v3.26.1
NET REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
NET REVENUE
3. NET REVENUE

Revenue Recognition

The following tables show the sources of the Company’s net revenue by contract type and segment for the three months ended March 31, 2026 and 2025:
(In thousands)Radio
Broadcasting		Reach
Media		DigitalCable
Television		All Other - Corporate/EliminationsConsolidated
Three Months Ended March 31, 2026
Radio advertising$27,850$4,839$—$—$(565)$32,124
Political advertising896—4——900
Digital advertising——6,784——6,784
Cable Television advertising———19,095—19,095
Cable Television affiliate fees———16,877—16,877
Event revenues & other1,79021—60—1,871
Net revenue$30,536$4,860$6,788$36,032$(565)$77,651
Three Months Ended March 31, 2025
Radio advertising$31,050$5,800$—$—$(633)$36,217
Political advertising149—1——150
Digital advertising——10,211——10,211
Cable Television advertising———25,425—25,425
Cable Television affiliate fees———18,717—18,717
Event revenues & other1,41153—51—1,515
Net revenue$32,610$5,853$10,212$44,193$(633)$92,235
Contract Assets and Liabilities
Contract assets and contract liabilities that are not separately stated in the Company’s unaudited condensed consolidated balance sheet as of March 31, 2026, and consolidated balance sheet as of December 31, 2025 were as follows:
March 31, 2026December 31, 2025
(In thousands)
Contract assets:
Unbilled receivables$2,134 $4,586 
Contract liabilities:
Customer advances and unearned income$2,331 $2,754 
Reserve for audience deficiency12,135 14,217 
Unearned event income102 90 
Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the unaudited condensed consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally fulfilled in the near term. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within one year of the campaign end date. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. Contract liabilities are included in other current liabilities on the unaudited condensed consolidated balance sheets.
For customer advances and unearned income as of January 1, 2026, approximately $1.2 million was recognized as revenue during the three months ended March 31, 2026. For the reserve for audience deficiency as of January 1, 2026, approximately $2.3 million was recognized as revenue during the three months ended March 31, 2026. For unearned event income as of January 1, 2026, no revenue was recognized during the three months ended March 31, 2026.
For customer advances and unearned income as of January 1, 2025, approximately $1.8 million was recognized as revenue during the three months ended March 31, 2025. For the reserve for audience deficiency as of January 1, 2025, approximately $2.9 million was recognized as revenue during the three months ended March 31, 2025. For unearned event income as of January 1, 2025, no revenue was recognized during the three months ended March 31, 2025.