Investments

12 Months Ended

Dec. 31, 2025

Investments consisted of the following:


	As of December 31,
(in thousands)	2025		2024

Investments held at cost	$	6,456	$	6,353
Equity method investments	7,913		2,531
Total investments	$	14,369	$	8,884

In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters’ uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services. This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms. During 2025, we contributed $6.4 million to this equity method investment.

On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment.

In the fourth quarter of 2024, we recorded a $15.0 million non-cash impairment loss for the write-off of our Misfits gaming investment balance. The measurement of the investment's fair value is a nonrecurring Level 3 measurement (significant unobservable inputs) in the fair value hierarchy.

The gain and loss from these transactions are included within the "Miscellaneous, net" caption on our Consolidated Statements of Operations for the year ended December 31, 2024.

Our investments do not trade in public markets, thus they do not have readily determinable fair values. We estimate the fair values of our investments to approximate their carrying values at December 31, 2025 and 2024.