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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Detailed segment data for the three and six months ended June 30, 2025 and 2024 is presented in the following table:
|  |  | Three Months Ended June 30, 2025
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital |  | Cable Television |  |
NET REVENUE |  |  | $ | 36,693 |  | $ | 5,315 |  | $ | 10,254 |  | $ | 40,070 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 9,993 |  | 3,178 |  | 3,267 |  | 12,372 |  |
Sales and marketing |  |  | 13,389 |  | 3,053 |  | 6,572 |  | 5,831 |  |
General and administrative |  |  | 6,373 |  | 735 |  | 561 |  | 3,811 |  |
Other segment income (expenses) |  |  | — |  | — |  | — |  | — |  |
Segment Adjusted EBITDA |  |  | $ | 6,938 |  |  | $ | (1,651) |  |  | $ | (146) |  |  | $ | 18,056 |  |  |
|  |  | Three Months Ended June 30, 2024
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital (1) |  | Cable Television (1) |  |
NET REVENUE |  |  | $ | 41,999 |  | $ | 18,929 |  | $ | 14,072 |  | $ | 43,312 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 11,436 |  | 3,641 |  | 3,520 |  | 14,913 |  |
Sales and marketing (2) |  |  | 13,161 |  | 11,046 |  | 7,491 |  | 8,308 |  |
General and administrative (2) |  |  | 7,661 |  | 793 |  | 347 |  | 4,158 |  |
Other segment (expenses) income |  |  | (246) |  | 8 |  | — |  | 89 |  |
Segment Adjusted EBITDA |  |  | $ | 9,495 |  |  | $ | 3,457 |  |  | $ | 2,714 |  |  | $ | 16,022 |  |  |
|  |  | Six Months Ended June 30, 2025
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital |  | Cable Television |  |
NET REVENUE |  |  | $ | 69,303 |  | $ | 11,168 |  | $ | 20,466 |  | $ | 84,263 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 21,286 |  | 6,546 |  | 6,454 |  | 25,281 |  |
Sales and marketing |  |  | 24,935 |  | 5,178 |  | 13,359 |  | 14,927 |  |
General and administrative |  |  | 13,423 |  | 1,761 |  | 745 |  | 7,406 |  |
Other segment income (expenses) |  |  | 127 |  | 115 |  | 4 |  | (1) |  |
Segment Adjusted EBITDA |  |  | $ | 9,786 |  |  | $ | (2,202) |  |  | $ | (88) |  |  | $ | 36,648 |  |  |
|  |  | Six Months Ended June 30, 2024
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital (1) |  | Cable Television (1) |  |
NET REVENUE |  |  | $ | 78,350 |  | $ | 27,401 |  | $ | 26,260 |  | $ | 91,317 |  |
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 22,765 |  | 7,125 |  | 7,023 |  | 29,513 |  |
Sales and marketing (2) |  |  | 24,555 |  | 13,225 |  | 13,195 |  | 18,447 |  |
General and administrative (2) |  |  | 15,727 |  | 1,763 |  | 981 |  | 8,123 |  |
Other segment (expenses) income |  |  | (174) |  | (1) |  | — |  | 89 |  |
Segment Adjusted EBITDA |  |  | $ | 15,129 |  |  | $ | 5,287 |  |  | $ | 5,061 |  |  | $ | 35,323 |  |  |
(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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands) |  | (in thousands)
Segment Adjusted EBITDA to loss from consolidated operations before benefit from income taxes reconciliation |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 23,197 |  |  | $ | 31,688 |  |  | $ | 44,144 |  |  | $ | 60,800 |
Less: Corporate/Eliminations/Other | (9,237) |  |  | (2,766) |  |  | (17,327) |  |  | (9,621) |
Corporate costs(a) | 362 |  |  | 3,488 |  |  | 1,109 |  |  | 8,847 |
Severance-related costs | — |  |  | 516 |  |  | 219 |  |  | 580 |
Loss from ceased non-core business initiatives | 107 |  |  | 509 |  |  | 466 |  |  | 1,221 |
Stock-based compensation | 574 |  |  | 1,079 |  |  | 1,250 |  |  | 2,463 |
Depreciation and amortization | 3,523 |  |  | 2,993 |  |  | 5,838 |  |  | 4,843 |
Impairment of goodwill and intangible assets | 130,078 |  |  | 80,758 |  |  | 136,521 |  |  | 80,758 |
Interest and investment income | (616) |  |  | (1,777) |  |  | (1,582) |  |  | (3,775) |
Interest expense | 9,704 |  |  | 12,404 |  |  | 20,628 |  |  | 25,402 |
Gain on retirement of debt | (30,297) |  |  | (7,425) |  |  | (41,884) |  |  | (15,299) |
Other income, net | (124) |  |  | (14) |  |  | (316) |  |  | (900) |
Loss from consolidated operations before benefit from income taxes | $ | (99,351) |  |  | $ | (63,609) |  |  | $ | (95,432) |  |  | $ | (52,961) |
(a) Corporate costs include professional fees related to the material weakness remediation efforts.
| Three Months Ended June 30,
| 2025 |  | 2024
| (In thousands)
Capital expenditures: |  |  |
Radio Broadcasting | $ | 590 |  | $ | 1,753
Reach Media | 8 |  | 19
Digital | 380 |  | 431
Cable Television | — |  | —
All other - corporate/eliminations | 240 |  | 21
Consolidated | $ | 1,218 |  | $ | 2,224
| Six Months Ended June 30,
| 2025 |  | 2024
| (In thousands)
Capital expenditures: |  |  |
Radio Broadcasting | $ | 2,725 |  | $ | 2,837
Reach Media | 8 |  | 29
Digital | 664 |  | 878
Cable Television | — |  | 69
All other - corporate/eliminations | 368 |  | 226
Consolidated | $ | 3,765 |  | $ | 4,039

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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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