Investments

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Investments

Investments

Investments consisted of the following:

	As of December 31,
(in thousands)	2024		2023
Investments held at cost	$	6,353	$	21,169
Equity method investments	2,531		2,096
Total investments	$	8,884	$	23,265

On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment.

In the fourth quarter of 2024, we recorded a $15.0 million non-cash impairment loss for the write-off of our Misfits gaming investment balance. The measurement of the investment's fair value is a nonrecurring Level 3 measurement (significant unobservable inputs) in the fair value hierarchy.

The gain and loss from these transactions are included within the Miscellaneous, net caption on our Consolidated Statements of Operations.

Our investments do not trade in public markets, thus they do not have readily determinable fair values. Other than our equity interest in BMI, as of December 31, 2023, we estimate the fair values of our other investments to approximate their carrying values at December 31, 2024 and 2023.