Basis of presentation and accounting policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Reconciliations Between Revenue and the Primary Measures of Profit or Loss and Include our Significant Expense Measures

The tables below provide reconciliations between revenue and the primary measures of profit or loss and include our significant expense measures (in thousands).

	Quarter ended Mar. 31,
	2025			2024
Revenue	$	680,049		$	714,252
Less:
Programming		264,166			249,758
Employee compensation (a)		171,984			183,291
Other segment items (b)		107,651			107,016
Adjusted EBITDA	$	136,248		$	174,187
(Less) Plus: All other segment items (c)		(77,941	)		15,075
Net income	$	58,307		$	189,262

(a) Includes the cost associated with salaries, bonuses, stock-based compensation, benefits paid to our employees and adjusted to remove workforce restructuring and retention costs (including stock-based compensation and cash payments).

(b) Primarily includes digital ad serving fees, professional service fees and costs associated with operating our facilities.

(c) Primarily includes taxes, interest expense, other non-operating costs, depreciation and amortization.

Schedule of Disaggregation of Revenue

Revenue earned by these sources in the first quarter of 2025 and 2024 are shown below (amounts in thousands):

	Quarter ended Mar. 31,
	2025		2024
Distribution	$	379,556	$	380,503
Advertising & Marketing Services		286,397		296,109
Political		3,616		27,828
Other		10,480		9,812
Total revenues	$	680,049	$	714,252