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Disposition | 9 Months Ended
--- | ---
Sep. 30, 2025
Business Combination [Abstract] |
Disposition | (3) Dispositions On August 11, 2025, the Company entered into an agreement to sell substantially all of the assets used in the operations of WRXK-FM and WXKB-FM in Fort Myers, FL to a third party for $9.0 million in cash. On August 11, 2025, the Company also entered into an agreement to sell substantially all of the assets used in the operations of WBCN-AM, WJPT-FM and WWCN-FM in Fort Myers, FL to another third party for $9.0 million in cash. The sales, which are subject to FCC approval and other customary closing conditions, are expected to close during the first quarter of 2026. No impairment loss was recorded based on the fair value of the assets held for sale and the Company expects to record a gain when the dispositions are completed. The Company will no longer have operations in the Fort Myers-Naples, FL market after completion of the dispositions. A summary of assets held for sale as of September 30, 2025 is as follows:
Property and equipment, net |  | $ | 992,287 |
FCC licenses |  |  | 5,191,700 |
|  | $ | 6,183,987 |
In addition, the Company has lease agreements in Fort Myers, FL with operating lease right-of-use assets of $1.3 million and operating lease liabilities of $1.8 million which are expected to transfer to the buyers upon completion of the dispositions. On September 29, 2025, the Company completed the sale of substantially all of the assets used in the operations of WPBB-FM in Tampa, FL to a third party for $8.0 million in cash. The Company recorded a gain on disposition of $0.4 million during the third quarter of 2025.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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