7. INVESTMENTS

Equity Method Investments

As of September 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 $2.7 million and $5.5 million during the three and nine months ended September 30, 2026, respectively, and equity earnings of $1.6 million and $11.4 million during the three and nine months ended September 30, 2025, respectively, from its equity method investments. During the three and nine months ended September 30, 2026, the Company recorded other-than-temporary impairments of $2.1 million and $6.5 million, respectively, due to a deterioration in the financial condition of certain equity method investees, which are reflected as a component of equity (loss) earnings of affiliates, net of tax on the consolidated statements of operations. During the nine months ended September 30, 2026 and 2025, the Company received distributions of $3.4 million and $7.7 million, respectively, from its equity method investments.

During the three and nine months ended September 30, 2025, the Company recorded a net loss on sale of equity method investments of $7.1 million and $9.6 million, respectively, and received total proceeds of $1.5 million during the nine months ended September 30, 2025.

Nonmarketable Equity Investments Without Readily Determinable Fair Values

As of September 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 nine months ended September 30, 2026 and 2025. In addition, there were no observable price change events that were completed during the three and nine months ended September 30, 2026 and 2025.