Financial Data and Key Metrics Changes - Consolidated net revenue for Q3 2025 was approximately $92.7 million, down 16% year over year [6] - Adjusted EBITDA for the full year is being revised down to a range of $56-$58 million from a previous guidance of $60 million [5] - Consolidated adjusted EBITDA for Q3 was $14.2 million, a decrease of 44.1% [10] - Net loss for Q3 was approximately $2.8 million, or 6 cents per share, compared to a net loss of $31.8 million, or 68 cents per share for Q3 2024 [12] Business Line Data and Key Metrics Changes - Revenue for the radio broadcasting segment was $34.7 million, down 12.6% year over year; excluding political revenue, it was down 8.1% [6] - Reach Media segment net revenue was $6.1 million, down 40% from the prior year, with an adjusted EBITDA loss of approximately $200,000 [7] - Digital segment net revenues decreased by 30.6% to $12.7 million, with audio streaming down by $1.3 million year over year [7] - Cable television segment revenue was $39.8 million, a decrease of 7%, with advertising revenue down by 5.4% [8] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [6] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [6] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [8] Company Strategy and Development Direction - The company is adjusting its operating strategy to address challenges faced in 2025, particularly in the Reach Media segment [15] - Focus on diversifying advertiser base to avoid over-reliance on a few major advertisers [15][16] - Plans to enhance performance in radio markets through format changes and targeting specific demographics, such as the Hispanic community in DC [17] - The company is exploring potential M&A opportunities in light of expected deregulation in the industry [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing the upcoming political year and strategic changes made to address past challenges [15][17] - The company is cautious about leveraging and is focused on maintaining liquidity while exploring opportunities [23] - Management acknowledged the need to be careful with M&A transactions, considering the overall market conditions and debt levels [21][22] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [8] - The company repurchased $4.5 million of its 2028 notes, reducing gross debt to approximately $487.8 million [11][12] - Ending unrestricted cash balance was $79.3 million, resulting in a net debt of approximately $408.5 million [13] Q&A Session Summary Question: Outlook for 2026 and demand expectations - Management feels positive about 2026 due to political year and operational strategy changes [15] Question: Any plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [19][20] Question: Continuation of debt buyback activity - Management plans to maintain liquidity and assess opportunities before proceeding with further debt buybacks [23]

Group 1 - The core viewpoint of the articles highlights the significant progress in broadcasting and television services in Tibet, achieving comprehensive coverage in all villages and improving access to quality content for remote areas [1][2] - As of now, all villages in Tibet have access to broadcasting and television signals, with satellite users in rural areas able to access 46 radio programs and 97 television programs, addressing the challenges of viewing in high-altitude regions [1] - The development of broadcasting in Tibet dates back to 1953, with a notable increase in wireless broadcasting coverage from 12% in 1965 to current comprehensive coverage rates of 99.54% for radio and 99.67% for television [1] Group 2 - The broadcasting and television services have enriched the spiritual lives of farmers and herders in remote areas over the past 60 years, with individuals like 73-year-old Yang Jin Zhuo Ga expressing the importance of these services in their daily lives [2] - A government initiative aims to provide ultra-high-definition set-top boxes to more farmers and herders, with plans to offer free access to at least 60 television programs and 10 radio programs for 13,000 low-income households and other vulnerable groups [2]

Group 1 - The core viewpoint of the articles highlights the significant progress in broadcasting and television services in Tibet, achieving comprehensive coverage in all villages and improving access to quality content for remote areas [1][2] - As of now, all villages in Tibet have access to broadcasting and television signals, with satellite users in rural areas able to access 46 radio programs and 97 television programs, addressing the challenges of viewing in high-altitude regions [1] - The development of broadcasting in Tibet has evolved from 12% wireless radio coverage in 1965 to current comprehensive coverage rates of 99.54% for radio and 99.67% for television [1] Group 2 - The broadcasting and television services have enriched the spiritual lives of rural residents, with individuals like 73-year-old Yang Jin Zhuo Ga expressing the importance of these services in their daily lives [2] - A government initiative aims to provide ultra-high-definition set-top boxes to more rural residents, with plans to offer free access to at least 60 television programs and 10 radio programs for 13,000 low-income households and other vulnerable groups [2] - Currently, there are 1.376 million television users in Tibet, with 638,000 of them being satellite users primarily located in rural areas [1]