v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 25,515 $ 137,090
Restricted cash 843 484
Trade accounts receivable, net of allowance for expected credit losses of $4,178 and $4,553, respectively 88,676 113,847
Prepaid expenses 5,345 8,156
Current portion of content assets, net 39,469 36,861
Other current assets 4,604 8,941
Total current assets 164,452 305,379
CONTENT ASSETS, NET 72,552 86,868
PROPERTY AND EQUIPMENT, NET 33,384 27,822
RIGHT OF USE ASSETS, NET 35,331 31,055
GOODWILL, NET 132,382 196,425
RADIO BROADCASTING LICENSES, NET   257,759
OTHER INTANGIBLE ASSETS, NET   30,860
OTHER ASSETS 9,252 8,622
Total assets 592,994 944,790
CURRENT LIABILITIES:    
Accounts payable 14,017 19,945
Accrued interest 1,018 18,028
Accrued compensation and related benefits 11,048 11,899
Reserve for audience deficiency 14,217 22,383
Short-term borrowings under the asset-backed facility 10,000 0
Current portion of content payables 9,446 14,233
Current portion of lease liabilities 6,702 7,428
Other current liabilities 11,861 20,386
Total current liabilities 78,309 114,302
LONG-TERM DEBT, net of original issue discount and issuance costs 429,742 579,069
CONTENT PAYABLES, net of current portion 5,059 6,020
LONG-TERM LEASE LIABILITIES 32,543 24,373
OTHER LONG-TERM LIABILITIES 8,392 12,788
DEFERRED TAX LIABILITIES, NET 11,715 29,305
Total liabilities 565,760 765,857
COMMITMENTS AND CONTINGENCIES (NOTE 17)
REDEEMABLE NON-CONTROLLING INTERESTS 2,631 7,988
STOCKHOLDERS’ EQUITY:    
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at December 31, 2025 and 2024 0 0
Treasury Stock, at cost — 90,889 at each of December 31, 2025 and 2024, respectively [1] (1,345) (1,345)
Additional paid-in capital 1,011,578 1,011,051
Accumulated deficit (985,634) (838,765)
Total stockholders’ equity 24,603 170,945
Total liabilities, redeemable non-controlling interests and stockholders’ equity 592,994 944,790
Radio Broadcasting Licenses    
CURRENT ASSETS:    
RADIO BROADCASTING LICENSES, NET / OTHER INTANGIBLE ASSETS, NET 121,014  
Other Intangible Assets    
CURRENT ASSETS:    
RADIO BROADCASTING LICENSES, NET / OTHER INTANGIBLE ASSETS, NET 24,627  
Common Stock - Class A    
STOCKHOLDERS’ EQUITY:    
Common stock value [1] 1 1
Common stock - Class B    
STOCKHOLDERS’ EQUITY:    
Common stock value [1] 0 0
Common Stock - Class C    
STOCKHOLDERS’ EQUITY:    
Common stock value [1] 0 0
Common Stock - Class D    
STOCKHOLDERS’ EQUITY:    
Common stock value [1] $ 3 $ 3
[1] All classes of Common Stock have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026. See Note 15 - Stockholders Equity for additional information.