Segment Information
12 Months Ended
Dec. 31, 2011
Segment Information  
Segment Information

 

15. Segment Information

        As a result of our acquisitions of MediaMind and EyeWonder, both online advertising services businesses, during the third quarter of 2011, we reorganized our reportable segments into television and online. We also changed our measure of segment profit from income from operations to adjusted EBITDA, as that is the measure our chief operating decision maker now uses to measure performance and allocate resources. Adjusted EBITDA reflects income from operations before acquisition and integration expenses, share-based compensation expense and depreciation and amortization. Our historical segment data has been reclassified to conform to the revised reportable segments and measure of segment performance. The television segment revenues are principally derived from delivering advertisements, syndicated programs, and video news releases from advertising agencies and other content providers to traditional broadcasters and other media outlets. The online segment revenues are principally derived from online advertising and related services. Our corporate expenses are allocated to the television and online segments based on revenues. Our reportable segments are as follows (in thousands):

 
  2011  
 
  Television   Online   Consolidated  

Revenues

  $ 246,780   $ 77,477   $ 324,257  

Adjusted EBITDA

    123,260     11,334     134,594  

Less:

                   

Acquisition and integration

                (15,119 )

Share-based compensation

                (12,430 )

Depreciation and amortization

                (38,736 )
                   

Income from operations

              $ 68,309  
                   

 

 
  2010  
 
  Television   Online   Consolidated  

Revenues

  $ 222,894   $ 18,434   $ 241,328  

Adjusted EBITDA

    116,219     (71 )   116,148  

Less:

                   

Acquisition and integration

                (269 )

Share-based compensation

                (4,805 )

Depreciation and amortization

                (29,236 )
                   

Income from operations

              $ 81,838  
                   

 

 
  2009  
 
  Television   Online   Consolidated  

Revenues

  $ 169,637   $ 13,076   $ 182,713  

Adjusted EBITDA

    79,014     (2,940 )   76,074  

Less:

                   

Share-based compensation

                (3,983 )

Depreciation and amortization

                (25,736 )
                   

Income from operations

              $ 46,355  
                   

        As of December 31, 2011, our television and online segments had $233.8 million and $342.7 million, respectively, of goodwill.