Disposition

9 Months Ended

Sep. 30, 2025

(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.