v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Detailed segment data for the three and nine months ended September 30, 2025 and 2024 is presented in the following table:
Three Months Ended September 30, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$34,725$6,147$12,696$39,790
Less:
Programming and technical 14,2753,0893,23814,267
Sales and marketing10,6992,6248,2457,161
General and administrative7,0117264843,852
Add back:
Severance-related costs1,22383356
Litigation settlement costs (3)
3,078———
Other costs(4)
77———
Segment Adjusted EBITDA$7,118 $(209)$764 $14,516 
Three Months Ended September 30, 2024
(in thousands)
Radio BroadcastingReach Media
Digital (1)
Cable Television (1)
NET REVENUE$39,716$10,247$18,291$42,797
Less:
Programming and technical 11,7793,7003,48115,177
Sales and marketing (2)
13,8961,3468,1476,800
General and administrative (2)
8,0069166603,933
Add back/(deduct):
Severance-related costs145———
Other costs (income)(4)
1,215(742)(720)—
Segment Adjusted EBITDA$7,395 $3,543 $5,283 $16,887 
Nine Months Ended September 30, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$104,028$17,315$33,162$124,053
Less:
Programming and technical 35,5619,6359,69239,548
Sales and marketing35,6347,80221,60422,088
General and administrative20,4342,4871,22911,258
Add back/(deduct):
Severance-related costs1,300198376
Litigation settlement costs (3)
3,078———
Other costs (income)(4)
127—2(1)
Segment Adjusted EBITDA$16,904 $(2,411)$676 $51,164 
Nine Months Ended September 30, 2024
(in thousands)
Radio BroadcastingReach Media
Digital (1)
Cable Television (1)
NET REVENUE$118,066$37,648$44,551$134,113
Less:
Programming and technical 34,54310,82410,50444,690
Sales and marketing (2)
38,45114,57121,34225,247
General and administrative (2)
23,7332,6791,64112,056
Add back/(deduct):
Severance-related costs264——89
Other costs (income)(4)
922(743)(720)—
Segment Adjusted EBITDA$22,525 $8,831 $10,344 $52,209 
(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.
(3) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods (see Note 13 - Commitments and Contingencies).
(4) Other costs (income) include the remaining non-recurring costs (income) used to arrive at Segment Adjusted EBITDA.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Segment Adjusted EBITDA to loss from consolidated operations before benefit from income taxes reconciliation
Segment Adjusted EBITDA$22,189 $33,108 $66,333 $93,909 
Less: Corporate/Eliminations/Other(7,988)(7,694)(25,315)(17,316)
Corporate costs(a)
524 1,385 1,633 10,232 
Litigation settlement costs (b)
3,078 — 3,078 — 
Severance-related costs1,620 251 1,839 831 
Loss from ceased non-core business initiatives— 762 466 1,983 
Stock-based compensation365 1,152 1,615 3,615 
Depreciation and amortization6,104 1,238 11,942 6,081 
Impairment of goodwill and intangible assets— 46,823 136,521 127,581 
Interest and investment income(512)(1,088)(2,094)(4,863)
Interest expense9,448 11,649 30,076 37,051 
Gain on retirement of debt(2,125)(3,472)(44,009)(18,771)
Other income, net(359)(74)(675)(974)
Loss from consolidated operations before benefit from income taxes$(3,942)$(33,212)$(99,374)$(86,173)
(a) Corporate costs primarily include professional fees related to the material weakness remediation efforts.
(b) Non-recurring litigation settlement costs include an approximately $3.1 million charge related to the rate increase for royalties for historical periods (see Note 13 - Commitments and Contingencies).
Three Months Ended September 30,
20252024
(In thousands)
Capital expenditures:
Radio Broadcasting$1,791$1,119
Reach Media8420
Digital376391
Cable Television298—
All other - corporate/eliminations552103
Consolidated$3,101$1,633
Nine Months Ended September 30,
20252024
(In thousands)
Capital expenditures:
Radio Broadcasting$4,516$3,956
Reach Media9149
Digital1,0401,269
Cable Television29869
All other - corporate/eliminations920329
Consolidated$6,865$5,672