SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of the Company’s syndicated shows. The digital segment includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s other reportable segments. The cable television segment includes the results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.”

Operating income or loss represents total revenues less operating expenses, depreciation and amortization, and impairment of goodwill, intangible assets, and long-lived assets. Intercompany revenue earned and expenses charged between segments are eliminated in consolidation.

The accounting policies described in the summary of significant accounting policies in Note 2 – Summary of Significant Accounting Policies of the Company’s condensed consolidated financial statements are applied consistently across the segments.

Detailed segment data for the three and six months ended June 30, 2024 and 2023, is presented in the following tables:

	Three Months Ended June 30,
	2024		2023
	(In thousands)
Net revenues:
Radio Broadcasting	$	41,999	$	39,196
Reach Media	18,929		20,052
Digital	15,887		18,908
Cable Television	41,497		52,430
All other - corporate/eliminations*	(568)		(934)
Consolidated	$	117,744	$	129,652
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	31,298	$	29,424
Reach Media	15,274		15,624
Digital	13,005		12,818
Cable Television	27,303		28,601
All other - corporate/eliminations	7,534		9,563
Consolidated	$	94,414	$	96,030
Depreciation and amortization:
Radio Broadcasting	$	2,079	$	888
Reach Media	40		40
Digital	397		364
Cable Television	176		251
All other - corporate/eliminations	301		343
Consolidated	$	2,993	$	1,886
Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	80,758	$	22,081
Reach Media	—		—
Digital	—		—
Cable Television	—		—
All other - corporate/eliminations	—		—
Consolidated	$	80,758	$	22,081
Operating (loss) income:
Radio Broadcasting	$	(72,136)	$	(13,197)
Reach Media	3,615		4,388
Digital	2,485		5,726
Cable Television	14,018		23,578
All other - corporate/eliminations	(8,403)		(10,840)
Consolidated	$	(60,421)	$	9,655
*Intercompany revenue included in net revenues above is as follows:
Radio Broadcasting	$	(659)	$	(934)

	Three Months Ended June 30,
	2024		2023
	(In thousands)
Capital expenditures:
Radio Broadcasting	$	1,753	$	1,372
Reach Media	19		17
Digital	431		365
Cable Television	—		—
All other - corporate/eliminations	21		354
Consolidated	$	2,224	$	2,108

	Six Months Ended June 30,
	2024		2023
	(In thousands)
Net revenues:
Radio Broadcasting	$	78,350	$	74,376
Reach Media	27,401		30,968
Digital	29,854		33,979
Cable Television	87,723		102,108
All other - corporate/eliminations*	(1,174)		(1,910)
Consolidated	$	222,154	$	239,521
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	61,144	$	55,872
Reach Media	21,957		23,361
Digital	24,010		24,168
Cable Television	56,489		57,984
All other - corporate/eliminations	20,486		17,021
Consolidated	$	184,086	$	178,406
Depreciation and amortization:
Radio Broadcasting	$	2,962	$	1,805
Reach Media	82		79
Digital	814		701
Cable Television	301		1,216
All other - corporate/eliminations	684		682
Consolidated	$	4,843	$	4,483
Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	80,758	$	38,856
Reach Media	—		—
Digital	—		—
Cable Television	—		—
All other - corporate/eliminations	—		—
Consolidated	$	80,758	$	38,856
Operating (loss) income:
Radio Broadcasting	$	(66,514)	$	(22,157)
Reach Media	5,362		7,528
Digital	5,030		9,110
Cable Television	30,933		42,908
All other - corporate/eliminations	(22,344)		(19,613)
Consolidated	$	(47,533)	$	17,776
*Intercompany revenue included in net revenues above is as follows:
Radio Broadcasting	$	(1,454)	$	(1,910)

	Six Months Ended June 30,
	2024		2023
	(In thousands)
Capital expenditures:
Radio Broadcasting	$	2,837	$	2,387
Reach Media	29		51
Digital	878		965
Cable Television	69		11
All other - corporate/eliminations	226		704
Consolidated	$	4,039	$	4,118

	June 30, 2024		December 31, 2023
	(In thousands)
Total assets:
Radio Broadcasting	$	420,197	$	503,259
Reach Media	42,503		50,722
Digital	22,291		31,185
Cable Television	407,228		398,660
All other - corporate/eliminations	127,406		227,347
Consolidated	$	1,019,625	$	1,211,173