15. SEGMENT INFORMATION:

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure.

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the related activities and operations of our syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of the Company’s cable TV operation, including TV One’s and CLEO TV's results of operations. Corporate/Eliminations represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.

Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.

The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2019 and 2018 is presented in the following table:


	For the Years Ended December 31,
	2019		2018
	(In thousands)
Net Revenue:
Radio Broadcasting	$	177,478	$	182,765
Reach Media		44,691		42,984
Digital		31,922		31,577
Cable Television		185,027		184,298
Corporate/Eliminations*		(2,189)		(2,526)
Consolidated	$	436,929	$	439,098

Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
Radio Broadcasting	$	119,878	$	117,427
Reach Media		38,150		36,064
Digital		31,775		37,617
Cable Television		103,195		99,104
Corporate/Eliminations		29,250		20,801
Consolidated	$	322,248	$	311,013

Depreciation and Amortization:
Radio Broadcasting	$	3,248	$	3,484
Reach Media		235		250
Digital		1,877		1,907
Cable Television		10,376		26,259
Corporate/Eliminations		1,249		1,289
Consolidated	$	16,985	$	33,189

Impairment of Long-Lived Assets:
Radio Broadcasting	$	4,800	$	21,256
Reach Media		—		—
Digital		5,800		—
Cable Television		—		—
Corporate/Eliminations		—		—
Consolidated	$	10,600	$	21,256

Operating income (loss):
Radio Broadcasting	$	49,552	$	40,598
Reach Media		6,306		6,670
Digital		(7,530)		(7,947)
Cable Television		71,456		58,935
Corporate/Eliminations		(32,688)		(24,616)
Consolidated	$	87,096	$	73,640

* Intercompany revenue included in net revenue above is as follows:


Radio Broadcasting	$	(2,189)	$	(2,526)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	2,778	$	3,876
Reach Media		179		114
Digital		1,390		1,197
Cable Television		207		570
Corporate/Eliminations		591		1,429
Consolidated	$	5,145	$	7,186


	As of
	December 31,		December 31,
	2019		2018
	(In thousands)
Total Assets:
Radio Broadcasting	$	721,295	$	717,400
Reach Media		41,892		34,388
Digital		22,223		24,389
Cable Television		388,465		402,511
Corporate/Eliminations		76,044		58,721
Consolidated	$	1,249,919	$	1,237,409