SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2022

SEGMENT INFORMATION

SEGMENT INFORMATION

16. 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 results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.”

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 3 – Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2022 and 2021 is presented in the following table:

	Year Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Net revenue:
Radio broadcasting	$	156,678	$	140,246
Reach Media		43,117		46,437
Digital		78,526		59,937
Cable television		209,871		197,003
All other - corporate/eliminations*		(3,588)		(3,338)
Consolidated	$	484,604	$	440,285
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio broadcasting	$	108,952	$	98,250
Reach Media		28,244		32,911
Digital		56,760		42,698
Cable television		105,420		101,872
All other - corporate/eliminations		39,824		36,722
Consolidated	$	339,200	$	312,453
Depreciation and Amortization:
Radio broadcasting	$	3,411	$	3,135
Reach Media		188		208
Digital		1,323		1,264
Cable television		3,847		3,738
All other - corporate/eliminations		1,265		944
Consolidated	$	10,034	$	9,289
Impairment of Long-Lived Assets:
Radio broadcasting	$	40,683	$	2,104
Reach Media		—		—
Digital		—		—
Cable television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	40,683	$	2,104
Operating income (loss):
Radio broadcasting	$	3,632	$	36,757
Reach Media		14,685		13,318
Digital		20,443		15,975
Cable television		100,604		91,393
All other - corporate/eliminations		(44,677)		(41,004)
Consolidated	$	94,687	$	116,439
*  Intercompany revenue included in net revenue above is as follows:
Radio broadcasting	$	(3,588)	$	(3,338)

Capital expenditures by segment are as follows:
Radio broadcasting	$	3,750	$	2,826
Reach Media		269		160
Digital		1,245		1,354
Cable television		639		385
All other - corporate/eliminations		1,695		1,561
Consolidated (a)	$	7,598	$	6,286
(a) Consolidated amount includes $835,000 related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $25.0 million in the Consolidated Statements of Cash Flows.

	As of
	December 31,		December 31,
	2022		2021
			(As Restated)
	(In thousands)
Total assets:
Radio broadcasting	$	606,199	$	623,265
Reach Media		49,164		33,451
Digital		35,888		32,915
Cable television		414,697		367,896
All other - corporate/eliminations		232,539		271,498
Consolidated	$	1,338,487	$	1,329,025