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Noncontrolling and Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling and Redeemable Noncontrolling Interests
12. Noncontrolling and Redeemable Noncontrolling Interests
When acquiring less than 100% ownership of an entity, the Company may enter into agreements that give the Company an option to purchase, or require the Company to purchase, the incremental ownership interests under certain circumstances. Where the option to purchase incremental ownership is within the Company’s control, the amounts are recorded as Noncontrolling interests within Shareholders’ Equity in the Consolidated Balance Sheets. Where the incremental purchase may be required of the Company, the amounts are recorded as Redeemable noncontrolling interests in mezzanine equity in the Consolidated Balance Sheets at their estimated acquisition date redemption value and adjusted at each reporting period for changes to their estimated redemption value through Retained earnings (but not less than their initial redemption value), except for foreign currency translation adjustments.
The following table presents Net income (loss) attributable to noncontrolling and redeemable noncontrolling interests between Class C shareholders and other equity interest holders for the years ended December 31:
202520242023
(dollars in thousands)
Net income (loss) attributable to Class C shareholders$(6,637)$17,144 $39,066 
Net income attributable to other equity interest holders
916 2,636 3,076 
Net income (loss) attributable to noncontrolling interests
$(5,721)$19,780 $42,142 
Net income (loss) attributable to redeemable noncontrolling interests7,246 3,005 (634)
Net income attributable to noncontrolling and redeemable noncontrolling interests$1,525 $22,785 $41,508 
The following table presents noncontrolling interests between Class C shareholders and other equity interest holders as of December 31:
December 31, 2025December 31, 2024
(dollars in thousands)
Noncontrolling interest of Class C shareholders (1)
$— $423,428 
Noncontrolling interest of other equity interest holders17,974 21,746 
Total noncontrolling interests$17,974 $445,174 
(1) On April 4, 2025, Stagwell Media LP (“Stagwell Media”) exercised in full its right to exchange all of its 151,648,741 shares of Class C Common Stock for an equal number of newly issued shares of Class A Common Stock (the “Class C
Exchange”). Following the Class C Exchange, the Company no longer has any Noncontrolling interest of Class C shareholders as of December 31, 2025.

The following table presents changes in redeemable noncontrolling interests for the years ended December 31:
December 31, 2025December 31, 2024
(dollars in thousands)
Beginning balance$8,412 $10,792 
Redemptions (1)
— (17,039)
Additions
2,048 1,127 
Distributions(2,489)(2,880)
Changes in redemption value (2)
9,657 13,363 
Net income attributable to redeemable noncontrolling interests (3)
7,246 3,005 
Currency translation adjustment94 44 
Ending balance$24,968 $8,412 
(1) Redemptions for the year ended December 31, 2024 was associated with redeemable noncontrolling interest of a certain Brand we did not previously own. The amount was reclassified as a deferred acquisition contingent obligation (see Note 9).
(2) Changes in redemption value are the fair value changes from the acquisition date redemption value based on the options held by the minority interest holders, adjusted through Retained earnings.
(3) Net income attributable to redeemable noncontrolling interests includes profit sharing adjustments related to future earnings of the Company.
The noncontrolling shareholders’ ability to exercise any such option right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and specific employment termination conditions. In addition, these rights cannot be exercised prior to specified staggered exercise dates. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts between 2026 and 2031. It is not determinable, at this time, if or when the owners of these rights will exercise all or a portion of these rights.
These adjustments will not impact the calculation of earnings (loss) per share if the redemption values are less than the estimated fair values. As such, there is no related impact on the Company’s earnings (loss) per share calculations for the years ended December 31, 2025 and 2024.