0001193125-20-047341.txt : 20200225 0001193125-20-047341.hdr.sgml : 20200225 20200225082610 ACCESSION NUMBER: 0001193125-20-047341 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200225 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200225 DATE AS OF CHANGE: 20200225 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENTERCOM COMMUNICATIONS CORP CENTRAL INDEX KEY: 0001067837 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 231701044 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14461 FILM NUMBER: 20647502 BUSINESS ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 610-660-5610 MAIL ADDRESS: STREET 1: 2400 MARKET STREET STREET 2: 4TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 8-K 1 d893447d8k.htm FORM 8-K Form 8-K
ENTERCOM COMMUNICATIONS CORP false 0001067837 0001067837 2020-02-25 2020-02-25

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2020

 

ENTERCOM COMMUNICATIONS CORP.

(Exact Name of Registrant as Specified in Charter)

 

Pennsylvania

  

001-14461

  

23-1701044

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

2400 Market Street, 4th Floor

Philadelphia, Pennsylvania

  

19103

(Address of Principal Executive Offices)

  

(Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

(Former Address of Principal Executive Offices)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  

Trading

Symbols

  

Name of each exchange

on which registered

Class A Common Stock, par value $.01 per share

  

ETM

  

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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 13(a) of the Exchange Act.  ☐

 

 

Item 2.02. Results of Operations and Financial Condition

On February 25, 2020, Entercom Communications Corp. (the “Company”) issued a press release (the “Press Release”) announcing fourth quarter and year ended December 31, 2019 results. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K. 

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Exhibits

  (d) Exhibits

Exhibit
No.

   

Title

         
 

99.1

   

Entercom Communications Corp.’s Press Release, issued February 25, 2020.

         
 

104

    

Cover Page Interactive Data File (embedded within the XBRL file)

SIGNATURE

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 hereunto duly authorized.

Entercom Communications Corp.

     

    By:

 

/s/ Andrew P. Sutor, IV

 

Andrew P. Sutor, IV

 

Executive Vice President

Dated: February 25, 2020

EX-99.1 2 d893447dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

For Immediate Release    Contacts:
February 25, 2020    Joseph Jaffoni, Jennifer
   Neuman, Norberto Aja
   JCIR
   (212) 835-8500
   etm@jcir.com

ENTERCOM COMMUNICATIONS FOURTH QUARTER NET REVENUES INCREASE 1%

ADJUSTED EBITDA INCREASES 2% AND ADJUSTED NET INCOME PER SHARE INCREASES 14%

FULL YEAR NET REVENUES INCREASE 2%, ADJUSTED EBITDA INCREASES 10% AND ADJUSTED NET INCOME PER SHARE INCREASES 19%

Philadelphia, PA—Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended December 31, 2019.

Fourth Quarter Highlights

 

  •  

Net revenues for the quarter were $414.1 million, up 1% compared to $411.4 million in the fourth quarter of 2018

 

  •  

Operating loss for the quarter was $455.5 million, which included a non-cash impairment charge of $545 million ($520 million net of taxes), compared to an operating loss of $377.6 million in the fourth quarter of 2018

 

  •  

Adjusted EBITDA for the quarter was $113.0 million, up 2% compared to $111.1 million in the fourth quarter of 2018

 

  •  

Net loss per diluted share for the quarter was $3.64 compared to a net loss of $2.80 per diluted share in the fourth quarter of 2018

 

  •  

Adjusted net income per diluted share for the quarter was $0.40 compared to $0.35 per diluted share in the fourth quarter of 2018

“I am pleased to report that Entercom achieved its fifth consecutive quarter of growth, completing a year in which the Company delivered strong financial performance as Net Revenue, Adjusted EBITDA, and Adjusted Net Income Per Share grew 2% (3% ex-political), 10%, and 19%, respectively”, stated David J. Field, Entercom’s Chairman, President and Chief Executive Officer. “Our significant investments in podcasting, digital, and data and analytics, along with the expansion of our sports, networks and events businesses, are beginning to reshape our Company and position us for sustained growth as we enhance our integrated, multi-platform offerings to advertisers increasingly interested in the undervalued and emerging audio space.”

Additional Information

In February, the Company announced an agreement to sell Boston station WAAF-FM to Educational Media Foundation (“EMF”) for $10.8 million in cash. EMF began programming the station on February 22 under a network affiliation agreement. The transaction is expected to close in the second quarter of 2020.

In December, the Company executed a debt transaction in which it extended the maturity of most of its revolving credit facility from November 2022 to August 2024, lowered the margin on its Term Loan B by 25 basis points and issued an additional $100 million of its senior secured second-lien notes. The Company used the proceeds of the additional notes to repay $97 million of its Term Loan B and pay fees, expenses and accrued interest.

As of December 31, 2019, the Company had outstanding $887 million of senior debt under its credit facilities, $425 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). In addition, the Company had $20 million in cash on hand.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Tuesday, February 25, 2020, at 10:00 AM Eastern Time. The public may access the conference call by dialing Toll Free: (888) 889-0278 and Toll: (773) 799-3659, passcode: Entercom (domestic and international callers). Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at www.entercom.com. A replay of the conference call will be available for one week by dialing (800) 873-2012. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com.

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing; non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, preferred stock dividends; non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, loss on early extinguishment of debt, and gain or loss on sale or disposition of assets.

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), Adjusted Income Taxes Paid, capital expenditures and amortizable intangibles.

Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.

Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on the sale of redundant property.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) impairment loss; (v) merger and acquisition costs, and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; (vi) other expenses related to refinancing; and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% without discrete items of tax.

Adjusted Net Income (Loss) Per Share - Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share - Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income, station expense, corporate expense, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income (Loss) Per Share – Diluted, Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”). Management believes that these measures are useful as a way to evaluate the Company and the means for Management to evaluate our radio stations’ performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share - Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes are reflected at the expected federal and state income tax rate of 30%, without adjustment for discrete tax adjustments.

Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may

not be indicative of the Company’s core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Company’s ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company’s financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms S-4, 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging 170 million people each month through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2019     2018     2019     2018  

STATEMENTS OF OPERATIONS

         

Net Revenues

    $ 414,118     $ 411,375     $ 1,489,929     $ 1,462,567  
  

 

 

    

 

 

    

 

 

    

 

 

  

Station Expenses

      284,458       286,503       1,081,960       1,092,422  

Station Expense - Non-Cash Compensation

      892       1,561       4,657       6,856  

Corporate Expenses

      21,636       13,725       72,777       61,197  

Corporate Expenses - Non-Cash Compensation

      5,006       2,169       11,527       8,295  

Depreciation And Amortization

      12,079       14,543       45,331       44,288  

Time Brokerage Agreement Expense (Income)

      —         324       106       (918 ) 

Merger And Acquisition Costs

      465       253       941       3,014  

Impairment Loss

      545,457       465,000       545,457       493,988  

Restructuring Charges

      1,023       2,811       6,976       5,830  

Integration Costs

      1,017       3,388       4,297       25,372  

Other Expenses Related To Refinancing

      2,533       —         4,397       —    

Net (Gain) Loss On Sale Or Disposition of Assets

      (4,957 )      (1,302 )      (7,640 )      (12,158 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Expenses

      869,609       788,975       1,770,786       1,728,186  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating Income (Loss)

      (455,491 )      (377,600 )      (280,857 )      (265,619 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Interest Expense

      24,683       26,088       100,103       101,121  

Loss On Early Extinguishment Of Debt

      265       —         2,046       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) Before Income Taxes

      (480,439 )      (403,688 )      (383,006 )      (366,740 ) 

Income Taxes (Benefit)

      7,096       (17,113 )      37,206       (4,153 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Available To The Company - Continuing Operations

      (487,535 )      (386,575 )      (420,212 )      (362,587 ) 

Income From Discontinued Operations, Net Of Income Taxes

      —         (378 )      —         1,152  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Available To Common Shareholders

    $ (487,535 )    $ (386,953 )    $ (420,212 )    $ (361,435 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) From Continuing Operations Available To Common Shareholders - Basic

    $ (3.64 )    $ (2.80 )    $ (3.07 )    $ (2.63 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) From Continuing Operations Available To Common Shareholders - Diluted

    $ (3.64 )    $ (2.80 )    $ (3.07 )    $ (2.63 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Dividends Declared And Paid Per Common Share

    $ 0.02     $ 0.09     $ 0.22     $ 0.36  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding - Basic

      133,985       138,033       136,967       138,070  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Common Shares Outstanding - Diluted

      133,985       138,033       136,967       138,070  
  

 

 

    

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

         

Net Capital Expenditures

    $ 10,245     $ 15,533     $ 68,312     $ 39,154  

Adjusted Income Taxes Paid

    $ 18,757     $ —       $ 27,218     $ 18,172  

Cash Dividends On Common Stock Declared And Paid

    $ 2,679     $ 12,367     $ 30,273     $ 49,770  

SELECTED BALANCE SHEET DATA         
     December 31,     December 31,              
     2019     2018              

Cash and Cash Equivalents

    $ 20,393     $ 122,893      

Restricted Cash

    $ —       $ 69,365      

Senior Debt - Term B Loan (Includes Current Portion)

    $ 770,000     $ 1,291,700      

Senior Debt - Revolver (Includes Current Portion)

    $ 117,000     $ 180,000      

Senior Secured Notes

    $ 425,000     $ —        

Senior Notes

    $ 400,000     $ 400,000      

Total Shareholders’ Equity

    $ 881,443     $ 1,334,260      
OTHER FINANCIAL DATA         
     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2019     2018     2019     2018  

Reconciliation Of GAAP Operating Income To Station Operating Income

         

Operating Income

    $ (455,491 )    $ (377,600 )    $ (280,857 )    $ (265,619 ) 

Corporate Expenses

      21,636       13,725       72,777       61,197  

Corporate Expenses - Non-Cash Compensation

      5,006       2,169       11,527       8,295  

Station Expenses - Non-Cash Compensation

      892       1,561       4,657       6,856  

Depreciation And Amortization

      12,079       14,543       45,331       44,288  

Merger And Acquisition Costs

      465       253       941       3,014  

Restructuring Charges

      1,023       2,811       6,976       5,830  

Impairment Loss

      545,457       465,000       545,457       493,988  

Other Expenses Related To Refinancing

      2,533       —         4,397       —    

Integration Costs

      1,017       3,388       4,297       25,372  

Net Time Brokerage Agreement Expense (Income)

      —         324       106       (918 ) 

Net Gain (Loss) On Sale Or Disposition of Assets

      (4,957 )      (1,302 )      (7,640 )      (12,158 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Station Operating Income

    $ 129,660     $ 124,872     $ 407,969     $ 370,145  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted EBITDA

         

Net (Income) Loss Available To Common Shareholders

    $ (487,535 )    $ (386,953 )    $ (420,212 )    $ (361,435 ) 

Income Taxes (Benefit)

      7,096       (17,113 )      37,206       (4,153 ) 

Income From Discontinued Operations, Net Of Income Taxes

      —         378       —         (1,152 ) 

Net Interest Expense

      24,683       26,088       100,103       101,121  

Corporate Expenses - Non-Cash Compensation

      5,006       2,169       11,527       8,295  

Station Expenses - Non-Cash Compensation

      892       1,561       4,657       6,856  

Depreciation And Amortization

      12,079       14,543       45,331       44,288  

Time Brokerage Agreement Expense (Income)

      —         324       106       (918 ) 

Merger And Acquisition Costs

      465       253       941       3,014  

Restructuring Charges

      1,023       2,811       6,976       5,830  

Integration Costs

      1,017       3,388       4,297       25,372  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

      5,000       —         6,000       1,100  

Impairment Loss

      545,457       465,000       545,457       493,988  

Other Expenses Related To Refinancing

      2,533       —         4,397       —    

Loss On Early Extinguishment Of Debt

      265       —         2,046       —    

Net Gain (Loss) On Sale Or Disposition of Assets

      (4,957 )      (1,302 )      (7,640 )      (12,158 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 113,024     $ 111,147     $ 341,192     $ 310,048  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Free Cash Flow

         

Net Income (Loss) Available To Common Shareholders

    $ (487,535 )    $ (386,953 )    $ (420,212 )    $ (361,435 ) 

Depreciation And Amortization

      12,079       14,543       45,331       44,288  

Deferred Financing Costs Included In Interest Expense

      856       800       3,083       3,189  

Amortization Debt Premium Included In Interest Expense

      (679 )      (715 )      (2,927 )      (2,862 ) 

Non-Cash Compensation Expense

      5,898       3,730       16,184       15,151  

Merger And Acquisition Costs

      465       253       941       3,014  

Integration Costs

      1,017       3,388       4,297       25,372  

Restructuring Charges

      1,023       2,811       6,976       5,830  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

      5,000       —         6,000       1,100  

Impairment Loss

      545,457       465,000       545,457       493,988  

Net (Gain) Loss On Sale Or Disposition of Assets

      (4,957 )      (1,302 )      (7,640 )      (12,158 ) 

Other Expenses Related To Refinancing

      2,533       —         4,397       —    

Loss On Early Extinguishment Of Debt

      265       —         2,046       —    

Income Taxes (Benefit)

      7,096       (17,113 )      37,206       (4,153 ) 

Income Taxes Otherwise Included In Income From Discontinued Operations

      —         (96 )      —         613  

Net Capital Expenditures, Including Amortizable Intangibles

      (10,245 )      (15,533 )      (68,312 )      (39,154 ) 

Adjusted Income Taxes Paid

      (18,757 )      —         (27,218 )      (18,172 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Free Cash Flow

    $ 59,516     $ 68,813     $ 145,609     $ 154,611  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of Capital Expenditures, Including Amortizable Intangibles, To Net Capital Expenditures

         

Capital Expenditures, Including Amortizable Intangibles

    $ (14,326 )    $ (15,831 )    $ (77,901 )    $ (41,786 ) 

Reimbursed Tenant Improvement Allowance

      4,081       298       9,589       2,632  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Capital Expenditures

    $ (10,245 )    $ (15,533 )    $ (68,312 )    $ (39,154 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of Income Taxes Paid To Adjusted Income Taxes Paid

         

Income Taxes Paid

    $ (20,619 )    $ (35,396 )    $ (39,100 )    $ (54,217 ) 

Income Taxes Paid Related to Gain/Loss On Sale Or Exchange Of Radio Station Assets

      —         28,949       894       29,598  

Income Taxes Paid Related to Gain/Loss On Sale Of Redundant Properties

      1,862       6,447       10,988       6,447  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Income Taxes Paid

    $ (18,757 )    $ —       $ (27,218 )    $ (18,172 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation Of GAAP Net Income (Loss) Available To Common Shareholders To Adjusted Net Income

         

Net Income (Loss) Available To Common Shareholders

    $ (487,535 )    $ (386,953 )    $ (420,212 )    $ (361,435 ) 

Income Taxes (Benefit)

      7,096       (17,113 )      37,206       (4,153 ) 

Income Taxes Otherwise Included In Income From Discontinued Operations

      —         (96 )      —         613  

Merger And Acquisition Costs

      465       253       941       3,014  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

      5,000       —         6,000       1,100  

Other Expenses Related To Refinancing

      2,533       —         4,397       —    

Impairment Loss

      545,457       465,000       545,457       493,988  

Integration Costs

      1,017       3,388       4,297       25,372  

Restructuring Charges

      1,023       2,811       6,976       5,830  

Loss On Early Extinguishment Of Debt

      265       —         2,046       —    

Net (Gain) Loss On Sale Or Disposition of Assets

      (4,957 )      (1,302 )      (7,640 )      (12,158 ) 

Non-Cash Compensation Expense

      5,898       3,730       16,184       15,151  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Income Before Income Taxes

      76,262       69,718       195,652       167,322  

Income Taxes

      22,879       20,915       58,696       50,197  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income

    $ 53,383     $ 48,803     $ 136,956     $ 117,125  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted Average Diluted Shares Outstanding For Purposes Of Computing Adjusted Net Income Per Share - Diluted

         

Weighted Common Shares Outstanding - Diluted As Reported

      133,985       138,033       136,967       138,070  

Diluted Shares Excluded When Reporting A Net Loss

      130       384       331       775  
  

 

 

    

 

 

    

 

 

    

 

 

  
     134,115       138,417       137,298       138,845  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss) Per Share - Diluted

    $ 0.40     $ 0.35     $ 1.00     $ 0.84  
  

 

 

    

 

 

    

 

 

    

 

 

  
 EX-101.SCH 3 etm-20200225.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 etm-20200225_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Entity Registrant Name Entity Registrant Name Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Two Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 etm-20200225_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 1 95 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d893447d8k.htm d893447dex991.htm etm-20200225.xsd etm-20200225_lab.xml etm-20200225_pre.xml http://xbrl.sec.gov/dei/2019-01-31 true false XML 7 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 8 d893447d8k_htm.xml IDEA: XBRL DOCUMENT 0001067837 2020-02-25 2020-02-25 ENTERCOM COMMUNICATIONS CORP false 0001067837 8-K 2020-02-25 PA 001-14461 23-1701044 2400 Market Street 4th Floor Philadelphia PA 19103 (610) 660-5610 false false false false Class A Common Stock, par value $.01 per share ETM NYSE false JSON 9 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d893447d8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "d893447d8k.htm" ] }, "labelLink": { "local": [ "etm-20200225_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "etm-20200225_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "etm-20200225.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 3, "total": 3 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "etm", "nsuri": "http://www.entercom.com/20200225", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "d893447d8k.htm", "contextRef": "duration_2020-02-25_to_2020-02-25", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "role": "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "body", "html" ], "baseRef": "d893447d8k.htm", "contextRef": "duration_2020-02-25_to_2020-02-25", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security 12b Title", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.entercom.com//20200225/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} ZIP 11 0001193125-20-047341-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-20-047341-xbrl.zip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end XML 12 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document and Entity Information
Feb. 25, 2020
Cover [Abstract]  
Entity Registrant Name ENTERCOM COMMUNICATIONS CORP
Amendment Flag false
Entity Central Index Key 0001067837
Document Type 8-K
Document Period End Date Feb. 25, 2020
Entity Incorporation State Country Code PA
Entity File Number 001-14461
Entity Tax Identification Number 23-1701044
Entity Address, Address Line One 2400 Market Street
Entity Address, Address Line Two 4th Floor
Entity Address, City or Town Philadelphia
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19103
City Area Code (610)
Local Phone Number 660-5610
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A Common Stock, par value $.01 per share
Trading Symbol ETM
Security Exchange Name NYSE
Entity Emerging Growth Company false

EXCEL 13 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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