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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:          
Consolidated net income (loss) $ 18,478 $ 1,642 $ 18,939 $ (21,416)  
Adjustments to reconcile net income (loss) to net cash from operating activities:          
Depreciation and amortization     4,589 4,930  
Amortization of debt financing costs     1,296 2,128  
Amortization of content assets     18,575 16,639  
Amortization of launch assets     668 514  
Bad debt expense     134 894  
Deferred income taxes     6,108 (21,391)  
Amortization of right of use assets     3,851 4,042  
Non-cash lease liability expense     2,066 2,436  
Non-cash interest expense     158 1,044  
Impairment of long-lived assets 0 0 0 53,650  
Stock-based compensation 172 268 425 661  
Non-cash fair value adjustment of Employment Agreement Award     1,508 1,311  
Loss on retirement of debt     6,949 0  
Gain on assets exchange agreement     404 0  
Effect of change in operating assets and liabilities, net of assets acquired:          
Trade accounts receivable     2,260 18,124  
Prepaid expenses and other current assets     (1,285) (137)  
Other assets     (8,512) (8,160)  
Accounts payable     1,388 (805)  
Accrued interest     18,397 (1,930)  
Accrued compensation and related benefits     (5,597) (6,065)  
Other liabilities     235 2,394  
Payments for content assets     (21,064) (15,592)  
Net cash flows provided by operating activities     51,492 33,271  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchases of property and equipment     (2,454) (2,650)  
Proceeds from sale of broadcasting assets     8,000 0  
Acquisition of broadcasting assets     0 (475)  
Net cash flows provided by (used in) investing activities     5,546 (3,125)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds of asset-backed credit facility     0 27,500  
Proceeds of MGM National Harbor Loan     0 3,600  
Proceeds from 2028 Notes     825,000 0  
Proceeds from PPP Loan     7,505 0  
Debt refinancing costs     (11,157) 0  
Repayment of MGM National Harbor Loan     (57,889) 0  
Repayment of 7.375% Notes     (2,984) 0  
Repayment of 8.75% Notes     (347,016) 0  
Proceeds from exercise of stock options     315 1,976  
Proceeds from issuance of Class A common stock, net of fees     33,282 0  
Payment of dividends to noncontrolling interest members of Reach Media     0 (1,000)  
Repurchase of common stock     (905) (3,601)  
Net cash flows (used in) provided by financing activities     (1,116) 6,479  
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     55,922 36,625  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period     73,858 33,546 $ 33,546
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 129,780 $ 70,171 129,780 70,171 $ 73,858
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid for: Interest     14,048 36,291  
Cash paid for: Income taxes, net of refunds     782 0  
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:          
Assets acquired under Entercom asset exchange     28,193 0  
Liabilities recognized under Entercom asset exchange     2,669 0  
Right of use asset and lease liability additions     4,935 3,187  
Adjustment of redeemable noncontrolling interests to estimated redemption value     1,425 884  
2018 Credit Facility          
CASH FLOWS FROM FINANCING ACTIVITIES:          
Repayment of credit facility     (129,935) (20,348)  
2017 Credit Facility          
CASH FLOWS FROM FINANCING ACTIVITIES:          
Repayment of credit facility     $ (317,332) $ (1,648)