SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

Since January 1, 2025, and through the date of this filing, the Company repurchased approximately $17.0 million of its 2028 Notes at an average price of approximately 62.5% of par.

Since January 1, 2025, and through the date of this filing, the Company repurchased 429,679 shares of Class A common stock for approximately $0.6 million at an average price of $1.49.

Since January 1, 2025, and through the date of this filing, the Company repurchased 410,625 shares of Class D common stock for approximately $0.4 million at an average price of $0.92.

On January 13, 2025, certain non-controlling interest shareholders of Reach Media exercised their annual right to require Reach Media to purchase the remaining portion of their shares at the current fair market value for such shares (the “Put Right”). On February 14, 2025, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 95.0% and decreasing the interest of the non-controlling interest shareholders from 10.0% to 5.0%. Reach Media paid the non-controlling interest shareholders approximately $3.2 million for the 5.0% interest.

On February 21, 2025, our Board of Directors authorized a reverse stock split across all classes of the Company’s outstanding common stock. The Board's authorization is subject to the approval of the Company's stockholders and, upon approval by the stockholders, the ratio and timing will be determined by the Audit Committee of the Board. The Company currently anticipates submitting the matter for stockholder approval at the Company's annual meeting but also notes that the Company's majority stockholders may act by written consent. In its authorization, the Board reserved the right to abandon the reverse stock split, even if approved by the stockholders, if the Board, in its discretion, determines that the reverse stock split is no longer in the best interests of the Company or its stockholders.

On March 16, 2025, the Company began investigating an incident involving an unauthorized third party who had gained access to the Company’s IT systems on or around February 10, 2025, and exfiltrated certain information from our information technology systems. Upon discovery, we activated our incident response team, comprised of internal personnel and external cybersecurity experts. The investigation of the incident response team and related remediation is ongoing. The Company is actively conducting forensic analysis and reviewing the information accessed to determine the nature and extent of the incident. As of the date of this filing, the incident has not impacted the Company’s operations or ability to conduct business in the ordinary course. Based on the information currently known at this time, the Company does not expect the incident to have a material impact on its business, operations, ability to serve its customers, or financial results. The Company carries insurance, including cyber insurance, commensurate with its size and the nature of its operations. Because of the preliminary nature of the investigation into this incident, we are unable to reasonably estimate the potential costs, including remediation and other expenses related to this incident.

On March 18, 2025, the Company entered into an operating lease for office space with a total minimum lease payment of $7.4 million. This operating lease commenced in the first quarter of 2025 and has a term of eight years, subject to early termination provision.