SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Cash and Cash Equivalents

	Three Months Ended
	March 31,
	2024		2023
	(In thousands)
Cash and cash equivalents	$	155,265	$	71,455
Restricted cash	481			476
Total cash, cash equivalents, and restricted cash shown in Consolidated Statements of Cash Flows	$	155,746	$	71,931

Schedule of net revenues

	Radio		Reach				Cable
(In thousands)	Broadcasting		Media		Digital		Television		Eliminations		Consolidated
Three Months Ended March 31, 2024
Net Revenue:
Radio advertising	$	33,754	$	8,382	$	-	$	-	$	(795)	$	41,341
Political advertising		1,167		48		22		-		-		1,237
Digital advertising		-		-		13,946		-		-		13,946
Cable television advertising		-		-		-		25,365		-		25,365
Cable television affiliate fees		-		-		-		20,787		-		20,787
Event revenues & other		1,430		42		-		73		189		1,734
Net revenue	$	36,351	$	8,472	$	13,968	$	46,225	$	(606)	$	104,410
Three Months Ended March 31, 2023
Net Revenue:
Radio advertising	$	33,841	$	10,288	$	-	$	-	$	(1,021)	$	43,108
Political advertising		249		-		47		-		-		296
Digital advertising		-		-		15,024		-		-		15,024
Cable television advertising		-		-		-		25,822		-		25,822
Cable television affiliate fees		-		-		-		23,837		-		23,837
Event revenues & other		1,090		629		-		18		45		1,782
Net revenue	$	35,180	$	10,917	$	15,071	$	49,677	$	(976)	$	109,869

Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income)

	March 31, 2024		December 31, 2023
	(In thousands)
Contract assets:
Unbilled receivables	$	3,412	$	5,437
Contract liabilities:
Customer advances and unearned income	$	4,762	$	4,851
Reserve for audience deficiency		14,583		12,779
Unearned event income		9,037		4,864

Schedule of calculation of basic and diluted earnings per share from continuing operations

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income (loss) attributable to Class A, Class B, Class C and Class D stockholders	$	7,493	$	(2,922)
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		48,385,386		47,420,832
Effect of dilutive securities:
Stock options and restricted stock		1,536,417		—
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		49,921,803		47,420,832
Net income (loss) attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	0.15	$	(0.06)
Net income (loss) attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	0.15	$	(0.06)

Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis

	Total		Level 1		Level 2		Level 3
	(In thousands)
As of March 31, 2024
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	22,947	$	—	$	—	$	22,947
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	8,364	$	—	$	—	$	8,364
Assets subject to fair value measurement:
Cash equivalents - money market funds (c)	$	136,019	$	136,019	$	—	$	—
As of December 31, 2023
Liabilities subject to fair value measurement:
Employment Agreement Award (a)	$	22,970	$	—	$	—	$	22,970
Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interests (b)	$	16,520	$	—	$	—	$	16,520
Assets subject to fair value measurement:
Cash equivalents - money market funds (c)	$	193,769	$	193,769	$	—	$	—

(a) Pursuant to an employment agreement, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. Please refer to Note 9 – Subsequent Events of the Company’s condensed consolidated financial statements for more details.

(b) The fair value is measured using an exit price methodology. Significant inputs to the exit price analysis include revenue growth rates, future operating profit margins, discount rate and an exit multiple.

(c) The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.

Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis

	Employment		Redeemable
	Agreement		Noncontrolling
	Award		Interests
Balance at December 31, 2023	$	22,970	$	16,520
Net income attributable to noncontrolling interests		—		242
Purchase of ownership interest in Reach Media		—		(7,603)
Dividends paid to noncontrolling interests		—		(1,799)
Change in fair value (*)		(23)		1,004
Balance at March 31, 2024	$	22,947	$	8,364

	Employment		Redeemable
	Agreement		Noncontrolling
	Award		Interests
Balance at December 31, 2022	$	25,741	$	25,298
Net income attributable to noncontrolling interests		—		511
Dividends paid to noncontrolling interests		—		(2,001)
Change in fair value (*)		(144)		1,308
Balance at March 31, 2023	$	25,597	$	25,116

(*) Amount of total income/(losses) for the period included in earnings attributable to the change in unrealized (gains) losses relating to liabilities still held at the reporting date.

Schedule of significant unobservable input value

For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:

			March 31,		December 31,
			2024		2023
		Significant
		Unobservable	Significant Unobservable
Level 3 liabilities	Valuation Technique	Inputs	Input Value
Employment Agreement Award	Discounted cash flow	Discount rate	9.5	%	10.0	%
Employment Agreement Award	Discounted cash flow	Operating profit margin range	33.9% - 41.2	%	35.0% - 42.3	%
Employment Agreement Award	Discounted cash flow	Revenue growth rate range	(2.1)% - 2.5	%	(2.1)% - 2.5	%
Employment Agreement Award	Market approach	Average recurring EBITDA multiple	6.0 - 6.1	x	6.3 - 6.5	x
Redeemable noncontrolling interests	Discounted cash flow	Discount rate	12.5	%	12.5	%
Redeemable noncontrolling interests	Discounted cash flow	Operating profit margin range	24.5% - 31.9	%	24.5% - 31.9	%
Redeemable noncontrolling interests	Discounted cash flow	Revenue growth rate range	1.2% - 16.5	%	1.2% - 16.5	%
Redeemable noncontrolling interests	Discounted cash flow	Exit multiple	4.0	x	4.0	x

Schedule Of finite lived content assets

	March 31,		December 31,		Period of
	2024		2023		Amortization
	(In thousands)
Produced content assets:
Completed	$	139,304	$	132,273
In-production		13,024		11,726
Licensed content assets acquired:
Acquired		36,643		35,520
Content assets, at cost		188,971		179,519	1‑5 Years
Less: accumulated amortization		(73,491)		(67,323)
Content assets, net		115,480		112,196
Less: current portion		(33,348)		(29,748)
Noncurrent portion	$	82,132	$	82,448