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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION Reportable segments represent components of a company for which separate financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”), which is our President and Chief Executive Officer (“CEO”), in determining how to allocate resources and assess performance. Our four reportable segments include the following: (i) Radio Broadcasting consists of all radio broadcast results of operations as well as low powered television operations. (ii) Reach Media consists of the results of operations for the related activities and operations of the Company’s syndicated radio shows. (iii) Digital includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s other reportable segments. (iv) Cable Television includes the results of operations of TV One and CLEO TV. Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their businesses. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information included in this Quarterly Report on Form 10-Q has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative significant segment expenses across the four segments to conform the presentation of significant segment expenses used to evaluate segment performance by the CODM. In addition to the reportable segments above, the Company has a “Corporate/Eliminations/Other” category that includes business activities not directly attributable to a specific reportable segment. Each of our four reportable segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. In the ordinary course of business, our reportable segments enter into transactions with one another. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is counterparty to the transaction are eliminated in consolidation and do not affect consolidated results. This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, who is responsible for reviewing segment performance and making decisions regarding resource allocations, performance assessments, as well as our current operating focus. Asset and asset related information are not key measures used by the CODM. The CODM does not regularly receive or review information pertaining to assets by segments or in totality. The Company evaluates the operating performance of its reportable segments based on financial measures such as segment net revenue and Adjusted EBITDA. The CODM evaluates each segment’s performance based on Adjusted EBITDA, guiding strategic decisions to align with company-wide goals, assessing the operating results and performance of the segments, identifying strategies to improve performance, and allocating resources to each segment. Adjusted EBITDA is used to facilitate a comparison of the ordinary, ongoing and customary course of our operations on a consistent basis from period to period and provide an additional understanding of factors and trends affecting our business segments. Significant segment expenses provided to the CODM and included within Adjusted EBITDA include programming and technical, sales and marketing, and general and administrative. Prior year information was revised to reflect Adjusted EBITDA as the segment profit measure. 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 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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