ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2018

Disaggregation of Revenue [Table Text Block]

The following chart shows our net revenue (and sources) for the three and six months ended June 30, 2018 and 2017:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands, unaudited)
Net Revenue:
Radio Advertising	$	48,880	$	52,017	$	93,502	$	98,205
Political Advertising		1,182		731		1,383		974
Digital Advertising		6,559		6,740		14,705		12,246
Cable Television Advertising		18,118		18,988		37,054		40,129
Cable Television Affiliate Fees		28,020		26,140		55,269		53,463
Event Revenues & Other		12,447		13,022		12,914		13,910
Net Revenue (as reported)	$	115,206	$	117,638	$	214,827	$	218,927

Contract with Customer, Asset and Liability [Table Text Block]

Contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income) that are not separately stated in our consolidated balance sheets at June 30, 2018, December 31, 2017 and June 30, 2017 were as follows:

	June 30, 2018		December 31, 2017		June 30, 2017
	(Unaudited)				(Unaudited)
	(In thousands)

Contract assets:
Unbilled receivables	$	7,226	$	4,850	$	7,521

Contract liabilities:
Customer advances and unearned income	$	4,681	$	3,372	$	3,414
Unearned event income		2,368		4,117		1,370

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(Unaudited)
	(In Thousands)
Numerator:
Net income (loss) attributable to common stockholders	$	23,590	$	802	$	1,035	$	(1,511	)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		46,033,402		47,816,723		46,321,633		47,890,618
Effect of dilutive securities:
Stock options and restricted stock		2,405,291		420,390		2,456,165		—
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		48,438,693		48,237,113		48,777,798		47,890,618

Net income (loss) attributable to common stockholders per share – basic	$	0.51	$	0.02	$	0.02	$	(0.03	)
Net income (loss) attributable to common stockholders per share –diluted	$	0.49	$	0.02	$	0.02	$	(0.03	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

All stock options and restricted stock awards were excluded from the diluted calculation for the six months ended June 30, 2017, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation.

	Six Months Ended June 30,
	2017
	(Unaudited)
	(In thousands)

Stock options		3,600
Restricted stock awards		439

Fair Value, by Balance Sheet Grouping [Table Text Block]

As of June 30, 2018, and December 31, 2017, respectively, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:

	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,524		—		—	$	2,524
Employment agreement award (b)		35,164		—		—		35,164
Total	$	37,688	$	—	$	—	$	37,688

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,940	$	—	$	—	$	10,940

As of December 31, 2017
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	1,580		—		—	$	1,580
Employment agreement award (b)		32,323		—		—		32,323
Total	$	33,903	$	—	$	—	$	33,903

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,780	$	—	$	—	$	10,780

(a) This balance is measured based on the income approach to valuation in the form of a Monte Carlo simulation. The Monte Carlo simulation method is suited to instances such as this where there is non-diversifiable risk. It is also well-suited to multi-year, path dependent scenarios. Significant inputs to the Monte Carlo method include forecasted net revenues, discount rate and expected volatility. A third-party valuation firm assisted the Company in estimating the contingent consideration.

(b) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) became eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis)

and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of certain pre-April 2015 capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.

(c) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

There were no transfers in or out of Level 1, 2, or 3 during the six months ended June 30, 2018. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2018:

	Contingent Consideration			Employment Agreement Award			Redeemable Noncontrolling Interests
	(In thousands)

Balance at December 31, 2017	$	1,580		$	32,323		$	10,780
Net income attributable to noncontrolling interests		—			—			339
Distribution		(506	)		—			—
Dividends paid to noncontrolling interests		—			—			(801	)
Change in fair value		1,450			2,841			622
Balance at June 30, 2018	$	2,524		$	35,164		$	10,940

The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date	$	(1,450	)	$	(2,841	)	$	—

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the employment agreement award for the three and six months ended June 30, 2018 and 2017. Losses included in earnings were recorded in the consolidated statements of operations as selling, general and administrative expenses for contingent consideration for the three and six months ended June 30, 2018 and 2017.

		Significant	As of June 30, 2018			As of December 31, 2017
Level 3 liabilities	Valuation Technique	Unobservable Inputs	Significant Unobservable Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility		38.0	%		36.9	%
Contingent consideration	Monte Carlo Simulation	Discount Rate		16.0	%		16.0	%
Employment agreement award	Discounted Cash Flow	Discount Rate		11.0	%		11.0	%
Employment agreement award	Discounted Cash Flow	Long-term Growth Rate		2.5	%		2.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Discount Rate		10.5	%		10.5	%
Redeemable noncontrolling interest	Discounted Cash Flow	Long-term Growth Rate		1.0	%		1.0	%