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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company leverages its Platform to build content verticals powered by anchor brands. The Company’s strategy is to focus on key subject matter verticals where audiences are passionate about a topic category where it can leverage the strength of its core brands to grow its audience and monetize editorially focused online content through various display and video advertisements that are viewed by internet users of the content. The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews segment gross profit by vertical when evaluating performance and making resource allocation decisions rather than focusing on consolidated company net income, which resulted in a change to reportable segments. The prior period presented has been re-cast to reflect this change. Changes to the CODM in subsequent periods may result in a change to reportable segments. This segment profit measure is defined as segment revenue less segment cost of revenue, consisting of costs and expenses directly attributable to the segment. The Company has four reportable segments: Sports & Leisure, Finance, Lifestyle, and Platform. The Company’s reportable segments are organized in subject matter verticals that offer content on the respective topic. Each of the reportable segments derives its revenue from digital advertising, digital subscriptions, performance marketing, publisher revenue, and licensing and publisher revenue. The following tables summarize key financial information by segment:
| Three Months Ended September 30, 2025
| Sports & Leisure |  | Finance |  | Lifestyle |  | Platform |  | Total
Digital advertising | $ | 4,875 |  |  | $ | 5,318 |  |  | $ | 6,268 |  |  | $ | 1,485 |  |  |
Digital subscriptions | — |  |  | 1,499 |  |  | — |  |  | (7) |  |  |
Publisher revenue | 2,350 |  |  | 502 |  |  | 1,934 |  |  | 709 |  |  |
Performance Marketing | 910 |  |  | 1,900 |  |  | 1,233 |  |  | — |  |  |
Other digital revenue | 80 |  |  | — |  |  | (1) |  |  | 212 |  |  |
Total digital revenue | 8,215 |  |  | 9,219 |  |  | 9,434 |  |  | 2,399 |  |  |
Print revenue | 75 |  |  | 4 |  |  | 414 |  |  | — |  |  |
Total revenue | 8,290 |  |  | 9,223 |  |  | 9,848 |  |  | 2,399 |  |  | $ | 29,760 |
Less: (1) |  |  |  |  |  |  |  |  |
External Cost of Content | 1,205 |  |  | 905 |  |  | 1,352 |  |  | 1,480 |  |  |
Internal Cost of Content | 1,541 |  |  | 1,773 |  |  | 1,618 |  |  | 130 |  |  |
Technology costs | 958 |  |  | 723 |  |  | 683 |  |  | 449 |  |  |
Print, distribution and fulfillment costs | — |  |  | — |  |  | 275 |  |  | (373) |  |  |
Other segment items | — |  |  | — |  |  | — |  |  | 18 |  |  |
Segment gross profit | $ | 4,586 |  |  | $ | 5,822 |  |  | $ | 5,920 |  |  | $ | 695 |  |  | $ | 17,023 |
Reconciliation of Segment Gross Profit to Income Before Income Taxes: |  |  |  |  |  |  |  |  |
Less unallocated cost of revenue amounts: |  |  |  |  |  |  |  |  |
Internal cost of content |  |  |  |  |  |  |  |  | (279) |
Technology costs |  |  |  |  |  |  |  |  | 931 |
Amortization of developed technology and platform development |  |  |  |  |  |  |  |  | 1,444 |
Selling and marketing |  |  |  |  |  |  |  |  | 1,342 |
General and administrative |  |  |  |  |  |  |  |  | 3,213 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 877 |
Interest expense, net |  |  |  |  |  |  |  |  | 2,857 |
Liquidated damages |  |  |  |  |  |  |  |  | 77 |
Total unallocated costs |  |  |  |  |  |  |  |  | 10,462 |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 6,561 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
| Three months ended September 30, 2024
| Sports & Leisure |  | Finance |  | Lifestyle |  | Platform |  |
Digital advertising | $ | 11,425 |  |  | $ | 3,585 |  |  | $ | 5,612 |  |  | $ | 2,446 |  |  |
Digital subscriptions | — |  |  | 1,806 |  |  | — |  |  | — |  |  |
Publisher revenue | 803 |  |  | 149 |  |  | 631 |  |  | 150 |  |  |
Performance Marketing | 641 |  |  | 1,444 |  |  | 963 |  |  | — |  |  |
Other digital revenue | 105 |  |  | 21 |  |  | 3 |  |  | 3,248 |  |  |
Total digital revenue | 12,974 |  |  | 7,005 |  |  | 7,209 |  |  | 5,844 |  |  |
Print revenue | 260 |  |  | — |  |  | 263 |  |  | — |  |  |
Total revenue | 13,234 |  |  | 7,005 |  |  | 7,472 |  |  | 5,844 |  |  | $ | 33,555 |
Less: (1) | $0 |  | $0 |  | $0 |  | $0 |  |
External Cost of Content | 2,565 |  |  | 39 |  |  | 323 |  |  | 1,862 |  |  |
Internal Cost of Content | 2,615 |  |  | 1,625 |  |  | 1,795 |  |  | (6) |  |  |
Technology costs | 1,446 |  |  | 432 |  |  | 594 |  |  | 313 |  |  |
Print, distribution and fulfillment costs | 91 |  |  | — |  |  | (46) |  |  | — |  |  |
Other segment items | 157 |  |  | — |  |  | 1 |  |  | — |  |  |
Segment gross profit | $ | 6,360 |  |  | $ | 4,909 |  |  | $ | 4,805 |  |  | $ | 3,675 |  |  | $ | 19,749 |
Reconciliation of Segment Gross Profit to Income Before Income Taxes: |  |  |  |  |  |  |  |  |
Less unallocated cost of revenue amounts: |  |  |  |  |  |  |  |  |
Internal cost of content |  |  |  |  |  |  |  |  | 84 |
Technology costs |  |  |  |  |  |  |  |  | 1,198 |
Amortization of developed technology and platform development |  |  |  |  |  |  |  |  | 1,474 |
Selling and marketing |  |  |  |  |  |  |  |  | 2,011 |
General and administrative |  |  |  |  |  |  |  |  | 6,023 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 905 |
Interest expense, net |  |  |  |  |  |  |  |  | 3,159 |
Liquidated damages |  |  |  |  |  |  |  |  | 77 |
Total unallocated costs |  |  |  |  |  |  |  |  | 14,931 |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 4,818 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
| Nine Months Ended September 30, 2025
| Sports & Leisure |  | Finance |  | Lifestyle |  | Platform |  |
Digital advertising | $ | 27,104 |  |  | $ | 17,531 |  |  | $ | 20,244 |  |  | $ | 6,577 |  |  |
Digital subscriptions | — |  |  | 4,627 |  |  | — |  |  | 15 |  |  |
Publisher revenue | 6,601 |  |  | 1,602 |  |  | 4,552 |  |  | 1,465 |  |  |
Performance Marketing | 3,516 |  |  | 6,651 |  |  | 4,396 |  |  | — |  |  |
Other digital revenue | 127 |  |  | — |  |  | — |  |  | 634 |  |  |
Total digital revenue | 37,348 |  |  | 30,411 |  |  | 29,192 |  |  | 8,691 |  |  |
Print revenue | 128 |  |  | 7 |  |  | 810 |  |  | — |  |  |
Total revenue | 37,476 |  |  | 30,418 |  |  | 30,002 |  |  | 8,691 |  |  | $ | 106,587 |
Less: (1) |  |  |  |  |  |  |  |  |
External Cost of Content | 6,353 |  |  | 2,859 |  |  | 3,534 |  |  | 4,918 |  |  |
Internal Cost of Content | 5,273 |  |  | 5,659 |  |  | 6,024 |  |  | 191 |  |  |
Technology costs | 2,880 |  |  | 1,784 |  |  | 1,748 |  |  | 1,133 |  |  |
Print, distribution and fulfillment costs | (46) |  |  | — |  |  | 571 |  |  | (659) |  |  |
Other segment items | 4 |  |  | 2 |  |  | — |  |  | 18 |  |  |
Segment gross profit | $ | 23,012 |  |  | $ | 20,114 |  |  | $ | 18,125 |  |  | $ | 3,090 |  |  | $ | 64,341 |
Reconciliation of Segment Gross Profit to Income Before Income Taxes: |  |  |  |  |  |  |  |  |
Less unallocated cost of revenue amounts: |  |  |  |  |  |  |  |  |
Internal cost of content |  |  |  |  |  |  |  |  | 906 |
Technology costs |  |  |  |  |  |  |  |  | 3,576 |
Amortization of developed technology and platform development |  |  |  |  |  |  |  |  | 3,828 |
Selling and marketing |  |  |  |  |  |  |  |  | 5,418 |
General and administrative |  |  |  |  |  |  |  |  | 14,696 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 2,648 |
Interest expense, net |  |  |  |  |  |  |  |  | 8,806 |
Liquidated damages |  |  |  |  |  |  |  |  | 228 |
Total unallocated costs |  |  |  |  |  |  |  |  | 40,106 |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 24,235 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
| Nine months ended September 30, 2024
| Sports & Leisure |  | Finance |  | Lifestyle |  | Platform |  | Total
Digital advertising | $ | 30,149 |  |  | $ | 10,574 |  |  | $ | 17,945 |  |  | $ | 7,867 |  |  |
Digital subscriptions | — |  |  | 5,497 |  |  | — |  |  | 13 |  |  |
Publisher revenue | 2,845 |  |  | 855 |  |  | 1,757 |  |  | 661 |  |  |
Performance Marketing | 1,697 |  |  | 1,950 |  |  | 1,610 |  |  | — |  |  |
Other digital revenue | 883 |  |  | 88 |  |  | 25 |  |  | 3,714 |  |  |
Total digital revenue | 35,574 |  |  | 18,964 |  |  | 21,337 |  |  | 12,255 |  |  |
Print revenue | 672 |  |  | — |  |  | 877 |  |  | — |  |  |
Total revenue | 36,246 |  |  | 18,964 |  |  | 22,214 |  |  | 12,255 |  |  | $ | 89,679 |
| $0 |  | $0 |  | $0 |  | $0 |  |
Less: (1) | $0 |  | $0 |  | $0 |  | $0 |  |
External Cost of Content | 8,651 |  |  | 137 |  |  | 586 |  |  | 5,884 |  |  |
Internal Cost of Content | 6,898 |  |  | 4,912 |  |  | 5,423 |  |  | 126 |  |  |
Technology costs | 3,039 |  |  | 1,720 |  |  | 1,482 |  |  | 805 |  |  |
Print, distribution and fulfillment costs | 246 |  |  | — |  |  | 396 |  |  | — |  |  |
Other segment items | 251 |  |  | — |  |  | 3 |  |  | — |  |  |
Segment gross profit | $ | 17,161 |  |  | $ | 12,195 |  |  | $ | 14,324 |  |  | $ | 5,440 |  |  | $ | 49,120 |
Reconciliation of Segment Gross Profit to Income (Loss) Before Income Taxes: |  |  |  |  |  |  |  |  |
Less unallocated cost of revenue amounts: |  |  |  |  |  |  |  |  |
Internal cost of content |  |  |  |  |  |  |  |  | 2,224 |
Technology costs |  |  |  |  |  |  |  |  | 5,722 |
Amortization of developed technology and platform development |  |  |  |  |  |  |  |  | 4,530 |
Selling and marketing |  |  |  |  |  |  |  |  | 10,326 |
General and administrative |  |  |  |  |  |  |  |  | 24,790 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 2,805 |
Interest expense, net |  |  |  |  |  |  |  |  | 11,747 |
Loss on impairment of assets |  |  |  |  |  |  |  |  | 1,198 |
Change in valuation of contingent consideration |  |  |  |  |  |  |  |  | 313 |
Liquidated damages |  |  |  |  |  |  |  |  | 229 |
Loss on sale of assets |  |  |  |  |  |  |  |  | — |
Total unallocated costs |  |  |  |  |  |  |  |  | 63,884 |
Income (loss) before income taxes |  |  |  |  |  |  |  |  | $ | (14,764) |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. The Company’s long-lived assets, consisting of property and equipment, and operating leases, are located in the United States. No asset information is provided to the CODM.

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- Definition The entire disclosure for reporting segments including data and tables. 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