10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-14461

Entercom Communications Corp.

(Exact name of registrant as specified in its charter)

Pennsylvania	23-1701044
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification no.)

401 E. City Avenue, Suite 809

Bala Cynwyd, Pennsylvania 19004

(Address of principal executive offices and zip code)

(610) 660-5610

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act and Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class A common stock, $0.01 par value – 33,562,285 Shares Outstanding as of July 21, 2017

(Class A Shares Outstanding include 1,805,869 unvested and vested but deferred restricted stock units)

Class B common stock, $0.01 par value – 7,197,532 Shares Outstanding as of July 21, 2017.

ENTERCOM COMMUNICATIONS CORP.

INDEX

Part I Financial Information
	Item 1.	Financial Statements	1
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
	Item 4.	Controls and Procedures	44
Part II Other Information
	Item 1.	Legal Proceedings	46
	Item 1A.	Risk Factors	46
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
	Item 3.	Defaults Upon Senior Securities	46
	Item 4.	Mine Safety Disclosures	46
	Item 5.	Other Information	46
	Item 6.	Exhibits	47
Signatures			49
Exhibit Index			50

Private Securities Litigation Reform Act Safe Harbor Statement

In addition to historical information, this report contains statements by us with regard to our expectations as to financial results and other aspects of our business that involve risks and uncertainties and may constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Forward-looking statements are presented for illustrative purposes only and reflect our current expectations concerning future results and events. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, without limitation, any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

You can identify forward-looking statements by our use of words such as “anticipates,” “believes,” “continues,” “expects,” “intends,” “likely,” “may,” “opportunity,” “plans,” “potential,” “project,” “will,” “could,” “would,” “should,” “seeks,” “estimates,” “predicts” and similar expressions which identify forward-looking statements, whether in the negative or the affirmative. We cannot guarantee that we actually will achieve these plans, intentions or expectations. These forward-looking statements are subject to risks, uncertainties and other factors, some of which are beyond our control, which could cause actual results to differ materially from those forecasted or anticipated in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect our view only as of the date of this report. We undertake no obligation to update these statements or publicly release the result of any revision(s) to these statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Key risks to our company are described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2017, and as may be supplemented by the risks described under Part II, Item 1A, of our quarterly reports on Form 10-Q, in our Current Reports on Form 8-K, on Form S-4 filed with the SEC on April 12, 2017, and on Forms S-4/A filed with the SEC on May 30, 2017, and July 10, 2017.

PART I

FINANCIAL INFORMATION

ITEM 1. Financial Statements

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

(unaudited)

	JUNE 30, 2017			DECEMBER 31, 2016
ASSETS:
Cash	$	8,592		$	46,843
Accounts receivable, net of allowance for doubtful accounts		90,337			92,172
Prepaid expenses, deposits and other		8,537			7,670
Total current assets		107,466			146,685
Net property and equipment		65,300			63,375
Radio broadcasting licenses		811,131			823,195
Goodwill		32,320			32,718
Assets held for sale		2,817			—
Deferred charges and other assets, net of accumulated amortization		9,922			10,260
TOTAL ASSETS	$	1,028,956		$	1,076,233
LIABILITIES:
Accounts payable	$	214		$	481
Accrued expenses		24,423			18,857
Other current liabilities		18,797			19,603
Non-controlling interest - variable interest entity		—			23,959
Long-term debt, current portion		13,618			4,817
Total current liabilities		57,052			67,717
Long-term debt, net of current portion		447,396			467,651
Deferred tax liabilities		79,758			92,898
Other long-term liabilities		27,868			26,861
Total long-term liabilities		555,022			587,410
Total liabilities		612,074			655,127
CONTINGENCIES AND COMMITMENTS
PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK		27,732			27,732
SHAREHOLDERS’ EQUITY:
Class A, B and C common stock		407			407
Additional paid-in capital		599,718			605,603
Accumulated deficit		(210,975	)		(212,636	)
Total shareholders’ equity		389,150			393,374
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,028,956		$	1,076,233

See notes to condensed consolidated financial statements.

1

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data)

(unaudited)

	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,
	2017			2016			2017			2016
NET REVENUES	$	124,970		$	121,571		$	223,971		$	218,580
OPERATING EXPENSE:
Station operating expenses, including non-cash compensation expense		91,004			83,732			168,170			156,353
Depreciation and amortization expense		2,517			2,517			5,164			4,964
Corporate general and administrative expenses, including non-cash compensation expense		8,876			8,493			19,441			16,091
Impairment loss		441			—			441			62
Merger and acquisition costs		5,829			—			16,100			—
Net time brokerage agreement (income) fees		—			—			34			—
Net (gain) loss on sale or disposal of assets		(76	)		(755	)		13,258			(1,219	)
Total operating expense		108,591			93,987			222,608			176,251
OPERATING INCOME (LOSS)		16,379			27,584			1,363			42,329
NET INTEREST EXPENSE		6,133			9,147			12,110			18,539
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)		10,246			18,437			(10,747	)		23,790
INCOME TAXES (BENEFIT)		3,832			7,603			(7,830	)		8,544
NET INCOME (LOSS) AVAILABLE TO THE COMPANY		6,414			10,834			(2,917	)		15,246
Preferred stock dividend		(550	)		(412	)		(1,100	)		(825	)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	5,864		$	10,422		$	(4,017	)	$	14,421
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - BASIC	$	0.15		$	0.27		$	(0.10	)	$	0.37
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS PER SHARE - DILUTED	$	0.15		$	0.26		$	(0.10	)	$	0.37
DIVIDENDS DECLARED AND PAID PER COMMON SHARE	$	0.075		$	0.075		$	0.15		$	0.075
WEIGHTED AVERAGE SHARES:
Basic		38,944,620			38,468,822			38,935,161			38,462,998
Diluted		39,655,599			41,130,418			38,935,161			39,273,532

See notes to condensed consolidated financial statements.

2

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

SIX MONTHS ENDED JUNE 30, 2017 AND YEAR ENDED DECEMBER 31, 2016

(amounts in thousands, except share data)

(unaudited)

														Retained Earnings (Accumulated Deficit)
	Common Stock										Additional Paid-in Capital						Total
	Class A						Class B
	Shares			Amount			Shares		Amount
Balance, December 31, 2015		32,480,551		$	325			7,197,532	$	72	$	611,754		$	(250,701	)	$	361,450
Net income (loss) available to the Company		—			—			—		—		—			38,065			38,065
Compensation expense related to granting of stock awards		1,095,759			11			—		—		6,528			—			6,539
Issuance of common stock related to the Employee Share Purchase Plan (“ESPP”)		31,933			—			—		—		379			—			379
Exercise of stock options		134,238			1			—		—		264			—			265
Purchase of vested employee restricted stock units		(232,297	)		(2	)		—		—		(2,266	)		—			(2,268	)
Payment of dividends on common stock		—			—			—		—		(8,666	)		—			(8,666	)
Payment of dividends on preferred stock		—			—			—		—		(1,788	)		—			(1,788	)
Dividend equivalents, net of forfeitures		—			—			—		—		(602	)		—			(602	)
Balance, December 31, 2016		33,510,184			335			7,197,532		72		605,603			(212,636	)		393,374
Net income (loss) available to the Company		—			—			—		—		—			(2,917	)		(2,917	)
Compensation expense related to granting of stock awards		197,978			2			—		—		3,069			—			3,071
Issuance of common stock related to the Employee Share Purchase Plan (“ESPP”)		14,833			—			—		—		182			—			182
Exercise of stock options		6,500			—			—		—		22			—			22
Purchase of vested employee restricted stock units		(163,304	)		(2	)		—		—		(2,501	)		—			(2,503	)
Payment of dividends on common stock		—			—			—		—		(5,941	)		—			(5,941	)
Dividend equivalents, net of forfeitures		—			—			—		—		(150	)		—			(150	)
Payment of dividends on preferred stock		—			—			—		—		(1,100	)		—			(1,100	)
Modified retrospective application of stock-based compensation guidance		—			—			—		—		534			4,578			5,112
Balance, June 30, 2017		33,566,191		$	335			7,197,532	$	72	$	599,718		$	(210,975	)	$	389,150

See notes to condensed consolidated financial statements.

3

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	SIX MONTHS ENDED
	JUNE 30,
	2017			2016
OPERATING ACTIVITIES:
Net income (loss) available to the Company	$	(2,917	)	$	15,246
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		5,164			4,964
Amortization of deferred financing costs (including original issue discount)		1,166			1,503
Net deferred taxes (benefit) and other		(7,830	)		8,544
Provision for bad debts		1,365			743
Net (gain) loss on sale or disposal of assets		13,258			(1,219	)
Non-cash stock-based compensation expense		3,071			3,019
Deferred rent		(134	)		244
Deferred compensation		1,595			730
Impairment loss		441			62
Accretion expense (income), net of asset retirement obligation adjustments		(237	)		12
Changes in assets and liabilities (net of effects of acquisitions, dispositions, consolidation, and deconsolidation of Variable Interest Entities (VIEs)):
Accounts receivable		(1,673	)		(4,898	)
Prepaid expenses and deposits		(1,113	)		(2,227	)
Accounts payable and accrued liabilities		5,799			(442	)
Accrued interest expense		(1,821	)		(835	)
Accrued liabilities - long-term		(1,033	)		(1,188	)
Prepaid expenses - long-term		(176	)		340
Net cash provided by (used in) operating activities		14,925			24,598
INVESTING ACTIVITIES:
Additions to property and equipment		(6,745	)		(2,038	)
Proceeds from sale of property, equipment, intangibles and other assets		18			7,114
Purchases of radio stations		(24,000	)		—
Additions to intangible assets		(299	)		(151	)
(Deconsolidation) consolidation of a VIE		(302	)		—
Net cash provided by (used in) investing activities		(31,328	)		4,925

4

ENTERCOM COMMUNICATIONS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

	SIX MONTHS ENDED
	JUNE 30,
	2017			2016
FINANCING ACTIVITIES:
Borrowing under the revolving senior debt		34,500			14,500
Proceeds from the capital lease obligations and other		—			102
Payments of long-term debt		(47,008	)		(36,258	)
Proceeds from issuance of employee stock plan		182			—
Proceeds from the exercise of stock options		22			30
Purchase of vested employee restricted stock units		(2,503	)		(2,193	)
Payment of dividends on common stock		(5,837	)		(2,886	)
Payment of dividend equivalents on vested restricted stock units		(104	)		(91	)
Payment of dividends on preferred stock		(1,100	)		(825	)
Net cash provided by (used in) financing activities		(21,848	)		(27,621	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(38,251	)		1,902
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		46,843			9,169
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	8,592		$	11,071
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	13,254		$	18,307
Income taxes	$	177		$	208
Dividends on common stock	$	5,837		$	2,886
Dividends on preferred stock	$	1,100		$	825

See notes to condensed consolidated financial statements.

5

ENTERCOM COMMUNICATIONS CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2017 AND 2016

1. BASIS OF PRESENTATION AND SIGNIFICANT POLICIES

The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year.

This Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company’s audited financial statements as of and for the year ended December 31, 2016, and filed with the SEC on February 28, 2017, as part of the Company’s Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

On February 2, 2017, the Company and its newly formed wholly owned subsidiary (“Merger Sub”) entered into an Agreement and Plan of Merger (the “CBS Radio Merger Agreement”) with CBS Corporation (“CBS”) and its wholly owned subsidiary CBS Radio, Inc. (“CBS Radio”). Pursuant to the CBS Radio Merger Agreement, Merger Sub will merge with and into CBS Radio with CBS Radio surviving as the Company’s wholly owned subsidiary (the “Merger”). The Merger is expected to be tax free to CBS and its shareholders, and will be effected through a stock for stock Reverse Morris Trust transaction. The Merger will make the Company a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 10 markets and 23 of the top 25 markets. The transactions contemplated by the CBS Radio Merger Agreement are subject to approval by the Company’s shareholders and customary regulatory approvals. Such approvals will require the divestiture of stations in certain markets due to FCC ownership limitations.

There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company’s financial statements contained in its Form 10-K for the year ended December 31, 2016, that was filed with the SEC on February 28, 2017.

Revision of Prior Period Financial Statements for Digital Revenue Contracts

In connection with the preparation of the Company’s consolidated financial statements, the Company identified immaterial errors in prior periods relating to the netting of certain digital expenses against certain digital revenues. Since the Company acts as a principal in certain digital revenue contracts, the expenses should not have been netted against gross revenues. The impact of these errors were not material to any prior period. Consequently, the Company corrected the errors in the second quarter of 2017 by increasing net revenues and station operating expenses on the consolidated statements of operations by the amounts below. As the two line items are adjusted by offsetting amounts, the corrections had no impact on income before taxes, income taxes (benefit), net income, earnings per share or diluted earnings per share, shareholders’ equity, cash flows from operations, or working capital. The corrections had no impact on the consolidated balance sheets or statements of cash flows.

6

The following tables include the revisions to the consolidated statements of operations for the interim and annual periods during 2017, 2016, 2015 and 2014:

Description	Three Months Ended March 31, 2017
	(amounts in thousands)
Net Revenues:
Prior to revision	$	97,452
Revision		1,549
As revised	$	99,001
Station operating expenses, including non-cash compensation expense:
Prior to revision	$	75,617
Revision		1,549
As revised	$	77,166

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2016
	(amounts in thousands)
Net Revenues:
Prior to revision	$	96,103	$	120,478	$	120,457	$	123,207	$	460,245
Revision		906		1,093		1,184		1,343		4,526
As revised	$	97,009	$	121,571	$	121,641	$	124,550	$	464,771
Station operating expenses, including non-cash compensation expense:
Prior to revision	$	71,715	$	82,639	$	82,905	$	81,485	$	318,744
Revision		906		1,093		1,184		1,343		4,526
As revised	$	72,621	$	83,732	$	84,089	$	82,828	$	323,270

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2015
	(amounts in thousands)
Net Revenues:
Prior to revision	$	78,420	$	100,592	$	114,662	$	117,704	$	411,378
Revision		589		730		874		910		3,103
As revised	$	79,009	$	101,322	$	115,536	$	118,614	$	414,481
Station operating expenses, including non-cash compensation expense:
Prior to revision	$	59,367	$	70,000	$	81,241	$	77,103	$	287,711
Revision		589		730		874		910		3,103
As revised	$	59,956	$	70,730	$	82,115	$	78,013	$	290,814

7

Description	Year Ended December 31, 2014
	(amounts in thousands)
Net Revenues:
Prior to revision	$	379,789
Revision		587
As revised	$	380,376
Station operating expenses, including non-cash compensation expense:
Prior to revision	$	259,184
Revision		587
As revised	$	259,771

Recent Accounting Pronouncements

All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than as noted below or those included in the notes to the Company’s financial statements contained in its Form 10-K for the year ended December 31, 2016, that was filed with the SEC on February 28, 2017, that might have a material impact on the Company’s financial position, results of operations or cash flows.

Definition of a Business

In January 2017, the accounting guidance was amended to modify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance is effective for the Company as of January 1, 2018, under a prospective application method. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. The guidance could have an impact in a future period if the Company acquires or disposes of assets that meet the definition of a business under the amended guidance.

Goodwill Impairment

In January 2017, the accounting guidance was amended to modify the accounting for goodwill impairment by removing the second step of the goodwill impairment test. The guidance is effective for the Company as of January 1, 2020, on a prospective basis, although early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this amended accounting guidance for its annual impairment test during the second quarter of 2017. The results of the Company’s annual goodwill impairment test indicated that the carrying value of the Company’s goodwill in one particular market exceeded its appraised enterprise value. As a result, the Company wrote off approximately $0.4 million of goodwill during the second quarter of 2017. Refer to Note 2, Intangible Assets and Goodwill, for additional information.

Cash Flow Classification

In August 2016, the accounting guidance for classifying elements of cash flow was modified. The guidance is effective for the Company as of January 1, 2018, under a retrospective application method. Management does not believe the impact of this guidance will be material to the Company’s financial position, results of operations or cash flows.

8

Stock-Based Compensation

In May 2017, the accounting guidance was amended to clarify modification accounting for stock-based compensation. The guidance is effective for the Company as of January 1, 2018, on a prospective basis, although early adoption is permitted for interim periods. Under the amended guidance, the Company will only apply modification accounting for stock-based compensation if there are: (1) changes in the fair value or intrinsic value of share-based compensation; (2) changes in the vesting conditions of awards; and (3) change in the classification of awards as equity instruments or liability instruments. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows.

In March 2016, the accounting guidance for stock-based compensation was modified primarily to: (1) record excess tax benefits or deficiencies on stock-based compensation in the statement of operations, regardless of whether the tax benefits reduce taxes payable in the period; (2) allow an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation up to the maximum statutory tax rates in the applicable jurisdictions; and (3) allow entities to make an accounting policy election to either estimate the number of award forfeitures or to account for forfeitures when they occur. The guidance was effective for the Company on January 1, 2017.

As of January 1, 2017, the Company recorded a cumulative-effect adjustment to its accumulated deficit of $4.6 million on a modified retrospective transition basis. This adjustment was comprised of previously unrecognized excess tax benefits of $4.9 million as adjusted for the Company’s effective income tax rate, offset by a change to recognize stock-based compensation forfeitures when they occur of $0.3 million, net of tax.

Leasing Transactions

In February 2016, the accounting guidance was modified to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. The most notable change in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases with a term of more than twelve months. This change will apply to the Company’s leased assets such as real estate, broadcasting towers and equipment. Additionally, the Company will be required to provide additional disclosures to meet the objective of enabling users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company anticipates its accounting for existing capital leases to remain substantially unchanged.

While the Company is currently reviewing the effects of this guidance, the Company believes that this modification would result in: (1) an increase in the ROU assets and liabilities reflected on the Company’s consolidated balance sheets to reflect the rights and obligations created by operating leases with a term of greater than twelve months; and (2) an increase in amortization expense associated with the ROU assets.

This guidance is effective for the Company as of January 1, 2019, and must be implemented using a modified retrospective approach, with certain practical expedients available.

Revenue Recognition

In May 2014, the accounting guidance for revenue recognition was modified and subsequently updated with several amendments. Along with these modifications, most industry-specific revenue guidance was eliminated, including a current broadcasting exemption for reporting revenue from network barter programming. The new guidance provides companies with a revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is to recognize revenue when promised goods or services are transferred to customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for such goods or services. The new guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance may be implemented using a modified retrospective approach or by using a full retrospective approach. The new guidance was originally effective for annual reporting periods beginning after December 15, 2016. In July 2015, the effective date was deferred by one year. As a result, the new guidance is effective for the Company as of January 1, 2018.

The Company has completed its initial assessment phase in the implementation process. In connection with this initial phase, the Company performed the following activities: (1) completed an internal assessment of the

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Company’s operations and identified its significant revenue streams; (2) held revenue recognition conversations with certain of its sales managers and business managers across its markets for each of the identified revenue streams; and (3) reviewed a representative sample of contracts and documented the key economics of the contracts to identify applicable qualitative revenue recognition changes related to the amended accounting guidance. The Company’s next phase of the implementation process will be to establish and document key accounting policies, assess disclosure requirements, determine the impact on business processes and internal controls, and determine the quantitative impact resulting from the amended accounting guidance. This second phase is expected to be completed in the third quarter of 2017. The Company’s final phase will be to effectively implement the amended accounting guidance and embed the new accounting treatment into the Company’s business processes and internal controls to support the financial reporting requirements. This final phase of the implementation process is expected to be completed in the fourth quarter of 2017. The Company plans to adopt the amended accounting guidance as of January 1, 2018, using the modified retrospective method.

The Company is still evaluating the impact that the amended accounting guidance will have on the Company’s consolidated financial statements and will be unable to quantify its impact until it completes the final phase of its implementation process. Based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows.

2. INTANGIBLE ASSETS AND GOODWILL

Goodwill and certain intangible assets are not amortized for book purposes. They may be, however, amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of goodwill and certain intangibles (such as broadcasting licenses), then a charge is recorded to the results of operations.

There was no material change in the carrying value of broadcasting licenses or goodwill since the year ended December 31, 2016, other than as described below.

The Company recorded a $13.5 million loss in the first quarter of 2017 in net gain/loss on sale or disposal of assets as a result of the Company permanently discontinuing the operation of one of its stations and returning the station’s broadcasting license to the FCC for cancellation, in order to facilitate the Merger.

Additionally, the carrying value of the broadcasting licenses at December 31, 2016, included the broadcasting licenses of a consolidated Variable Interest Entity (“VIE”) of approximately $15.7 million. These consolidated assets and liabilities of the VIE related to a pending acquisition of four radio stations in Charlotte, North Carolina. On October 17, 2016, the Company entered into an asset purchase agreement and a time brokerage agreement (“TBA”) to operate three of the four radio stations that were held in a trust (“Charlotte Trust”). As such, the amounts of the consolidated VIE at December 31, 2016, represented only the assets and liabilities of the three stations held in the Charlotte Trust.

Upon the completion of this transaction on January 6, 2017, the Company deconsolidated broadcasting licenses attributable to the VIE and recorded broadcasting licenses of all four radio stations based upon the preliminary purchase price allocation. Refer to Note 9, Business Combinations, for additional information.

During the second quarter of 2017, the Company performed its annual impairment test of its goodwill and determined that the carrying amount of goodwill exceeded its fair value for the Boston, Massachusetts market and recorded an impairment loss of $0.4 million. A contributing factor to the impairment was a decline in the advertising dollars in the Boston, Massachusetts market and its effect on the Company’s operations, coupled with an increase in the carrying value of its assets.

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The following table presents the changes in broadcasting licenses as described above:

	Broadcasting Licenses Carrying Amount
	June 30, 2017			December 31, 2016
	(amounts in thousands)
Beginning of period balance as of January 1,	$	823,195		$	807,381
Disposition of FCC broadcasting license		(13,500	)		—
Consolidation (deconsolidation) of a VIE		(15,738	)		15,738
Acquisition of radio stations		17,174			—
Acquisitions - other		—			112
Disposition of radio stations previously reflected as held for sale		—			(36	)
Ending period balance	$	811,131		$	823,195

The following table presents the changes in goodwill primarily as a result of acquisitions of radio stations and the Company’s annual impairment test.

	Goodwill Carrying Amount
	June 30, 2017			December 31, 2016
	(amounts in thousands)
Goodwill balance before cumulative loss on impairment as of January 1,	$	158,333		$	158,244
Accumulated loss on impairment as of January 1,		(125,615	)		(125,615	)
Goodwill beginning balance after cumulative loss on impairment as of January 1,		32,718			32,629
Loss on impairment during year		(441	)		—
Acquisition of radio stations		43			—
Adjustment to acquired goodwill associated with an assumed fair value liability		—			92
Disposition of radio stations previously reflected as assets held for sale		—			(3	)
Ending period balance	$	32,320		$	32,718

Broadcasting Licenses Impairment Test

The Company performs its annual broadcasting license impairment test during the second quarter of each year by evaluating its broadcasting licenses for impairment at the market level using the direct method.

During the second quarter of the current year and each of the past several years, the Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company’s markets and, accordingly, no impairment was recorded. The annual impairment test in 2017 did not include the new market added during the first quarter of 2017. For the new market added during the first quarter of 2017, similar valuation techniques that are used in the testing process were applied to the valuation of the broadcasting licenses under purchase price accounting.

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Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. The Company determines the fair value of the broadcasting licenses in each of its markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (1) the discount rate; (2) the market share and profit margin of an average station within a market, based upon market size and station type; (3) the forecast growth rate of each radio market; (4) the estimated capital start-up costs and losses incurred during the early years; (5) the likely media competition within the market area; (6) the tax rate; and (7) future terminal values.

The methodology used by the Company in determining its key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, the Company believes that the assumptions in items (1) through (3) above are the most important and sensitive in the determination of fair value.

The following table reflects the estimates and assumptions used in the second quarter of each year (no interim tests were performed in these years):

	Estimates And Assumptions
	Second Quarter 2017	Second Quarter 2016
Discount rate	9.25%	9.5%
Operating profit margin ranges expected for average stations in the markets where the Company operates	19% to 40%	14% to 40%
Long-term revenue growth rate range of the Company’s markets	1.0% to 2.0%	1.0% to 2.0%

The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods.

Goodwill Impairment Test

The Company performs its annual goodwill impairment test during the second quarter of each year by evaluating its goodwill for each reporting unit.

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As described above, the Company elected to early adopt the amended accounting guidance which simplifies the test for goodwill impairment. The amended guidance eliminates the second step of the goodwill impairment test, which reduces the cost and complexity of evaluating goodwill for impairment. Under the former accounting guidance, the second step of the impairment test required the Company to compute the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under the amended guidance, if the carrying amount of goodwill of a reporting unit exceeds its fair value, the Company will consider the goodwill to be impaired.

The Company has determined that a radio market is a reporting unit and the Company assesses goodwill in each of the Company’s markets. Under the amended guidance, if the fair value of any reporting unit is less than the amount reflected on the balance sheet, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not exceed the total amount of goodwill allocated to the reporting unit.

Under the amended guidance, the Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for each reporting unit. These qualitative factors include, but are not limited to: (1) macroeconomic conditions; (2) radio broadcasting industry considerations; (3) financial performance of reporting units; (4) Company-specific events; and (5) a sustained decrease in the Company’s share price. If the quantitative assessment is necessary, the Company determines the fair value of the goodwill allocated to each reporting unit.

To determine the fair value, the Company uses a market approach and, when appropriate, an income approach in computing the fair value of each reporting unit. The market approach calculates the fair value of each market’s radio stations by analyzing recent sales and offering prices of similar properties expressed as a multiple of cash flow. The income approach utilizes a discounted cash flow method by projecting the subject property’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price. Management believes that these approaches are commonly used and appropriate methodologies for valuing broadcast radio stations. Factors contributing to the determination of the reporting unit’s operating performance were historical performance and/or management’s estimates of future performance.

The following table reflects the estimates and assumptions used in the second quarter of each year (no interim tests were performed in these years):

	Estimates And Assumptions
	Second Quarter 2017	Second Quarter 2016
Discount rate	9.25%	9.5%
Long-term revenue growth rate range of the Company’s markets	1.0% to 2.0%	1.0% to 2.0%
Market multiple used in the market valuation approach	7.5x to 8.0x	7.5x to 8.0x

During the second quarter of the current year, the Company’s quantitative assessment indicated that the goodwill allocated to its Boston, Massachusetts market was impaired.

The Company also performed a reasonableness test on the fair value results for goodwill on a combined basis by comparing the carrying value of the Company’s assets to the Company’s enterprise value based upon its stock price, shares outstanding, total debt and preferred stock outstanding, and cash on hand. The Company determined that the results were reasonable.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods.

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3. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following as of the periods indicated:

	Other Current Liabilities
	June 30, 2017		December 31, 2016
	(amounts in thousands)
Accrued compensation	$	9,115	$	8,059
Accounts receivable credits		2,397		3,571
Advertiser obligations		1,118		1,102
Accrued interest payable		1,766		3,587
Other		4,401		3,284
Total other current liabilities	$	18,797	$	19,603

4. LONG-TERM DEBT

(A) Senior Debt

The Credit Facility

On November 1, 2016, the Company and its wholly owned subsidiary, Entercom Radio LLC, (“Radio”) entered into a $540 million credit agreement (the “Credit Facility”) with a syndicate of lenders that was initially comprised of: (a) a $60 million revolving credit facility (the “Revolver”) that matures on November 1, 2021; and (b) a $480 million term B loan (the “Term B Loan”) that matures on November 1, 2023.

As of June 30, 2017, the amount outstanding under the Term B Loan was $458.0 million and the amount outstanding under the Revolver was $9.5 million. The amount available under the Revolver, which includes the impact of the outstanding letters of credit, was $49.8 million as of June 30, 2017.

Long-term debt was comprised of the following as of June 30, 2017:

	Long-Term Debt
	June 30,			December 31,
	2017			2016
	(amounts in thousands)
Credit Facility
Revolver, due November 1, 2021	$	9,500		$	—
Term B Loan, due November 1, 2023		458,000			480,000
		467,500			480,000
Other Debt
Capital lease and other		78			87
Total debt before deferred financing costs		467,578			480,087
Current amount of long-term debt		(13,618	)		(4,817	)
Deferred financing costs (excludes the revolving credit)		(6,564	)		(7,619	)
Total long-term debt, net of current debt	$	447,396		$	467,651
Outstanding standby letters of credit	$	670		$	670

The Term B Loan requires mandatory prepayments equal to a percentage of Excess Cash Flow, which is defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. Beginning in 2018, the Excess Cash Flow payment will be due in the first quarter of each year, and is based on the Excess Cash Flow and Leverage Ratio for the prior year. The estimated Excess Cash Flow payment due in the first quarter of 2018 is included under the current portion of long-term debt, net of any prepayments.

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As of June 30, 2017, the Company’s Consolidated Leverage Ratio was 4.3 times versus a covenant limit of 5.0 times and the Consolidated Interest Coverage Ratio was 4.2 times versus a covenant minimum of 2.0 times.

As of June 30, 2017, the Company was in compliance with all financial covenants and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenants under the Credit Facility is highly dependent on its results of operations. Management believes that over the next 12 months the Company can continue to maintain compliance.

Management believes that cash on hand, cash from the Revolver and cash from operating activities, together with the proceeds of the committed financing described below, will be sufficient to permit the Company to meet its liquidity requirements over the next 12 months, including its debt repayments.

Failure to comply with the Company’s financial covenants or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates on its debt.

In connection with the CBS Radio Merger Agreement, CBS Radio entered into a commitment letter with a syndicate of lenders (the “Commitment Parties”), pursuant to which the Commitment Parties committed to provide up to $500 million of senior secured term loans (the “CBS Radio Financing”) as an additional tranche under a credit agreement (the “CBS Radio Credit Agreement”) among CBS Radio, the guarantors named therein, the lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. The proceeds of this additional tranche will be used to: (1) refinance the Company’s Credit Facility; (2) redeem the Company’s Perpetual Cumulative Convertible Preferred Stock (“Preferred”); and (3) pay fees and expenses in connection with the refinancing. On March 3, 2017, CBS Radio entered into an amendment to the CBS Radio Credit Agreement, to, among other things, create a tranche of Term B-1 Loans in an aggregate principal amount not to exceed $500 million. The Term B-1 Loans, which replace the commitment, are expected to be funded by the Commitment Parties on the closing date of the Merger, subject to customary conditions. The Term B-1 Loans will be governed by the CBS Radio Credit Agreement and will mature on the date that is seven years after the closing date of the Merger. The Term B-1 Loans will require quarterly principal payments at an annual rate of 1% of the initial principal amount of the Term B-1 Loans, beginning with the first full fiscal quarter ending after the closing of the Merger. The Term B-1 Loans are expected to bear interest at a per annum rate equal to LIBOR plus 2.75%. Interest on the Term B-1 Loans will be payable at the end of each interest period, but in no event less frequently than quarterly.

(B) Senior Unsecured Debt

The Senior Notes

In 2016, the Company issued a call notice to redeem its $220.0 million 10.5% unsecured Senior Notes due December 1, 2019 (the “Senior Notes”) in full with an effective date of December 1, 2016, that was funded by the proceeds of the Credit Facility. As a result of the full redemption of the Senior Notes with replacement debt at a lower interest rate, the net interest expense for the first two quarters of 2017 was reduced and does not include amortization of original issue discount of Senior Notes.

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(C) Net Interest Expense

The components of net interest expense are as follows:

	Net Interest Expense
	Six Months Ended June 30,
	2017			2016
	(amounts in thousands)
Interest expense	$	10,993		$	17,057
Amortization of deferred financing costs		1,166			1,319
Amortization of original issue discount of senior notes		—			184
Interest income and other investment income		(49	)		(21	)
Total net interest expense	$	12,110		$	18,539

	Net Interest Expense
	Three Months Ended June 30,
	2017			2016
	(amounts in thousands)
Interest expense	$	5,579		$	8,435
Amortization of deferred financing costs		580			631
Amortization of original issue discount of senior notes		—			93
Interest income and other investment income		(26	)		(12	)
Total net interest expense	$	6,133		$	9,147

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5. NET INCOME (LOSS) PER COMMON SHARE

The following tables present the computations of basic and diluted net income (loss) per share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017			2016
	(amounts in thousands except per share data)
Basic Income (Loss) Per Share
Numerator
Net income (loss) available to the Company	$	6,414	$	10,834	$	(2,917	)	$	15,246
Preferred stock dividends		550		412		1,100			825
Net income (loss) available to common shareholders	$	5,864	$	10,422	$	(4,017	)	$	14,421
Denominator
Basic weighted average shares outstanding		38,945		38,469		38,935			38,463
Basic net income (loss) per share available to common shareholders	$	0.15	$	0.27	$	(0.10	)	$	0.37
Diluted Income (Loss) Per Share
Numerator
Net income (loss) available to the Company	$	6,414	$	10,834	$	(2,917	)	$	15,246
Preferred stock dividends		550		—		1,100			825
Net income (loss) available to common shareholders	$	5,864	$	10,834	$	(4,017	)	$	14,421
Denominator
Basic weighted average shares outstanding		38,945		38,469		38,935			38,463
Effect of RSUs and options under the treasury stock method		711		738		—			811
Preferred stock under the as if converted method		—		1,923		—			—
Diluted weighted average shares outstanding		39,656		41,130		38,935			39,274
Diluted net income (loss) per share available to common shareholders	$	0.15	$	0.26	$	(0.10	)	$	0.37

Disclosure Of Anti-Dilutive Shares

The following table presents those shares excluded as they were anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Impact Of Equity Issuances	2017		2016		2017		2016
	(amounts in thousands, except per share data)
Shares excluded as anti-dilutive under the treasury stock method:
Options		14		—		—		13
Price range of options: from	$	11.31	$	—	$	—	$	11.36
Price range of options: to	$	11.78	$	—	$	—	$	11.78
RSUs with service conditions		328		—		78		—
RSUs excluded with service and market conditions as market conditions not met		267		628		267		628
RSUs excluded with service and performance conditions as performance conditions not met		—		21		—		21
Perpetual cumulative convertible preferred stock treated as anti-dilutive under the as if method		1,962		—		1,962		1,923
Excluded shares as anti-dilutive when reporting a net loss		—		—		1,026		—

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6. SHARE-BASED COMPENSATION

Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants.

Restricted Stock Units (“RSUs”) Activity

The following is a summary of the changes in RSUs under the Plan during the current period:

	Period Ended		Number Of Restricted Stock Units			Weighted Average Purchase Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value As Of June 30, 2017
RSUs outstanding as of:		December 31, 2016		2,074,794
RSUs awarded				206,603
RSUs released				(455,153	)
RSUs forfeited				(8,625	)
RSUs outstanding as of:		June 30, 2017		1,817,619		$	—		1.5	$	18,812,357
RSUs vested and expected to vest as of:		June 30, 2017		1,817,619		$	—		1.5	$	18,812,357
RSUs exercisable (vested and deferred) as of:		June 30, 2017		48,880		$	—		—	$	505,908
Weighted average remaining recognition period in years				2.2
Unamortized compensation expense			$	9,726,425

RSUs With Service And Market Conditions

The Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: (1) the Company’s stock achieves certain shareholder performance targets over a defined measurement period; and (2) the employee fulfills a minimum service period. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not met, as all of the conditions need to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years.

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The following table presents the changes in outstanding RSUs with market conditions:

	Six Months Ended June 30,			Year Ended December 31,
	2017			2016
	(amounts in thousands, except per share data)
Reconciliation Of RSUs With Market Conditions
Beginning of period balance		630			390
Number of RSUs granted		—			470
Number of RSUs forfeited		—			—
Number of RSUs vested		(50	)		(230	)
End of period balance		580			630
Weighted average fair value of RSUs granted with market conditions	$	—		$	7.34

The fair value of RSUs with service conditions is estimated using the Company’s closing stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company’s determination of the fair value was based on the number of shares granted, the Company’s stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ.

The specific assumptions used for these valuations are as follows:

	Six Months Ended June 30,	Year Ended December 31,
	2017	2016
Expected Volatility Term Structure (1)	34% to 45%	35% to 45%
Risk-Free Interest Rate (2)	0.1% to 1.1%	0.4% to 1.1%
Annual Dividend Payment Per Share (Constant) (3)	$0.30	$0.30

⁽¹⁾ Expected Volatility Term Structure - The Company estimated the volatility term structure using: (1) the historical volatility of its stock; and (2) the implied volatility provided by its traded options from a trailing month’s average of the closing bid-ask price quotes.

⁽²⁾ Risk-Free Interest Rate - The Company estimated the risk-free interest rate based upon the implied yield available on U.S. Treasury issues using the Treasury bond rate as of the date of grant.

⁽³⁾ Annual Dividend Payment Per Share (Constant) – The Company assumed a constant annual dividend of $0.30 per share.

RSUs With Service And Performance Conditions

In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed. The Company determines the requisite service period on a case-by-case basis to determine the expense recognition period for non-vested performance based RSUs. The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability assessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change.

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The following table reflects the activity of RSUs with service and performance conditions:

	Six Months		Year
	Ended		Ended
	June 30,		December 31,
	2017		2016
	(amounts in thousands, except per share data)
Reconciliation Of RSUs With Service And Performance Conditions
Beginning of period balance		—		29
Number of RSUs granted		—		—
Number of RSUs that did not meet criteria		—		(29	)
Number of RSUs vested		—		—
Average fair value of RSUs granted with performance conditions	$	—	$	—

As of June 30, 2017, no non-cash compensation expense was recognized for RSUs with performance conditions.

Option Activity

The following table provides summary information related to the exercise of stock options:    

	Six Months Ended June 30,
Option Exercise Data	2017		2016
	(amounts in thousands)
Intrinsic value of options exercised	$	58	$	238
Tax benefit from options exercised (1)	$	23	$	92
Cash received from exercise price of options exercised	$	22	$	30

⁽¹⁾ Amount for prior year excludes impact from suspended income tax benefits and/or valuation allowances.

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The following table presents the option activity during the current period under the Plan:

	Period Ended		Number Of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Intrinsic Value As Of June 30, 2017
Options outstanding as of:		December 31, 2016		329,562		$	1.91
Options granted				—			—
Options exercised				(6,500	)		3.37
Options forfeited				—			—
Options expired				(125	)		1.34
Options outstanding as of:		June 30, 2017		322,937		$	1.88		1.6	$	2,753,017
Options vested and expected to vest as of:		June 30, 2017		322,937		$	1.88		1.6	$	2,753,017
Options vested and exercisable as of:		June 30, 2017		322,937		$	1.88		1.6	$	2,753,017
Weighted average remaining recognition period in years				—
Unamortized compensation expense			$	—

The following table summarizes significant ranges of outstanding and exercisable options as of the current period:

			Options Outstanding						Options Exercisable
			Number Of		Weighted				Number Of
			Options		Average		Weighted		Options		Weighted
Range Of			Outstanding		Remaining		Average		Exercisable		Average
Exercise Prices			June 30,		Contractual		Exercise		June 30,		Exercise
From	To		2017		Life		Price		2017		Price
$    1.34	$	1.34		300,437		1.6	$	1.34		300,437	$	1.34
$    2.02	$	11.78		22,500		1.2	$	9.12		22,500	$	9.12
$    1.34	$	11.78		322,937		1.6	$	1.88		322,937	$	1.88

Recognized Non-Cash Stock-Based Compensation Expense

The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in our statement of operations:

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Station operating expenses	$	577	$	590
Corporate general and administrative expenses		2,494		2,429
Stock-based compensation expense included in operating expenses		3,071		3,019
Income tax benefit (1)		1,004		1,083
After-tax stock-based compensation expense	$	2,067	$	1,936

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	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Station operating expenses	$	372	$	363
Corporate general and administrative expenses		1,105		1,174
Stock-based compensation expense included in operating expenses		1,477		1,537
Income tax benefit (1)		495		531
After-tax stock-based compensation expense	$	982	$	1,006

⁽¹⁾ Amount for prior year excludes impact from suspended income tax benefits and/or valuation allowances.

7. INCOME TAXES

Tax Rates For The Six Months And Three Months Ended June 30, 2017

The effective income tax rates were 72.9% and 37.4% for the six months and three months ended June 30, 2017, respectively. These rates were impacted by: (1) merger and acquisition costs that result in an increase in the annual estimated effective tax rate; and (2) a discrete windfall income tax benefit, described below. The annual estimated effective tax rate is estimated to be higher than in previous years primarily due to the amount of merger and acquisition costs forecasted for 2017 as a result of the Merger, as a significant portion of these costs are not deductible for federal and state income tax purposes.

As a result of adopting the amended accounting guidance for stock-based compensation on January 1, 2017, the Company recorded, for the six months ended June 30, 2017, a discrete windfall income tax benefit of $0.8 million from the vesting of stock-based awards with tax deductions in excess of the compensation expense recorded. Refer to Note 1, Basis of Presentation and Significant Policies, for additional information.

Tax Rates For The Six Months And Three Months Ended June 30, 2016

The effective income tax rates were 35.9% and 41.2% for the six months and three months ended June 30, 2016, respectively. These rates were impacted by discrete income tax benefits from recent legislation in certain single member states that allowed for: (1) the reversal of partial valuation allowances; and (2) a retroactive decrease in deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill. The income tax rate was also impacted by income tax expense from: (i) an increase in deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (ii) an adjustment for expenses that are not deductible for tax purposes; and (iii) a tax benefit shortfall associated with share-based awards.

Net Deferred Tax Assets And Liabilities

As of June 30, 2017, and December 31, 2016, net deferred tax liabilities were $79.8 million and $92.9 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.     

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8. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Of Financial Instruments Subject To Fair Value Measurements

Recurring Fair Value Measurements

The following table sets forth the Company’s financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels.

	Fair Value Measurements At Reporting Date
	June 30,		December 31,
Description	2017		2016
	(amounts in thousands)
Liabilities
Deferred compensation - Level 1 (1)	$	11,747	$	10,875

⁽¹⁾  The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The deferred compensation plan liability is valued at Level 1 as it is based on quoted market prices of the underlying investments.

Non-Recurring Fair Value Measurements

The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.

During the quarters ended June 30, 2017 and 2016, the Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles, and concluded that its broadcasting licenses and net property and equipment were not impaired as the fair value of these assets equaled or exceeded their carrying value. The Company concluded that the carrying value of goodwill allocated to its Boston, Massachusetts market exceeded its fair value. Accordingly, the Company wrote off approximately $0.4 million of goodwill during the second quarter of 2017. Refer to Note 2, Intangible Assets and Goodwill, for additional information.    

Fair Value Of Financial Instruments Subject To Disclosures     

The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (1) cash and cash equivalents; (2) accounts receivable; and (3) accounts payable, including accrued liabilities.

The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated:

	June 30,				December 31,
	2017				2016
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
	(amounts in thousands)
Term B Loan (1)	$	458,000	$	460,004	$	480,000	$	487,200
Revolver (2)	$	9,500	$	9,500	$	—	$	—
Other debt (3)	$	78			$	87

The following methods and assumptions were used to estimate the fair value of financial instruments:

⁽¹⁾  The Company’s determination of the fair value of the Term B Loan was based on quoted prices for this instrument and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

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⁽²⁾  The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

⁽³⁾ The Company does not believe it is practicable to estimate the fair value of the other debt.

9. BUSINESS COMBINATIONS

The Company consummated acquisitions under the acquisition method of accounting, and the purchase price was allocated to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed for book purposes and amortized for tax purposes.

2017 Charlotte Acquisition

On January 6, 2017, the Company completed a transaction to acquire four radio stations in Charlotte, North Carolina from Beasley Broadcast Group, Inc. (“Beasley”) for a purchase price of $24 million in cash. The Company used cash on hand to fund the acquisition. On October 17, 2016, the Company entered into an asset purchase agreement and a TBA with Beasley to operate three of the four radio stations that were held in the Charlotte Trust. On November 1, 2016, the Company commenced operations of the radio stations held in the Charlotte Trust and began operating the fourth station upon closing on the acquisition with Beasley in January 2017.

During the period of the TBA, the Company included net revenues, station operating expenses and monthly TBA fees associated with operating these stations in the Company’s consolidated financial statements.

The allocations presented in the table below are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired FCC broadcasting licenses, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume an expected future growth rate of 1.0%; and an estimated discount rate of 9.0%. The gross profit margins utilized were considered appropriate based on management’s expectations and experience in equivalent sized markets. The Company determines the fair value of the broadcasting licenses by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the net assets acquired was reported as goodwill.

The following preliminary purchase price allocations are based upon the valuation of assets and liabilities and these estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. These assets and liabilities pending finalization include intangible assets and liabilities. Differences between the preliminary and final valuation could be substantially different from the initial estimates.

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	January 6,		Useful Lives In Years
Description	2017		From		To
	(amounts in thousands)
Assets
Land	$	2,539		non-depreciating
Buildings		217		15	25
Equipment		4,569		3	40
Total property plant and equipment		7,325
Deferred tax asset		287		life of underlying asset
Radio broadcasting licenses and goodwill		17,384		non-amortizing
Total assets		24,996
Liabilities
Unfavorable lease liabilities		735		over remaining lease life
Deferred tax liability		261		life of underlying liability
Total liabilities		996
Net assets	$	24,000

2016 Disposition

In March 2016, the Company sold certain assets of KRWZ AM in Denver, Colorado, for $3.8 million in cash. The Company believes that the sale of this station, with a marginal market share, did not alter the Company’s competitive position in the market. The Company reported a gain, net of expenses, of $0.3 million on the disposition of these assets.

Pending Acquisition of CBS Radio

On February 2, 2017, the Company and Merger Sub entered into a material definitive agreement with CBS and CBS Radio, and CBS and CBS Radio also entered into an agreement that provides for the separation of CBS Radio from CBS (the “Separation Agreement”), which together provide for the combination of the Company’s business and CBS’s radio business. Prior to February 2, 2017, CBS transferred substantially all of the assets and liabilities of CBS’s radio business to CBS Radio.

At the time of the signing of the CBS Radio Merger Agreement on February 2, 2017, CBS Radio had two classes of common stock, the Radio Series 1 Common Stock, par value $0.01 per share (the “Radio Series 1 Common Stock”) and the Radio Series 2 Common Stock, par value $0.01 per share (the “Radio Series 2 Common Stock”), collectively, (the “Radio Existing Common Stock”).

Prior to the Merger, CBS and CBS Radio will first complete a series of internal distributions and transactions (collectively, the “Radio Reorganization”). Following the consummation of the Radio Reorganization, CBS will consummate an offer to exchange all of the outstanding shares of Radio Existing Common Stock for outstanding shares of CBS Class B Common Stock (the “Final Distribution”). CBS Broadcasting, Inc. will first distribute (the “First Distribution”) all of the outstanding equity of CBS Radio to Westinghouse CBS Holding Company, Inc. (“Westinghouse”). Westinghouse will then distribute all of the outstanding equity of CBS Radio to CBS (the “Second Distribution”). Following the Second Distribution, CBS Radio will then: (a) combine Radio Series 1 Common Stock and Radio Series 2 Common stock into a single class of common stock, par value $0.01 per share (the “Radio New Common Stock”), (b) authorize the issuance of at least 101,407,494 shares of Radio New Common Stock and (c) effect a stock split of the outstanding shares of Radio New Common Stock, as a result of which, as of immediately prior to the effective time of the Final Distribution, 101,407,494 shares of Radio New Common Stock will be issued and outstanding, all of which will be owned directly by CBS (collectively, (a) through (c), the “Stock Split”).

Subject to the terms and conditions of the CBS Radio Merger Agreement and the Separation Agreement, in the event that holders of CBS Class B Common Stock subscribe for less than all of the outstanding shares of Radio Common Stock held by CBS in the exchange offer, CBS will distribute the remaining outstanding shares of Radio Common Stock held by CBS on a pro rata basis to holders of CBS Common Stock whose shares of CBS Common Stock remain outstanding after consummation of the exchange offer (the “Spin-Off”). The Spin-Off will only occur if the exchange offer is consummated but not fully subscribed, meaning that not all of the outstanding shares of Radio Common Stock held by CBS would be distributed in the exchange offer, in that scenario.

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Immediately after the consummation of the Final Distribution, Merger Sub will merge with and into CBS Radio, with CBS Radio surviving as a wholly owned subsidiary of the Company. In the Merger, all outstanding shares of Radio Common Stock will be converted into the right to receive an equal number of shares of the Company’s Class A common Stock.

It is estimated that the existing Company shareholders will own approximately 28% and CBS Radio shareholders will own approximately 72% of the combined company’s outstanding shares immediately after consummation of the Merger.

The Company will issue 101,407,494 shares of its Class A common Stock in the Merger. At the time of the Merger, each outstanding RSU and stock option with respect to CBS Class B Common Stock held by employees of CBS Radio will be canceled and converted into equity awards for the Company’s Class A Common Stock. The conversion will be based on the ratio of the volume-weighted average per share closing prices of CBS stock on the five trading days prior to the effective date of the Merger and the Company’s stock on the five trading days following the effective date of the Merger. As a result, approximately 4,004,451 shares will be eligible for issuance in respect of equity awards held by CBS Radio employees in consideration of the replacement of their RSUs and stock options.

In connection with the Merger, CBS Radio received committed financing of up to $500 million of senior secured term loan from the Commitment Parties as an additional tranche under the CBS Radio Credit Agreement. The proceeds of this loan will be used to: (1) refinance the Company’s Credit Facility; (2) redeem the Company’s Preferred; and (3) pay fees and expenses in connection with the refinancing. The committed financing will be an additional tranche under the CBS Radio Credit Agreement. See Note 4, Long-Term Debt, for additional information with respect to this financing.

The total consideration for the Merger is approximately $1.05 billion, based on the Company’s Class A common stock market price per share of $10.35 on June 30, 2017 and the shares to be issued in connection with the Merger. Transaction costs relating to the Merger, including legal and professional fees, of $5.8 million and $16.1 million for the three and six months ended June 30, 2017, respectively, were expensed as incurred.

If the CBS Radio Merger Agreement is terminated in certain circumstances prior to the consummation of the transactions contemplated thereby, the Company will be required to pay CBS a termination fee of $30 million. Either party may terminate the CBS Radio Merger Agreement if the Merger is not consummated on or before November 2, 2017, subject to extension to May 2, 2018, if necessary.

Upon completion of the Merger, certain required divestitures and the debt refinancing described above, which are all expected to occur in the fourth quarter of 2017, the combined company will be named Entercom Communications Corp. and will be listed on the NYSE under the current trading symbol for the Company’s Class A Common Stock, “ETM”.

Merger And Acquisition Costs    

The Company records merger and acquisition costs whether or not an acquisition occurs. These costs consist primarily of legal, professional and advisory services and could include restructuring costs.

There were merger and acquisition costs incurred during the first two quarters of 2017 primarily in connection with the announced CBS Merger.

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	16,100	$	—

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	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	5,829	$	—

Restructuring Costs

The restructuring plan related to the Company’s acquisitions in 2015 included: (1) costs associated with exiting contractual vendor obligations as these obligations were duplicative; (2) a workforce reduction and realignment charges that included one-time termination benefits and related costs; and (3) lease abandonment costs. The lease abandonment costs are longer-term as the lease expires in June 2026. The estimated amount of unpaid restructuring charges as of June 30, 2017, after excluding the lease abandonment liability as of June 30, 2017, was included in accrued expenses as most expenses are expected to be paid within one year.

	Six Months			Year
	Ended			Ended
	June 30,			December 31,
	2017			2016
	(amounts in thousands)
Restructuring charges, beginning balance	$	650		$	1,686
Additions through accruals		—			—
Deductions through payments		(34	)		(1,036	)
Restructuring charges unpaid and outstanding		616			650
Less lease abandonment costs over a long-term period		(539	)		(576	)
Short-term restructuring charges unpaid and outstanding	$	77		$	74

Unaudited Pro Forma Summary Of Financial Information

The following pro forma information presents the consolidated results of operations as if the 2017 acquisition in Charlotte, North Carolina, had occurred as of January 1, 2016, after giving effect to certain adjustments, including: (1) depreciation and amortization of assets; (2) change in the effective tax rate; (3) interest expense on any debt incurred; and (4) merger and acquisition costs. The pro forma information does not exclude the pro forma impact of any dispositions. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.

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	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017			2016
	(amounts in thousands except share and per share data)
	Pro Forma		Pro Forma		Pro Forma			Pro Forma
Net revenues	$	124,970	$	125,343	$	223,971		$	226,257
Net income (loss) available to the Company	$	6,326	$	11,011	$	(3,093	)	$	13,985
Net income (loss) available to common shareholders	$	5,776	$	10,599	$	(4,193	)	$	13,160
Net income (loss) available to common shareholders per common share - basic	$	0.15	$	0.28	$	(0.11	)	$	0.34
Net income (loss) available to common shareholders per common share - diluted	$	0.15	$	0.26	$	(0.11	)	$	0.34
Weighted shares outstanding basic		38,944,620		38,468,822		38,935,161			38,462,998
Weighted shares outstanding diluted		39,655,599		41,130,418		38,935,161			39,273,532
Conversion of preferred stock for dilutive purposes under the as if method		anti-dilutive		dilutive		anti-dilutive			anti-dilutive

10. ASSETS HELD FOR SALE

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

As of June 30, 2017, the Company entered into an agreement to sell a parcel of land along with the land improvements, broadcasting tower and building located on the property, in one of its markets for $3.3 million and classified these assets as assets held for sale. This transaction, which is expected to be completed in the fourth quarter of 2017, is expected to result in a gain of $0.3 million, net of commissions of $0.2 million.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement.

The major categories of these assets are as follows:

	Assets Held For Sale
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Land and land improvements	$	2,820	$	—
Building		8		—
Equipment		184		—
Total property and equipment		3,012		—
Depreciation and amortization		195		—
Net property and equipment		2,817		—
Assets held for sale		2,817		—
Net assets held for sale	$	2,817	$	—

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11. SHAREHOLDERS’ EQUITY

Dividend Equivalents

The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period.

The following table presents the amounts accrued and unpaid on unvested RSUs:

		Dividend Equivalent Liabilities
	Balance Sheet	June 30,		December 31,
	Location	2017		2016
		(amounts in thousands)
Short-term	Other current liabilities	$	251	$	260
Long-term	Other long-term liabilities		507		348
Total		$	758	$	608

Employee Stock Purchase Plan

The Company adopted the Entercom 2016 Employee Stock Purchase Plan (the “ESPP”) during the second quarter of 2016 that commenced with the third quarter of 2016. The ESPP allows participants to purchase the Company’s stock at a price equal to 85% of the market value of such shares on the purchase date. The maximum number of shares authorized to be issued under the ESPP is 1.0 million. Pursuant to this plan, the Company does not record compensation expense to the employee as income subject to tax on the difference between the market value and the purchase price, as this plan was designed to meet the requirements of Section 423(b) of the Internal Revenue Code. The Company recognizes the 15% discount in the Company’s consolidated statements of operations as non-cash compensation expense.

Pursuant to the CBS Radio Merger Agreement, until the earlier of the termination of the CBS Radio Merger Agreement or the consummation of the Merger, the Company has agreed not to issue or authorize any shares of its capital stock. As a result, the Company effectively suspended the ESPP during the second quarter of 2017. There were no shares purchased and the Company did not recognize any non-cash compensation expense in connection with the ESPP during the three months ended June 30, 2017. The Company plans to resume the ESPP after the consummation of the Merger, which is expected to occur in the fourth quarter of 2017.

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Number of shares purchased		15		—
Non-cash compensation expense recognized	$	32	$	—

12. CONTINGENCIES AND COMMITMENTS

Contingencies

If the CBS Radio Merger Agreement is terminated under certain circumstances, the Company will be required to pay CBS a termination fee of $30 million and the costs for the committed financing.

The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on February 28, 2017.

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13. SUBSEQUENT EVENTS

Events occurring after June 30, 2017, and through the date that these consolidated financial statements were issued were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows:

On July, 10 2017, the Company filed an amendment to a Registration Statement with the SEC on Form S-4/A relating to the Merger. The amendment provides that, among other things, immediately following the consummation of the transactions contemplated by the Merger, the Company’s board of directors will be comprised of ten members, including all six directors from the Company’s current board of directors and four new directors. Two of the new directors are affiliated with CBS, while the other two are unaffiliated with both the Company and CBS.

On July 12, 2017, the Company filed a proxy statement relating to a special meeting of the shareholders in connection with the Merger.

On July 26, 2017, the Company purchased a minority ownership interest in DGital Media Inc. (“DGital”), a leading creator of premium, personality-based podcasts and other on-demand audio content, for $9.7 million. Under the terms of the purchase agreement, the Company also obtained an option to acquire the remaining ownership interest in DGital in 2021. The Company and DGital entered into a multi-year services agreement under which DGital will dedicate significant resources to create world-class, original on-demand audio content leveraging the Company’s deep roster of local talent and relationships in the world of sports, news, politics, music, comedy, and technology. DGital will also serve as the Company’s exclusive third party advertisement sales representative for all of its podcasts and other on-demand audio.

On July 28, 2017, the Company declared a special one-time dividend of $0.20 per share payable on August 30, 2017 to shareholders of record on August 15, 2017. This dividend is permitted under the terms of the CBS Radio Merger Agreement. This special one-time dividend will accompany the Company’s regular quarterly dividend of $0.075 per share which will be paid on September 15, 2017 to shareholders of record on August 15, 2017.

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ITEM 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations

In preparing the discussion and analysis contained in this Item 2, we presume that readers have read or have access to the discussion and analysis contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2017. In addition, you should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this report. The following results of operations include a discussion of the six and three months ended June 30, 2017 as compared to the comparable periods in the prior year. Our results of operations during the relevant periods represent the operations of the radio stations owned or operated by us.

Results Of Operations For The Year-To-Date

The following significant factors affected our results of operations for the six months ended June 30, 2017, as compared to the six months ended June 30, 2016:

Merger And Acquisition Costs Incurred Under The CBS Radio Merger Agreement

On February 2, 2017, we and our newly formed wholly owned subsidiary (“Merger Sub”) entered into an Agreement and Plan of Merger (the “CBS Radio Merger Agreement”) with CBS Corporation (“CBS”) and its wholly owned subsidiary CBS Radio, Inc. (“CBS Radio”). Pursuant to the CBS Radio Merger Agreement, Merger Sub will merge with and into CBS Radio with CBS Radio surviving as our wholly owned subsidiary (the “Merger”). The Merger is expected to be tax free to CBS and its shareholders, and will be effected through a stock for stock Reverse Morris Trust transaction. The Merger will make us a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 10 markets and 23 of the top 25 markets. The transactions contemplated by the CBS Radio Merger Agreement are subject to approval by our shareholders and customary regulatory approvals. Such approvals will require the divestiture of stations in certain markets due to FCC ownership limitations.

Transaction costs relating to the Merger, including legal, advisory services and professional fees, of $16.1 million, were expensed as incurred during the first two quarters of 2017 and are included in merger and acquisition costs.

Disposal Of FCC Broadcasting License Related To The Merger

We recorded a $13.5 million loss in the first quarter of 2017 in net gain/loss on sale or disposal of assets as a result of permanently discontinuing the operation of one of our stations and returning the station’s license to the FCC for cancellation, in order to facilitate the Merger.

Debt Refinancing Lowered Our Interest Expense

On November 1, 2016, we entered into a $540 million credit facility (the “Credit Facility”) and used the proceeds to: (1) refinance our outstanding senior credit facility (the “Former Credit Facility”) that was comprised of: (a) a term loan component (“Former Term B Loan”) with $223.0 million outstanding at the date of the refinancing; and (b) a revolving credit facility (the “Former Revolver”) with $3.0 million outstanding at the date of the refinancing; (2) fund the redemption of the $220.0 million 10.5% Senior Notes due December 1, 2019 (the “Senior Notes”) and discharge the Indenture governing the Senior Notes; (3) fund $11.6 million of accrued interest and a call premium of $5.8 million on the Senior Notes; and (4) pay transaction costs associated with the refinancing. This refinancing lowered our interest expense in the first two quarters of 2017.

Charlotte Acquisition

On January 6, 2017, we completed a transaction with Beasley Broadcast Group, Inc. (“Beasley”) to acquire four radio stations in Charlotte, North Carolina, for a purchase price of $24 million in cash (the “Beasley Acquisition”). We used cash on hand to fund the acquisition. We commenced operations under a time brokerage agreement (“TBA”) for three of the stations on November 1, 2016 and the fourth station upon acquisition on January 6, 2017, that increased our net revenues, station operating expenses and depreciation and amortization expenses.

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Goodwill Impairment

Our annual goodwill impairment test indicated that the goodwill allocated to our Boston, Massachusetts market was impaired. As a result, we wrote off approximately $0.4 million of goodwill during the second quarter of 2017.

Six Months Ended June 30, 2017 As Compared To The Six Months Ended June 30, 2016

	SIX MONTHS ENDED JUNE 30,
	2017			2016			% Change
	(dollars in millions)
NET REVENUES	$	224.0		$	218.6			2	%
OPERATING EXPENSE:
Station operating expenses		168.2			156.4			8	%
Depreciation and amortization expense		5.2			5.0			4	%
Corporate general and administrative expenses		19.4			16.1			20	%
Impairment loss		0.4			0.1			300	%
Merger and acquisition costs		16.1			—			nmf
Other operating (income) expenses		13.3			(1.3	)		nmf
Total operating expense		222.6			176.3			26	%
OPERATING INCOME (LOSS)		1.4			42.3			(97	%)
NET INTEREST EXPENSE		12.1			18.5			(35	%)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)		(10.7	)		23.8			(145	%)
INCOME TAXES (BENEFIT)		(7.8	)		8.6			(191	%)
NET INCOME (LOSS) AVAILABLE TO THE COMPANY		(2.9	)		15.2			(119	%)
Preferred stock dividend		(1.1	)		(0.8	)		38	%
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	(4.0	)	$	14.4			(128	%)

Net Revenues

Contributing to the increase in net revenues was the operation of four stations in the Charlotte market during the current period which were not operated by us during the prior period. Offsetting this increase, net revenues were negatively impacted by several factors including the reduction in political advertising and the return of a broadcasting license to the FCC in the first quarter of 2017 to facilitate the Merger.

Net revenues increased the most for our stations located in the Atlanta and Miami markets. Net revenues decreased the most for our stations located in the Denver market and several of our other larger markets.

Station Operating Expenses

Station operating expenses increased in the high-single digits for the current period primarily due to an increase in costs associated with operating additional stations acquired in Charlotte, North Carolina, and fees associated with new broadcast rights for a major league baseball team in one of our markets.

Station operating expenses include non-cash compensation expense of $0.6 million for the six months ended June 30, 2017 and June 30, 2016.

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Depreciation And Amortization Expense

Depreciation and amortization expense increased primarily as a result of the depreciation and amortization associated with the stations acquired in Charlotte, North Carolina.

Corporate General And Administrative Expenses

Corporate general and administrative expenses increased primarily due to the increase in costs associated with: (1) certain contractual obligations of $1.3 million to a senior executive as a result of the non-renewal of his employment agreement; (2) an increase in deferred compensation expense of $0.7 million as our deferred compensation liability generally tracks the movements in the stock market; and (3) an increase in corporate marketing capabilities and staff.

Corporate general and administrative expenses include non-cash compensation expense of $2.5 million and $2.4 million for the six months ended June 30, 2017 and June 30, 2016, respectively.

Merger and acquisition costs

Merger and acquisition costs increased due to transaction costs relating to the Merger. These costs primarily consist of legal, professional, and other advisory services.

Other operating (income) expenses

Other operating expenses increased primarily as a result of incurring a $13.5 million loss from permanently discontinuing the operation of one of our stations and returning the station’s license to the FCC for cancellation, in order to facilitate the Merger.

Operating Income (Loss)

Operating income in the current period decreased primarily due to: (1) an increase in merger and acquisition costs of $16.1 million in connection with the Merger; (2) the recognition of a $13.5 million loss from permanently discontinuing the operation of one of our stations and returning the station’s license to the FCC for cancellation, in order to facilitate the Merger; (3) an increase in station operating expenses for the reasons described above; and (4) an increase in corporate, general and administrative expenses for the reasons described above.

Interest Expense

Interest expense declined primarily as a result of the refinancing on November 1, 2016, that included the retirement of our Senior Notes using lower cost bank debt.

As a result of the refinancing, we expect interest expense to decrease in future periods as compared to the prior year.

Income (Loss) Before Income Taxes (Benefit)

The generation of a loss before income taxes was largely attributable to the transaction costs incurred in connection with the Merger and the loss generated as a result of incurring a $13.5 million loss from permanently discontinuing the operation of one of our stations and returning the station’s license to the FCC for cancellation, in order to facilitate the Merger.

Income Taxes (Benefit)

Tax Rate For The Six Months Ended June 30, 2017

The estimated annual effective income tax rate was 72.9% which was determined using a forecasted rate based upon taxable income for the year. The estimated annual effective income tax rate as compared to the expected tax rate of 40% was primarily impacted by significant, non-deductible merger and acquisition costs related to the Merger. The estimated annual effective tax rate is estimated to be higher than in previous years primarily due to the amount of merger and acquisition costs forecasted for 2017 as a result of the Merger, as a significant amount of these costs are not deductible for federal and state income tax purposes. We estimate that our 2017 estimated annual effective tax rate before discrete items, which may fluctuate from quarter to quarter, will be 64.3%.

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As a result of adopting the amended accounting guidance for stock-based compensation on January 1, 2017, we recorded a discrete windfall income tax benefit of a $0.8 million for the six months ended June 30, 2017, from the vesting of stock-based awards with tax deductions in excess of the compensation expense recorded.

Tax Rate For The Six Months Ended June 30, 2016

The effective income tax rate was 35.9%, which was impacted by discrete income tax benefits from recent legislation in certain single member states that allowed for: (1) the reversal of partial valuation allowances; and (2) a retroactive decrease in deferred tax liabilities associated with our non-amortizable broadcast licenses and goodwill assets. The impact of discrete items to the income tax rate is typically substantially greater in the first quarter of the year as income before income taxes is the lowest as compared to subsequent quarters.

Net Deferred Tax Liabilities

As of June 30, 2017, and December 31, 2016, our net deferred tax liabilities were $79.8 million and $92.9 million, respectively. The deferred tax liabilities primarily relate to differences between the book and tax bases of our broadcasting licenses and goodwill. As a result of adopting the amended accounting guidance for stock-based compensation further described in Note 1, Basis of Presentation and Significant Policies, we recorded a $4.6 million adjustment to equity on January 1, 2017. The corresponding debit was to deferred tax assets, effectively reducing the net deferred tax liabilities by the same amount.

Net Income (Loss) Available To The Company

The decrease in net income available to the Company was primarily attributable to the reasons described above under Income (Loss) Before Income Taxes (Benefit), net of income tax expense.

Results Of Operations For The Quarter

The following significant factors affected our results of operations for the three months ended June 30, 2017 as compared to the same period in the prior year:

Merger And Acquisition Costs Incurred Under The CBS Radio Merger Agreement

Transaction costs relating to the Merger, including legal, advisory services and professional fees of $5.8 million, were expensed as incurred during three months ended June 30, 2017 and are included in merger and acquisition costs.

Charlotte Acquisition

On January 6, 2017, we completed the Beasley Acquisition to acquire four radio stations in Charlotte, North Carolina. We commenced operation of three stations under a TBA on November 1, 2016 and a fourth station upon acquisition on January 6, 2017, which increased our net revenues, station operating expenses, depreciation and amortization and interest expense.

Debt Refinancing Lowered Our Interest Expense

As a result of our debt refinancing completed in the fourth quarter of 2016, we lowered our interest expense for the second quarter of 2017.

Goodwill Impairment

Our annual goodwill impairment test indicated that the goodwill allocated to our Boston, Massachusets market was impaired. As a result, we wrote off approximately $0.4 million of goodwill during the second quarter of 2017.

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Three Months Ended June 30, 2017 As Compared To The Three Months Ended June 30, 2016

	THREE MONTHS ENDED JUNE 30,
	2017			2016			% Change
	(dollars in millions)
NET REVENUES	$	125.0		$	121.6			3	%
OPERATING EXPENSE:
Station operating expenses		91.0			83.7			9	%
Depreciation and amortization expense		2.5			2.5			0	%
Corporate general and administrative expenses		8.9			8.5			5	%
Impairment loss		0.5			—			nmf
Merger and acquisition costs and restructuring charges		5.8			—			nmf
Other operating (income) expenses		(0.1	)		(0.7	)		86	%
Total operating expense		108.6			94.0			16	%
OPERATING INCOME (LOSS)		16.4			27.6			(41	%)
NET INTEREST EXPENSE		6.1			9.2			(34	%)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)		10.3			18.4			(44	%)
INCOME TAXES (BENEFIT)		3.8			7.6			(50	%)
NET INCOME (LOSS) AVAILABLE TO THE COMPANY		6.5			10.8			(40	%)
Preferred stock dividend		(0.6	)		(0.4	)		(50	%)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	5.9		$	10.4			(43	%)

Net Revenues

Contributing to the increase in net revenues was the operation of four stations in the Charlotte market during the quarter which were not operated by us during the same period in the prior year. Offsetting this increase, net revenues was negatively impacted by several factors including the reduction in political advertising and the return of a broadcasting license to the FCC in the first quarter of 2017 to facilitate the Merger.

Net revenues increased the most for our stations located in the Kansas City and Miami markets.

Net revenues decreased the most for our stations located in the Denver market and several of our other larger markets.

Station Operating Expenses

Station operating expenses increased in the high-single digits primarily due to an increase in costs associated with operating additional stations acquired in Charlotte, North Carolina.

Station operating expenses include non-cash compensation expense of $0.4 million for the three months ended June 30, 2017 and June 30, 2016.

Corporate General And Administrative Expenses

Corporate general and administrative expenses increased primarily due to the increase in costs associated with: (1) an increase in deferred compensation expense of $0.2 million as our deferred compensation liability generally tracks the movements in the stock market; and (2) and an increase in corporate marketing capabilities and staff.

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Corporate general and administrative expenses include non-cash compensation expense of $1.1 million and $1.2 million for the three months ended June 30, 2017 and June 30, 2016, respectively.

Operating Income (Loss)

Operating income decreased primarily due to: (1) an increase in station operating expenses for the reasons described above; (1) an increase in merger and acquisition costs of $5.8 million in connection with the Merger; and (3) an increase in corporate, general, and administrative expenses for the reasons described above.

Interest Expense

Interest expense declined primarily as a result of the refinancing on November 1, 2016, that included the retirement of our Senior Notes using lower cost bank debt.

As a result of the refinancing, we expect interest expense to decrease in future periods as compared to the prior year.

Income (Loss) Before Income Taxes (Benefit)

The decrease in the income before income taxes was primarily attributable to the increase in station operating expenses described above and the transaction costs incurred in connection with the Merger.

Income Taxes (Benefit)

For the three months ended June 30, 2017, the effective income tax rate was 37.4%, which was determined using a forecasted rate based upon taxable income for the year along with the impact of discrete items for the quarter.

The effective tax rate for the quarter, as compared to the estimated annual effective tax rate of 64% was primarily impacted by: (1) significant, non-deductible merger and acquisition costs related to the Merger; and (2) the discrete impact related to the change in the estimated annual effective tax rate from the three months ended March 31, 2017.

For the three months ended June 30, 2016, the effective income tax rate was 41.2%, which primarily reflects adjustments for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill.

Net Income (Loss) Available To The Company

The decrease was primarily attributable to the reasons described above under Income (Loss) Before Income Taxes (Benefit), net of income tax expense.

Liquidity And Capital Resources

Liquidity

As of June 30, 2017, we had $467.5 million outstanding under our Credit Facility, which includes a term B loan of $458.0 million (the “Term B Loan”) and $9.5 million outstanding under a revolving credit facility (the “Revolver”). In addition, we had $0.7 million in outstanding letters of credit and $49.8 million available under the Revolver. As of June 30, 2017, we had $8.6 million in cash and cash equivalents. For the six months ended June 30, 2017, we decreased our outstanding debt by $12.5 million.

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The Refinancing

The Credit Facility

On November 1, 2016, we and our wholly owned subsidiary Entercom Radio, LLC, entered into a $540 million Credit Facility with a syndicate of lenders and used the proceeds to: (1) refinance our Former Credit Facility that was comprised of: (a) a Former Term B Loan with $223.0 million outstanding at the date of the refinancing; and (b) a Former Revolver with $3.0 million outstanding at the date of the refinancing; (2) fund the redemption effective December 1, 2016, of $220.0 million Senior Notes and discharge the indenture (the “Indenture”) governing the Senior Notes; (3) fund $11.6 million of accrued interest and a call premium of $5.8 million on the Senior Notes; and (4) pay transaction costs associated with the refinancing.

The Credit Facility is comprised of the Revolver and the Term B Loan.

The $60 million Revolver has a maturity date of November 1, 2021. The undrawn amount of the Revolver was $49.8 million as of June 30, 2017. The amount of the Revolver available to us is a function of covenant compliance at the time of borrowing.

The $480 million Term B Loan has a maturity date of November 1, 2023.

The Term B Loan requires mandatory prepayments equal to a percentage of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. Beginning in 2018, the Excess Cash Flow payment will be due in the first quarter of each year, and is based on the Excess Cash Flow and Leverage Ratio for the prior year. The estimated Excess Cash Flow payment due in the first quarter of 2018 is included under the current portion of long-term debt, net of any prepayments.

As of June 30, 2017, we were in compliance with all financial covenants then applicable and all other terms of the Credit Facility in all material respects. Our ability to maintain compliance with our covenants under the Credit Facility is highly dependent on our results of operations.

As of June 30, 2017, our Consolidated Leverage Ratio was 4.3 times versus a covenant of 5.0 times and our Consolidated Interest Coverage Ratio was 4.2 times versus a covenant of 2.0 times.

Management believes that over the next 12 months we can continue to maintain compliance. Our operating cash flow remains positive, and we believe that cash on hand, cash from the Revolver and cash from operating activities, together with the proceeds of the committed financing, will be sufficient to permit us to meet our liquidity requirements over the next 12 months, including our debt repayments.

Failure to comply with our financial covenants or other terms of our Credit Facility and any subsequent failure to negotiate and obtain any required relief from our lenders could result in a default under the Credit Facility. Any event of default could have a material adverse effect on our business and financial condition. The acceleration of our debt could have a material adverse effect on our business. We may seek from time to time to amend our Credit Facility or obtain other funding or additional funding, which may result in higher interest rates on our debt.

In connection with the CBS Radio Merger Agreement as described in Note 1, Basis of Presentation and Significant Policies, CBS Radio entered into a commitment letter with a syndicate of lenders (the “Commitment Parties”), pursuant to which the Commitment Parties committed to provide up to $500 million of senior secured term loans (the “CBS Radio Financing”) as an additional tranche under a credit agreement (the “CBS Radio Credit Agreement”) among CBS Radio, the guarantors named therein, the lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. The proceeds of this additional tranche will be used to: (1) refinance our Credit Facility as described in Note 4, Long-Term Debt; (2) redeem our Perpetual Cumulative Convertible Preferred Stock; and (3) pay fees and expenses in connection with the refinancing. On March 3, 2017, CBS Radio entered into an amendment to the CBS Radio Credit Agreement, to, among other things, create a tranche of Term B-1 Loans in an aggregate principal amount not to exceed $500 million. The Term B-1 Loans, which replace the commitment, are expected to be funded by the Commitment Parties on the closing date of the Merger, subject to customary conditions. The Term B-1 Loans will be governed by the CBS Radio Credit Agreement and will mature on the date that is seven years after the closing date of the Merger. The Term B-1 Loans will require quarterly principal payments at an annual rate of 1% of the initial principal amount of the Term B-1 Loans, beginning with the first full fiscal quarter ending after the closing of the Merger. The Term B-1 Loans are expected to bear interest at a per annum rate equal to LIBOR plus 2.75%. Interest on the Term B-1 Loans will be payable at the end of each interest period, but in no event less frequently than quarterly.

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The Former Credit Facility

On November 23, 2011, we entered into our prior credit agreement with a syndicate of lenders for a $425 million Credit Facility, which was initially comprised of: (a) a $50 million Revolver (reduced to $40 million in December 2015) that was set to mature on November 23, 2016; and (b) a $375 million Term B Loan that was set to mature on November 23, 2018.

In connection with the refinancing described above, on December 1, 2016, amounts outstanding under the Former Credit Facility were repaid in full.

The Senior Notes

In connection with the refinancing described above, on November 1, 2016, we issued a call notice to redeem our Senior Notes with an effective date of December 1, 2016. On November 1, 2016, we deposited the following funds in escrow to satisfy our obligation under the Senior Notes and discharge the Indenture governing the Senior Notes: (1) $220.0 million to redeem the Senior Notes in full; (2) $11.6 million for accrued and unpaid interest through December 1, 2016; and (3) $5.8 million for a call premium for the early retirement of the Senior notes.

Perpetual Cumulative Convertible Preferred Stock

On July 16, 2015, the Company acquired under a Stock Purchase Agreement with The Lincoln National Life Insurance Company the stock of one of its subsidiaries, Lincoln Financial Media Company (“Lincoln”) which held through subsidiaries the assets and liabilities of radio stations serving the Atlanta, Denver, Miami, and San Diego markets (the “Lincoln Acquisition”).

Upon closing on the Lincoln Acquisition in 2015, we issued $27.5 million in perpetual cumulative convertible preferred stock (“Preferred”) that, in the event of a liquidation, ranks senior to common stock in our capital structure. The Preferred is convertible by Lincoln into a fixed number of shares after a three-year waiting period, subject to customary anti-dilution provisions. At certain times (including the first three years after issuance), we can redeem the Preferred in cash at a price of 100%. The dividend rate on the Preferred increases over time from 6% to 12%. We declared and paid dividends in each quarter since the Preferred was issued.

As described above, the Preferred is expected to be redeemed in full in connection with the CBS Radio Merger Agreement.

Operating Activities

Net cash flows provided by operating activities were $14.9 million and $24.6 million for the six months ended June 30, 2017 and 2016, respectively. The cash flows from operating activities decreased primarily due to: (1) the increase in merger and acquisition costs of $16.1 million associated with the Merger; and (2) a $6.4 million increase in station operating expenses, net of an increase in net revenues. This increase in costs was partially offset by a $9.2 million decrease in cash available from working capital, primarily due to the timing of our interest expense payments and other accrued expenses.

Investing Activities

Net cash flows used in investing activities were $31.3 million for the six months ended June 30, 2017, which primarily reflected the cash paid to complete the Beasley Acquisition of $24.0 million and additions to property and equipment of $6.7 million.

Net cash flows provided by investing activities were $4.9 million for the six months ended 2016, which primarily reflected the proceeds of $7.1 million from the sale of several properties that were reflected under assets held for sale as of December 31, 2015, offset by additions to property and equipment of $2.0 million.

Financing Activities

Net cash flows used in financing activities were $21.8 million and $27.6 million for the six months ended June 30, 2017 and 2016, respectively.

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For the six months ended June 30, 2017, the cash flows used in financing activities primarily reflect the reduction of our net borrowings of $12.5 million and the payment of common stock dividends of $5.8 million. For the six months ended June 30, 2016, the cash flows used in financing activities primarily reflect the reduction of our net borrowings of $21.7 million and the payment of a common stock dividend of $2.9 million.

Dividends

During the second quarter of 2016, we commenced an annual $0.30 per share common stock dividend program, with payments that approximate $2.9 million per quarter. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in our Credit Facility and the CBS Radio Merger Agreement.

Dividends on our Preferred were paid in each quarter commencing in October 2015.

Income Taxes

During the six months ended June 30, 2017, we paid $0.1 million in federal and state income taxes. We expect that our quarterly federal and state corporate net income tax obligations will be minimal for the balance of the year as we have significant net operating loss carryovers available to offset future income. We do expect to make federal alternative minimum tax (“AMT”) payments during subsequent quarters. The AMT payments are available as a credit to offset income tax liabilities in future years.

Capital Expenditures

Capital expenditures for the six months ended June 30, 2017, were $6.7 million. We anticipate that total capital expenditures in 2017 will be between $14.0 million and $16.0 million. Capital expenditures this year are estimated to be higher primarily due to the relocation of studio facilities in several markets.

Contractual Obligations

If the CBS Radio Merger Agreement is terminated under certain circumstances, we will be required to pay CBS a termination fee of $30 million and the costs for the committed financing.

Excluding any contractual obligations associated with the Merger that was entered into on February 2, 2017, as of June 30, 2017, there have been no net material changes in the total amount from the contractual obligations listed in our Form 10-K for the year ended December 31, 2016, filed with the SEC on February 28, 2017.

Off-Balance Sheet Arrangements

As of June 30, 2017, we did not have any material off-balance sheet transactions, arrangements or obligations, including contingent obligations.

As of December 31, 2016, we had a Variable Interest Entity (“VIE”) that required consolidation. As of December 31, 2016, we consolidated the assets and liabilities of the VIE within our consolidated financial statements, using fair values for the assets and liabilities as if we had closed on the Beasley Acquisition as of December 31, 2016. The consolidated assets and liabilities of the consolidated VIE at December 31, 2016, represented only the assets and liabilities of the three stations held in a trust (“Charlotte Trust”). Upon the completion of the acquisition from Beasley on January 6, 2017, we reversed the VIE amounts and recorded the assets and liabilities of all four radio stations based upon the preliminary purchase price allocation. Refer to Note 9, Business Combinations, for additional information.

We do not have any other relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements or other contractually narrow or limited purposes as of June 30, 2017. Accordingly, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.

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Critical Accounting Policies

The SEC defines critical accounting policies as those that are most important to the portrayal of a company’s financial condition and results and that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

There have been no material changes to our critical accounting policies from the information provided in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2016. We have, however, provided additional disclosures related to one of our critical accounting policies for impairment testing of radio broadcasting licenses and goodwill, as we conducted our annual impairment test of broadcasting licenses and goodwill during the second quarter of 2017.

Radio Broadcasting Licenses And Goodwill

We have made acquisitions in the past for which a significant amount of the purchase price was allocated to broadcasting licenses and goodwill assets. As of June 30, 2017, we have recorded approximately $844 million in radio broadcasting licenses and goodwill, which represents 82% of our total assets at that date. We must conduct impairment testing at least annually, or more frequently if events or changes in circumstances indicate that the assets might be impaired, and charge to operations an impairment expense in the periods in which the recorded value of these assets is more than their fair value. Any such impairment could be material. After an impairment expense is recognized, the recorded value of these assets will be reduced by the amount of the impairment expense and that result will be the assets’ new accounting basis. Our most recent impairment loss to our broadcasting licenses was in 2012. As a result of our annual impairment testing during the second quarter of 2017, we recognized an impairment loss on our goodwill of $0.4 million.

We believe our estimate of the value of our radio broadcasting licenses and goodwill assets is a critical accounting estimate as the value is significant in relation to our total assets, and our estimate of the value uses assumptions that incorporate variables based on past experiences and judgments about future performance of our stations.

Broadcasting Licenses Impairment Test

We completed our annual impairment test for broadcasting licenses during the second quarter of 2017 and determined that the fair value of the broadcasting licenses was more than the carrying value in each of our markets and, as a result, we did not record an impairment loss.

We perform our broadcasting license impairment test by using the direct method at the market level. Each market’s broadcasting licenses are combined into a single unit of accounting for the purpose of testing impairment, as the broadcasting licenses in each market are operated as a single asset. We determine the fair value of broadcasting licenses in each of our markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. Our fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (1) the discount rate; (2) the market share and profit margin of an average station within a market, based upon market size and station type; (3) the forecast growth rate of each radio market; (4) the estimated capital start-up costs and losses incurred during the early years; (5) the likely media competition within the market area; (6) a tax rate; and (7) future terminal values. Changes in our estimates of the fair value of these assets could result in material future period write-downs in the carrying value of our broadcasting licenses and goodwill assets.

The methodology used by us in determining our key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, we believe that the first three (in items (1) through (3) above) are the most important and sensitive in the determination of fair value.

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The following table reflects the estimates and assumptions used in 2017 as compared to the second quarter of 2016, the date of the most recent prior impairment test:

	Estimates And Assumptions
	Second	Second
	Quarter	Quarter
	2017	2016
Discount rate	9.25%	9.5%
Operating profit margin ranges expected for average stations in the markets where the Company operates	19% to 40%	14% to 40%
Long-term revenue growth rate range of the Company’s markets	1.0% to 2.0%	1.0% to 2.0%

We believe we have made reasonable estimates and assumptions to calculate the fair value of our broadcasting licenses; however, these estimates and assumptions could be materially different from actual results.

If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the fair value of our broadcasting licenses below the carrying value, we may be required to recognize impairment charges, which could be material, in future periods.

The table below presents the percentage within a range by which the fair value exceeded the carrying value of our radio broadcasting licenses as of June 30, 2017, for 24 units of accounting (24 geographical markets) where the carrying values of the licenses are considered material to our financial statements (three of our 28 markets are considered immaterial). The annual impairment test in 2017 did not include the new market added during the first quarter of 2017. For the new market added during the first quarter of 2017, similar techniques that are used in the testing process were applied to the valuation of the broadcasting licenses under purchase price accounting. Rather than presenting the percentage separately for each unit of accounting, management’s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the broadcasting licenses. In addition, the units of accounting are not disclosed with the specific market name as such disclosure could be competitively harmful to us.

	Units Of Accounting As Of June 30, 2017
	Based Upon The Valuation As Of June 30, 2017
	Percentage Range By Which Fair Value Exceeds
	The Carrying Value
			Greater		Greater		Greater
	0% To		Than 5%		Than 10%		Than
	5%		To 10%		To 15%		15%
Number of units of accounting		4		6		1		13
Carrying value (in thousands)	$	243,115	$	260,220	$	17,135	$	271,579

Broadcasting Licenses Valuation At Risk

The second quarter 2017 impairment test of our broadcasting licenses indicated that there were 10 units of accounting where the fair value exceeded their carrying value by 10% or less. In aggregate, these 10 units of accounting have a carrying value of $503.3 million. If overall market conditions or the performance of the economy deteriorates, advertising expenditures and radio industry results could be negatively impacted, including expectations for future growth. This could result in future impairment charges for these or other of our units of accounting.

Goodwill Impairment Test

We perform our annual goodwill impairment test during the second quarter of each year by evaluating our goodwill for each reporting unit. We determined that a radio market is a reporting unit and, in total, we assessed goodwill at 23 separate reporting units (five of our 28 reporting units have no goodwill recorded as of June 30, 2017). The annual impairment test in 2017 did not include the new market added during the first quarter of 2017. For the new market added during the first quarter of 2017, similar valuation techniques that are used in the testing process were applied to the valuation of the broadcasting licenses under purchase price accounting.

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In January 2017, the accounting guidance was amended to modify the accounting for goodwill impairment by removing the second step of the goodwill impairment test. Under the amended guidance, if the carrying amount of goodwill of any reporting unit reflected in the balance sheet exceeds its fair value, we will consider the goodwill to be impaired. Under the previous accounting guidance, we would be required to perform a second step of the impairment test by comparing the amount reflected in the balance sheet to the implied fair value of the reporting unit’s goodwill, determined by allocating the reporting unit’s fair value to all of its assets and liabilities in a manner similar to a purchase price allocation. We elected to early adopt this amended accounting guidance for our annual impairment test during the second quarter of 2017.

To determine the fair value, we use a market approach and, when appropriate, an income approach for each reporting unit. The market approach calculates the fair value of each market’s radio stations by analyzing recent sales and offering prices of similar properties expressed as a multiple of cash flow. The income approach utilizes a discounted cash flow method by projecting the subject property’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price.

In our goodwill analysis, we considered the results of the market and, where appropriate, the income approach in computing the fair value of our reporting units. In the market approach, we applied an estimated market multiple of between seven and a half times and eight times to each reporting unit’s operating performance to calculate the fair value. This multiple was consistent with the multiple applied to all markets in the second quarter of 2016. We also utilized the discounted cash flow method to calculate the fair value of the reporting unit. Management believes that these approaches are an appropriate measurement given the current market valuations of broadcast radio stations together with historical market transactions, including those in recent months. Factors contributing to the determination of the reporting unit’s operating performance were historical performance and management’s estimates of future performance.

The following table reflects certain key estimates and assumptions that applied to our markets and were used in the second quarter of 2017 and in the second quarter of 2016, the date of the most recent prior impairment test:

	Estimates And Assumptions
	Second		Second
	Quarter		Quarter
	2017		2016
Discount rate		9.25%		9.5%
Long-term revenue growth rate range of the Company’s markets		1.0% to 2.0%		1.0% to 2.0%
Market multiple used in the market valuation approach		7.5x to 8.0x		7.5x to 8.0x

The results of the goodwill impairment test indicated that the carrying value of goodwill for our Boston, Massachusetts market exceeded its fair value by a material amount. The amount by which the carrying value exceeded the fair value was larger than the amount of goodwill allocated to this specific reporting unit. As a result, we determined that the entire carrying amount of goodwill for this specific reporting unit was impaired and recorded and impairment loss during the second quarter of 2017 in the amount of $0.4 million. We performed a reasonableness test by comparing the fair value results for goodwill (by using the implied multiple based on our consolidated cash flow performance and our current stock price) to prevailing radio broadcast transaction multiples.

If actual market conditions are less favorable than those projected by the industry or us, or if events occur or circumstances change that would reduce the fair value of our goodwill below the amount reflected in the balance sheet, we may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods.

The table below presents the percentage within a range by which the fair value exceeded the carrying value of the reporting unit as of June 30, 2017 for 23 reporting units under the goodwill impairment test during the second quarter of 2017. Rather than presenting the percentage separately for each reporting unit, management’s opinion is that this table in summary form is more meaningful to the reader in assessing the recoverability of the reporting unit, including goodwill. In addition, the reporting units are not disclosed with the specific market name as such disclosure could be competitively harmful to us.

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	Reporting Units As Of June 30, 2017 Based Upon The Valuation As Of June 30, 2016 Percentage Range By Which Fair Value Exceeds Carrying Value
			Greater		Greater		Greater
	0% To		Than 5%		Than 10%		Than
	5%		To 10%		To 15%		15%
Number of reporting units		2		3		—		17
Enterprise carrying value (in thousands)	$	126,114	$	188,527	$	—	$	417,636
Goodwill carrying value (in thousands)	$	1,656	$	8,968	$	—	$	23,037

Goodwill Valuation At Risk

The second quarter 2017 impairment test of our goodwill indicated that there were five reporting units that exceeded the carrying value by 10% or less. In aggregate, these five reporting units have a carrying value of $314.6 million, of which $10.6 million is goodwill.

Future impairment charges may be required on any of our reporting units, as the discounted cash flow and market-based models are subject to change based upon our performance, our stock price, peer company performance and their stock prices, overall market conditions, and the state of the credit markets.

Sensitivity Of Key Broadcasting Licenses And Goodwill Assumptions

If we were to assume a 100 basis point change in certain of our key assumptions (a reduction in the long-term revenue growth rate, a reduction in the operating performance cash flow margin and an increase in the weighted average cost of capital) used to determine the fair value of our broadcasting licenses and goodwill using the income approach during the second quarter of 2017, the following would be the incremental impact:

Sensitivity Analysis (1)
	Results Of		Results Of		Results Of
	Long-Term		Operating		Weighted
	Revenue		Performance		Average
	Growth		Cash Flow		Cost Of
	Rate		Margin		Capital
	Decrease		Decrease		Increase
	(amounts in thousands)
Broadcasting Licenses
Incremental broadcasting licenses impairment	$	23,171	$	2,059	$	55,743
Goodwill (2)
Incremental goodwill impairment	$	18,599	$	6,905	$	38,950

⁽¹⁾ Each assumption used in the sensitivity analysis is independent of the other assumptions.

⁽²⁾  The sensitivity goodwill analysis is computed using data from testing goodwill using the income approach under step 1.

To determine the radio broadcasting industry’s future revenue growth rate, management uses publicly available information on industry expectations rather than management’s own estimates, which could be different. In

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addition, these long-term market growth rate estimates could vary in each of our markets. Using the publicly available information on industry expectations, each market’s revenues were forecasted over a ten-year projection period to reflect the expected long-term growth rate for the radio broadcast industry, which was further adjusted for each of our markets. If the industry’s growth is less than forecasted, then the fair value of our broadcasting licenses could be negatively impacted.

Operating profit is defined as profit before interest, depreciation and amortization, income tax and corporate allocation charges. Operating profit is then divided by broadcast revenues, net of agency and national representative commissions, to compute the operating profit margin. For the broadcast license fair value analysis, the projections of operating profit margin that are used are based upon industry operating profit margin norms, which reflect market size and station type. These margin projections are not specific to the performance of our radio stations in a market, but are predicated on the expectation that a new entrant into the market could reasonably be expected to perform at a level similar to a typical competitor. For the goodwill fair value analysis, the projections of operating margin for each market are based on our actual historical performance. If the outlook for the radio industry’s growth declines, then operating profit margins in both the broadcasting license and goodwill fair value analyses would be negatively impacted, which would decrease the value of those assets.

The discount rate to be used by a typical market participant reflects the risk inherent in future cash flows for the broadcast industry. The same discount rate was used for each of our markets. The discount rate is calculated by weighting the required returns on interest-bearing debt and common equity capital in proportion to their estimated percentages in an expected capital structure. The capital structure was estimated based upon data available for publicly traded companies in the broadcast industry.

ITEM 3. Quantitative And Qualitative Disclosures About Market Risk

We are exposed to market risk from changes in interest rates on our variable rate senior debt (the Term B Loan and Revolver).

As of June 30, 2017, if the borrowing rates under LIBOR were to increase 1% above the current rates, our interest expense on: (1) our Term B Loan would increase $4.6 million on an annual basis as our Term B Loan provides for a minimum LIBOR floor; and (2) our Revolver would increase by $0.6 million, assuming our entire Revolver was outstanding as of June 30, 2017.

From time to time, we may seek to limit our exposure to interest rate volatility through the use of interest rate hedging instruments.

Assuming LIBOR remains flat, interest expense is expected to be lower due to the decrease in our outstanding debt upon which interest is computed.

As of June 30, 2017, there were no interest rate hedging transactions outstanding.

From time to time, we invest in cash equivalents that are money market instruments consisting of short-term government securities and repurchase agreements that are fully collateralized by government securities. When such investments are made, we do not believe that we have any material credit exposure with respect to these assets. As of June 30, 2017, we did not have any investments in money market instruments.

Our credit exposure related to our accounts receivable does not represent a significant concentration of credit risk due to the quantity of advertisers, the minimal reliance on any one advertiser, the multiple markets in which we operate and the wide variety of industries in which our advertisers compete.

See also additional disclosures regarding liquidity and capital resources made under Liquidity and Capital Resources in Part 1, Item 2, above.

ITEM 4. Controls And Procedures

Evaluation Of Controls And Procedures

We maintain “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to ensure that: (i) information required to be

44

disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms; and (ii) such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our President/Chief Executive Officer and Executive Vice President/Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

Changes In Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

ITEM 1. Legal Proceedings

There were no material developments relating to the legal proceedings described in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on February 28, 2017.

ITEM 1A. Risk Factors

There have been no material changes to the Risk Factors described in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on February 28, 2017.

ITEM 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

The following table provides information on our repurchases during the quarter ended June 30, 2017:

Period (1)	(a) Total Number Of Shares Purchased		(b) Average Price Paid Per Share		(c) Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs		(d) Maximum Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs
April 1, 2017 - April 30, 2017		2,789	$	13.89		—	$	—
May 1, 2017 - May 31, 2017		2,528	$	10.05		—	$	—
June 1, 2017 - June 30, 2017		248	$	10.05		—	$	—
Total		5,565				—

⁽¹⁾  As a result of our withholding shares to satisfy employee tax obligations related to the vesting of restricted stock units during the three months ended June 30, 2017, we are deemed to have repurchased the following shares withheld to satisfy employees’ tax obligations: (1) 2,789 shares at an average price of $13.89 per share in April 2017; (2) 2,528 shares at an average price of $10.05 per share in May 2017; and (3) 248 shares at an average price of $10.05 per share in June 2017. These shares are included in the table above.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

N/A

ITEM 5. Other Information

None.

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ITEM 6. Exhibits

Exhibit Number	Description
2.1	Agreement and Plan of Merger, dated as of February 2, 2017, by and among CBS Corporation, CBS Radio Inc., Entercom Communications Corp. and Constitution Merger Sub Corp. (Incorporated by reference to Exhibit 2.1 of Entercom’s Current Report on Form 8-K filed on February 3, 2017)
2.2	Master Separation Agreement, dated as of February 2, 2017, by and between CBS Corporation and CBS Radio Inc. (Incorporated by reference to Exhibit A to Exhibit 2.1 to Entercom’s Current Report on Form 8-K filed on February 3, 2017)
3.1	Amended and Restated Articles of Incorporation of Entercom Communications Corp. (Incorporated by reference to Exhibit 3.01 to Entercom’s Amendment to Registration Statement on Form S-1, as filed on January 27, 1999 (File No. 333-61381), Exhibit 3.1 of Entercom’s Current Report on Form 8-K as filed on December 21, 2007 and Exhibit 3.02 to Entercom’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, as filed on August 5, 2009).
3.2	Amended and Restated Bylaws of Entercom Communications Corp. (Incorporated by reference to Exhibit 3.1 to Entercom’s Current Report on Form 8-K filed on February 21, 2008)
3.3	Amendment to Amended and Restated Bylaws of Entercom Communications Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on February 3, 2017)
3.4	Statement with Respect to Shares, filed with the Pennsylvania Department of State on July 16, 2015. (Incorporated by reference to an Exhibit 3.1 to our Current Report on Form 8-K filed on July 17, 2015)
4.1	Credit Agreement, dated as of November 1, 2016, among Entercom Radio, LLC, as the Borrower, Entercom Communications Corp., as the Parent, Bank of America, N.A. as Administrative Agent and the lenders party thereto. (Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on November 2, 2016)
4.2	Registration Rights Agreement, dated July 16, 2015, by and between Entercom Communications Corp. and The Lincoln National Life Insurance Company. ((Incorporated by reference to an Exhibit 4.1 to our Current Report on Form 8-K filed on July 17, 2015)
10.1	Entercom Non-Employee Director Compensation Policy Adopted May 10, 2017 (incorporated by reference to Exhibit 10.01 to our Current Report on Form 8-K as filed on May 16, 2017)
10.2	Employment Agreement, dated May 15, 2017, between Entercom Communications Corp. and Andrew Sutor. (*)
10.3	Second Amendment to Amended and Restated Employment Agreement, dated May 10, 2017, between Entercom Communications Corp. and Joseph M. Field (*)
10.4	Tax Gross-Up Waiver Agreement between Entercom Communications Corp. and David J. Field dated as of April 19, 2017 (*)
31.1	Certification of President and Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a), as created by Section 302 of the Sarbanes-Oxley Act of 2002. (5)
31.2	Certification of Executive Vice President and Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a), as created by Section 302 of the Sarbanes-Oxley Act of 2002. (5)
32.1	Certification of President and Chief Executive Officer pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. (#)
32.2	Certification of Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. (#)
101.INS	XBRL Instance Document (*)
101.SCH	XBRL Taxonomy Extension Schema Document (*)

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Exhibit Number	Description
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (*)
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document (*)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (*)
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (*)

(#) These exhibits are submitted herewith as “accompanying” this Quarterly Report on Form 10-Q and shall not be deemed to be “filed” as part of such Quarterly Report on Form 10-Q.

(*) Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ENTERCOM COMMUNICATIONS CORP. (Registrant)
Date: August 4, 2017	/S/ David J. Field Name: David J. Field Title:   President and Chief Executive Officer             (principal executive officer)
Date: August 4, 2017	/S/ Richard J. Schmaeling Name: Richard J. Schmaeling Title:   Executive Vice President and Chief Financial Officer             (principal financial officer)

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EXHIBIT INDEX

Exhibit Number	Description
2.1	Agreement and Plan of Merger, dated as of February 2, 2017, by and among CBS Corporation, CBS Radio Inc., Entercom Communications Corp. and Constitution Merger Sub Corp. (Incorporated by reference to Exhibit 2.1 of Entercom’s Current Report on Form 8-K filed on February 3, 2017)
2.2	Master Separation Agreement, dated as of February 2, 2017, by and between CBS Corporation and CBS Radio Inc. (Incorporated by reference to Exhibit A to Exhibit 2.1 to Entercom’s Current Report on Form 8-K filed on February 3, 2017)
3.1	Amended and Restated Articles of Incorporation of Entercom Communications Corp. (Incorporated by reference to Exhibit 3.01 to Entercom’s Amendment to Registration Statement on Form S-1, as filed on January 27, 1999 (File No. 333-61381), Exhibit 3.1 of Entercom’s Current Report on Form 8-K as filed on December 21, 2007 and Exhibit 3.02 to Entercom’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, as filed on August 5, 2009).
3.2	Amended and Restated Bylaws of Entercom Communications Corp. (Incorporated by reference to Exhibit 3.1 to Entercom’s Current Report on Form 8-K filed on February 21, 2008)
3.3	Amendment to Amended and Restated Bylaws of Entercom Communications Corp. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on February 3, 2017)
3.4	Statement with Respect to Shares, filed with the Pennsylvania Department of State on July 16, 2015. (Incorporated by reference to an Exhibit 3.1 to our Current Report on Form 8-K filed on July 17, 2015)
4.1	Credit Agreement, dated as of November 1, 2016, among Entercom Radio, LLC, as the Borrower, Entercom Communications Corp., as the Parent, Bank of America, N.A. as Administrative Agent and the lenders party thereto. (Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on November 2, 2016)
4.2	Registration Rights Agreement, dated July 16, 2015, by and between Entercom Communications Corp. and The Lincoln National Life Insurance Company. ((Incorporated by reference to an Exhibit 4.1 to our Current Report on Form 8-K filed on July 17, 2015)
10.1	Entercom Non-Employee Director Compensation Policy Adopted May 10, 2017 (incorporated by reference to Exhibit 10.01 to our Current Report on Form 8-K as filed on May 16, 2017)
10.2	Employment Agreement, dated May 15, 2017, between Entercom Communications Corp. and Andrew Sutor. (*)
10.3	Second Amendment to Amended and Restated Employment Agreement, dated May 10, 2017, between Entercom Communications Corp. and Joseph M. Field (*)
10.4	Tax Gross-Up Waiver Agreement between Entercom Communications Corp. and David J. Field dated as of April 19, 2017 (*)
31.1	Certification of President and Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a), as created by Section 302 of the Sarbanes-Oxley Act of 2002. (5)
31.2	Certification of Executive Vice President and Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a), as created by Section 302 of the Sarbanes-Oxley Act of 2002. (5)
32.1	Certification of President and Chief Executive Officer pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. (#)
32.2	Certification of Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. (#)
101.INS	XBRL Instance Document (*)
101.SCH	XBRL Taxonomy Extension Schema Document (*)

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Exhibit Number	Description
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document (*)
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document (*)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document (*)
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document (*)

(#) These exhibits are submitted herewith as “accompanying” this Quarterly Report on Form 10-Q and shall not be deemed to be “filed” as part of such Quarterly Report on Form 10-Q.

(*) Filed herewith.

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EX-10.2

Exhibit 10.2

EMPLOYMENT AGREEMENT

This Agreement is made as of August 3, 2017, by and between Entercom Communications Corp., a Pennsylvania corporation (hereinafter referred to as the “Company” or “we”), and Andrew Sutor (hereinafter referred to as “Employee” or “you”).

The Company shall employ Employee and Employee hereby accepts employment with the Company upon the terms, conditions and provisions of this Agreement as set forth below.

1.    Term. The initial term of this Agreement shall commence on May 16, 2017 and continue through May 15, 2021, subject to termination or extension as provided herein. This Agreement shall automatically renew from year to year thereafter, unless either party gives at least sixty (60) days prior written notice of his or its election to either terminate or to renegotiate the terms of this Agreement at the end of the initial term or any then current renewal term.

2.    Salary and Benefits. You will be paid a salary as follows:

a.    For the period from May 16, 2017 to May 15, 2018, you will be paid, on a semi-monthly basis, an annualized salary of $450,000.

b.    Commencing May 16, 2018 and each May 16 thereafter, your salary shall be increased by three percent (3%).

Such salary and any other compensation to be paid to you hereunder will be subject to all payroll deductions or withholding authorized by you or required by federal, state or local laws or regulations.

In addition, you will be eligible to participate in the Company’s 401(k) plan and you will be provided with such insurance, leave and other benefits generally available to officers of the Company, as governed by the applicable plan documents and Company policy.

3.    Annual Incentive Bonus. You will be eligible for an annual cash bonus with a target amount equal to $150,000 in the year for which the bonus is paid (“Annual Incentive Bonus”). The actual amount of such bonus will be determined in the sole discretion of the Company based on a review of the Company’s performance and your performance during the fiscal year then ended. You must work through the end of the fiscal year in question to be eligible for the bonus for that year. The amount of the bonus will be determined and paid as soon as reasonably practicable following the receipt of the Company’s financial statements for the fiscal year in question, but in no event later than two and one-half (2 ¹⁄₂) months following the end of the fiscal year for which such bonus is earned.

4.    Future Equity Grants. Commencing with the Company’s 2018 fiscal year, you will be eligible to receive annual equity grants with a target value of $300,000, as determined in the discretion of the Compensation Committee based upon the recommendation of the Chief Executive Officer of the Company (the “CEO”). Subject to your continued employment with the Company, such equity grants shall vest as follows: 50% on the second anniversary of the date of grant and 25% on each of the third and fourth anniversaries of the date of grant. Consistent with the foregoing, the terms of any such grants shall be set forth in a grant instrument in the form approved by the Compensation Committee.

5.    Duties. As Senior Vice President and General Counsel, you will be responsible for the general management and supervision of the legal affairs of the Company, and such other duties as may from time to time be assigned by the Board of Directors, the CEO or the President of the Company. In addition, you will oversee various corporate staff functions as designated by the Company’s CEO (currently, engineering, government relations, and human resources) and will be responsible for facilitating the effective coordination and integration of the various activities of the corporate staff and local markets. You will report directly to the Company’s CEO. You agree that you will devote your full time and best efforts to the Company’s business and will not accept any outside employment without the prior written consent of the Company.

6.    Termination. This Agreement may be terminated during the initial term or any renewal term as follows:

a.    The Company may terminate this Agreement and your employment hereunder at any time for Cause and without further obligation hereunder. For purposes of this Agreement, “Cause” shall include the following (as determined by the Company in its reasonable discretion): (i) you have engaged in fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course your employment or service; (ii) you have breached any material provision of this Agreement, including without limitation, violating any of the restrictive covenants contained in Section 7 hereof; or (iii) you have disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information.

b.    The Company may terminate this Agreement and your employment hereunder at any time for its convenience and without Cause. In the event of a termination of this Agreement and your employment hereunder by the Company without Cause (and other than due to disability), subject to the conditions set forth below, the Company shall be obligated to, beginning with the first payroll period following the sixtieth (60th) day following your termination, continue to pay you the salary in accordance with the Company’s regular payroll practices for twelve (12) months from the date of such termination, provided, that the initial payment shall include salary for all payroll periods from the date of termination through the date of such initial payment (the “Severance Benefits”). Your receipt of the Severance Benefits is expressly conditioned on: (i) your agreeing to a general release in form satisfactory to the Company releasing the Company and its affiliated entities and all of their officers, directors, employees and agents from any and all claims or liabilities arising out of your employment and/or the termination of employment and such release becoming effective prior to the sixtieth (60^th) day following the date of your termination of employment, (ii) your full compliance with the restrictive covenants contained in Section 7 hereof; and (iii) for a period of twelve (12) months following the date of your termination, your availability to provide and, if reasonably requested by the Company, your provision of consultative services related to the Company’s transition to your successor, i.e., if you fail to timely sign or revoke a release, violate any of the restrictive covenants contained in Section 7 hereof, or refuse to provide consultative services related to the Company’s transition to your replacement(s), the Severance Benefits shall cease. Any payments made under this Section 6.b incident to a termination of employment shall be in lieu of and in satisfaction of all claims for severance, payment in lieu of notice or other compensation which may otherwise arise upon

2

termination of employment with the Company, except for payment of salary earned through the date of termination and payment of earned but unused vacation in accordance with Company policy then in existence.

c.    If this Agreement terminates as of May 15, 2021 or any May 15 thereafter, due to a notice of non-renewal by the Company pursuant to Section 1 hereof and the Company has made you an offer to continue your employment with a salary and bonus package which is equal to or greater than your then current salary and Annual Incentive Bonus (a “Qualified Offer”), such termination of this Agreement shall not be deemed a termination by the Company without Cause and you shall not be entitled to receive any Severance Benefits (as defined above) as a result therefrom. In the event of any such termination of this Agreement where the Company has not made a Qualified Offer and your employment with the Company terminates as a result therefrom, then the Company shall be obligated, beginning with the first payroll period following the sixtieth (60th) day following your termination, to continue to pay you the salary in accordance with the Company’s regular payroll practices for a period of twelve (12) months from the date of such termination; provided, that the initial payment shall include salary for all payroll periods from the date of termination through the date of such initial payment. Such continued payments are expressly conditioned on: (i) your agreeing to a general release in form satisfactory to the Company releasing the Company and its affiliated entities and all of their officers, directors, employees and agents from any and all claims or liabilities arising out of your employment and/or the termination of employment and such release becoming effective prior to the sixtieth (60^th) day following the date of your termination of employment, (ii) your full compliance with the restrictive covenants contained in Section 7 hereof, i.e., if you fail to timely sign or revoke a release, or violate any of the restrictive covenants contained in Section 7 hereof, such continued salary payments shall cease, and (iii) for a period of twelve (12) months following the date of your termination, your availability to provide and, if reasonably requested by the Company, your provision of consultative services related to the Company’s transition to your successor, i.e., if you fail to timely sign or revoke a release, violate any of the restrictive covenants contained in Section 7 hereof, or refuse to provide consultative services related to the Company’s transition to your replacement(s), the Severance Benefits shall cease. Any payments made under this Section 6.c incident to a termination of employment shall be in lieu of and in satisfaction of all claims for severance, payment in lieu of notice or other compensation which may otherwise arise upon termination of employment with the Company, except for payment of salary earned through the date of termination and payment of earned but unused vacation in accordance with Company policy then in existence. Any continued employment pursuant to a Qualified Offer or any alternative thereto agreed to by the parties shall be deemed an extension of the term and the provisions of this Agreement shall continue in full force and effect, except to the extent modified by the Qualified Offer or any alternative thereto agreed to by the parties.

7.     Restrictive Covenants. You agree to the following restrictive covenants:

a.    Non-Solicitation of Employees. During the term of this Agreement and for the twelve (12) month year period following any termination of your employment with the Company you will not, without the express prior written permission of the Company, employ under your direct supervision, offer to employ, counsel a third party to employ, or participate in any manner in the recommendation, recruitment or solicitation of the employment of any person who was an employee of the Company on the date of the termination of your employment or at any time within the 90 days prior thereto.

3

b.    You agree that a material portion of the covenants of the Company contained in this Agreement and of the compensation, including any bonuses set forth herein, benefits and training that you will receive hereunder are consideration for the restrictions contained in this Section 7. In the event you violate the restrictive covenants set forth in this Section 7, it is agreed that the time period for which the restrictive covenant so violated is applicable shall be extended for a period of one (1) year from the date you cease such violation. You acknowledge that any violation of the provisions set forth in this Section 7 may cause irreparable harm to the Company. You, therefore, expressly agree that the Company, in addition to any other rights or remedies which it may possess, shall be entitled to injunctive and other equitable relief to prevent a breach of these restrictions.

8.    Confidentiality and Intellectual Property Rights. Your position involves a close and confidential relationship in which you will be privy to proprietary information of the Company, including without limitation strategic planning, acquisition and investment analysis, research, consulting reports, computer programs and sales, technical, financial and programming practices and data, all of which you agree will be held in the strictest confidence at all times. All copyright, trademark and/or other intellectual property rights of any kind developed during the term of this Agreement and relating to or useful in the Company’s business, or to your duties hereunder (“Works”) shall be deemed a “work for hire” and shall be and remain the sole and exclusive property of the Company, and you shall, to the extent deemed necessary or desirable by the Company, cooperate and assist the Company in perfecting, filing and recording any such rights. To the extent that any Works are not deemed “work for hire”, Employee hereby assigns all of Employee’s rights in such Works to the Company and waives any and all moral rights Employee may have in such Works. Employee’s obligations under this Section 8 shall survive the expiration or termination of this Agreement.

Notwithstanding any other provision herein, Employee understands and acknowledges that, pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)), Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (A) (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section.

9.    No Restrictions. In making this Agreement you represent and warrant that you are free to enter into and perform this Agreement and are not and will not be under any disability, restriction or prohibition, contractual or otherwise, with respect to (a) your right to execute this Agreement; (b) your right to make the covenants contained herein; and (c) your right to fully perform each and every term and obligation hereunder. You further agree not to do or attempt to do, or suffer to be done, during or after the term hereof, any act in derogation of or inconsistent with the obligations under this Agreement.

4

10.    Miscellaneous. This Agreement constitutes the entire agreement and understanding between you and the Company concerning the compensation to be paid to you and all of the terms and conditions of your employment and supersedes all prior agreements concerning same, whether written or oral. Each party agrees to pay reasonable attorney’s fees and costs incurred by the other if the other party is successful in enforcing its rights under this Agreement in any court action, arbitration or other proceeding. This Agreement may not be modified or amended except by written instrument duly executed by each of the parties. A waiver by either party of any term or condition of this Agreement or the breach thereof shall not be deemed to constitute a waiver of any other term or condition of this Agreement or of any subsequent breach of any term or condition hereof.

11.    Assignment. You may not assign any of your rights or obligations hereunder without the express prior written permission of the Company. The Company may assign its rights and obligations hereunder (including without limitation, any rights to enforce the Restrictive Covenants set forth in Section 7 contained herein) to any entity.

12.    Section 409A.

a.    To the extent applicable, this Agreement shall be interpreted and applied consistent and in accordance with Section 409A of Internal Revenue Code of 1986, as amended (the “Code”) and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”). If, however, the parties determine that any compensation or benefits payable under this Agreement may be or become subject to Section 409A, the parties shall cooperate to adopt such amendments to this Agreement or to adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take such other actions, as the parties determine to be necessary or appropriate to (i) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of such compensation and benefits, or (ii) comply with the requirements of Section 409A.

b.    Notwithstanding any provision to the contrary in the Agreement, in order to be eligible to receive any termination benefits under this Agreement that are deemed deferred compensation subject to Section 409A of the Code, your termination of employment must constitute a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) (a “Separation from Service”) and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “Separation from Service.”

c.    Notwithstanding anything herein to the contrary, if you are deemed at the time of your termination of employment with the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which you are entitled under the Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your termination benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of the your Separation from Service with the Company or (ii) the date of your death. Upon the earlier of such dates, all payments deferred pursuant to this Section shall be paid in a lump sum to you, and any remaining payments due under the

5

Agreement shall be paid as otherwise provided herein. The determination of whether you are a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of your Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and any successor provision thereto).

d.    Notwithstanding the foregoing or any other provisions of the Agreement, you and the Company agree that, for purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a right to receive a series separate and distinct payments of compensation for purposes of applying the Section 409A of the Code.

e.    Notwithstanding anything herein to the contrary, to the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

13.    Governing Law. The validity, construction, interpretation and effect of this Agreement shall be governed and construed by and determined in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of laws provisions thereof.

14.    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

[Signature page follows]

6

IN WITNESS WHEREOF, intending to be legally bound hereby, the parties have affixed their hands and seals as of the date(s) written below.

Andrew Sutor

/Andrew P. Sutor, IV/

Date: 5/15/2017

Entercom Communications Corp.

/David J. Field/

David J. Field

President and Chief Executive Officer

Date: 5/15/2017

[Signature page to Employment Agreement]

EX-10.3

Exhibit 10.3

Second Amendment

To

Amended and Restated Employment Agreement

This SECOND AMENDMENT (this “Second Amendment”), effective as of May 10, 2017, amends that certain Amended and Restated Employment Agreement, dated as of July 1, 2007 (the “Agreement”), as previously amended by that First Amendment dated December 15, 2008, by and between Entercom Communications Corp., a Pennsylvania corporation (“Employer” or the “Company”) and Joseph M. Field (“Executive”).

A  G  R  E  E  M  E  N  T

NOW, THEREFORE, in consideration of the premises, the mutual promises hereinafter set forth, and other good and valuable consideration had and received, the parties hereto, intending to be legally bound, hereby agree as follows:

1.    Amendments.

a.    Sections 4.1 & 4.3 of the Agreement are hereby amended by striking the phrase “three (3) times” in the first sentence of each section.

2.    Effect of Amendment. Except as expressly modified and amended herein, all of the terms, conditions and provisions of the Agreement shall remain in full force and effect and unchanged.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

“EXECUTIVE”
/Joseph M. Field/		5/10/2017
Joseph M. Field		Date
“EMPLOYER”
Entercom Communications Corp., a Pennsylvania corporation
By:	/Andrew P. Sutor, IV	5/10/2017
	Andrew P. Sutor, IV	Date
	Senior Vice President, General
	Counsel and Secretary

EX-10.4

Exhibit 10.4

WAIVER AGREEMENT

Entercom Communications Corp. (the “Employer”) and David J. Field (the “Executive”) are parties to an Amended and Restated Employment Agreement, made and entered into as of April 22, 2016 (the “Agreement”). Employer and Executive mutually desire to enter into this Waiver Agreement as an amendment to the Agreement:

1.    Executive hereby waives his right to any Gross-Up Payment to which he would otherwise be entitled under Section 12.1 of the Agreement, but only to the extent that Sections 280G and Section 4999 of the Code would apply by reason of the consummation of the transactions contemplated by the terms of the Agreement and Plan of Merger by and among CBS Corporation., CBS Radio Inc., the Employer and Constitution Merger Sub Corp.. dated as of February 2, 2017 (the “CBS Radio Merger”).

2.    Executive does not waive any rights to the Gross-Up Payment with respect to any other change in ownership or effective control of the Employer or a change in the ownership of a substantial portion of the assets of the Employer, other than the CBS Radio Merger.

3.    Defined terms that are used but are not otherwise defined herein will have the meaning set forth in the Agreement.

4.    In all other respects the Agreement shall remain in full force and effect.

As of April 19, 2017

Entercom Communications Corp.
By:	/Andrew P. Sutor, IV/	/David J. Field/
	Andrew P. Sutor, IV Senior Vice President	David J. Field

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER

I, David J. Field, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Entercom Communications Corp.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2017

By:	/s/ David J. Field
Name:	David J. Field
Title:	President and Chief Executive Officer
	(principal executive officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

I, Richard J. Schmaeling, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Entercom Communications Corp.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2017

By:	/s/ Richard J. Schmaeling
Name:	Richard J. Schmaeling
Title:	Executive Vice President – Chief Financial Officer
	(principal financial officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Entercom Communications Corp. (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 4, 2017

By:	/s/ David J. Field
Name:	David J. Field
Title:	President and Chief Executive Officer
	(principal executive officer)

A signed original of this written statement required by Section 906 has been provided to Entercom Communications Corp. and will be retained by Entercom Communications Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Entercom Communications Corp. (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 4, 2017

By:	/s/ Richard J. Schmaeling
Name:	Richard J. Schmaeling
Title:	Executive Vice President - Chief Financial Officer
	(principal financial officer)

A signed original of this written statement required by Section 906 has been provided to Entercom Communications Corp. and will be retained by Entercom Communications Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Entercom Communications Corp.
Entity Central Index Key	0001067837
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Trading Symbol	ETM
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		33,562,285
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock Shares Outstanding		7,197,532

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets Abstract
Cash	$ 8,592	$ 46,843
Accounts receivable, net of allowance for doubtful accounts	90,337	92,172
Prepaid expenses, deposits and other	8,537	7,670
Total current assets	107,466	146,685
Net property and equipment	65,300	63,375
Radio broadcasting licenses	811,131	823,195
Goodwill	32,320	32,718
Assets held for sale	2,817	0
Deferred charges and other assets, net of accumulated amortization	9,922	10,260
TOTAL ASSETS	1,028,956	1,076,233
Liabilities Abstract
Accounts payable	214	481
Accrued expenses	24,423	18,857
Accrued compensation and other current liabilities	18,797	19,603
Financing method lease obligations, current portion	0	0
Non-controlling interest - variable interest entity	0	23,959
Long-term debt, current portion	13,618	4,817
Total current liabilities	57,052	67,717
Long-term debt, net of current portion	447,396	467,651
Deferred tax liabilities	79,758	92,898
Other long-term liabilities	27,868	26,861
Total long-term liabilities	555,022	587,410
Total liabilities	612,074	655,127
CONTINGENCIES AND COMMITMENTS
Perpetual Cumulative Convertible Preferred Stock	27,732	27,732
SHAREHOLDERS' EQUITY:
Preferred stock	0	0
Common stock	407	407
Additional paid-in capital	599,718	605,603
Accumulated deficit	(210,975)	(212,636)
Accumulated other comprehensive income (loss)	0	0
Total shareholders' equity	389,150	393,374
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,028,956	1,076,233
Common Class A [Member]
SHAREHOLDERS' EQUITY:
Common stock	335	335
Common Class B [Member]
SHAREHOLDERS' EQUITY:
Common stock	72	72
Common Class C Member
SHAREHOLDERS' EQUITY:
Common stock	$ 0	$ 0

XML

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Common Stock, Value	$ 407	$ 407
Common Stock, Par Value Per Share	$ 0.01
Common Class A [Member]
Class of Stock [Line Items]
Common Stock, Value	$ 335	335
Common Class B [Member]
Class of Stock [Line Items]
Common Stock, Value	72	72
Common Class C Member
Class of Stock [Line Items]
Common Stock, Value	$ 0	$ 0

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement Abstract
NET REVENUES	$ 124,970	$ 121,571	$ 223,971	$ 218,580
OPERATING EXPENSE:
Station operating expenses, including non-cash compensation expense	91,004	83,732	168,170	156,353
Depreciation and amortization expense	2,517	2,517	5,164	4,964
Corporate general and administrative expenses, including non-cash compensation expense	8,876	8,493	19,441	16,091
Impairment loss	441	0	441	62
Merger and acquisition costs and restructuring charges	5,829	0	16,100	0
Net time brokerage agreement (income) fees	0	0	34	0
Net (gain) loss on sale or disposal of assets	(76)	(755)	13,258	(1,219)
Total operating expense	108,591	93,987	222,608	176,251
OPERATING INCOME (LOSS)	16,379	27,584	1,363	42,329
OTHER (INCOME) EXPENSE:
Net interest expense	6,133	9,147	12,110	18,539
Net (gain) loss on extinguishment of debt			0	0
TOTAL OTHER (INCOME) EXPENSE	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)	10,246	18,437	(10,747)	23,790
INCOME TAXES (BENEFIT)	3,832	7,603	(7,830)	8,544
NET INCOME (LOSS)	6,414	10,834	(2,917)	15,246
Preferred stock dividend	(550)	(412)	(1,100)	(825)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 5,864	$ 10,422	$ (4,017)	$ 14,421
NET INCOME (LOSS) PER SHARE - BASIC
NET INCOME (LOSS) PER SHARE - BASIC	$ 0.15	$ 0.27	$ (0.1)	$ 0.37
NET INCOME (LOSS) PER SHARE - DILUTED
NET INCOME (LOSS) PER SHARE - DILUTED	0.15	0.26	(0.1)	0.37
DIVIDENDS DECLARED AND PAID PER COMMON SHARE	$ 0.075	$ 0.075	$ 0.15	$ 0.075
WEIGHTED AVERAGE SHARES:
Basic	38,944,620	38,468,822	38,935,161	38,462,998
Diluted	39,655,599	41,130,418	38,935,161	39,273,532

XML

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Class A [Member]	Common Class B [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Opening Balance SHARES at Dec. 31, 2015		32,480,551	7,197,532
Compensation expense related to granting of restricted stock awards SHARES		1,095,759	0
Issuance of common stock related to an incentive plan SHARES		31,933	0
Exercise of stock options SHARES		134,238	0
Purchase of vested employee restricted stock units SHARES		(232,297)	0
Ending Balance SHARES at Dec. 31, 2016		33,510,184	7,197,532
Opening Balance VALUE at Dec. 31, 2015	$ 361,450	$ 325	$ 72	$ 611,754	$ (250,701)
Net income (loss)	38,065	0	0	0	38,065
Compensation expense related to granting of restricted stock awards VALUE	6,539	11	0	6,528	0
Issuance of common stock related to an incentive plan VALUE	379	0	0	379	0
Purchase of vested employee restricted stock units	(2,268)	(2)	0	(2,266)	0
Payments of dividends VALUE	(8,666)	0	0	(8,666)	0
Realization of tax benefit for dividend equivalent payments VALUE					0
Exercise of stock options VALUE	265	1	0	264	0
Preferred stock dividend	(1,788)	0	0	(1,788)	0
Dividend equivalents, net of forfeitures	(602)	0	0	(602)	0
Ending Balance VALUE at Dec. 31, 2016	$ 393,374	$ 335	$ 72	605,603	(212,636)
Compensation expense related to granting of stock options SHARES	0
Compensation expense related to granting of restricted stock awards SHARES		197,978	0
Issuance of common stock related to an incentive plan SHARES		14,833	0
Exercise of stock options SHARES	6,500	6,500	0
Purchase of vested employee restricted stock units SHARES		(163,304)	0
Ending Balance SHARES at Jun. 30, 2017		33,566,191	7,197,532
Net income (loss)	$ (2,917)	$ 0	$ 0	0	(2,917)
Compensation expense related to granting of restricted stock awards VALUE	3,071	2	0	3,069	0
Issuance of common stock related to an incentive plan VALUE	182	0	0	182	0
Purchase of vested employee restricted stock units	(2,503)	(2)	0	(2,501)	0
Payments of dividends VALUE	(5,941)	0	0	(5,941)	0
Forfeitures of dividend equivalents VALUE	(150)	0	0	(150)	0
Exercise of stock options VALUE	22	0	0	22	0
Preferred stock dividend	(1,100)	0	0	(1,100)	0
Ending Balance VALUE at Jun. 30, 2017	$ 389,150	$ 335	$ 72	$ 599,718	$ (210,975)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES:
Net income (loss)	$ (2,917)	$ 15,246
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,164	4,964
Amortization of deferred financing costs	1,166	1,503
Net deferred taxes (benefit) and other	(7,830)	8,544
Tax benefit on exercise of options	0	0
Provision for bad debts	1,365	743
Net (gain) loss on sale or disposal of assets	13,258	(1,219)
Non-cash stock-based compensation expense	3,071	3,019
Net (gain) loss on investments	0	0
Net (gain) loss on derivatives	0	0
Deferred rent	(134)	244
Unearned revenue - long-term	0	0
Net (gain) loss on extinguishment of debt	0	0
Deferred compensation	1,595	730
Tax benefit for vesting of restricted stock unit awards	0	0
Impairment loss	441	62
Net accretion expense for asset retirement obligations	(237)	12
Changes in assets and liabilities:
Accounts receivable	(1,673)	(4,898)
Prepaid expenses and deposits	(1,113)	(2,227)
Accounts payable and accrued liabilities	5,799	(442)
Accrued interest expense	(1,821)	(835)
Accrued liabilities - long-term	(1,033)	(1,188)
Prepaid expenses - long-term	(176)	340
Net cash provided by (used in) operating activities	14,925	24,598
INVESTING ACTIVITIES:
Additions to property and equipment	(6,745)	(2,038)
Proceeds from sale of property, equipment, intangibles and other assets	18	7,114
Purchases of radio station assets	(24,000)	0
Deferred charges and other assets	(299)	(151)
Consolidation of a VIE	(302)	0
Net cash provided by (used in) investing activities	(31,328)	4,925
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	34,500	14,500
Proceeds from the financing method of lease obligations	0	102
Payments of long-term debt	(47,008)	(36,258)
Proceeds from issuance of employee stock plan	182	0
Proceeds from the exercise of stock options	22	30
Purchase of vested employee restricted stock units	(2,503)	(2,193)
Payment of dividend equivalents on vested restricted stock units	(104)	(91)
Payment of dividends on common stock	(5,837)	(2,886)
Payments of dividends on preferred stock	(1,100)	(825)
Net cash provided by (used in) financing activities	(21,848)	(27,621)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(38,251)	1,902
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	46,843	9,169
CASH AND CASH EQUIVALENTS, END OF PERIOD	8,592	11,071
Cash paid during the period for:
Interest	13,254	18,307
Income taxes	177	208
Dividends on common stock	5,837	2,886
Dividends on preferred stock	$ 1,100	$ 825

XML

BASIS OF PRESENTATION AND ORGANIZATION (Block)

6 Months Ended

Jun. 30, 2017

Organization Consolidation And Presentation Of Financial Statements Abstract

Business Description And Basis Of Presentation Text Block

1.BASIS OF PRESENTATION AND SIGNIFICANT POLICIES

The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year.

This Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company’s audited financial statements as of and for the year ended December 31, 2016, and filed with the SEC on February 28, 2017, as part of the Company’s Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

On February 2, 2017, the Company and its newly formed wholly owned subsidiary (“Merger Sub”) entered into an Agreement and Plan of Merger (the “CBS Radio Merger Agreement”) with CBS Corporation (“CBS”) and its wholly owned subsidiary CBS Radio, Inc. (“CBS Radio”). Pursuant to the CBS Radio Merger Agreement, Merger Sub will merge with and into CBS Radio with CBS Radio surviving as the Company’s wholly owned subsidiary (the “Merger”). The Merger is expected to be tax free to CBS and its shareholders, and will be effected through a stock for stock Reverse Morris Trust transaction. The Merger will make the Company a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 10 markets and 23 of the top 25 markets. The transactions contemplated by the CBS Radio Merger Agreement are subject to approval by the Company’s shareholders and customary regulatory approvals. Such approvals will require the divestiture of stations in certain markets due to FCC ownership limitations.

There have been no material changes from Note 2,Significant Accounting Policies, as described in the notes to the Company’s financial statements contained in its Form 10-Kfor the year ended December 31, 2016, that was filed with the SEC on February 28, 2017.

Revision of Prior Period Financial Statements for Digital Revenue Contracts

In connection with the preparation of the Company’s consolidated financial statements, the Company identified immaterial errors in prior periods relating to the netting of certain digital expenses against certain digital revenues. Since the Company acts as a principal in certain digital revenue contracts, the expenses should not have been netted against gross revenues. The impact of these errors were not material to any prior period. Consequently, the Company corrected the errors in the second quarter of 2017 by increasing net revenues and station operating expenses on the consolidated statements of operations by the amounts below. As the two line items are adjusted by offsetting amounts, the corrections had no impact on income before taxes, income taxes (benefit), net income, earnings per share or diluted earnings per share, shareholders’ equity, cash flows from operations, or working capital. The corrections had no impact on the consolidated balance sheets or statements of cash flows.

The following tables include the revisions to the consolidated statements of operations for the interim and annual periods during 2017, 2016, 2015 and 2014:

	Three Months
	Ended
Description	March 31, 2017
	(amounts in thousands)
Net Revenues:
Prior to revision	$	97,452
Revision		1,549
As revised	$	99,001
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	75,617
Revision		1,549
As revised	$	77,166

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2016
	(amounts in thousands)
Net Revenues:
Prior to revision	$	96,103	$	120,478	$	120,457	$	123,207	$	460,245
Revision		906		1,093		1,184		1,343		4,526
As revised	$	97,009	$	121,571	$	121,641	$	124,550	$	464,771
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	71,715	$	82,639	$	82,905	$	81,485	$	318,744
Revision		906		1,093		1,184		1,343		4,526
As revised	$	72,621	$	83,732	$	84,089	$	82,828	$	323,270

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2015
	(amounts in thousands)
Net Revenues:
Prior to revision	$	78,420	$	100,592	$	114,662	$	117,704	$	411,378
Revision		589		730		874		910		3,103
As revised	$	79,009	$	101,322	$	115,536	$	118,614	$	414,481
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	59,367	$	70,000	$	81,241	$	77,103	$	287,711
Revision		589		730		874		910		3,103
As revised	$	59,956	$	70,730	$	82,115	$	78,013	$	290,814

	Year Ended
	December 31,
Description	2014
	(amounts in thousands)
Net Revenues:
Prior to revision	$	379,789
Revision		587
As revised	$	380,376
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	259,184
Revision		587
As revised	$	259,771

Recent Accounting Pronouncements

All new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than as noted below or those included in the notes to the Company’s financial statements contained in its Form 10-K for the year ended December 31, 2016, that was filed with the SEC on February 28, 2017, that might have a material impact on the Company’s financial position, results of operations or cash flows.

Definition of a Business

In January 2017, the accounting guidance was amended to modify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance is effective for the Company as of January 1, 2018, under a prospective application method. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. The guidance could have an impact in a future period if the Company acquires or disposes of assets that meet the definition of a business under the amended guidance.

Goodwill Impairment

In January 2017, the accounting guidance was amended to modify the accounting for goodwill impairment by removing the second step of the goodwill impairment test. The guidance is effective for the Company as of January 1, 2020, on a prospective basis, although early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this amended accounting guidance for its annual impairment test during the second quarter of 2017. The results of the Company’s annual goodwill impairment test indicated that the carrying value of the Company’s goodwill in one particular market exceeded its appraised enterprise value. As a result, the Company wrote off approximately $0.4 million of goodwill during the second quarter of 2017. Refer to Note 2, Intangible Assets and Goodwill, for additional information.

Cash Flow Classification

In August 2016, the accounting guidance for classifying elements of cash flow was modified. The guidance is effective for the Company as of January 1, 2018, under a retrospective application method. Management does not believe the impact of this guidance will be material to the Company’s financial position, results of operations or cash flows.

Stock-Based Compensation

In May 2017, the accounting guidance was amended to clarify modification accounting for stock-based compensation. The guidance is effective for the Company as of January 1, 2018, on a prospective basis, although early adoption is permitted for interim periods. Under the amended guidance, the Company will only apply modification accounting for stock-based compensation if there are: (1) changes in the fair value or intrinsic value of share-based compensation; (2) changes in the vesting conditions of awards; and (3) change in the classification of awards as equity instruments or liability instruments. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows.

In March 2016, the accounting guidance for stock-based compensation was modified primarily to: (1) record excess tax benefits or deficiencies on stock-based compensation in the statement of operations, regardless of whether the tax benefits reduce taxes payable in the period; (2) allow an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation up to the maximum statutory tax rates in the applicable jurisdictions; and (3) allow entities to make an accounting policy election to either estimate the number of award forfeitures or to account for forfeitures when they occur. The guidance was effective for the Company on January 1, 2017.

As of January 1, 2017, the Company recorded a cumulative-effect adjustment to its accumulated deficit of $4.6 million on a modified retrospective transition basis. This adjustment was comprised of previously unrecognized excess tax benefits of $4.9 million as adjusted for the Company’s effective income tax rate, offset by a change to recognizestock-based compensation forfeitures when they occur of $0.3 million, net of tax.

Leasing Transactions

In February 2016, the accounting guidance was modified to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. The most notable change in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases with a term of more than twelve months. This change will apply to the Company’s leased assets such as real estate, broadcasting towers and equipment. Additionally, the Company will be required to provide additional disclosures to meet the objective of enabling users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company anticipates its accounting for existing capital leases to remain substantially unchanged.

While the Company is currently reviewing the effects of this guidance, the Company believes that this modification would result in: (1) an increase in the ROU assets and liabilities reflected on the Company’s consolidated balance sheets to reflect the rights and obligations created by operating leases with a term of greater than twelve months; and (2) an increase in amortization expense associated with the ROU assets.

This guidance is effective for the Company as of January 1, 2019, and must be implemented using a modified retrospective approach, with certain practical expedients available.

Revenue Recognition

In May 2014, the accounting guidance for revenue recognition was modified and subsequently updated with several amendments. Along with these modifications, most industry-specific revenue guidance was eliminated, including a current broadcasting exemption for reporting revenue from network barter programming. The new guidance provides companies with a revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is to recognize revenue when promised goods or services are transferred to customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for such goods or services. The new guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance may be implemented using a modified retrospective approach or by using a full retrospective approach. The new guidance was originally effective for annual reporting periods beginning after December 15, 2016. In July 2015, the effective date was deferred by one year. As a result, the new guidance is effective for the Company as of January 1, 2018.

The Company has completed its initial assessment phase in the implementation process. In connection with this initial phase, the Company performed the following activities: (1) completed an internal assessment of the Company’s operations and identified its significant revenue streams; (2) held revenue recognition conversations with certain of its sales managers and business managers across its markets for each of the identified revenue streams; and (3) reviewed a representative sample of contracts and documented the key economics of the contracts to identify applicable qualitative revenue recognition changes related to the amended accounting guidance. The Company’s next phase of the implementation process will be to establish and document key accounting policies, assess disclosure requirements, determine the impact on business processes and internal controls, and determine the quantitative impact resulting from the amended accounting guidance. This second phase is expected to be completed in the third quarter of 2017. The Company’s final phase will be to effectively implement the amended accounting guidance and embed the new accounting treatment into the Company’s business processes and internal controls to support the financial reporting requirements. This final phase of the implementation process is expected to be completed in the fourth quarter of 2017. The Company plans to adopt the amended accounting guidance as of January 1, 2018, using the modified retrospective method.

The Company is still evaluating the impact that the amended accounting guidance will have on the Company’s consolidated financial statements and will be unable to quantify its impact until it completes the final phase of its implementation process. Based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows.

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INTANGIBLE ASSETS AND GOODWILL (Block)

6 Months Ended

Jun. 30, 2017

Goodwil And Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets Disclosure Text Block

2. INTANGIBLE ASSETS AND GOODWILL

Goodwill and certain intangible assets are not amortized for book purposes. They may be, however, amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of goodwill and certain intangibles (such as broadcasting licenses), then a charge is recorded to the results of operations.

There was no material change in the carrying value of broadcasting licenses or goodwill since the year ended December 31, 2016, other than as described below.

The Company recorded a $13.5 million loss in the first quarter of 2017 in net gain/loss on sale or disposal of assets as a result of the Company permanently discontinuing the operation of one of its stations and returning the station’s broadcasting license to the FCC for cancellation, in order to facilitate the Merger.

Additionally, the carrying value of the broadcasting licenses at December 31, 2016, included the broadcasting licenses of a consolidated Variable Interest Entity (“VIE”) of approximately $15.7 million. These consolidated assets and liabilities of the VIE related to a pending acquisition of four radio stations in Charlotte, North Carolina. On October 17, 2016, the Company entered into an asset purchase agreement and a time brokerage agreement (“TBA”) to operate three of the four radio stations that were held in a trust (“Charlotte Trust”). As such, the amounts of the consolidated VIE at December 31, 2016, represented only the assets and liabilities of the three stations held in the Charlotte Trust.

Upon the completion of this transaction on January 6, 2017, the Company deconsolidated broadcasting licenses attributable to the VIE and recorded broadcasting licenses of all four radio stations based upon the preliminary purchase price allocation. Refer to Note 9, Business Combinations, for additional information.

During the second quarter of 2017, the Company performed its annual impairment test of its goodwill and determined that the carrying amount of goodwill exceeded its fair value for the Boston, Massachusetts market and recorded an impairment loss of $0.4 million. A contributing factor to the impairment was a decline in the advertising dollars in the Boston, Massachusetts market and its effect on the Company’s operations, coupled with an increase in the carrying value of its assets.

The following table presents the changes in broadcasting licenses as described above:

	Broadcasting Licenses
	Carrying Amount
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Beginning of period balance as of January 1,	$	823,195	$	807,381
Disposition of FCC broadcasting license		(13,500)		-
Consolidation (deconsolidation) of a VIE		(15,738)		15,738
Acquisition of radio stations		17,174		-
Acquisitions - other		-		112
Disposition of radio stations previously reflected as held for sale		-		(36)
Ending period balance	$	811,131	$	823,195

The following table presents the changes in goodwill primarily as a result of acquisitions of radio stations and the Company’s annual impairment test.

	Goodwill Carrying Amount
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Goodwill balance before cumulative loss
on impairment as of January 1,	$	158,333	$	158,244
Accumulated loss on impairment as of January 1,		(125,615)		(125,615)
Goodwill beginning balance after cumulative loss
on impairment as of January 1,		32,718		32,629
Loss on impairment during year		(441)		-
Acquisition of radio stations		43		-
Adjustment to acquired goodwill associated with an assumed fair value liability		-		92
Disposition of radio stations previously reflected as assets held for sale		-		(3)
Ending period balance	$	32,320	$	32,718

Broadcasting Licenses Impairment Test

The Company performs its annual broadcasting license impairment test during the second quarter of each year by evaluating its broadcasting licenses for impairment at the market level using the direct method.

During the second quarter of the current year and each of the past several years, the Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company’s markets and, accordingly, no impairment was recorded.  The annual impairment test in 2017 did not include the new market added during the first quarter of 2017. For the new market added during the first quarter of 2017, similar valuation techniques that are used in the testing process were applied to the valuation of the broadcasting licenses under purchase price accounting.

Each market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. The Company determines the fair value of the broadcasting licenses in each of its markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (1) the discount rate; (2) the market share and profit margin of an average station within a market,based upon market size and station type; (3) the forecast growth rate of each radio market; (4) the estimated capital start-up costs and losses incurred during the early years; (5) the likely media competition within the market area; (6) the tax rate; and (7) future terminal values.

The methodology used by the Company in determining its key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, the Company believes that the assumptions in items (1) through (3) above are the most important and sensitive in the determination of fair value.

The following table reflects the estimates and assumptions used in the second quarter of each year (no interim tests were performed in these years):

	Estimates And Assumptions
	Second	Second
	Quarter	Quarter
	2017	2016
Discount rate	9.25%	9.5%
Operating profit margin ranges expected
for average stations in the markets
where the Company operates	19% to 40%	14% to 40%
Long-term revenue growth rate range
of the Company's markets	1.0% to 2.0%	1.0% to 2.0%

The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. These estimates and assumptions could be materially different from actual results.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods.

Goodwill Impairment Test

The Company performs its annual goodwill impairment test during the second quarter of each year by evaluating its goodwill for each reporting unit.

As described above, the Company elected to early adopt the amended accounting guidance which simplifies the test for goodwill impairment. The amended guidance eliminates the second step of the goodwill impairment test, which reduces the cost and complexity of evaluating goodwill for impairment. Under the former accounting guidance, the second step of the impairment test required the Company to compute the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under the amended guidance, if the carrying amount of goodwill of a reporting unit exceeds its fair value, the Company will consider the goodwill to be impaired.

The Company has determined that a radio market is a reporting unit andthe Company assesses goodwill in each of the Company’s markets. Under the amended guidance, if the fair value of any reporting unit is less than the amount reflected on the balance sheet, the Company will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized will not exceed the total amount of goodwill allocated to the reporting unit.

Under the amended guidance, the Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment for each reporting unit. These qualitative factors include, but are not limited to: (1) macroeconomic conditions; (2) radio broadcasting industry considerations; (3) financial performance of reporting units; (4) Company-specific events; and (5) a sustained decrease in the Company’s share price. If the quantitative assessment is necessary, the Company determines the fair value of the goodwill allocated to each reporting unit.

To determine the fair value, the Company uses a market approach and, when appropriate, an incomeapproach in computing the fair value of each reporting unit. The market approach calculates the fair value of each market’s radio stations by analyzing recent sales and offering prices of similar properties expressed as a multiple of cash flow. The income approach utilizes a discounted cash flow method by projecting the subject property’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price. Management believes that these approaches are commonly used and appropriate methodologies for valuing broadcast radio stations. Factors contributing to the determination of the reporting unit’s operating performance were historical performance and/or management’s estimates of future performance.

The following table reflects the estimates and assumptions used in the second quarter of each year (no interim tests were performed in these years):

	Estimates And Assumptions
	Second	Second
	Quarter	Quarter
	2017	2016
Discount rate	9.25%	9.5%
Long-term revenue growth rate range
of the Company's markets	1.0% to 2.0%	1.0% to 2.0%
Market multiple used in the market
valuation approach	7.5x to 8.0x	7.5x to 8.0x

During the second quarter of the current year, the Company’s quantitative assessment indicated that the goodwill allocated to its Boston, Massachusetts market was impaired.

The Company also performed a reasonableness test on the fair value results for goodwill on a combined basis by comparing the carrying value of the Company’s assets to the Company’s enterprise value based upon its stock price, shares outstanding, total debt and preferred stock outstanding, and cash on hand. The Company determined that the results were reasonable.

If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods.

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OTHER CURRENT LIABILITIES (Block)

6 Months Ended

Jun. 30, 2017

Other Liabilities Disclosure Abstract

Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Current Text Block

3. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following as of the periods indicated:

	Other Current Liabilities
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Accrued compensation	$	9,115	$	8,059
Accounts receivable credits		2,397		3,571
Advertiser obligations		1,118		1,102
Accrued interest payable		1,766		3,587
Other		4,401		3,284
Total other current liabilities	$	18,797	$	19,603

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LONG-TERM DEBT (Block)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt Disclosure Text Block

4. LONG-TERM DEBT

(A) Senior Debt

The Credit Facility

On November 1, 2016, the Company and its wholly owned subsidiary, Entercom Radio LLC, (“Radio”) entered into a $540 million credit agreement (the “Credit Facility”) with a syndicate of lenders that was initially comprised of: (a) a $60 million revolving credit facility (the “Revolver”) that matures on November 1, 2021; and (b) a $480 million term B loan (the “Term B Loan”) that matures on November 1, 2023.

As of June 30, 2017, the amount outstanding under the Term B Loan was $458.0 million and the amount outstanding under the Revolver was $9.5 million. The amount available under the Revolver, which includes the impact of the outstanding letters of credit, was $49.8 million as of June 30, 2017.

Long-term debt was comprised of the following as of June 30, 2017:

			Long-Term Debt
			June 30,		December 31,
			2017		2016
				(amounts in thousands)
	Credit Facility
		Revolver, due November 1, 2021	$	9,500	$	-
		Term B Loan, due November 1, 2023		458,000		480,000
				467,500		480,000
	Other Debt
		Capital lease and other		78		87
Total debt before deferred financing costs				467,578		480,087
	Current amount of long-term debt			(13,618)		(4,817)
	Deferred financing costs (excludes the revolving credit)			(6,564)		(7,619)
Total long-term debt, net of current debt			$	447,396	$	467,651
Outstanding standby letters of credit			$	670	$	670

The Term B Loan requires mandatory prepayments equal to a percentage of Excess Cash Flow, which is defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. Beginning in 2018, the Excess Cash Flow payment will be due in the first quarter of each year, and is based on the Excess Cash Flow and Leverage Ratio for the prior year. The estimated Excess Cash Flow payment due in the first quarter of 2018 is included under the current portion of long-term debt, net of any prepayments.

As of June 30, 2017, the Company’s Consolidated Leverage Ratio was 4.3times versus a covenant limit of 5.0times and the Consolidated Interest Coverage Ratio was 4.2times versus a covenant minimum of 2.0times.

As of June 30, 2017, the Company was in compliance with all financial covenants and all other terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenants under the Credit Facility is highly dependent on its results of operations. Management believes that over the next 12 months the Company can continue to maintain compliance.

Management believes that cash on hand, cash from the Revolver and cash from operating activities, together with the proceeds of the committed financing described below, will be sufficient to permit the Company to meet its liquidity requirements over the next 12 months, including its debt repayments.

Failure to comply with the Company’s financial covenants or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. The acceleration of the Company’s debt could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates on its debt.

In connection with the CBS Radio Merger Agreement, CBS Radio entered into a commitment letter with a syndicate of lenders (the “Commitment Parties”), pursuant to which the Commitment Parties committed to provide up to $500 million of senior secured term loans (the “CBS Radio Financing”) as an additional tranche under a credit agreement (the “CBS Radio Credit Agreement”) among CBS Radio, the guarantors named therein, the lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. The proceeds of this additional tranche will be used to: (1) refinance the Company’s Credit Facility; (2) redeem the Company’s Perpetual Cumulative Convertible Preferred Stock (“Preferred”); and (3) pay fees and expenses in connection with the refinancing.On March 3, 2017, CBS Radio entered into an amendment to the CBS Radio Credit Agreement, to, among other things, create a tranche of Term B-1 Loans in an aggregate principal amount not to exceed $500 million.  The Term B-1 Loans, which replace the commitment, are expected to be funded by the Commitment Parties on the closing date of the Merger, subject to customary conditions.  The Term B-1 Loans will be governed by the CBS Radio Credit Agreement and will mature on the date that is seven years after the closing date of the Merger. The Term B-1 Loans will require quarterly principal payments at an annual rate of 1% of the initial principal amount of the Term B-1 Loans, beginning with the first full fiscal quarter ending after the closing of the Merger.  The Term B-1 Loans are expected to bear interest at a per annum rate equal to LIBOR plus 2.75%.  Interest on the Term B-1 Loans will be payable at the end of each interest period, but in no event less frequently than quarterly.

(B) Senior Unsecured Debt

The Senior Notes

In 2016, the Company issued a call notice to redeem its $220.0million10.5% unsecured Senior Notes due December 1, 2019 (the “Senior Notes”) in full with an effective date of December 1, 2016, that was funded by the proceeds of the Credit Facility. As a result of the full redemption of the Senior Notes with replacement debt at a lower interest rate, the net interest expense for the first two quarters of 2017 was reduced and does not include amortization of original issue discount of Senior Notes.

(C) Net Interest Expense

The components of net interest expense are as follows:

	Net Interest Expense
	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Interest expense	$	10,993	$	17,057
Amortization of deferred financing costs		1,166		1,319
Amortization of original issue discount of senior notes		-		184
Interest income and other investment income		(49)		(21)
Total net interest expense	$	12,110	$	18,539

	Net Interest Expense
	Three Months Ended
	June 30,
	2017		2016
		(amounts in thousands)
Interest expense	$	5,579	$	8,435
Amortization of deferred financing costs		580		631
Amortization of original issue discount of senior notes		-		93
Interest income and other investment income		(26)		(12)
Total net interest expense	$	6,133	$	9,147

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SHAREHOLDERS' EQUITY (Block)

6 Months Ended

Jun. 30, 2017

Stockholders Equity Note Abstract

Stockholders Equity Note Disclosure Text Block

11. SHAREHOLDERS’ EQUITY

Dividend Equivalents

The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period.

The following table presents the amounts accrued and unpaid on unvested RSUs:

		Dividend Equivalent Liabilities
	Balance Sheet	June 30,		December 31,
	Location	2017		2016
		(amounts in thousands)
Short-term	Other current liabilities	$	251	$	260
Long-term	Other long-term liabilities		507		348
Total		$	758	$	608

Employee Stock Purchase Plan

The Company adopted the Entercom 2016 Employee Stock Purchase Plan (the “ESPP”) during the second quarter of 2016 that commenced with the third quarter of 2016. The ESPP allows participants to purchase the Company’s stock at a price equal to 85% of the market value of such shares on the purchase date.The maximum number of shares authorized to be issued under the ESPP is 1.0million. Pursuant to this plan, the Company does not record compensation expense to the employee as income subject to tax on the difference between the market value and the purchase price, as this plan was designed to meet the requirements of Section 423(b) of the Internal Revenue Code. The Company recognizes the 15% discount in the Company’s consolidated statements of operations as non-cash compensation expense.

Pursuant to the CBS Radio Merger Agreement, until the earlier of the termination of the CBS Radio Merger Agreement or the consummation of the Merger, the Company has agreed not to issue or authorize any shares of its capital stock. As a result, the Company effectively suspended the ESPP during the second quarter of 2017. There were no shares purchased and the Company did not recognize any non-cash compensation expense in connection with the ESPP during the three months ended June 30, 2017. The Company plans to resume the ESPP after the consummation of the Merger, which is expected to occur in the fourth quarter of 2017.

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Number of shares purchased		15		-
Non-cash compensation expense recognized	$	32	$	-

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SHARE-BASED COMPENSATION (Block)

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments Abstract

Disclosure Of Compensation Related Costs Share Based Payments Text Block

6. SHARE-BASED COMPENSATION

Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants.

Restricted Stock Units (“RSUs”) Activity

The following is a summary of the changes in RSUs under the Plan during the current period:

			Number			Weighted	Aggregate
			Of	Weighted		Average	Intrinsic
			Restricted	Average		Remaining	Value As Of
			Stock	Purchase		Contractual	June 30,
	Period Ended		Units	Price		Term (Years)	2017
RSUs outstanding as of:	December 31, 2016		2,074,794
RSUs awarded			206,603
RSUs released			(455,153)
RSUs forfeited			(8,625)
RSUs outstanding as of:	June 30, 2017		1,817,619	$	-	1.5	$	18,812,357
RSUs vested and expected
to vest as of:	June 30, 2017		1,817,619	$	-	1.5	$	18,812,357
RSUs exercisable (vested and
deferred) as of:	June 30, 2017		48,880	$	-	-	$	505,908
Weighted average remaining
recognition period in years			2.2
Unamortized compensation
expense		$	9,726,425

RSUs With Service And Market Conditions

The Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: (1) the Company’s stock achieves certain shareholder performance targets over a defined measurement period; and (2) the employee fulfills a minimum service period. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not met,as all of the conditions need to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years.

The following table presents the changes inoutstanding RSUs with market conditions:

		Six Months		Year
		Ended		Ended
		June 30,		December 31,
		2017		2016
		(amounts in thousands, except per share data)
Reconciliation Of RSUs With Market Conditions
	Beginning of period balance		630		390
	Number of RSUs granted		-		470
	Number of RSUs forfeited		-		-
	Number of RSUs vested		(50)		(230)
	End of period balance		580		630
	Weighted average fair value of RSUs granted
	with market conditions	$	-	$	7.34

The fair value of RSUs with service conditions is estimated using the Company’s closing stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company’s determination of the fair value was based on the number of shares granted, the Company’s stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ.

The specific assumptions used for these valuations are as follows:

	Six Months			Year
	Ended			Ended
	June 30,			December 31,
	2017		2016
Expected Volatility Term Structure (1)		34% to 45%		35% to 45%
Risk-Free Interest Rate (2)		0.1% to 1.1%		0.4% to 1.1%
Annual Dividend Payment Per Share (Constant) (3)	$	0.30	$	0.30

RSUs With Service And Performance Conditions

In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed. The Company determines the requisite service period on a case-by-case basis to determine the expense recognition period for non-vested performance based RSUs.The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability assessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change.

The following table reflects the activity of RSUs with service and performance conditions:

		Six Months		Year
		Ended		Ended
		June 30,		December 31,
		2017		2016
		(amounts in thousands, except per share data)
Reconciliation Of RSUs With Service And Performance
Conditions
	Beginning of period balance		-		29
	Number of RSUs granted		-		-
	Number of RSUs that did not meet criteria		-		(29)
	Number of RSUs vested		-		-
	Average fair value of RSUs granted with performance
	conditions	$	-	$	-

As of June 30, 2017, no non-cash compensation expense was recognized for RSUs with performance conditions.

Option Activity

The following table provides summary information related to the exercise of stock options:

	Six Months Ended June 30,
Option Exercise Data	2017		2016
	(amounts in thousands)
Intrinsic value of options exercised	$	58	$	238
Tax benefit from options exercised (1)	$	23	$	92
Cash received from exercise price of options exercised	$	22	$	30

The following table presents the option activity during the current period under the Plan:

						Weighted	Intrinsic
				Weighted		Average	Value
				Average		Remaining	As Of
		Number Of		Exercise		Contractual	June 30,
	Period Ended	Options		Price		Term (Years)	2017
Options outstanding as of:	December 31, 2016		329,562	$	1.91
Options granted			-		-
Options exercised			(6,500)		3.37
Options forfeited			-		-
Options expired			(125)		1.34
Options outstanding as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Options vested and expected to
vest as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Options vested and exercisable as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Weighted average remaining
recognition period in years			-
Unamortized compensation expense		$	-

The following table summarizes significant ranges of outstanding and exercisable options as of the current period:

				Options Outstanding				Options Exercisable
				Number Of	Weighted			Number Of
				Options	Average	Weighted		Options	Weighted
Range Of				Outstanding	Remaining	Average		Exercisable	Average
Exercise Prices				June 30,	Contractual	Exercise		June 30,	Exercise
From		To		2017	Life	Price		2017	Price
$	1.34	$	1.34	300,437	1.6	$	1.34	300,437	$	1.34
$	2.02	$	11.78	22,500	1.2	$	9.12	22,500	$	9.12
$	1.34	$	11.78	322,937	1.6	$	1.88	322,937	$	1.88

Recognized Non-Cash Stock-Based Compensation Expense

The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in our statement of operations:

	Six Months Ended
	June 30,
	2017		2016
		(amounts in thousands)
Station operating expenses	$	577	$	590
Corporate general and administrative expenses		2,494		2,429
Stock-based compensation expense included in operating expenses		3,071		3,019
Income tax benefit (1)		1,004		1,083
After-tax stock-based compensation expense	$	2,067	$	1,936

	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Station operating expenses	$	372	$	363
Corporate general and administrative expenses		1,105		1,174
Stock-based compensation expense included in operating expenses		1,477		1,537
Income tax benefit (1)		495		531
After-tax stock-based compensation expense	$	982	$	1,006

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NET INCOME (LOSS) PER COMMON SHARE (Block)

6 Months Ended

Jun. 30, 2017

Earnings Per Share Abstract

Earnings Per Share Text Block

5. NET INCOME (LOSS) PER COMMON SHARE

The following tables present the computations of basic and diluted net income (loss) per share:

				Three Months Ended				Six Months Ended
				June 30,				June 30,
				2017		2016		2017		2016
			(amounts in thousands except per share data)
Basic Income (Loss) Per Share
	Numerator
		Net income (loss) available to the Company		$	6,414	$	10,834	$	(2,917)	$	15,246
		Preferred stock dividends			550		412		1,100		825
		Net income (loss) available to common shareholders		$	5,864	$	10,422	$	(4,017)	$	14,421
	Denominator
		Basic weighted average shares outstanding			38,945		38,469		38,935		38,463
		Basic net income (loss) per share available
		to common shareholders		$	0.15	$	0.27	$	(0.10)	$	0.37
Diluted Income (Loss) Per Share
	Numerator
		Net income (loss) available to the Company		$	6,414	$	10,834	$	(2,917)	$	15,246
		Preferred stock dividends			550		-		1,100		825
		Net income (loss) available to common shareholders		$	5,864	$	10,834	$	(4,017)	$	14,421
	Denominator
		Basic weighted average shares outstanding			38,945		38,469		38,935		38,463
		Effect of RSUs and options under the treasury stock
		method			711		738		-		811
		Preferred stock under the as if converted method			-		1,923		-		-
		Diluted weighted average shares outstanding			39,656		41,130		38,935		39,274
		Diluted net income (loss) per share available
		to common shareholders		$	0.15	$	0.26	$	(0.10)	$	0.37

Disclosure Of Anti-Dilutive Shares

The following table presents those shares excluded as they were anti-dilutive:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
Impact Of Equity Issuances		2017		2016		2017		2016
		(amounts in thousands, except per share data)
Shares excluded as anti-dilutive under the treasury stock method:
	Options		14		-		-		13
	Price range of options: from	$	11.31	$	-	$	-	$	11.36
	Price range of options: to	$	11.78	$	-	$	-	$	11.78
	RSUs with service conditions		328		-		78		-
RSUs excluded with service and market conditions as
market conditions not met			267		628		267		628
RSUs excluded with service and performance conditions as
performance conditions not met			-		21		-		21
Perpetual cumulative convertible preferred stock treated as
anti-dilutive under the as if method			1,962		-		1,962		1,923
Excluded shares as anti-dilutive when reporting a net loss			-		-		1,026		-

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INCOME TAXES (Block)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure Abstract

Income Tax Disclosure Text Block

7. INCOME TAXES

Tax Rates For The Six Months And Three Months Ended June 30, 2017

The effective income tax rates were 72.9% and 37.4% for the six monthsand three months ended June 30, 2017, respectively. These rates were impacted by: (1) merger and acquisition costs that result in an increase in the annual estimated effective tax rate; and (2) a discrete windfall income tax benefit, described below. The annual estimated effective tax rate is estimated to be higher than in previous years primarily due to the amount of merger and acquisition costs forecasted for 2017 as a result of the Merger, as a significant portion of these costs are not deductible for federal and state income tax purposes.

As a result of adopting the amended accounting guidance for stock-based compensation on January 1, 2017, the Company recorded, for the six months ended June 30, 2017, a discrete windfall income tax benefit of $0.8 million from the vesting of stock-based awards with tax deductions in excess of the compensation expense recorded. Refer to Note 1, Basis of Presentation and Significant Policies, for additional information.

Tax Rates For The Six Months And Three Months Ended June 30, 2016

The effective income tax rates were 35.9% and 41.2% for the six months and three months ended June 30, 2016, respectively. These rates were impacted by discrete income tax benefits from recent legislation in certain single member states that allowed for: (1) the reversal of partial valuation allowances; and (2) a retroactive decrease in deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill. The income tax rate was also impacted by income tax expense from: (i) an increase in deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (ii) an adjustment for expenses that are not deductible for tax purposes; and (iii) a tax benefit shortfall associated with share-based awards.

Net Deferred Tax Assets And Liabilities

As of June 30, 2017, and December 31, 2016, net deferred tax liabilities were $79.8million and $92.9million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income.

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Block)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures Abstract

Fair Value Disclosures Text Block

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair Value Of Financial Instruments Subject To Fair Value Measurements

Recurring Fair Value Measurements

The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels.

	Fair Value Measurements At Reporting Date
	June 30,		December 31,
Description	2017		2016
	(amounts in thousands)
Liabilities
Deferred compensation - Level 1 (1)	$	11,747	$	10,875

⁽¹⁾ The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The deferred compensation plan liability is valued at Level 1 as it is based on quoted market prices of the underlying investments.

Non-Recurring Fair Value Measurements

The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.

During the quarters ended June 30, 2017 and 2016, the Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles, and concluded that its broadcasting licenses and net property and equipment were not impaired as the fair value of these assets equaled or exceeded their carrying value. The Company concluded that the carrying value of goodwill allocated to its Boston, Massachusetts market exceeded its fair value. Accordingly, the Company wrote off approximately $0.4 million of goodwill during the second quarter of 2017. Refer to Note 2, Intangible Assets and Goodwill, for additional information.

Fair Value Of Financial Instruments Subject To Disclosures

The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (1) cash and cash equivalents; (2) accounts receivable; and (3) accounts payable, including accrued liabilities.

The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated:

	June 30,				December 31,
	2017				2016
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
	(amounts in thousands)
Term B Loan (1)	$	458,000	$	460,004	$	480,000	$	487,200
Revolver (2)	$	9,500	$	9,500	$	-	$	-
Other debt (3)	$	78			$	87

The following methods and assumptions were used to estimate the fair value of financial instruments:

⁽¹⁾ The Company’s determination of the fair value of the Term B Loan was based on quoted prices for this instrument and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

⁽²⁾The fair value of the Revolverwas considered to approximate the carrying value as the interest payments are based on LIBORrates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

⁽³⁾The Company does not believe it is practicable to estimate the fair value of the other debt.

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ACQUISITIONS AND OTHER (Block)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Mergers Acquisitions And Dispositions Disclosures Text Block

9.BUSINESS COMBINATIONS

The Company consummated acquisitions under the acquisition method of accounting, and the purchase price was allocated to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed for book purposes and amortized for tax purposes.

2017 Charlotte Acquisition

On January 6, 2017, the Company completed a transaction to acquire four radio stations in Charlotte, North Carolina from Beasley Broadcast Group, Inc. (“Beasley”) for a purchase price of $24 million in cash. The Company used cash on hand to fund the acquisition. On October 17, 2016, the Company entered into an asset purchase agreement and a TBAwith Beasley to operate three of the four radio stations that were held in the Charlotte Trust. On November 1, 2016, the Company commenced operations of the radio stations held in the Charlotte Trust andbegan operating the fourth station upon closing on the acquisition with Beasley in January 2017.

During the period of the TBA, the Company included net revenues, station operating expenses and monthly TBA fees associated with operating these stationsin the Company’s consolidated financial statements.

The allocations presented in the table below are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired FCC broadcasting licenses, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume an expected future growth rate of 1.0%; and an estimated discount rate of 9.0%. The gross profit margins utilized were considered appropriate based on management’s expectations and experience in equivalent sized markets. The Company determines the fair value of the broadcasting licenses by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the net assets acquired was reported as goodwill.

The following preliminary purchase price allocations are based upon the valuation of assets and liabilities and these estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. These assets and liabilities pending finalization include intangible assets and liabilities. Differences between the preliminary and final valuation could be substantially different from the initial estimates.

	January 6,		Useful Lives In Years
Description	2017		From	To
	(amounts in
	thousands)
Assets
Land	$	2,539	non-depreciating
Buildings		217	15	25
Equipment		4,569	3	40
Total property plant and equipment		7,325
Deferred tax asset		287	life of underlying asset
Radio broadcasting licenses and goodwill		17,384	non-amortizing
Total assets		24,996
Liabilities
Unfavorable lease liabilities		735	over remaining lease life
Deferred tax liability		261	life of underlying liability
Total liabilities		996
Net assets	$	24,000

2016 Disposition

In March 2016, the Company soldcertain assets of KRWZ AM in Denver, Colorado, for $3.8million in cash. The Company believes that the sale of this station, with a marginal market share, did not alter the Company’s competitive position in the market. The Company reported a gain, net of expenses, of $0.3million on the disposition of these assets.

Pending Acquisition of CBS Radio

On February 2, 2017, the Company and Merger Sub entered into a material definitive agreement with CBS and CBS Radio, and CBS and CBS Radio also entered into an agreement that provides for the separation of CBS Radio from CBS (the “Separation Agreement”), which together provide for the combination of the Company’s business and CBS’s radio business. Prior to February 2, 2017, CBS transferred substantially all of the assets and liabilities of CBS’s radio business to CBS Radio.

At the time of the signing of the CBS Radio Merger Agreement on February 2, 2017, CBS Radio had two classes of common stock, the Radio Series 1 Common Stock, par value $0.01 per share (the “Radio Series 1 Common Stock”) and the Radio Series 2 Common Stock, par value $0.01 per share (the “Radio Series 2 Common Stock”), collectively, (the “Radio Existing Common Stock”).

Prior to the Merger, CBS and CBS Radio will first complete a series of internal distributions and transactions (collectively, the “Radio Reorganization”). Following the consummation of the Radio Reorganization, CBS will consummate an offer to exchange all of the outstanding shares of Radio Existing Common Stock for outstanding shares of CBS Class B Common Stock (the “Final Distribution”). CBS Broadcasting, Inc. will first distribute (the “First Distribution”) all of the outstanding equity of CBS Radio to Westinghouse CBS Holding Company, Inc. (“Westinghouse”). Westinghouse will then distribute all of the outstanding equity of CBS Radio to CBS (the “Second Distribution”). Following the Second Distribution, CBS Radio will then: (a) combine Radio Series 1 Common Stock and Radio Series 2 Common stock into a single class of common stock, par value $0.01 per share (the “Radio New Common Stock”), (b) authorize the issuance of at least 101,407,494 shares of Radio New Common Stock and (c) effect a stock split of the outstanding shares of Radio New Common Stock, as a result of which, as of immediately prior to the effective time of the Final Distribution, 101,407,494 shares of Radio New Common Stock will be issued and outstanding, all of which will be owned directly by CBS (collectively, (a) through (c), the “Stock Split”).

Subject to the terms and conditions of the CBS Radio Merger Agreement and the Separation Agreement, in the event that holders of CBS Class B Common Stock subscribe for less than all of the outstanding shares of Radio Common Stock held by CBS in the exchange offer, CBS will distribute the remaining outstanding shares of Radio Common Stock held by CBS on a pro rata basis to holders of CBS Common Stock whose shares of CBS Common Stock remain outstanding after consummation of the exchange offer (the “Spin-Off”). The Spin-Off will only occur if the exchange offer is consummated but not fully subscribed, meaning that not all of the outstanding shares of Radio Common Stock held by CBS would be distributed in the exchange offer, in that scenario.

Immediately after the consummation of the Final Distribution, Merger Sub will merge with and into CBS Radio, with CBS Radio surviving as a wholly owned subsidiary of the Company. In the Merger, all outstanding shares of Radio Common Stock will be converted into the right to receive an equal number of shares of the Company’s Class A common Stock.

It is estimated that the existing Company shareholders will own approximately 28% and CBS Radio shareholders will own approximately 72% of the combined company’s outstanding shares immediately after consummation of the Merger.

The Company will issue 101,407,494 shares of its Class A common Stock in the Merger. At the time of the Merger, each outstanding RSU and stock option with respect to CBS Class B Common Stock held by employees of CBS Radio will be canceled and converted into equity awards for the Company’s Class A Common Stock. The conversion will be based on the ratio of the volume-weighted average per share closing prices of CBS stock on the five trading days prior to the effective date of the Merger and the Company’s stock on the five trading days following the effective date of the Merger. As a result, approximately 4,004,451 shares will be eligible for issuance in respect of equity awards held by CBS Radio employees in consideration of the replacement of their RSUs and stock options.

In connection with the Merger, CBS Radio received committed financing of up to $500 million of senior secured term loan from the Commitment Parties as an additional tranche under the CBS Radio Credit Agreement. The proceeds of this loan will be used to: (1) refinance the Company’s Credit Facility; (2) redeem the Company’s Preferred; and (3) pay fees and expenses in connection with the refinancing. The committed financing will be an additional tranche under the CBS Radio Credit Agreement. See Note 4, Long-Term Debt, for additional information with respect to this financing.

The total consideration for the Merger is approximately $1.05 billion, based on the Company’s Class A common stock market price per share of $10.35 on June 30, 2017 and the shares to be issued in connection with the Merger. Transaction costs relating to theMerger, including legal and professional fees, of $5.8 million and $16.1 million for the three and six months ended June 30, 2017, respectively, were expensed as incurred.

If the CBS Radio Merger Agreement is terminated in certain circumstances prior to the consummation of the transactions contemplated thereby, the Company will be required to pay CBS a termination fee of $30 million. Either party may terminate the CBS Radio Merger Agreement if the Merger is not consummated on or before November 2, 2017, subject to extension to May 2, 2018, if necessary.

Upon completion of the Merger, certain required divestitures and the debt refinancing described above, which are all expected to occur in the fourth quarter of 2017, the combined company will be named Entercom Communications Corp. and will be listed on the NYSE under the current trading symbol for the Company’s Class A Common Stock, “ETM”.

Merger And Acquisition Costs

The Company records merger and acquisition costs whether or not an acquisition occurs. These costs consist primarily of legal, professional and advisory services and could includerestructuring costs.

There were merger and acquisition costs incurred during the first two quarters of 2017 primarily in connection with the announced CBS Merger.

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	16,100	$	-

	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	5,829	$	-

Restructuring Costs

The restructuring plan related to the Company’s acquisitions in 2015 included: (1) costs associated with exiting contractual vendor obligations as these obligations were duplicative; (2) a workforce reduction and realignment charges that included one-time termination benefits and related costs; and (3) lease abandonment costs. The lease abandonment costs are longer-term as the lease expires in June 2026. The estimated amount of unpaid restructuring charges as of June 30, 2017, after excluding the lease abandonment liability as of June 30, 2017, was included in accrued expenses as most expenses are expected to be paid within one year.

	Six Months		Year
	Ended		Ended
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Restructuring charges, beginning balance	$	650	$	1,686
Additions through accruals		-		-
Deductions through payments		(34)		(1,036)
Restructuring charges unpaid and outstanding		616		650
Less lease abandonment costs over a long-term period		(539)		(576)
Short-term restructuring charges unpaid and outstanding	$	77	$	74

Unaudited Pro Forma Summary Of Financial Information

The following pro forma information presents the consolidated results of operations as if the 2017 acquisition in Charlotte, North Carolina, had occurred as of January 1, 2016, after giving effect to certain adjustments, including: (1) depreciation and amortization of assets; (2) change in the effective tax rate;(3) interest expense on any debt incurred; and (4) merger and acquisition costs. The pro forma information does not exclude the pro forma impact of any dispositions. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(amounts in thousands except share and per share data)
	Pro Forma		Pro Forma		Pro Forma		Pro Forma
Net revenues	$	124,970	$	125,343	$	223,971	$	226,257
Net income (loss) available to the Company	$	6,326	$	11,011	$	(3,093)	$	13,985
Net income (loss) available to common shareholders	$	5,776	$	10,599	$	(4,193)	$	13,160
Net income (loss) available to common shareholders
per common share - basic	$	0.15	$	0.28	$	(0.11)	$	0.34
Net income (loss) available to common shareholders
per common share - diluted	$	0.15	$	0.26	$	(0.11)	$	0.34
Weighted shares outstanding basic		38,944,620		38,468,822		38,935,161		38,462,998
Weighted shares outstanding diluted		39,655,599		41,130,418		38,935,161		39,273,532
Conversion of preferred stock for dilutive purposes
under the as if method	anti-dilutive		dilutive		anti-dilutive		anti-dilutive

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CONTINGENCIES AND COMMITMENTS (Block)

6 Months Ended

Jun. 30, 2017

Commitments And Contingencies Disclosure Abstract

Commitments And Contingencies Disclosure Text Block

12. CONTINGENCIES AND COMMITMENTS

Contingencies

If the CBS Radio Merger Agreement is terminated under certain circumstances, the Company will be required to pay CBS a termination fee of $30 million and the costs for the committed financing.

The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company’s Form 10-K, filed with the SEC on February 28, 2017.

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ASSETS HELD FOR SALE (Block)

6 Months Ended

Jun. 30, 2017

Discontinued Operations And Disposal Groups Abstract

Disposal Groups Including Discontinued Operations Disclosure Text Block

10. ASSETS HELD FOR SALE

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

As of June 30, 2017, the Company entered into an agreement to sell a parcel of land along with the land improvements, broadcasting tower and building located on the property, in one of its markets for $3.3 million and classified these assets as assets held for sale. This transaction, which is expected to be completed in the fourth quarter of 2017, is expected to result in a gain of $0.3 million, net of commissions of $0.2 million.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement.

The major categories of these assets are as follows:

	Assets Held For Sale
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Land and land improvements	$	2,820	$	-
Building		8		-
Equipment		184		-
Total property and equipment		3,012		-
Depreciation and amortization		195		-
Net property and equipment		2,817		-
Assets held for sale		2,817		-
Net assets held for sale	$	2,817	$	-

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SUBSEQUENT EVENTS (Block)

6 Months Ended

Jun. 30, 2017

Subsequent Events Abstract

Schedule Of Subsequent Events Text Block

13. SUBSEQUENT EVENTS

Events occurring after June 30, 2017, and through the date that these consolidated financial statements were issued were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows:

On July, 10 2017, the Company filed an amendment to a Registration Statement with the SEC on Form S-4/A relating to the Merger. The amendment provides that, among other things, immediately following the consummation of the transactions contemplated by the Merger, the Company’s board of directors will be comprised of ten members, including all six directors from the Company’s current board of directors and four new directors. Two of the new directors are affiliated with CBS, while the other two are unaffiliated with both the Company and CBS.

On July 12, 2017, the Company filed a proxy statement relating to a special meeting of the shareholders in connection with the Merger.

On July 26, 2017, the Company purchased a minority ownership interest in DGital Media Inc. (“DGital”), a leading creator of premium, personality-based podcasts and other on-demand audio content, for $9.7 million. Under the terms of the purchase agreement, the Company also obtained an option to acquire the remaining ownership interest in DGital in 2021. The Company and DGital entered into a multi-year services agreement under which DGital will dedicate significant resources to create world-class, original on-demand audio content leveraging the Company’s deep roster of local talent and relationships in the world of sports, news, politics, music, comedy, and technology. DGital will also serve as the Company’s exclusive third party advertisement sales representative for all of its podcasts and other on-demand audio.

On July 28, 2017, the Company declared a special one-time dividend of $0.20 per share payable on August 30, 2017 to shareholders of record on August 15, 2017. This dividend is permitted under the terms of the CBS Radio Merger Agreement. This special one-time dividend will accompany the Company’s regular quarterly dividend of $0.075 per share which will be paid on September 15, 2017 to shareholders of record on August 15, 2017.

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BASIS OF PRESENTATION AND ORGANIZATION (Tables)

6 Months Ended

Jun. 30, 2017

PriorPeriodAdjustmentAbstract

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	Three Months
	Ended
Description	March 31, 2017
	(amounts in thousands)
Net Revenues:
Prior to revision	$	97,452
Revision		1,549
As revised	$	99,001
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	75,617
Revision		1,549
As revised	$	77,166

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2016
	(amounts in thousands)
Net Revenues:
Prior to revision	$	96,103	$	120,478	$	120,457	$	123,207	$	460,245
Revision		906		1,093		1,184		1,343		4,526
As revised	$	97,009	$	121,571	$	121,641	$	124,550	$	464,771
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	71,715	$	82,639	$	82,905	$	81,485	$	318,744
Revision		906		1,093		1,184		1,343		4,526
As revised	$	72,621	$	83,732	$	84,089	$	82,828	$	323,270

	Three Months Ended								Year Ended
	March 31,		June 30,		September 30,		December 31,		December 31,
Description	2015
	(amounts in thousands)
Net Revenues:
Prior to revision	$	78,420	$	100,592	$	114,662	$	117,704	$	411,378
Revision		589		730		874		910		3,103
As revised	$	79,009	$	101,322	$	115,536	$	118,614	$	414,481
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	59,367	$	70,000	$	81,241	$	77,103	$	287,711
Revision		589		730		874		910		3,103
As revised	$	59,956	$	70,730	$	82,115	$	78,013	$	290,814

	Year Ended
	December 31,
Description	2014
	(amounts in thousands)
Net Revenues:
Prior to revision	$	379,789
Revision		587
As revised	$	380,376
Station operating expenses, including
non-cash compensation expense:
Prior to revision	$	259,184
Revision		587
As revised	$	259,771

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INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the changes in broadcasting license

	Broadcasting Licenses
	Carrying Amount
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Beginning of period balance as of January 1,	$	823,195	$	807,381
Disposition of FCC broadcasting license		(13,500)		-
Consolidation (deconsolidation) of a VIE		(15,738)		15,738
Acquisition of radio stations		17,174		-
Acquisitions - other		-		112
Disposition of radio stations previously reflected as held for sale		-		(36)
Ending period balance	$	811,131	$	823,195

Schedule of assumptions and estimates for broadcasting licences impairment testing

	Estimates And Assumptions
	Second	Second
	Quarter	Quarter
	2017	2016
Discount rate	9.25%	9.5%
Operating profit margin ranges expected
for average stations in the markets
where the Company operates	19% to 40%	14% to 40%
Long-term revenue growth rate range
of the Company's markets	1.0% to 2.0%	1.0% to 2.0%

Schedule of changes in goodwill

	Goodwill Carrying Amount
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Goodwill balance before cumulative loss
on impairment as of January 1,	$	158,333	$	158,244
Accumulated loss on impairment as of January 1,		(125,615)		(125,615)
Goodwill beginning balance after cumulative loss
on impairment as of January 1,		32,718		32,629
Loss on impairment during year		(441)		-
Acquisition of radio stations		43		-
Adjustment to acquired goodwill associated with an assumed fair value liability		-		92
Disposition of radio stations previously reflected as assets held for sale		-		(3)
Ending period balance	$	32,320	$	32,718

Schedule of assumptions and estimates for goodwill impairment testing

	Estimates And Assumptions
	Second	Second
	Quarter	Quarter
	2017	2016
Discount rate	9.25%	9.5%
Long-term revenue growth rate range
of the Company's markets	1.0% to 2.0%	1.0% to 2.0%
Market multiple used in the market
valuation approach	7.5x to 8.0x	7.5x to 8.0x

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OTHER CURRENT AND LONG-TERM LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2017

Other Liabilities Disclosure Abstract

Schedule of Accounts Payable and Accrued Liabilities

	Other Current Liabilities
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Accrued compensation	$	9,115	$	8,059
Accounts receivable credits		2,397		3,571
Advertiser obligations		1,118		1,102
Accrued interest payable		1,766		3,587
Other		4,401		3,284
Total other current liabilities	$	18,797	$	19,603

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LONG-TERM DEBT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

			Long-Term Debt
			June 30,		December 31,
			2017		2016
				(amounts in thousands)
	Credit Facility
		Revolver, due November 1, 2021	$	9,500	$	-
		Term B Loan, due November 1, 2023		458,000		480,000
				467,500		480,000
	Other Debt
		Capital lease and other		78		87
Total debt before deferred financing costs				467,578		480,087
	Current amount of long-term debt			(13,618)		(4,817)
	Deferred financing costs (excludes the revolving credit)			(6,564)		(7,619)
Total long-term debt, net of current debt			$	447,396	$	467,651
Outstanding standby letters of credit			$	670	$	670

Schedule Of Net Interest Expense

	Net Interest Expense
	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Interest expense	$	10,993	$	17,057
Amortization of deferred financing costs		1,166		1,319
Amortization of original issue discount of senior notes		-		184
Interest income and other investment income		(49)		(21)
Total net interest expense	$	12,110	$	18,539

	Net Interest Expense
	Three Months Ended
	June 30,
	2017		2016
		(amounts in thousands)
Interest expense	$	5,579	$	8,435
Amortization of deferred financing costs		580		631
Amortization of original issue discount of senior notes		-		93
Interest income and other investment income		(26)		(12)
Total net interest expense	$	6,133	$	9,147

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SHAREHOLDER'S EQUITY (Tables)

6 Months Ended

Jun. 30, 2017

Stockholders Equity Note Abstract

Schedule of dividends payable on unvested restricted stock units

		Dividend Equivalent Liabilities
	Balance Sheet	June 30,		December 31,
	Location	2017		2016
		(amounts in thousands)
Short-term	Other current liabilities	$	251	$	260
Long-term	Other long-term liabilities		507		348
Total		$	758	$	608

ESPP Shares Purchased and Non-Cash Comp Expense

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Number of shares purchased		15		-
Non-cash compensation expense recognized	$	32	$	-

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SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments Abstract

Schedule Of Restricted Stock Units Market Based

		Six Months		Year
		Ended		Ended
		June 30,		December 31,
		2017		2016
		(amounts in thousands, except per share data)
Reconciliation Of RSUs With Market Conditions
	Beginning of period balance		630		390
	Number of RSUs granted		-		470
	Number of RSUs forfeited		-		-
	Number of RSUs vested		(50)		(230)
	End of period balance		580		630
	Weighted average fair value of RSUs granted
	with market conditions	$	-	$	7.34

Schedule Of Other Options Dislcosure

	Six Months Ended June 30,
Option Exercise Data	2017		2016
	(amounts in thousands)
Intrinsic value of options exercised	$	58	$	238
Tax benefit from options exercised (1)	$	23	$	92
Cash received from exercise price of options exercised	$	22	$	30

Stock Option Valuation Assumptions

	Six Months			Year
	Ended			Ended
	June 30,			December 31,
	2017		2016
Expected Volatility Term Structure (1)		34% to 45%		35% to 45%
Risk-Free Interest Rate (2)		0.1% to 1.1%		0.4% to 1.1%
Annual Dividend Payment Per Share (Constant) (3)	$	0.30	$	0.30

Schedule Of significant ranges of outstanding and exercisable options

				Options Outstanding				Options Exercisable
				Number Of	Weighted			Number Of
				Options	Average	Weighted		Options	Weighted
Range Of				Outstanding	Remaining	Average		Exercisable	Average
Exercise Prices				June 30,	Contractual	Exercise		June 30,	Exercise
From		To		2017	Life	Price		2017	Price
$	1.34	$	1.34	300,437	1.6	$	1.34	300,437	$	1.34
$	2.02	$	11.78	22,500	1.2	$	9.12	22,500	$	9.12
$	1.34	$	11.78	322,937	1.6	$	1.88	322,937	$	1.88

Schedule of recognized stock-based compensation expense

	Six Months Ended
	June 30,
	2017		2016
		(amounts in thousands)
Station operating expenses	$	577	$	590
Corporate general and administrative expenses		2,494		2,429
Stock-based compensation expense included in operating expenses		3,071		3,019
Income tax benefit (1)		1,004		1,083
After-tax stock-based compensation expense	$	2,067	$	1,936

	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Station operating expenses	$	372	$	363
Corporate general and administrative expenses		1,105		1,174
Stock-based compensation expense included in operating expenses		1,477		1,537
Income tax benefit (1)		495		531
After-tax stock-based compensation expense	$	982	$	1,006

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest

			Number			Weighted	Aggregate
			Of	Weighted		Average	Intrinsic
			Restricted	Average		Remaining	Value As Of
			Stock	Purchase		Contractual	June 30,
	Period Ended		Units	Price		Term (Years)	2017
RSUs outstanding as of:	December 31, 2016		2,074,794
RSUs awarded			206,603
RSUs released			(455,153)
RSUs forfeited			(8,625)
RSUs outstanding as of:	June 30, 2017		1,817,619	$	-	1.5	$	18,812,357
RSUs vested and expected
to vest as of:	June 30, 2017		1,817,619	$	-	1.5	$	18,812,357
RSUs exercisable (vested and
deferred) as of:	June 30, 2017		48,880	$	-	-	$	505,908
Weighted average remaining
recognition period in years			2.2
Unamortized compensation
expense		$	9,726,425

Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding

						Weighted	Intrinsic
				Weighted		Average	Value
				Average		Remaining	As Of
		Number Of		Exercise		Contractual	June 30,
	Period Ended	Options		Price		Term (Years)	2017
Options outstanding as of:	December 31, 2016		329,562	$	1.91
Options granted			-		-
Options exercised			(6,500)		3.37
Options forfeited			-		-
Options expired			(125)		1.34
Options outstanding as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Options vested and expected to
vest as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Options vested and exercisable as of:	June 30, 2017		322,937	$	1.88	1.6	$	2,753,017
Weighted average remaining
recognition period in years			-
Unamortized compensation expense		$	-

Schedule Of Restricted Stock Units Performance Based [Text Block]

		Six Months		Year
		Ended		Ended
		June 30,		December 31,
		2017		2016
		(amounts in thousands, except per share data)
Reconciliation Of RSUs With Service And Performance
Conditions
	Beginning of period balance		-		29
	Number of RSUs granted		-		-
	Number of RSUs that did not meet criteria		-		(29)
	Number of RSUs vested		-		-
	Average fair value of RSUs granted with performance
	conditions	$	-	$	-

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NET INCOME PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]

Schedule of Earnings Per Share Reconciliation [Table Text Block]

				Three Months Ended				Six Months Ended
				June 30,				June 30,
				2017		2016		2017		2016
			(amounts in thousands except per share data)
Basic Income (Loss) Per Share
	Numerator
		Net income (loss) available to the Company		$	6,414	$	10,834	$	(2,917)	$	15,246
		Preferred stock dividends			550		412		1,100		825
		Net income (loss) available to common shareholders		$	5,864	$	10,422	$	(4,017)	$	14,421
	Denominator
		Basic weighted average shares outstanding			38,945		38,469		38,935		38,463
		Basic net income (loss) per share available
		to common shareholders		$	0.15	$	0.27	$	(0.10)	$	0.37
Diluted Income (Loss) Per Share
	Numerator
		Net income (loss) available to the Company		$	6,414	$	10,834	$	(2,917)	$	15,246
		Preferred stock dividends			550		-		1,100		825
		Net income (loss) available to common shareholders		$	5,864	$	10,834	$	(4,017)	$	14,421
	Denominator
		Basic weighted average shares outstanding			38,945		38,469		38,935		38,463
		Effect of RSUs and options under the treasury stock
		method			711		738		-		811
		Preferred stock under the as if converted method			-		1,923		-		-
		Diluted weighted average shares outstanding			39,656		41,130		38,935		39,274
		Diluted net income (loss) per share available
		to common shareholders		$	0.15	$	0.26	$	(0.10)	$	0.37

Equity Award Impact Schedule

		Three Months Ended				Six Months Ended
		June 30,				June 30,
Impact Of Equity Issuances		2017		2016		2017		2016
		(amounts in thousands, except per share data)
Shares excluded as anti-dilutive under the treasury stock method:
	Options		14		-		-		13
	Price range of options: from	$	11.31	$	-	$	-	$	11.36
	Price range of options: to	$	11.78	$	-	$	-	$	11.78
	RSUs with service conditions		328		-		78		-
RSUs excluded with service and market conditions as
market conditions not met			267		628		267		628
RSUs excluded with service and performance conditions as
performance conditions not met			-		21		-		21
Perpetual cumulative convertible preferred stock treated as
anti-dilutive under the as if method			1,962		-		1,962		1,923
Excluded shares as anti-dilutive when reporting a net loss			-		-		1,026		-

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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures Abstract

Schedule of recurring fair value measurements

	Fair Value Measurements At Reporting Date
	June 30,		December 31,
Description	2017		2016
	(amounts in thousands)
Liabilities
Deferred compensation - Level 1 (1)	$	11,747	$	10,875

Schedule Of Carrying Value Of Financial Instruments

	June 30,				December 31,
	2017				2016
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
	(amounts in thousands)
Term B Loan (1)	$	458,000	$	460,004	$	480,000	$	487,200
Revolver (2)	$	9,500	$	9,500	$	-	$	-
Other debt (3)	$	78			$	87

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ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Schedule of merger and acquisition costs

	Six Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	16,100	$	-

	Three Months Ended
	June 30,
	2017		2016
	(amounts in thousands)
Merger and acquisition costs	$	5,829	$	-

Schedule of unaudited pro forma summary of financial information

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(amounts in thousands except share and per share data)
	Pro Forma		Pro Forma		Pro Forma		Pro Forma
Net revenues	$	124,970	$	125,343	$	223,971	$	226,257
Net income (loss) available to the Company	$	6,326	$	11,011	$	(3,093)	$	13,985
Net income (loss) available to common shareholders	$	5,776	$	10,599	$	(4,193)	$	13,160
Net income (loss) available to common shareholders
per common share - basic	$	0.15	$	0.28	$	(0.11)	$	0.34
Net income (loss) available to common shareholders
per common share - diluted	$	0.15	$	0.26	$	(0.11)	$	0.34
Weighted shares outstanding basic		38,944,620		38,468,822		38,935,161		38,462,998
Weighted shares outstanding diluted		39,655,599		41,130,418		38,935,161		39,273,532
Conversion of preferred stock for dilutive purposes
under the as if method	anti-dilutive		dilutive		anti-dilutive		anti-dilutive

ScheduleOfRestructuringReserveByTypeOfCostTextBlock

	Six Months		Year
	Ended		Ended
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Restructuring charges, beginning balance	$	650	$	1,686
Additions through accruals		-		-
Deductions through payments		(34)		(1,036)
Restructuring charges unpaid and outstanding		616		650
Less lease abandonment costs over a long-term period		(539)		(576)
Short-term restructuring charges unpaid and outstanding	$	77	$	74

Charlotte [Member]

Acquisition [Line Items]

Schedule Of Acquisition Valuation [Table Text Block]

	January 6,		Useful Lives In Years
Description	2017		From	To
	(amounts in
	thousands)
Assets
Land	$	2,539	non-depreciating
Buildings		217	15	25
Equipment		4,569	3	40
Total property plant and equipment		7,325
Deferred tax asset		287	life of underlying asset
Radio broadcasting licenses and goodwill		17,384	non-amortizing
Total assets		24,996
Liabilities
Unfavorable lease liabilities		735	over remaining lease life
Deferred tax liability		261	life of underlying liability
Total liabilities		996
Net assets	$	24,000

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ASSETS HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2017

Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]

Disclosure Of Long Lived Assets Held For Sale [Text Block]

	Assets Held For Sale
	June 30,		December 31,
	2017		2016
	(amounts in thousands)
Land and land improvements	$	2,820	$	-
Building		8		-
Equipment		184		-
Total property and equipment		3,012		-
Depreciation and amortization		195		-
Net property and equipment		2,817		-
Assets held for sale		2,817		-
Net assets held for sale	$	2,817	$	-

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BASIS OF PRESENTATION AND ORGANIZATION (Details) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2017
Organization Consolidation And Presentation Of Financial Statements Abstract
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption																$ 5,112
NewAccountingPronouncementOrChangeInAccountingPrincipleRetrospectiveAdjustmentsAbstract
Cumulative Effect Adj- Modified Retrospective - Gross Impact on Accum Deficit																4,900
Cumulative Effect Adj - Modified Retrospective - Net Impact on Accumulated Deficit											$ 4,600
Cumulative Effect Adj - Modified Retrospective - Tax Impact on Accum Deficit																$ 300
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales Revenue, Net	$ 124,970	$ 99,001	$ 124,550	$ 121,641	$ 121,571	$ 97,009	$ 118,614	$ 115,536	$ 101,322	$ 79,009	223,971	$ 218,580	$ 464,771	$ 414,481	$ 380,376
Operating Costs and Expenses	$ 91,004	77,166	82,828	84,089	83,732	72,621	78,013	82,115	70,730	59,956	$ 168,170	$ 156,353	323,270	290,814	259,771
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales Revenue, Net		97,452	123,207	120,457	120,478	96,103	117,704	114,662	100,592	78,420			460,245	411,378	379,789
Operating Costs and Expenses		75,617	81,485	82,905	82,639	71,715	77,103	81,241	70,000	59,367			318,744	287,711	259,184
Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Sales Revenue, Net		1,549	1,343	1,184	1,093	906	910	874	730	589			4,526	3,103	587
Operating Costs and Expenses		$ 1,549	$ 1,343	$ 1,184	$ 1,093	$ 906	$ 910	$ 874	$ 730	$ 589			$ 4,526	$ 3,103	$ 587

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INTANGIBLE ASSETS AND GOODWILL (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($) number	Jun. 30, 2016 number	Jun. 30, 2017 USD ($) number	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Changes in broadcasting licenses [Line Items]
Beginning of period balance			$ 823,195	$ 807,381
Consolidation of a VIE			(15,738)	15,738
Acquisition of radio stations			17,174	0
Assets held for sale			0	0
Deconsolidation of a subsidiary			0	(36)
Acquisition - other			0	112
Dispositions				0
Indefinitelived Intangible Assets Acquired Through Exchange			0	0
Ending period balance	$ 811,131		$ 811,131	823,195
Market approach for step one goodwill analysis [Abstract]
Income model years used for the discounted cash flow approach | number			10
Changes in goodwill [Roll Forward]
Goodwill before cumulative loss on impairment				158,333	$ 158,244
Accumulated loss on impairment				(125,615)	$ (125,615)
Beginning balance after cumulative loss on impairment			$ 32,718	32,629
Loss on impairment during the year			(441)	0
Acquisition			43	0
Dispositions			0	(3)
Deconsolidation of a subsidiary			0	0
Goodwill Acquired Through Exchange			0	0
Adjustments to acquired goodwill			0	92
Ending balance	$ 32,320		32,320	32,718
Broadcasting License Impairment Testing [Member]
Estimates and assumptions used for impairment test [Line Items]
Discount rates	9.25%	9.50%
Broadcasting License Impairment Testing [Member] | Maximum [Member]
Estimates and assumptions used for impairment test [Line Items]
Operating profit margin ranges of the markets of the Company	40.00%	40.00%
Long-term revenue growth rate ranges of the markets of the Company	2.00%	2.00%
Broadcasting License Impairment Testing [Member] | Minimum [Member]
Estimates and assumptions used for impairment test [Line Items]
Operating profit margin ranges of the markets of the Company	19.00%	14.00%
Long-term revenue growth rate ranges of the markets of the Company	1.00%	1.00%
Goodwill Impairment Testing [Member]
Estimates and assumptions used for impairment test [Line Items]
Discount rates	9.25%	9.50%
Goodwill Impairment Testing [Member] | Maximum [Member]
Estimates and assumptions used for impairment test [Line Items]
Long-term revenue growth rate ranges of the markets of the Company	2.00%	2.00%
Market approach for step one goodwill analysis [Abstract]
Estimates of market multiples | number	8	8
Goodwill Impairment Testing [Member] | Minimum [Member]
Estimates and assumptions used for impairment test [Line Items]
Long-term revenue growth rate ranges of the markets of the Company	1.00%	1.00%
Market approach for step one goodwill analysis [Abstract]
Estimates of market multiples | number	7.5	7.5
Radio Broadcasting Licences [Member]
Changes in broadcasting licenses [Line Items]
Dispositions			$ (13,500)	$ 0

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OTHER CURRENT AND LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued compensation	$ 9,115	$ 8,059
Accounts receivable credits	2,397	3,571
Advertiser obligations	1,118	1,102
Accrued interest payable	1,766	3,587
Other	4,401	3,284
Total other current liabilities	$ 18,797	$ 19,603

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LONG-TERM DEBT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Nov. 01, 2016
Debt Instrument [Line Items]
New Credit Facility	$ 458,000		$ 540,000
Total	467,578	$ 480,087
Current amount of long-term debt	(13,618)	(4,817)
Total long-term debt	447,396	467,651
Outstanding standby letter of credit	670	670
Capital Lease Obligations
Debt Instrument [Line Items]
Other	78	87
Total Credit Facility [Member]
Debt Instrument [Line Items]
New Credit Facility	467,500	480,000
Deferred Financing Costs [Member]
Debt Instrument [Line Items]
Total	(6,564)	(7,619)
New Revolver due November 1, 2021
Debt Instrument [Line Items]
New Credit Facility	9,500	0	60,000
New Term B Loan due November 1, 2023
Debt Instrument [Line Items]
New Credit Facility	$ 458,000	$ 480,000	$ 480,000

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LONG-TERM DEBT LIABILITIES - Senior Debt (Details) $ in Millions	Jun. 30, 2017 USD ($)	Nov. 01, 2016 USD ($)
Debt Instrument [Line Items]
Undrawn amount of the Revolver	$ 49.8
Consolidated Leverage Ratio	4.3
Consolidated Interest Coverage Ratio	4.2
New Credit Facility, Amount Outstanding	$ 458.0	$ 540.0
Additional Tranche - CBS Radio Facility	$ 500.0
Minimum [Member]
Debt Instrument [Line Items]
Consolidated Interest Coverage Ratio	2
Maximum [Member]
Debt Instrument [Line Items]
Consolidated Leverage Ratio	5
AdditionalTrancheCbsRadioFacility [Member]
Debt Instrument [Line Items]
Mandatory Prepayment Percentage	1.00%
AdditionalTrancheCbsRadioFacility [Member] | Libor Rate Plus
Debt Instrument [Line Items]
Variable rate plus fees	2.75%

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LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) - Senior Unsecured Debt $ in Millions	Dec. 31, 2011 USD ($)
Debt Instrument [Line Items]
Senior Notes	$ 220.0
Debt Instrument, Interest Rate, Stated Percentage	10.50%

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LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Interest Expense
Interest expense	$ 5,579	$ 8,435	$ 10,993	$ 17,057
Amortization of deferred financing costs	580	631	1,166	1,319
Amortization of original issue discount of senior notes	0	93	0	184
Interest expense on interest rate hedging agreements	0	0
Interest income and other investment income	(26)	(12)	(49)	(21)
Total net interest expense	$ 6,133	$ 9,147	12,110	18,539
Extinguishment of Debt [Line Items]
Gains (Losses) on Extinguishment of Debt			$ 0	$ 0

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LONG-TERM DEBT LIABILITIES - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Aggregate Principal Maturities [Line Items]
Total	$ 467,578	$ 480,087

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SHAREHOLDER'S EQUITY (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 15, 2017	Aug. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Dividends And Shares Activitiy [Line Items]
Dvidend Equivalent liability - short term			$ 251		$ 251		$ 260
Dvidend Equivalent liability - long term			507		507		348
Total Dividend Equivalent Liability			$ 758		758		608
Dividend payments					5,837	$ 2,886
Amount recorded as financing activity					(2,503)	(2,193)	(2,268)
Dividends paid on preferred stock					$ 1,100		1,788
Employee stock purchase plan, authorized shares			1,000		1,000
Stock Issued During Period Value Employee Stock Purchase Plan					$ 182		$ 379
Total Non cash compensation expense recognized			$ 982	$ 1,006	$ 2,067	1,936
Espp Shares Market Value			85.00%		85.00%
Espp Share Discount			15.00%		15.00%
PaymentsOfDividendsAbstract
Payments of Dividends, Common Stock					$ 5,837	2,886
PaymentsOfDividendsPreferredStockAndPreferenceStock					$ 1,100	$ 825
Dividends
Dividends And Shares Activitiy [Line Items]
CommonStockDividendsPerShareDeclared	$ 0.075	$ 0.2
ESPP [Member]
Dividends And Shares Activitiy [Line Items]
Stock Issued During Period Shares Employee Stock Purchase Plans					15	0
Total Non cash compensation expense recognized					$ 32	$ 0

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SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details)	6 Months Ended
	Jun. 30, 2017 shares
Restricted Stock Unit Activity [Abstract]
RSUs issued	206,603
RSUs forfeited	(8,625)
RSUs vested and released	455,153

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SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details)	6 Months Ended
	Jun. 30, 2017 USD ($) $ / shares shares
Number of Restricted Stock Units [Roll Forward]
RSUs beginning	2,074,794
RSUs awarded	206,603
RSUs released	(455,153)
RSUs forfeited	(8,625)
RSUs ending	1,817,619
Weighted Average Purchase Price RSUs | $ / shares	$ 0
Weighted Average Remaining Contractual Term (Years) RSUs	1 year 6 months
Aggregate Intrinsic Value RSUs | $	$ 18,812,357
Number of RSUs vested and expected to vest	1,817,619
Weighted Average Purchase Price of RSUs vested and expected to vest | $ / shares	$ 0
Weighted Average Remaining Contractual Term (Years) of RUSs vested and expected to vest	1 year 6 months
Aggregate Intrinsic Value RSUs vested and expected to vest | $	$ 18,812,357
Number of RSUs exercisable	48,880
Weighted Average Purchase Price of RUSs exercisable | $ / shares	$ 0
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable	0 years
Aggregate Intrinsic Value RSUs exercisable | $	$ 505,908
Weighted average remaining recognition period in years	2 years 2 months 12 days
Unamortized compensation expense, net of estimated forfeitures | $	$ 9,726,425

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SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items]
RSUs issued	206,603
Reconciliation Of RSUs With Market Conditions [Abstract]
RSUs beginning	2,074,794
Number of RSUs granted	206,603
Number of RSUs forfeited	(8,625)
Number of RSUs vested	(455,153)
RSUs ending	1,817,619	2,074,794
Net RSUs increase (decrease) to APIC	$ 3,071	$ 6,539
Restricted Stock Units With Market Conditions [Member]
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items]
RSUs issued	0	470,000
Reconciliation Of RSUs With Market Conditions [Abstract]
RSUs beginning	630,000	390,000
Number of RSUs granted	0	470,000
Number of RSUs forfeited	0	0
Number of RSUs vested	(50,000)	(230,000)
RSUs ending	580,000	630,000
Fair value of each RSU issued with market conditions	$ 0	$ 7.34
Restricted Stock Units With Market Conditions [Member] | Maximum [Member]
Reconciliation Of RSUs With Market Conditions [Abstract]
RSUs beginning	0
RSUs ending		0
Restricted Stock Units With Performance Conditions [Member]
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items]
RSUs issued	0	0
Reconciliation Of RSUs With Market Conditions [Abstract]
RSUs beginning	0	29,000
Number of RSUs granted	0	0
Number of RSUs forfeited	0	(29,000)
Number of RSUs vested	0	0
RSUs ending	0	0
Fair value of each RSU issued with market conditions	$ 0	$ 0

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SHARE-BASED COMPENSATION - Other Options Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Other Options Disclosures [Line Items]
Intrinsic value of options exercised	$ 58	$ 238
Tax benefit from options exercised, before impact of valuation allowance	23	92
Cash received from exercise price of options exercised	$ 22	$ 30

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SHARE-BASED COMPENSATION - Options Activity (Details)	6 Months Ended
	Jun. 30, 2017 USD ($) $ / shares shares
Options activity [Roll Forward]
Options beginning	329,562
Options granted	0
Options exercised	(6,500)
Options forfeited	0
Options expired	(125)
Options ending	322,937
Weighted average exercise price - beginning | $ / shares	$ 1.91
Weighted average exercise price - options exercised | $ / shares	3.37
Weighted average exercise price - options forfeited | $ / shares	0
Weighted average exercise price - options expired | $ / shares	1.34
Weighted average exercise price - ending | $ / shares	$ 1.88
Weighted Average Remaining Contractual Term (Years) Options	1 year 7 months 6 days
Intrinsic Value Options | $	$ 2,753,017
Options vested and expected to vest	322,937
Options vested and exercisable	322,937
Weighted average exercise price options vested and expected to vest | $ / shares	$ 1.88
Weighted average exercise price options vested and exerciable | $ / shares	$ 1.88
Weighted average remaining contractual period (Years) options vested and expected to vest	1 year 7 months 6 days
Weighted average remaining contractual period (years) options vested and exercisable	1 year 7 months 6 days
Intrinsic value options vested and expected to vest | $	$ 2,753,017
Intrinsic value options vested and exercisable | $	$ 2,753,017
Weighted average remaining recognition period in years	0 years
Unamortized compensation expense, net of estimated forfeitures | $	$ 0

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SHARE-BASED COMPENSATION - Valuation Method (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Valuation Methodology [Abstract]
Expected volatility factor (%) - Minimum	34.00%	35.00%
Expected volatility factor (%) - Maximum	45.00%	45.00%
Risk-free interest rate (%) - Minimum	0.10%	0.40%
Risk-free interest rate (%) - Maximum	1.10%	1.10%
Expected dividend yield (%)	30.00%	30.00%

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SHARE-BASED COMPENSATION - Other Award Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Significant ranges of outstanding and exercisable options [Line Items]
Number of options outstanding	322,937		322,937		329,562
Weighted average remaining contractual life options outstanding			1 year 7 months 6 days
Weighted average exercise price options outstanding	$ 1.88		$ 1.88		$ 1.91
Number of options exercisable	322,937		322,937
Weighted average exercise price options exercisable	$ 1.88		$ 1.88
Recognized Non-Cash Compensation Expense [Line Items]
Total Non cash compensation expense recognized	$ 982	$ 1,006	$ 2,067	$ 1,936
Exercise prices from 1.34 to 1.34
Significant ranges of outstanding and exercisable options [Line Items]
Number of options outstanding	300,437		300,437
Weighted average remaining contractual life options outstanding			1 year 7 months 6 days
Weighted average exercise price options outstanding	$ 1.34		$ 1.34
Number of options exercisable	300,437		300,437
Weighted average exercise price options exercisable	$ 1.34		$ 1.34
Exercise prices from 2.02 to 11.78
Significant ranges of outstanding and exercisable options [Line Items]
Number of options outstanding	22,500		22,500
Weighted average remaining contractual life options outstanding			1 year 2 months 12 days
Weighted average exercise price options outstanding	$ 9.12		$ 9.12
Number of options exercisable	22,500		22,500
Weighted average exercise price options exercisable	$ 9.12		$ 9.12
Station operating expenses [Member]
Recognized Non-Cash Compensation Expense [Line Items]
Total Non cash compensation expense recognized	$ 372	363	$ 577	590
Corporate general and administrative expenses [Member]
Recognized Non-Cash Compensation Expense [Line Items]
Total Non cash compensation expense recognized	1,105	1,174	2,494	2,429
Stock-based compensation expense included in operating expenses [Member]
Recognized Non-Cash Compensation Expense [Line Items]
Total Non cash compensation expense recognized	1,477	1,537	3,071	3,019
Income tax benefit (net of a fully reserved valuation allowance for prior year) [Member]
Recognized Non-Cash Compensation Expense [Line Items]
Total Non cash compensation expense recognized	$ 495	$ 531	$ 1,004	$ 1,083

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NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive when reporting loss	0	0	1,026	0
Earnings Per Share, Basic and Diluted [Abstract]
Net Income (Loss) Attributable to Parent	$ 6,414	$ 10,834	$ (2,917)	$ 15,246	$ 38,065
Preferred stock dividend	550	412	1,100	825
Net Income (Loss) Available to Common Stockholders, Basic	$ 5,864	$ 10,422	$ (4,017)	$ 14,421
Weighted Average Number Of Shares Outstanding Basic	38,944,620	38,468,822	38,935,161	38,462,998
Earnings Per Share Basic	$ 0.15	$ 0.27	$ (0.1)	$ 0.37
Incremental Common Shares Attributable to Share-based Payment Arrangements	711,000	738,000	0	811,000
Weighted Average Number Of Diluted Shares Outstanding	39,655,599	41,130,418	38,935,161	39,273,532
Earnings Per Share Diluted	$ 0.15	$ 0.26	$ (0.1)	$ 0.37
Preferred stock under if converted method	0	1,923,000	0	0
Restricted Stock Units Service Conditions [Member]
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive under the treasury stock method	328,000	0	78,000	0
Restricted Stock Units Service And Performance Conditions But Performance Not Met [Member]
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive under the treasury stock method	0	21,000	0	21,000
Perpetual Cumulative Convertible Preferred Stock [Member]
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive under the treasury stock method	1,962,000	0	1,962,000	1,923,000
Options Activity [Member]
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive under the treasury stock method	14,000	0	0	13,000
Price range of option: from	$ 11.31	$ 0	$ 0	$ 11.36
Price range of option: to	$ 11.78	$ 0	$ 0	$ 11.78
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Market Conditions But Market Not Met [Member]
Impact Of Equity Awards [Line Items]
Excluded shares as anti-dilutive under the treasury stock method	267,000	628,000	267,000	628,000

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INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income taxes (benefit)	$ 3,832	$ 7,603	$ (7,830)	$ 8,544
Effective income tax rate	37.40%	41.20%	72.90%	35.90%
Impairment loss	$ 441	$ 0	$ 441	$ 62
IncomeTaxExpenseBenefitIntraperiodTaxAllocation			$ 800

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INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Deferred:
Total deferred			$ (7,830)	$ 8,544
Income taxes (benefit)	$ 3,832	$ 7,603	$ (7,830)	$ 8,544

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INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Deferred tax liabilities:
Deferred Tax Assets (Liabilities), Net	$ 79.8	$ 92.9

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Assets
Cash equivalents	$ 0
Liabilities
Deferred Compensation	11,747,000	$ 10,875,000
Fair Value, Inputs, Level 2 [Member]
Assets
Cash equivalents	$ 0

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Recurring basis (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, Impairment Loss	$ 441	$ 0

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Finance Method Lease Obligations
Fair Value Of Instruments [Line Items]
Carrying value of debt	$ 78	$ 87
Letter of credit
Fair Value Of Instruments [Line Items]
Carrying value of debt	0	0
New Term B Loan [Member]
Fair Value Of Instruments [Line Items]
Carrying value of debt	458,000	480,000
Fair value of debt	460,004	487,200
New Revolver [Member]
Fair Value Of Instruments [Line Items]
Carrying value of debt	9,500	0
Fair value of debt	$ 9,500	$ 0

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ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets Held-for-sale, at Carrying Value1 [Abstract]
ProceedsFromSaleOfLandHeldForUse	$ 3,300
GainLossOnSaleOfProperties	300
Fees and Commissions to broker	200
Summary of the categories of property and equipment
Property Plant And Equipment Net	65,300	$ 63,375
IntangibleAssetsGrossExcludingGoodwillAbstract
Indefinite-lived Intangible Assets	811,131	823,195	$ 807,381
Land and Land Improvements [Member]
Summary of the categories of property and equipment
Property, Plant and Equipment, Gross	2,820	0
Building [Member]
Summary of the categories of property and equipment
Property, Plant and Equipment, Gross	8	0
Equipment [Member]
Summary of the categories of property and equipment
Property, Plant and Equipment, Gross	184	0
Radio Broadcasting Licences [Member]
IntangibleAssetsGrossExcludingGoodwillAbstract
Indefinite-lived Intangible Assets	0	0
IntangibleAssetsGrossExcludingGoodwill	0	0
Total Assets
IntangibleAssetsGrossExcludingGoodwillAbstract
Assets Held for Sale	2,817	0
Net Assets Held for Sale	2,817	0
PropertyPlantAndEquipmentMember
Summary of the categories of property and equipment
Property, Plant and Equipment, Gross	3,012	0
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	195	0
Property Plant And Equipment Net	$ 2,817	$ 0

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ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Jan. 06, 2017
Acquisition [Line Items]
Payments to Acquire Businesses, Gross			$ 24,000	$ 0
Purchase price allocation [Abstract]
Total intangible assets			17,174		$ 0
Property Plant And Equipment Net	$ 65,300		65,300		$ 63,375
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Merger and acquisition costs	16,100	$ 0	16,100	0		$ 6,836
Merger and acquisition costs and restructuring charges	5,829	0	16,100	0
Restructuring Charges			0	0		0
Unaudited Pro Forma Summary Of Financial Information
Net revenues	124,970	125,343	223,971	226,257
Net income	$ 6,326	$ 11,011	$ (3,093)	$ 13,985
Net income per common share - basic	$ 0.15	$ 0.28	$ (0.11)	$ 0.34
Net income per common share - diluted	$ 0.15	$ 0.26	$ (0.11)	$ 0.34
Net income, available to common shareholders	$ 5,776	$ 10,599	$ (4,193)	$ 13,160
Shares Issued Pursuant to CBS Equity Comp			4,004,451
CBS Ownership Percentage Post Merger	72.00%		72.00%
CBS Radio Total Consideration	$ 1,050,000		$ 1,050,000
ETM Share Price on Reporting Date	$ 10.35		$ 10.35
Radio New Common Stock Issued by CBS Radio			101,407,494
Par Value - Radio Series 1 Common Stock	$ 0.01		$ 0.01
Adjustment [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			$ 0	0		0
Lease abandonment expense [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0
Lease abandonment expense [Member] | Adjustment [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0	0		0
Cost Of Terminating Contracts [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0
Cost Of Terminating Contracts [Member] | Adjustment [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0	0		0
One Time Termination Expenses [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0
One Time Termination Expenses [Member] | Adjustment [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Restructuring Charges			0	0		$ 0
LFM [Member]
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract]
Merger and acquisition costs and restructuring charges			16,100	0
KRWZAM [Member]
Unaudited Pro Forma Summary Of Financial Information
Expected gain on sale of station				300
ProceedsFromDivestitureOfBusinesses				$ 3,800
Charlotte [Member]
Acquisition [Line Items]
Payments to Acquire Businesses, Gross			$ 24,000
Purchase price allocation [Abstract]
Total assets							$ 24,996
Net assets acquired							24,000
Total liabilities acquired							996
Property, Plant and Equipment, Gross							7,325
Unaudited Pro Forma Summary Of Financial Information
Discount Rates			9.00%
Charlotte [Member] | Minimum [Member]
Unaudited Pro Forma Summary Of Financial Information
Fair Value Inputs Long Term Revenue Growth Rate			1.00%
Charlotte [Member] | Unfavorable lease liability [Member]
Purchase price allocation [Abstract]
Total current liabilities							735
Charlotte [Member] | OtherNoncurrentLiabilitiesMember
Purchase price allocation [Abstract]
Other long-term liabilities							261
Charlotte [Member] | Equipment [Member]
Purchase price allocation [Abstract]
Total tangible assets			$ 4,569
Charlotte [Member] | Equipment [Member] | Maximum [Member]
Purchase price allocation [Abstract]
Tangible assets amortization period			40 years
Charlotte [Member] | Equipment [Member] | Minimum [Member]
Purchase price allocation [Abstract]
Tangible assets amortization period			3 years
Charlotte [Member] | Land [Member]
Purchase price allocation [Abstract]
Total tangible assets			$ 2,539
Charlotte [Member] | Building [Member]
Purchase price allocation [Abstract]
Total tangible assets			$ 217
Charlotte [Member] | Building [Member] | Maximum [Member]
Purchase price allocation [Abstract]
Tangible assets amortization period			25 years
Charlotte [Member] | Building [Member] | Minimum [Member]
Purchase price allocation [Abstract]
Tangible assets amortization period			15 years
Charlotte [Member] | Radio Broadcasting Licences [Member]
Purchase price allocation [Abstract]
Total intangible assets			$ 17,384
Charlotte [Member] | Other Noncurrent Assets [Member]
Purchase price allocation [Abstract]
Intangible assets non amortizable							$ 287
CBS Radio [Member]
Unaudited Pro Forma Summary Of Financial Information
Shares Issued Pursuant to Acquisition			101,407,494
ETM Ownership Percentage Post Merger	28.00%		28.00%

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BUSINESS COMBINATIONS - Accrued Restructuring (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Restructuring Reserve [Abstract]
Restructuring charges, beginning balance	$ 650	$ 1,686
IncreaseDecreaseInRestructuringReserve	0	0
PaymentsForRestructuring	(34)	(1,036)
Restructuring charges, ending balance	616	650
RestructuringReserveNoncurrent	(539)	(576)
Restructuring Reserve Current	$ 77	$ 74

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PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Preferred Stock Carrying Value [Abstract]
Perpetual Convertible Preferred Stock, Value, Issued	$ 27,732

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INVESTMENTS - Debt and Equity Securities $ in Millions	Jul. 26, 2017 USD ($)
CostmethodInvestmentsRealizedGainLossAlternativeAbstract
Original Cost	$ 9.7

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CONTINGENCIES AND COMMITMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Commitments And Contingencies Disclosure Abstract
Letter of credit requirement	$ 670	$ 670
Contract Termination Fee	$ 30,000

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Label	Element	Value
Retained Earnings [Member]
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 4,578,000
Common Class B [Member]
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Additional Paid In Capital [Member]
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	534,000
Common Class A [Member]
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0