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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,565 $ 36,660
Adjustments to reconcile net income to net cash from operating activities:    
Bad debt expense 2,552 1,837
Depreciation and amortization 7,101 10,034
Amortization of debt financing costs 2,137 1,989
Amortization of launch assets 4,980 4,380
Amortization of content assets 50,098 43,533
Deferred income taxes 5,148 14,575
Amortization of right of use assets 9,226 8,716
Impairment of goodwill, intangible assets, and long-lived assets 129,278 40,683
Non-cash fair value adjustment of Employment Agreement Award 169 2,129
Stock-based compensation expense 9,975 9,912
Gain on retirement of debt (2,356) (6,718)
Loss on deconsolidation of joint venture 188  
Loss on investment in unconsolidated joint venture 5,131  
Non-cash income on PPP loan forgiveness   (7,575)
Realized gain on available for sale debt securities (96,826)  
Other 1,442  
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable, net 8,698 (16,123)
Prepaid expenses and other current assets (2,376) (6,651)
Other assets 555 1,022
Content assets and content payables (53,518) (62,630)
Accounts payable 2,407 304
Accrued interest (769) (2,347)
Accrued compensation and related benefits (3,758) 6,461
Other liabilities (15,152) (4,393)
Launch support (4,250) (9,250)
Net cash flows provided by operating activities 64,645 66,548
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (7,676) (6,763)
Restricted cash derecognized in deconsolidation of joint venture (26,000)  
Proceeds from sale of joint venture interest 6,563  
Proceeds from sale of available for sale debt securities 136,826  
Proceeds from release of escrow associated with joint venture 13,012  
Acquisition of stations and broadcasting assets (27,500) (25,000)
Disposition of stations and broadcasting assets 4,975 3,080
Investment in unconsolidated joint venture (4,842)  
Net cash flows provided by (used in) investing activities 95,358 (28,683)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Contributions from noncontrolling interest members of RVAEH   512
Repayments of long-term debt (22,281) (67,124)
Repurchase of common stock (1,630) (26,543)
Payment of dividends to noncontrolling interest members of Reach Media (4,401) (1,599)
Proceeds from exercise of stock options   50
Net cash flows used in financing activities (28,312) (94,704)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 131,691 (56,839)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 101,879 158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 233,570 101,879
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 54,828 62,039
Cash paid for: Income taxes, net of refunds 1,983 2,089
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:    
Liabilities recognized under asset exchange/asset acquisition   1,240
Operating right of use assets obtained in exchange for lease obligation 10,870 3,876
Operating right of use asset and lease liability terminations 429 2,418
Non-cash launch additions   9,500
Non-cash content asset additions 9,716 15,246
Adjustment of redeemable noncontrolling interests to estimated redemption value $ (6,907) $ 5,616