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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

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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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.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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