v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
13. SEGMENT INFORMATION
The Company and the chief operating decision maker (“CODM”) assesses performance and allocates resources in accordance with FASB ASC 280, Segment Reporting. The Company’s CODM is the Chief Executive Officer. The CODM primarily uses operating income (loss) to evaluate the financial performance of each segment, assess operating efficiency and profitability, and compare across segments. This measure is also used by the CODM to make decisions regarding the allocation of resources, including capital expenditures, programming and content investments, marketing initiatives, and headcount. We currently manage our operations through two business segments: (i) Audio, and (ii) Video.
The Company’s Audio Segment includes both MediaCo’s and Estrella’s radio stations serving the New York City, NY, Los Angeles, CA, Houston, TX, and Dallas, TX demographic market areas that primarily target Black, Hispanic, and multi-cultural consumers. The Audio Segment derives revenues primarily from radio and digital advertising sales, but also generates revenues from events, including sponsorships and ticket sales, licensing, and syndication.
The Company’s Video Segment includes Estrella’s television stations offering a unique aggregation of Spanish-language programming, including originals, topical entertainment, reality, news, and comedy. The Video Segment’s revenue is primarily
derived from television and digital advertising. The Company’s television stations serve Los Angeles, CA, Houston, TX, Denver, CO, New York, NY, Chicago, IL and Miami, FL.
These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses, including transaction costs, are not allocated to reportable segments. The Company’s segments operate exclusively in the United States.
The accounting policies as described in the Summary of Significant Accounting Policies included in Note 1 to these condensed consolidated financial statements are applied consistently across segments.
Three Months Ended June 30, 2026AudioVideoConsolidated
Net revenues$11,591 $22,378 $33,969 
Operating expenses13,413 21,813 
Depreciation and amortization786 557 
Other segment items(2)
233 1 
Segment operating (loss) income$(2,841)$7 $(2,834)
Corporate and other (1)
2,055 
Interest expense, net4,029 
Other income(543)
Loss before income taxes and equity method investments$(8,375)
Three Months Ended June 30, 2025AudioVideoConsolidated
Net revenues$15,236 $16,009 $31,245 
Operating expenses15,910 18,864 
Depreciation and amortization872 825 
Other segment items(2)
3 2 
Segment operating loss$(1,549)$(3,682)$(5,231)
Corporate and other (1)
1,554 
Interest expense, net3,855 
Change in fair value of warrant shares liability(1,410)
Other income(2,119)
Loss before income taxes and equity method investments$(7,111)
Six Months Ended June 30, 2026AudioVideoConsolidated
Net revenues$21,354 $44,001 $65,355 
Operating expenses26,123 43,925 
Depreciation and amortization1,742 1,277 
Other segment items(2)
1,114 (128)
Segment operating loss$(7,625)$(1,073)$(8,698)
Corporate and other (1)
3,721 
Interest expense, net7,969 
Other income(4,222)
Loss before income taxes and equity method investments$(16,166)
Six Months Ended June 30, 2025AudioVideoConsolidated
Net revenues$28,928 $30,347 $59,275 
Operating expenses27,844 36,142 
Depreciation and amortization1,796 1,670 
Other segment items(2)
142 2 
Segment operating loss$(854)$(7,467)$(8,321)
Corporate and other (1)
3,147 
Interest expense, net7,609 
Change in fair value of warrant shares liability(1,410)
Other income(2,230)
Loss before income taxes and equity method investments$(15,437)
(1) Corporate and other is not an operating segment. Corporate expenses include expenses related to infrastructure and support, including information technology, human resources, legal, finance and administrative functions of the Company, as well as overall executive, administrative and support functions.
(2) Audio’s other segment items consist of loss (gain) on disposal of assets.
Assets by reportable segment were as follows:
Total AssetsAudioVideo
Corporate and other(3)
Consolidated
June 30, 2026$142,734 $127,454 $1,807 $271,995 
December 31, 2025$169,222 $116,727 $5,109 $291,058 
(3) Corporate and other is not an operating segment. Corporate and other assets primarily include cash and cash equivalents.