INVESTMENTS

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

8.INVESTMENTS

The following is a summary of the Company’s investments (in thousands):

	September 30,		December 31,
	2024		2023
Equity method investments	$	217,090	$	199,987
Equity investments without readily determinable fair values		187,185		193,867
Equity investments with readily determinable fair values		418		325
Total investments	$	404,693	$	394,179

Equity Method Investments

As of September 30, 2024 and December 31, 2023, the Company held various investments in non-marketable equity instruments of private companies. As of September 30, 2024, the Company’s equity method investments are primarily comprised of Fifth Season and Sports News Television Limited. The Company’s ownership of its equity method investments ranges from 5% to 50% as of September 30, 2024.

As of September 30, 2024, the Company's ownership in Fifth Season was approximately 15%. The Company’s share of the net loss of Fifth Season for the three and nine months ended September 30, 2024 and 2023 was $3.5 million, $10.8 million, $4.6 million and $19.7 million, respectively, and was recognized within equity losses of affiliates in the consolidated statements of operations.

There were no other-than-temporary impairments recorded for equity method investments during the three and nine months ended September 30, 2024 and the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company recorded an other-than-temporary impairment of $9.2 million for one of its equity method investments.

Equity Investments without Readily Determinable Fair Values

As of September 30, 2024 and December 31, 2023, the Company held various investments in non-marketable equity instruments of private companies.

For the three and nine months ended September 30, 2024, the Company performed its assessment on its investments without readily determinable fair values and recorded a net decrease of less than $0.1 million and $0.8 million, respectively, in other (expense) income, net in the consolidated statements of operations. The changes were due to observable price changes and other than temporary impairment. For the three and nine months ended September 30, 2023, the Company performed its assessment on its investments without readily determinable fair values and recorded a net increase of none and $0.7 million, respectively, in other income (expense), net in the consolidated statements of operations. The changes were due to observable price changes.

For the three and nine months ended September 30, 2024, the Company sold one and four investments, respectively, for net consideration of $5.3 million and $16.6 million and recorded net gains of $3.0 million and $4.1 million, respectively. For the three months ended September 30, 2023, no material investments were sold and for the nine months ended September 30, 2023, the Company sold investments for net consideration of $2.3 million and recorded gains of $1.1 million.