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Basis of presentation, merger agreement and accounting policies (Tables) | 9 Months Ended
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Sep. 30, 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 Sept. 30, |  |  | Nine months ended Sept. 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue | $ | 650,791 |  |  | $ | 806,827 |  |  | $ | 2,005,885 |  |  | $ | 2,231,442 |
Less: |  |  |  |  |  |  |  |  |  |  |
Programming |  | 247,579 |  |  |  | 243,354 |  |  |  | 761,110 |  |  |  | 739,046 |
Employee compensation (a) |  | 171,983 |  |  |  | 182,779 |  |  |  | 510,457 |  |  |  | 545,006 |
Other segment items (b) |  | 100,577 |  |  |  | 111,191 |  |  |  | 316,456 |  |  |  | 327,973 |
Adjusted EBITDA | $ | 130,652 |  |  | $ | 269,503 |  |  | $ | 417,862 |  |  | $ | 619,417 |
(Less) Plus: All other segment items (c) |  | (93,536 | ) |  |  | (122,315 | ) |  |  | (254,537 | ) |  |  | (200,938 | )
Net income | $ | 37,116 |  |  | $ | 147,188 |  |  | $ | 163,325 |  |  | $ | 418,479 |
(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 third quarter and first nine months of 2025 and 2024 are shown below (amounts in thousands):
| Quarter ended Sept. 30, |  |  | Nine months ended Sept. 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Distribution | $ | 358,451 |  |  | $ | 361,585 |  |  | $ | 1,107,584 |  |  | $ | 1,113,292 |
Advertising & Marketing Services |  | 273,378 |  |  |  | 309,661 |  |  |  | 847,631 |  |  |  | 904,299 |
Political |  | 9,881 |  |  |  | 126,318 |  |  |  | 21,689 |  |  |  | 185,789 |
Other |  | 9,081 |  |  |  | 9,263 |  |  |  | 28,981 |  |  |  | 28,062 |
Total revenues | $ | 650,791 |  |  | $ | 806,827 |  |  | $ | 2,005,885 |  |  | $ | 2,231,442 |

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