SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information

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 Broadcasting		Reach Media		Digital		Cable Television



NET REVENUE	$	139,091	$	31,146	$	47,845	$	158,994
Less:
Programming and technical	46,245		12,645		13,252		53,918
Sales and marketing	45,778		16,997		29,957		29,075
General and administrative	25,828		3,236		2,189		15,598
Total significant operating expenses	117,851		32,878		45,398		98,591
Add back:
Severance-related costs	1,158		177		37		6
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 Broadcasting		Reach Media		Digital(1)		Cable Television(1)



NET REVENUE	$	165,803	$	47,260	$	62,820	$	176,127
Less:
Programming and technical	46,357		14,475		14,683		60,610
Sales and marketing(2)	50,941		16,859		32,300		32,356
General and administrative(2)	31,314		3,702		2,310		17,061
Total significant operating expenses	128,612		35,036		49,293		110,027
Add back/(deduct):
Severance-related costs	1,350		137		252		431

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.

Schedule of Segment, Reconciliation of Other Items from Segments to Consolidated


	Years Ended December 31,
	2025		2024

	(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 costs	1,753		2,712
Loss from ceased non-core business initiatives	242		2,491
Stock-based compensation	1,907		5,716
Depreciation and amortization	18,073		7,716
Impairment of goodwill and intangible assets	191,816		151,755
Interest and investment income	(2,492)		(5,980)
Interest expense	38,806		48,571
Gain on retirement of debt	(44,009)		(23,271)
Other expense (income), net	463		(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,
	2025		2024

	(in thousands)











































Capital expenditures by segment are as follows:
Radio Broadcasting	$	6,874	$	4,994
Reach Media	50		73
Digital	1,381		1,560
Cable Television	399		81
All other - corporate/eliminations	1,368		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.