SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2021

SEGMENT INFORMATION

SEGMENT INFORMATION

15. 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 our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including TV One’s and CLEO TV’s results of operations. Corporate/Eliminations represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.

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

The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2021 and 2020 is presented in the following table:

	Year Ended
	December 31,
	2021		2020
	(In thousands)
Net Revenue:
Radio Broadcasting	$	140,246	$	130,573
Reach Media		46,437		30,996
Digital		59,937		35,599
Cable Television		198,180		181,583
Corporate/Eliminations*		(3,338)		(2,414)
Consolidated	$	441,462	$	376,337
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	98,250	$	91,052
Reach Media		32,911		22,376
Digital		42,698		29,608
Cable Television		103,049		81,546
Corporate/Eliminations		36,722		26,018
Consolidated	$	313,630	$	250,600
Depreciation and Amortization:
Radio Broadcasting	$	3,135	$	3,022
Reach Media		208		237
Digital		1,264		1,592
Cable Television		3,738		3,749
Corporate/Eliminations		944		1,141
Consolidated	$	9,289	$	9,741
Impairment of Long-Lived Assets:
Radio Broadcasting	$	—	$	84,400
Reach Media		—		—
Digital		—		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	—	$	84,400
Operating income (loss):
Radio Broadcasting	$	38,861	$	(47,901)
Reach Media		13,318		8,383
Digital		15,975		4,399
Cable Television		91,393		96,288
Corporate/Eliminations		(41,004)		(29,573)
Consolidated	$	118,543	$	31,596
*  Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,338)	$	(2,414)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,826	$	2,200
Reach Media		160		82
Digital		1,354		799
Cable Television		385		92
Corporate/Eliminations		1,561		625
Consolidated	$	6,286	$	3,798

	As of
	December 31,		December 31,
	2021		2020
	(In thousands)
Total Assets:
Radio Broadcasting	$	627,948	$	630,174
Reach Media		33,451		38,235
Digital		32,915		23,168
Cable Television		367,896		374,046
Corporate/Eliminations		198,898		129,864
Consolidated	$	1,261,108	$	1,195,487