10.00 - 17.90
Stock options outstanding and exercisable
Range of Exercise Price, Lower Range	10
Range of Exercise Price, Upper Range	$ 17.90
Stock options outstanding, Vested Options	5
Stock options outstanding, Weighted Average Exercise Price	$ 17.90
Weighted Average Remaining Contractual Life (Years), Outstanding	4 months 24 days
Stock options, Number Exercisable	5
Stock options, Exercisable, Weighted Average Exercise Price	$ 17.90

Commitments - Summary of Future

Commitments - Summary of Future Payments under Employment and Service Contracts (Details) $ in Thousands	Dec. 31, 2019USD ($)
Summary of future payments under employment and service contracts
2020	$ 9,793
2021	7,453
2022	4,593
2023	1,284
2024	271
Contractual, Total	$ 23,394

Commitments - Additional Inform

Commitments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Condition to participate in 401(k) plan	All full-time employees are eligible to voluntarily participate in the 401(k) Plan after their 90 day introductory period.

Commitments - Summary of Futu_2

Commitments - Summary of Future Payments under Vendor Agreements (Details) $ in Thousands	Dec. 31, 2019USD ($)
Summary of future payments under vendor agreements
2020	$ 9,871
2021	1,819
2022	666
Other Commitment, Total	$ 12,356

Income Taxes - Summary of Total

Income Taxes - Summary of Total Income Tax Benefit From Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income from continuing operations income tax expense
Income tax benefit	$ (1,400)	$ (6,471)

Income Taxes - Loss before Inco

Income Taxes - Loss before Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loss before income tax (benefit) expense
U.S. operations	$ (7,222)	$ 4,107
Foreign operations	4,894	5,913
(Loss) income before income tax	$ (2,328)	$ 10,020

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of the Provision for Income Tax (Benefit) Expense From Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 73	$ 212
State and local, net of federal income tax benefit	81	65
Foreign	1,952	2,299
Total	2,106	2,576
Deferred:
Federal	(1,785)	(8,804)
State and local, net of federal income tax benefit	(1,721)	(243)
Total	(3,506)	(9,047)
Total income benefit expense, from continuing operations	$ (1,400)	$ (6,471)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Federal NOL carry-forwards		$ 24,300,000	$ 200,000
Increase (decrease) in valuation allowance		(6,900,000)	1,700,000
Valuation allowance		57,538,000	$ 64,425,000
Federal NOL carry-forwards		92,100,000
State NOL carry-forwards		91,300,000
Foreign NOL carryforwards		$ 24,200,000
U.S. federal income tax rate		21.00%	21.00%	35.00%
Impact of intercompany debt charge off on annual effective income tax rate		0.00%	(135.40%)
Corporate income tax rate		23.70%	(4.10%)
Provisional net tax benefit recognized associated with enactment of Tax Legislation		$ 34,700,000
Impact on annual effective income tax rate				6.884
Tax Cuts And Jobs Act incomplete acccounting description		we have not completed our accounting for the tax effects of enactment of the Act; however, we have made reasonable estimate of the effects on our existing deferred tax balances.
Interest or penalties as result of tax uncertainties		$ 0	$ 0
Unrecognized tax benefits as a result of tax positions taken		$ 0	0
Ownership Changes in 2013 and 2017 | NOL Carry-forwards
Income Tax [Line Items]
Reduction in NOL carry-forwards available against corresponding valuation allowance				$ 32,800,000
Federal
Income Tax [Line Items]
Open tax year		2015 2016 2018
Federal | Latest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2037
Federal | Earliest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2020
State and Local
Income Tax [Line Items]
Open tax year		2015 2016 2018
State and Local | Latest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2037
State and Local | Earliest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2020
Foreign Tax Authority | Latest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2024
Foreign Tax Authority | Earliest Tax Year
Income Tax [Line Items]
NOL carryforwards expiration		2020
Puerto Rico Tax Authorities
Income Tax [Line Items]
Open tax year		2013 2014 2015 2016 2018
Puerto Rico
Income Tax [Line Items]
Federal NOL carry-forwards		$ 3,300,000	$ 2,300,000
Valuation allowance		25,800,000
Corporate income tax rate	37.50%		39.00%
UNITED STATES
Income Tax [Line Items]
Valuation allowance		$ 31,700,000

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Federal and state NOL carry-forwards	$ 28,210	$ 35,350
Foreign NOL carry-forwards	6,721	7,912
FCC licenses	6,543	6,204
Allowance for doubtful accounts	804	1,174
Unearned revenue	316	263
AMT credit	1,228	1,121
Interest disallowance	11,571	8,084
Property and equipment	2,116	1,228
Accrued foreign withholding	2,693	2,513
Production costs	6,046	6,785
Stock-based compensation	118	134
Intercompany expenses	8,127	6,966
Accrued Vacation/Bonus/Payroll	825	654
Right of use liability	5,917
Other	1,673	1,781
Total gross deferred tax assets	82,908	80,169
Less valuation allowance	(57,538)	(64,425)
Net deferred tax assets	25,370	15,744
Deferred tax liabilities:
FCC licenses and goodwill	88,291	87,968
Right of use asset	5,797
Total gross deferred tax liabilities	94,088	87,968
Net deferred tax liability	$ 68,718	$ 72,224

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax (Benefit) Expense From Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of income tax rate
Computed “expected” tax (benefit) expense	21.00%	21.00%	35.00%
State and local income taxes, net of federal benefit	23.70%	(4.10%)
Intercompany debt charge off	0.00%	(135.40%)
Foreign tax differential	(18.20%)	7.50%
Prior year adjustment	2.80%
Current year change in valuation allowance	221.40%	(6.90%)
Nondeductible expenses	(1.30%)	4.30%
Florida valuation allowance release	24.70%
Nondeductible interest expense	(87.80%)	20.40%
US GILTI tax inclusion	(34.10%)	10.20%
Non-deductible recapitalization costs	(61.70%)	14.60%
U.S. 162(m) limitation	(22.00%)
Meals and entertainment disallowance	(3.70%)
Puerto Rico management fee	(2.20%)
Puerto Rico tax credits sold	4.40%
Parking disallowance	(1.20%)
Foreign-derived intangible income deduction	1.90%
Change in effective rate	19.90%	2.20%
Return to provision	(12.40%)	(0.20%)
Puerto Rico withholding taxes	(7.70%)
Puerto Rico alternative minimum tax	(3.80%)
Other	(3.50%)	1.80%
Total	60.20%	(64.60%)

Contingencies - Additional Info

Contingencies - Additional Information (Details) - Local Tax Assessment - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2019
Loss 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		$ 1,993,624
Local tax assessment, estimated probable loss	$ 475,000

Litigation - Additional Informa

Litigation - Additional Information (Details) - USD ($) $ in Thousands	Nov. 02, 2017	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Redemption of Series B preferred stock at face value plus accrued dividends		$ 185,049	$ 175,315
Series B Preferred Stock Litigation
Loss Contingencies [Line Items]
Claiming percentage of litigation	94.16%
Loss contingency, description of damages sought		The complaint requests relief including, among other things, an order interpreting and enforcing the Certificate of Designations, preventing us from making any additional payments on the Notes and requiring us to redeem the Series B preferred stock at face value plus accrued dividends (or approximately $185.0 million as of December 31, 2019), as well as unspecified money damages and a declaration that Section 10.4 of the Charter is invalid.
Redemption of Series B preferred stock at face value plus accrued dividends		$ 185,000

Fair Value Measurement Disclo_3

Fair Value Measurement Disclosures - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount | Significant other observable inputs (Level 2) | 12.5% Senior Secured Notes
Estimated fair values of financial instruments
12.5% senior secured notes	$ 249.9	$ 249.9
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	185	175.3
Fair Value | Significant other observable inputs (Level 2) | 12.5% Senior Secured Notes
Estimated fair values of financial instruments
12.5% senior secured notes	263.5	258.6
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	$ 66	$ 37.8

Fair Value Measurement Disclo_4

Fair Value Measurement Disclosures - Estimated Fair Values of Financial Instruments (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
12.5% Senior Secured Notes due 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior secured notes	12.50%
Significant other observable inputs (Level 2) | 12.5% Senior Secured Notes due 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior secured notes	12.50%	12.50%
Series B Preferred Stock
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cumulative exchangeable redeemable preferred stock dividend rate	10.75%	10.75%
Series B Preferred Stock | Significant unobservable inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cumulative exchangeable redeemable preferred stock dividend rate	10.75%	10.75%

Fair Value Measurement Disclo_5

Fair Value Measurement Disclosures - Additional Information (Details) - Television FCC Licenses	3 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Non-cash impairment loss	$ 500,000	$ 0
Fair Value, Measurements, Nonrecurring | Level 3 | Discounted Cash Flow Methodology | Revenue Growth Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternative investment, measurement input	0.5
Fair Value, Measurements, Nonrecurring | Level 3 | Discounted Cash Flow Methodology | Mature Market Share
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternative investment, measurement input	2
Fair Value, Measurements, Nonrecurring | Level 3 | Discounted Cash Flow Methodology | Mature Operating Profit Margin
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternative investment, measurement input	24
Fair Value, Measurements, Nonrecurring | Level 3 | Discounted Cash Flow Methodology | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Alternative investment, measurement input	12

Segment Data - Summary of Opera

Segment Data - Summary of Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net revenue:
Net revenue	$ 156,665	$ 142,369
Engineering and programming expenses:
Engineering and programming expenses	28,881	25,816
Selling, general and administrative expenses:
Selling, general and administrative expenses	64,792	55,972
Corporate expenses	11,721	10,540
Depreciation and amortization:
Depreciation and amortization	3,602	3,801
Loss (gain) on the disposal of assets, net:
Loss (gain) on the disposal of assets, net	365	(12,550)
Recapitalization costs:
Recapitalization costs	6,845	6,713
Executive severance expenses:
Executive severance expense	1,844
Impairment charges:
Impairment charges		483
Other operating income:
Other operating income	(16)
Operating income (loss):
Operating income (loss)	38,631	51,594
Capital expenditures:
Capital expenditures	3,798	2,907
Assets
Total Assets	469,044	444,312
Operating Segments | Radio
Net revenue:
Net revenue	140,385	126,399
Engineering and programming expenses:
Engineering and programming expenses	22,283	21,101
Selling, general and administrative expenses:
Selling, general and administrative expenses	58,351	49,585
Depreciation and amortization:
Depreciation and amortization	1,623	1,659
Loss (gain) on the disposal of assets, net:
Loss (gain) on the disposal of assets, net	(62)	(3)
Other operating income:
Other operating income	(16)
Operating income (loss):
Operating income (loss)	58,206	54,057
Capital expenditures:
Capital expenditures	2,003	2,493
Assets
Total Assets	407,633	386,303
Operating Segments | Television
Net revenue:
Net revenue	16,280	15,970
Engineering and programming expenses:
Engineering and programming expenses	6,598	4,715
Selling, general and administrative expenses:
Selling, general and administrative expenses	6,441	6,387
Depreciation and amortization:
Depreciation and amortization	1,768	1,907
Loss (gain) on the disposal of assets, net:
Loss (gain) on the disposal of assets, net	427	(6)
Impairment charges:
Impairment charges		483
Operating income (loss):
Operating income (loss)	1,046	2,484
Capital expenditures:
Capital expenditures	1,337	232
Assets
Total Assets	58,465	55,052
Corporate, Non-Segment
Selling, general and administrative expenses:
Corporate expenses	11,721	10,540
Depreciation and amortization:
Depreciation and amortization	211	235
Loss (gain) on the disposal of assets, net:
Loss (gain) on the disposal of assets, net		(12,541)
Recapitalization costs:
Recapitalization costs	6,845	6,713
Executive severance expenses:
Executive severance expense	1,844
Operating income (loss):
Operating income (loss)	(20,621)	(4,947)
Capital expenditures:
Capital expenditures	458	182
Assets
Total Assets	$ 2,946	$ 2,957

Retirement of Senior Executiv_2

Retirement of Senior Executive Vice President and Chief Financial Officer - Additional Information - (Details) - USD ($)	May 31, 2019	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Cash severance	$ 1,750,000
Cash severance payment period		12 months
Additional amount included in cash severance	$ 700,000
Description of severance agreement amount		The cash severance amount represents two times his base salary (that he was entitled to receive under his employment agreement with the Company plus an additional $700,000, and the cash severance will be paid out over a 12 month period.
Executive severance expenses		$ 1,800,000
Accrued executive severance expenses		$ 400,000

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CEO
Related Party Transaction [Line Items]
Performance bonus	$ 750,000
Amount of performance bonus to which right to receive has been waived	500,000
Reversal of accrued bonus	500,000
Alessandra Alarcón
Related Party Transaction [Line Items]
Compensation paid	$ 300	$ 200

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year	$ 1,649	$ 1,529
Charged to cost and expense	906	528
Deductions	(1,433)	(408)
Balance at end of year	1,122	1,649
Valuation allowance on deferred taxes
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at beginning of year	64,425	62,688
Charged to cost and expense	(6,887)	1,737
Charged to other accounts		0
Balance at end of year	$ 57,538	$ 64,425