Financial Data and Key Metrics Changes - Consolidated net revenue is approximately $92.2 million, down 11.7% year over year [10] - Adjusted EBITDA reached approximately $12.9 million, down 42.2% [15] - Net loss was approximately $11.7 million or $0.26 per share compared to net income of $7.5 million or $0.15 per share for the same quarter last year [17] Business Line Data and Key Metrics Changes - Radio Broadcasting segment net revenue was $32.6 million, a decrease of 10.3% year over year [10] - Digital segment net revenue was down 16.2% in Q1 at $10.2 million, with audio streaming revenue down by $2.1 million [12] - Cable Television segment recognized approximately $44.2 million in revenue, a decrease of 7.9% [13] Market Data and Key Metrics Changes - Local ad sales were down 12.8% against markets that were down 13.2% [10] - National ad sales were down 14.6% against markets being down 11.6% [10] - TV One delivery declined 18% in total day persons, partially offset by a 29% increase in Clio TV [13] Company Strategy and Development Direction - The company is focused on cost controls, managing leverage, and maintaining a strong liquidity position [6] - Plans to continue deleveraging and maintaining liquidity in a difficult environment [7] - The company is exploring new distribution opportunities in the FAST and AVOD environment to monetize content [78] Management's Comments on Operating Environment and Future Outlook - Management indicated that radio pacing has weakened, down about 9% [5] - The majority of EBITDA is expected to come in the second half of 2025 [26] - Management does not foresee a positive ad rebound this year, citing uncertainty in the advertising market [45] Other Important Information - The company repurchased $28.2 million of its 2028 notes at an average price of 58% of par [16] - Total gross debt was approximately $556.3 million, with unrestricted cash of $115.1 million, resulting in a net debt of approximately $441.3 million [19] Q&A Session Summary Question: What other levers can the company pull to control costs? - Management mentioned ongoing cost-cutting measures and plans to identify further opportunities by mid-year [22][24] Question: Is the majority of EBITDA expected in the second half of 2025? - Management confirmed that more than half of EBITDA is expected in the second half of the year [26] Question: Should further debt repurchases be expected? - Management indicated that they will continue to be opportunistic with debt repurchases [29][31] Question: How is the advertising environment on the radio side? - Management noted that national advertising is currently weak, while local SMBs are not down as dramatically [50][52] Question: Can the company break out cable TV revenue between carriage fees and advertising? - Management directed the caller to the press release for detailed information [62] Question: What is the renewal schedule with large cable and other MVPDs? - Management provided details on upcoming renewals with Charter, Verizon, and NCTC [65][66] Question: What is the status of TV One ratings? - Management stated that ratings have stabilized and are exceeding budgeted numbers year to date [69] Question: Is programming spend steady or growing? - Management indicated that programming spend is down about 10% [72]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2024 was $103.5 million, down from the previous year, primarily due to challenges in the cable TV business and a decline in radio advertising [5][8] - Consolidated net revenues decreased by 2.7% year over year to approximately $170.1 million [9] - Net loss for Q4 2024 was approximately $35.7 million, or $0.78 per share, compared to a net loss of $11 million, or $0.23 per share, for the same quarter in 2023 [17] Business Line Data and Key Metrics Changes - Radio Broadcast segment net revenue increased by 14.5% year over year to $47.7 million, but excluding political advertising, it was down 5.1% [9][10] - Reach Media segment net revenue was $9.6 million, down 10.7% from the prior year [10] - Digital segment net revenue decreased by 3.1% to $20.5 million, with political advertising contributing $2.4 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 15.9%, with advertising revenue down 21.4% [11][12] Market Data and Key Metrics Changes - Local ad sales were up 0.1% against a market decline of 5.2%, while national ad sales increased by 35.4% against a market increase of 28.4% [9] - Subscriber churn for cable TV was reported at -9.5% for the full year, with a decline in payable subscribers from 39.1 million to 37.2 million [12][18] Company Strategy and Development Direction - The company is focusing on cost containment and debt reduction, with a target of $75 million in adjusted EBITDA for 2025, down from $103.5 million in 2024 [8][9] - Management is optimistic about stabilizing the cable TV business and improving the radio segment, despite current challenges [6][8] - The company is exploring opportunities for consolidation in the radio sector, viewing deregulation as a potential catalyst for industry consolidation [33][36] Management's Comments on Operating Environment and Future Outlook - Management noted broad softness in advertising demand, attributing it to an uncertain economy and changing consumer behavior [26][27] - There is cautious optimism for improvement in Q2, particularly in local markets, despite ongoing challenges [28][29] - The company is not currently pursuing any land-based casino developments but is interested in iGaming opportunities as legislation evolves [104] Other Important Information - The company has a strong liquidity position with approximately $137 million in cash as of year-end [7][18] - A cybersecurity incident was reported, but it has not materially impacted operations or financial conditions [18] Q&A Session Summary Question: Clarification on Q1 radio pacing - Management confirmed that Q1 radio pacing down 13.6% aligns with a 5.1% decline in net revenue excluding political advertising [22][24] Question: Insights on revenue weakness - Management indicated broad softness across local, national, and network radio, with improvements expected in Q2 [26][27] Question: Opportunities from deregulation - Management believes further consolidation in the radio sector is likely and that they are in a strong position to capitalize on opportunities [33][36] Question: Capital allocation plans for 2025 - The company plans to allocate 95% of capital to debt reduction, with a small stock repurchase plan in place [41][43] Question: Digital segment revenue components - Management clarified that Connected TV revenue will be reported under the TV segment moving forward, affecting digital revenue reporting [49][50] Question: Free cash flow expectations - The company anticipates around $25 million in free cash flow based on the $75 million EBITDA guidance [61] Question: Potential asset sales - Management is open to considering non-core asset sales if they are accretive to the balance sheet [67][68] Question: Cash balance strategy - There is no minimum cash balance target, and the company is focused on opportunistic debt buybacks [74][76] Question: Thoughts on cable network spin-offs - Management expressed skepticism about the impact of spin-offs on market valuations, noting challenges in the cable asset market [78][82]