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Subsequent Events | 12 Months Ended
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Dec. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events |
21. | Subsequent Events
On January 2, 2025, the Company completed the sale of its Mavely entity to Clout.io Holdings, Inc. for $230 million in cash, subject to certain adjustments as set forth in the purchase agreement, including post-closing determination of net working capital and other elements of the purchase price, and a number of shares of the purchaser’s common stock valued by the parties at $20 million. Following the completion of certain payments to other equity holders in Mavely, the Company and its subsidiaries expect to retain approximately $201 million of cash, subject to certain adjustments as set forth in the purchase agreement, and a number of shares of the purchaser’s common stock valued at $10 million. The Company expects to record a pre-tax gain on disposition which will be recorded in the first quarter of 2025 of approximately $170-$190 million, pending the finalization of the valuation. On January 8, 2025, using a portion of the sale proceeds, the Company made a $115.0 million payment on its Credit Agreement term loan facility.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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