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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

9.    SEGMENT INFORMATION:

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.”

Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of goodwill, intangible assets, and long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.

The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies of our consolidated financial statements are applied consistently across the segments.

Detailed segment data for the three months ended March 31, 2023 and 2022, is presented in the following tables:

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
​		2023			2022
​	​	(Unaudited)
​	​	(In thousands)
​	​	​	​	​	(As Revised)
Net Revenue:		​			​
Radio Broadcasting	​	$	35,180	​	$	31,493
Reach Media	​		10,917	​		10,030
Digital	​		15,071	​		15,486
Cable Television	​		49,677	​		56,216
All other - corporate/eliminations*	​		(976)	​		(1,094)
Consolidated	​	$	109,869	​	$	112,131
​	​	​	​	​	​	​
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):	​		​	​		​
Radio Broadcasting	​	$	26,448	​	$	23,618
Reach Media	​		7,736	​		6,196
Digital	​		11,350	​		10,864
Cable Television	​		29,383	​		25,929
All other - corporate/eliminations	​		7,460	​		6,658
Consolidated	​	$	82,377	​	$	73,265
​	​	​	​	​	​	​
Depreciation and Amortization:	​		​	​		​
Radio Broadcasting	​	$	917	​	$	815
Reach Media	​		40	​		47
Digital	​		337	​		333
Cable Television	​		965	​		946
All other - corporate/eliminations	​		338	​		264
Consolidated	​	$	2,597	​	$	2,405
​	​	​	​	​	​	​
Impairment of Goodwill, Intangible Assets, and Long-Lived Assets:	​		​	​		​
Radio Broadcasting	​	$	16,775	​	$	—
Reach Media	​		—	​		—
Digital	​		—	​		—
Cable Television	​		—	​		—
All other - corporate/eliminations	​		—	​		—
Consolidated	​	$	16,775	​	$	—
​	​	​	​	​	​	​
Operating income (loss):	​		​	​		​
Radio Broadcasting	​	$	(8,960)	​	$	7,060
Reach Media	​		3,141	​		3,787
Digital	​		3,384	​		4,289
Cable Television	​		19,329	​		29,341
All other - corporate/eliminations	​		(8,774)	​		(8,016)
Consolidated	​	$	8,120	​	$	36,461
​	​	​	​	​	​	​
*  Intercompany revenue included in net revenue above is as follows:	​	​	​	​	​	​
Radio Broadcasting		$	(976)		$	(1,094)

​	​	​	​	​	​	​
Capital expenditures by segment are as follows:		​	​	​	​	​
Radio broadcasting		$	1,015		$	640
Reach Media	​		34	​		21
Digital	​		600	​		225
Cable television	​		11	​		383
All other - corporate/eliminations	​		349	​		307
Consolidated	​	$	2,009	​	$	1,576

​

​

​	​	​	​	​	​	​
​	​	As of
​		March 31,			December 31,
​	​	2023		​	2022
​	​	(In thousands)
​	​	​	​	​	(As Revised)
Total assets:	​	​	​	​	​	​
Radio broadcasting	​	$	584,446	​	$	605,703
Reach Media	​		44,228	​		48,936
Digital	​		27,334	​		35,766
Cable television	​		409,899	​		414,324
All other - corporate/eliminations	​		218,564	​		239,917
Consolidated	​	$	1,284,471	​	$	1,344,646

​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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