LED radio display - How to control multiple segments at a time?
simulate this circuit &ndash; Schematic created using CircuitLab

Figure 1. Matrix display.

I think you are describing an LED matrix display. Each LED or "segment" of LEDs is on the intersection of a row and column which appear at your wires. Typically the controllers work by pulling each row high in turn while pulling the required columns low to turn on the LED at the intersection. The scan rate is set high enough so that the eye won't detect any flicker. LEDs can be run at higher current than their continuous rating since they are only on part of the time.