| Schedule of Segment Data |
The table below presents financial information for each operating segment as of September 30, 2017 and 2016 based on the new composition of our operating segments:
| | | | | | | | | Unallocated | | | | | | | | | Digital | | | | Corporate | | | | | | | Broadcast | | Media | | Publishing | | Expenses | | Consolidated | | | | | (Dollars in thousands) | | | Three Months Ended September 30, 2017 | | | | | | | | | | | | | | | | | | Net revenue | | $ | 48,424 | | $ | 10,446 | | $ | 6,563 | | $ | | | $ | 65,433 | | | Operating expenses | | | 37,040 | | | 8,169 | | | 6,686 | | | 4,233 | | | 56,128 | | | Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the sale or disposal of assets | | $ | 11,384 | | $ | 2,277 | | $ | (123) | | $ | (4,233) | | $ | 9,305 | | | Depreciation | | | 1,920 | | | 792 | | | 159 | | | 211 | | | 3,082 | | | Amortization | | | 11 | | | 860 | | | 264 | | | | | | 1,135 | | | Change in the estimated fair value of contingent earn-out consideration | | | | | | (12) | | | | | | | | | (12) | | | Net (gain) loss on the sale or disposal of assets | | | 97 | | | | | | | | | (2) | | | 95 | | | Net operating income (loss) | | $ | 9,356 | | $ | 637 | | $ | (546) | | $ | (4,442) | | $ | 5,005 | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2016 | | | | | | | | | | | | | | | | | | Net revenue | | $ | 51,052 | | $ | 11,999 | | $ | 8,221 | | $ | | | $ | 71,272 | | | Operating expenses | | | 37,434 | | | 9,172 | | | 8,020 | | | 4,147 | | | 58,773 | | | Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and net (gain) loss on the sale or disposal of assets | | $ | 13,618 | | $ | 2,827 | | $ | 201 | | $ | (4,147) | | $ | 12,499 | | | Depreciation | | | 1,753 | | | 840 | | | 174 | | | 209 | | | 2,976 | | | Amortization | | | 22 | | | 1,091 | | | 228 | | | | | | 1,341 | | | Change in the estimated fair value of contingent earn-out consideration | | | | | | (13) | | | (183) | | | | | | (196) | | | Net (gain) loss on the sale or disposal of assets | | | (633) | | | 176 | | | | | | | | | (457) | | | Net operating income (loss) | | $ | 12,476 | | $ | 733 | | $ | (18) | | $ | (4,356) | | $ | 8,835 | |
| | | | | | | | | Unallocated | | | | | | | | | Digital | | | | Corporate | | | | | | | Broadcast | | Media | | Publishing | | Expenses | | Consolidated | | | | | (Dollars in thousands) | | | Nine Months Ended September 30, 2017 | | | | | | | | | | | | | | | | | | Net revenue | | $ | 145,479 | | $ | 31,998 | | $ | 19,048 | | $ | | | $ | 196,525 | | | Operating expenses | | | 108,807 | | | 25,241 | | | 18,705 | | | 13,183 | | | 165,936 | | | 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 sale or disposal of assets | | $ | 36,672 | | | 6,757 | | $ | 343 | | $ | (13,183) | | $ | 30,589 | | | Depreciation | | | 5,668 | | | 2,389 | | | 515 | | | 599 | | | 9,171 | | | Amortization | | | 46 | | | 2,494 | | | 879 | | | 1 | | | 3,420 | | | Change in the estimated fair value of contingent earn-out consideration | | | | | | (54) | | | | | | | | | (54) | | | Impairment of indefinite-lived long-term assets other than goodwill | | | | | | | | | 19 | | | | | | 19 | | | Net (gain) loss on the sale or disposal of assets | | | (399) | | | | | | (9) | | | (2) | | | (410) | | | Net operating income (loss) | | $ | 31,357 | | $ | 1,928 | | $ | (1,061) | | $ | (13,781) | | $ | 18,443 | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2016 | | | | | | | | | | | | | | | | | | Net revenue | | $ | 149,768 | | $ | 34,056 | | $ | 19,802 | | $ | | | $ | 203,626 | | | Operating expenses | | | 109,455 | | | 26,815 | | | 19,951 | | | 11,928 | | | 168,149 | | | 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 sale or disposal of assets | | $ | 40,313 | | $ | 7,241 | | $ | (149) | | $ | (11,928) | | $ | 35,477 | | | Depreciation | | | 5,431 | | | 2,392 | | | 489 | | | 638 | | | 8,950 | | | Amortization | | | 67 | | | 3,233 | | | 372 | | | 1 | | | 3,673 | | | Change in the estimated fair value of contingent earn-out consideration | | | | | | (119) | | | (339) | | | | | | (458) | | | Impairment of long-lived assets | | | 700 | | | | | | | | | | | | 700 | | | Net (gain) loss on the sale or disposal of assets | | | (2,175) | | | 182 | | | (21) | | | 6 | | | (2,008) | | | Net operating income (loss) | | $ | 36,290 | | $ | 1,553 | | $ | (650) | | $ | (12,573) | | $ | 24,620 | |
| | | | | Digital | | | | Unallocated | | | | | | | Broadcast | | Media | | Publishing | | Corporate | | Consolidated | | | | | (Dollars in thousands) | | | As of September 30, 2017 | | | | | | | | | | | | | | | | | | Inventories, net | | $ | | | $ | 327 | | $ | 482 | | $ | | | $ | 809 | | | Property and equipment, net | | | 86,187 | | | 6,603 | | | 1,326 | | | 8,087 | | | 102,203 | | | Broadcast licenses | | | 388,720 | | | | | | | | | | | | 388,720 | | | Goodwill | | | 3,594 | | | 20,946 | | | 1,888 | | | 8 | | | 26,436 | | | Other indefinite-lived intangible assets | | | | | | | | | 313 | | | | | | 313 | | | Amortizable intangible assets, net | | | 361 | | | 10,720 | | | 3,190 | | | 5 | | | 14,276 | | | | | | | | | | | | | | | | | | | | | As of December 31, 2016 | | | | | | | | | | | | | | | | | | Inventories, net | | $ | | | $ | 300 | | $ | 370 | | $ | | | $ | 670 | | | Property and equipment, net | | | 86,976 | | | 6,634 | | | 1,779 | | | 7,401 | | | 102,790 | | | Broadcast licenses | | | 388,517 | | | | | | | | | | | | 388,517 | | | Goodwill | | | 3,581 | | | 20,136 | | | 1,888 | | | 8 | | | 25,613 | | | Other indefinite-lived intangible assets | | | | | | | | | 332 | | | | | | 332 | | | Amortizable intangible assets, net | | | 407 | | | 9,927 | | | 4,069 | | | 5 | | | 14,408 | |
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