ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2019

Disaggregation of Revenue [Table Text Block]

The following chart shows our net revenue (and sources) for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
	2019		2018
	(Unaudited) (In thousands)

Net Revenue:
Radio Advertising	$	42,439	$	44,622
Political Advertising		123		200
Digital Advertising		7,437		8,146
Cable Television Advertising		20,193		18,936
Cable Television Affiliate Fees		27,475		27,250
Event Revenues & Other		782		467
Net Revenue (as reported)	$	98,449	$	99,621

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 March 31, 2019, December 31, 2018 and March 31, 2018 were as follows:

	March 31, 2019			December 31, 2018		March 31, 2018
	(Unaudited)					(Unaudited)
	(In thousands)

Contract assets:
Unbilled receivables		$	6,529	$	3,425	$	6,284

Contract liabilities:
Customer advances and unearned income		$	3,836	$	3,766	$	4,516
Unearned event income			8,201		3,864		6,157

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 March 31,
	2019			2018
	(Unaudited)
	(In Thousands)

Numerator:
Net loss attributable to common stockholders	$	(6,663	)	$	(22,555	)
Denominator:
Denominator for basic net loss per share – weighted-average outstanding shares		45,001,767			46,757,386
Effect of dilutive securities:
Stock options and restricted stock		—			—
Denominator for diluted net loss per share – weighted-average outstanding shares		45,001,767			46,757,386

Net loss attributable to common stockholders per share – basic and diluted	$	(0.15	)	$	(0.48	)

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 three months ended March 31, 2019 and 2018, as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation.

	Three Months Ended March 31,
	2019		2018
	(Unaudited)
	(In thousands)

Stock options		3,549		5,537
Restricted stock awards		1,256		2,348

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

As of March 31, 2019, and December 31, 2018, 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 March 31, 2019
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,628		—		—	$	2,628
Employment agreement award (b)		26,011		—		—		26,011
Total	$	28,639	$	—	$	—	$	28,639

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,401	$	—	$	—	$	10,401

As of December 31, 2018
Liabilities subject to fair value measurement:
Contingent consideration (a)	$	2,831		—		—	$	2,831
Employment agreement award (b)		25,660		—		—		25,660
Total	$	28,491	$	—	$	—	$	28,491

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (c)	$	10,232	$	—	$	—	$	10,232

(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) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is 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. The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s aggregate investment in TV One. 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. In September 2014, 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. Prior to the quarter ended September 30, 2018, there were probability factors included in the calculation of the award related to the likelihood that the award will be realized. During the quarter ended September 30, 2018, management changed the methodology used in calculating the fair value of the Company's Employment Agreement Award liability to simplify the calculation. As part of the simplified calculation, the Company eliminated certain adjustments made to its aggregate investment in TV One, including the treatment of historical dividends paid and potential distribution of assets upon liquidation. The Compensation Committee of the Board of Directors approved the simplified method which eliminates certain assumptions that were historically used in the determination of the fair value of this liability.

(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 three months ended March 31, 2019. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2019:

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

Balance at December 31, 2018	$	2,831		$	25,660		$	10,232
Net income attributable to noncontrolling interests		—			—			125
Distribution		(279	)		(1,558	)		—
Change in fair value		76			1,909			44
Balance at March 31, 2019	$	2,628		$	26,011		$	10,401

The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	$	(76	)	$	(1,909	)	$	—

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

Losses and income 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 months ended March 31, 2019 and 2018. Losses included in earnings were recorded in the consolidated statements of operations as selling, general and administrative expenses for contingent consideration for the three months ended March 31, 2019 and 2018.

		Significant	As of March 31, 2019			As of December 31, 2018
Level 3 liabilities	Valuation Technique	Unobservable Inputs	Significant Unobservable Input Value

Contingent consideration	Monte Carlo Simulation	Expected volatility		31.8	%		34.6	%
Contingent consideration	Monte Carlo Simulation	Discount Rate		15.5	%		15.0	%
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	%

Schedule Of Quantitative Information Related To Operating Leases [Table Text Block]

The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases as of March 31, 2019, dollars in thousands:

Operating Lease Cost (Cost resulting from lease payments)	$	3,057
Variable Lease Cost (Cost excluded from lease payments)		103
Total Lease Cost	$	3,160

Operating Lease - Operating Cash Flows (Fixed Payments)	$	3,268
Operating Lease - Operating Cash Flows (Liability Reduction)	$	1,897

Weighted Average Lease Term - Operating Leases		6.28 years
Weighted Average Discount Rate - Operating Leases		11.00	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

As of March 31, 2019, maturities of lease liabilities were as follows:

For the Year Ended December 31,	(Dollars in thousands)
For the remaining nine months ending December 31, 2019	$	9,790
2020		12,448
2021		11,619
2022		10,941
2023		9,722
Thereafter		18,472
Total future lease payments		72,992
Imputed interest		(20,475	)
Total	$	52,517