The Company’s management has determined that the Company operates in three reportable segments as of December 31, 2019, based upon the type of advertising medium, which segments are television broadcasting, radio broadcasting, and digital media. The Company’s segments results reflect information presented on the same basis that is used for internal management reporting and it is also how the chief operating decision maker evaluates the business.

The Company owns and/or operates 56 primary television stations located primarily in California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Nevada, New Mexico, Texas and Washington, D.C. The Company generates revenue from advertising, retransmission consent agreements and the monetization of spectrum usage rights in these markets.

The Company owns and operates 49 radio stations (38 FM and 11 AM) located primarily in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas.

The Company owns and operates a national sales representation division, Entravision Solutions, through which the Company sells advertisements and syndicates radio programming to more than 100 markets across the United States.

The Company owns and operates digital media operations, offering mobile, digital and other interactive media platforms and services on Internet-connected devices, including local websites and social media, which provide users with news information and other content.

On April 4, 2017, the Company completed the acquisition of Headway, a provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America.

Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. The Company generated 18%, 18% and 7% and of its revenue outside the United States during the years ended December 31, 2019, 2018 and 2017, respectively.

The accounting policies applied to determine the segment information are generally the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate financial data for each operating segment as provided below (in thousands):

	Years Ended December 31,									% Change			% Change
		2019			2018			2017		2019 to 2018			2018 to 2017
Net Revenue
Revenue from advertising and retransmission consent
Television	$	136,593		$	149,935		$	148,059			(9	)%		1	%
Radio		55,013			63,922			66,934			(14	)%		(4	)%
Digital		68,908			80,982			57,098			(15	)%		42	%
Total		260,514			294,839			272,091			(12	)%		8	%
Revenue from spectrum usage rights (television)		13,061			2,976			263,943			339	%		(99	)%
Consolidated		273,575			297,815			536,034			(8	)%		(44	)%
Cost of revenue - television (spectrum usage rights)		—			—			12,340		*				(100	)%
Cost of revenue - digital media		36,757			45,096			32,998			(18	)%		37	%
Direct operating expenses
Television		61,778			62,434			59,454			(1	)%		5	%
Radio		39,277			41,287			44,572			(5	)%		(7	)%
Digital		18,357			21,521			15,257			(15	)%		41	%
Consolidated		119,412			125,242			119,283			(5	)%		5	%
Selling, general and administrative expenses
Television		22,638			21,864			22,276			4	%		(2	)%
Radio		17,423			18,081			18,743			(4	)%		(4	)%
Digital		13,904			11,590			8,097			20	%		43	%
Consolidated		53,965			51,535			49,116			5	%		5	%
Depreciation and amortization
Television		10,059			9,024			9,760			11	%		(8	)%
Radio		1,866			2,490			2,673			(25	)%		(7	)%
Digital		4,723			4,759			3,978			(1	)%		20	%
Consolidated		16,648			16,273			16,411			2	%		(1	)%
Segment operating profit (loss)
Television		55,179			59,589			308,172			(7	)%		(81	)%
Radio		(3,553	)		2,064			946		*				118	%
Digital		(4,833	)		(1,984	)		(3,232	)		144	%		(39	)%
Consolidated		46,793			59,669			305,886			(22	)%		(80	)%
Corporate expenses		28,067			26,865			27,937			4	%		(4	)%
Change in fair value of contingent consideration		(6,478	)		(1,202	)		—			439	%	*
Impairment charge		32,097			—			—		*			*
Foreign currency (gain) loss		754			1,616			350			(53	)%		362	%
Other operating (gain) loss		(5,994	)		(1,187	)		(262	)		405	%		353	%
Operating income (loss)	$	(1,653	)	$	33,577		$	277,861		*				(88	)%
Capital expenditures
Television	$	24,174		$	14,336		$	10,945
Radio		792			350			1,679
Digital		318			1,031			64
Consolidated	$	25,284		$	15,717		$	12,688
Total assets
Television	$	465,758		$	487,929		$	556,942
Radio		138,463			121,020			126,248
Digital		51,979			81,460			82,949
Consolidated	$	656,200		$	690,409		$	766,139