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STOCKHOLDERS' DEFICIT | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
STOCKHOLDERS' DEFICIT | STOCKHOLDERS' DEFICIT Pursuant to the Company's 2019 Eq uity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. At the 2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals. Share-based Compensation Share-based compensation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Loss. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain total relative stockholder return goals, Adjusted EBITDA goals, cost savings and other strategic goals (including debt refinancing and advertising sales reorganization initiatives) and continued service. The majority of these awards are measured over an approximately 1-year to 3-year period from the date of issuance. The following table presents the Company's total share-based compensation expense by award type:
(In thousands) | Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
RSUs | $ | 3,122 |  |  | $ | 5,328 |  |  |  |  |
Performance RSUs | (2,763) |  |  | 3,529 |  |  |  |  |
Options | — |  |  | 172 |  |  |  |  |
Total Share-Based Compensation Expense(1) | $ | 359 |  |  | $ | 9,029 |  |  |  |  |
(1)Total share-based compensation expense includes $(3.3) million and $1.6 million of expense from cash-settled awards for the three months ended March 31, 2026 and March 31, 2025, respectively. The reduction in share-based compensation recognized in 2026 is due to changes in the Company’s stock price during the first quarter of 2026, resulting in lower expense associated with cash-settled awards. As of March 31, 2026, there was $24.7 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 2.3 years and assumes Performance RSUs that have not reached their measurement dates will be fully earned at target. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Reorganization may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99% of the Company's outstanding Class A common stock, (b) more than 22.5% of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Although the agreement governing the Special Warrants provides that the Company may decline to permit the exercise of Special Warrants if such exercise would result in more than 22.5% of its capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, the Company received a ruling from the FCC permitting it to have up to 100% foreign ownership in the aggregate. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. Computation of Loss per Share
(In thousands, except per share data) | Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
NUMERATOR: |  |  |  |  |  |  |
Net loss attributable to the Company – common shares | $ | (95,223) |  |  | $ | (281,224) |  |  |  |  |
DENOMINATOR(1): |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 155,789 |  |  | 152,480 |  |  |  |  |
Stock options and restricted stock(2): | — |  |  | — |  |  |  |  |
Weighted average common shares outstanding - diluted | 155,789 |  |  | 152,480 |  |  |  |  |
Net loss attributable to the Company per common share: |  |  |  |  |  |  |
Basic | $ | (0.61) |  |  | $ | (1.84) |  |  |  |  |
Diluted | (0.61) |  |  | (1.84) |  |  |  |  |
(1)All of the outstanding Class B common stock and Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2026 and 2025. (2)Outstanding equity service awards representing 13.0 million and 16.6 million shares of Class A common stock of the Company for the three months ended March 31, 2026 and 2025, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

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