v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
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