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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
20. SEGMENT INFORMATION
Reportable segments represent components of a company for which separate financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”), which is our President and Chief Executive Officer (CEO), in determining how to allocate resources and assess performance. Our four reportable segments include the following:
(i) Radio Broadcasting consists of all radio broadcast results of operations as well as low powered television operations.
(ii) Reach Media consists of the results of operations for the related activities and operations of the Company’s syndicated radio shows.
(iii) Digital 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
(iv) Cable Television includes the results of operations of TV One and CLEO TV.
In addition to the reportable segments above, the Company has a "corporate/eliminations/other” category that includes business activities not directly attributable to a specific reportable segment. These four segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.
In the ordinary course of business, our reportable segments enter into transactions with one another. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.
This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, who is responsible for reviewing segment performance and making decisions regarding resource allocations, performance assessments, as well as our current operating focus. Asset and asset related information are not key measures used by the CODM. The CODM does not regularly receive or review information pertaining to assets by segments or in totality.
The Company evaluates the operating performance of its reportable segments based on financial measures such as segment net revenues and adjusted EBITDA, a non-GAAP measure. Effective in the fourth quarter 2024, The CODM evaluates each segment’s performance based on adjusted EBITDA, guiding strategic decisions to align with company-wide goals, assess the operating results and performance of the segments, identify strategies to improve performance, and allocate resources to each segment. Adjusted EBITDA is used to facilitate a comparison of the ordinary, ongoing and customary course of our operations on a consistent basis from period to period and provide an additional understanding of factors and trends affecting our business segments. Significant segment expenses provided to the CODM, and included within adjusted EBITDA include programming and technical, sales and marketing, and general and administrative. Prior year information was revised to reflect adjusted EBITDA as the segment profit measure.
Detailed segment data for the years ended December 31, 2024 and 2023 is presented in the following tables:
Year Ended December 31, 2024
(in thousands)
ConsolidatedRadio BroadcastingReach MediaCable TelevisionDigitalCorporate/ Eliminations/ Other
NET REVENUE$449,674$165,803$47,260$168,199$70,748$(2,336)
OPERATING EXPENSES:
Programming and technical 135,23546,35714,47560,61014,683(890)
Sales and marketing130,85849,52116,00331,41235,695(1,773)
General and administrative93,97930,6934,14817,0612,31039,767
Other segment income (expenses)13,861906(596)567(468)13,452
Adjusted EBITDA
$103,463 $40,138 $12,038 $59,683 $17,592 $(25,988)
Year Ended December 31, 2023
(in thousands)
ConsolidatedRadio BroadcastingReach MediaCable TelevisionDigitalCorporate/ Eliminations/ Other
NET REVENUE$477,690$156,214$52,888$196,207$75,495$(3,114)
OPERATING EXPENSES:
Programming and technical 136,88443,70516,20762,93515,490(1,453)
Sales and marketing130,24047,93117,66030,53936,317(2,207)
General and administrative95,78329,9674,28315,1583,70842,667
Other segment income (expenses)16,2081,4591561,18981312,591
Adjusted EBITDA
$130,991 $36,070 $14,894 $88,764 $20,793 $(29,530)
Years Ended
December 31,
20242023
(in thousands)
Adjusted EBITDA to net (loss) income from consolidated operations reconciliation
Adjusted EBITDA$103,463 $130,991 
Corporate Development Costs8,658 12,872 
Employment Agreement Award and other compensation— 169 
Severance-related costs2,712 669 
Investment expense from MGM National Harbor— (115)
Loss from ceased non-core business initiatives2,491 2,613 
Stock-based compensation5,716 9,975 
Depreciation and amortization7,716 7,101 
Impairment of goodwill and intangible assets151,755 129,278 
Interest and investment income5,980 6,967 
Interest expense48,571 56,196 
Gain on retirement of debt23,271 2,356 
Other income, net896 96,084 
(Loss) income from consolidated operations before provision for income taxes(94,009)17,640 
Provision for income taxes9,759 7,944 
Net (loss) income from consolidated operations$(103,768)$9,696 
Years Ended
December 31,
20242023
(in thousands)
Capital expenditures by segment are as follows:
Radio Broadcasting$4,994 $7,105 
Reach Media73 119 
Digital1,560 1,172 
Cable Television81 142 
All other - corporate/eliminations611 599 
Consolidated (a)
$7,319 $9,137 
(a) Consolidated amount includes $0.1 million and $1.5 million for the year ended December 31, 2024 and December 31, 2023 respectively, related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $0.2 million and $27.5 million for the year ended December 31, 2024 and December 31, 2023 respectively, in the Consolidated Statements of Cash Flows