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Basis of presentation, merger agreement and accounting policies (Tables)

9 Months Ended

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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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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-Topic 606
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-Name Accounting Standards Codification
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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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-Name Accounting Standards Codification
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