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SEGMENT INFORMATION | 9 Months Ended
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Sep. 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 CODM evaluates each segment’s performance based on Segment Adjusted EBITDA (defined below), 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. 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 Segment Adjusted EBITDA include programming and technical, sales and marketing, and general and administrative. The Company defines Segment Adjusted EBITDA as net revenue less (1) programming and technical, (2) sales and marketing, (3) general and administrative operating expenses, plus (4) severance-related costs, (5) non-recurring litigation settlement costs, and (6) other costs (income). 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 The entire disclosure for reporting segments including data and tables. 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