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NET REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
NET REVENUES
3. NET REVENUES
Revenue Recognition
The following table shows the sources of the Company’s net revenues by contract type and segment for the years ended December 31, 2025 and 2024:
(in thousands)Radio
Broadcasting		Reach
Media
Digital(1)
Cable
Television(1)
EliminationsConsolidated
Year Ended December 31, 2025
Net Revenue:
Radio advertising$129,451 $23,275 $— $— $(2,705)$150,021 
Political advertising1,394 — 16 20 — 1,430 
Digital advertising— — 47,829 — — 47,829 
Cable television advertising— — — 89,410 — 89,410 
Cable television affiliate fees— — — 69,399 — 69,399 
Event revenues & other8,246 7,871 — 165 — 16,282 
Net revenue$139,091 $31,146 $47,845 $158,994 $(2,705)$374,371 
Year Ended December 31, 2024
Net Revenue:
Radio advertising$143,242 $35,105 $— $— $(2,616)$175,731 
Political advertising14,303 1,955 3,756 425 — 20,439 
Digital advertising(1)
— — 59,064 — — 59,064 
Cable television advertising(1)
— — — 98,532 — 98,532 
Cable television affiliate fees— — — 77,071 — 77,071 
Event revenues & other8,258 10,200 — 99 280 18,837 
Net revenue$165,803 $47,260 $62,820 $176,127 $(2,336)$449,674 
(1) Effective January 1, 2025, segment information for the prior periods has been recast in this Annual Report on Form 10-K to include reclassification of a portion of revenues from our connected television (“CTV”) offering from the Digital segment to the Cable Television segment.
Contract Assets and Liabilities
Contract assets and contract liabilities that are not separately stated in the Company’s consolidated balance sheets as of December 31, 2025 and 2024 were as follows:
As of December 31, 2025
As of December 31, 2024
(in thousands)
Contract assets:
Unbilled receivables$4,586 $5,969 
Contract liabilities:
Customer advances and unearned income$2,754 $2,200 
Reserve for audience deficiency14,217 22,383 
Unearned event income90 1,152 
Unbilled receivables consist of earned revenue that has not yet been billed. Contract assets are included in trade accounts receivable, net on the consolidated balance sheets. Customer advances and unearned income represent advance payments by customers for future services under contract that are generally fulfilled in the near term. For advertising sold based on audience guarantees, audience deficiency typically results in an obligation to deliver additional advertising units to the customer, generally within 1 year of the campaign end date. To the extent that audience guarantees are not met, a reserve for audience deficiency is recorded until such a time that the audience guarantee has been satisfied. Unearned event income represents payments by customers for upcoming events. Contract liabilities are included in other current liabilities on the consolidated balance sheets.
All customer advances and unearned income as of January 1, 2025 was recognized as revenue for the year ended December 31, 2025. For customer advances and unearned income as of January 1, 2024, approximately $3.6 million was recognized as revenue for the year ended December 31, 2024.
For the reserve for audience deficiency as of January 1, 2025, approximately $12.8 million was recognized as revenue during the year ended December 31, 2025. For the reserve for audience deficiency as of January 1, 2024, approximately $3.4 million was recognized as revenue during the year ended December 31, 2024.