ENTRAVISION COMMUNICATIONS CORP, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Trading Symbol EVC  
Entity Registrant Name ENTRAVISION COMMUNICATIONS CORPORATION  
Entity Central Index Key 0001109116  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity File Number 1-15997  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-4783236  
Entity Address, Address Line One 1 Estrella Way  
Entity Address, City or Town Burbank  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 91504  
City Area Code 310  
Local Phone Number 447-3870  
Document Quarterly Report true  
Document Transition Report false  
Title of 12(b) Security Class A Common stock  
Security Exchange Name NYSE  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,686,451
Class U common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,352,729
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 68,171 $ 59,439
Marketable securities 2,973 3,762
Restricted cash 799 797
Trade receivables, (including related parties of $6,896 and $2,574) net of allowance for credit losses of $2,588 and $2,466 128,102 94,912
Prepaid expenses and other current assets (including related parties of $274 and $274) 24,876 18,974
Assets held for sale 5,415 5,597
Total current assets 230,336 183,481
Property and equipment, net of accumulated depreciation of $142,893 and $144,387 46,256 44,797
Intangible assets subject to amortization, net of accumulated amortization of $64,608 and $64,154 (including related parties of $697 and $928) 2,139 2,593
Intangible assets not subject to amortization 123,275 123,275
Goodwill 7,352 7,352
Deferred income taxes 3,824 3,823
Operating leases right of use asset 20,005 18,807
Other assets 3,205 3,383
Total assets 436,392 387,511
Current liabilities    
Current maturities of long-term debt 20,000 20,000
Accounts payable and accrued expenses (including related parties of $1,020 and $989) 133,526 91,736
Operating lease liabilities 10,512 9,737
Total current liabilities 164,038 121,473
Long-term debt, less current maturities, net of unamortized debt issuance costs of $555 and $631 142,195 147,119
Long-term operating lease liabilities 37,404 36,775
Other long-term liabilities 13,048 12,197
Deferred income taxes 14,744 14,505
Total liabilities 371,429 332,069
Commitments and contingencies (Note 6)
Stockholders' equity    
Additional paid-in capital 801,268 804,075
Accumulated deficit (735,527) (747,887)
Accumulated other comprehensive income (loss) (787) (755)
Total stockholders' equity 64,963 55,442
Total liabilities and equity 436,392 387,511
Class A common stock    
Stockholders' equity    
Common stock 8 8
Class U common stock    
Stockholders' equity    
Common stock $ 1 $ 1
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Trade receivables, related parties $ 128,102 $ 94,912
Trade receivables, allowance for credit losses 2,588 2,466
Prepaid expenses and other current assets 24,876 18,974
Property and equipment, accumulated depreciation 142,893 144,387
Accumulated amortization of Intangible assets 64,608 64,154
Intangible assets subject to amortization, net 2,139 2,593
Accounts payable and accrued expenses 133,526 91,736
Unamortized debt issuance costs 555 631
Related Parties    
Trade receivables, related parties 6,896 2,574
Prepaid expenses and other current assets 274 274
Intangible assets subject to amortization, net 697 928
Accounts payable and accrued expenses $ 1,020 $ 989
Class A common stock    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 260,000,000 260,000,000
Common stock, shares issued 82,686,451 82,596,319
Common stock, shares outstanding 82,686,451 82,596,319
Class U common stock    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 40,000,000 40,000,000
Common stock, shares issued 9,352,729 9,352,729
Common stock, shares outstanding 9,352,729 9,352,729
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Revenue $ 196,971 $ 91,851
Expenses:    
Cost of revenue 101,954 33,472
Direct operating expenses (including related parties of $1,127 and $1,122) (including non-cash stock-based compensation of $1,213 and $1,077) 44,799 35,502
Selling, general and administrative expenses 18,139 15,506
Corporate expenses (including non-cash stock-based compensation of $2,039 and $1,536) 7,173 7,788
Depreciation and amortization (including related parties of $231 and $232) 2,991 3,477
Impairment charge 0 23,673
Loss on lease abandonment 0 25,191
Restructuring costs 983 0
Foreign currency (gain) loss 243 12
Operating income (loss) 20,689 (52,770)
Interest expense (3,315) (3,663)
Interest income 358 605
Dividend income 14 0
Realized gain (loss) on marketable securities 8 1
Income (loss) from continuing operations before income taxes 17,754 (55,827)
Income tax benefit (expense) (5,394) 8,052
Net income (loss) from continuing operations 12,360 (47,775)
Net income (loss) from discontinued operations, net of tax 0 (191)
Net income (loss) attributable to common stockholders $ 12,360 $ (47,966)
Basic and diluted earnings per share:    
Net income (loss) per share from continuing operations, basic $ 0.13 $ (0.53)
Net income (loss) per share from continuing operations, diluted 0.13 (0.53)
Net income (loss) per share from discontinued operations, basic 0 (0)
Net income (loss) per share from discontinued operations, diluted 0 (0)
Net income (loss) per share attributable to common stockholders, basic 0.13 (0.53)
Net income (loss) per share attributable to common stockholders, diluted 0.13 (0.53)
Cash dividends declared per common share $ 0.05 $ 0.05
Weighted average common shares outstanding, basic 91,985,480 90,976,288
Weighted average common shares outstanding, diluted 96,420,181 90,976,288
v3.26.1
Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Direct operating expenses $ 44,799 $ 35,502
Non-cash stock-based compensation 3,252 2,613
Depreciation and amortization 2,991 3,477
Related Parties    
Direct operating expenses 1,127 1,122
Depreciation and amortization 231 232
Direct Operating Expenses    
Non-cash stock-based compensation 1,213 1,077
Corporate Expenses    
Non-cash stock-based compensation $ 2,039 $ 1,536
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) attributable to common stockholders $ 12,360 $ (47,966)
Other comprehensive income (loss), net of tax:    
Change in fair value of marketable securities (32) 6
Total other comprehensive income (loss) (32) 6
Comprehensive income (loss) attributable to common stockholders $ 12,328 $ (47,960)
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Class A common stock
Class U common stock
Common Stock
Class A common stock
Common Stock
Class U common stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Balance, Beginning at Dec. 31, 2024 $ 146,020     $ 8 $ 1 $ 815,532 $ (668,720) $ (801)
Balance, Beginning, Shares at Dec. 31, 2024       81,623,559 9,352,729      
Stock-based compensation expense 2,613         2,613    
Dividends paid (4,549)         (4,549)    
Dividends equivalents payable (516)         (516)    
Change in fair value of marketable securities 7             7
OCI release due to realized gain (loss) on marketable securities (1)             (1)
Net income (loss) attributable to common stockholders (47,966)           (47,966)  
Balance, Ending at Mar. 31, 2025 95,608     $ 8 $ 1 813,080 (716,686) (795)
Balance, Ending, Shares at Mar. 31, 2025       81,623,559 9,352,729      
Balance, Beginning at Dec. 31, 2025 55,442     $ 8 $ 1 804,075 (747,887) (755)
Balance, Beginning, Shares at Dec. 31, 2025   82,596,319 9,352,729 82,596,319 9,352,729      
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares       90,132        
Tax payments related to shares withheld for share-based compensation plans (538)         (538)    
Stock-based compensation expense 3,252         3,252    
Dividends paid (4,602)         (4,602)    
Dividends equivalents payable (919)         (919)    
Change in fair value of marketable securities (24)             (24)
OCI release due to realized gain (loss) on marketable securities (8)             (8)
Net income (loss) attributable to common stockholders 12,360           12,360  
Balance, Ending at Mar. 31, 2026 $ 64,963     $ 8 $ 1 $ 801,268 $ (735,527) $ (787)
Balance, Ending, Shares at Mar. 31, 2026   82,686,451 9,352,729 82,686,451 9,352,729      
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) attributable to common stockholders $ 12,360 $ (47,966)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,991 3,477
Impairment charge   23,673
Loss on lease abandonment 0 25,191
Deferred income taxes 240 (1,467)
Non-cash interest 423 176
Amortization of syndication contracts 99 110
Payments on syndication contracts (67) (109)
Non-cash stock-based compensation 3,252 2,613
(Gain) loss on marketable securities (8) (1)
(Gain) loss on disposal of property and equipment 87 4
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (32,682) (10,460)
(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets (4,476) (9,529)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 39,565 (956)
Net cash provided by (used in) operating activities 21,784 (15,244)
Cash flows from investing activities:    
Purchases of property and equipment (3,637) (2,643)
Purchases of marketable securities (2) (218)
Proceeds from sale of marketable securities 760 386
Net cash provided by (used in) investing activities (2,879) (2,475)
Cash flows from financing activities:    
Tax payments related to shares withheld for share-based compensation plans (538)  
Payments on debt (5,000)  
Dividends paid (4,602) (4,549)
Principal payments under finance lease obligation (31) (33)
Net cash provided by (used in) financing activities (10,171) (4,582)
Net increase (decrease) in cash, cash equivalents and restricted cash 8,734 (22,301)
Cash, cash equivalents and restricted cash:    
Beginning 60,236 96,700
Ending 68,970 74,399
Cash payments (refunds) for:    
Interest 2,892 3,487
Income taxes (1,109) 179
Supplemental disclosures of non-cash investing and financing activities:    
Capital expenditures financed through accounts payable, accrued expenses and other liabilities 1,003 837
Dividends equivalents payable $ 3,562 $ 1,802
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. BASIS OF PRESENTATION

Presentation

The condensed consolidated financial statements included herein have been prepared by Entravision Communications Corporation (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements and the notes thereto should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025 included in the Company’s 2025 Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 10-K"). The unaudited information contained herein has been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of the Company’s management, includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the information for the periods presented. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2026 or any other future period.

v3.26.1
The Company and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
The Company and Significant Accounting Policies

2. THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

The Company is a media and advertising technology company.

The Company's media business owns and operates one of the largest groups of Spanish-language television and radio stations in the United States. Its mission is to serve its Latino audience as a trusted provider of news, information, and entertainment. The Company serves its advertisers by providing marketing capabilities across broadcast and digital media.

The Company's advertising technology & services (ATS) business empowers advertisers, primarily mobile app developers, to grow their businesses globally. The Company provides programmatic advertising solutions through two brands. Smadex is a demand-side platform, which uses proprietary AI to automate media buying. Adwake is a performance-based digital marketing agency.

The Company has organized its operations into two reportable segments. Its media segment includes its television, radio and digital marketing operations. Its ATS segment provides programmatic advertising and technology services through Smadex and Adwake.

In 2024 the Company discontinued and divested a significant portion of its operations, which largely consisted of a collection of acquisitions that had been completed prior to 2024. The Company had net loss from discontinued operations, net of tax, of $0.2 million for the three-month period ended March 31, 2025.

Assets Held for Sale

In March 2025, the Company entered into a letter of intent to sell the assets of its two Mexico television stations. The assets constituting station XHAS, located in Tijuana, Mexico, and the assets constituting station XHDTV, located in Tecate, Mexico, had an initial agreed upon purchase price of $4.7 million. As initially contemplated, the sale was to include all assets necessary for the buyer to operate the stations, consisting of the broadcast licenses and fixed assets. These assets met the criteria for classification as assets held for sale. The carrying value of the two stations exceeded the agreed upon purchase price and, accordingly, the Company recorded an impairment charge of $23.7 million during the three-month period ended March 31, 2025 related to the broadcast licenses with a carrying value of $28.0 million and the fixed assets of the two stations with a carrying value of $0.4 million.

As part of ongoing negotiations, during the third quarter of 2025, the purchase price was reduced by $1.7 million, to $3.0 million. Also, additional assets with a carrying value of $3.8 million were included in the transaction, without an increase in the purchase price. As a result of these changes, the Company recorded an additional impairment charge of $5.5 million in the third quarter of 2025. The parties signed a definitive agreement for the transaction in January 2026, with closing to occur pending regulatory approval from the government of Mexico.

The fair value less estimated costs to sell of $3.0 million is presented as Assets Held for Sale in the Consolidated Balance Sheet as of March 31, 2026.

In June 2025, the Company’s management decided to sell three of its owned office buildings in Corpus Christi, Texas, El Centro, California and Midland, Texas. The sales would include the buildings and all related building improvements, land and land improvements. These assets met the criteria for classification as assets held for sale. The carrying amount of each of the buildings and

related fixed assets were lower than the fair value less cost to sell. The carrying amounts totaling $2.4 million are presented as Assets Held for Sale in the Consolidated Balance Sheet as of March 31, 2026.

In March 2026, the Company entered into a definitive agreement to sell the office building in El Centro, California, which had a carrying value of $1.8 million, for a purchase price of $1.9 million, net of selling costs. The transaction is expected to close in mid-2026.

Restricted Cash

As of March 31, 2026 and December 31, 2025, the Company’s balance sheet includes $0.8 million in restricted cash, which was deposited into a separate account as collateral for the Company’s letters of credit.

The Company's cash and cash equivalents and restricted cash, as presented in the Condensed Consolidated Statements of Cash Flows, was as follows (in thousands):

 

As of March 31,

 

 

2026

 

 

2025

 

Cash and cash equivalents

$

68,171

 

 

$

73,610

 

Restricted cash

 

799

 

 

 

789

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

68,970

 

 

$

74,399

 

Related Parties

Substantially all of the Company’s television stations are Univision- or UniMás-affiliated television stations. The network affiliation agreement with TelevisaUnivision provides certain of the Company’s owned stations the exclusive right to broadcast TelvisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under the network affiliation agreement, the Company retains the right to sell no less than four minutes per hour of the available advertising time on stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by TelevisaUnivision.

Under the network affiliation agreement, TelevisaUnivision acts as the Company’s exclusive third-party sales representative for the sale of certain national advertising on the Univision- and UniMás-affiliate television stations, and the Company pays certain sales representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on its Univision- and UniMás-affiliate television stations.

During each of the three-month periods ended March 31, 2026 and 2025, the amount the Company paid TelevisaUnivision in this capacity was $1.1 million. These amounts were included in Direct Operating Expenses in the Company's Condensed Consolidated Statements of Operations.

The Company also generates revenue under two marketing and sales agreements with TelevisaUnivision, which give it the right to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver.

On October 2, 2017, the Company entered into the current affiliation agreement which superseded and replaced its prior affiliation agreements with TelevisaUnivision. Additionally, on the same date, the Company entered into a proxy agreement and marketing and sales agreement with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of the Company’s Univision and UniMás network affiliate stations.

Under the Company’s current proxy agreement with TelevisaUnivision, the Company grants TelevisaUnivision the right to negotiate the terms of retransmission consent agreements for its Univision- and UniMás-affiliated television station signals. Among other things, the proxy agreement provides terms relating to compensation to be paid to the Company by TelevisaUnivision with respect to retransmission consent agreements entered into with multichannel video programming distributors (“MVPDs”). As of March 31, 2026, the amount due to the Company from TelevisaUnivision was $6.9 million related to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended March 31, 2026 and 2025, retransmission consent revenue accounted for $8.4 million and $8.1 million, respectively, of which $5.9 million and $5.6 million, respectively, relate to the TelevisaUnivision proxy agreement.

TelevisaUnivision currently owns approximately 10% of the Company’s common stock on a fully-converted basis. The Company’s Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not include the right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the Company’s issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U common stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business combination, dissolve or liquidate the Company or dispose of any interest in any FCC license with respect to television stations which are affiliates of TelevisaUnivision, among other things.

On February 1, 2026, the Company entered into a Simple Agreement for Future Equity ("SAFE") with LATV Networks, LLC ("LATV"), a related party in which the Company holds a 15% ownership interest. Under the terms of the SAFE, the Company invested $0.4 million, which provides the Company the right to receive future equity units of LATV at a discount upon the occurrence of certain financing or liquidity events. Since July 2022, the Company owns 15% of the stock of LATV.

Stock-Based Compensation

The Company measures all stock-based awards using a fair value method and recognizes the related stock-based compensation expense in the condensed consolidated financial statements over the requisite service period. As stock-based compensation expense recognized in the Company’s condensed consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.

Restricted Stock Units

Stock-based compensation expense related to restricted stock units ("RSUs") is based on the fair value of the Company’s stock price on the date of grant and is amortized over the vesting period, generally between 1 to 4 years.

During the three-month period ended March 31, 2026, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):

 

 

 

Number of RSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

6,270

 

 

$

3.31

 

Granted

 

 

5,703

 

 

 

3.31

 

Vested

 

 

(219

)

 

 

3.77

 

Forfeited or cancelled

 

 

(400

)

 

 

3.02

 

Nonvested balance at March 31, 2026

 

 

11,354

 

 

 

3.31

 

Stock-based compensation expense related to RSUs was $3.3 million and $2.1 million for the three-month periods ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, there was $17.0 million of total unrecognized compensation expense related to grants of RSUs that is expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units

In connection with the annual grant of performance stock units (“PSUs”) in January 2026, the Company has granted PSUs to its Chief Executive Officer ("CEO"), which PSUs are subject to both time-based vesting conditions and market-based conditions. Both the service and market conditions must be satisfied for the PSUs to vest. The PSUs consist of four equal tranches, based on achievement of a share price condition if the Company achieves share price targets of $3.50, $4.50, $5.50, and $6.50, respectively, over 30 consecutive trading days during a performance period commencing on January 21, 2026 and ending on January 21, 2031. The fair value of each of the Performance Tranches (as defined in the individual agreements pursuant to which the PSUs were granted) was $0.2 million, $0.2 million, $0.1 million, and $0.1 million, respectively, and have a grant date fair value per share of restricted stock of $3.26, $3.06, $2.87, and $2.69, respectively. To the extent that any of the performance-based requirements are met, the grantees must also provide continued service to the Company through at least January 21, 2027 to receive any shares of common stock underlying the PSUs and through January 21, 2031 to receive all of the shares of common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum number of shares that can be earned under this PSU grant is 200,000 shares, with 25% of the total award allocated to each Performance Tranche. Between 0% and 100% of each Performance Tranche of the PSUs will vest on each of the tranche dates.

The Company recognizes compensation expense related to the PSUs using the accelerated attribution method over the requisite service period. Stock-based compensation expense for PSUs is based on a performance measurement of 100%. The compensation expense will not be reversed even if the performance metrics are not met.

Stock-based compensation expense related to PSUs was a de minimis amount and $0.5 million for the three-month periods ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, there was $1.8 million of total unrecognized compensation expense related to grants of PSUs that is expected to be recognized over a weighted-average period of 2.1 years.

The grant date fair value for each PSU was estimated using a Monte-Carlo simulation model that incorporates option-pricing inputs covering the period from the grant date through the end of the performance period. The unobservable significant inputs to the valuation model at the time of award issuance were as follows:

 

 

2026 PSUs

 

Stock price at issuance

 

$

3.37

 

Expected volatility

 

 

61.0

%

Risk-free interest rate

 

 

3.77

%

Expected term

 

 

5.0

 

Expected dividend yield

 

 

0

%

During the three-month period ended March 31, 2026, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):

 

 

Number of PSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

2,590

 

 

$

2.57

 

Granted

 

 

200

 

 

 

2.97

 

Vested

 

 

(44

)

 

 

2.11

 

Forfeited or cancelled

 

 

(307

)

 

 

2.48

 

Nonvested balance at March 31, 2026

 

 

2,439

 

 

 

2.62

 

Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share (in thousands, except share and per share data):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

12,360

 

 

$

(47,775

)

Net income (loss) from discontinued operations, net of tax

 

 

-

 

 

 

(191

)

Net income (loss) attributable to common stockholders

 

$

12,360

 

 

$

(47,966

)

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

Dilutive securities:

 

 

 

 

 

 

Restricted stock units

 

 

4,434,701

 

 

 

-

 

Diluted shares outstanding

 

 

96,420,181

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)

For the three-month period ended March 31, 2026, a total of 116,962 shares of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares.

For the three-month period ended March 31, 2025, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares

that would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not antidilutive was 1,520,085 equivalent shares of dilutive securities for the three-month period ended March 31, 2025.

Impairment

The carrying values of the Company's reporting units are determined by allocating all applicable assets (including goodwill) and liabilities based upon the unit in which the assets are employed and to which the liabilities relate, considering the methodologies utilized to determine the fair value of the reporting units.

Goodwill and indefinite life intangibles are not amortized but are tested annually for impairment, or more frequently, if events or changes in circumstances indicate that the assets might be impaired. The annual testing date is October 1.

As discussed above under Assets held for sale, in March 2025, the Company has entered into an agreement to sell the assets of its two Mexico television stations. As a result of the terms of this transaction, as revised during negotiations, the Company recorded an impairment charge of $23.7 million in the first quarter of 2025.

Loss on Lease Abandonment

At the time of a lease termination, the operating lease right-of-use ("ROU") asset is derecognized, while the corresponding lease liability is evaluated and derecognized by the Company based any remaining contractual obligations as of the lease termination date.

The Company’s corporate headquarters and main operational offices for its audio operations are currently located in Burbank, California. The Company's corporate headquarters and main operational offices for its audio operations were previously located in Santa Monica, California. The Company occupied approximately 38,000 square feet of space in the building housing its previous corporate headquarters under a lease, as amended, that was scheduled to expire on January 31, 2034. The Company vacated the facility in February 2025 and ceased making further lease payments. As a result, during the first quarter of 2025 the Company recorded a loss on lease abandonment charges of $16.1 million related to the right of use asset associated with this lease, and $9.1 million related to leasehold improvements associated with this lease. As of March 31, 2026, the Company's consolidated balance sheet included $4.9 million of operating lease liabilities and $19.1 million of long-term operating lease liabilities related to this lease.

In addition, the Company has abandoned six additional leased facilities, with impacted employees transitioning to remote work. See more details under "Restructuring" below. The Company does not expect to incur additional liabilities related to these abandoned leases.

Restructuring

During the third quarter of 2025, the Company's management began to implement an ongoing organization design plan (the "Plan") intended to support revenue growth and reduce expenses, primarily in the Company’s media operations.

Key components of the Plan that have been implemented so far include a reduction of approximately 5% of the Company's media segment workforce, including the termination of an executive and certain back-office personnel, the abandonment of six leased facilities, with impacted employees transitioning to remote work, and the shutdown of certain legacy international operations within the ATS segment.

The Company accounts for its restructuring charges as a liability when the obligations are incurred and records such charges at fair value. As a result of the implementation of the Plan and the actions described above, the Company recorded total charges of $1.0 million for the three-month period ended March 31, 2026, which are included within Restructuring costs in the Company's Consolidated Statements of Operations. As of March 31, 2026 the Company had a de minimis amount of remaining restructuring liability which is included within Accounts payable and accrued expenses in the Company's Condensed Consolidated Balance Sheets.

The following table rolls forward the activity in the restructuring liability:

(in thousands)

 

 

 

 

Beginning balance at December 31, 2025

 

$

72

 

 

Additional restructuring and related costs

 

 

983

 

 

Non-cash charge (included above)

 

 

(38

)

 

Cash payments

 

 

(981

)

 

Ending balance March 31, 2026

 

$

36

 

 

As the Plan continues to be implemented in a methodical manner, the Company may incur additional charges associated with the Plan; however, it is unable to reasonably estimate the amount of such future charges as of March 31, 2026.

Credit Facility

The Company entered into the Credit Facility, pursuant to the Original 2023 Credit Agreement dated as of March 17, 2023, by and among the Company, Bank of America, N.A., as Administrative Agent, and the other financial institutions party thereto as

Lenders (collectively, the “Lenders” and individually each a “Lender”). The Original 2023 Credit Agreement amended, restated and replaced in its entirety the Company's previous credit agreement. The Original 2023 Credit Agreement was amended as of July 15, 2025, effective as of June 30, 2025 (the “2025 Amendment”), with respect to certain financial covenants and certain other provisions of the Credit Facility, and was further amended as of March 18, 2026 (the “2026 Amendment”), with respect to a certain administrative clarification of the calculation of financial covenants. The Original 2023 Credit Agreement, the 2025 Amendment and the 2026 Amendment are collectively referred to as the “Amended Credit Agreement”.

As provided in the Amended Credit Agreement, the Credit Facility consists of (i) a $200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full at the time the Company entered into Original 2023 Credit Agreement, and (ii) a $30.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $11.5 million was drawn at such time. In addition, the Amended Credit Agreement provides that the Company may increase the aggregate principal amount thereof by an additional amount equal to $100.0 million plus the amount that would result in the Company’s First Lien Net Leverage Ratio (as defined in the Amended Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions. The Credit Facility matures on March 17, 2028 (the “Maturity Date”).

The Credit Facility is guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and secured on a first priority basis by the Company’s and those subsidiaries’ assets.

The Company’s borrowings under the Credit Facility bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Term SOFR (as defined in the Amended Credit Agreement) plus a margin between 2.50% and 3.00%, depending on the Total Net Leverage Ratio (as defined in the Amended Credit Agreement) or (ii) the Base Rate (as defined in the Amended Credit Agreement) plus a margin between 1.50% and 2.00%, depending on the Total Net Leverage Ratio. In addition, the unused portion of the Revolving Credit Facility is subject to a rate per annum between 0.30% and 0.40%, depending on the Total Net Leverage Ratio.

As of March 31, 2026, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 6.73%.

The amounts outstanding under the Credit Facility may be prepaid at the option of the Company without premium or penalty, provided that certain limitations are observed, and subject to customary breakage fees in connection with the prepayment of a Term SOFR loan. The principal amount of the Term A Facility shall be paid in installments on the dates and in the respective amounts set forth in the Amended Credit Agreement, with the final balance due on the Maturity Date.

The Company incurred debt issuance costs of $1.8 million associated with the Credit Facility. Debt outstanding under the Credit Facility is presented net of issuance costs on the Company's Condensed Consolidated Balance Sheets. The debt issuance costs are amortized on an effective interest basis over the term of the Credit Facility and are included in interest expense in the Company's Condensed Consolidated Statements of Operations.

The Company paid the lenders consenting to the 2025 Amendment a fee equal to 0.05% of the amount of outstanding loans and commitments held by such lenders under the Original 2023 Credit Agreement. No fee is payable by the Company to the lenders in connection with the 2026 Amendment.

The Company incurred additional debt issuance costs of $0.3 million associated with entering into the Amended Credit Agreement. The debt issuance costs are amortized on an effective interest basis over the term of the Credit Facility, and are included in interest expense in the Company's Condensed Consolidated Statements of Operations.

The covenants of the Amended Credit Agreement include customary negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted payments. In addition, the Amended Credit Agreement requires compliance with financial covenants related to Total Net Leverage Ratio, not to exceed 4.00 to 1.00, and Interest Coverage Ratio (as defined in the Amended Credit Agreement) with a minimum permitted ratio of 2.00 to 1.00 (calculated as set forth in the Amended Credit Agreement). As of March 31, 2026, the Company believes that it is in compliance with all covenants in the Amended Credit Agreement.

In addition, the Amended Credit Agreement:

•
provides for quarterly amortization in the amount of $5.0 million; and
•
calculates leverage ratios based on an annualized average consolidated EBITDA for the eight most recently completed fiscal quarters and provides for cash netting in the amount of up to $60.0 million.

The Amended Credit Agreement also includes customary events of default, as well as the following events of default, that are specific to the Company:

•
any revocation, termination, substantial and adverse modification, or refusal by final order to renew, any media license, or the requirement (by final non-appealable order) to sell a television or radio station, where any such event or failure is reasonably expected to have a material adverse effect; or
•
the interruption of operations of any television or radio station for more than 96 consecutive hours during any period of seven consecutive days.

The Amended Credit Agreement further includes customary rights and remedies upon the occurrence of any event of default thereunder, including rights to accelerate the loans, terminate the commitments thereunder and realize upon the collateral securing the obligations under the Amended Credit Agreement.

There is a security agreement in effect with respect to the Credit Facility.

The carrying amount of the Term Loan A Facility as of March 31, 2026 approximated its fair value and was $151.9 million, net of $0.6 million of unamortized debt issuance costs and original issue discount.

Concentrations of Credit Risk and Trade Receivables

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company has bank deposits in excess of Federal Deposit Insurance Corporation insurance limits. As of March 31, 2026, the majority of all U.S. deposits are maintained in three financial institutions. The Company has not experienced any losses in such accounts and believes that it is not currently exposed to significant credit risk on cash and cash equivalents. In addition, to the Company's knowledge, all or substantially all of the bank deposits held in banks outside the United States are not insured.

The Company’s credit risk is spread across a large number of advertisers, thereby spreading the trade receivable credit risk. The Company routinely assesses the financial strength of its customers and, as a consequence, believes that it is managing its trade receivable credit risk effectively. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables, based on a review of all outstanding amounts on a monthly basis. An allowance for doubtful accounts is provided for known and anticipated credit losses, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration a customer’s financial condition and credit history, as well as current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. No interest is charged on customer accounts.

Trade receivables from the two largest advertisers represented 24% and 6%, respectively, of the Company's total trade receivables as of March 31, 2026. No other single advertiser represented more than 5% of the Company's total trade receivables as of March 31, 2026 and December 31, 2025.

Revenue from the largest advertiser represented 36% of the Company's total revenue for the three-month period ended March 31, 2026. This advertiser pays on a current basis and therefore management believes that it is managing this risk. No other advertiser represented more than 5% of the Company's total revenue for the three-month period ended March 31, 2026.

No advertiser represented more than 5% of the Company's total revenue for the three-month period ended March 31, 2025.

Allowance for Credit Losses

The accounts receivable consist of a homogeneous pool of relatively small dollar amounts from a large number of customers. We evaluate the collectability of our trade accounts receivable based on a number of factors. When the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company's recent past loss history and an overall assessment of past due trade accounts receivable amounts outstanding.

Estimated losses for bad debts are provided for in the consolidated financial statements through a charge that aggregated $0.2 million of expense and $0.2 million of income for the three-month periods ended March 31, 2026 and 2025, respectively. The net charge-off of bad debts aggregated $0.1 million for each of the three-month periods ended March 31, 2026 and 2025.

Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date.

Accounting Standards Codification ("ASC") 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below.

Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the company has the ability to access at the measurement date.

Level 2 – Assets and liabilities whose values are based on quoted prices for similar attributes in active markets; quoted prices in markets where trading occurs infrequently; and inputs other than quoted prices that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the condensed consolidated balance sheets (in millions):

March 31, 2026

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

2.1

 

 

$

2.1

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.0

 

 

 

—

 

 

$

3.0

 

 

 

—

 

 

 

 

 

 

December 31, 2025

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

1.3

 

 

$

1.3

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.8

 

 

 

—

 

 

$

3.8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

62.3

 

 

 

—

 

 

 

—

 

 

 

62.3

 

$

(26.0

)

The Company’s money market account is comprised of cash and cash equivalents, which are recorded at their fair market value within Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

The Company’s available for sale debt securities are comprised of corporate bonds and notes, asset-backed securities, and U.S. Government securities. These securities are valued using quoted prices for similar attributes in active markets (Level 2). Since these investments are classified as available for sale, they are recorded at their fair market value within Marketable securities in the Consolidated Balance Sheets and their unrealized gains or losses are included in other comprehensive income. Realized gains and losses from the sale of available for sale securities are included in the Consolidated Statements of Operations and were determined on a specific identification basis.

As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):

 

 

 

 

 

 

 

Corporate Bonds and Notes

 

 

 

Amortized Cost

 

 

Unrealized gains (losses)

 

Due within a year

 

$

568

 

 

$

3

 

Due after one year

 

 

2,405

 

 

 

(3

)

Total

 

$

2,973

 

 

$

-

 

 

The Company’s available for sale debt securities are considered for credit losses under the guidance of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326). As of March 31, 2026 and December 31, 2025, the Company determined that a credit loss allowance is not required.

Included in interest income was a de minimis amount for the three-month period ended March 31, 2026 and $0.1 million for the three-month period ended March 31, 2025, related to the Company’s available for sale securities.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) ("AOCI") includes foreign currency translation adjustments and changes in the fair value of available for sale securities.

The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands):

 

 

Foreign
Currency
Translation

 

 

Marketable
Securities

 

 

Total

 

Accumulated other comprehensive income (loss) as of December 31, 2025

 

$

(1,250

)

 

$

495

 

 

$

(755

)

Other comprehensive income (loss)

 

 

-

 

 

 

(35

)

 

 

(35

)

Income tax (expense) benefit

 

 

-

 

 

 

11

 

 

 

11

 

Amounts reclassified from AOCI

 

 

-

 

 

 

(8

)

 

 

(8

)

Other comprehensive income (loss), net of tax

 

 

-

 

 

 

(32

)

 

 

(32

)

Accumulated other comprehensive income (loss) as of March 31, 2026

 

 

(1,250

)

 

 

463

 

 

 

(787

)

Foreign Currency

The Company’s reporting currency is the U.S. dollar. All transactions initiated in foreign currencies, primarily the Euro, are translated into U.S. dollars in accordance with ASC 830, “Foreign Currency Matters” and the related rate fluctuation on transactions is included in the Condensed Consolidated Statements of Operations.

Cost of Revenue

Cost of revenue consists of the costs of online media acquired from third-parties in both the Company's Media and ATS segments.

Recent Accounting Pronouncements

There were no new accounting pronouncements that were issued or became effective since the issuance of the Company's 2025 10-K that had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements.

Newly Adopted Accounting Standards

There were no new accounting standards that were adopted since the issuance of the Company's 2025 10-K.

v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues

3. REVENUES

Revenue Recognition

Revenues are recognized when control of the promised services is transferred to the Company’s customers, in an amount equal to the consideration the Company expects to be entitled to in exchange for those services.

Broadcast Advertising. Revenue related to the sale of advertising on the Company's television and radio stations is recognized at the time of broadcast. Revenue for contracts with advertising agencies is recorded at an amount that is net of the commission retained by the agency. Revenue from contracts directly with the advertisers is recorded as gross revenue and the related commission or national representation fee is recorded in operating expense.

Digital Advertising. Revenue related to digital advertising, in both our media and ATS segments, is recognized when display or other digital advertisements record impressions on the websites and mobile and Internet-connected television apps of media companies on whose digital platforms the advertisements are placed or as the advertiser’s previously agreed-upon performance criteria are satisfied. The Company has concluded that it is the principal in the transaction and therefore recognizes revenue on a gross basis, because (i) the Company is responsible for fulfillment of the contract, including customer support, resolving customer complaints, and accepting responsibility for the quality or suitability of the product or service; (ii) the Company has pricing discretion over the transaction; and (iii) the Company carries inventory risk for all inventory purchased regardless of whether the Company is able to collect on a transaction.

Retransmission Consent. The Company generates revenue from retransmission consent agreements that are entered into with multichannel video programming distributors ("MVPDs"). The Company grants the MVPDs access to its television station signals so that they may rebroadcast the signals and charge their subscribers for this programming. Revenue is recognized as the television signal is delivered to the MVPD.

Spectrum Usage Rights. The Company generates revenue from agreements associated with its television stations’ spectrum usage rights. Revenue is recognized in accordance with the contractual fees over the term of the agreement or when the Company has relinquished all or a portion of its spectrum usage rights for a station or have relinquished its rights to operate a station on the existing channel free from interference.

The Company does not disclose the value of unsatisfied performance obligations when (i) contracts have an original expected length of one year or less, which applies to essentially all of the Company's advertising contracts, and (ii) variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property, which applies to retransmission consent revenue.

The Company expenses contract acquisition costs, such as sales commissions generated either by internal direct sales employees or through third party advertising agency intermediaries, when incurred because the amortization period is one year or less. These costs are recorded within direct operating expenses.

The Company records deferred revenues within Accounts payable and accrued expenses in the Consolidated Balance Sheets, when cash payments are received or due in advance of its performance, including amounts which are refundable. The change in the deferred revenue balance is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by revenues recognized that were included in the deferred revenue balance in the prior period.

The Company’s payment terms vary by the type and location of customer and the products or services offered. The term between invoicing and when payment is due is typically 30 days. For certain individual customers and customer types, the Company generally requires payment before the services are delivered to the customer.

Disaggregated Revenue

The following table presents our revenues disaggregated by major source (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Digital advertising

 

$

163,744

 

 

$

56,793

 

Broadcast advertising

 

 

22,798

 

 

 

24,097

 

Spectrum usage rights

 

 

797

 

 

 

1,786

 

Retransmission consent

 

 

8,364

 

 

 

8,076

 

Other

 

 

1,268

 

 

 

1,099

 

Total revenue

 

$

196,971

 

 

$

91,851

 

Contracts are entered into directly with customers or through an advertising agency that represents the customer. Sales of advertising to customers or agencies within a station’s designated market area (“DMA”) are referred to as local revenue, whereas sales from outside the DMA are referred to as national revenue. The following table further disaggregates the Company’s broadcast advertising revenue by sales channel (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Local direct

 

$

4,278

 

 

$

4,810

 

Local agency

 

 

10,544

 

 

 

10,539

 

National agency

 

 

7,976

 

 

 

8,748

 

Total revenue

 

$

22,798

 

 

$

24,097

 

 

The following table further disaggregates the Company’s revenue by geographical region, based on the location of the sales office (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

United States

 

$

78,332

 

 

$

58,535

 

Asia

 

 

75,926

 

 

 

-

 

Rest of the World (1)

 

 

42,713

 

 

 

33,316

 

Total revenue

 

$

196,971

 

 

$

91,851

 
(1)
Primarily Europe

 

Deferred Revenue

(in thousands)

December 31, 2025

 

Increase

 

Decrease

 

 

March 31, 2026

 

Deferred revenue

$

2,615

 

2,915

 

(2,615)

 

 

$

2,915

 
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

4. LEASES

The Company’s leases are considered operating leases and primarily consist of real estate such as office space, broadcasting towers, land and land easements. The operating leases are reflected within the consolidated balance sheet as Operating leases right of use asset with the related liability presented as Operating lease liabilities and Long-term operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term. Generally, lease terms include options to renew or extend the lease. Unless the renewal option is considered reasonably certain, the exercise of any such options has been excluded from the calculation of lease liabilities.

The following table summarizes the expected future payments related to lease liabilities as of March 31, 2026:

(in thousands)

 

 

 

Remainder of 2026

 

$

10,677

 

2027

 

 

8,387

 

2028

 

 

7,480

 

2029

 

 

7,000

 

2030

 

 

6,465

 

Thereafter

 

 

18,948

 

Total minimum payments

 

$

58,957

 

Less amounts representing interest

 

 

(11,041

)

Present value of minimum lease payments

 

 

47,916

 

Less current operating lease liabilities

 

 

(10,512

)

Long-term operating lease liabilities

 

$

37,404

 

 

The Company’s existing leases have remaining terms of less than one year up to 25 years. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of March 31, 2026 were 8.3 years and 6.3%, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of March 31, 2025 were 8.4 years and 6.3%, respectively.

The Company’s corporate headquarters and main operational offices for its audio operations are currently located in Burbank, California. The Company's corporate headquarters and main operational offices for its audio operations were previously located in Santa Monica, California. The Company occupied approximately 38,000 square feet of space in the building housing its previous corporate headquarters under a lease, as amended, that was scheduled to expire on January 31, 2034. The Company vacated the facility in February 2025 and ceased making further lease payments. As a result, during the first quarter of 2025 the Company recorded a loss on lease abandonment charges of $16.1 million related to the right of use asset associated with this lease, and $9.1 million related to leasehold improvements associated with this lease. As of March 31, 2026, the Company's Condensed Consolidated Balance Sheet included $4.9 million of operating lease liabilities and $19.1 million of long-term operating lease liabilities related to this lease.

The following table summarizes lease payments and supplemental non-cash disclosures:

 

Three-Month Period

Ended March 31,

(in thousands)

2026

2025

Cash paid for amounts included in lease liabilities:

Operating cash flows from operating leases

$

1,915

$

2,435

Non-cash additions to operating lease assets

$

2,636

$

-

The following table summarizes the components of lease expense:

 

 

Three-Month Period

 

 

 

Ended March 31,

 

(in thousands)

 

2026

 

 

2025

 

Operating lease cost

$

1,706

 

 

$

2,339

 

Variable lease cost

 

266

 

 

 

101

 

Short-term lease cost

 

490

 

 

 

402

 

 Total lease cost

$

2,462

 

 

$

2,842

 

 

For the three-month period ended March 31, 2026, lease cost of $1.5 million and $1.0 million, were recorded to direct operating expenses and selling, general and administrative expenses. For the three-month period ended March 31, 2025, lease cost of $1.4 million, $1.2 million and $0.2 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.

As discussed above, in February 2025 the Company's management decided to vacate its previous corporate headquarters in Santa Monica, California and cease making further payments under the lease, as amended, which lease was scheduled to expire June 30, 2034. On or about July 22, 2025, the Company’s now former landlord of the Company’s former headquarters in Santa Monica, California commenced litigation against the Company in Los Angeles County Superior Court. The plaintiff alleges that the Company breached its lease and the plaintiff seeks at least $31.5 million in damages. The plaintiff filed an amended complaint on or about August 26, 2025 and the Company filed an answer on or about September 25, 2025, denying the plaintiff's allegations. Discovery has commenced and the court has tentatively set a trial date in June 2027. The Company intends to vigorously defend against the claims brought by the plaintiff and assert defenses to the claims raised. The Company is currently unable to estimate possible costs and other expenses or charges that may be incurred by the Company as a result of the lease termination.

v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

5. SEGMENT INFORMATION

The Company has organized its operations into two reportable segments. Its media segment includes its television, radio and digital marketing operations. Its ATS segment provides programmatic advertising and technology services through Smadex and Adwake.

Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. The Company generated 60% and 36% of its revenue from continuing operations outside the United States during the three-month periods ended March 31, 2026 and 2025, respectively.

The accounting policies applied to determine the segment information are generally the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate financial data for each operating segment as provided below (in thousands):

 

 

 

 

Three-Month Period

 

 

 

 

 

 

Ended March 31,

 

 

%

 

 

 

2026

 

 

2025

 

 

Change

 

Net revenue

 

 

 

 

 

 

 

 

 

Media

 

$

42,421

 

 

$

40,977

 

 

 

4

%

Advertising Technology & Services

 

 

154,550

 

 

 

50,874

 

 

 

204

%

Consolidated

 

 

196,971

 

 

 

91,851

 

 

 

114

%

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Media

 

 

5,365

 

 

 

3,266

 

 

 

64

%

Advertising Technology & Services

 

 

96,589

 

 

 

30,206

 

 

 

220

%

Consolidated

 

 

101,954

 

 

 

33,472

 

 

 

205

%

 

 

 

 

 

 

 

 

 

 

Direct operating expenses

 

 

 

 

 

 

 

 

 

Media

 

 

28,136

 

 

 

26,550

 

 

 

6

%

Advertising Technology & Services

 

 

16,663

 

 

 

8,952

 

 

 

86

%

Consolidated

 

 

44,799

 

 

 

35,502

 

 

 

26

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

Media

 

 

11,352

 

 

 

10,805

 

 

 

5

%

Advertising Technology & Services

 

 

6,787

 

 

 

4,701

 

 

 

44

%

Consolidated

 

 

18,139

 

 

 

15,506

 

 

 

17

%

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Media

 

 

2,786

 

 

 

2,970

 

 

 

(6

)%

Advertising Technology & Services

 

 

205

 

 

 

507

 

 

 

(60

)%

Consolidated

 

 

2,991

 

 

 

3,477

 

 

 

(14

)%

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

Media

 

 

(5,218

)

 

 

(2,614

)

 

 

100

%

Advertising Technology & Services

 

 

34,306

 

 

 

6,508

 

 

 

427

%

Consolidated

 

 

29,088

 

 

 

3,894

 

 

 

647

%

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

7,173

 

 

 

7,788

 

 

 

(8

)%

Impairment charge

 

 

-

 

 

 

23,673

 

 

 

(100

)%

Loss on lease abandonment

 

 

-

 

 

 

25,191

 

 

 

(100

)%

Restructuring costs

 

 

983

 

 

 

-

 

 

*

 

Foreign currency (gain) loss

 

 

243

 

 

 

12

 

 

 

1,925

%

Operating income (loss)

 

 

20,689

 

 

 

(52,770

)

 

*

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(3,315

)

 

$

(3,663

)

 

 

(10

)%

Interest income

 

 

358

 

 

 

605

 

 

 

(41

)%

Dividend income

 

 

14

 

 

 

-

 

 

*

 

Realized gain (loss) on marketable securities

 

 

8

 

 

 

1

 

 

 

700

%

Income (loss) before income taxes

 

 

17,754

 

 

 

(55,827

)

 

*

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

Media

 

$

2,899

 

 

$

2,360

 

 

 

 

Advertising Technology & Services

 

 

998

 

 

 

24

 

 

 

 

Consolidated

 

$

3,897

 

 

$

2,384

 

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful.

Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

6. COMMITMENTS AND CONTINGENCIES

The Company is subject to various outstanding claims and other legal proceedings that may arise from time to time in the ordinary course of business. In the opinion of management, any liability of the Company that may arise out of or with respect to any such matters will not materially adversely affect the financial position, results of operations or cash flows of the Company.
v3.26.1
The Company and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Assets Held for Sale

Assets Held for Sale

In March 2025, the Company entered into a letter of intent to sell the assets of its two Mexico television stations. The assets constituting station XHAS, located in Tijuana, Mexico, and the assets constituting station XHDTV, located in Tecate, Mexico, had an initial agreed upon purchase price of $4.7 million. As initially contemplated, the sale was to include all assets necessary for the buyer to operate the stations, consisting of the broadcast licenses and fixed assets. These assets met the criteria for classification as assets held for sale. The carrying value of the two stations exceeded the agreed upon purchase price and, accordingly, the Company recorded an impairment charge of $23.7 million during the three-month period ended March 31, 2025 related to the broadcast licenses with a carrying value of $28.0 million and the fixed assets of the two stations with a carrying value of $0.4 million.

As part of ongoing negotiations, during the third quarter of 2025, the purchase price was reduced by $1.7 million, to $3.0 million. Also, additional assets with a carrying value of $3.8 million were included in the transaction, without an increase in the purchase price. As a result of these changes, the Company recorded an additional impairment charge of $5.5 million in the third quarter of 2025. The parties signed a definitive agreement for the transaction in January 2026, with closing to occur pending regulatory approval from the government of Mexico.

The fair value less estimated costs to sell of $3.0 million is presented as Assets Held for Sale in the Consolidated Balance Sheet as of March 31, 2026.

In June 2025, the Company’s management decided to sell three of its owned office buildings in Corpus Christi, Texas, El Centro, California and Midland, Texas. The sales would include the buildings and all related building improvements, land and land improvements. These assets met the criteria for classification as assets held for sale. The carrying amount of each of the buildings and

related fixed assets were lower than the fair value less cost to sell. The carrying amounts totaling $2.4 million are presented as Assets Held for Sale in the Consolidated Balance Sheet as of March 31, 2026.

In March 2026, the Company entered into a definitive agreement to sell the office building in El Centro, California, which had a carrying value of $1.8 million, for a purchase price of $1.9 million, net of selling costs. The transaction is expected to close in mid-2026.

Restricted Cash

Restricted Cash

As of March 31, 2026 and December 31, 2025, the Company’s balance sheet includes $0.8 million in restricted cash, which was deposited into a separate account as collateral for the Company’s letters of credit.

The Company's cash and cash equivalents and restricted cash, as presented in the Condensed Consolidated Statements of Cash Flows, was as follows (in thousands):

 

As of March 31,

 

 

2026

 

 

2025

 

Cash and cash equivalents

$

68,171

 

 

$

73,610

 

Restricted cash

 

799

 

 

 

789

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

68,970

 

 

$

74,399

 
Related Parties

Related Parties

Substantially all of the Company’s television stations are Univision- or UniMás-affiliated television stations. The network affiliation agreement with TelevisaUnivision provides certain of the Company’s owned stations the exclusive right to broadcast TelvisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under the network affiliation agreement, the Company retains the right to sell no less than four minutes per hour of the available advertising time on stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by TelevisaUnivision.

Under the network affiliation agreement, TelevisaUnivision acts as the Company’s exclusive third-party sales representative for the sale of certain national advertising on the Univision- and UniMás-affiliate television stations, and the Company pays certain sales representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on its Univision- and UniMás-affiliate television stations.

During each of the three-month periods ended March 31, 2026 and 2025, the amount the Company paid TelevisaUnivision in this capacity was $1.1 million. These amounts were included in Direct Operating Expenses in the Company's Condensed Consolidated Statements of Operations.

The Company also generates revenue under two marketing and sales agreements with TelevisaUnivision, which give it the right to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver.

On October 2, 2017, the Company entered into the current affiliation agreement which superseded and replaced its prior affiliation agreements with TelevisaUnivision. Additionally, on the same date, the Company entered into a proxy agreement and marketing and sales agreement with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of the Company’s Univision and UniMás network affiliate stations.

Under the Company’s current proxy agreement with TelevisaUnivision, the Company grants TelevisaUnivision the right to negotiate the terms of retransmission consent agreements for its Univision- and UniMás-affiliated television station signals. Among other things, the proxy agreement provides terms relating to compensation to be paid to the Company by TelevisaUnivision with respect to retransmission consent agreements entered into with multichannel video programming distributors (“MVPDs”). As of March 31, 2026, the amount due to the Company from TelevisaUnivision was $6.9 million related to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended March 31, 2026 and 2025, retransmission consent revenue accounted for $8.4 million and $8.1 million, respectively, of which $5.9 million and $5.6 million, respectively, relate to the TelevisaUnivision proxy agreement.

TelevisaUnivision currently owns approximately 10% of the Company’s common stock on a fully-converted basis. The Company’s Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not include the right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the Company’s issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U common stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business combination, dissolve or liquidate the Company or dispose of any interest in any FCC license with respect to television stations which are affiliates of TelevisaUnivision, among other things.

On February 1, 2026, the Company entered into a Simple Agreement for Future Equity ("SAFE") with LATV Networks, LLC ("LATV"), a related party in which the Company holds a 15% ownership interest. Under the terms of the SAFE, the Company invested $0.4 million, which provides the Company the right to receive future equity units of LATV at a discount upon the occurrence of certain financing or liquidity events. Since July 2022, the Company owns 15% of the stock of LATV.
Stock-Based Compensation

Stock-Based Compensation

The Company measures all stock-based awards using a fair value method and recognizes the related stock-based compensation expense in the condensed consolidated financial statements over the requisite service period. As stock-based compensation expense recognized in the Company’s condensed consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.

Restricted Stock Units

Stock-based compensation expense related to restricted stock units ("RSUs") is based on the fair value of the Company’s stock price on the date of grant and is amortized over the vesting period, generally between 1 to 4 years.

During the three-month period ended March 31, 2026, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):

 

 

 

Number of RSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

6,270

 

 

$

3.31

 

Granted

 

 

5,703

 

 

 

3.31

 

Vested

 

 

(219

)

 

 

3.77

 

Forfeited or cancelled

 

 

(400

)

 

 

3.02

 

Nonvested balance at March 31, 2026

 

 

11,354

 

 

 

3.31

 

Stock-based compensation expense related to RSUs was $3.3 million and $2.1 million for the three-month periods ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, there was $17.0 million of total unrecognized compensation expense related to grants of RSUs that is expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units

In connection with the annual grant of performance stock units (“PSUs”) in January 2026, the Company has granted PSUs to its Chief Executive Officer ("CEO"), which PSUs are subject to both time-based vesting conditions and market-based conditions. Both the service and market conditions must be satisfied for the PSUs to vest. The PSUs consist of four equal tranches, based on achievement of a share price condition if the Company achieves share price targets of $3.50, $4.50, $5.50, and $6.50, respectively, over 30 consecutive trading days during a performance period commencing on January 21, 2026 and ending on January 21, 2031. The fair value of each of the Performance Tranches (as defined in the individual agreements pursuant to which the PSUs were granted) was $0.2 million, $0.2 million, $0.1 million, and $0.1 million, respectively, and have a grant date fair value per share of restricted stock of $3.26, $3.06, $2.87, and $2.69, respectively. To the extent that any of the performance-based requirements are met, the grantees must also provide continued service to the Company through at least January 21, 2027 to receive any shares of common stock underlying the PSUs and through January 21, 2031 to receive all of the shares of common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum number of shares that can be earned under this PSU grant is 200,000 shares, with 25% of the total award allocated to each Performance Tranche. Between 0% and 100% of each Performance Tranche of the PSUs will vest on each of the tranche dates.

The Company recognizes compensation expense related to the PSUs using the accelerated attribution method over the requisite service period. Stock-based compensation expense for PSUs is based on a performance measurement of 100%. The compensation expense will not be reversed even if the performance metrics are not met.

Stock-based compensation expense related to PSUs was a de minimis amount and $0.5 million for the three-month periods ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, there was $1.8 million of total unrecognized compensation expense related to grants of PSUs that is expected to be recognized over a weighted-average period of 2.1 years.

The grant date fair value for each PSU was estimated using a Monte-Carlo simulation model that incorporates option-pricing inputs covering the period from the grant date through the end of the performance period. The unobservable significant inputs to the valuation model at the time of award issuance were as follows:

 

 

2026 PSUs

 

Stock price at issuance

 

$

3.37

 

Expected volatility

 

 

61.0

%

Risk-free interest rate

 

 

3.77

%

Expected term

 

 

5.0

 

Expected dividend yield

 

 

0

%

During the three-month period ended March 31, 2026, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):

 

 

Number of PSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

2,590

 

 

$

2.57

 

Granted

 

 

200

 

 

 

2.97

 

Vested

 

 

(44

)

 

 

2.11

 

Forfeited or cancelled

 

 

(307

)

 

 

2.48

 

Nonvested balance at March 31, 2026

 

 

2,439

 

 

 

2.62

 
Income (Loss) Per Share

Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share (in thousands, except share and per share data):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

12,360

 

 

$

(47,775

)

Net income (loss) from discontinued operations, net of tax

 

 

-

 

 

 

(191

)

Net income (loss) attributable to common stockholders

 

$

12,360

 

 

$

(47,966

)

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

Dilutive securities:

 

 

 

 

 

 

Restricted stock units

 

 

4,434,701

 

 

 

-

 

Diluted shares outstanding

 

 

96,420,181

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)

For the three-month period ended March 31, 2026, a total of 116,962 shares of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares.

For the three-month period ended March 31, 2025, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares

that would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not antidilutive was 1,520,085 equivalent shares of dilutive securities for the three-month period ended March 31, 2025.

Impairment

Impairment

The carrying values of the Company's reporting units are determined by allocating all applicable assets (including goodwill) and liabilities based upon the unit in which the assets are employed and to which the liabilities relate, considering the methodologies utilized to determine the fair value of the reporting units.

Goodwill and indefinite life intangibles are not amortized but are tested annually for impairment, or more frequently, if events or changes in circumstances indicate that the assets might be impaired. The annual testing date is October 1.

As discussed above under Assets held for sale, in March 2025, the Company has entered into an agreement to sell the assets of its two Mexico television stations. As a result of the terms of this transaction, as revised during negotiations, the Company recorded an impairment charge of $23.7 million in the first quarter of 2025.

Loss on Lease Abandonment

Loss on Lease Abandonment

At the time of a lease termination, the operating lease right-of-use ("ROU") asset is derecognized, while the corresponding lease liability is evaluated and derecognized by the Company based any remaining contractual obligations as of the lease termination date.

The Company’s corporate headquarters and main operational offices for its audio operations are currently located in Burbank, California. The Company's corporate headquarters and main operational offices for its audio operations were previously located in Santa Monica, California. The Company occupied approximately 38,000 square feet of space in the building housing its previous corporate headquarters under a lease, as amended, that was scheduled to expire on January 31, 2034. The Company vacated the facility in February 2025 and ceased making further lease payments. As a result, during the first quarter of 2025 the Company recorded a loss on lease abandonment charges of $16.1 million related to the right of use asset associated with this lease, and $9.1 million related to leasehold improvements associated with this lease. As of March 31, 2026, the Company's consolidated balance sheet included $4.9 million of operating lease liabilities and $19.1 million of long-term operating lease liabilities related to this lease.

In addition, the Company has abandoned six additional leased facilities, with impacted employees transitioning to remote work. See more details under "Restructuring" below. The Company does not expect to incur additional liabilities related to these abandoned leases.

Restructuring

Restructuring

During the third quarter of 2025, the Company's management began to implement an ongoing organization design plan (the "Plan") intended to support revenue growth and reduce expenses, primarily in the Company’s media operations.

Key components of the Plan that have been implemented so far include a reduction of approximately 5% of the Company's media segment workforce, including the termination of an executive and certain back-office personnel, the abandonment of six leased facilities, with impacted employees transitioning to remote work, and the shutdown of certain legacy international operations within the ATS segment.

The Company accounts for its restructuring charges as a liability when the obligations are incurred and records such charges at fair value. As a result of the implementation of the Plan and the actions described above, the Company recorded total charges of $1.0 million for the three-month period ended March 31, 2026, which are included within Restructuring costs in the Company's Consolidated Statements of Operations. As of March 31, 2026 the Company had a de minimis amount of remaining restructuring liability which is included within Accounts payable and accrued expenses in the Company's Condensed Consolidated Balance Sheets.

The following table rolls forward the activity in the restructuring liability:

(in thousands)

 

 

 

 

Beginning balance at December 31, 2025

 

$

72

 

 

Additional restructuring and related costs

 

 

983

 

 

Non-cash charge (included above)

 

 

(38

)

 

Cash payments

 

 

(981

)

 

Ending balance March 31, 2026

 

$

36

 

 

As the Plan continues to be implemented in a methodical manner, the Company may incur additional charges associated with the Plan; however, it is unable to reasonably estimate the amount of such future charges as of March 31, 2026.

Credit Facility

Credit Facility

The Company entered into the Credit Facility, pursuant to the Original 2023 Credit Agreement dated as of March 17, 2023, by and among the Company, Bank of America, N.A., as Administrative Agent, and the other financial institutions party thereto as

Lenders (collectively, the “Lenders” and individually each a “Lender”). The Original 2023 Credit Agreement amended, restated and replaced in its entirety the Company's previous credit agreement. The Original 2023 Credit Agreement was amended as of July 15, 2025, effective as of June 30, 2025 (the “2025 Amendment”), with respect to certain financial covenants and certain other provisions of the Credit Facility, and was further amended as of March 18, 2026 (the “2026 Amendment”), with respect to a certain administrative clarification of the calculation of financial covenants. The Original 2023 Credit Agreement, the 2025 Amendment and the 2026 Amendment are collectively referred to as the “Amended Credit Agreement”.

As provided in the Amended Credit Agreement, the Credit Facility consists of (i) a $200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full at the time the Company entered into Original 2023 Credit Agreement, and (ii) a $30.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $11.5 million was drawn at such time. In addition, the Amended Credit Agreement provides that the Company may increase the aggregate principal amount thereof by an additional amount equal to $100.0 million plus the amount that would result in the Company’s First Lien Net Leverage Ratio (as defined in the Amended Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions. The Credit Facility matures on March 17, 2028 (the “Maturity Date”).

The Credit Facility is guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and secured on a first priority basis by the Company’s and those subsidiaries’ assets.

The Company’s borrowings under the Credit Facility bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Term SOFR (as defined in the Amended Credit Agreement) plus a margin between 2.50% and 3.00%, depending on the Total Net Leverage Ratio (as defined in the Amended Credit Agreement) or (ii) the Base Rate (as defined in the Amended Credit Agreement) plus a margin between 1.50% and 2.00%, depending on the Total Net Leverage Ratio. In addition, the unused portion of the Revolving Credit Facility is subject to a rate per annum between 0.30% and 0.40%, depending on the Total Net Leverage Ratio.

As of March 31, 2026, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 6.73%.

The amounts outstanding under the Credit Facility may be prepaid at the option of the Company without premium or penalty, provided that certain limitations are observed, and subject to customary breakage fees in connection with the prepayment of a Term SOFR loan. The principal amount of the Term A Facility shall be paid in installments on the dates and in the respective amounts set forth in the Amended Credit Agreement, with the final balance due on the Maturity Date.

The Company incurred debt issuance costs of $1.8 million associated with the Credit Facility. Debt outstanding under the Credit Facility is presented net of issuance costs on the Company's Condensed Consolidated Balance Sheets. The debt issuance costs are amortized on an effective interest basis over the term of the Credit Facility and are included in interest expense in the Company's Condensed Consolidated Statements of Operations.

The Company paid the lenders consenting to the 2025 Amendment a fee equal to 0.05% of the amount of outstanding loans and commitments held by such lenders under the Original 2023 Credit Agreement. No fee is payable by the Company to the lenders in connection with the 2026 Amendment.

The Company incurred additional debt issuance costs of $0.3 million associated with entering into the Amended Credit Agreement. The debt issuance costs are amortized on an effective interest basis over the term of the Credit Facility, and are included in interest expense in the Company's Condensed Consolidated Statements of Operations.

The covenants of the Amended Credit Agreement include customary negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens and make certain acquisitions, investments, asset dispositions and restricted payments. In addition, the Amended Credit Agreement requires compliance with financial covenants related to Total Net Leverage Ratio, not to exceed 4.00 to 1.00, and Interest Coverage Ratio (as defined in the Amended Credit Agreement) with a minimum permitted ratio of 2.00 to 1.00 (calculated as set forth in the Amended Credit Agreement). As of March 31, 2026, the Company believes that it is in compliance with all covenants in the Amended Credit Agreement.

In addition, the Amended Credit Agreement:

•
provides for quarterly amortization in the amount of $5.0 million; and
•
calculates leverage ratios based on an annualized average consolidated EBITDA for the eight most recently completed fiscal quarters and provides for cash netting in the amount of up to $60.0 million.

The Amended Credit Agreement also includes customary events of default, as well as the following events of default, that are specific to the Company:

•
any revocation, termination, substantial and adverse modification, or refusal by final order to renew, any media license, or the requirement (by final non-appealable order) to sell a television or radio station, where any such event or failure is reasonably expected to have a material adverse effect; or
•
the interruption of operations of any television or radio station for more than 96 consecutive hours during any period of seven consecutive days.

The Amended Credit Agreement further includes customary rights and remedies upon the occurrence of any event of default thereunder, including rights to accelerate the loans, terminate the commitments thereunder and realize upon the collateral securing the obligations under the Amended Credit Agreement.

There is a security agreement in effect with respect to the Credit Facility.

The carrying amount of the Term Loan A Facility as of March 31, 2026 approximated its fair value and was $151.9 million, net of $0.6 million of unamortized debt issuance costs and original issue discount.

Concentrations of Credit Risk and Trade Receivables

Concentrations of Credit Risk and Trade Receivables

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company has bank deposits in excess of Federal Deposit Insurance Corporation insurance limits. As of March 31, 2026, the majority of all U.S. deposits are maintained in three financial institutions. The Company has not experienced any losses in such accounts and believes that it is not currently exposed to significant credit risk on cash and cash equivalents. In addition, to the Company's knowledge, all or substantially all of the bank deposits held in banks outside the United States are not insured.

The Company’s credit risk is spread across a large number of advertisers, thereby spreading the trade receivable credit risk. The Company routinely assesses the financial strength of its customers and, as a consequence, believes that it is managing its trade receivable credit risk effectively. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables, based on a review of all outstanding amounts on a monthly basis. An allowance for doubtful accounts is provided for known and anticipated credit losses, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration a customer’s financial condition and credit history, as well as current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. No interest is charged on customer accounts.

Trade receivables from the two largest advertisers represented 24% and 6%, respectively, of the Company's total trade receivables as of March 31, 2026. No other single advertiser represented more than 5% of the Company's total trade receivables as of March 31, 2026 and December 31, 2025.

Revenue from the largest advertiser represented 36% of the Company's total revenue for the three-month period ended March 31, 2026. This advertiser pays on a current basis and therefore management believes that it is managing this risk. No other advertiser represented more than 5% of the Company's total revenue for the three-month period ended March 31, 2026.

No advertiser represented more than 5% of the Company's total revenue for the three-month period ended March 31, 2025.
Allowance for Credit Losses

Allowance for Credit Losses

The accounts receivable consist of a homogeneous pool of relatively small dollar amounts from a large number of customers. We evaluate the collectability of our trade accounts receivable based on a number of factors. When the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company's recent past loss history and an overall assessment of past due trade accounts receivable amounts outstanding.

Estimated losses for bad debts are provided for in the consolidated financial statements through a charge that aggregated $0.2 million of expense and $0.2 million of income for the three-month periods ended March 31, 2026 and 2025, respectively. The net charge-off of bad debts aggregated $0.1 million for each of the three-month periods ended March 31, 2026 and 2025.

Fair Value Measurements

Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date.

Accounting Standards Codification ("ASC") 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below.

Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the company has the ability to access at the measurement date.

Level 2 – Assets and liabilities whose values are based on quoted prices for similar attributes in active markets; quoted prices in markets where trading occurs infrequently; and inputs other than quoted prices that are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the condensed consolidated balance sheets (in millions):

March 31, 2026

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

2.1

 

 

$

2.1

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.0

 

 

 

—

 

 

$

3.0

 

 

 

—

 

 

 

 

 

 

December 31, 2025

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

1.3

 

 

$

1.3

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.8

 

 

 

—

 

 

$

3.8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

62.3

 

 

 

—

 

 

 

—

 

 

 

62.3

 

$

(26.0

)

The Company’s money market account is comprised of cash and cash equivalents, which are recorded at their fair market value within Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

The Company’s available for sale debt securities are comprised of corporate bonds and notes, asset-backed securities, and U.S. Government securities. These securities are valued using quoted prices for similar attributes in active markets (Level 2). Since these investments are classified as available for sale, they are recorded at their fair market value within Marketable securities in the Consolidated Balance Sheets and their unrealized gains or losses are included in other comprehensive income. Realized gains and losses from the sale of available for sale securities are included in the Consolidated Statements of Operations and were determined on a specific identification basis.

As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):

 

 

 

 

 

 

 

Corporate Bonds and Notes

 

 

 

Amortized Cost

 

 

Unrealized gains (losses)

 

Due within a year

 

$

568

 

 

$

3

 

Due after one year

 

 

2,405

 

 

 

(3

)

Total

 

$

2,973

 

 

$

-

 

 

The Company’s available for sale debt securities are considered for credit losses under the guidance of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326). As of March 31, 2026 and December 31, 2025, the Company determined that a credit loss allowance is not required.

Included in interest income was a de minimis amount for the three-month period ended March 31, 2026 and $0.1 million for the three-month period ended March 31, 2025, related to the Company’s available for sale securities.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) ("AOCI") includes foreign currency translation adjustments and changes in the fair value of available for sale securities.

The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands):

 

 

Foreign
Currency
Translation

 

 

Marketable
Securities

 

 

Total

 

Accumulated other comprehensive income (loss) as of December 31, 2025

 

$

(1,250

)

 

$

495

 

 

$

(755

)

Other comprehensive income (loss)

 

 

-

 

 

 

(35

)

 

 

(35

)

Income tax (expense) benefit

 

 

-

 

 

 

11

 

 

 

11

 

Amounts reclassified from AOCI

 

 

-

 

 

 

(8

)

 

 

(8

)

Other comprehensive income (loss), net of tax

 

 

-

 

 

 

(32

)

 

 

(32

)

Accumulated other comprehensive income (loss) as of March 31, 2026

 

 

(1,250

)

 

 

463

 

 

 

(787

)
Foreign Currency

Foreign Currency

The Company’s reporting currency is the U.S. dollar. All transactions initiated in foreign currencies, primarily the Euro, are translated into U.S. dollars in accordance with ASC 830, “Foreign Currency Matters” and the related rate fluctuation on transactions is included in the Condensed Consolidated Statements of Operations.
Cost of Revenue

Cost of Revenue

Cost of revenue consists of the costs of online media acquired from third-parties in both the Company's Media and ATS segments.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

There were no new accounting pronouncements that were issued or became effective since the issuance of the Company's 2025 10-K that had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements.

Newly Adopted Accounting Standards

There were no new accounting standards that were adopted since the issuance of the Company's 2025 10-K.

v3.26.1
The Company and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Cash and Cash Equivalents and Restricted Cash

The Company's cash and cash equivalents and restricted cash, as presented in the Condensed Consolidated Statements of Cash Flows, was as follows (in thousands):

 

As of March 31,

 

 

2026

 

 

2025

 

Cash and cash equivalents

$

68,171

 

 

$

73,610

 

Restricted cash

 

799

 

 

 

789

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

68,970

 

 

$

74,399

 
Summary of Non-Vested RSUs Activity

During the three-month period ended March 31, 2026, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):

 

 

 

Number of RSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

6,270

 

 

$

3.31

 

Granted

 

 

5,703

 

 

 

3.31

 

Vested

 

 

(219

)

 

 

3.77

 

Forfeited or cancelled

 

 

(400

)

 

 

3.02

 

Nonvested balance at March 31, 2026

 

 

11,354

 

 

 

3.31

 
Summary of Valuation Model at Time of Award Issuance The unobservable significant inputs to the valuation model at the time of award issuance were as follows:

 

 

2026 PSUs

 

Stock price at issuance

 

$

3.37

 

Expected volatility

 

 

61.0

%

Risk-free interest rate

 

 

3.77

%

Expected term

 

 

5.0

 

Expected dividend yield

 

 

0

%
Summary of Non-Vested PSUs Activity

During the three-month period ended March 31, 2026, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):

 

 

Number of PSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2025

 

 

2,590

 

 

$

2.57

 

Granted

 

 

200

 

 

 

2.97

 

Vested

 

 

(44

)

 

 

2.11

 

Forfeited or cancelled

 

 

(307

)

 

 

2.48

 

Nonvested balance at March 31, 2026

 

 

2,439

 

 

 

2.62

 
Reconciliation of Basic and Diluted Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share (in thousands, except share and per share data):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

12,360

 

 

$

(47,775

)

Net income (loss) from discontinued operations, net of tax

 

 

-

 

 

 

(191

)

Net income (loss) attributable to common stockholders

 

$

12,360

 

 

$

(47,966

)

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

91,985,480

 

 

 

90,976,288

 

Dilutive securities:

 

 

 

 

 

 

Restricted stock units

 

 

4,434,701

 

 

 

-

 

Diluted shares outstanding

 

 

96,420,181

 

 

 

90,976,288

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

0.13

 

 

$

(0.53

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.00

)

Net income (loss) per share attributable to common stockholders

 

$

0.13

 

 

$

(0.53

)
For the three-month period ended March 31, 2026
Summary of Activity in Restructuring Liability

The following table rolls forward the activity in the restructuring liability:

(in thousands)

 

 

 

 

Beginning balance at December 31, 2025

 

$

72

 

 

Additional restructuring and related costs

 

 

983

 

 

Non-cash charge (included above)

 

 

(38

)

 

Cash payments

 

 

(981

)

 

Ending balance March 31, 2026

 

$

36

 

 
As the Plan continues to be implemented in a methodical manner, the
Financial Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the condensed consolidated balance sheets (in millions):

March 31, 2026

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

2.1

 

 

$

2.1

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.0

 

 

 

—

 

 

$

3.0

 

 

 

—

 

 

 

 

 

 

December 31, 2025

Total Fair Value

and Carrying

Value on

Balance Sheet

Fair Value Measurement Category

 

 

 

 Recurring fair value measurements

Level 1

Level 2

Level 3

 

 

Total Gains (Losses)

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

1.3

 

 

$

1.3

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

3.8

 

 

 

—

 

 

$

3.8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

62.3

 

 

 

—

 

 

 

—

 

 

 

62.3

 

$

(26.0

)
Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities

As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):

 

 

 

 

 

 

 

Corporate Bonds and Notes

 

 

 

Amortized Cost

 

 

Unrealized gains (losses)

 

Due within a year

 

$

568

 

 

$

3

 

Due after one year

 

 

2,405

 

 

 

(3

)

Total

 

$

2,973

 

 

$

-

 

 
Summary of Components of AOCI

The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands):

 

 

Foreign
Currency
Translation

 

 

Marketable
Securities

 

 

Total

 

Accumulated other comprehensive income (loss) as of December 31, 2025

 

$

(1,250

)

 

$

495

 

 

$

(755

)

Other comprehensive income (loss)

 

 

-

 

 

 

(35

)

 

 

(35

)

Income tax (expense) benefit

 

 

-

 

 

 

11

 

 

 

11

 

Amounts reclassified from AOCI

 

 

-

 

 

 

(8

)

 

 

(8

)

Other comprehensive income (loss), net of tax

 

 

-

 

 

 

(32

)

 

 

(32

)

Accumulated other comprehensive income (loss) as of March 31, 2026

 

 

(1,250

)

 

 

463

 

 

 

(787

)
v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue by Major Source, Sales Channel and by Geographical Region Based on Location of Sales Office

The following table presents our revenues disaggregated by major source (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Digital advertising

 

$

163,744

 

 

$

56,793

 

Broadcast advertising

 

 

22,798

 

 

 

24,097

 

Spectrum usage rights

 

 

797

 

 

 

1,786

 

Retransmission consent

 

 

8,364

 

 

 

8,076

 

Other

 

 

1,268

 

 

 

1,099

 

Total revenue

 

$

196,971

 

 

$

91,851

 
The following table further disaggregates the Company’s broadcast advertising revenue by sales channel (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

Local direct

 

$

4,278

 

 

$

4,810

 

Local agency

 

 

10,544

 

 

 

10,539

 

National agency

 

 

7,976

 

 

 

8,748

 

Total revenue

 

$

22,798

 

 

$

24,097

 

 

The following table further disaggregates the Company’s revenue by geographical region, based on the location of the sales office (in thousands):

 

 

Three-Month Period

 

 

 

Ended March 31,

 

 

 

2026

 

 

2025

 

United States

 

$

78,332

 

 

$

58,535

 

Asia

 

 

75,926

 

 

 

-

 

Rest of the World (1)

 

 

42,713

 

 

 

33,316

 

Total revenue

 

$

196,971

 

 

$

91,851

 
(1)
Primarily Europe
Summary of Deferred Revenue

(in thousands)

December 31, 2025

 

Increase

 

Decrease

 

 

March 31, 2026

 

Deferred revenue

$

2,615

 

2,915

 

(2,615)

 

 

$

2,915

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Summary of Expected Future Payments Related to Lease Liabilities

The following table summarizes the expected future payments related to lease liabilities as of March 31, 2026:

(in thousands)

 

 

 

Remainder of 2026

 

$

10,677

 

2027

 

 

8,387

 

2028

 

 

7,480

 

2029

 

 

7,000

 

2030

 

 

6,465

 

Thereafter

 

 

18,948

 

Total minimum payments

 

$

58,957

 

Less amounts representing interest

 

 

(11,041

)

Present value of minimum lease payments

 

 

47,916

 

Less current operating lease liabilities

 

 

(10,512

)

Long-term operating lease liabilities

 

$

37,404

 
Summary of Lease Payments and Supplemental Non-Cash Disclosures

The following table summarizes lease payments and supplemental non-cash disclosures:

 

Three-Month Period

Ended March 31,

(in thousands)

2026

2025

Cash paid for amounts included in lease liabilities:

Operating cash flows from operating leases

$

1,915

$

2,435

Non-cash additions to operating lease assets

$

2,636

$

-
Summary of Components of Lease Expense

The following table summarizes the components of lease expense:

 

 

Three-Month Period

 

 

 

Ended March 31,

 

(in thousands)

 

2026

 

 

2025

 

Operating lease cost

$

1,706

 

 

$

2,339

 

Variable lease cost

 

266

 

 

 

101

 

Short-term lease cost

 

490

 

 

 

402

 

 Total lease cost

$

2,462

 

 

$

2,842

 

 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Separate Financial Data for Each of Company's Operating Segment

The accounting policies applied to determine the segment information are generally the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates the performance of its operating segments based on separate financial data for each operating segment as provided below (in thousands):

 

 

 

 

Three-Month Period

 

 

 

 

 

 

Ended March 31,

 

 

%

 

 

 

2026

 

 

2025

 

 

Change

 

Net revenue

 

 

 

 

 

 

 

 

 

Media

 

$

42,421

 

 

$

40,977

 

 

 

4

%

Advertising Technology & Services

 

 

154,550

 

 

 

50,874

 

 

 

204

%

Consolidated

 

 

196,971

 

 

 

91,851

 

 

 

114

%

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

 

 

Media

 

 

5,365

 

 

 

3,266

 

 

 

64

%

Advertising Technology & Services

 

 

96,589

 

 

 

30,206

 

 

 

220

%

Consolidated

 

 

101,954

 

 

 

33,472

 

 

 

205

%

 

 

 

 

 

 

 

 

 

 

Direct operating expenses

 

 

 

 

 

 

 

 

 

Media

 

 

28,136

 

 

 

26,550

 

 

 

6

%

Advertising Technology & Services

 

 

16,663

 

 

 

8,952

 

 

 

86

%

Consolidated

 

 

44,799

 

 

 

35,502

 

 

 

26

%

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

Media

 

 

11,352

 

 

 

10,805

 

 

 

5

%

Advertising Technology & Services

 

 

6,787

 

 

 

4,701

 

 

 

44

%

Consolidated

 

 

18,139

 

 

 

15,506

 

 

 

17

%

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Media

 

 

2,786

 

 

 

2,970

 

 

 

(6

)%

Advertising Technology & Services

 

 

205

 

 

 

507

 

 

 

(60

)%

Consolidated

 

 

2,991

 

 

 

3,477

 

 

 

(14

)%

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

Media

 

 

(5,218

)

 

 

(2,614

)

 

 

100

%

Advertising Technology & Services

 

 

34,306

 

 

 

6,508

 

 

 

427

%

Consolidated

 

 

29,088

 

 

 

3,894

 

 

 

647

%

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

7,173

 

 

 

7,788

 

 

 

(8

)%

Impairment charge

 

 

-

 

 

 

23,673

 

 

 

(100

)%

Loss on lease abandonment

 

 

-

 

 

 

25,191

 

 

 

(100

)%

Restructuring costs

 

 

983

 

 

 

-

 

 

*

 

Foreign currency (gain) loss

 

 

243

 

 

 

12

 

 

 

1,925

%

Operating income (loss)

 

 

20,689

 

 

 

(52,770

)

 

*

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(3,315

)

 

$

(3,663

)

 

 

(10

)%

Interest income

 

 

358

 

 

 

605

 

 

 

(41

)%

Dividend income

 

 

14

 

 

 

-

 

 

*

 

Realized gain (loss) on marketable securities

 

 

8

 

 

 

1

 

 

 

700

%

Income (loss) before income taxes

 

 

17,754

 

 

 

(55,827

)

 

*

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

Media

 

$

2,899

 

 

$

2,360

 

 

 

 

Advertising Technology & Services

 

 

998

 

 

 

24

 

 

 

 

Consolidated

 

$

3,897

 

 

$

2,384

 

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful.
v3.26.1
The Company and Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 17, 2023
USD ($)
Jun. 30, 2025
Building
Mar. 31, 2025
USD ($)
Station
Mar. 31, 2026
USD ($)
Agreement
Segment
shares
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Station
shares
Feb. 01, 2026
USD ($)
Dec. 31, 2025
USD ($)
Jul. 31, 2022
Accounting Policies [Line Items]                  
Number of reportable segments | Segment       2          
Net income (loss) from discontinued operations, net of tax       $ 0   $ (191)      
Impairment charge related to broadcast licenses and fixed assets           23,700      
Assets held for sale     $ 1,700 5,415   1,700   $ 5,597  
Restricted cash     $ 789 799   789   797  
Retransmission consent revenue       $ 8,400   $ 8,100      
Shares of dilutive securities not included in computation of diluted earnings per share | shares       116,962   1,520,085      
Unamortized debt issuance costs       $ 555       631  
Discontinued Operations Held for Sale                  
Accounting Policies [Line Items]                  
Number of television stations held for sale | Station     2     2      
Number of owned office building | Building   3              
Impairment charge related to broadcast licenses and fixed assets         $ 5,500 $ 23,700      
Assets held for sale       3,000       $ 3,000  
Carrying value of broadcast licenses     $ 28,000     28,000      
Stations fixed assets carrying value     400     400      
Discontinued Operations Held for Sale | Tecate, Mexico                  
Accounting Policies [Line Items]                  
Assets held for sale     $ 4,700     4,700      
Discontinued Operations Held for Sale | El Centro, California                  
Accounting Policies [Line Items]                  
Assets held for sale       1,800          
Assets Held for Sale - Amount Receivable       1,900          
Discontinued Operations Held for Sale | Corpus Christi, El Centro, and Midland, Texas                  
Accounting Policies [Line Items]                  
Assets held for sale       $ 2,400          
TelevisaUnivision                  
Accounting Policies [Line Items]                  
Number of marketing and sales agreements | Agreement       2          
Number of markets involved in sales and marketing | Agreement       3          
Payment of sales representation fees to television stations       $ 1,100   1,100      
Retransmission consent revenue       $ 5,900   $ 5,600      
Common stock percentage held by Univision       10.00%          
UniMas                  
Accounting Policies [Line Items]                  
Affiliate advertising minutes per hour for which entity has right to sell       4 minutes 30 seconds          
Related Parties                  
Accounting Policies [Line Items]                  
Amount due from television stations for carriage       $ 6,900          
LATV Networks, LLC                  
Accounting Policies [Line Items]                  
Ownership interest             15.00%   15.00%
Related Party in Company invested             $ 400    
Revolving Credit Facility                  
Accounting Policies [Line Items]                  
Debt issuance costs $ 1,800                
Revolving Credit Facility | Senior Secured Term Loan A Facility [Member]                  
Accounting Policies [Line Items]                  
Unamortized debt issuance costs       600          
Estimated fair value of term loan       $ 151,900          
Amended Credit Agreement                  
Accounting Policies [Line Items]                  
Additional borrowing capacity $ 100,000                
First lien net leverage ratio 2.25%                
Debt issuance costs $ 300                
Financial covenants to net leverage ratio       4.00%          
Interest coverage ratio to minimum permitted ratio       2.00%          
Amended Credit Agreement | Revolving Credit Facility                  
Accounting Policies [Line Items]                  
Senior Secured debt 30,000                
Amount drawn 11,500                
Interest rate       6.73%          
Increase in quarterly amortization 5,000                
Amended Credit Agreement | Senior Secured Term Loan A Facility [Member]                  
Accounting Policies [Line Items]                  
Senior Secured debt $ 200,000                
2025 Amendment | Revolving Credit Facility                  
Accounting Policies [Line Items]                  
Outstanding loans and commitments fee percent 0.05%                
Minimum | TelevisaUnivision                  
Accounting Policies [Line Items]                  
Affiliate advertising minutes per hour for which entity has right to sell       4 minutes          
Minimum | Amended Credit Agreement | Base Rate Margin                  
Accounting Policies [Line Items]                  
Variable interest rate basis spread on debt 1.50%                
Minimum | Amended Credit Agreement | SOFR                  
Accounting Policies [Line Items]                  
Variable interest rate basis spread on debt 2.50%                
Minimum | Amended Credit Agreement | Revolving Credit Facility                  
Accounting Policies [Line Items]                  
Interest rate 0.30%                
Maximum | Amended Credit Agreement | Base Rate Margin                  
Accounting Policies [Line Items]                  
Variable interest rate basis spread on debt 2.00%                
Maximum | Amended Credit Agreement | SOFR                  
Accounting Policies [Line Items]                  
Variable interest rate basis spread on debt 3.00%                
Maximum | Amended Credit Agreement | Revolving Credit Facility                  
Accounting Policies [Line Items]                  
Interest rate 0.40%                
Increase in cash netting $ 60,000                
v3.26.1
The Company and Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 68,171 $ 59,439 $ 73,610  
Restricted cash 799 797 789  
Total as presented in the Condensed Consolidated Statements of Cash Flows $ 68,970 $ 60,236 $ 74,399 $ 96,700
v3.26.1
The Company and Significant Accounting Policies - Summary of Non-Vested RSUs Activity (Detail) - Restricted Stock Units
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares Nonvested, Beginning Balance | shares 6,270
Number of Shares, Granted | shares 5,703
Vested (in shares) | shares (219)
Number of Shares, Forfeited or Cancelled | shares (400)
Number of Shares Nonvested, Ending Balance | shares 11,354
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares $ 3.31
Weighted-Average Grant Date Fair Value, Granted | $ / shares 3.31
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 3.77
Weighted-Average Grant Date Fair Value, Forfeited or Cancelled | $ / shares 3.02
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares $ 3.31
v3.26.1
The Company and Significant Accounting Policies - Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2026
USD ($)
Days
$ / shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Accounting Policies [Line Items]      
Share-based compensation expenses | $   $ 0.1  
Restricted Stock Units      
Accounting Policies [Line Items]      
Share-based compensation expenses | $   3.3 $ 2.1
Total unrecognized compensation expense related to grants of restricted stock units | $   $ 17.0  
Weighted average period for unrecognized compensation expense related to grants of restricted stock units   2 years  
Weighted Average Fair Value   $ 3.31  
Share based payment award cancelled | shares   400,000  
Performance Stock Units      
Accounting Policies [Line Items]      
Share-based compensation expenses | $   $ 0.5 $ 0.5
Total unrecognized compensation expense related to grants of restricted stock units | $   $ 1.8  
Weighted average period for unrecognized compensation expense related to grants of restricted stock units   2 years 1 month 6 days  
Share price   $ 3.37  
Number of consecutive trading days | Days 30    
Performance period commencing date Jan. 21, 2026    
Performance period ending date Jan. 21, 2031    
Weighted Average Fair Value   $ 2.97  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares   200,000  
Share based payment award cancelled | shares   307,000  
Allocated percentage   25.00%  
Percentage of performance measurement   100.00%  
Performance Stock Units | Tranche One      
Accounting Policies [Line Items]      
Share price $ 3.5    
Fair value of each of the Tranches | $ $ 0.2    
Weighted Average Fair Value $ 3.26    
Performance Stock Units | Tranche Two      
Accounting Policies [Line Items]      
Share price $ 4.5    
Fair value of each of the Tranches | $ $ 0.2    
Weighted Average Fair Value $ 3.06    
Performance Stock Units | Tranche Three      
Accounting Policies [Line Items]      
Share price $ 5.5    
Fair value of each of the Tranches | $ $ 0.1    
Weighted Average Fair Value $ 2.87    
Performance Stock Units | Tranche Four      
Accounting Policies [Line Items]      
Share price $ 6.5    
Fair value of each of the Tranches | $ $ 0.1    
Weighted Average Fair Value $ 2.69    
Minimum | Restricted Stock Units      
Accounting Policies [Line Items]      
Vesting period   1 year  
Minimum | Performance Stock Units      
Accounting Policies [Line Items]      
Vesting percentage 0.00%    
Maximum | Restricted Stock Units      
Accounting Policies [Line Items]      
Vesting period   4 years  
Maximum | Performance Stock Units      
Accounting Policies [Line Items]      
Vesting percentage 100.00%    
v3.26.1
The Company and Significant Accounting Policies - Summary of Valuation Model at Time of Award Issuance (Details) - Performance Stock Units
 3 Months Ended
Mar. 31, 2026
$ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock price at issuance $ 3.37
Expected volatility 61.00%
Risk-free interest rate 3.77%
Expected term 5 years
Expected dividend yield 0.00%
v3.26.1
The Company and Significant Accounting Policies - Summary of Non-Vested PSUs Activity (Details) - Performance Stock Units
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Number of Shares Nonvested, Beginning Balance | shares 2,590
Number of Shares, Granted | shares 200
Vested (in shares) | shares (44)
Number of Shares, Forfeited or Cancelled | shares (307)
Number of Shares Nonvested, Ending Balance | shares 2,439
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares $ 2.57
Weighted-Average Grant Date Fair Value, Granted | $ / shares 2.97
Vested, weighted average grant date fair value (in dollars per share) | $ / shares 2.11
Weighted-Average Grant Date Fair Value, Forfeited or Cancelled | $ / shares 2.48
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares $ 2.62
v3.26.1
The Company and Significant Accounting Policies - Reconciliation of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss) from continuing operations $ 12,360 $ (47,775)
Net income (loss) from discontinued operations, net of tax 0 (191)
Net income (loss) attributable to common stockholders $ 12,360 $ (47,966)
Denominator:    
Weighted average common shares outstanding, basic 91,985,480 90,976,288
Restricted stock units 4,434,701 0
Weighted average common shares outstanding, diluted 96,420,181 90,976,288
Basic earnings per share:    
Income (loss) per share from continuing operations $ 0.13 $ (0.53)
Income (loss) per share from discontinued operations, net of tax 0 (0)
Net income (loss) per share attributable to common stockholders, basic $ 0.13 $ (0.53)
Diluted earnings per share:    
Weighted average common shares outstanding, basic 91,985,480 90,976,288
Income (loss) per share from continuing operations $ 0.13 $ (0.53)
Income (loss) per share from discontinued operations, net of tax 0 (0)
Net income (loss) per share attributable to common stockholders, diluted $ 0.13 $ (0.53)
v3.26.1
The Company and Significant Accounting Policies - Impairment and Loss on Lease Abandonment - Additional Information (Detail)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
Station
Mar. 31, 2026
USD ($)
ft²
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Station
Dec. 31, 2025
USD ($)
Accounting Policies [Line Items]          
Goodwill   $ 7,352     $ 7,352
Assets held for sale $ 1,700 $ 5,415   $ 1,700 5,597
Impairment charge related to broadcast licenses and fixed assets       $ 23,700  
Lease expiration date   Jun. 30, 2034      
Operating lease liabilities   $ 10,512     9,737
Long-term operating lease liabilities   $ 37,404     36,775
Building          
Accounting Policies [Line Items]          
Leased space | ft²   38,000      
Lease expiration date   Jan. 31, 2034      
Loss on lease abandonment charges   $ 16,100      
Acceleration of depreciation of leasehold improvements   9,100      
Operating lease liabilities   4,900      
Long-term operating lease liabilities   19,100      
Discontinued Operations Held for Sale          
Accounting Policies [Line Items]          
Number of television stations held for sale | Station 2     2  
Assets held for sale   $ 3,000     3,000
Carrying value of additional assets         $ 3,800
Impairment charge related to broadcast licenses and fixed assets     $ 5,500 $ 23,700  
Carrying value of broadcast licenses $ 28,000     28,000  
Stations fixed assets carrying value 400     400  
Discontinued Operations Held for Sale | Tecate, Mexico          
Accounting Policies [Line Items]          
Assets held for sale $ 4,700     $ 4,700  
v3.26.1
The Company and Significant Accounting Policies - Restructuring - Additional Information (Detail) - Media
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Accounting Policies [Line Items]  
Reduction of employees, Percentage of total workforce 5.00%
Total charges $ 1.0
v3.26.1
The Company and Significant Accounting Policies - Summary of Activity in Restructuring Liability (Details) - Media [Member]
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Accounting Policies [Line Items]  
Beginning balance at December 31, 2025 $ 72
Additional restructuring and related costs 983
Non-cash charge (included above) (38)
Cash payments (981)
Ending balance March 31, 2026 $ 36
v3.26.1
The Company and Significant Accounting Policies - Concentrations of Credit Risk and Trade Receivables - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Advertiser
AdvertisingCustomer
Mar. 31, 2025
USD ($)
AdvertisingCustomer
Dec. 31, 2025
Advertiser
Accounting Policies [Line Items]      
Number of advertisers represent more than five percent of trade receivables | Advertiser 0   0
Number of advertising customer represented more than five percent of revenue | AdvertisingCustomer 0 0  
Estimated losses for bad debts $ (0.2) $ 0.2  
Bad debts actually charged off $ 0.1 $ 0.1  
Customer Concentration Risk | Trade Receivables | Largest Advertiser One      
Accounting Policies [Line Items]      
Concentration risk percentage 24.00%    
Customer Concentration Risk | Trade Receivables | Largest Advertiser Two      
Accounting Policies [Line Items]      
Concentration risk percentage 6.00%    
v3.26.1
The Company and Significant Accounting Policies - Financial Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Fair Value, Measurements, Recurring | Money Market Account    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets $ 1.3 $ 2.1
Fair Value, Measurements, Recurring | Corporate Bonds and Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets 3.8 3.0
Fair Value, Measurements, Recurring | Level 1 | Money Market Account    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets 1.3 2.1
Fair Value, Measurements, Recurring | Level 2 | Corporate Bonds and Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets 3.8 $ 3.0
Fair Value, Measurements, Nonrecurring | FCC Licenses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets 62.3  
Total Gains (Losses) (26.0)  
Fair Value, Measurements, Nonrecurring | Level 3 | FCC Licenses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value and Carrying Value on Assets $ 62.3  
v3.26.1
The Company and Significant Accounting Policies - Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities (Details) - Corporate Bonds and Notes
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Amortized Cost  
Due within a year $ 568
Due after one year 2,405
Total 2,973
Unrealized gains (losses)  
Due within a year 3
Due after one year (3)
Total $ 0
v3.26.1
The Company and Significant Accounting Policies - Summary of Components of AOCI (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income Loss [Line Items]    
Other comprehensive income (loss) $ (35)  
Income tax (expense) benefit 11  
Amounts reclassified from AOCI (8)  
Other comprehensive income (loss), net of tax (32) $ 6
Foreign Currency Translation    
Accumulated Other Comprehensive Income Loss [Line Items]    
Balance, Beginning (1,250)  
Balance, Ending (1,250)  
Marketable Securities    
Accumulated Other Comprehensive Income Loss [Line Items]    
Balance, Beginning 495  
Other comprehensive income (loss) (35)  
Income tax (expense) benefit 11  
Amounts reclassified from AOCI (8)  
Other comprehensive income (loss), net of tax (32)  
Balance, Ending 463  
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income Loss [Line Items]    
Balance, Beginning (755)  
Balance, Ending $ (787)  
v3.26.1
Revenues - Summary of Revenues Disaggregated by Major Source (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]    
Total revenue $ 196,971 $ 91,851
Digital Advertising    
Disaggregation Of Revenue [Line Items]    
Total revenue 163,744 56,793
Broadcast Advertising    
Disaggregation Of Revenue [Line Items]    
Total revenue 22,798 24,097
Spectrum Usage Rights    
Disaggregation Of Revenue [Line Items]    
Total revenue 797 1,786
Retransmission Consent    
Disaggregation Of Revenue [Line Items]    
Total revenue 8,364 8,076
Other    
Disaggregation Of Revenue [Line Items]    
Total revenue $ 1,268 $ 1,099
v3.26.1
Revenues - Summary of Disaggregation of Broadcast Advertising Revenue by Sales Channel (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]    
Total revenue $ 196,971 $ 91,851
Advertising    
Disaggregation Of Revenue [Line Items]    
Total revenue 22,798 24,097
Advertising | Local Direct    
Disaggregation Of Revenue [Line Items]    
Total revenue 4,278 4,810
Advertising | Local Agency    
Disaggregation Of Revenue [Line Items]    
Total revenue 10,544 10,539
Advertising | National Agency    
Disaggregation Of Revenue [Line Items]    
Total revenue $ 7,976 $ 8,748
v3.26.1
Revenues - Summary of Disaggregation of Revenue by Geographical Region Based on Location of Sales Office (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenue $ 196,971 $ 91,851
United States    
Disaggregation of Revenue [Line Items]    
Total revenue 78,332 58,535
Asia    
Disaggregation of Revenue [Line Items]    
Total revenue 75,926 0
Rest of the World    
Disaggregation of Revenue [Line Items]    
Total revenue [1] $ 42,713 $ 33,316
[1] Primarily Europe
v3.26.1
Leases - Summary of Expected Future Payments Related to Lease Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Remainder of 2026 $ 10,677  
2027 8,387  
2028 7,480  
2029 7,000  
2030 6,465  
Thereafter 18,948  
Total minimum payments 58,957  
Less amounts representing interest (11,041)  
Present value of minimum lease payments 47,916  
Less current operating lease liabilities (10,512) $ (9,737)
Long-term operating lease liabilities $ 37,404 $ 36,775
v3.26.1
Revenues - Summary of Deferred Revenue (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Beginning Balance $ 2,615
Increase 2,915
Decrease (2,615)
Ending Balance $ 2,915
v3.26.1
Leases - Additional Information (Detail)
$ in Thousands
 3 Months Ended
Jul. 22, 2025
USD ($)
Mar. 31, 2026
USD ($)
ft²
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Lessee Lease Description [Line Items]        
Lease expiration date   Jun. 30, 2034    
Operating lease liabilities   $ 10,512   $ 9,737
Long-term operating lease liabilities   $ 37,404   $ 36,775
Remaining term description of leases   The Company’s existing leases have remaining terms of less than one year up to 25 years. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of March 31, 2026 were 8.3 years and 6.3%, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of March 31, 2025 were 8.4 years and 6.3%, respectively    
Weighted average remaining lease term   8 years 3 months 18 days 8 years 4 months 24 days  
Weighted average discount rate   6.30% 6.30%  
Lease cost   $ 2,462 $ 2,842  
Lease and seeks damages $ 31,500      
Loss contingency, damages sought On or about July 22, 2025, the Company’s now former landlord of the Company’s former headquarters in Santa Monica, California commenced litigation against the Company in Los Angeles County Superior Court. The plaintiff alleges that the Company breached its lease and the plaintiff seeks at least $31.5 million in damages. The plaintiff filed an amended complaint on or about August 26, 2025 and the Company filed an answer on or about September 25, 2025, denying the plaintiff's allegations. Discovery has commenced and the court has tentatively set a trial date in June 2027. The Company intends to vigorously defend against the claims brought by the plaintiff and assert defenses to the claims raised. The Company is currently unable to estimate possible costs and other expenses or charges that may be incurred by the Company as a result of the lease termination.      
Building        
Lessee Lease Description [Line Items]        
Leased space | ft²   38,000    
Lease expiration date   Jan. 31, 2034    
Operating lease liabilities   $ 4,900    
Long-term operating lease liabilities   $ 19,100    
Building | Burbank, California        
Lessee Lease Description [Line Items]        
Leased space | ft²   38,000    
Lease expiration date   Jan. 31, 2034    
Lease abandonment charges     16,100  
Lease hold improvement     9,100  
Operating lease liabilities   $ 4,900    
Long-term operating lease liabilities   19,100    
Direct Operating Expenses        
Lessee Lease Description [Line Items]        
Lease cost   1,500 1,400  
Selling, General and Administrative Expenses        
Lessee Lease Description [Line Items]        
Lease cost   $ 1,000 1,200  
Corporate Expenses        
Lessee Lease Description [Line Items]        
Lease cost     $ 200  
Maximum        
Lessee Lease Description [Line Items]        
Remaining term of leases   25 years    
v3.26.1
Leases - Summary of Lease Payments and Supplemental Non-Cash Disclosures (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in lease liabilities:    
Operating cash flows from operating leases $ 1,915 $ 2,435
Non-cash additions to operating lease assets $ 2,636 $ 0
v3.26.1
Leases - Summary of Components of Lease Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 1,706 $ 2,339
Variable lease cost 266 101
Short-term lease cost 490 402
Total lease cost $ 2,462 $ 2,842
v3.26.1
Segment Information - Additional Information (Detail) - Segment
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Number of reportable segments 2  
Percentage of revenue generated from outside the United States 60.00% 36.00%
v3.26.1
Segment Information - Separate Financial Data for Each of Company's Operating Segment (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net revenue $ 196,971 $ 91,851
Cost of revenue 101,954 33,472
Direct operating expenses 44,799 35,502
Selling, general and administrative expenses 18,139 15,506
Depreciation and amortization 2,991 3,477
Segment operating profit (loss) 20,689 (52,770)
Corporate expenses 7,173 7,788
Impairment charge 0 23,673
Loss on lease abandonment 0 25,191
Restructuring costs 983 0
Foreign currency (gain) loss 243 12
Interest expense (3,315) (3,663)
Interest income 358 605
Dividend income 14 0
Realized gain (loss) on marketable securities 8 1
Income (loss) before income taxes 17,754 (55,827)
Capital expenditures $ 3,897 2,384
Percentage change in net revenue 114.00%  
Percentage change in cost of revenue 205.00%  
Percentage change in direct operating expenses 26.00%  
Percentage change in selling, general and administrative expenses 17.00%  
Percentage change in depreciation and amortization (14.00%)  
Percentage change in corporate expenses (8.00%)  
Percentage change in impairment charge (100.00%)  
Percentage change in loss on lease abandonment (100.00%)  
Percentage change in foreign currency (gain) loss 1925.00%  
Percentage change in interest expense (10.00%)  
Percentage change in interest income (41.00%)  
Percentage change in realized gain (loss) on marketable securities 700.00%  
Operating Segments    
Segment Reporting Information [Line Items]    
Segment operating profit (loss) $ 29,088 3,894
Percentage change in segment operating profit (loss) 647.00%  
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Corporate expenses $ 7,173 7,788
Media    
Segment Reporting Information [Line Items]    
Cost of revenue 5,365 3,266
Direct operating expenses 28,136 26,550
Selling, general and administrative expenses 11,352 10,805
Depreciation and amortization 2,786 2,970
Capital expenditures $ 2,899 2,360
Percentage change in cost of revenue 64.00%  
Percentage change in direct operating expenses 6.00%  
Percentage change in selling, general and administrative expenses 5.00%  
Percentage change in depreciation and amortization (6.00%)  
Media | Operating Segments    
Segment Reporting Information [Line Items]    
Segment operating profit (loss) $ (5,218) (2,614)
Percentage change in segment operating profit (loss) 100.00%  
Media | Advertising and Retransmission Consent    
Segment Reporting Information [Line Items]    
Net revenue $ 42,421 40,977
Percentage change in net revenue 4.00%  
Advertising Technology & Services    
Segment Reporting Information [Line Items]    
Cost of revenue $ 96,589 30,206
Direct operating expenses 16,663 8,952
Selling, general and administrative expenses 6,787 4,701
Depreciation and amortization 205 507
Capital expenditures $ 998 24
Percentage change in cost of revenue 220.00%  
Percentage change in direct operating expenses 86.00%  
Percentage change in selling, general and administrative expenses 44.00%  
Percentage change in depreciation and amortization (60.00%)  
Advertising Technology & Services | Operating Segments    
Segment Reporting Information [Line Items]    
Segment operating profit (loss) $ 34,306 6,508
Percentage change in segment operating profit (loss) 427.00%  
Advertising Technology & Services | Advertising and Retransmission Consent    
Segment Reporting Information [Line Items]    
Net revenue $ 154,550 $ 50,874
Percentage change in net revenue 204.00%