Broadcast

Digital Media

Publishing

Unallocated

Corporate

Expenses

Consolidated

(Dollars in thousands)

Three Months Ended September 30, 2019

Net revenue

$

47,679

$

9,149

$

7,288

$

—

$

64,116

Operating expenses

37,310

7,282

6,517

4,183

55,292

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and net (gain) loss on the disposition of assets

$

10,369

$

1,867

$

771

$

(4,183

)

$

8,824

Depreciation

1,720

764

80

180

2,744

Amortization

8

929

210

—

1,147

Change in the estimated fair value of contingent earn-out consideration

—

(40

)

—

—

(40

)

Impairment of indefinite-lived long-term assets other than goodwill

1,915

—

—

—

1,915

Net (gain) loss on the disposition of assets

17,539

6

—

—

17,545

Net operating income (loss)

$

(10,813

)

$

208

$

481

$

(4,363

)

$

(14,487

)

Three Months Ended September 30, 2018

Net revenue

$

48,812

$

10,397

$

6,319

$

—

$

65,528

Operating expenses

37,158

8,021

6,210

3,987

55,376

Net operating income (loss) before depreciation, amortization and net (gain) loss on the disposition of assets

$

11,654

$

2,376

$

109

$

(3,987

)

$

10,152

Depreciation

1,923

777

128

204

3,032

Amortization

9

1,370

225

—

1,604

Net (gain) loss on the disposition of assets

(759

)

—

—

—

(759

)

Net operating income (loss)

$

10,481

$

229

$

(244

)

$

(4,191

)

$

6,275

Broadcast

Digital Media

Publishing

Unallocated

Corporate

Expenses

Consolidated

(Dollars in thousands)

Nine Months Ended September 30, 2019

Net revenue

$

142,854

$

29,349

$

17,062

$

—

$

189,265

Operating expenses

111,466

22,988

17,112

12,386

163,952

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and net (gain) loss on the disposition of assets

$

31,388

$

6,361

$

(50

)

$

(12,386

)

$

25,313

Depreciation

5,399

2,302

289

539

8,529

Amortization

26

2,907

633

1

3,567

Change in the estimated fair value of contingent earn-out consideration

—

(40

)

—

—

(40

)

Impairment of indefinite-lived long-term assets other than goodwill

1,915

—

—

—

1,915

Net (gain) loss on the disposition of assets

20,951

260

1

—

21,212

Net operating income (loss)

$

3,097

$

932

$

(973

)

$

(12,926

)

$

(9,870

)

Nine Months Ended September 30, 2018

Net revenue

$

147,425

$

31,051

$

17,119

$

—

$

195,595

Operating expenses

110,151

24,792

17,319

11,938

164,200

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the disposition of assets

$

37,274

$

6,259

$

(200

)

$

(11,938

)

$

31,395

Depreciation

5,692

2,346

388

650

9,076

Amortization

29

3,818

710

1

4,558

Change in the estimated fair value of contingent earn-out consideration

—

72

—

—

72

Net (gain) loss on the disposition of assets

4,400

—

—

—

4,400

Net operating income (loss)

$

27,153

$

23

$

(1,298

)

$

(12,589

)

$

13,289

Broadcast

Digital Media

Publishing

Unallocated

Corporate

Consolidated

(Dollars in thousands)

As of September 30, 2019

Inventories, net

$

—

$

—

$

649

$

—

$

649

Property and equipment, net

73,383

6,301

817

7,816

88,317

Broadcast licenses

340,354

—

—

—

340,354

Goodwill

2,930

21,599

1,888

8

26,425

Other indefinite-lived intangible assets

—

—

277

—

277

Amortizable intangible assets, net

277

6,503

1,388

2

8,170

As of December 31, 2018

Inventories, net

$

—

$

290

$

387

$

—

$

677

Property and equipment, net

81,269

6,184

933

7,958

96,344

Broadcast licenses

376,316

—

—

—

376,316

Goodwill

2,960

21,933

1,888

8

26,789

Other indefinite-lived intangible assets

—

—

277

—

277

Amortizable intangible assets, net

303

8,937

2,021

3

11,264