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NET REVENUE | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
NET REVENUE | 3. NET REVENUE Revenue Recognition The following tables show the sources of the Company’s net revenue by contract type and segment for the three and nine months ended September 30, 2025 and 2024:
(In thousands) | Radio Broadcasting |  | Reach Media |  | Digital(1) |  | Cable Television(1) |  | All Other - Corporate/Eliminations |  | Consolidated
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Radio advertising | $ | 32,693 |  | $ | 6,111 |  | $ | — |  | $ | — |  | $ | (681) |  |  | $ | 38,123
Political advertising | 190 |  | — |  | 11 |  | — |  | — |  | 201
Digital advertising | — |  | — |  | 12,685 |  | — |  | — |  | 12,685
Cable Television advertising | — |  | — |  | — |  | 22,674 |  | — |  | 22,674
Cable Television affiliate fees | — |  | — |  | — |  | 17,089 |  | — |  | 17,089
Event revenues & other | 1,842 |  | 36 |  | — |  | 27 |  | — |  | 1,905
Net revenue | $ | 34,725 |  | $ | 6,147 |  | $ | 12,696 |  | $ | 39,790 |  | $ | (681) |  | $ | 92,677
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Radio advertising | $ | 36,418 |  | $ | 9,231 |  | $ | — |  | $ | — |  | $ | (658) |  |  | $ | 44,991
Political advertising | 2,140 |  | 443 |  | 964 |  | — |  | — |  | 3,547
Digital advertising(1) | — |  | — |  | 17,327 |  | — |  | — |  | 17,327
Cable Television advertising(1) | — |  | — |  | — |  | 23,975 |  | — |  | 23,975
Cable Television affiliate fees | — |  | — |  | — |  | 18,808 |  | — |  | 18,808
Event revenues & other | 1,158 |  | 573 |  | — |  | 14 |  | — |  | 1,745
Net revenue | $ | 39,716 |  | $ | 10,247 |  | $ | 18,291 |  | $ | 42,797 |  | $ | (658) |  | $ | 110,393
(In thousands) | Radio Broadcasting |  | Reach Media |  | Digital(1) |  | Cable Television(1) |  | All Other - Corporate/Eliminations |  | Consolidated
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Radio advertising | $ | 97,771 |  | $ | 17,211 |  | $ | — |  | $ | — |  | $ | (2,015) |  |  | $ | 112,967
Political advertising | 580 |  | — |  | 14 |  | — |  | — |  | 594
Digital advertising | — |  | — |  | 33,148 |  | — |  | — |  | 33,148
Cable Television advertising | — |  | — |  | — |  | 71,076 |  | — |  | 71,076
Cable Television affiliate fees | — |  | — |  | — |  | 52,867 |  | — |  | 52,867
Event revenues & other | 5,677 |  | 104 |  | — |  | 110 |  | — |  | 5,891
Net revenue | $ | 104,028 |  | $ | 17,315 |  | $ | 33,162 |  | $ | 124,053 |  | $ | (2,015) |  | $ | 276,543
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Radio advertising | $ | 107,406 |  | $ | 26,456 |  | $ | — |  | $ | — |  | $ | (2,109) |  |  | $ | 131,753
Political advertising | 4,651 |  | 942 |  | 1,342 |  | — |  | — |  | 6,935
Digital advertising(1) | — |  | — |  | 43,209 |  | — |  | — |  | 43,209
Cable Television advertising(1) | — |  | — |  | — |  | 75,104 |  | — |  | 75,104
Cable Television affiliate fees | — |  | — |  | — |  | 58,910 |  | — |  | 58,910
Event revenues & other | 6,009 |  | 10,250 |  | — |  | 99 |  | 278 |  | 16,636
Net revenue | $ | 118,066 |  | $ | 37,648 |  | $ | 44,551 |  | $ | 134,113 |  | $ | (1,831) |  | $ | 332,547
(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 connected television (“CTV”) offering from the Digital segment to the Cable Television segment. Contract Assets and Liabilities Contract assets and contract liabilities that are not separately stated in the Company’s unaudited condensed consolidated balance sheet as of September 30, 2025, and consolidated balance sheet as of December 31, 2024 were as follows:
| September 30, 2025 |  | December 31, 2024
| (In thousands)
Contract assets: |  |  |
Unbilled receivables | $ | 4,107 |  |  | $ | 5,969 |
Contract liabilities: |  |  |
Customer advances and unearned income | $ | 2,798 |  |  | $ | 2,200 |
Reserve for audience deficiency | 15,228 |  |  | 22,383 |
Unearned event income | 6,937 |  |  | 1,152 |
Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the unaudited condensed consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally fulfilled in the near term. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the campaign end date. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. Contract liabilities are included in other current liabilities on the unaudited condensed consolidated balance sheets. All of the customer advances and unearned income as of January 1, 2025 was recognized as revenue during the nine months ended September 30, 2025. For the reserve for audience deficiency as of January 1, 2025, approximately $11.5 million was recognized as revenue during the nine months ended September 30, 2025. The increase in unearned event income during the nine months ended September 30, 2025 is primarily related to the timing of the 2025 Fantastic Voyage annual cruise as defined in Note 7 - Related Party Transactions which is expected to occur in the fourth quarter of 2025. For customer advances and unearned income as of January 1, 2024, approximately $2.8 million was recognized as revenue during the nine months ended September 30, 2024. For the reserve for audience deficiency as of January 1, 2024, approximately $2.2 million was recognized as revenue during the nine months ended September 30, 2024. For unearned event income as of January 1, 2024, approximately $4.9 million was recognized as revenue during the nine months ended September 30, 2024 primarily driven by the 2024 Fantastic Voyage annual cruise.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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