7. INVESTMENTS

Equity Method Investments

As of June 30, 2026 and December 31, 2025, the Company’s equity method investments include Sports News Television Limited, EverPass Holdco LLC, and Boxing HoldCo, LLC (d/b/a Zuffa Boxing). The Company’s ownership of its equity method investments ranges from 7% to 50%.

The Company recognized equity losses of $4.4 million and $2.8 million during the three and six months ended June 30, 2026, respectively, and equity earnings of $7.3 million and $9.8 million during the three and six months ended June 30, 2025, respectively, from its equity method investments. During the three months ended June 30, 2026, the Company recorded an other-than-temporary impairment of $4.4 million due to significant deterioration in the financial condition of an equity method investee, which is reflected as a component of equity (loss) earnings of affiliates, net of tax on the consolidated statements of operations. During the six months ended June 30, 2026 and 2025, the Company received distributions of $2.2 million and $5.1 million, respectively, from its equity method investments. During the three and six months ended June 30, 2025, the Company recorded a net gain on sale of equity method investments of $2.2 million and net loss of $2.5 million, respectively, and received total proceeds of $1.5 million during the six months ended June 30, 2025. The Company did not sell any equity method investments during the three and six months ended June 30, 2026.

Nonmarketable Equity Investments Without Readily Determinable Fair Values

As of June 30, 2026 and December 31, 2025, the Company held various investments in nonmarketable equity instruments of private companies.

The Company did not record any impairment charges on its nonmarketable equity investments during the three and six months ended June 30, 2026 and 2025. In addition, there were no observable price change events that were completed during the three and six months ended June 30, 2026 and 2025.