v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (89,708) $ (37,362)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 5,838 4,843
Amortization of debt financing costs 875 994
Amortization of launch assets 1,858 2,490
Amortization of content assets 19,483 22,543
Deferred income taxes (6,414) (16,010)
Impairment of goodwill and intangible assets 136,521 80,758
Stock-based compensation expense 1,250 2,463
Gain on retirement of debt (41,884) (15,299)
Non-cash fair value adjustment of Employment Agreement Award 1,312 (6,263)
Other 2,585 (484)
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable, net 17,597 10,542
Prepaid expenses and other current assets 1,181 4,599
Other assets (106) (4,181)
Content assets and payables (22,080) (34,168)
Accounts payable (6,283) (1,010)
Accrued interest (2,835) (3,392)
Accrued compensation and related benefits (3,164) (4,080)
Reserve for audience deficiency (5,147) 5,829
Other liabilities (2,589) (9,127)
Net cash flows provided by operating activities 8,290 3,685
INVESTING ACTIVITIES    
Purchase of property and equipment (3,765) (4,039)
Proceeds from sale of equity securities 0 829
Cash receipts related to disposition of station 0 3,500
Investment in unconsolidated joint venture 0 (609)
Other investments (200) 0
Acquisition of station and broadcasting assets (250) 0
Net cash flows used in investing activities (4,215) (319)
FINANCING ACTIVITIES    
Purchase of ownership interest in Reach Media (3,232) (7,603)
Repurchase of long-term debt (49,538) (93,934)
Repurchase of common stock, including payments for taxes related to net share settlement of equity awards (1,726) (2,488)
Release of secured letters of credit deposit 0 1,260
Payment of dividends to non-controlling interest members of Reach Media (936) (1,799)
Net cash flows used in financing activities (55,432) (104,564)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (51,357) (101,198)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 137,574 233,570
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 86,217 132,372
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 22,437 27,691
Income taxes, net of refunds 166 2,140
NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Settlement of stock-based compensation liability 450 4,650
Adjustment of redeemable non-controlling interests to estimated redemption value $ (1,179) $ 1,377