v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (146,879) $ (104,179)
Adjustments to reconcile net income to net cash from operating activities:    
Bad debt expense (recovery) 3,129 (355)
Depreciation and amortization 18,073 7,716
Amortization of debt financing costs 1,701 1,920
Amortization of launch assets 3,408 4,980
Amortization of content assets 42,823 46,297
Deferred income taxes (17,591) 8,368
Impairment of goodwill and intangible assets 191,816 151,755
Non-cash fair value adjustment of Employment Agreement Award (632) (10,398)
Stock-based compensation expense 1,907 5,716
Gain on retirement of debt (44,009) (23,271)
Other 142 659
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable, net 22,042 18,991
Prepaid expenses and other current assets 2,419 2,584
Other assets (244) (4,441)
Content assets and content payables (36,863) (63,368)
Accounts payable (7,733) (305)
Accrued interest (17,011) (4,329)
Accrued compensation and related benefits (851) (2,521)
Reserve for audience deficiency (8,167) 9,604
Other liabilities (3,320) (7,945)
Net cash flows provided by operating activities 4,160 37,478
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (10,072) (7,226)
Proceeds from sale of equity securities 0 829
Acquisition of stations and broadcasting assets (250) (250)
Cash receipts related to disposition of station 0 5,613
Investment in unconsolidated joint venture 0 (609)
Net cash flows used in investing activities (10,322) (1,643)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Purchase of ownership interest in Reach Media (3,232) (7,603)
Repurchase of long-term debt (51,878) (115,557)
Repurchase of common stock, including payments for taxes related to net share settlement of equity awards (2,760) (8,132)
Proceeds from borrowings under the asset-backed facility 10,000 0
Payments on tender offer (112,091) 0
Proceeds from subscription offer, net of discount 59,994 0
Payments for debt issuance costs (4,151) 0
Payment of dividends to non-controlling interest members of Reach Media (936) (1,799)
Release of secured letters of credit deposit 0 1,260
Net cash flows used in financing activities (105,054) (131,831)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (111,216) (95,996)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 137,574 233,570
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 26,358 137,574
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 53,965 50,717
Income taxes, net of refunds 82 2,471
NON-CASH OPERATING, FINANCING AND INVESTING ACTIVITIES:    
Non-cash additions to property and equipment 2,055 0
Adjustment of redeemable non-controlling interests to estimated redemption value (1,179) (345)
Operating right of use assets obtained in exchange for lease obligation 13,227 9,493
Settlement of stock-based compensation liability $ 670 $ 4,681