SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

7.    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 income or loss 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 2 – Summary of Significant Accounting Policies of the Company’s condensed consolidated financial statements are applied consistently across the segments.

Detailed segment data for the three months ended March 31, 2024 and 2023, is presented in the following tables:

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Net revenue:
Radio Broadcasting	$	36,351	$	35,180
Reach Media		8,472		10,917
Digital		13,968		15,071
Cable Television		46,225		49,677
All other - corporate/eliminations*		(606)		(976)
Consolidated	$	104,410	$	109,869
Operating expenses (excluding depreciation and amortization and impairment of goodwill, intangible assets, and long-lived assets):
Radio Broadcasting	$	29,847	$	26,448
Reach Media		6,683		7,736
Digital		11,005		11,350
Cable Television		29,186		29,383
All other - corporate/eliminations		12,951		7,460
Consolidated	$	89,672	$	82,377
Depreciation and amortization:
Radio Broadcasting	$	883	$	917
Reach Media		41		40
Digital		417		337
Cable Television		125		965
All other - corporate/eliminations		384		338
Consolidated	$	1,850	$	2,597
Impairment of goodwill, intangible assets, and long-lived assets:
Radio Broadcasting	$	—	$	16,775
Reach Media		—		—
Digital		—		—
Cable Television		—		—
All other - corporate/eliminations		—		—
Consolidated	$	—	$	16,775
Operating income (loss):
Radio Broadcasting	$	5,621	$	(8,960)
Reach Media		1,748		3,141
Digital		2,546		3,384
Cable Television		16,914		19,329
All other - corporate/eliminations		(13,941)		(8,774)
Consolidated	$	12,888	$	8,120
*  Intercompany revenue included in net revenue above is as follows:
Radio Broadcasting	$	(795)	$	(976)

	Three Months Ended March 31,
	2024		2023
	(In thousands)
Capital expenditures:
Radio Broadcasting	$	1,084	$	1,015
Reach Media		10		34
Digital		447		600
Cable Television		69		11
All other - corporate/eliminations		204		349
Consolidated	$	1,814	$	2,009

	March 31,		December 31,
	2024		2023
	(In thousands)
Total assets:
Radio Broadcasting	$	501,131	$	503,259
Reach Media		44,257		50,722
Digital		22,808		31,185
Cable Television		402,076		398,660
All other - corporate/eliminations		155,751		227,347
Consolidated	$	1,126,023	$	1,211,173