NET REVENUE

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

NET REVENUE

3. NET REVENUE

Revenue Recognition

The following tables show the sources of the Company’s net revenue by contract type and segment for the three months ended March 31, 2025 and 2024:

(In thousands)	Radio Broadcasting		Reach Media		Digital(1)		Cable Television(1)		All Other - Corporate/Eliminations		Consolidated
Three Months Ended March 31, 2025
Radio advertising	$	31,050	$	5,800	$	—	$	—	$	(633)	$	36,217
Political advertising	149		—		1		—		—		150
Digital advertising	—		—		10,211		—		—		10,211
Cable Television advertising	—		—		—		25,425		—		25,425
Cable Television affiliate fees	—		—		—		18,717		—		18,717
Event revenues & other	1,411		53		—		51		—		1,515
Net revenue	$	32,610	$	5,853	$	10,212	$	44,193	$	(633)	$	92,235
Three Months Ended March 31, 2024
Radio advertising	$	33,754	$	8,382	$	—	$	—	$	(795)	$	41,341
Political advertising	1,167		48		22		—		—		1,237
Digital advertising(1)	—		—		12,167		—		—		12,167
Cable Television advertising(1)	—		—		—		27,144		—		27,144
Cable Television affiliate fees	—		—		—		20,787		—		20,787
Event revenues & other	1,430		42		—		73		189		1,734
Net revenue	$	36,351	$	8,472	$	12,189	$	48,004	$	(606)	$	104,410

(1) Effective January 1, 2025, segment information for the prior periods has been recast in this Quarterly Report on Form 10-Q to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment.

Contract Assets and Liabilities

Contract assets and contract liabilities that are not separately stated in the Company’s condensed consolidated balance sheets as of March 31, 2025, and December 31, 2024 were as follows:

	March 31, 2025		December 31, 2024
	(In thousands)
Contract assets:
Unbilled receivables	$	4,051	$	5,969
Total barter receivables	1,959		2,101
Contract liabilities:
Customer advances and unearned income	$	2,499	$	2,200
Reserve for audience deficiency	19,467		22,383
Unearned event income	2,292		1,152
Total deferred barter revenue	1,959		2,101

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 fulfilled 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, 2025, approximately $1.8 million was recognized as revenue during the three months ended March 31, 2025. For the reserve for audience deficiency as of January 1, 2025, approximately $2.9 million was recognized as revenue during the three months ended March 31, 2025. For unearned event income as of January 1, 2025, no revenue was recognized during the three months ended March 31, 2025.