Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2025

Acquisitions and Dispositions

Schedule of the key assumptions used in the discounted cash flow analysis for the fair value of the FCC license

Discount rate	9.5	%
Operating profit margin ranges	27.5	%
Market long-term revenue growth rates	0.5	%

Schedule of recognized identified assets acquired and liabilities assumed

Condensed Consolidated Balance Sheet of 2025 and 2024 Acquisitions

	Acquisitions in
	2025		2024
	(In thousands)
Assets Acquired:
Current assets	$	—	$	534
Property and equipment		—		2,035
Other assets:
Broadcast licenses		—		2,150
Goodwill		—		76
Other intangibles, deferred costs and investments		—		1,044
Total other assets		—		3,270
Total assets acquired		—		5,839
Liabilities Assumed:
Current liabilities		—		128
Total liabilities assumed		—		128
Net assets acquired	$	—	$	5,711

Schedule of Business Acquisition, Pro Forma Information

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In thousands, except per share data)				(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	28,166	$	28,694	$	80,607	$	84,872
Station operating expense		24,674		22,709		68,863		69,388
Corporate general and administrative		2,820		2,900		9,061		8,987
Depreciation and amortization		1,307		1,391		3,900		4,076
Other operating (income) expense, net		(9)		49		298		1,026
Operating (loss) income		(626)		1,645		(1,515)		1,395
Interest expense		108		121		322		366
Interest income		(216)		(255)		(648)		(809)
Other income		(81)		(78)		(105)		(1,211)
(Loss) income before income tax expense		(437)		1,857		(1,084)		3,049
Income tax (benefit) expense
Current		290		415		130		690
Deferred		(195)		175		(235)		246
		95		590		(105)		936
Net (loss) income	$	(532)	$	1,267	$	(979)	$	2,113
(Loss) income per share:
Basic	$	(0.08)	$	0.20	$	(0.15)	$	0.34
Diluted	$	(0.08)	$	0.20	$	(0.15)	$	0.34