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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
5. FAIR VALUE MEASUREMENTS
The Company reports financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurement” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.
As of June 30, 2025 and December 31, 2024, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
TotalLevel 1Level 2Level 3
(In thousands)
As of June 30, 2025
Liabilities subject to fair value measurement:    
Employment Agreement Award(a)
$11,738 $— $— $11,738 
Mezzanine equity subject to fair value measurement:    
Redeemable non-controlling interests(b)
$2,577 $— $— $2,577 
Assets subject to fair value measurement:    
Cash equivalents - money market funds (c)
$56,980 $56,980 $— $— 
As of December 31, 2024    
Liabilities subject to fair value measurement:    
Employment Agreement Award(a)
$10,426 $— $— $10,426 
Mezzanine equity subject to fair value measurement:    
Redeemable non-controlling interests(b)
$7,988 $— $— $7,988 
Assets subject to fair value measurement:    
Cash equivalents-money market funds(c)
$102,258 $102,258 $— $— 

(a) On April 3, 2024, the Company entered into an employment agreement (“2024 Employment Agreement”) with Alfred C. Liggins, III, President and Chief Executive Officer (“CEO”) pursuant to which he is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4.0% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. The terms of the 2024 Employment Agreement were effective as of January 1, 2022.

(b) The fair value is measured using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, discount rate and terminal growth rate.

(c) The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.
There were no transfers within Level 1, 2, or 3 during the six months ended June 30, 2025 and 2024. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2025 and 2024:
Employment
Agreement
Award		Redeemable
Non-controlling
Interests
(In thousands)
Balance as of December 31, 2024$10,426$7,988
Net loss attributable to redeemable non-controlling interests—(64)
Distributions—— 
Purchase of ownership interest in Reach Media—(3,232)
Dividends paid to redeemable non-controlling interests—(936)
Change in fair value1,312 (1,179)
Balance as of June 30, 2025$11,738$2,577
Employment
Agreement
Award		Redeemable
Non-controlling
Interests
(In thousands)
Balance as of December 31, 2023$22,970$16,520
Net income attributable to redeemable non-controlling interests—576
Purchase of ownership interest in Reach Media—(7,603)
Dividends paid to redeemable non-controlling interests—(1,799)
Change in fair value(6,263)1,377
Balance as of June 30, 2024$16,707$9,071
Changes in the fair value of the Employment Agreement Award were recorded in the unaudited condensed consolidated statements of operations as selling, general and administrative expenses for the six months ended June 30, 2025 and 2024. The long-term portion is recorded in other long-term liabilities, and the current portion is recorded in other current liabilities in the unaudited condensed consolidated balance sheets.
For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:
June 30,
2025		December 31,
2024
Level 3 liabilitiesValuation TechniqueSignificant
Unobservable
Inputs
Significant Unobservable
Input Value(a)
Employment Agreement AwardDiscounted cash flowDiscount rate11.5%11.5%
Employment Agreement AwardDiscounted cash flowOperating profit margin range
20.0% - 38.1%
27.0% - 34.4%
Employment Agreement AwardDiscounted cash flowRevenue growth rate range
(7.8)% - (2.0)%
(12.2)% - 1.9%
Employment Agreement AwardMarket approachAverage recurring EBITDA multiple
4.0x - 4.5x
4.5x
Redeemable non-controlling interestsDiscounted cash flowDiscount rate15.5%20.5%
Redeemable non-controlling interestsDiscounted cash flowOperating profit margin range
6.8% - 21.7%
30.9% - 34.0%
Redeemable non-controlling interestsDiscounted cash flowRevenue growth rate range
(0.5)% - 24.3%
(5.1)% - 19.7%
Redeemable non-controlling interests
Market approach(b)
EBITDA Exit multipleN/A4.0x
(a)Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements. Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows.
(b) The Company did not utilize the market approach to measure the fair value of the redeemable non-controlling interests as of June 30, 2025.

Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, which are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. See Note 8 – Goodwill and Other Intangible Assets of the Company's unaudited condensed consolidated financial statements for further discussion.
Financial Instruments
As of June 30, 2025 and December 31, 2024, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, trade accounts receivable, its asset-backed credit facility, and long-term debt. The carrying amounts approximated fair value for each of these financial instruments as of June 30, 2025 and December 31, 2024, except for the Company’s long-term debt, which is disclosed in Note 9 - Long-Term Debt.