Subsequent Events

12 Months Ended

Dec. 31, 2024

21.	Subsequent Events

On January 2, 2025, the Company completed the sale of its Mavely entity to Clout.io Holdings, Inc. for $230 million in cash, subject to certain adjustments as set forth in the purchase agreement, including post-closing determination of net working capital and other elements of the purchase price, and a number of shares of the purchaser’s common stock valued by the parties at $20 million. Following the completion of certain payments to other equity holders in Mavely, the Company and its subsidiaries expect to retain approximately $201 million of cash, subject to certain adjustments as set forth in the purchase agreement, and a number of shares of the purchaser’s common stock valued at $10 million. The Company expects to record a pre-tax gain on disposition which will be recorded in the first quarter of 2025 of approximately $170-$190 million, pending the finalization of the valuation.

On January 8, 2025, using a portion of the sale proceeds, the Company made a $115.0 million payment on its Credit Agreement term loan facility.