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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
|  |  | Successor
|  |  | September 30, 2025
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents |  | $ | 160,689 |  |  | $ | — |  |  | $ | — |
Restricted cash | Restricted cash |  | 79,224 |  |  | — |  |  | — |
Fair value option equity method investments | Other assets |  | 309,064 |  |  | — |  |  | — |
Investment in GLPI partnership | Other assets |  | — |  |  | 19,760 |  |  | — |
The Star Investment - fair value option: |  |  |  |  |  |
Subordinated Notes | Other assets |  | — |  |  | — |  |  | 65,024 |
Convertible Notes | Other assets |  | — |  |  | — |  |  | 13,145 |
Derivative assets not designated as hedging instruments: |  |  |  |  |  |
Cross currency swaps | Prepaid expenses and other current assets |  | — |  |  | 3,892 |  |  | — |
Deal Contingent FX Forwards | Prepaid expenses and other current assets |  | — |  |  | 2,712 |  |  | — |
Derivative assets designated as hedging instruments: |  |  |  |  |  |
Cross currency swaps | Other assets |  | — |  |  | 2,282 |  |  | — |
Total derivative assets at fair value |  | — |  |  | 8,886 |  |  | — |
Total assets |  |  | $ | 548,977 |  |  | $ | 28,646 |  |  | $ | 78,169 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | Accrued and other current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 56,681 |
Contingent consideration | Other long-term liabilities |  | — |  |  | — |  |  | 8,885 |
The Star Investment - fair value option: |  |  |  |  |  |
Forward Obligation(1) | Accrued and other current liabilities |  | — |  |  | — |  |  | 5,848 |
Derivative liabilities not designated as hedging instruments: |  |  |  |  |  |
Cross currency swaps | Accrued and other current liabilities |  | — |  |  | 3,486 |  |  | — |
Cross currency Swaps | Other long-term liabilities |  | — |  |  | 33,152 |  |  | — |
Deal Contingent FX Forwards | Accrued and other current liabilities |  | — |  |  | 3,792 |  |  | — |
Derivative liabilities designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Accrued and other current liabilities |  | — |  |  | 6,646 |  |  | — |
Interest rate contracts | Other long-term liabilities |  | — |  |  | 34,824 |  |  | — |
Cross currency swaps | Other long-term liabilities |  | — |  |  | 34,393 |  |  | — |
Total derivative liabilities at fair value |  | — |  |  | 116,293 |  |  | 5,848 |
Total liabilities |  |  | $ | — |  |  | $ | 116,293 |  |  | $ | 71,414 |
__________________________________ (1) The Forward Obligation is considered a derivative instrument not designated for hedge accounting.
|  |  | Predecessor
|  |  | December 31, 2024
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents |  | $ | 171,233 |  |  | $ | — |  |  | $ | — |
Restricted cash | Restricted cash |  | 60,021 |  |  | — |  |  | — |
Investment in GLPI partnership | Other assets |  | — |  |  | 20,418 |  |  | — |
Derivative assets not designated as hedging instruments |  |  |  |  |  |
Cross currency swaps | Prepaid expenses and other current assets |  | — |  |  | 4,871 |  |  | — |
Cross currency swaps | Other assets |  | — |  |  | 615 |  |  | — |
Derivative assets designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Prepaid expenses and other current assets |  | — |  |  | 340 |  |  | — |
Interest rate contracts | Other assets |  | — |  |  | 336 |  |  | — |
Cross currency swaps | Prepaid expenses and other current assets |  | — |  |  | 148 |  |  | — |
Cross currency swaps | Other assets |  | — |  |  | 13,181 |  |  | — |
Total derivative assets at fair value |  | — |  |  | 19,491 |  |  | — |
Total assets |  |  | $ | 231,254 |  |  | $ | 39,909 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | Other long-term liabilities |  | $ | — |  |  | $ | — |  |  | $ | 59,923 |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Sinclair Performance Warrants | Other long-term liabilities |  | — |  |  | — |  |  | 58,668 |
Cross currency swaps | Other long-term liabilities |  | — |  |  | 11,174 |  |  | — |
Derivative liabilities designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Accrued and other current liabilities |  | — |  |  | 1,855 |  |  | — |
Interest rate contracts | Other long-term liabilities |  | — |  |  | 13,372 |  |  | — |
Cross currency swaps | Accrued and other current liabilities |  | — |  |  | 1,189 |  |  | — |
Cross currency swaps | Other long-term liabilities |  | — |  |  | 1,624 |  |  | — |
Total derivative liabilities at fair value |  | — |  |  | 29,214 |  |  | 58,668 |
Total liabilities |  |  | $ | — |  |  | $ | 29,214 |  |  | $ | 118,591 |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:
| Sinclair Performance Warrant Liability |  | Contingent Consideration Liability |  | The Star Investment
(in thousands) |  |  | Subordinated Notes |  | Convertible Notes |  | Forward Obligation Asset (Liability)
Beginning as of December 31, 2024 (Predecessor) | $ | 58,668 |  |  | $ | 59,923 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in fair value | 1,180 |  |  | 786 |  |  | — |  |  | — |  |  | — |
Ending as of February 7, 2025 (Predecessor) | $ | 59,848 |  |  | $ | 60,709 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Beginning as of February 8, 2025 (Successor) | $ | — |  |  | $ | 60,709 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Change in fair value | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending as of March 31, 2025 (Successor) | — |  |  | 60,709 |  |  | — |  |  | — |  |  | — |
Additions in the period (acquisition fair value) | — |  |  | — |  |  | 70,291 |  |  | 13,429 |  |  | — |
Change in fair value | — |  |  | 1,675 |  |  | 11,655 |  |  | 2,485 |  |  | 6,728 |
Effect of foreign exchange | — |  |  | — |  |  | 3,032 |  |  | 1,239 |  |  | 173 |
Ending as of June 30, 2025 (Successor) | — |  |  | 62,384 |  |  | 84,978 |  |  | 17,153 |  |  | 6,901 |
Change in fair value | — |  |  | 3,182 |  |  | (16,922) |  |  | (2,769) |  |  | (12,576) |
Effect of foreign exchange | — |  |  | — |  |  | (3,032) |  |  | (1,239) |  |  | (173) |
Ending as of September 30, 2025 (Successor) | $ | — |  |  | $ | 65,566 |  |  | $ | 65,024 |  |  | $ | 13,145 |  |  | $ | (5,848) |
(in thousands) | Sinclair Performance Warrant Liability |  | Contingent Consideration Liability
Beginning as of December 31, 2023 (Predecessor) | $ | 44,703 |  |  | $ | 58,580 |
Change in fair value | — |  |  | (1,835) |
Ending as of March 31, 2024 (Predecessor) | $ | 44,703 |  |  | $ | 56,745 |
Change in fair value | (6,317) |  |  | 1,040 |
Ending as of June 30, 2024 (Predecessor) | $ | 38,386 |  |  | $ | 57,785 |
Change in fair value | 16,932 |  |  | 1,059 |
Ending as of September 30, 2024 | $ | 55,318 |  |  | $ | 58,844 |
Schedule of Derivative Instruments, Gain (Loss) | The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments were as follows:
| Condensed Consolidated Statements of Operations Location | Successor |  |  | Predecessor
(in thousands) | Three Months Ended September 30, 2025 |  | Period from February 8, 2025 to September 30, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Sinclair Performance Warrants | Other non-operating (expense) income, net | $ | — |  |  | $ | — |  |  |  | $ | (1,180) |  |  | $ | (16,932) |  |  | $ | (10,615) |
Cross Currency Swaps | Other non-operating (expense) income, net | 12,096 |  |  | 18,919 |  |  |  | 50 |  |  | — |  |  | — |
Deal Contingent FX Forwards | Other non-operating (expense) income, net | (774) |  |  | (774) |  |  |  | — |  |  | — |  |  | — |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Interest expense, net | $ | 935 |  |  | $ | 2,318 |  |  |  | $ | (105) |  |  | (3,983) |  |  | (9,678) |
Cross currency swaps | Interest expense, net | 555 |  |  | 1,960 |  |  |  | 7 |  |  | (634) |  |  | (3,170) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | In the table below, the carrying amounts of the Company’s long-term debt are net of debt issuance costs and debt discounts. Refer to Note 14 “Long-Term Debt” for further information.
| Successor |  |  | Predecessor
| September 30, 2025 |  |  | December 31, 2024
(in thousands) | Carrying Amount |  | Fair Value |  |  | Carrying Amount |  | Fair Value
Term Loan Facility | $ | 1,784,474 |  |  | $ | 1,828,435 |  |  |  | $ | 1,858,800 |  |  | $ | 1,792,804 |
11.00% Senior Secured Notes due 2028 | 481,780 |  |  | 501,643 |  |  |  | — |  |  | — |
5.625% Senior Notes due 2029 | 571,691 |  |  | 392,813 |  |  |  | 738,517 |  |  | 587,813 |
5.875% Senior Notes due 2031 | 511,126 |  |  | 370,256 |  |  |  | 721,456 |  |  | 535,631 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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