NET REVENUES

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

NET REVENUES

NET REVENUES

Revenue Recognition

The following tables show the sources of the Company’s net revenues by contract type and segment for the three and six months ended June 30, 2024 and 2023:

(In thousands)	Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/Eliminations		Consolidated
Three Months Ended June 30, 2024
Radio Advertising	$	37,235	$	8,845	$	—	$	—	$	(659)	$	45,421
Political Advertising	1,344		450		358		—		—		2,152
Digital Advertising	—		—		15,529		—		—		15,529
Cable Television Advertising	—		—		—		22,170		—		22,170
Cable Television Affiliate Fees	—		—		—		19,315		—		19,315
Event Revenues & Other	3,420		9,634		—		12		91		13,157
Net Revenues	$	41,999	$	18,929	$	15,887	$	41,497	$	(568)	$	117,744
Three Months Ended June 30, 2023
Radio Advertising	$	36,925	$	9,325	$	—	$	—	$	(1,115)	$	45,135
Political Advertising	363		—		47		—		—		410
Digital Advertising	—		—		18,861		—		—		18,861
Cable Television Advertising	—		—		—		30,247		—		30,247
Cable Television Affiliate Fees	—		—		—		22,184		—		22,184
Event Revenues & Other	1,908		10,727		—		(1)		181		12,815
Net Revenues	$	39,196	$	20,052	$	18,908	$	52,430	$	(934)	$	129,652

(In thousands)	Radio Broadcasting		Reach Media		Digital		Cable Television		All Other - Corporate/Eliminations		Consolidated
Six Months Ended June 30, 2024
Radio Advertising	$	70,988	$	17,226	$	—	$	—	$	(1,453)	$	86,761
Political Advertising	2,511		498		379		—		—		3,388
Digital Advertising	—		—		29,475		—		—		29,475
Cable Television Advertising	—		—		—		47,535		—		47,535
Cable Television Affiliate Fees	—		—		—		40,103		—		40,103
Event Revenues & Other	4,851		9,677		—		85		279		14,892
Net Revenues	$	78,350	$	27,401	$	29,854	$	87,723	$	(1,174)	$	222,154
Six Months Ended June 30, 2023
Radio Advertising	$	70,765	$	19,613	$	—	$	—	$	(2,136)	$	88,242
Political Advertising	610		—		48		—		—		658
Digital Advertising	—		—		33,932		—		—		33,932
Cable Television Advertising	—		—		—		56,069		—		56,069
Cable Television Affiliate Fees	—		—		—		46,020		—		46,020
Event Revenues & Other	3,001		11,355		(1)		19		226		14,600
Net Revenues	$	74,376	$	30,968	$	33,979	$	102,108	$	(1,910)	$	239,521

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023 were as follows:

	June 30, 2024		December 31, 2023
	(In thousands)
Contract assets:
Unbilled receivables	$	4,706	$	5,437
Contract liabilities:
Customer advances and unearned income	$	4,137	$	4,851
Reserve for audience deficiency	18,608		12,779
Unearned event income	338		4,864

Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the condensed consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally incurred 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 condensed consolidated balance sheets.

For customer advances and unearned income as of January 1, 2024, $2.5 million was recognized as revenue during the six months ended June 30, 2024. For the reserve for audience deficiency as of January 1, 2024, $1.5 million was recognized as revenue during the six months ended June 30, 2024. For unearned event income as of January 1, 2024, $4.9 million was recognized as revenue during the six months ended June 30, 2024.

Practical Expedients and Exemptions

The Company generally expenses employee sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses on the condensed consolidated statements of operations. Agency and outside sales representative commissions were approximately $9.4 million and $9.6 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $18.7 million and $18.8 million for of the six months ended June 30, 2024 and 2023, respectively.

The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, or (ii) contracts for which variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property.