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| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS ACQUISITION OF REMAINING OWNERSHIP IN SPIEGEL VENTURE On July 1, 2026, the Company completed its previously disclosed acquisition of the remaining 68% ownership interest in Spiegel Venture, pursuant to put options exercised by Spiegel TV GmbH and Autentic GmbH in April 2026, for an aggregate purchase price of $2.0 million paid in cash. As a result, the Company now owns 100% of the Spiegel Venture, and Spiegel Venture's results of operations will be consolidated within the Company's financial statements beginning on the closing date. Unaudited Pro Forma Financial Information The following table presents the supplemental pro forma results of operations for the three and six months ended June 30, 2026, and 2025, as if the acquisition of Spiegel Venture had occurred on January 1, 2025:
Basis of Pro Forma Presentation These pro forma results are presented for informational purposes only and are not necessarily indicative of the actual results that would have occurred had the acquisition been completed on January 1, 2025, nor are they indicative of future operating results. The pro forma adjustments include: the consolidation of 100% of Spiegel Venture’s revenue and expenses, preliminary amortization expense associated with the estimated fair value of acquired intangible assets, and the elimination of certain intercompany transactions between the Company and Spiegel Venture. As this is a step-acquisition, the Company will remeasure its previously held 32% equity interest in Spiegel Venture at its acquisition-date fair value. Any resulting gain or loss will be recognized in earnings in the third quarter of 2026. As the Company’s carrying value in the Spiegel Venture has remained at zero since 2024, the Company expects to recognize a gain within the consolidated statement of operations upon the closing of the transaction in the third quarter of 2026. As of the filing date of these financial statements, the initial accounting for this business combination is incomplete; therefore, certain disclosures, such as the final purchase price allocation and the fair value of the previously held interest, have not yet been finalized. DIVIDEND DECLARATION On August 11, 2026, the Board declared a quarterly cash dividend of $0.085 per share of common stock. The cash dividend will be paid on September 18, 2026, to all holders of record of common stock at the close of business on September 4, 2026. This cash dividend of approximately $5.0 million is expected to be paid from available cash on hand, cash generated from operations, as well as potential drawdowns on our credit facility if needed.
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