SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information

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)

	Consolidated		Radio Broadcasting		Reach Media		Cable Television		Digital		Corporate/ Eliminations/ Other



NET REVENUE	$	449,674	$	165,803	$	47,260	$	168,199	$	70,748	$	(2,336)
OPERATING EXPENSES:
Programming and technical	135,235		46,357		14,475		60,610		14,683		(890)
Sales and marketing	130,858		49,521		16,003		31,412		35,695		(1,773)
General and administrative	93,979		30,693		4,148		17,061		2,310		39,767

Other segment income (expenses)	13,861		906		(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)

	Consolidated		Radio Broadcasting		Reach Media		Cable Television		Digital		Corporate/ Eliminations/ Other



NET REVENUE	$	477,690	$	156,214	$	52,888	$	196,207	$	75,495	$	(3,114)
OPERATING EXPENSES:
Programming and technical	136,884		43,705		16,207		62,935		15,490		(1,453)
Sales and marketing	130,240		47,931		17,660		30,539		36,317		(2,207)
General and administrative	95,783		29,967		4,283		15,158		3,708		42,667

Other segment income (expenses)	16,208		1,459		156		1,189		813		12,591

Adjusted EBITDA	$	130,991	$	36,070	$	14,894	$	88,764	$	20,793	$	(29,530)

Schedule of Segment, Reconciliation of Other Items from Segments to Consolidated


	Years Ended December 31,
	2024		2023

	(in thousands)
Adjusted EBITDA to net (loss) income from consolidated operations reconciliation
Adjusted EBITDA	$	103,463	$	130,991

Corporate Development Costs	8,658		12,872
Employment Agreement Award and other compensation	—		169
Severance-related costs	2,712		669

Investment expense from MGM National Harbor	—		(115)
Loss from ceased non-core business initiatives	2,491		2,613



Stock-based compensation	5,716		9,975
Depreciation and amortization	7,716		7,101
Impairment of goodwill and intangible assets	151,755		129,278
Interest and investment income	5,980		6,967
Interest expense	48,571		56,196
Gain on retirement of debt	23,271		2,356
Other income, net	896		96,084
(Loss) income from consolidated operations before provision for income taxes	(94,009)		17,640
Provision for income taxes	9,759		7,944
Net (loss) income from consolidated operations	$	(103,768)	$	9,696


	Years Ended December 31,
	2024		2023

	(in thousands)











































Capital expenditures by segment are as follows:
Radio Broadcasting	$	4,994	$	7,105
Reach Media	73		119
Digital	1,560		1,172
Cable Television	81		142
All other - corporate/eliminations	611		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