v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 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 Company evaluates the operating performance of its reportable segments based on financial measures such as segment net revenue and Adjusted EBITDA. The CODM evaluates each segment’s performance based on Adjusted EBITDA, 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. 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 Adjusted EBITDA include programming and technical, sales and marketing, and general and administrative. Prior year information was revised to reflect Adjusted EBITDA as the segment profit measure.
Detailed segment data for the three and six months ended June 30, 2025 and 2024 is presented in the following table:
Three Months Ended June 30, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$36,693$5,315$10,254$40,070
OPERATING EXPENSES:
Programming and technical 9,9933,1783,26712,372
Sales and marketing13,3893,0536,5725,831
General and administrative6,3737355613,811
Other segment income (expenses)————
Segment Adjusted EBITDA$6,938 $(1,651)$(146)$18,056 
Three Months Ended June 30, 2024
(in thousands)
Radio BroadcastingReach Media
Digital (1)
Cable Television (1)
NET REVENUE$41,999$18,929$14,072$43,312
OPERATING EXPENSES:
Programming and technical 11,4363,6413,52014,913
Sales and marketing (2)
13,16111,0467,4918,308
General and administrative (2)
7,6617933474,158
Other segment (expenses) income(246)8—89
Segment Adjusted EBITDA$9,495 $3,457 $2,714 $16,022 
Six Months Ended June 30, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$69,303$11,168$20,466$84,263
OPERATING EXPENSES:
Programming and technical 21,2866,5466,45425,281
Sales and marketing24,9355,17813,35914,927
General and administrative13,4231,7617457,406
Other segment income (expenses)1271154(1)
Segment Adjusted EBITDA$9,786 $(2,202)$(88)$36,648 
Six Months Ended June 30, 2024
(in thousands)
Radio BroadcastingReach Media
Digital (1)
Cable Television (1)
NET REVENUE$78,350$27,401$26,260$91,317
OPERATING EXPENSES:
Programming and technical 22,7657,1257,02329,513
Sales and marketing (2)
24,55513,22513,19518,447
General and administrative (2)
15,7271,7639818,123
Other segment (expenses) income(174)(1)—89
Segment Adjusted EBITDA$15,129 $5,287 $5,061 $35,323 
(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.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)(in thousands)
Segment Adjusted EBITDA to loss from consolidated operations before benefit from income taxes reconciliation
Segment Adjusted EBITDA$23,197 $31,688 $44,144 $60,800 
Less: Corporate/Eliminations/Other(9,237)(2,766)(17,327)(9,621)
Corporate costs(a)
362 3,488 1,109 8,847 
Severance-related costs— 516 219 580 
Loss from ceased non-core business initiatives107 509 466 1,221 
Stock-based compensation574 1,079 1,250 2,463 
Depreciation and amortization3,523 2,993 5,838 4,843 
Impairment of goodwill and intangible assets130,078 80,758 136,521 80,758 
Interest and investment income(616)(1,777)(1,582)(3,775)
Interest expense9,704 12,404 20,628 25,402 
Gain on retirement of debt(30,297)(7,425)(41,884)(15,299)
Other income, net(124)(14)(316)(900)
Loss from consolidated operations before benefit from income taxes$(99,351)$(63,609)$(95,432)$(52,961)
(a) Corporate costs include professional fees related to the material weakness remediation efforts.
Three Months Ended June 30,
20252024
(In thousands)
Capital expenditures:
Radio Broadcasting$590$1,753
Reach Media819
Digital380431
Cable Television——
All other - corporate/eliminations24021
Consolidated$1,218$2,224
Six Months Ended June 30,
20252024
(In thousands)
Capital expenditures:
Radio Broadcasting$2,725$2,837
Reach Media829
Digital664878
Cable Television—69
All other - corporate/eliminations368226
Consolidated$3,765$4,039