SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2012

SEGMENT INFORMATION

12.  SEGMENT INFORMATION:

The Company has four reportable segments: (i) Radio Broadcasting; (ii) Reach Media; (iii) Internet; 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 Company aggregates the broadcast markets in which it operates into the Radio Broadcasting segment. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities. The Internet segment includes the results of our online business, including the operations of Interactive One and CCI. The Cable Television segment consists of TV One’s results of operations. Corporate/Eliminations/Other 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 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 three months ended March 31, 2012 and 2011 is presented in the following tables:

	Three Months Ended March 31,
	2012			2011
	(Unaudited)
	(In thousands)
Net Revenue:
Radio Broadcasting	$	52,733		$	48,258
Reach Media		13,553			14,725
Internet		5,785			3,515
Cable Television		32,236			—
Corporate/Eliminations/Other		(1,265	)		(1,489	)
Consolidated	$	103,042		$	65,009
Operating Expenses (excluding depreciation, amortization and impairment charges and including stock-based compensation):
Radio Broadcasting	$	35,324		$	31,936
Reach Media		14,362			13,937
Internet		5,464			5,072
Cable Television		20,318			—
Corporate/Eliminations/Other		4,116			4,403
Consolidated	$	79,584		$	55,348
Depreciation and Amortization:
Radio Broadcasting	$	1,605		$	1,752
Reach Media		301			984
Internet		814			1,118
Cable Television		6,748			—
Corporate/Eliminations/Other		217			230
Consolidated	$	9,685		$	4,084
Operating income (loss):
Radio Broadcasting	$	15,804		$	14,570
Reach Media		(1,110	)		(196	)
Internet		(493	)		(2,675	)
Cable Television		5,170			—
Corporate/Eliminations/Other		(5,598	)		(6,122	)
Consolidated	$	13,773		$	5,577

	March 31, 2012		December 31, 2011
	(Unaudited)
	(In thousands)
Total Assets:
Radio Broadcasting	$	799,464	$	806,822
Reach Media		32,145		33,737
Internet		33,673		33,265
Cable Television		558,093		561,325
Corporate/Eliminations/Other		57,786		51,333
Consolidated	$	1,481,161	$	1,486,482