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CONTINGENCIES AND COMMITMENTS | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
CONTINGENCIES AND COMMITMENTS | CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the 2023 Annual Report. Music Licensing The Radio Music Licensing Committee (the “RMLC”), of which the Company is a represented participant: (i) has negotiated and entered into, on behalf of participating members, an Interim License Agreement with the American Society of Composers, Authors and Publishers ("ASCAP") effective January 1, 2022 which is to remain in effect until the date on which the parties reach agreement as to, or there is court determination of, new interim or final fees, terms, and conditions of a new license for the five (5) year period commencing on January 1, 2022 and concluding on December 31, 2026; (ii) has negotiated and entered into, on behalf of participating members, an Interim License Agreement with Broadcast Music, Inc. (“BMI”) effective January 1, 2022 which is to remain in effect until the date on which the parties reach agreement as to, or there is court determination of, new interim or final fees, terms and conditions of a new license for the five (5) year period commencing on January 1, 2022 and concluding on December 31, 2026; and (iii) has negotiated and entered into, on behalf of participating members, an Interim License Agreement with SESAC, Inc. ("SESAC") effective January 1, 2023 which is to remain in effect until the date on which the parties reach agreement as to, or there is an arbitration determination of, new interim or final fees, terms, and conditions of a new license for the period commencing on January 1, 2023 and concluding on December 31, 2026. The outcome of the RMLC negotiations or rate proceedings (as applicable) with ASCAP, BMI, and SESAC could impact and potentially increase the Company’s music license fees, which increases could be material. As such, the Company believes an obligation related to retroactive licensing fees for the interim music license period are probable, however, no amount or range is reasonably estimable and the resulting obligation may be material to the Company’s consolidated financial statements. In addition, there is no guarantee that additional Performing Rights Organizations will not emerge, which could impact our music license fees and negotiation costs. Effective as of January 1, 2021, the Company entered into a direct license agreement with Global Music Rights, LLC. The Company also maintains direct licenses with ASCAP, BMI, and SESAC for the Company’s non-broadcast, non-interactive, internet-only services, which are separate from the industry-wide licenses made available through the RMLC. The United States Copyright Royalty Board ("CRB") held virtual hearings in August 2020 to determine royalty rates for the public digital performance of sound recordings on the Internet ("Webcasting") under federal statutory licenses for the 2021-2025 royalty period. On June 13, 2021, the CRB announced that the Webcasting royalty rates for 2021 would be increasing to $0.0026 per performance for subscription services and $0.0021 per performance for non-subscription services, in addition to an increased minimum annual fee of $1,000 per each channel or station. All fees are subject to annual cost-of-living increases throughout the 2021-2025 fee period. The CRB has commenced hearings to determine royalty rates for the public digital performance of sound recordings over the Internet and the making of ephemeral recordings to facilitate those performances under federal statutory licenses for the period beginning January 1, 2026, and ending December 31, 2030 (the “Web VI Proceedings”). The outcome of the Web VI Proceedings could impact and potentially increase the Company’s music license fees.

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