SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

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 the Company’s syndicated shows. The digital segment 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. The cable television segment includes the results of operations of TV One and CLEO TV. Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.”

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

The accounting policies described in the summary of significant accounting policies in Note 3 – Summary of Significant Accounting Policies of the Company’s consolidated financial statements are applied consistently across the segments.

Detailed segment data for the years ended December 31, 2023 and 2022 is presented in the following table:

	Years Ended
	December 31,
	2023		2022
	(In thousands)
Net Revenue:
Radio Broadcasting	$	156,214	$	156,678
Reach Media		52,888		43,117
Digital		75,495		78,526
Cable Television		196,207		209,871
All other - corporate/eliminations*		(3,114)		(3,588)
Consolidated	$	477,690	$	484,604
Operating Expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	122,666	$	109,365
Reach Media		38,595		28,651
Digital		55,691		56,760
Cable Television		109,207		105,419
All other - corporate/eliminations		46,723		42,603
Consolidated	$	372,882	$	342,798
Depreciation and Amortization:
Radio Broadcasting	$	3,707	$	3,411
Reach Media		162		188
Digital		1,352		1,323
Cable Television		1,369		3,847
All other - corporate/eliminations		511		1,265
Consolidated	$	7,101	$	10,034
Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	129,278	$	40,683
Reach Media		—		—
Digital		—		—
Cable Television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	129,278	$	40,683
Operating (loss) income:
Radio Broadcasting	$	(99,437)	$	3,219
Reach Media		14,131		14,278
Digital		18,452		20,443
Cable Television		85,631		100,605
All other - corporate/eliminations		(50,348)		(47,456)
Consolidated	$	(31,571)	$	91,089
*  Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(3,660)	$	(3,588)

Capital expenditures by segment are as follows:
Radio Broadcasting	$	7,105	$	3,750
Reach Media		119		269
Digital		1,172		1,245
Cable Television		142		639
All other - corporate/eliminations		599		1,695
Consolidated (a)	$	9,137	$	7,598
(a) Consolidated amount includes $1.5 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively, related to acquisition of property, plant and equipment that is reflected in the Acquisition of broadcasting assets amount of $27.5 million $25.0 million for the years ended December 31, 2023 and 2022, respectively, in the Consolidated Statements of Cash Flows

	As of
	December 31,		December 31,
	2023		2022
	(In thousands)
Total assets:
Radio Broadcasting	$	503,259	$	605,703
Reach Media		50,722		48,936
Digital		31,185		35,766
Cable Television		398,660		414,324
All other - corporate/eliminations		227,347		239,917
Consolidated	$	1,211,173	$	1,344,646