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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Marketable Securities | At June 30, 2023 and December 31, 2022, the fair value of marketable securities are as follows:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Marketable equity securities | $ | 4,429 |  |  | $ | 4,317 |
Available-for-sale marketable debt securities | 111,130 |  |  | 235,056 |
Total marketable securities | $ | 115,559 |  |  | $ | 239,373 |
Schedule of Current Available-for-sale Marketable Securities | At June 30, 2023 and December 31, 2022, current available-for-sale marketable debt securities are as follows:
| June 30, 2023 |  | December 31, 2022
| Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
| (In thousands)
Treasury discount notes | $ | 111,109 |  |  | $ | 23 |  |  | $ | (2) |  |  | $ | 111,130 |  |  | $ | 234,987 |  |  | $ | 75 |  |  | $ | (6) |  |  | $ | 235,056 |
Total available-for-sale marketable debt securities | $ | 111,109 |  |  | $ | 23 |  |  | $ | (2) |  |  | $ | 111,130 |  |  | $ | 234,987 |  |  | $ | 75 |  |  | $ | (6) |  |  | $ | 235,056 |
Schedule of Investment in MGM Resorts International | Investment in MGM Resorts International
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Investment in MGM Resorts International | $ | 2,842,661 |  |  | $ | 2,170,182 |
Schedule of Long-term Investments | Long-term investments consist of:
| June 30, 2023 |  | December 31, 2022
| (In thousands)
Equity securities without readily determinable fair values | $ | 426,938 |  |  | $ | 323,530 |
Equity method investment | 4,839 |  |  | 2,191 |
Total long-term investments | $ | 431,777 |  |  | $ | 325,721 |
Schedule of Realized and Unrealized Gains and Losses |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Upward adjustments (gross unrealized pre-tax gains) | $ | 2,227 |  |  | $ | — |  |  | $ | 2,227 |  |  | $ | — |
Downward adjustments including impairments (gross unrealized pre-tax losses) | (373) |  |  | (22,376) |  |  | (1,195) |  |  | (22,376) |
Total | $ | 1,854 |  |  | $ | (22,376) |  |  | $ | 1,032 |  |  | $ | (22,376) |
Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the three and six months ended June 30, 2023 and 2022 are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Realized pre-tax gains (losses), net, for equity securities sold | $ | 993 |  |  | $ | (6) |  |  | $ | 1,000 |  |  | $ | 462 |
Unrealized pre-tax gains (losses), net, on equity securities held | 1,854 |  |  | (22,376) |  |  | 1,032 |  |  | (22,376) |
Total pre-tax gains (losses), net recognized | $ | 2,847 |  |  | $ | (22,382) |  |  | $ | 2,032 |  |  | $ | (21,914) |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the Company's financial instruments that are measured at fair value on a recurring basis:
| June 30, 2023
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
| (In thousands)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 1,000,932 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000,932 |
Treasury discount notes | — |  |  | 24,871 |  |  | — |  |  | 24,871 |
Time deposits | — |  |  | 17,964 |  |  | — |  |  | 17,964 |
Marketable securities: |  |  |  |  |  |  |
Marketable equity securities | 4,429 |  |  | — |  |  | — |  |  | 4,429 |
Treasury discount notes | — |  |  | 111,130 |  |  | — |  |  | 111,130 |
Investment in MGM | 2,842,661 |  |  | — |  |  | — |  |  | 2,842,661 |
Other non-current assets: |  |  |  |  |  |  |
Warrant | — |  |  | — |  |  | 39,068 |  |  | 39,068 |
Interest rate swaps(a) | — |  |  | 4,389 |  |  | — |  |  | 4,389 |
Total | $ | 3,848,022 |  |  | $ | 158,354 |  |  | $ | 39,068 |  |  | $ | 4,045,444 |
_____________________ (a) Interest rate swaps relate to the $350 million notional amount of Dotdash Meredith's Term Loan B and are included in "Other non-current assets" in the balance sheet. See "Note 1—The Company and Summary of Significant Accounting Policies" and "Note 4—Long-term Debt" for additional information. The fair value of interest rate swaps was determined using discounted cash flows derived from observable market prices, including swap curves, which are Level 2 inputs.
| December 31, 2022
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
| (In thousands)
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 862,829 |  |  | $ | — |  |  | $ | — |  |  | $ | 862,829 |
Treasury discount notes | — |  |  | 137,219 |  |  | — |  |  | 137,219 |
Time deposits | — |  |  | 16,018 |  |  | — |  |  | 16,018 |
Marketable securities: |  |  |  |  |  |  |
Marketable equity securities | 4,317 |  |  | — |  |  | — |  |  | 4,317 |
Treasury discount notes | — |  |  | 235,056 |  |  | — |  |  | 235,056 |
Investment in MGM | 2,170,182 |  |  | — |  |  | — |  |  | 2,170,182 |
Other non-current assets: |  |  |  |  |  |  |
Warrant | — |  |  | — |  |  | 46,799 |  |  | 46,799 |
Total | $ | 3,037,328 |  |  | $ | 388,293 |  |  | $ | 46,799 |  |  | $ | 3,472,420 |
Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| Three Months Ended June 30,
| 2023 |  |  |  | 2022
| Warrant |  |  |  | Warrant |  |
| (In thousands)
Balance at April 1 | $ | 52,739 |  |  |  |  | $ | 117,279 |  |  |
Total net (losses) gains: |  |  |  |  |  |  |
Fair value adjustments included in earnings | (13,671) |  |  |  |  | 4,866 |  |  |
Balance at June 30 | $ | 39,068 |  |  |  |  | $ | 122,145 |  |  |
| Six months ended June 30,
| 2023 |  | 2022
| Warrant |  |  |  | Warrant |  | Contingent Consideration Arrangements
| (In thousands)
Balance at January 1 | $ | 46,799 |  |  |  |  | $ | 109,294 |  |  | $ | (612) |
Total net (losses) gains: |  |  |  |  |  |  |
Fair value adjustments included in earnings | (7,731) |  |  |  |  | 12,851 |  |  | 612 |
Balance at June 30 | $ | 39,068 |  |  |  |  | $ | 122,145 |  |  | $ | — |
Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes | The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
| June 30, 2023 |  | December 31, 2022
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
| (In thousands)
Current portion of long-term debt | $ | (30,000) |  |  | $ | (27,769) |  |  | $ | (30,000) |  |  | $ | (26,700) |
Long-term debt, net(a) | $ | (2,006,456) |  |  | $ | (1,803,172) |  |  | $ | (2,019,759) |  |  | $ | (1,708,413) |
_____________________ (a) At June 30, 2023 and December 31, 2022, the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $18.5 million and $20.2 million, respectively.

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