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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 Values of our Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of September 30, 2025 and December 31, 2024, the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
| Total |  | Level 1 |  | Level 2 |  | Level 3
| (In thousands)
As of September 30, 2025 |  |  |  |  |  |  |
Liabilities subject to fair value measurement: |  |  |  |  |  |  |
Employment Agreement Award(a) | $ | 9,302 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,302 |
Mezzanine equity subject to fair value measurement: |  |  |  |  |  |  |
Redeemable non-controlling interests(b) | $ | 2,586 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,586 |
Assets subject to fair value measurement: |  |  |  |  |  |  |
Cash equivalents - money market funds (c) | $ | 42,529 |  |  | $ | 42,529 |  |  | $ | — |  |  | $ | — |
As of December 31, 2024 |  |  |  |  |  |  |
Liabilities subject to fair value measurement: |  |  |  |  |  |  |
Employment Agreement Award(a) | $ | 10,426 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,426 |
Mezzanine equity subject to fair value measurement: |  |  |  |  |  |  |
Redeemable non-controlling interests(b) | $ | 7,988 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,988 |
Assets subject to fair value measurement: |  |  |  |  |  |  |
Cash equivalents-money market funds(c) | $ | 102,258 |  |  | $ | 102,258 |  |  | $ | — |  |  | $ | — |
(a) On April 3, 2024, the Company entered into an employment agreement (“2024 Employment Agreement”) with Alfred C. Liggins, III, President and Chief Executive Officer (“CEO”) pursuant to which he is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4.2% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each reporting period including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by the income approach using a discounted cash flow analysis and the market approach using comparable public company multiples). Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit, and discount rate. Significant inputs to the market approach include publicly held peer companies and recurring EBITDA multiples. The terms of the 2024 Employment Agreement were effective as of January 1, 2022 and continued until December 31, 2024 (the “Initial Term”). After expiration of the Initial Term, the term of the 2024 Employment Agreement extends automatically for additional one (1) year periods, unless either party provides written notice of its/his intention not to renew to the other party at least sixty (60) days before the expiration of the Initial Term or any renewal term of this Agreement, as applicable. (b) The fair value is measured using a discounted cash flow methodology. Significant inputs to the discounted cash flow analysis include revenue growth rates, future operating profit margins, and discount rate. (c) The Company measures and reports its cash equivalents that are invested in money market funds and valued based on quoted market prices which approximate cost due to their short-term maturities.
Schedule of Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2025 and 2024:
| Employment Agreement Award |  | Redeemable Non-controlling Interests
| (In thousands)
Balance as of December 31, 2024 | $ | 10,426 |  | $ | 7,988
Net loss attributable to redeemable non-controlling interests | — |  | (55)
Distributions | (2,695) |  | — |
Purchase of ownership interest in Reach Media | — |  | (3,232) |
Dividends paid to redeemable non-controlling interests | — |  | (936) |
Change in fair value | 1,571 |  |  | (1,179)
Balance as of September 30, 2025 | $ | 9,302 |  | $ | 2,586
| Employment Agreement Award |  | Redeemable Non-controlling Interests
| (In thousands)
Balance as of December 31, 2023 | $ | 22,970 |  | $ | 16,520
Net income attributable to redeemable non-controlling interests | — |  | 976
Distributions | (2,146) |  | — |
Purchase of ownership interest in Reach Media | — |  | (7,603) |
Dividends paid to redeemable non-controlling interests | — |  | (1,799) |
Change in fair value | (7,307) |  |  | 2,542
Balance as of September 30, 2024 | $ | 13,517 |  | $ | 10,636
Schedule of Significant Unobservable Input Value | For Level 3 liabilities measured at fair value on a recurring basis, the significant unobservable inputs used in the fair value measurements were as follows:
|  |  |  |  |  | September 30, 2025 |  | December 31, 2024 |
Level 3 liabilities |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value(a) |
Employment Agreement Award |  | Discounted cash flow |  | Discount rate |  | 11.5 | % |  | 11.5 | % |
Employment Agreement Award |  | Discounted cash flow |  | Operating profit margin range |  | 20.0% - 38.1% |  | 27.0% - 34.4% |
Employment Agreement Award |  | Discounted cash flow |  | Revenue growth rate range |  | (7.8)% - (2.0)% |  | (12.2)% - 1.9% |
Employment Agreement Award |  | Market approach |  | Average recurring EBITDA multiple |  | 4.0x - 4.5x |  | 4.5x |
Redeemable non-controlling interests |  | Discounted cash flow |  | Discount rate |  | 15.5 | % |  | 20.5 | % |
Redeemable non-controlling interests |  | Discounted cash flow |  | Operating profit margin range |  | 6.8% - 21.7% |  | 30.9% - 34.0% |
Redeemable non-controlling interests |  | Discounted cash flow |  | Revenue growth rate range |  | (0.5)% - 24.3% |  | (5.1)% - 19.7% |
Redeemable non-controlling interests |  | Market approach(b) |  | EBITDA Exit multiple |  | N/A |  | 4.0 | x |
(a) Any significant increases or decreases in unobservable inputs could result in significantly higher or lower fair value measurements. Changes in fair value measurements, if significant, may affect the Company’s performance of cash flows. (b) The Company did not utilize the market approach to measure the fair value of the redeemable non-controlling interests.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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