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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of segment reporting information | Detailed segment data for the three months ended March 31, 2025 and 2024 is presented in the following table:
|  |  | Three Months Ended March 31, 2025
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital |  | Cable Television |  |
NET REVENUE |  |  | $ | 32,610 |  | $ | 5,853 |  | $ | 10,212 |  | $ | 44,193 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 11,293 |  | 3,368 |  | 3,187 |  | 12,909 |  |
Sales and marketing |  |  | 11,546 |  | 2,125 |  | 6,787 |  | 9,096 |  |
General and administrative |  |  | 7,050 |  | 1,026 |  | 184 |  | 3,595 |  |
Other segment income (expenses) |  |  | 127 |  | 115 |  | 4 |  | (1) |  |
Segment Adjusted EBITDA |  |  | $ | 2,848 |  |  | $ | (551) |  |  | $ | 58 |  |  | $ | 18,592 |  |  |
|  |  | Three Months Ended March 31, 2024
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital (1) |  | Cable Television (1) |  |
STATEMENT OF OPERATIONS: |  |  |  |  |  |  |  |  |  |  |
NET REVENUE |  |  | $ | 36,351 |  | $ | 8,472 |  | $ | 12,189 |  | $ | 48,004 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 11,329 |  | 3,482 |  | 3,502 |  | 14,600 |  |
Sales and marketing (2) |  |  | 11,394 |  | 2,181 |  | 5,704 |  | 10,139 |  |
General and administrative (2) |  |  | 8,066 |  | 970 |  | 636 |  | 3,964 |  |
Other segment income (expenses) |  |  | 72 |  | (9) |  | — |  | — |  |
Segment Adjusted EBITDA |  |  | $ | 5,634 |  |  | $ | 1,830 |  |  | $ | 2,347 |  |  | $ | 19,301 |  |  |
(1) Effective January 1, 2025, segment information for the prior periods has been recast in this Quarterly Report on Form 10-Q to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment. (2) Effective January 1, 2025, prior period segment information has been recast between the Sales and marketing and the General and administrative in this Quarterly Report on Form 10-Q across the four segments to conform the presentation of significant segment expenses used to evaluate segment performance by the CODM.
| Three Months Ended March 31,
| 2025 |  | 2024
| (in thousands)
Segment Adjusted EBITDA to income from consolidated operations before provision for income taxes reconciliation |  |  |
Segment Adjusted EBITDA | $ | 20,947 |  |  | $ | 29,112 |
Corporate/Eliminations/Other | (8,090) |  |  | (6,855) |
Corporate Development Costs | 747 |  |  | 5,359 |
Severance-related costs | 219 |  |  | 64 |
Loss from ceased non-core business initiatives | 359 |  |  | 712 |
Stock-based compensation | 676 |  |  | 1,384 |
Depreciation and amortization | 2,315 |  |  | 1,850 |
Impairment of intangible assets | 6,443 |  |  | — |
Interest and investment income | (966) |  |  | (1,998) |
Interest expense | 10,924 |  |  | 12,998 |
Gain on retirement of debt | (11,587) |  |  | (7,874) |
Other income, net | (192) |  |  | (886) |
Income from consolidated operations before provision for income taxes | $ | 3,919 |  |  | $ | 10,648 |
| Three Months Ended March 31,
| 2025 |  | 2024
| (In thousands)
Capital expenditures: |  |  |
Radio Broadcasting | $ | 2,135 |  | $ | 1,084
Reach Media | — |  | 10
Digital | 284 |  | 447
Cable Television | — |  | 69
All other - corporate/eliminations | 128 |  | 204
Consolidated | $ | 2,547 |  | $ | 1,814

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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