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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
13. 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.

Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information included in this Quarterly Report on Form 10-Q has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative significant segment expenses across the four segments to conform the presentation of significant segment expenses used to evaluate segment performance by the CODM.

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 revenue and Adjusted EBITDA, a non-GAAP measure. The CODM evaluates each segment’s performance based on Adjusted EBITDA, guiding strategic decisions to align with company-wide goals, assessing the operating results and performance of the segments, identifying strategies to improve performance, and allocating 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 three months ended March 31, 2025 and 2024 is presented in the following table:
Three Months Ended March 31, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$32,610$5,853$10,212$44,193
OPERATING EXPENSES:
Programming and technical 11,2933,3683,18712,909
Sales and marketing11,5462,1256,7879,096
General and administrative7,0501,0261843,595
Other segment income (expenses)1271154(1)
Segment Adjusted EBITDA$2,848 $(551)$58 $18,592 
Three Months Ended March 31, 2024
(in thousands)
Radio BroadcastingReach Media
Digital (1)
Cable Television (1)
STATEMENT OF OPERATIONS:
NET REVENUE$36,351$8,472$12,189$48,004
OPERATING EXPENSES:
Programming and technical 11,3293,4823,50214,600
Sales and marketing (2)
11,3942,1815,70410,139
General and administrative (2)
8,0669706363,964
Other segment income (expenses)72(9)——
Segment Adjusted EBITDA$5,634 $1,830 $2,347 $19,301 
(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.
(2) Effective January 1, 2025, prior period segment information has been recast between the Sales and marketing and the General and administrative in this Quarterly Report on Form 10-Q across the four segments to conform the presentation of significant segment expenses used to evaluate segment performance by the CODM.
Three Months Ended March 31,
20252024
(in thousands)
Segment Adjusted EBITDA to income from consolidated operations before provision for income taxes reconciliation
Segment Adjusted EBITDA$20,947 $29,112 
Corporate/Eliminations/Other(8,090)(6,855)
Corporate Development Costs747 5,359 
Severance-related costs219 64 
Loss from ceased non-core business initiatives359 712 
Stock-based compensation676 1,384 
Depreciation and amortization2,315 1,850 
Impairment of intangible assets6,443 — 
Interest and investment income(966)(1,998)
Interest expense10,924 12,998 
Gain on retirement of debt(11,587)(7,874)
Other income, net(192)(886)
Income from consolidated operations before provision for income taxes$3,919 $10,648 
Three Months Ended
March 31,
20252024
(In thousands)
Capital expenditures:
Radio Broadcasting$2,135$1,084
Reach Media—10
Digital284447
Cable Television—69
All other - corporate/eliminations128204
Consolidated$2,547$1,814