FAIR VALUE MEASUREMENTS (Tables)

As of December 31, 2025 and 2024, respectively, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:


	Total		Level 1		Level 2		Level 3

	(in thousands)
As of December 31, 2025
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	7,099	$	—	$	—	$	7,099

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	2,631	$	—	$	—	$	2,631

Assets subject to fair value measurement:
Cash equivalents - money market funds (c)	$	—	$	—	$	—	$	—

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 Cable Television. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of Cable Television (based on the estimated enterprise fair value of Cable Television as determined by the income approach using a discounted cash flow model and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow model include projected revenues assumptions, future operating profits, and discount rates. 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. As a part of its 2025 Refinancing ( as defined in Note 13 - Debt), the terms of the Employment Agreement were amended to limit his total cash compensation (the “Cash Compensation Limits”). The Cash Compensation Limits do not apply and are not operative for any fiscal year in which the Company’s leverage ratio (as defined in the indenture governing the Company’s First Lien Notes) as of December 31 of such fiscal year is less than 4.75:1.00. The Cash Compensation Limits also do not limit any compensation paid to Mr. Liggins in the form of common stock. Finally, the Cash Compensation Limits terminate once certain original noteholders and their respective affiliates no longer own any of the First Lien Notes.

(b) The fair value is measured using a discounted cash flow methodology. Significant inputs to the discounted cash flow model include revenue assumptions, 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.


	Employment Agreement Award		Redeemable Non-controlling Interests
	(in thousands)
Balance at December 31, 2023	$	22,970	$	16,520
Net income attributable to redeemable non-controlling interests	—		1,215
Dividends paid to redeemable non-controlling interests	—		(1,799)
Distribution	(2,146)		—
Purchase of ownership interest in Reach Media	—		(7,603)
Change in fair value	(10,398)		(345)
Balance at December 31, 2024	$	10,426	$	7,988
Net loss attributable to redeemable non-controlling interests	—		(10)
Dividends paid to redeemable non-controlling interests	—		(936)
Distribution	(2,695)		—
Purchase of ownership interest in Reach Media	—		(3,232)
Change in fair value	(632)		(1,179)
Balance at December 31, 2025	$	7,099	$	2,631

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:

As of
December 31, 2025

As of
December 31,
2024

Level 3 liabilities

Valuation Technique

Significant
Unobservable
Inputs

Significant Unobservable

Input Value(a)(c)

Employment Agreement Award

Discounted cash flow

Discount rate

14.0

11.5

Employment Agreement Award

Discounted cash flow

Operating profit margin range

20.0% - 33.9%

27.0% - 34.4%

Employment Agreement Award

Discounted cash flow

Revenue assumption rate range

(6.7)% - (2.0)%

(12.2)% - 1.9%

Employment Agreement Award

Market Approach

Average recurring EBITDA multiple

4.1x

4.5x

Redeemable non-controlling interests

Discounted cash flow

Discount rate

15.0

20.5

Redeemable non-controlling interests

Discounted cash flow

Operating profit margin range

7.0% - 9.3%

30.9% - 34.0%

Redeemable non-controlling interests

Discounted cash flow

Revenue assumption rate range

(0.5)% - 2.5%

(5.1)% - 19.7%

Redeemable non-controlling interests

Market Approach(b)

EBITDA Exit multiple

N/A

4.0x

(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 measures.

(b) The Company did not utilize the market approach to measure the fair value of the redeemable non-controlling interests in FY 2025.

(c) The Company utilized certain of these significant unobservable inputs as part of it's interim quantitative assessment for the Cable Television and Reach Media Segments as of December 31, 2025 and December 31, 2024. See Note 12 - Goodwill, Net And Other Intangible Assets, Net.