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Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes and (Benefit) Provision for Income Taxes

The following table outlines the Company's Loss before income taxes:

	Year ended December 31,
In thousands	2025		2024		2023
Domestic	$(58,661)		$(128,806)		$(55,073)
Foreign	57,386		51,133		48,908
Loss before income taxes	$(1,275)		$(77,673)		$(6,165)

The following table outlines the Company's (Benefit) provision for income taxes:

	Year ended December 31,
In thousands	2025		2024		2023
Current:
Federal	$(13)		$(15,979)		$(311)
State and local	1,257		1,780		1,705
Foreign	6,002		7,671		8,821
Total current	7,246		(6,528)		10,215
Deferred:
Federal	(12,735)		(38,805)		6,436
State and local	(3,180)		(2,493)		399
Foreign	5,639		(3,460)		4,679
Total deferred	(10,276)		(44,758)		11,514
(Benefit) provision for income taxes	$(3,030)		$(51,286)		$21,729

Schedule of Reconciliation of Effective Tax Rate

The effective tax rate varies from the federal statutory tax rate as a result of the following differences:

In thousands, except percentages	Year ended December 31, 2025
U.S. federal statutory rate	$(268)	21.0%
U.S.
State and local income taxes, net of federal income tax effect(a)	(2,187)	171.5%
Effect of cross-border tax laws
Global intangible low-taxed income	8,735	(685.1)%
Other	95	(7.5)%
Tax credits
Research and development tax credits	(7,216)	566.0%
Changes in valuation allowances	(6,454)	506.2%
Nontaxable or nondeductible items
Nondeductible compensation	1,360	(106.7)%
Other	1,169	(91.7)%
Other adjustments
Other	2,160	(169.4)%
Foreign tax effects
U.K.
Statutory tax rate difference between the U.S. and U.K.	2,159	(169.3)%
Foreign exchange and tax rate changes	(1,606)	126.0%
Changes in valuation allowances	(2,497)	195.8%
Other	576	(45.2)%
Other foreign jurisdictions	(429)	33.6%
Changes in unrecognized tax benefits	1,373	(107.7)%
Benefit for income taxes	$(3,030)	237.6%

(a) For the year ended December 31, 2025, state taxes in Texas and Tennessee made up the majority (greater than 50%) of the tax effect.

	Year ended December 31,
In percentage	2024		2023
Federal statutory tax rate	21.0%		21.0%
(Increase) decrease in taxes resulting from:
State and local income taxes, net of federal benefit	(0.5)		3.6
Debt refinancing	37.8		—
Change in valuation allowance	(0.2)		(130.0)
Foreign tax rates differences	(1.0)		(9.2)
Non-deductible parking	(0.1)		(2.5)
Non-deductible meals, entertainment	(1.0)		(12.8)
(Loss) gain on foreign exchange rate	(0.6)		2.4
Stock compensation shortfall	(1.2)		(24.2)
Partnership permanent differences	(0.1)		(2.0)
Tegna indemnification release	—		(2.8)
Foreign entities loss adjustments	(1.4)		(1.3)
Newsquest permanent differences	(0.7)		(7.6)
Nondeductible compensation	(1.0)		(13.4)
Provision to return and deferred tax adjustments	5.2		(45.1)
Global intangible low-taxed income	(10.0)		(112.7)
Branch income	1.2		5.4
Profit on non-qualifying land and buildings	0.2		0.2
Uncertain tax positions	19.0		(134.5)
Deduction for interest expense	—		102.7
Impact of non-deductible goodwill	(0.5)		—
Other expenses	(0.1)		10.3
Effective tax rate	66.0%		NM

NM indicates not meaningful.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of each type of temporary differences and carryforwards that give rise to significant portions of our deferred

tax assets and deferred tax liabilities are presented below:

	December 31,
In thousands	2025		2024
Deferred tax assets:
Fixed assets	$5,961		$4,474
Accrued compensation costs	9,420		13,167
Accrued liabilities	16,041		17,787
Disallowed interest	124,816		121,110
Goodwill	—		162
Capitalized research and development costs	17,607		11,572
Partnership investments	—		4,961
Loss carryforwards	196,585		203,602
Lease liabilities	43,248		50,826
Definite and indefinite lived intangible assets	7,773		—
Other	25,414		15,130
Total deferred tax assets	$446,865		$442,791
Less: Valuation allowances	(298,033)		(304,673)
Total net deferred tax assets	$148,832		$138,118
Deferred tax liabilities:
Partnership investments	(1,130)		—
Goodwill	(825)		—
Right-of-use assets	(36,406)		(43,157)
Convertible debt	(21,218)		(22,472)
Pension and other postretirement benefit obligations	(19,537)		(9,380)
Definite and indefinite lived intangible assets	—		(7,054)
Total deferred tax liabilities	$(79,116)		$(82,063)
Net deferred tax assets	$69,716		$56,055

Schedule of Valuation Allowance

The following table summarizes the activity related to our valuation allowance for deferred tax assets for the year ended

December 31, 2025 (In thousands):

Balance at beginning of period		Additions/ (reductions) charged to expenses		Additions/ (reductions) for acquisitions/ dispositions		Other additions to (deductions from) reserves		Foreign currency translation		Balance at end of period
$304,672		$(10,538)		$—		$—		$3,899		$298,033

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the change in unrecognized tax benefits, excluding the federal tax benefit of state tax

deductions:

	Year ended December 31,
In thousands	2025		2024		2023
Balance at beginning of year	$41,727		$52,821		$43,697
Additions based on tax positions related to the current year	1,446		837		7,017
Additions for tax positions of prior years	446		8		1,327
Reductions for tax positions of prior years	(574)		(11,261)		(652)
Reductions due to lapsed statutes of limitations	(12)		(137)		(208)
Foreign currency translation	2,999		(541)		1,640
Balance at end of year	$46,032		$41,727		$52,821

Schedule of Cash Paid for Income Taxes, Net of Refunds Received

The following table presents supplementary cash flow information, including non-cash investing and financing activities:

	Year ended December 31,
In thousands	2025		2024		2023
Cash paid for income taxes, net	$10,611		$10,115		$8,222
Cash paid for interest	84,228		86,321		89,335
Non-cash investing and financing activities:
Convertible notes exchange	—		223,614		—
Accrued capital expenditures	27,075		39,634		2,390

The following table summarizes the Company's cash paid for income taxes, net of refunds received:

	Year ended December 31,
In thousands	2025		2024		2023
State and local	$1,623		$738		$920
Foreign:
U.K.(a)	8,279		8,929		6,937
Other	709		448		365
Cash paid for income taxes, net of refunds received	$10,611		$10,115		$8,222

(a) For the years ended December 31, 2025, 2024 and 2023, the U.K. was the only jurisdiction with cash paid for income taxes that equaled or exceeded 5% of

total income taxes paid.

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