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SEGMENT INFORMATION (Tables)

9 Months Ended

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

X

- 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

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No definition available.

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