false 2021 Q3 0001784254 --12-31 1.10
1.00 1.10 P5Y 1.10 1.00 1.10 2021-11-30 P1Y2M12D P9Y0M0D P9Y6M0D
0001784254 2021-01-01 2021-09-30 xbrli:shares 0001784254
us-gaap:CommonClassAMember 2021-11-08 0001784254
us-gaap:CommonClassBMember 2021-11-08 iso4217:USD 0001784254
2020-07-01 2020-09-30 0001784254 2021-07-01 2021-09-30 0001784254
2020-01-01 2020-09-30 iso4217:USD xbrli:shares 0001784254
2020-12-31 0001784254 2021-09-30 0001784254
us-gaap:CommonClassAMember 2020-12-31 0001784254
us-gaap:CommonClassAMember 2021-09-30 0001784254
us-gaap:CommonClassBMember 2020-12-31 0001784254
us-gaap:CommonClassBMember 2021-09-30 0001784254
us-gaap:SeriesAPreferredStockMember 2020-12-31 0001784254
us-gaap:SeriesAPreferredStockMember 2021-09-30 0001784254
us-gaap:CommonClassCMember 2020-12-31 0001784254
us-gaap:CommonClassCMember 2021-09-30 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassAMember 2019-12-31
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassBMember
2019-12-31 0001784254 us-gaap:AdditionalPaidInCapitalMember
2019-12-31 0001784254 us-gaap:RetainedEarningsMember 2019-12-31
0001784254 2019-12-31 0001784254 us-gaap:RetainedEarningsMember
2020-01-01 2020-03-31 0001784254 2020-01-01 2020-03-31 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassAMember 2020-01-01
2020-03-31 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassBMember 2020-01-01 2020-03-31 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassAMember 2020-03-31
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassBMember
2020-03-31 0001784254 us-gaap:AdditionalPaidInCapitalMember
2020-03-31 0001784254 us-gaap:RetainedEarningsMember 2020-03-31
0001784254 2020-03-31 0001784254 us-gaap:RetainedEarningsMember
2020-04-01 2020-06-30 0001784254 2020-04-01 2020-06-30 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassAMember 2020-06-30
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassBMember
2020-06-30 0001784254 us-gaap:AdditionalPaidInCapitalMember
2020-06-30 0001784254 us-gaap:RetainedEarningsMember 2020-06-30
0001784254 2020-06-30 0001784254 us-gaap:RetainedEarningsMember
2020-07-01 2020-09-30 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassAMember 2020-07-01 2020-09-30 0001784254
us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassAMember
2020-09-30 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassBMember 2020-09-30 0001784254
us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001784254
us-gaap:RetainedEarningsMember 2020-09-30 0001784254 2020-09-30
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassAMember
2020-12-31 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassBMember 2020-12-31 0001784254
us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001784254
us-gaap:RetainedEarningsMember 2020-12-31 0001784254
us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001784254
2021-01-01 2021-03-31 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassAMember 2021-01-01 2021-03-31 0001784254
us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassAMember
2021-03-31 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassBMember 2021-03-31 0001784254
us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001784254
us-gaap:RetainedEarningsMember 2021-03-31 0001784254 2021-03-31
0001784254 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30
0001784254 2021-04-01 2021-06-30 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassAMember 2021-04-01
2021-06-30 0001784254 us-gaap:AdditionalPaidInCapitalMember
2021-04-01 2021-06-30 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassAMember 2021-06-30 0001784254
us-gaap:CommonStockMember us-gaap:CommonClassBMember 2021-06-30
0001784254 us-gaap:AdditionalPaidInCapitalMember 2021-06-30
0001784254 us-gaap:RetainedEarningsMember 2021-06-30 0001784254
2021-06-30 0001784254 us-gaap:RetainedEarningsMember 2021-07-01
2021-09-30 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassAMember 2021-07-01 2021-09-30 0001784254
us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30
0001784254 us-gaap:CommonStockMember us-gaap:CommonClassAMember
2021-09-30 0001784254 us-gaap:CommonStockMember
us-gaap:CommonClassBMember 2021-09-30 0001784254
us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001784254
us-gaap:RetainedEarningsMember 2021-09-30 mdia:RadioStation
mdia:Structure 0001784254
us-gaap:FairValueMeasurementsRecurringMember
us-gaap:FairValueInputsLevel3Member 2021-09-30 0001784254
mdia:COVIDNineteenMember 2020-06-30 0001784254
us-gaap:CommonClassAMember
mdia:AtMarketIssuanceSalesAgreementMember
mdia:BRileySecuritiesIncorporationMember 2021-08-20 0001784254
mdia:AtMarketIssuanceSalesAgreementMember
mdia:BRileySecuritiesIncorporationMember us-gaap:CommonClassAMember
2021-07-01 2021-09-30 0001784254
mdia:EmmisCommunicationsCorporationMember
mdia:ConvertiblePromissoryNoteMember 2020-07-01 2020-09-30
0001784254 mdia:EmmisCommunicationsCorporationMember
mdia:ConvertiblePromissoryNoteMember 2021-07-01 2021-09-30
0001784254 mdia:EmmisCommunicationsCorporationMember
mdia:ConvertiblePromissoryNoteMember 2020-01-01 2020-09-30
0001784254 mdia:EmmisCommunicationsCorporationMember
mdia:ConvertiblePromissoryNoteMember 2021-01-01 2021-09-30
0001784254 srt:ParentCompanyMember
mdia:ConvertiblePromissoryNoteMember 2020-07-01 2020-09-30
0001784254 srt:ParentCompanyMember
mdia:ConvertiblePromissoryNoteMember 2021-07-01 2021-09-30
0001784254 srt:ParentCompanyMember
mdia:ConvertiblePromissoryNoteMember 2020-01-01 2020-09-30
0001784254 srt:ParentCompanyMember
mdia:ConvertiblePromissoryNoteMember 2021-01-01 2021-09-30
0001784254 us-gaap:ConvertiblePreferredStockMember 2020-07-01
2020-09-30 0001784254 us-gaap:ConvertiblePreferredStockMember
2021-07-01 2021-09-30 0001784254
us-gaap:ConvertiblePreferredStockMember 2020-01-01 2020-09-30
0001784254 us-gaap:ConvertiblePreferredStockMember 2021-01-01
2021-09-30 0001784254 us-gaap:RestrictedStockMember 2020-07-01
2020-09-30 0001784254 us-gaap:RestrictedStockMember 2021-07-01
2021-09-30 0001784254 us-gaap:RestrictedStockMember 2020-01-01
2020-09-30 0001784254 us-gaap:RestrictedStockMember 2021-01-01
2021-09-30 0001784254 us-gaap:RestrictedStockMember 2020-12-31
0001784254 us-gaap:RestrictedStockMember 2021-01-01 2021-09-30
0001784254 us-gaap:RestrictedStockMember 2021-09-30 0001784254
mdia:OperatingExpensesExcludingDepreciationAndAmortizationMember
2021-07-01 2021-09-30 0001784254
mdia:OperatingExpensesExcludingDepreciationAndAmortizationMember
2021-01-01 2021-09-30 0001784254 mdia:CorporateExpenses1Member
2020-07-01 2020-09-30 0001784254 mdia:CorporateExpenses1Member
2021-07-01 2021-09-30 0001784254 mdia:CorporateExpenses1Member
2020-01-01 2020-09-30 0001784254 mdia:CorporateExpenses1Member
2021-01-01 2021-09-30 0001784254 us-gaap:LicensingAgreementsMember
2020-12-31 0001784254 us-gaap:LicensingAgreementsMember 2021-09-30
0001784254 us-gaap:TradeNamesMember 2020-12-31 0001784254
us-gaap:TradeNamesMember 2021-09-30 0001784254
us-gaap:ContractBasedIntangibleAssetsMember 2020-12-31 0001784254
us-gaap:CustomerListsMember 2020-12-31 0001784254
us-gaap:CustomerListsMember 2021-09-30 0001784254
mdia:FMGValdostaLLCAndFMGKentuckyLLCMember us-gaap:TradeNamesMember
2021-01-01 2021-09-30 0001784254
us-gaap:ContractBasedIntangibleAssetsMember 2021-09-30 0001784254
us-gaap:CustomerListsMember 2021-01-01 2021-09-30 xbrli:pure
mdia:Advertisement 0001784254 mdia:OutdoorAdvertisingMember
2021-01-01 2021-09-30 0001784254 us-gaap:AdvertisingMember
2020-07-01 2020-09-30 0001784254 us-gaap:AdvertisingMember
2021-07-01 2021-09-30 0001784254 us-gaap:AdvertisingMember
2020-01-01 2020-09-30 0001784254 us-gaap:AdvertisingMember
2021-01-01 2021-09-30 0001784254 mdia:OutdoorAdvertisingMember
2020-07-01 2020-09-30 0001784254 mdia:OutdoorAdvertisingMember
2021-07-01 2021-09-30 0001784254 mdia:OutdoorAdvertisingMember
2020-01-01 2020-09-30 0001784254 mdia:NontraditionalRevenuesMember
2020-07-01 2020-09-30 0001784254 mdia:NontraditionalRevenuesMember
2021-07-01 2021-09-30 0001784254 mdia:NontraditionalRevenuesMember
2020-01-01 2020-09-30 0001784254 mdia:NontraditionalRevenuesMember
2021-01-01 2021-09-30 0001784254
mdia:DigitalMarketingServicesMember 2020-07-01 2020-09-30
0001784254 mdia:DigitalMarketingServicesMember 2021-07-01
2021-09-30 0001784254 mdia:DigitalMarketingServicesMember
2020-01-01 2020-09-30 0001784254
mdia:DigitalMarketingServicesMember 2021-01-01 2021-09-30
0001784254 us-gaap:ServiceOtherMember 2020-07-01 2020-09-30
0001784254 us-gaap:ServiceOtherMember 2021-07-01 2021-09-30
0001784254 us-gaap:ServiceOtherMember 2020-01-01 2020-09-30
0001784254 us-gaap:ServiceOtherMember 2021-01-01 2021-09-30
0001784254 us-gaap:AdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-07-01 2020-09-30
0001784254 us-gaap:AdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-07-01 2021-09-30
0001784254 us-gaap:AdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-01-01 2020-09-30
0001784254 us-gaap:AdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-01-01 2021-09-30
0001784254 mdia:OutdoorAdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-07-01 2020-09-30
0001784254 mdia:OutdoorAdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-07-01 2021-09-30
0001784254 mdia:OutdoorAdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-01-01 2020-09-30
0001784254 mdia:OutdoorAdvertisingMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-01-01 2021-09-30
0001784254 mdia:NontraditionalRevenuesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-07-01 2020-09-30
0001784254 mdia:NontraditionalRevenuesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-07-01 2021-09-30
0001784254 mdia:NontraditionalRevenuesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-01-01 2020-09-30
0001784254 mdia:NontraditionalRevenuesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-01-01 2021-09-30
0001784254 mdia:DigitalMarketingServicesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-07-01 2020-09-30
0001784254 mdia:DigitalMarketingServicesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-07-01 2021-09-30
0001784254 mdia:DigitalMarketingServicesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-01-01 2020-09-30
0001784254 mdia:DigitalMarketingServicesMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-01-01 2021-09-30
0001784254 us-gaap:ServiceOtherMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-07-01 2020-09-30
0001784254 us-gaap:ServiceOtherMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-07-01 2021-09-30
0001784254 us-gaap:ServiceOtherMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2020-01-01 2020-09-30
0001784254 us-gaap:ServiceOtherMember
us-gaap:SalesRevenueProductLineMember
us-gaap:ProductConcentrationRiskMember 2021-01-01 2021-09-30
0001784254 mdia:SeniorCreditFacilityMember 2020-12-31 0001784254
mdia:SeniorCreditFacilityMember 2021-09-30 0001784254
mdia:EmmisCommunicationsCorporationMember 2020-12-31 0001784254
mdia:EmmisCommunicationsCorporationMember 2021-09-30 0001784254
srt:ParentCompanyMember 2020-12-31 0001784254
srt:ParentCompanyMember 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember
mdia:GACPFinanceCompanyLimitedLiabilityCompanyMember 2021-01-01
2021-09-30 0001784254 us-gaap:LondonInterbankOfferedRateLIBORMember
mdia:SeniorCreditFacilityMember
mdia:GACPFinanceCompanyLimitedLiabilityCompanyMember 2021-01-01
2021-09-30 0001784254 mdia:LondonInterbankOfferedRateFloorMember
mdia:SeniorCreditFacilityMember
mdia:GACPFinanceCompanyLimitedLiabilityCompanyMember 2021-01-01
2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
mdia:GACPFinanceCompanyLimitedLiabilityCompanyMember
us-gaap:PaymentInKindPIKNoteMember
mdia:IfMultipleAppliedToBillboardCashFlowExceedsThreePointFiveOrAdvanceRateAppliedToFCCLicensesExceedsSixtyPercentMember
2021-01-01 2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
srt:ParentCompanyMember 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember
mdia:DebtAmountContributedAtClosingMember srt:ParentCompanyMember
2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
srt:ParentCompanyMember 2021-06-01 0001784254
mdia:SeniorCreditFacilityMember srt:ScenarioForecastMember
srt:ParentCompanyMember 2022-06-30 0001784254
mdia:SeniorCreditFacilityMember srt:ParentCompanyMember 2021-01-01
2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
srt:ScenarioForecastMember 2020-04-01 2022-12-31 0001784254
mdia:SeniorCreditFacilityMember srt:ScenarioForecastMember
2023-01-01 2023-01-01 0001784254 mdia:SeniorCreditFacilityMember
srt:MinimumMember 2021-01-01 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember srt:MaximumMember 2021-01-01
2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
us-gaap:LicensingAgreementsMember 2021-04-01 2021-06-30 0001784254
mdia:SeniorCreditFacilityMember us-gaap:LicensingAgreementsMember
2021-01-01 2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
us-gaap:PaymentInKindPIKNoteMember
mdia:IfMultipleAppliedToBillboardCashFlowExceedsThreePointFiveOrAdvanceRateAppliedToFCCLicensesExceedsSixtyPercentMember
2021-01-01 2021-09-30 0001784254 mdia:SeniorCreditFacilityMember
srt:ParentCompanyMember 2021-04-01 2021-06-30 0001784254
srt:MinimumMember mdia:SeniorCreditFacilityMember 2021-05-19
2021-09-30 0001784254 us-gaap:LicensingAgreementsMember
mdia:SeniorCreditFacilityMember 2021-05-19 2021-09-30 0001784254
us-gaap:PaymentInKindPIKNoteMember
mdia:IfMultipleAppliedToBillboardCashFlowExceedsThreePointFiveOrAdvanceRateAppliedToFCCLicensesExceedsSixtyPercentMember
mdia:SeniorCreditFacilityMember 2021-05-19 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember 2021-01-01 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember 2021-07-01 2021-09-30 0001784254
mdia:ConvertiblePromissoryNoteMember
mdia:EmmisCommunicationsCorporationMember srt:ParentCompanyMember
2021-09-30 0001784254 mdia:ConvertiblePromissoryNoteMember
mdia:EmmisCommunicationsCorporationMember srt:ParentCompanyMember
2021-01-01 2021-09-30 0001784254 srt:ParentCompanyMember
mdia:SecondAmendedAndRestatedSGBroadcastingPromissoryNoteMember
2021-09-30 0001784254 srt:ParentCompanyMember
mdia:SecondAmendedAndRestatedSGBroadcastingPromissoryNoteMember
2021-01-01 2021-09-30 0001784254
mdia:AdditionalSGBroadcastingPromissoryNoteMember
srt:ParentCompanyMember 2021-09-30 0001784254
mdia:AdditionalSGBroadcastingPromissoryNoteMember
srt:ParentCompanyMember 2021-01-01 2021-09-30 0001784254
mdia:AdditionalSGBroadcastingPromissoryNoteMember
srt:ParentCompanyMember 2021-09-29 2021-09-30 0001784254
mdia:SeniorCreditFacilityMember srt:ParentCompanyMember 2021-05-19
0001784254 mdia:SeniorCreditFacilityMember srt:ParentCompanyMember
2021-05-19 2021-05-19 0001784254 mdia:SeniorCreditFacilityMember
srt:ParentCompanyMember 2021-11-25 2021-11-25 0001784254
mdia:PromissoryNoteMember srt:ParentCompanyMember 2021-09-30
mdia:LegalProceeding 0001784254 mdia:DSOutdoorLLCMember stpr:AL
2021-05-25 2021-05-25 0001784254 mdia:CarpenterOutdoorLLCMember
stpr:GA 2021-06-25 2021-06-25 0001784254
mdia:DSOutdoorLLCDbaHotspotsOutdoorAndCarpenterOutdoorLLCMember
2021-09-30 mdia:segment 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2021-07-01 2021-09-30 0001784254 us-gaap:CorporateNonSegmentMember
2021-07-01 2021-09-30 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2020-07-01 2020-09-30 0001784254 us-gaap:CorporateNonSegmentMember
2020-07-01 2020-09-30 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2021-01-01 2021-09-30 0001784254 us-gaap:CorporateNonSegmentMember
2021-01-01 2021-09-30 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2020-01-01 2020-09-30 0001784254 us-gaap:CorporateNonSegmentMember
2020-01-01 2020-09-30 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2020-12-31 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2020-12-31 0001784254 mdia:RadioSegmentMember
us-gaap:OperatingSegmentsMember 2021-09-30 0001784254
mdia:OutdoorAdvertisingMember us-gaap:OperatingSegmentsMember
2021-09-30 0001784254 us-gaap:OtherCurrentAssetsMember 2021-09-30
0001784254 2019-06-28 2019-06-28 0001784254
mdia:TransactionAgreementMember
mdia:EmmisCommunicationsCorporationMember 2019-06-28 0001784254
mdia:ConvertiblePromissoryNoteMember
mdia:TransactionAgreementMember
mdia:EmmisCommunicationsCorporationMember 2019-06-28 0001784254
mdia:MediaCoMember mdia:TransactionAgreementMember
mdia:EmmisCommunicationsCorporationMember 2019-06-28 0001784254
mdia:MediaCoMember mdia:TransactionAgreementMember
mdia:SGBroadcastingMember 2019-06-28 mdia:vote 0001784254
srt:ParentCompanyMember mdia:TransactionAgreementMember 2019-06-28
mdia:Director 0001784254 srt:ParentCompanyMember
mdia:ManagementAgreementMember 2019-06-28 0001784254
mdia:ManagementAgreementMember mdia:EmmisOperatingCompanyMember
2019-06-28 0001784254 mdia:ManagementAgreementMember
mdia:EmmisOperatingCompanyMember 2019-06-28 2019-06-28 0001784254
mdia:EmmisOperatingCompanyMember mdia:ManagementAgreementMember
mdia:CorporateExpensesMember 2021-01-01 2021-09-30 0001784254
mdia:EmmisOperatingCompanyMember mdia:ManagementAgreementMember
mdia:CorporateExpensesMember 2020-01-01 2020-09-30 0001784254
mdia:EmmisOperatingCompanyMember mdia:ManagementAgreementMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2021-09-30
0001784254 mdia:EmmisOperatingCompanyMember
mdia:ManagementAgreementMember
us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2020-12-31
0001784254 mdia:EmmisOperatingCompanyMember 2021-01-01 2021-09-30
0001784254 mdia:EmmisOperatingCompanyMember
mdia:EmployeeLeaseAgreementMember 2021-01-01 2021-09-30 0001784254
mdia:EmployeeLeaseAgreementMember us-gaap:OperatingExpenseMember
2020-01-01 2020-09-30 0001784254 mdia:EmployeeLeaseAgreementMember
2020-12-31 0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:EmmisCommunicationsCorporationMember 2019-11-25 0001784254
us-gaap:ConvertibleNotesPayableMember mdia:SGBroadcastingMember
2019-11-25 0001784254 mdia:PromissoryNoteMember srt:MaximumMember
srt:ParentCompanyMember 2020-02-28 0001784254
mdia:PromissoryNoteMember srt:ParentCompanyMember 2020-02-28
0001784254 mdia:PromissoryNoteMember srt:ParentCompanyMember
srt:MaximumMember 2020-03-27 0001784254 mdia:PromissoryNoteMember
srt:ParentCompanyMember 2020-03-27 0001784254
mdia:PromissoryNoteMember srt:ParentCompanyMember 2020-08-28
0001784254 mdia:PromissoryNoteMember srt:ParentCompanyMember
2020-09-30 0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:EmmisCommunicationsCorporationMember 2021-09-30 0001784254
us-gaap:ConvertibleNotesPayableMember
mdia:EmmisCommunicationsCorporationMember 2020-11-25 2020-11-25
0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:SGBroadcastingMember 2021-09-30 0001784254
us-gaap:ConvertibleNotesPayableMember mdia:SGBroadcastingMember
2020-11-25 2020-11-25 0001784254
mdia:SecondAmendedPromissoryNoteMember 2021-01-01 2021-09-30
0001784254 srt:ParentCompanyMember
mdia:SubordinatedConvertiblePromissoryNoteMember 2021-05-19
0001784254 srt:ParentCompanyMember
mdia:SubordinatedConvertiblePromissoryNoteMember 2021-06-01
0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:EmmisCommunicationsCorporationMember 2021-01-01 2021-09-30
0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:EmmisCommunicationsCorporationMember 2020-01-01 2020-09-30
0001784254 us-gaap:ConvertibleNotesPayableMember
mdia:SGBroadcastingMember 2021-01-01 2021-09-30 0001784254
us-gaap:ConvertibleNotesPayableMember mdia:SGBroadcastingMember
2020-01-01 2020-09-30 0001784254
us-gaap:ConvertiblePreferredStockMember mdia:SGBroadcastingMember
2019-12-13 0001784254 us-gaap:ConvertiblePreferredStockMember
srt:ParentCompanyMember 2021-01-01 2021-09-30 0001784254 2020-12-13
2020-12-13 0001784254 2020-12-13 0001784254
us-gaap:ConvertiblePreferredStockMember mdia:SGBroadcastingMember
2020-09-30 0001784254 us-gaap:ConvertiblePreferredStockMember
mdia:SGBroadcastingMember 2021-09-30 0001784254
us-gaap:PreferredStockMember 2020-12-31 0001784254
us-gaap:PreferredStockMember 2021-09-30 0001784254
srt:MaximumMember mdia:EmployeeLeasingAgreementMember 2020-04-22
0001784254 mdia:EmployeeLeasingAgreementMember 2020-04-22
2020-04-22 0001784254 srt:SubsidiariesMember
mdia:BillboardAgreementMember 2020-08-11 2020-08-11 0001784254
srt:SubsidiariesMember mdia:BillboardAgreementMember 2021-01-01
2021-09-30 0001784254 srt:SubsidiariesMember
mdia:BillboardAgreementMember 2020-01-01 2020-09-30 0001784254
srt:SubsidiariesMember mdia:BillboardAgreementMember 2020-12-31
0001784254 srt:SubsidiariesMember mdia:BillboardAgreementMember
2021-09-30
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 September 30, 2021
|
☐
|
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 001-39029
MEDIACO HOLDING INC.
(Exact name of registrant as specified in its charter)
Indiana
(State of incorporation or organization)
84-2427771
(I.R.S. Employer Identification No.)
395 HUDSON STREET, FLOOR 7
New york, new york
10014
(Address of principal executive offices)
(212) 229-9797
(Registrant’s Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
|
Class A common stock, $0.01 par value
|
MDIA
|
Nasdaq Capital Market
|
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 every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit such
files). Yes ☒
No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non accelerated filer, a
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 pursuant to 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
Act). Yes ☐
No ☒
The number of shares outstanding of each of MediaCo Holding Inc.’s
classes of common stock, as of November 8, 2021, was:
|
|
|
|
|
3,085,909
|
|
Shares of Class A Common Stock, $.01 Par Value
|
|
5,413,197
|
|
Shares of Class B Common Stock, $.01 Par Value
|
|
—
|
|
Shares of Class C Common Stock, $.01 Par Value
|
INDEX
PART I —
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MEDIACO HOLDING
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
NET REVENUES
|
|
$
|
9,360
|
|
|
$
|
17,820
|
|
|
$
|
28,141
|
|
|
$
|
41,939
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses excluding depreciation and amortization
expense
|
|
|
7,752
|
|
|
|
12,540
|
|
|
|
23,615
|
|
|
|
28,119
|
|
|
Corporate expenses
|
|
|
1,214
|
|
|
|
2,422
|
|
|
|
3,311
|
|
|
|
5,908
|
|
|
Depreciation and amortization
|
|
|
896
|
|
|
|
1,068
|
|
|
|
3,086
|
|
|
|
3,027
|
|
|
Loss (gain) on disposal of assets
|
|
|
103
|
|
|
|
—
|
|
|
|
185
|
|
|
|
(78
|
)
|
|
Total operating expenses
|
|
|
9,965
|
|
|
|
16,030
|
|
|
|
30,197
|
|
|
|
36,976
|
|
|
OPERATING (LOSS) INCOME
|
|
|
(605
|
)
|
|
|
1,790
|
|
|
|
(2,056
|
)
|
|
|
4,963
|
|
|
OTHER EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(2,411
|
)
|
|
|
(2,895
|
)
|
|
|
(6,928
|
)
|
|
|
(8,134
|
)
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(81
|
)
|
|
LOSS BEFORE INCOME TAXES
|
|
|
(3,016
|
)
|
|
|
(1,105
|
)
|
|
|
(8,984
|
)
|
|
|
(3,252
|
)
|
|
(BENEFIT) PROVISION FOR INCOME TAXES
|
|
|
(22
|
)
|
|
|
83
|
|
|
|
13,854
|
|
|
|
246
|
|
|
CONSOLIDATED NET LOSS
|
|
|
(2,994
|
)
|
|
|
(1,188
|
)
|
|
|
(22,838
|
)
|
|
|
(3,498
|
)
|
|
PREFERRED STOCK DIVIDENDS
|
|
|
534
|
|
|
|
709
|
|
|
|
1,591
|
|
|
|
2,012
|
|
|
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
|
$
|
(3,528
|
)
|
|
$
|
(1,897
|
)
|
|
$
|
(24,429
|
)
|
|
$
|
(5,510
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share attributable to common
shareholders
|
|
$
|
(0.50
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(3.44
|
)
|
|
$
|
(0.77
|
)
|
|
Basic and diluted weighted average number of common shares
outstanding
|
|
|
7,096
|
|
|
|
7,201
|
|
|
|
7,110
|
|
|
|
7,168
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated
statements.
- 3 -
MEDIACO HOLDING
INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(In thousands, except share data)
|
|
|
December 31,
2020
|
|
|
September 30,
2021
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
4,171
|
|
|
$
|
7,395
|
|
|
Accounts receivable, net
|
|
|
8,508
|
|
|
|
14,504
|
|
|
Prepaid expenses
|
|
|
1,247
|
|
|
|
1,257
|
|
|
Other current assets
|
|
|
1,274
|
|
|
|
686
|
|
|
Total current assets
|
|
|
15,200
|
|
|
|
23,842
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
27,650
|
|
|
|
27,059
|
|
|
INTANGIBLE ASSETS, NET
|
|
|
79,217
|
|
|
|
78,271
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
Operating lease right of use assets
|
|
|
23,953
|
|
|
|
22,197
|
|
|
Deposits and other
|
|
|
331
|
|
|
|
312
|
|
|
Total other assets
|
|
|
24,284
|
|
|
|
22,509
|
|
|
Total assets
|
|
$
|
146,351
|
|
|
$
|
151,681
|
|
|
LIABILITIES AND DEFICIT
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
2,557
|
|
|
$
|
5,629
|
|
|
Current maturities of long-term debt
|
|
|
1,836
|
|
|
|
1,836
|
|
|
Accrued salaries and commissions
|
|
|
709
|
|
|
|
761
|
|
|
Deferred revenue
|
|
|
1,535
|
|
|
|
1,967
|
|
|
Operating lease liabilities
|
|
|
3,573
|
|
|
|
4,220
|
|
|
Other current liabilities
|
|
|
549
|
|
|
|
3,552
|
|
|
Total current liabilities
|
|
|
10,759
|
|
|
|
17,965
|
|
|
LONG TERM DEBT, NET OF CURRENT
|
|
|
93,918
|
|
|
|
95,339
|
|
|
OPERATING LEASE LIABILITIES, NET OF CURRENT
|
|
|
20,176
|
|
|
|
17,593
|
|
|
ASSET RETIREMENT OBLIGATIONS
|
|
|
6,316
|
|
|
|
6,924
|
|
|
DEFERRED INCOME TAXES
|
|
|
1,711
|
|
|
|
1,957
|
|
|
OTHER NONCURRENT LIABILITIES
|
|
|
221
|
|
|
|
108
|
|
|
Total liabilities
|
|
|
133,101
|
|
|
|
139,886
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
SERIES A CUMULATIVE CONVERTIBLE PARTICIPATING PREFERRED STOCK,
$0.01 PAR VALUE, 10,000,000 SHARES AUTHORIZED; 220,000 SHARES
ISSUED AND OUTSTANDING
|
|
|
24,258
|
|
|
|
26,270
|
|
|
DEFICIT:
|
|
|
|
|
|
|
|
|
|
Class A common stock, $0.01 par value; authorized 170,000,000
shares; issued and outstanding 1,785,880 shares and 3,071,001
shares at December 31, 2020, and September 30, 2021,
respectively
|
|
|
18
|
|
|
|
31
|
|
|
Class B common stock, $0.01 par value; authorized 50,000,000
shares; issued and outstanding 5,413,197 shares at December 31,
2020, and September 30, 2021
|
|
|
54
|
|
|
|
54
|
|
|
Class C common stock, $0.01 par value; authorized 30,000,000
shares; none issued
|
|
|
—
|
|
|
|
—
|
|
|
Additional paid-in capital
|
|
|
20,772
|
|
|
|
22,802
|
|
|
Accumulated deficit
|
|
|
(31,852
|
)
|
|
|
(37,362
|
)
|
|
Total deficit
|
|
|
(11,008
|
)
|
|
|
(14,475
|
)
|
|
Total liabilities and deficit
|
|
$
|
146,351
|
|
|
$
|
151,681
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated
statements.
- 4 -
MEDIACO HOLDING
INC.
CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY (DEFICIT)
(Unaudited)
(In thousands, except share data)
|
|
|
Class A Common Stock
|
|
|
Class B Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
APIC
|
|
|
Accumulated Deficit
|
|
|
Total
|
|
|
BALANCE, DECEMBER 31, 2019
|
|
|
1,666,667
|
|
|
$
|
17
|
|
|
|
5,359,753
|
|
|
$
|
54
|
|
|
$
|
20,644
|
|
|
$
|
(2,951
|
)
|
|
$
|
17,764
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,485
|
)
|
|
|
(1,485
|
)
|
|
Adjustments related to distribution of common shares
|
|
|
16,596
|
|
|
|
—
|
|
|
|
53,444
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(529
|
)
|
|
|
(529
|
)
|
|
BALANCE, MARCH 31, 2020
|
|
|
1,683,263
|
|
|
$
|
17
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
20,644
|
|
|
$
|
(4,965
|
)
|
|
$
|
15,750
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,359
|
)
|
|
|
(18,359
|
)
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(528
|
)
|
|
|
(528
|
)
|
|
BALANCE, JUNE 30, 2020
|
|
|
1,683,263
|
|
|
$
|
17
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
20,644
|
|
|
$
|
(23,852
|
)
|
|
$
|
(3,137
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,994
|
)
|
|
|
(2,994
|
)
|
|
Issuance of class A to employees, officers and directors
|
|
|
102,617
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43
|
|
|
|
—
|
|
|
|
44
|
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(534
|
)
|
|
|
(534
|
)
|
|
BALANCE, SEPTEMBER 30, 2020
|
|
|
1,785,880
|
|
|
$
|
18
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
20,687
|
|
|
$
|
(27,380
|
)
|
|
$
|
(6,621
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, DECEMBER 31, 2020
|
|
|
1,785,880
|
|
|
$
|
18
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
20,772
|
|
|
$
|
(31,852
|
)
|
|
$
|
(11,008
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,253
|
)
|
|
|
(3,253
|
)
|
|
Issuance of class A to employees, officers and directors
|
|
|
651,670
|
|
|
|
6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
464
|
|
|
|
—
|
|
|
|
470
|
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(634
|
)
|
|
|
(634
|
)
|
|
BALANCE, MARCH 31, 2021
|
|
|
2,437,550
|
|
|
$
|
24
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
21,236
|
|
|
$
|
(35,739
|
)
|
|
$
|
(14,425
|
)
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
943
|
|
|
|
943
|
|
|
Issuance of class A to employees, officers and directors
|
|
|
390,794
|
|
|
|
4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
595
|
|
|
|
—
|
|
|
|
599
|
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(669
|
)
|
|
|
(669
|
)
|
|
BALANCE, JUNE 30, 2021
|
|
|
2,828,344
|
|
|
$
|
28
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
21,831
|
|
|
$
|
(35,465
|
)
|
|
$
|
(13,552
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,188
|
)
|
|
|
(1,188
|
)
|
|
Sale of class A common shares
|
|
|
19,701
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
180
|
|
|
|
—
|
|
|
|
180
|
|
|
Issuance of class A to employees, officers and directors
|
|
|
222,956
|
|
|
|
3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
791
|
|
|
|
—
|
|
|
|
794
|
|
|
Preferred stock dividends
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(709
|
)
|
|
|
(709
|
)
|
|
BALANCE, SEPTEMBER 30, 2021
|
|
|
3,071,001
|
|
|
$
|
31
|
|
|
|
5,413,197
|
|
|
$
|
54
|
|
|
$
|
22,802
|
|
|
$
|
(37,362
|
)
|
|
$
|
(14,475
|
)
|
The accompanying notes are an integral part of these unaudited
condensed consolidated
statements.
- 5 -
MEDIACO HOLDING
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2020
|
|
|
2021
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(22,838
|
)
|
|
$
|
(3,498
|
)
|
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities -
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
81
|
|
|
Depreciation and amortization
|
|
|
3,086
|
|
|
|
3,027
|
|
|
Amortization of debt discount
|
|
|
440
|
|
|
|
471
|
|
|
Noncash interest expense
|
|
|
—
|
|
|
|
280
|
|
|
Noncash lease expense
|
|
|
1,969
|
|
|
|
2,173
|
|
|
Provision for bad debts
|
|
|
538
|
|
|
|
40
|
|
|
Accretion of asset retirement obligation
|
|
|
566
|
|
|
|
526
|
|
|
Provision for deferred income taxes
|
|
|
13,856
|
|
|
|
246
|
|
|
Noncash compensation
|
|
|
44
|
|
|
|
2,360
|
|
|
Loss (gain) on sale of property and equipment
|
|
|
185
|
|
|
|
(78
|
)
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
3,318
|
|
|
|
(6,036
|
)
|
|
Prepaid expenses and other current assets
|
|
|
1,005
|
|
|
|
578
|
|
|
Other assets
|
|
|
138
|
|
|
|
(398
|
)
|
|
Accounts payable and accrued liabilities
|
|
|
(9,108
|
)
|
|
|
3,124
|
|
|
Deferred revenue
|
|
|
(138
|
)
|
|
|
432
|
|
|
Other liabilities
|
|
|
(266
|
)
|
|
|
849
|
|
|
Net cash (used in) provided by operating activities
|
|
|
(7,205
|
)
|
|
|
4,177
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(339
|
)
|
|
|
(1,428
|
)
|
|
Proceeds from the sale of property and equipment
|
|
|
—
|
|
|
|
146
|
|
|
Net cash used in investing activities
|
|
|
(339
|
)
|
|
|
(1,282
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Payments of long-term debt
|
|
|
(1,837
|
)
|
|
|
(3,000
|
)
|
|
Proceeds from long-term debt
|
|
|
14,281
|
|
|
|
4,000
|
|
|
Payments for debt-related costs
|
|
|
(281
|
)
|
|
|
(354
|
)
|
|
Proceeds from issuance of class A common stock
|
|
|
—
|
|
|
|
180
|
|
|
Settlement of tax withholding obligations
|
|
|
—
|
|
|
|
(497
|
)
|
|
Net cash provided by financing activities
|
|
|
12,163
|
|
|
|
329
|
|
|
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
4,619
|
|
|
|
3,224
|
|
|
CASH AND CASH EQUIVALENTS:
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
2,083
|
|
|
|
4,171
|
|
|
End of period
|
|
$
|
6,702
|
|
|
$
|
7,395
|
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
4,732
|
|
|
$
|
4,626
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated statements.
- 6 -
MEDIACO HOLDING
INC.
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS UNLESS
INDICATED OTHERWISE, EXCEPT SHARE DATA)
September 30,
2021
(Unaudited)
Note 1. Summary of
Significant Accounting Policies
Organization
MediaCo Holding Inc. (“MediaCo” or the “Company”) is an Indiana
corporation formed in 2019, focused on radio and outdoor
advertising.
Our assets consist of two radio stations, WQHT-FM and WBLS-FM,
which serve the New York City metropolitan area, as well as
approximately 3,600 outdoor advertising displays in the Southeast
(Georgia, Alabama, South Carolina and Florida) and the Mid-Atlantic
(Kentucky, West Virginia and Ohio) regions of the United States. We
derive our revenues primarily from radio and outdoor advertising
sales, but we also generate revenues from events, including
sponsorships and ticket sales.
Unless the context otherwise requires, references to “we”, “us” and
“our” refer to MediaCo and its subsidiaries.
Basis of Presentation
Our condensed consolidated financial statements are prepared in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”). All significant intercompany
balances and transactions have been eliminated. In the opinion of
management, all adjustments necessary for fair presentation
(including normal recurring adjustments) have been included.
Cash and Cash Equivalents
We consider time deposits, money market fund shares and all highly
liquid debt investment instruments with original maturities of
three months or less to be cash equivalents. At times, such
deposits may be in excess of FDIC insurance limits.
Fair Value Measurements
As defined in Accounting Standards Codification (“ASC”) Topic 820,
fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date (exit price). The
Company utilizes market data or assumptions that market
participants would use in pricing the asset or liability, including
assumptions about risk and the risks inherent in the inputs to the
valuation technique. These inputs can be readily observable, market
corroborated or generally unobservable. The Company utilizes
valuation techniques that maximize the use of observable inputs and
minimize the use of unobservable inputs. ASC Topic 820 establishes
a fair value hierarchy that prioritizes the inputs used to measure
fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities
(Level 1 measurement) and the lowest priority to unobservable
inputs (Level 3 measurement). We have no assets or liabilities for
which fair value is measured on a recurring basis using Level 3
inputs.
The Company has certain assets that are measured at fair value on a
non-recurring basis under circumstances and events that include
those described in Note 3, Intangible Assets, 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 a Level 3 measurement due to the subjective
nature of the unobservable inputs used to determine the fair value
(see Note 3 for more discussion).
The Company’s long-term debt is not actively traded and is
considered a Level 3 measurement. The Company believes the current
carrying value of its long-term debt approximates its fair
value.
Use of Estimates
The Company has been actively monitoring the COVID-19 situation and
its impact globally, as well as domestically and in the markets we
serve. Our priority has been the safety of our employees, as well
as the informational needs of the communities that we serve.
Through the first few months of calendar 2020, the disease became
widespread around the world, and on March 11, 2020, the World
Health Organization declared a pandemic. In an effort to mitigate
the continued spread of COVID-19, many federal, state and local
governments mandated various restrictions, including travel
restrictions, restrictions on non-essential businesses and
services, restrictions on public gatherings and quarantining of
people who may have been exposed to the virus. These restrictions,
in turn, caused the United States economy to decline and businesses
to cancel or reduce amounts spent on advertising, negatively
impacting our advertising-based businesses. While not a material
amount, some of our advertisers experienced a material decline in
their businesses and were not able to pay amounts owed to us when
they came due. Beginning in the first quarter of 2021, with the
increased availability of vaccines, the U.S. experienced an easing
of restrictions on travel as well as social gatherings and business
activities. However, the broad economic impact of the COVID-19
pandemic remains across multiple sectors, specifically disrupting
logistics and global supply chains. If the spread of COVID-19
reaccelerates, or if supply chain disruptions persist, causing
certain advertising categories (e.g., automotive dealers) to
advertise less, we expect that our results of operations, financial
condition and cash flows will continue to be negatively affected,
the extent to which is difficult to estimate at this time.
- 7 -
The preparation of condensed
consolidated
financial statements in conformity with GAAP requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements, as well as
the reported amounts of revenue and expenses during the reporting
period.
Due to the uncertain future impacts of the COVID-19 pandemic and
the related economic disruptions, actual results could differ from
those estimates particularly as it relates to estimates reliant on
forecasts and other assumptions reasonably available to the
Company.
The extent to which the COVID-19 pandemic and related economic
disruptions impact the Company’s business and financial results
will depend on future developments including, but not limited to:
(i)
the continued spread, duration and severity of the COVID-19
pandemic, (ii) the occurrence, spread, duration and severity of any
subsequent wave or waves of outbreaks after the initial outbreak
has subsided, (iii) the actions taken by the U.S. and foreign
governments to contain the COVID-19 pandemic, address its impact or
respond to the reduction in global and local economic activity,
(iv) the occurrence, duration and severity of a global, regional or
national recession, depression or other sustained adverse market
event,
including supply chain disruptions
and other logistical difficulties,
and (v) how quickly and to what extent normal economic and
operating conditions can resume. The accounting matters assessed
included, but were not limited to, allowance for doubtful accounts,
our ability to realize our deferred tax assets, and the carrying
value of goodwill, FCC licenses and other long-lived
assets.
As discussed in Note 7, during the three-month period ended June
30, 2020, as a result of a sharp deterioration of business activity
related to the COVID-19 pandemic, the Company determined that it
was more likely than not that it would be unable to realize its
deferred tax assets and recorded a $15.6 million valuation
allowance against these assets through an increase to our provision
for income taxes. The Company’s future assessment of the magnitude
and duration of COVID-19, as well as other factors, could result in
material changes to the estimates and material impacts to the
Company’s condensed consolidated financial statements in future
reporting periods.
Per Share Data
Our basic and diluted net loss per share is computed using the
two-class method. The two-class method is an earnings allocation
that determines net income per share for each class of common stock
and participating securities according to their participation
rights in dividends and undistributed earnings or losses. Shares of
Series A preferred stock include rights to participate in dividends
and distributions to common stockholders on an if-converted basis,
and accordingly are considered participating securities. During
periods of undistributed losses however, no effect is given to our
participating securities since they are not contractually obligated
to share in the losses. The following is a reconciliation of basic
and diluted net loss per share attributable to common
shareholders:
|
|
For the Three Months
Ended September 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
|
Net Loss
|
|
|
Shares
|
|
|
Net Loss Per Share
|
|
|
Net Loss
|
|
|
Shares
|
|
|
Net Loss Per Share
|
|
|
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(2,994
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(1,188
|
)
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred dividends
|
|
534
|
|
|
|
|
|
|
|
|
|
|
|
709
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders
|
$
|
(3,528
|
)
|
|
|
7,096
|
|
|
$
|
(0.50
|
)
|
|
$
|
(1,897
|
)
|
|
|
7,201
|
|
|
$
|
(0.26
|
)
|
|
|
For the Nine Months
Ended September 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
|
Net Loss
|
|
|
Shares
|
|
|
Net Loss Per Share
|
|
|
Net Loss
|
|
|
Shares
|
|
|
Net Loss Per Share
|
|
|
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(22,838
|
)
|
|
|
|
|
|
|
|
|
|
$
|
(3,498
|
)
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred dividends
|
|
1,591
|
|
|
|
|
|
|
|
|
|
|
|
2,012
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders
|
$
|
(24,429
|
)
|
|
|
7,110
|
|
|
$
|
(3.44
|
)
|
|
$
|
(5,510
|
)
|
|
|
7,168
|
|
|
$
|
(0.77
|
)
|
On August 20, 2021, MediaCo Holding Inc. entered into an At
Market Issuance Sales Agreement with B. Riley Securities, Inc.,
pursuant to which the Company may offer and sell, from time to time
through or to B. Riley, as agent or principal, shares of the
Company’s Class A Common Stock, $0.01 par value per share,
having an aggregate offering price of up to $12.5 million. During
the three-month period ending September 30, 2021, Class A stock
totaling $0.2 million was sold under the agreement.
- 8 -
The following convertible equity shares were excluded from the
calculation of diluted net loss per share because their effect
would have been anti-dilutive.
|
|
For the Three Months
Ended September 30,
|
|
|
For the Nine Months
Ended September 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
|
(In thousands)
|
|
|
Convertible Emmis promissory note
|
|
977
|
|
|
|
1,614
|
|
|
|
1,238
|
|
|
|
2,237
|
|
|
Convertible Standard General promissory notes
|
|
3,979
|
|
|
|
6,198
|
|
|
|
5,023
|
|
|
|
8,610
|
|
|
Series A convertible preferred stock
|
|
4,525
|
|
|
|
7,002
|
|
|
|
5,734
|
|
|
|
9,703
|
|
|
Restricted stock awards
|
|
20
|
|
|
|
915
|
|
|
|