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Discontinued Operations
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On March 18, 2024, the Company discontinued the Sports Illustrated media business (the “SI Business”) that was operated under the Licensing Agreement with ABG-SI, LLC (“ABG”) dated June 14, 2019 (as amended to date, the “Licensing Agreement”). This discontinuation of the SI Business (i.e., discontinued operations) followed the termination of the Licensing Agreement by ABG on January 18, 2024. The last date of any obligation of the Company to perform under the Licensing Agreement was March 18, 2024. In connection with the termination, certain ABG Warrants vested (further described in Note 14).

On April 29, 2025, the ABG Group Legal Matters (as further described in Note 18) were resolved through a confidential settlement with outstanding liabilities being released by all sides. In connection with the settlement, all ABG Warrants were forfeited.

The table below sets forth the income (loss) from discontinued operations:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue (1)$45,107 $404 $45,107 $22,252 
Cost of revenue (2)(1,344)865 (1,367)14,846 
Gross profit (loss)46,451 (461)46,474 7,406 
Operating expenses:
Selling and marketing (2)(805)499 (805)12,002 
General and administrative (3)(48,971)301 (48,971)45,493 
Depreciation and amortization— — — 2,401 
Loss on impairment of assets (4)— — — 39,391 
Total operating expenses (income)(49,776)800 (49,776)99,287 
Income (loss) from discontinued operations96,227 (1,261)96,250 (91,881)
Income tax provision— 12 — (6)
Net income (loss) from discontinued operations$96,227 $(1,249)$96,250 $(91,887)
(1)    Revenue for the three and six months ended June 30, 2025 include the derecognition of SI related subscription liabilities of $45,107 for which the Company has no remaining obligations.    
(2)    Cost of revenue and selling and marking expenses for the three and six months ended June 30, 2025, include adjustments to previously reported accounts payable that were settled for a reduced amount.
(3) General and administrative expenses for the three and six months ended June 30, 2025, include a reversal of SI business related liabilities, including a $45,000 termination fee liability (recorded in the six months ended June 30, 2024), a $3,750 royalty fee liability and $221 of previously reported accounts payable that was settled for a reduced amount.
(4)     Loss on impairment of assets for the six months ended June 30, 2024 of $39,391, includes $8,601 for the impairment of intangible assets and $30,790 for the impairment of subscription acquisition costs.
The table below sets forth the major classes of liabilities of the discontinued operations:
As of
June 30, 2025December 31, 2024
Liabilities
Accounts payable $— $1,783 
Accrued expenses and other— 519 
Subscription refund liability— 423 
Royalty fee liability (1)— 3,750 
Termination fee liability (1)— 45,000 
Subscription liability— 44,684 
Current/total liabilities from discontinued operations$— $96,159 
(1)     Further details related to the royalty fee liability of $3,750 and termination fee liability of $45,000 are described under the heading ABG Group Legal Matters in Note 18.
The table below sets forth the cash flows of the discontinued operations:
Six Months Ended June 30,
20252024
Cash flows from operating activities from discontinued operations
Net income (loss) from discontinued operations$96,250 $(91,887)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible assets— 2,401 
Loss on impairment of assets— 39,391 
Stock-based compensation— 564 
Change in operating assets and liabilities:
Accounts receivable, net— 12,121 
Subscription acquisition costs— 6,131 
Prepayments and other current assets— 807 
Accounts payable(1,783)2,931 
Accrued expenses and other(519)(203)
Subscription refund liability(423)20 
Subscription liability(44,684)(8,042)
Royalty fee liability(3,750)— 
Termination fee liability(45,000)45,000 
Net cash provided by operating activities from discontinued operations $91 $9,234 

Further details regarding legal matters in connection with the discontinued operations are provided under the heading ABG Group Legal Matters in Note 18.