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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Detailed segment data for the three and nine months ended September 30, 2025 and 2024 is presented in the following table:
|  |  | Three Months Ended September 30, 2025
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital |  | Cable Television
NET REVENUE |  |  | $ | 34,725 |  | $ | 6,147 |  | $ | 12,696 |  | $ | 39,790
Less: |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 14,275 |  | 3,089 |  | 3,238 |  | 14,267
Sales and marketing |  |  | 10,699 |  | 2,624 |  | 8,245 |  | 7,161
General and administrative |  |  | 7,011 |  | 726 |  | 484 |  | 3,852
Add back: |  |  |  |  |  |  |  |  |
Severance-related costs |  |  | 1,223 |  | 83 |  | 35 |  | 6
Litigation settlement costs (3) |  |  | 3,078 |  | — |  | — |  | —
Other costs(4) |  |  | 77 |  | — |  | — |  | —
Segment Adjusted EBITDA |  |  | $ | 7,118 |  |  | $ | (209) |  |  | $ | 764 |  |  | $ | 14,516 |
|  |  | Three Months Ended September 30, 2024
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital (1) |  | Cable Television (1)
NET REVENUE |  |  | $ | 39,716 |  | $ | 10,247 |  | $ | 18,291 |  | $ | 42,797
Less: |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 11,779 |  | 3,700 |  | 3,481 |  | 15,177
Sales and marketing (2) |  |  | 13,896 |  | 1,346 |  | 8,147 |  | 6,800
General and administrative (2) |  |  | 8,006 |  | 916 |  | 660 |  | 3,933
Add back/(deduct): |  |  |  |  |  |  |  |  |
Severance-related costs |  |  | 145 |  | — |  | — |  | —
Other costs (income)(4) |  |  | 1,215 |  | (742) |  | (720) |  | —
Segment Adjusted EBITDA |  |  | $ | 7,395 |  |  | $ | 3,543 |  |  | $ | 5,283 |  |  | $ | 16,887 |
|  |  | Nine Months Ended September 30, 2025
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital |  | Cable Television |  |
NET REVENUE |  |  | $ | 104,028 |  | $ | 17,315 |  | $ | 33,162 |  | $ | 124,053 |  |
Less: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 35,561 |  | 9,635 |  | 9,692 |  | 39,548 |  |
Sales and marketing |  |  | 35,634 |  | 7,802 |  | 21,604 |  | 22,088 |  |
General and administrative |  |  | 20,434 |  | 2,487 |  | 1,229 |  | 11,258 |  |
Add back/(deduct): |  |  |  |  |  |  |  |  |  |  |
Severance-related costs |  |  | 1,300 |  | 198 |  | 37 |  | 6 |  |
Litigation settlement costs (3) |  |  | 3,078 |  | — |  | — |  | — |  |
Other costs (income)(4) |  |  | 127 |  | — |  | 2 |  | (1) |  |
Segment Adjusted EBITDA |  |  | $ | 16,904 |  |  | $ | (2,411) |  |  | $ | 676 |  |  | $ | 51,164 |  |  |
|  |  | Nine Months Ended September 30, 2024
|  |  | (in thousands)
|  |  | Radio Broadcasting |  | Reach Media |  | Digital (1) |  | Cable Television (1) |  |
NET REVENUE |  |  | $ | 118,066 |  | $ | 37,648 |  | $ | 44,551 |  | $ | 134,113 |  |
Less: |  |  |  |  |  |  |  |  |  |  |
Programming and technical |  |  | 34,543 |  | 10,824 |  | 10,504 |  | 44,690 |  |
Sales and marketing (2) |  |  | 38,451 |  | 14,571 |  | 21,342 |  | 25,247 |  |
General and administrative (2) |  |  | 23,733 |  | 2,679 |  | 1,641 |  | 12,056 |  |
Add back/(deduct): |  |  |  |  |  |  |  |  |  |  |
Severance-related costs |  |  | 264 |  | — |  | — |  | 89 |  |
Other costs (income)(4) |  |  | 922 |  | (743) |  | (720) |  | — |  |
Segment Adjusted EBITDA |  |  | $ | 22,525 |  |  | $ | 8,831 |  |  | $ | 10,344 |  |  | $ | 52,209 |  |  |
(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. (3) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods (see Note 13 - Commitments and Contingencies). (4) Other costs (income) include the remaining non-recurring costs (income) used to arrive at Segment Adjusted EBITDA.
| Three Months Ended September 30, |  | Nine Months Ended September 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 | $ | 22,189 |  |  | $ | 33,108 |  |  | $ | 66,333 |  |  | $ | 93,909 |
Less: Corporate/Eliminations/Other | (7,988) |  |  | (7,694) |  |  | (25,315) |  |  | (17,316) |
Corporate costs(a) | 524 |  |  | 1,385 |  |  | 1,633 |  |  | 10,232 |
Litigation settlement costs (b) | 3,078 |  |  | — |  |  | 3,078 |  |  | — |
Severance-related costs | 1,620 |  |  | 251 |  |  | 1,839 |  |  | 831 |
Loss from ceased non-core business initiatives | — |  |  | 762 |  |  | 466 |  |  | 1,983 |
Stock-based compensation | 365 |  |  | 1,152 |  |  | 1,615 |  |  | 3,615 |
Depreciation and amortization | 6,104 |  |  | 1,238 |  |  | 11,942 |  |  | 6,081 |
Impairment of goodwill and intangible assets | — |  |  | 46,823 |  |  | 136,521 |  |  | 127,581 |
Interest and investment income | (512) |  |  | (1,088) |  |  | (2,094) |  |  | (4,863) |
Interest expense | 9,448 |  |  | 11,649 |  |  | 30,076 |  |  | 37,051 |
Gain on retirement of debt | (2,125) |  |  | (3,472) |  |  | (44,009) |  |  | (18,771) |
Other income, net | (359) |  |  | (74) |  |  | (675) |  |  | (974) |
Loss from consolidated operations before benefit from income taxes | $ | (3,942) |  |  | $ | (33,212) |  |  | $ | (99,374) |  |  | $ | (86,173) |
(a) Corporate costs primarily include professional fees related to the material weakness remediation efforts. (b) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods (see Note 13 - Commitments and Contingencies).
| Three Months Ended September 30,
| 2025 |  | 2024
| (In thousands)
Capital expenditures: |  |  |
Radio Broadcasting | $ | 1,791 |  | $ | 1,119
Reach Media | 84 |  | 20
Digital | 376 |  | 391
Cable Television | 298 |  | —
All other - corporate/eliminations | 552 |  | 103
Consolidated | $ | 3,101 |  | $ | 1,633
| Nine Months Ended September 30,
| 2025 |  | 2024
| (In thousands)
Capital expenditures: |  |  |
Radio Broadcasting | $ | 4,516 |  | $ | 3,956
Reach Media | 91 |  | 49
Digital | 1,040 |  | 1,269
Cable Television | 298 |  | 69
All other - corporate/eliminations | 920 |  | 329
Consolidated | $ | 6,865 |  | $ | 5,672

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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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