v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of our Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of September 30, 2025 and December 31, 2024, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
TotalLevel 1Level 2Level 3
(In thousands)
As of September 30, 2025
Liabilities subject to fair value measurement:    
Employment Agreement Award(a)
$9,302 $— $— $9,302 
Mezzanine equity subject to fair value measurement:    
Redeemable non-controlling interests(b)
$2,586 $— $— $2,586 
Assets subject to fair value measurement:    
Cash equivalents - money market funds (c)
$42,529 $42,529 $— $— 
As of December 31, 2024    
Liabilities subject to fair value measurement:    
Employment Agreement Award(a)
$10,426 $— $— $10,426 
Mezzanine equity subject to fair value measurement:    
Redeemable non-controlling interests(b)
$7,988 $— $— $7,988 
Assets subject to fair value measurement:    
Cash equivalents-money market funds(c)
$102,258 $102,258 $— $— 

(a) On April 3, 2024, the Company entered into an employment agreement (“2024 Employment Agreement”) with Alfred C. Liggins, III, President and Chief Executive Officer (“CEO”) pursuant to which he is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4.2% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. The terms of the 2024 Employment Agreement were effective as of January 1, 2022 and continued until December 31, 2024 (the “Initial Term”). After expiration of the Initial Term, the term of the 2024 Employment Agreement extends automatically for additional one (1) year periods, unless either party provides written notice of its/his intention not to renew to the other party at least sixty (60) days before the expiration of the Initial Term or any renewal term of this Agreement, as applicable.

(b) The fair value is measured using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate.

(c) The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.
Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2025 and 2024:
Employment
Agreement
Award		Redeemable
Non-controlling
Interests
(In thousands)
Balance as of December 31, 2024$10,426$7,988
Net loss attributable to redeemable non-controlling interests—(55)
Distributions(2,695)— 
Purchase of ownership interest in Reach Media—(3,232)
Dividends paid to redeemable non-controlling interests—(936)
Change in fair value1,571 (1,179)
Balance as of September 30, 2025$9,302$2,586
Employment
Agreement
Award		Redeemable
Non-controlling
Interests
(In thousands)
Balance as of December 31, 2023$22,970$16,520
Net income attributable to redeemable non-controlling interests—976
Distributions(2,146)— 
Purchase of ownership interest in Reach Media—(7,603)
Dividends paid to redeemable non-controlling interests—(1,799)
Change in fair value(7,307)2,542
Balance as of September 30, 2024$13,517$10,636
Schedule of Significant Unobservable Input Value
For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:
September 30,
2025		December 31,
2024
Level 3 liabilitiesValuation TechniqueSignificant
Unobservable
Inputs
Significant Unobservable
Input Value(a)
Employment Agreement AwardDiscounted cash flowDiscount rate11.5%11.5%
Employment Agreement AwardDiscounted cash flowOperating profit margin range
20.0% - 38.1%
27.0% - 34.4%
Employment Agreement AwardDiscounted cash flowRevenue growth rate range
(7.8)% - (2.0)%
(12.2)% - 1.9%
Employment Agreement AwardMarket approachAverage recurring EBITDA multiple
4.0x - 4.5x
4.5x
Redeemable non-controlling interestsDiscounted cash flowDiscount rate15.5%20.5%
Redeemable non-controlling interestsDiscounted cash flowOperating profit margin range
6.8% - 21.7%
30.9% - 34.0%
Redeemable non-controlling interestsDiscounted cash flowRevenue growth rate range
(0.5)% - 24.3%
(5.1)% - 19.7%
Redeemable non-controlling interests
Market approach(b)
EBITDA Exit multipleN/A4.0x
(a) Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements. Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows.
(b) The Company did not utilize the market approach to measure the fair value of the redeemable non-controlling interests.