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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION
Reportable segments represent components of a company for which separate financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”), which is our President and Chief Executive Officer (CEO), in determining how to allocate resources and assess performance. Our four reportable segments include the following:
(i) Radio Broadcasting consists of all radio broadcast results of operations as well as low powered television operations.
(ii) Reach Media consists of the results of operations for the related activities and operations of the Company’s syndicated radio shows.
(iii) Digital includes the results of the Company’s online business, including the operations of Interactive One, as well as the digital components of the Company’s other reportable segments
(iv) Cable Television includes the results of operations of TV One and CLEO TV. The Cable Television reportable segment and reporting unit are identical.
Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the connected TV offering within our Digital segment to our Cable Television segment. This change aligns the connected TV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information included in this Annual Report on Form 10-K has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative significant segment expenses across the four segments to conform the presentation of significant segment expenses used to evaluate segment performance by the CODM.
In addition to the reportable segments above, the Company has a “corporate/eliminations/other” category that includes business activities not directly attributable to a specific reportable segment. These four segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.
In the ordinary course of business, our reportable segments enter into transactions with one another. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.
This segment structure reflects the financial information and reports used by the Company’s management, specifically its CODM, who is responsible for reviewing segment performance and making decisions regarding resource allocations, performance assessments, as well as our current operating focus. Asset and asset related information are not key measures used by the CODM. The CODM does not regularly receive or review information pertaining to assets by segments or in totality.
The CODM evaluates each segment’s performance based on Segment Adjusted EBITDA (defined below), guiding strategic decisions to align with company-wide goals, assessing the operating results and performance of the segments, identifying strategies to improve performance, and allocating resources to each segment. Segment Adjusted EBITDA is used to facilitate a comparison of the ordinary, ongoing and customary course of our operations on a consistent basis from period to period and provide an additional understanding of factors and trends affecting our business segments. Significant segment expenses provided to the CODM and included within Segment Adjusted EBITDA include programming and technical, sales and marketing, and general and administrative.
The Company defines Segment Adjusted EBITDA as net revenue less (1) programming and technical, (2) sales and marketing, (3) general and administrative operating expenses, plus (4) severance-related costs, (5) non-recurring litigation settlement costs, and (6) other costs (income).
Detailed segment data for the years ended December 31, 2025 and 2024 is presented in the following tables:
Year Ended December 31, 2025
(in thousands)
Radio BroadcastingReach MediaDigitalCable Television
NET REVENUE$139,091$31,146$47,845$158,994
Less:
Programming and technical 46,24512,64513,25253,918
Sales and marketing45,77816,99729,95729,075
General and administrative25,8283,2362,18915,598
Total significant operating expenses117,85132,87845,39898,591
Add back:
Severance-related costs1,158177376
Litigation settlement costs(3)
3,078———
Other costs(4)
128———
Segment Adjusted EBITDA$25,604 $(1,555)$2,484 $60,409 
Year Ended December 31, 2024
(in thousands)
Radio BroadcastingReach Media
Digital(1)
Cable Television(1)
NET REVENUE$165,803$47,260$62,820$176,127
Less:
Programming and technical46,35714,47514,68360,610
Sales and marketing(2)
50,94116,85932,30032,356
General and administrative(2)
31,3143,7022,31017,061
Total significant operating expenses128,61235,03649,293110,027
Add back/(deduct):
Severance-related costs1,350137252431
Other (income) costs(4)
(444)(733)(720)136
Segment Adjusted EBITDA$38,097 $11,628 $13,059 $66,667 
(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 TV 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 Annual Report on Form 10-K 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 17 - Commitments And Contingencies).
(4) Other (income) costs include the remaining non-recurring costs (income) used to arrive at Segment Adjusted EBITDA.
Years Ended
December 31,
20252024
(in thousands)
Segment Adjusted EBITDA to loss from consolidated operations before benefit from (provision for) income taxes reconciliation
Segment Adjusted EBITDA$86,942 $129,451 
Adjustments:
Less: Corporate/Eliminations/Other(30,285)(25,988)
Corporate costs(a)
2,211 8,658 
Litigation settlement costs(b)
3,078 — 
Debt refinancing costs(c)
7,698 — 
Severance-related costs1,753 2,712 
Loss from ceased non-core business initiatives242 2,491 
Stock-based compensation1,907 5,716 
Depreciation and amortization18,073 7,716 
Impairment of goodwill and intangible assets191,816 151,755 
Interest and investment income(2,492)(5,980)
Interest expense38,806 48,571 
Gain on retirement of debt(44,009)(23,271)
Other expense (income), net463 (896)
Loss from consolidated operations before benefit from (provision for) income taxes$(162,889)$(94,009)
(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 17 - Commitments And Contingencies).
(c) Debt refinancing costs include transaction costs related to the First Lien Senior Secured Notes and Second Lien Senior Secured Notes. (see Note 13 - Debt)
Years Ended
December 31,
20252024
(in thousands)
Capital expenditures by segment are as follows:
Radio Broadcasting$6,874 $4,994 
Reach Media50 73 
Digital1,381 1,560 
Cable Television399 81 
All other - corporate/eliminations1,368 611 
Consolidated(a)
$10,072 $7,319 
(a) Consolidated amount includes $0.1 million related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $0.2 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2024.