Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Deteriorating economic conditions impacting advertising revenue.
• Rapid technological changes requiring adaptation.
• Potential for future impairment charges on intangible assets.
• Inability to utilize deferred tax assets.
• Challenges in successfully executing acquisition strategy.
• Difficulties in integrating acquired operations.
• Contingent consideration in acquisition agreements.
• Failure to implement market cluster strategy.
• Inefficient capital allocation.
• Dependence on key employees and on-air talent.
• Maintenance of strong relationships with authors and creative talent.
• Dependence on transponder equipment for syndicated programming.
• Ratings-sensitive advertising revenues.
• Failure to attract listener, programmer, and advertiser base for newly acquired stations.
• Inability to maintain or grow block programming revenues.
• Inability to maintain or grow advertising revenues.
• Economic conditions affecting wellness product sales.
• Reduction in spending by or loss of advertisers.
• Concentration of book publication sales.
• Intense competition in the broadcast and media business.
• Highly competitive wellness products industry.
• Inability to drive website visitors and convert them into customers.
• New technologies increasing competition.
• Investments in new products and services that may not be profitable.
• Responding to changes in consumer behavior due to new technologies.
• Failure to meet market needs with publishing business.
• Unfavorable publicity or consumer perception of wellness products.
• Failure to respond to changing consumer preferences for wellness products.
• Interruption or failure of information technology and communications systems.
• Inability to increase or maintain digital advertising revenues.
• Modifications to Internet search engine methodologies.
• Use of wireless devices and mobile phones to access the Internet.
• Potential liability and expenses for legal claims.
• Difficulty scaling and adapting technology infrastructure.
• Risks of earthquakes, fires, floods, and other catastrophic events.
• Cyber security and privacy breaches.
• Rapidly expanding global privacy legislation.
• Malicious applications interfering with Internet websites and online services.
• Risks and costs associated with security breaches and data loss.
• Control by a few controlling stockholders.
• Costly content licensing arrangements.
• Dependence on third-party software.
• Poor perception of brand, business, or industry.
• Inability to protect domain names.
• Limited conclusive clinical studies supporting wellness product efficacy.
• Dependence on a limited number of independent suppliers and manufacturers of wellness products.
• Errors in wellness product manufacturing.
• Product liability and related risks.
• Lack of intended healthful effects of wellness products.
• Slower growth rate in the nutritional supplement industry.
• Inability to maintain effective internal control over financial reporting.
• Strain on resources and diversion of management's attention due to public company requirements.
• Restrictions on ownership of multiple radio stations.
• Statutes dealing with indecency.
• Failure to maintain broadcast licenses.
• Higher royalties to record labels and recording artists.
• Changes in regulations or user concerns regarding privacy.
• Certain U.S. and foreign laws.
• Government regulation of the Internet.
• Environmental, health, safety, and land use laws and regulations.
• Extensive laws, governmental regulations, and administrative determinations.
• Capital requirements for acquisitions.
• Substantial debt and potential for additional debt.
• Restrictions imposed by debt agreements.

Mitigation Strategies

• Continual monitoring of economic conditions and adaptation of strategies.
• Investment in new technologies and services.
• Regular impairment testing of intangible assets.
• Monitoring of deferred tax assets and utilization strategies.
• Selective acquisition of radio stations, digital media entities, and publishing businesses.
• Effective integration of acquired businesses.
• Careful evaluation of contingent consideration in acquisition agreements.
• Implementation of market cluster strategy to realize operating efficiencies.
• Careful analysis of internal rate of return for capital allocation decisions.
• Employment agreements with key employees.
• Maintenance of strong relationships with authors and creative talent.
• Insurance coverage for transponder equipment.
• Use of Nielsen Audio ratings data in select markets.
• Attracting listener and advertiser base for newly acquired stations through promotional efforts.
• Strategies to maintain and grow block programming revenues.
• Strategies to maintain and grow advertising revenues.
• Monitoring of consumer spending and economic conditions.
• Diversification of advertising revenue sources.
• Strategies to compete effectively in the publication market.
• Competitive strategies to maintain market share.
• Strategies to compete effectively in the wellness products industry.
• Effective online marketing strategies to drive website traffic and customer engagement.
• Investment in new technologies and services.
• Development of new products and services.
• Adaptation to changes in consumer behavior.
• Effective promotional strategies for new books.
• Quality control processes for wellness products.
• Monitoring of consumer perception and response to wellness products.
• Innovation and development of new wellness products.
• Robust information technology and communications systems.
• Strategies to increase and maintain digital advertising revenues.
• Adaptation to changes in digital advertising techniques.
• Strategies to maintain website traffic.
• Adaptation of websites for use on wireless devices and mobile phones.
• Rigorous quality control process for content.
• Expansion and upgrade of technology and network infrastructure.
• Insurance coverage for catastrophic events.
• Cybersecurity measures to protect information technology systems.
• Compliance with privacy laws and regulations.
• Measures to combat malicious applications.
• Data security measures to protect customer data.
• Compliance with privacy laws and regulations.
• Strategies to protect brand reputation.
• Strategies to obtain and maintain necessary licenses and permissions.
• Strategies to mitigate risks associated with third-party software.
• Strategies to maintain a positive reputation.
• Strategies to protect domain names.
• Thorough review of wellness product ingredients and efficacy.
• Diversification of suppliers and manufacturers.
• Quality control measures in wellness product manufacturing.
• Product liability insurance.
• Monitoring of consumer feedback and response to wellness products.
• Strategies to maintain effective internal control over financial reporting.
• Compliance with public company reporting requirements.
• Strategies to comply with regulations and laws.
• Strategies to mitigate risks associated with indecency.
• Strategies to maintain broadcast licenses.
• Monitoring of proposed legislation on music royalties.
• Compliance with privacy laws and regulations.
• Compliance with applicable laws.
• Strategies to address evolving government regulation of the Internet.
• Compliance with environmental, health, safety, and land use laws and regulations.
• Compliance with laws, regulations, and administrative determinations.
• Careful evaluation of acquisition opportunities and financing options.
• Strategies to manage debt and reduce leverage.
• Compliance with debt covenants.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Maintaining a positive reputation is critical to our ability to attract and maintain relationships with advertisers and our listeners. Damage to our reputation could therefore cause significant harm to our business and prospects.
• Our business is dependent upon the performance of key employees, on-air talent and program hosts.
• If we are unable to maintain or grow our advertising revenues, our business, financial condition and operating results may be materially and adversely affected.
• Our business generates revenue from the sale of advertising, and the reduction in spending by or loss of advertisers could seriously harm our business.
• Concentration of book publication sales may make it difficult for us to compete effectively in the publication market.
• Our advertising revenues in certain markets are ratings-sensitive and subject to decline based on ratings agency projections.
• If we cannot attract the anticipated listener, programmer and advertiser base for our newly-acquired radio stations, we may not recoup associated operating costs or achieve profitability for these radio stations.
• If we do not maintain or increase our block programming revenues, our business, financial condition and operating results may be materially and adversely affected.
• We face significant competition, which we expect will continue to intensify, and we may not be able to maintain or improve our competitive position or market share.
• If we are unable to continue to drive and increase visitors to our owned and operated websites and to our customer websites and convert these visitors into repeat users and customers cost-effectively, our business, financial condition and results of operations could be adversely affected.
• Concentration of book publication sales may make it difficult for us to compete effectively in the publication market.
• Our financial results would suffer if we fail to successfully meet market needs with our publishing business.
• We may be unable to increase or maintain our digital advertising revenues, which could have a material adverse effect on our business, financial condition and results of operations.
• If Internet search engines' methodologies are modified, traffic to our websites and corresponding consumer origination volumes could decline.
• Wireless devices and mobile phones are used to access the Internet, and our online marketing services may not be as effective when accessed through these devices, which could cause harm to our business, financial condition and results of operations.

Mitigation Strategies

• We have entered into employment agreements with such key individuals.
• We frequently acquire selected assets of radio stations that previously broadcasted in formats other than our primary formats.
• We continue to explore opportunities in which we can cross-promote our brand and our content, including our broadcast markets, digital media, Internet sites, mobile applications, and our printing and publication media.
• We continue to seek alternatives to infomercial programs that we believe are not of interest to our listeners.
• We continue to explore cost reductions in this segment to offset the eroding revenue base.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Although advertising revenues have stabilized following the decline that began in 2008, broadcast advertising revenue growth remains challenged.
• Advertising and subscription revenues from print magazines are negatively impacted by the growing use of other mediums, such as digital, to deliver the same information.
• Book sales are contingent upon overall economic conditions and our ability to attract and retain authors.
• Because digital media is a concentrated growth area for us, decreases in revenue streams from these areas could affect our operating results, financial condition and results of operations.

Mitigation Strategies

• We continue to explore opportunities to cross-promote our brand and our content, including our broadcast markets, digital media, Internet sites, mobile applications, and our printing and publication media.

Supply Chain Management

Climate-Related Risks & Opportunities