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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
8. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Company uses market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
The following hierarchy classifies the inputs used to determine fair value into three levels:
Level 1 – quoted prices in active markets for identical assets or liabilities.
Level 2 – inputs, other than quoted prices, observable by a marketplace participant either directly or indirectly.
Level 3 – unobservable inputs significant to the fair value measurement.
Recurring Fair Value Measurements
The Class A common stock underlying the warrant shares is publicly traded on the Nasdaq Capital Market under the symbol MDIA. The fair value of the warrant shares is determined based on the closing price of the Company’s Class A common stock as of the measurement date. Accordingly, the warrant shares are classified as Level 1 within the fair value hierarchy. The carrying value of the warrant shares was $0.0 million as of December 31, 2025.
Level 1Level 2Level 3Total Carrying Value at
December 31, 2024
Warrant shares$32,155 $— $— $32,155 
Non-Recurring Fair Value Measurements
The Company has certain assets that are measured at fair value on a non-recurring basis including those described in Note 11 — Intangible Assets and Goodwill, and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered a Level 3 measurement due to the subjective nature of the unobservable inputs used to determine the fair value (see Note 11 for more discussion).
Fair Value of Long-Term Debt and Series B Preferred Stock
First Lien Term Loan
The carrying value of the First Lien Term Loan approximates fair value due to its variable interest rate, which resets periodically based on market conditions. The fair value is classified within Level 2 of the fair value hierarchy, as it is based on observable market inputs, including current interest rates for similar secured, variable-rate instruments.
Second Lien Term Loan
The estimated fair value of the Second Lien Term Loan was determined using a discounted cash flow analysis based on current market interest rates available to the Company for similar second lien debt instruments with comparable maturities, credit risk, and terms, including payment-in-kind (PIK) features. The Company considered observable market data for second lien debt with similar characteristics and adjusted for the instrument-specific features. Based on this analysis, the carrying value of the Second Lien
Term Loan approximates its fair value. The fair value of this instrument is classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs, primarily related to market yield assumptions for PIK instruments and credit spreads.
Series B Preferred Stock
On April 17, 2024, the Company issued 60,000 shares of Series B Preferred Stock with a liquidation value of $60.0 million, recorded initially at $32.0 million and accreted over the term to the redemption value. Dividends accrue in-kind at an annual rate of 6%, subject to potential adjustments upon the occurrence of certain trigger events. The estimated fair value of the Series B Preferred Stock as of December 31, 2025 was determined using a discounted cash flow methodology based on a single expected cash flow at maturity equal to the total contractual redemption amount, including accrued PIK dividends. The cash flow was discounted using estimated market yields for comparable non-convertible, subordinated, mandatorily redeemable preferred instruments with similar credit risk and remaining maturity. Based on this analysis, the estimated fair value as of December 31, 2025 approximates the carrying value.
As of December 31, 2025 and 2024, the fair value for the above instruments approximated carrying value.
The carrying amounts of accounts receivable, accounts payable, accrued expenses, and other current financial instruments approximate fair value due to their short‑term maturities.
Fair Value of Other Financial Instruments
Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. The Company estimates that the carrying amount of cash and cash equivalents approximates fair value because of the short maturity of these instruments.