v3.26.1
NET REVENUE
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2026 and 2025:
(In thousands)Radio
Broadcasting		Reach
Media		DigitalCable
Television		All Other - Corporate/EliminationsConsolidated
Three Months Ended June 30, 2026
Radio advertising$30,861$4,662$—$—$(791)$34,732
Political advertising1,230—112—1,243
Digital advertising——9,386——9,386
Cable Television advertising———20,773—20,773
Cable Television affiliate fees———16,286—16,286
Event revenues & other3,18592—60—3,337
Net revenue$35,276$4,754$9,397$37,121$(791)$85,757
Three Months Ended June 30, 2025
Radio advertising$34,028$5,300$—$—$(701)$38,627
Political advertising241—13——254
Digital advertising——10,241——10,241
Cable Television advertising———22,977—22,977
Cable Television affiliate fees———17,061—17,061
Event revenues & other2,42415—32—2,471
Net revenue$36,693$5,315$10,254$40,070$(701)$91,631
(In thousands)Radio
Broadcasting		Reach
Media		DigitalCable
Television		All Other - Corporate/EliminationsConsolidated
Six Months Ended June 30, 2026
Radio advertising$58,711$9,501$—$—$(1,356)$66,856
Political advertising2,126—152—2,143
Digital advertising——16,170——16,170
Cable Television advertising———39,868—39,868
Cable Television affiliate fees———33,163—33,163
Event revenues & other4,974113—121—5,208
Net revenue$65,811$9,614$16,185$73,154$(1,356)$163,408
Six Months Ended June 30, 2025
Radio advertising$65,078$11,100$—$—$(1,334)$74,844
Political advertising390—14——404
Digital advertising——20,452——20,452
Cable Television advertising———48,402—48,402
Cable Television affiliate fees———35,778—35,778
Event revenues & other3,83568—83—3,986
Net revenue$69,303$11,168$20,466$84,263$(1,334)$183,866
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 June 30, 2026, and consolidated balance sheet as of December 31, 2025 were as follows:
As of June 30, 2026As of December 31, 2025
(In thousands)
Contract assets:
Unbilled receivables$2,329 $4,586 
Contract liabilities:
Customer advances and unearned income$4,132 $2,754 
Reserve for audience deficiency9,839 14,217 
Unearned event income— 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 $1.6 million was recognized as revenue during the six months ended June 30, 2026. For the reserve for audience deficiency as of January 1, 2026, approximately $5.0 million was recognized as revenue during the six months ended June 30, 2026. For unearned event income as of January 1, 2026, no revenue was recognized during the six months ended June 30, 2026.
All of the customer advances and unearned income as of January 1, 2025 was recognized as revenue during the six months ended June 30, 2025. For the reserve for audience deficiency as of January 1, 2025, approximately $8.5 million was recognized as revenue during the six months ended June 30, 2025. For unearned event income as of January 1, 2025, no revenue was recognized during the six months ended June 30, 2025.