FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis

As of March 31, 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:


	Total		Level 1		Level 2		Level 3

	(In thousands)
As of March 31, 2025
Liabilities subject to fair value measurement:
Employment Agreement Award(a)	$	11,063	$	—	$	—	$	11,063

Mezzanine equity subject to fair value measurement:
Redeemable non-controlling interests(b)	$	3,718	$	—	$	—	$	3,718

Assets subject to fair value measurement:
Cash equivalents - money market funds (c)	$	71,257	$	71,257	$	—	$	—



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 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 4.0% 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 new employment agreement were effective as of January 1, 2022.

(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, discount rate and terminal growth 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 three months ended March 31, 2025 and 2024:


	Employment Agreement Award		Redeemable Non-controlling Interests
	(In thousands)
Balance as of December 31, 2024	$	10,426	$	7,988
Net income attributable to redeemable non-controlling interests	—		3
Distributions	—		—
Purchase of ownership interest in Reach Media	—		(3,232)
Dividends paid to redeemable non-controlling interests	—		(936)
Change in fair value(a)	637		(105)
Balance as of March 31, 2025	$	11,063	$	3,718


	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	—		242
Purchase of ownership interest in Reach Media	—		(7,603)
Dividends paid to redeemable non-controlling interests	—		(1,799)
Change in fair value(a)	(23)		1,004
Balance as of March 31, 2024	$	22,947	$	8,364

(a)Amount of total income/(losses) for the period included in earnings attributable to the change in unrealized (gains) losses relating to liabilities still held at the reporting date.

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:

March 31,
2025

December 31,
2024

Level 3 liabilities

Valuation Technique

Significant
Unobservable
Inputs

Significant Unobservable

Input Value(a)

Employment Agreement Award

Discounted cash flow

Discount rate

11.5

Employment Agreement Award

Discounted cash flow

Operating profit margin range

27.1% - 34.4%

27.0% - 34.4%

Employment Agreement Award

Discounted cash flow

Revenue growth rate range

(11.6)% - 1.9%

(12.2)% - 1.9%

Employment Agreement Award

Market approach

Average recurring EBITDA multiple

4.5x - 5.0x

4.5x

Redeemable non-controlling interests

Discounted cash flow

Discount rate

20.5

Redeemable non-controlling interests

Discounted cash flow

Operating profit margin range

30.9% - 34.0%

Redeemable non-controlling interests

Discounted cash flow

Revenue growth rate range

(5.1)% - 19.7%

Redeemable non-controlling interests

Discounted cash flow

EBITDA Exit multiple

4.0x

4.0

(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.