Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

Stitcher

On October 16, 2020, we closed on the sale of our Stitcher podcasting business. Stitcher is classified as discontinued operations in our Consolidated Financial Statements.

Operating results of our discontinued Stitcher business were as follows:

(in thousands)	For the year ended December 31, 2021
Operating revenues	$	—
Total costs and expenses	(600)
Depreciation and amortization of intangible assets	—
Other, net	—
Loss from operations	(600)
Pretax gain on disposal	9,572
Gain from discontinued operations before income taxes	8,972
Provision for income taxes	(2,159)
Income from discontinued operations, net of tax	$	6,813

During 2021, the estimate for the contingent earnout consideration was increased by $9.1 million. In the third quarter of 2021, we received payment of $19.1 million for the 2020 earnout period. No value was assigned to the 2021 contingent earnout consideration.

Triton Digital

During the first quarter of 2021, our Board of Directors approved the sale of our Triton Digital business. On February 16, 2021, we signed a definitive agreement to sell the business and the transaction closed on March 31, 2021. The sale generated total net proceeds of $225 million and we recognized a pre-tax gain from disposition totaling $81.8 million.