Entravision Communications (EVC) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	false
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	2425 Olympic Boulevard
Entity Address, Address Line Two	Suite 6000 West
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404
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		80,634,381
Class U common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,352,729

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 90,258	$ 67,398
Marketable securities	2,826	13,172
Restricted cash	783	770
Trade receivables, (including related parties of $5,457 and $10,051) net of allowance for doubtful accounts of $2,675 and $2,399	69,758	70,082
Assets held for sale		301
Prepaid expenses and other current assets (including related parties of $274 and $274)	31,763	16,863
Current assets of discontinued operations		217,269
Total current assets	195,388	385,855
Property and equipment, net of accumulated depreciation of $162,929 and $189,708	61,297	66,932
Intangible assets subject to amortization, net of accumulated amortization of $61,856 and $59,647 (including related parties of $2,089 and $2,785)	4,890	7,100
Intangible assets not subject to amortization	195,174	195,174
Goodwill	50,673	50,674
Deferred income taxes	87	265
Operating leases right of use asset	41,742	42,868
Other assets	8,007	21,223
Noncurrent assets of discontinued operations		95,855
Total assets	557,258	865,946
Current liabilities
Current maturities of long-term debt		8,750
Accounts payable and accrued expenses (including related parties of $1,934 and $1,071)	64,528	47,776
Operating lease liabilities	7,740	6,748
Current liabilities of discontinued operations		208,779
Total current liabilities	72,268	272,053
Long-term debt, less current maturities, net of unamortized debt issuance costs of $848 and $1,116	186,902	197,884
Long-term operating lease liabilities	43,171	45,178
Other long-term liabilities	4,443	4,624
Deferred income taxes	43,111	46,849
Noncurrent liabilities of discontinued operations		33,072
Total liabilities	349,895	599,660
Commitments and contingencies (note 6)
Redeemable noncontrolling interest - discontinued operations		43,758
Stockholders' equity
Additional paid-in capital	820,491	743,246
Accumulated deficit	(612,362)	(519,812)
Accumulated other comprehensive income (loss)	(775)	(915)
Total stockholders' equity	207,363	222,528
Total liabilities, redeemable noncontrolling interest and equity	557,258	865,946
Class A common stock
Stockholders' equity
Common stock	8	8
Class U common stock
Stockholders' equity
Common stock	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade receivables, related parties	$ 69,758	$ 70,082
Trade receivables, allowance for doubtful accounts	2,675	2,399
Prepaid expenses and other current assets	31,763	16,863
Property and equipment, accumulated depreciation	162,929	189,708
Accumulated amortization of Intangible assets	61,856	59,647
Intangible assets subject to amortization, net	4,890	7,100
Accounts payable and accrued expenses	64,528	47,776
Unamortized debt issuance costs	848	1,116
Related Parties
Trade receivables, related parties	5,457	10,051
Prepaid expenses and other current assets	274	274
Intangible assets subject to amortization, net	2,089	2,785
Accounts payable and accrued expenses	$ 1,934	$ 1,071
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	80,634,381	80,150,506
Common stock, shares outstanding	80,634,381	80,150,506
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenue	$ 97,156	$ 77,420	$ 257,986	$ 218,787
Expenses:
Cost of revenue	26,801	21,393	73,883	57,910
Direct operating expenses (including related parties of $2,612, $1,523, $5,573 and $4,487) (including non-cash stock-based compensation of $2,128, $2,346, $5,011 and $6,014)	35,617	28,702	99,174	84,160
Selling, general and administrative expenses	17,112	11,946	45,809	37,363
Corporate expenses (including non-cash stock-based compensation of $1,560, $4,395, $7,956 and $9,835)	6,930	13,292	29,989	35,836
Depreciation and amortization (including related parties of $232, $232, $696 and $696)	3,882	4,733	13,049	11,948
Change in fair value of contingent consideration	(650)	(100)	(630)	621
Impairment charge		989	49,438	989
Foreign currency (gain) loss	(121)	269	120	1,274
Operating income (loss)	7,585	(3,804)	(3,408)	(11,314)
Interest expense	(4,087)	(4,346)	(12,648)	(12,464)
Interest income	646	1,068	1,801	2,396
Dividend income			10	32
Realized gain (loss) on marketable securities	(1)	(33)	(110)	(94)
Gain (loss) on debt extinguishment			(91)	(1,556)
Income (loss) from continuing operations before income taxes	4,143	(7,115)	(14,446)	(23,000)
Income tax benefit (expense)	(14,984)	1,012	(173)	3,055
Net income (loss) from continuing operations	(10,841)	(6,103)	(14,619)	(19,945)
Net income (loss) from discontinued operations, net of tax	(1,139)	8,822	(77,931)	22,716
Net income (loss) attributable to common stockholders	$ (11,980)	$ 2,719	$ (92,550)	$ 2,771
Basic and diluted earnings per share:
Net income (loss) per share from continuing operations, basic	$ (0.12)	$ (0.07)	$ (0.16)	$ (0.23)
Net income (loss) per share from continuing operations, diluted	(0.12)	(0.07)	(0.16)	(0.23)
Net income (loss) per share from discontinued operations, basic	(0.01)	0.1	(0.87)	0.26
Net income (loss) per share from discontinued operations, diluted	(0.01)	0.1	(0.87)	0.26
Net income (loss) per share attributable to common stockholders, basic	(0.13)	0.03	(1.03)	0.03
Net income (loss) per share attributable to common stockholders, diluted	(0.13)	0.03	(1.03)	0.03
Cash dividends declared per common share	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Weighted average common shares outstanding, basic	89,987,110	87,995,567	89,776,075	87,803,770
Weighted average common shares outstanding, diluted	89,987,110	87,995,567	89,776,075	87,803,770

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Direct operating expenses	$ 35,617	$ 28,702	$ 99,174	$ 84,160
Non-cash stock-based compensation			12,422	17,053
Depreciation and amortization	3,882	4,733	13,049	11,948
Related Parties
Direct operating expenses	2,612	1,523	5,573	4,487
Depreciation and amortization	232	232	696	696
Direct Operating Expenses
Non-cash stock-based compensation	2,128	2,346	5,011	6,014
Corporate Expenses
Non-cash stock-based compensation	$ 1,560	$ 4,395	$ 7,956	$ 9,835

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ (11,980)	$ 2,719	$ (92,550)	$ 2,771
Other comprehensive income (loss), net of tax:
Change in foreign currency translation	1	(408)	8	(463)
Change in fair value of marketable securities	33	17	132	244
Total other comprehensive income (loss)	34	(391)	140	(219)
Comprehensive income (loss) attributable to common stockholders	$ (11,946)	$ 2,328	$ (92,410)	$ 2,552

Condensed Consolidated Statem_4

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)	Noncontrolling Interest
Balance, Beginning at Dec. 31, 2022	$ 285,369			$ 8	$ 1	$ 776,298	$ (504,375)	$ (1,510)	$ 14,947
Balance, Beginning, Shares at Dec. 31, 2022				78,172,827	9,352,729
Issuance of common stock upon exercise of stock options or awards of restricted stock units	313					313
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares				164,474
Tax payments related to shares withheld for share-based compensation plans	(80)					(80)
Tax payments related to shares withheld for share-based compensation plans, shares				19,189
Stock-based compensation expense	4,053					4,053
Dividends paid	(4,386)					(4,386)
Distributions to noncontrolling interest	(546)								(546)
Change in fair value of marketable securities	103							103
OCI release due to realized gain (loss) on marketable securities	23							23
Foreign currency translation gain (loss)	16							16
Net income (loss) attributable to common stockholders	1,699						2,041		(342)
Balance, Ending at Mar. 31, 2023	286,564			$ 8	$ 1	776,198	(502,334)	(1,368)	14,059
Balance, Ending, Shares at Mar. 31, 2023				78,356,490	9,352,729
Balance, Beginning at Dec. 31, 2022	285,369			$ 8	$ 1	776,298	(504,375)	(1,510)	14,947
Balance, Beginning, Shares at Dec. 31, 2022				78,172,827	9,352,729
Foreign currency translation gain (loss)	(463)
Balance, Ending at Sep. 30, 2023	238,716			$ 8	$ 1	742,040	(501,604)	(1,729)
Balance, Ending, Shares at Sep. 30, 2023				78,644,012	9,352,729
Balance, Beginning at Mar. 31, 2023	286,564			$ 8	$ 1	776,198	(502,334)	(1,368)	14,059
Balance, Beginning, Shares at Mar. 31, 2023				78,356,490	9,352,729
Issuance of common stock upon exercise of stock options or awards of restricted stock units	241					241
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares				260,527
Tax payments related to shares withheld for share-based compensation plans	(15)					(15)
Stock-based compensation expense	5,968					5,968
Dividends paid	(4,396)					(4,396)
Distributions to noncontrolling interest	(3,810)								(3,810)
Change in fair value of marketable securities	79							79
OCI release due to realized gain (loss) on marketable securities	22							22
Foreign currency translation gain (loss)	(71)							(71)
Acquisition of noncontrolling interest	(1,374)					(750)			(624)
Accounting for Adsmurai transaction	(47,300)					(37,675)			$ (9,625)
Net income (loss) attributable to common stockholders	(1,989)						(1,989)
Balance, Ending at Jun. 30, 2023	233,919			$ 8	$ 1	739,571	(504,323)	(1,338)
Balance, Ending, Shares at Jun. 30, 2023				78,617,017	9,352,729
Issuance of common stock upon exercise of stock options or awards of restricted stock units	(63)					(63)
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares				26,995
Stock-based compensation expense	7,032					7,032
Dividends paid	(4,400)					(4,400)
Dividends equivalents payable	(100)					(100)
Change in fair value of marketable securities	(11)							(11)
OCI release due to realized gain (loss) on marketable securities	28							28
Foreign currency translation gain (loss)	(408)							(408)
Net income (loss) attributable to common stockholders	2,719						2,719
Balance, Ending at Sep. 30, 2023	238,716			$ 8	$ 1	742,040	(501,604)	(1,729)
Balance, Ending, Shares at Sep. 30, 2023				78,644,012	9,352,729
Balance, Beginning at Dec. 31, 2023	222,528			$ 8	$ 1	743,246	(519,812)	(915)
Balance, Beginning, Shares at Dec. 31, 2023		80,150,506	9,352,729	80,150,506	9,352,729
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares				224,369
Tax payments related to shares withheld for share-based compensation plans	(490)					(490)
Stock-based compensation expense	5,447					5,447
Dividends paid	(4,476)					(4,476)
Dividends equivalents payable	(388)					(388)
Change in fair value of marketable securities	15							15
OCI release due to realized gain (loss) on marketable securities	84							84
Foreign currency translation gain (loss)	(295)							(295)
Net income (loss) attributable to common stockholders	(48,890)						(48,890)
Balance, Ending at Mar. 31, 2024	173,535			$ 8	$ 1	743,339	(568,702)	(1,111)
Balance, Ending, Shares at Mar. 31, 2024				80,374,875	9,352,729
Balance, Beginning at Dec. 31, 2023	222,528			$ 8	$ 1	743,246	(519,812)	(915)
Balance, Beginning, Shares at Dec. 31, 2023		80,150,506	9,352,729	80,150,506	9,352,729
Dividends equivalents payable	(170)					(170)
Balance, Ending at Jun. 30, 2024	220,408			$ 8	$ 1	821,590	(600,382)	(809)
Balance, Ending, Shares at Jun. 30, 2024				80,634,381	9,352,729
Balance, Beginning at Dec. 31, 2023	222,528			$ 8	$ 1	743,246	(519,812)	(915)
Balance, Beginning, Shares at Dec. 31, 2023		80,150,506	9,352,729	80,150,506	9,352,729
Foreign currency translation gain (loss)	8
Balance, Ending at Sep. 30, 2024	207,363			$ 8	$ 1	820,491	(612,362)	(775)
Balance, Ending, Shares at Sep. 30, 2024		80,634,381	9,352,729	80,634,381	9,352,729
Balance, Beginning at Mar. 31, 2024	173,535			$ 8	$ 1	743,339	(568,702)	(1,111)
Balance, Beginning, Shares at Mar. 31, 2024				80,374,875	9,352,729
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares				259,506
Tax payments related to shares withheld for share-based compensation plans	(273)					(273)
Stock-based compensation expense	3,287					3,287
Dividends paid	(4,496)					(4,496)
Change in fair value of marketable securities	4							4
OCI release due to realized gain (loss) on marketable securities	(4)							(4)
Foreign currency translation gain (loss)	302							302
Accounting for discontinued operations	79,903					79,903
Net income (loss) attributable to common stockholders	(31,680)						(31,680)
Balance, Ending at Jun. 30, 2024	220,408			$ 8	$ 1	821,590	(600,382)	(809)
Balance, Ending, Shares at Jun. 30, 2024				80,634,381	9,352,729
Stock-based compensation expense	3,688					3,688
Dividends paid	(4,499)					(4,499)
Dividends equivalents payable	(288)					(288)
Change in fair value of marketable securities	32							32
OCI release due to realized gain (loss) on marketable securities	1							1
Foreign currency translation gain (loss)	1							1
Net income (loss) attributable to common stockholders	(11,980)						(11,980)
Balance, Ending at Sep. 30, 2024	$ 207,363			$ 8	$ 1	$ 820,491	$ (612,362)	$ (775)
Balance, Ending, Shares at Sep. 30, 2024		80,634,381	9,352,729	80,634,381	9,352,729

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss) attributable to common stockholders	$ (92,550)	$ 2,771
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	17,007	20,336
Impairment charge	49,438	989
Deferred income taxes	(3,286)	(169)
Non-cash interest	223	264
Amortization of syndication contracts	339	358
Payments on syndication contracts	(337)	(366)
Non-cash stock-based compensation	12,422	17,053
(Gain) loss on marketable securities	110	94
(Gain) loss on disposal of property and equipment	206	(11)
Loss (gain) on the sale of businesses	45,139
(Gain) loss on debt extinguishment	91	1,556
Change in fair value of contingent consideration	(13,198)	(8,939)
Net income (loss) attributable to redeemable noncontrolling interest - discontinued operations	(2,779)	1
Net income (loss) attributable to noncontrolling interest - discontinued operations		(342)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	10,611	16,261
(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets	(1,928)	(7,199)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	40,414	26,460
Net cash provided by operating activities	61,922	69,117
Cash flows from investing activities:
Proceeds from sale of businesses, net of cash divested	(42,967)	83
Purchases of property and equipment	(6,289)	(19,881)
Purchase of a business, net of cash acquired		(6,930)
Purchases of marketable securities		(11,355)
Proceeds from sale of marketable securities	10,381	38,093
Proceeds from loan receivable	10,748
Purchases of investments		(300)
Issuance of loan receivable		(13,636)
Net cash provided by (used in) investing activities	(28,127)	(13,926)
Cash flows from financing activities:
Proceeds from stock option exercises		554
Tax payments related to shares withheld for share-based compensation plans	(27)	(158)
Payments on debt	(20,275)	(214,495)
Dividends paid	(13,471)	(13,182)
Distributions to noncontrolling interest	(1,078)	(3,380)
Payment of contingent consideration	(14,300)	(35,113)
Principal payments under finance lease obligation	(110)	(113)
Proceeds from borrowings on debt		212,420
Payments for debt issuance costs		(1,777)
Net cash provided by (used in) financing activities	(49,261)	(55,244)
Effect of exchange rates on cash, cash equivalents and restricted cash	(2)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash	(15,468)	(55)
Cash, cash equivalents and restricted cash:
Beginning	106,509	111,444
Ending	91,041	111,389
Cash payments for:
Interest	12,644	12,524
Income taxes	6,700	5,929
Supplemental disclosures of non-cash investing and financing activities:
Capital expenditures financed through accounts payable, accrued expenses and other liabilities	653	1,064
Fair value of contingent consideration related to acquisitions and purchase of noncontrolling interest		1,854
Fair value of put and call option of redeemable noncontrolling interest		47,300
Note receivable	(5,374)
Dividends equivalents payable	$ 1,475	$ 100

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 notes thereto should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 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, 2024 or any other future period. Certain amounts in the Company’s prior year period condensed consolidated financial statements and notes to the financial statements have been reclassified to conform to current period presentation, including presentation of discontinued operations as discussed in Notes 2, 5 and 8.

The Company and Significant Acc

The Company and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
The Company and Significant Accounting Policies	2. THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business With the sale of the Company’s Entravision Global Partners (“EGP”) business during the second quarter of 2024, the Company identifies itself and operates as a media and advertising technology company. Management evaluated the Company’s business under the guidance in Accounting Standards Codification Topic 280, “Segment Reporting”. As a result, effective July 1, 2024, the Company has realigned its operating segments into two segments – media and advertising technology & services – consistent with the Company’s current operational and management structure. The Company’s media segment consists of sales of advertising through various media, including television, radio and digital. The Company owns and/or operates 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging U.S. Latinos. The Company’s advertising technology & services segment consists of programmatic ad services through Smadex, the Company’s demand side programmatic ad platform, and Adwake, which includes BCNMonetize, the Company’s mobile growth solutions business. The Company’s reportable segments are the same as its operating segments. The Company's reporting units have been updated to align with these reportable segments. Prior periods have been recast to conform to this presentation throughout this report. Discontinued Operations and Assets Held for Sale On March 4, 2024, the Company received a communication from Meta Platforms, Inc. (“Meta”) that it intended to wind down its Authorized Sales Partners ("ASP") program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024. For the fiscal year ended December 31, 2023 ASP revenue from Meta represented approximately 53 % of the Company's consolidated revenue. As a result of this communication from Meta, the Company conducted a thorough review of its digital strategy, operations and cost structure, and during the second quarter of 2024 made the decision to dispose of the operations of its EGP business. Following this decision, during the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP business to IMS Internet Media Services, Inc. ("IMS"). The transaction was completed on June 28, 2024. The remaining parts of the Company's EGP business, Jack of Digital and Adsmurai, S.L. ("Adsmurai"), were each sold back to their respective founders in separate transactions during the second quarter of 2024. See Note 8 for additional details. A business or asset is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and when certain other criteria are met. A business or asset classified as held for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. Depreciation is not recorded on assets classified as held for sale. The results of operations of a business classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale. The Company concluded that the assets of its EGP business met the criteria for classification as held for sale. Additionally, the Company determined that the disposal, which was initiated and completed during the second quarter of 2024, represented a strategic shift that had a major effect on the Company's operations and financial results. As such, the results of the Company's EGP business are presented as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets of the Company's EGP business have been reflected as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheet for the year ended December 31, 2023. Restricted Cash As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 2023 Cash and cash equivalents $ 90,258 $ 110,624 Restricted cash 783 765 Total as presented in the Condensed Consolidated Statements of Cash Flows $ 91,041 $ 111,389 Related Party 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 the three-month periods ended September 30, 2024 and 2023, the amount the Company paid TelevisaUnivision in this capacity was $ 2.6 million and $ 1.5 million. Duri ng the nine-month periods ended September 30, 2024 and 2023, the amount the Company paid TelevisaUnivision in this capacity w as $ 5.6 milli on and $ 4.5 million, respectively . 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, except that each current agreement expired on December 31, 2021 with respect to the Company’s Univision and UniMás network affiliate stations in Orlando, Tampa and Washington, D.C. 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 September 30, 2024 , the amount due to the Company from TelevisaUnivision was $ 5.5 million related to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended September 30, 2024 and 2023, retransmission consent revenue accou nted for $ 8.0 million and $ 8.9 million, respectively, of which $ 5.7 million and $ 6.2 million, respectively, relate to the TelevisaUnivision proxy agreement. During the nine-month periods ended September 30, 2024 and 2023, retransmission consent revenue accounted for $ 26.0 million and $ 27.9 million, respectively, of which $ 18.2 million and $ 19.3 million, respectively, relate to the TelevisaUnivision proxy agreement. TelevisaUnivision currently owns approximat ely 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. 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 nine-month period ended September 30, 2024, 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, 2023 6,358 $ 5.74 Granted 2,928 4.01 Vested ( 896 ) 6.23 Forfeited or cancelled ( 1,390 ) 5.46 Nonvested balance at September 30, 2024 7,000 5.00 Stock-based compensation expense related to RSUs was $ 3.3 million and $ 6.4 million for the three-month periods ended September 30, 2024 and 2023, respectively. Stock-based compensation expense related to RSUs was $ 11.7 million and $ 15.5 million for the nine-month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $ 11.7 million of total unrecognized compensation expense related to grants of RSUs that is expected to be recognized over a weighted-average period of 1.7 years. Performance Stock Units In connection with the hiring of the Company's Chief Executive Officer (“CEO”) in July 2023, the Company granted CEO Performance Stock Units ("PSUs"), which 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 five equal tranches (each, a "Performance Tranche"), based on achievement of a share price condition if the Company achieves share price targets of $ 5.75 , $ 7.25 , $ 9.00 , $ 11.20 , and $ 13.75 , respectively, over 30 consecutive trading days during a performance period commencing on July 1, 2023 and ending on July 1, 2028 . The fair value of each of the Performance Tranches was $ 0.8 million, $ 0.7 million, $ 0.7 million, $ 0.6 million, and $ 0.5 million, respectively, and have a grant date fair value per share of restricted stock of $ 3.98 , $ 3.64 , $ 3.31 , $ 2.93 , and $ 2.58 , respectively. To the extent that any of the performance-based requirements are met, the Company's CEO must also provide continued service to the Company through at least July 1, 2024 to receive any shares of common stock underlying the PSUs and through July 1, 2028 to receive all of the shares of common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum num ber of shares that can be earned under this PSU grant is 1,000,000 shares, with 20 % 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. Additionally, in connection with the annual grant in January 2024, the Company has granted PSUs to certain senior employees, 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 (each, a "Performance Tranche"), based on achievement of a share price condition if the Company achieves share price targets of $ 4.83 , $ 5.65 , $ 7.15 , and $ 8.90 , respectively, over 30 consecutive trading days during a performance period commencing on January 25, 2024 and ending on January 25, 2029 . The fair value of each of the Performance Tranches was $ 0.6 million, $ 0.6 million, $ 0.5 million, and $ 0.5 million, respectively, and have a grant date fair value per share of restricted stock of $ 4.16 , $ 3.98 , $ 3.66 , and $ 3.32 , 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 25, 2025 to receive any shares of common stock underlying the PSUs and through January 25, 2029 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 could be earned under this PSU grant was 600,000 sha res, with 25 % of th e 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. D uring the second quarter of 2024, 300,000 of these PSUs were cancelled. 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 $ 0.4 million and $ 0.3 million for the three-month periods ended September 30, 2024 and 2023, respectively. Stock-based compensation expense related to PSUs was $ 1.3 million and $ 0.3 million for the nine-month periods ended September 30, 2024 and 2023, respectively As of September 30, 2024, there was $ 2.3 million of total unrecognized compensation expense related to grants of PSUs that is expected to be recognized over a weighted-average period of 2.3 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: 2024 PSUs 2023 PSUs Stock price at issuance $ 4.38 $ 4.39 Expected volatility 57.0 % 58.0 % Risk-free interest rate 4.01 % 4.13 % Expected term 5.0 5.0 Expected dividend yield 0 % 0 % During the nine-month period ended September 30, 2024, 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, 2023 1,000 $ 3.29 Granted 600 3.78 Vested - - Forfeited or cancelled ( 300 ) 3.78 Nonvested balance at September 30, 2024 1,300 3.40 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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) from continuing operations $ ( 10,841 ) $ ( 6,103 ) $ ( 14,619 ) $ ( 19,945 ) Net income (loss) from discontinued operations ( 1,139 ) 8,822 ( 77,931 ) 22,716 Net income (loss) attributable to common stockholders $ ( 11,980 ) $ 2,719 $ ( 92,550 ) $ 2,771 Basic and diluted earnings per share: Denominator: Weighted average common shares outstanding 89,987,110 87,995,567 89,776,075 87,803,770 Per share: Income (loss) per share from continuing operations $ ( 0.12 ) $ ( 0.07 ) $ ( 0.16 ) $ ( 0.23 ) Income (loss) per share from discontinued operations ( 0.01 ) 0.10 ( 0.87 ) 0.26 Net income (loss) per share attributable to common stockholders $ ( 0.13 ) $ 0.03 $ ( 1.03 ) $ 0.03 For the three- and nine-month periods ended September 30, 2024, 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 1,141,172 and 1,092,389 equivalent shares of dilutive securities for the three- and nine-month period ended September 30, 2024, respectively. For the three- and nine-month periods ended September 30, 2023, 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 1,893,154 and 2,031,593 equivalent shares of dilutive securities for the three- and nine-month period ended September 30, 2023, respectively. Impairment The carrying values of the 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 of the most recent annual goodwill testing date, October 1, 2023, there was $ 50.1 million of goodwill in what was then the Company's digital reporting unit. Based on the assumptions and estimates discussed in the Company's 2023 10-K, the fair value of what was then the Company's digital reporting unit exceeded its carrying value by 28 %, resulting in no impairment charge for the year ended December 31, 2023 . On March 4, 2024, the Company received a communication from Meta that it intended to wind down its ASP program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024. For the fiscal year ended December 31, 2023 ASP revenue from Meta represented approximately 53 % of the Company's consolidated revenue. The Company expected a significant loss of future revenue due to the termination of the ASP by Meta. As a result, during the first quarter of 2024, the Company updated its internal forecasts of future performance and determined that a triggering event had occurred during the first quarter of 2024 that required interim impairment tests. As a result, the Company conducted a review of certain of its long-lived assets using a two-step approach. In the first step, the carrying value of the asset group is compared to the projected undiscounted cash flows to determine recoverability. If the asset carrying value is not recoverable, then the fair value of the asset group is determined in the second step using an income approach. The income approach requires the Company to make a series of assumptions, such as discount rates, revenue projections, profit margin projections and useful lives. Based on the assumptions and estimates described above, the carrying values of long-lived assets in what was then the Company's digital reporting unit exceeded their fair values. As a result, the Company performed the second step analysis, resulting in intangibles subject to amortization impairment charge of $ 14.0 million during the three-month period ended March 31, 2024, related to the then impending termination by Meta of its ASP program. The Company also conducted a review of the fair value of what was then its digital reporting unit in the first quarter of 2024. The estimated fair value of the reporting unit was determined by using a combination of a market approach and an income approach. The market approach estimates fair value by applying sales, earnings and cash flow multiples to the reporting unit’s operating performance. The multiples are derived from comparable publicly-traded companies with similar operating and investment characteristics to the Company’s reporting units. The market approach requires the Company to make a series of assumptions, such as selecting comparable companies and comparable transactions and transaction premiums. The income approach estimates fair value based on the estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall level of inherent risk of the reporting unit. The income approach also requires the Company to make a series of assumptions, such as discount rates, revenue projections, profit margin projections and terminal value multiples. The Company estimated the discount rate on a blended rate of return considering both debt and equity for comparable publicly-traded companies in the digital media industries. These comparable publicly-traded companies have similar size, operating characteristics and/or financial profiles to the Company’s reporting units. The Company also estimated the terminal value multiple based on comparable publicly-traded companies in the digital media industries. The Company estimated its revenue projections and profit margin projections based on internal forecasts about future performance. Based on the assumptions and estimates described above, the Company concluded that the carrying value of what was then its digital reporting unit exceeded its fair value, resulting in a goodwill impairment charge of $ 35.4 million for the three-month period ended March 31, 2024. The impairments of the intangibles subject to amortization and goodwill were allocated to the Company's EGP business which is accounted for as discontinued operations. See Note 8 for additional deta ils. Treasury Stock On March 1, 2022, the Company's Board of Directors approved a share repurchase program of up to $ 20 million of the Company's Class A common stock. Under this share repurchase program, the Company is authorized to purchase shares of its Class A common stock from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. During the three- and nine-month periods ended September 30, 2024 and 2023 , the Company did no t repurchase any shares of its Class A common stock. As of September 30 , 2024 , the Company has repurchased a total of 1.8 million shares of its Class A common stock under the share repurchase program for an aggregate purchase price of $ 11.3 million, or an average price per share of $ 6.43 . Credit Facility On November 30, 2017 , the Company entered into the 2017 Credit Facility pursuant to the 2017 Credit Agreement. The 2017 Credit Facility consisted of a $ 300.0 million senior secured Term Loan B Facility (the “Term Loan B Facility”), which was drawn in full. The Company’s borrowings under the 2017 Credit Facility bore interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Eurodollar Rate (as defined in the 2017 Credit Agreement) plus 2.75 %; or (ii) the Base Rate (as defined in the 2017 Credit Agreement) plus 1.75 %. As of March 16, 2023, the interest rate on the Company's Term Loan B was 7.38 %. The Term Loan B Facility had an expiration date on November 30, 2024 . On March 17, 2023 (the “2023 Closing Date”), the Company entered into the 2023 Credit Facility, pursuant to the 2023 Credit Agreement, 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 2023 Credit Agreement amended, restated and replaced in its entirety the 2017 Credit Agreement. On the 2023 Closing Date , the Company repaid in full all of the outstanding obligations under the 2017 Credit Agreement and accounted for this repayment as an extinguishment of debt in accordance with Accounting Standards Codification ("ASC") 470, "Debt". The repayment resulted in a loss on debt extinguishment of $ 1.6 million, which included a write-off of unamortized debt issuance costs in the amount of $ 1.1 million. As provided for in the 2023 Credit Agreement, the 2023 Credit Facility consists of (i) a $ 200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full on the 2023 Closing Date, and (ii) a $ 75.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $ 11.5 million was drawn on the 2023 Closing Date. In addition, the 2023 Credit Agreement provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility 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 such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions. Borrowings under the 2023 Credit Facility were used on the 2023 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the 2017 Credit Facility, (b) to pay fees and expenses in connection the 2023 Credit Facility and (c) for general corporate purposes. The 2023 Credit Facility matures on March 17, 2028 (the “Maturity Date”). The 2023 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 2023 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 2023 Credit Agreement) plus a margin between 2.50 % and 3.00 %, depending on the Total Net Leverage Ratio or (ii) the Base Rate (as defined in the 2023 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 September 30, 2024, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 7.70 %. The amounts outstanding under the 2023 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 2023 Credit Agreement, with the final balance due on the Maturity Date. In March 2024, the Company made a prepayment of $ 10.0 million, of which $ 8.75 million was applied to the upcoming quarterly principal payments in 2024 under the Term A Facility, and $ 1.25 million was applied to the Revolving Credit Facility. In June 2024, the Company made an additional prepayment of $ 10.0 million, of which $ 4.9 million was a mandatory prepayment as a result of the EGP disposition. The prepayment was applied to the quarterly principal payments in 2025 under the Term A Facility. The Company recorded a loss on debt extinguishment of $ 0.1 million for the three- and nine-month periods ended September 30, 2024 due to these prepayments of our 2023 Credit Facility. The Company incurred debt issuance costs of $ 1.8 million associated with the 2023 Credit Facility. Debt outstanding under the 2023 Credit Facility is presented net of issuance costs on the Company's Consolidated Balance Sheets. The debt issuance costs are amortized on an effective interest basis over the term of the 2023 Credit Facility, and are included in interest expense in the Company's Condensed Consolidated Statements of Operations. The covenants of the 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 2023 Credit Facility requires compliance with financial covenants related to total net leverage ratio, not to exceed 3.25 to 1.00, and interest coverage ratio with a minimum permitted ratio of 3.00 to 1.00 (calculated as set forth in the 2023 Credit Agreement). As of September 30, 2024, the Company believes that it is in compliance with all covenants in the 2023 Credit Agreement. The 2023 Credit Agreement 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 2023 Credit Agreement 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 2023 Credit Agreement. The security agreement that the Company entered into with respect to its 2017 Credit Facility remains in effect with respect to its 2023 Credit Facility. The carrying amount of the Term Loan A Facility as of September 30, 2024 approximated its fair value and was $ 176.7 million, net of $ 0.8 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. From time to time, the Company has had, and may have, bank deposits in excess of Federal Deposit Insurance Corporation insurance limits. As of September 30, 2024, the majority of all U.S. deposits are maintained in two 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 acros

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
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 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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Digital advertising $ 45,871 $ 34,491 $ 125,161 $ 89,848 Broadcast advertising 39,998 30,791 97,692 91,401 Spectrum usage rights 1,707 2,085 5,092 6,310 Retransmission consent 8,031 8,925 26,011 27,872 Other 1,549 1,128 4,030 3,356 Total revenue $ 97,156 $ 77,420 $ 257,986 $ 218,787 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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Local direct $ 5,042 $ 5,485 $ 15,186 $ 16,273 Local agency 13,387 13,946 39,414 40,505 National agency 21,569 11,360 43,092 34,623 Total revenue $ 39,998 $ 30,791 $ 97,692 $ 91,401 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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 United States $ 73,939 $ 57,497 $ 192,207 $ 156,412 Rest of the World 23,217 19,923 65,779 62,375 Total revenue $ 97,156 $ 77,420 $ 257,986 $ 218,787 Deferred Revenue (in thousands) December 31, 2023 Increase Decrease September 30, 2024 Deferred revenue $ 1,977 3,820 ( 1,977 ) $ 3,820

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: (in thousands) Remainder of 2024 $ 2,564 2025 10,466 2026 8,927 2027 7,121 2028 6,389 2029 and thereafter 30,278 Total minimum payments $ 65,745 Less amounts representing interest ( 14,779 ) Less amounts representing tenant improvement allowance ( 55 ) Present value of minimum lease payments 50,911 Less current operating lease liabilities ( 7,740 ) Long-term operating lease liabilities $ 43,171 The Company’s existing leases have remaining terms of less than one year up to 26 years. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of September 30, 2024 were 8.6 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 September 30, 2023 were 8.9 years and 6.2 %, respectively. The following table summarizes lease payments and supplemental non-cash disclosures: Nine-Month Period Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 7,939 $ 6,027 Non-cash additions to operating lease assets $ 4,192 $ 6,550 The following table summarizes the components of lease expense: Three-Month Period Nine-Month Period Ended September 30, Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 2,526 $ 2,269 $ 7,234 $ 6,863 Variable lease cost 195 387 878 955 Short-term lease cost 313 244 797 2,562 Total lease cost $ 3,034 $ 2,900 $ 8,909 $ 10,380 For the three-month period ended September 30, 2024, lease cost of $ 1.4 million, $ 1.3 million and $ 0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the nine-month period ended September 30, 2024, lease cost of $ 4.2 million, $ 3.9 million and $ 0.8 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the three-month period ended September 30, 2023, lease cost of $ 1.4 million, $ 1.2 million and $ 0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the nine-month period ended September 30, 2023, lease cost of $ 4.3 million, $ 5.1 million and $ 1.0 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	5. SEGMENT INFORMATION With the sale of the Company’s EGP business during the second quarter of 2024, the Company identifies itself and operates as a media and advertising technology company. Management evaluated the Company’s business under the guidance in Accounting Standards Codification Topic 280, “Segment Reporting”. As a result, effective July 1, 2024, the Company has realigned its operating segments into two segments – media and advertising technology & services – consistent with the Company’s current operational and management structure. The Company’s media segment consists of sales of advertising through various media, including television, radio and digital. The Company owns and/or operates 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging U.S. Latinos. The Company’s advertising technology & services segment consists of programmatic ad services through Smadex, the Company’s demand side programmatic ad platform, and Adwake, which includes BCNMonetize, the Company’s mobile growth solutions business. The Company’s reportable segments are the same as its operating segments. Prior periods have been recast to conform to this presentation throughout this report. The Company’s segments results reflect information presented on the same basis that is used for internal management reporting and it is also how the chief operating decision maker, who is the Company's CEO, evaluates the business. 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 24 % and 26 % of its revenue from continuing operations outside the United States during the three-month periods ended September 30, 2024 and 2023, respectively. The Company generated 25 % and 29 % of its revenue from continuing operations outside the United States during the nine-month periods ended September 30, 2024 and 2023, 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 Nine-Month Period Ended September 30, % Ended September 30, % 2024 2023 Change 2024 2023 Change Net revenue Media $ 59,802 $ 48,746 23 % $ 154,801 $ 144,614 7 % Advertising Technology & Services 37,354 28,674 30 % 103,185 74,173 39 % Consolidated 97,156 77,420 25 % 257,986 218,787 18 % Cost of revenue Media 4,881 2,840 72 % 11,888 7,661 55 % Advertising Technology & Services 21,920 18,553 18 % 61,995 50,249 23 % Consolidated 26,801 21,393 25 % 73,883 57,910 28 % Direct operating expenses Media 29,193 24,110 21 % 82,405 72,004 14 % Advertising Technology & Services 6,424 4,592 40 % 16,769 12,156 38 % Consolidated 35,617 28,702 24 % 99,174 84,160 18 % Selling, general and administrative expenses Media 10,860 8,677 25 % 30,600 27,039 13 % Advertising Technology & Services 6,252 3,269 91 % 15,209 10,324 47 % Consolidated 17,112 11,946 43 % 45,809 37,363 23 % Depreciation and amortization Media 3,165 3,288 ( 4 )% 9,756 8,962 9 % Advertising Technology & Services 717 1,445 ( 50 )% 3,293 2,986 10 % Consolidated 3,882 4,733 ( 18 )% 13,049 11,948 9 % Segment operating profit (loss) Media 11,703 9,831 19 % 20,152 28,948 ( 30 )% Advertising Technology & Services 2,041 815 150 % 5,919 ( 1,542 ) * Consolidated 13,744 10,646 29 % 26,071 27,406 ( 5 )% Corporate expenses 6,930 13,292 ( 48 )% 29,989 35,836 ( 16 )% Change in fair value of contingent consideration ( 650 ) ( 100 ) 550 % ( 630 ) 621 * Impairment charge - 989 ( 100 )% - 989 ( 100 )% Foreign currency (gain) loss ( 121 ) 269 * 120 1,274 ( 91 )% Operating income (loss) 7,585 ( 3,804 ) * ( 3,408 ) ( 11,314 ) ( 70 )% Interest expense $ ( 4,087 ) $ ( 4,346 ) ( 6 )% $ ( 12,648 ) $ ( 12,464 ) 1 % Interest income 646 1,068 ( 40 )% 1,801 2,396 ( 25 )% Dividend income - - - 10 32 ( 69 )% Realized gain (loss) on marketable securities ( 1 ) ( 33 ) ( 97 )% ( 110 ) ( 94 ) 17 % Gain (loss) on debt extinguishment - - * ( 91 ) ( 1,556 ) ( 94 )% Income (loss) before income taxes 4,143 ( 7,115 ) * ( 14,446 ) ( 23,000 ) ( 37 )% Capital expenditures Media $ 1,020 $ 2,694 $ 4,546 $ 15,060 Advertising Technology & Services 31 883 298 2,600 Consolidated $ 1,051 $ 3,577 $ 4,844 $ 17,660 September 30, December 31, Total assets 2024 2023 Media $ 484,261 $ 449,928 Advertising Technology & Services 72,997 102,894 Assets of discontinued operations - 313,124 Consolidated $ 557,258 $ 865,946 * Percentage not meaningful.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 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 these matters will not materially adversely affect the financial position, results of operations or cash flows of the Company.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	7. ACQUISITIONS BCNMonetize On May 19 , 2023 , the Company acquired 100 % of the issued and outstanding shares of stock of BCNMonetize, a global mobile app marketing solutions company headquartered in Barcelona, Spain . The acquisition, funded from the Company’s cash on hand, included an initial purchase price of $ 6.0 million in cash, which amount was adjusted at closing to $ 7.2 million due to customary purchase price adjustments for cash, i ndebtedness and estimated working capital . Additionally, the transaction includes contingent earn-out payments based upon the achievement of certain EBITDA targets in calendar years 2023 through 2026, calculated as a predetermined multiple of EBITDA for each of those years. The total purchase price for the acquisition, including the fair value of the contingent consideration, was $ 8.8 million. The following is a summary of the final purchase price allocation (in millions): Cash $ 0.8 Accounts receivable 2.8 Other assets 0.7 Intangible assets subject to amortization 4.2 Goodwill 3.5 Current liabilities ( 2.1 ) Deferred tax ( 1.1 ) Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Publisher relationships $ 2.2 3.0 Advertiser relationships 1.5 1.0 Trade name 0.3 1.0 Non-Compete agreements 0.2 1.5 The fair value of the assets acquired includes trade receivables of $ 2.8 million. The gross amount due under contract was $ 2.9 million, of which $ 0.1 million was expected to be uncollectable. The goodwill, which is not expected to be deductible for tax purposes, is assigned to the Company’s advertising technology & services segment, and is attributable to BCNMonetize's workforce and expected synergies from combining BCNMonetize's operations with the Company's operations. As noted above, t he acquisition of BCNMonetize includes a contingent consideration arrangement that requires additional consideration to be paid by the Company to the selling stockholders of BCNMonetize, based on a pre-determined multiple of BCNMonetize's 12-month EBITDA in calendar years 2023 through 2026. The fair value of the contingent consideration recognized on the acquisition date of $ 1.6 million was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt rate ranging from 8.2 % to 8.4 % over the three-year period. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs. The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of BCNMonetize as if the acquisition had occurred on January 1, 2023. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million for the nine-month period ended September 30, 2023, which were expensed in connection with the acquisition. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Nine-Month Period Ended September 30, 2023 Pro Forma: Total revenue $ 224,799 Net income (loss) attributable to common stockholders $ 4,312 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic and diluted $ 0.05 Weighted average common shares outstanding, basic and diluted 87,803,770

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	8. DISCONTINUED OPERATIONS As discussed in Note 2, as a result of the communication from Meta on March 4, 2024, that it intended to wind down its ASP program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024, the Company conducted a thorough review of its digital strategy, operations and cost structure, and during the second quarter of 2024 made the decision to dispose of the operations of its EGP business, the Company's digital commercial partnerships business, which took place in the following three transactions: Sale to IMS During the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP business to IMS. The transaction was completed on June 28, 2024. Cash proceeds from the transaction received at the closing were $ 16.4 million. Immediately after the closing, an amount equal to $ 6.5 million of the proceeds was paid by the Company to the founders of MediaDonu ts, to satisfy a remaining contingent consideration liability owed to them. The Company recorded a loss of $ 40.7 million as a result of this transaction. Sale of Adsmurai On August 5, 2022, the Company made a loan (the "Adsmurai Loan") in the principal amount of € 12,535,000 ( $ 12.8 million as of that date) to an entity affiliated with owners of a majority interest in Adsmurai, S.L. (“Adsmurai”), a company engaged in the sale and marketing of digital advertising. On April 3, 2023 , the Company entered into an agreement among the Company and the selling stockholders of Adsmurai, pursuant to which the Company acquired a 51 % equity interest in Adsmurai (the “Adsmurai Acquisition”) on the same date . The Company acquired 51 % of the issued and outstanding shares of stock of Adsmurai by means of conversion of the Adsmurai Loan, for total purchase consideration of € 13.0 million ($ 14.2 million as of April 3, 2023), including interest. In connection with the Adsmurai Acquisition, on April 3, 2023 the Company made a loan to entities affiliated with owners of the remaining 49 % interest in Adsmurai in the principal amount of € 7,355,000 ($ 8.1 million as of April 3, 2023) and a second loan on July 11, 2023 in the principal amount of € 4,993,344 ($ 5.6 million as of July 11, 2023) based on Adsmurai’s EBITDA for calendar year 2022 (the “New Adsmurai Loans”). On May 6, 2024 (the "Effective Date"), the Company entered into a Share Purchase Agreement (the “Adsmurai Purchase Agreement”), among Adsmurai, the Company and the other stockholders of Adsmurai (the “Adsmurai Buyers”). Pursuant to the Adsmurai Purchase Agreement, on such date (i) the Company sold its 51 % equity interest in Adsmurai to the Adsmurai Buyers, (ii) the Company terminated the New Adsmurai Loans it made previously to the Adsmurai Buyers in the principal amount of € 12.3 million and (iii) the parties terminated other previous agreements made between them, including an options agreement which contained put redemption features for buyers and call redemption features for the Company. As consideration, the Company received € 15.0 million (approximately $ 16.2 million as of the Effective Date) ("Total Consideration"). The Adsmurai Purchase Agreement also contains representations, warranties, covenants, indemnities and releases of the parties thereto. The Total Consideration is payable to the Company as follows: • € 10.0 million paid on the Effective Date; and • € 5.0 million to be paid within six months of the Effective Date. The Company recorded a loss of $ 2.6 million as a result of this transaction. Sale of Jack of Digital On August 3, 2022, the Company acquired 15 % of the issued and outstanding stock of Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of ByteDance Ltd. in Pakistan, for $ 0.1 million. On April 3, 2023, the Company acquired the remaining issued and outstanding stock of Jack of Digital for $ 1.1 million. Of that amount, the Company paid an initial installment payment of $ 0.5 million in 2023, an additional installment payment of $ 0.3 million during the three-month period ended March 31, 2024, and the balance was to be paid in January 2025. Additionally, the transaction included a contingent earn-out payment based upon the achievement of an EBITDA target in calendar year 2026. The total purchase price for the acquisition, including the fair value of the contingent consideration, was $ 1.4 million. On June 28, 2024, the Company sold 100 % of the issued and outstanding shares of stock of Jack of Digital back to its founder for cash consideration of $ 0.1 million. The Company recorded a loss of $ 1.7 million as a result of this transaction. The Company concluded that the assets of the EGP business met the criteria for classification as held for sale. Additionally, the Company determined that the disposal, which was initiated and completed during the second quarter of 2024, represented a strategic shift that had a major effect on the Company's operations and financial results. As such, the results of the Company's EGP business are presented as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets of the Company's EGP business have been reflected as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheet as of December 31, 2023. The following table summarizes the results of discontinued operations, net of tax (in thousands): Three-Month Period Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Net Revenue $ - $ 196,997 $ 378,868 $ 568,017 Expenses: Cost of revenue - 177,896 341,503 504,971 Direct operating expenses - 3,153 6,654 10,622 Selling, general and administrative expenses 1,139 10,008 24,248 30,924 Depreciation and amortization - 2,623 3,958 8,388 Change in fair value of contingent consideration - ( 5,897 ) ( 12,568 ) ( 9,560 ) Impairment charge - - 49,438 - Foreign currency (gain) loss - 279 2,488 ( 985 ) Other operating (gain) loss 125 - 45,139 - Operating income (loss) ( 1,264 ) 8,935 ( 81,992 ) 23,657 Interest expense - ( 108 ) ( 219 ) ( 324 ) Interest income - 490 731 1,059 Income (loss) from discontinued operations before income taxes ( 1,264 ) 9,317 ( 81,480 ) 24,392 Income tax benefit (expense) 125 ( 482 ) 770 ( 2,017 ) Net income (loss) from discontinued operations before noncontrolling interests in discontinued operations ( 1,139 ) 8,835 ( 80,710 ) 22,375 Net (income) loss attributable to redeemable noncontrolling interest - ( 13 ) 2,779 ( 1 ) Net (income) loss attributable to noncontrolling interest - - - 342 Net income (loss) from discontinued operations, net of tax $ ( 1,139 ) $ 8,822 $ ( 77,931 ) $ 22,716 Allocated general corporate overhead costs do not meet the criteria to be presented within net loss from discontinued operations, net of tax, and were excluded from all figures presented in the table above. The Company and IMS entered into a transition services agreement, as extended, pursuant to which the Company and IMS provide certain services to each other through December 2024. For the three- and nine-months periods ended September 30, 2024, the Company did not collect or pay any cash related to these activities, and does not expect to collect or pay any cash related to these activities during the remaining term of this agreement. For the three- and nine-months periods ended September 30, 2024, there was a tax benefit in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) benefit related to disposal, and (iii) permanent items and state taxes related to the Disposition. For the three- and nine-months periods ended September 30, 2023, there was a tax expense in discontinued operations as a result of the (i) tax effect of a pre-tax loss, (ii) benefit related to disposal, and (iii) permanent items and state taxes related to the Disposition. As a result of the EGP disposition during the second quarter of 2024 , the Company was required to repay $ 4.9 million of the outstanding principal under the 2023 Credit Facility, which represented approximately 2.5 % of the total outstanding principal under the 2023 Credit Facility . The prepayment, which was made in June 2024, resulted in a de minimis amount of loss on debt extinguishment that was attributed to the discontinued operation. All historical interest expense associated with this prepayment was allocated to the discontinued operation. Details of the assets and liabilities of discontinued operations were as follows: December 31, 2023 ASSETS OF DISCONTINUED OPERATIONS Current assets Cash and cash equivalents $ 38,341 Trade receivables 165,755 Prepaid expenses and other current assets 13,173 Total current assets of discontinued operations 217,269 Property and equipment, net 4,543 Intangible assets subject to amortization, net 44,684 Goodwill 39,998 Deferred income taxes 4,726 Operating leases right of use asset 1,073 Other assets 831 Noncurrent assets of discontinued operations 95,855 Total assets of discontinued operations $ 313,124 LIABILITIES OF DISCONTINUED OPERATIONS Current liabilities Current maturities of long-term debt $ 1,219 Accounts payable and accrued expenses 207,026 Operating lease liabilities 534 Total current liabilities of discontinued operations 208,779 Long-term debt, less current maturities 1,668 Long-term operating lease liabilities 487 Other long-term liabilities 18,385 Deferred income taxes 12,532 Noncurrent liabilities of discontinued operations 33,072 Total liabilities of discontinued operations $ 241,851 The goodwill was allocated between the discontinued operations and the continuing operations based on the relative fair value of the components representing a business. Goodwill is not allocated to a portion of a reporting unit that does not meet the definition of a business. The following table presents significant non-cash items and capital expenditures of discontinued operations for the periods presented: Nine-Month Period Ended September 30, 2024 2023 Depreciation and amortization $ 3,958 $ 8,388 Impairment charge $ 49,438 $ - Loss (gain) on the sale of assets/businesses $ 45,139 $ - Change in fair value of contingent consideration $ ( 12,568 ) $ ( 9,560 ) Non-cash stock-based compensation $ ( 544 ) $ 1,205 Purchases of property and equipment $ 81 $ 1,904

The Company and Significant A_2

The Company and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held for Sale On March 4, 2024, the Company received a communication from Meta Platforms, Inc. (“Meta”) that it intended to wind down its Authorized Sales Partners ("ASP") program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024. For the fiscal year ended December 31, 2023 ASP revenue from Meta represented approximately 53 % of the Company's consolidated revenue. As a result of this communication from Meta, the Company conducted a thorough review of its digital strategy, operations and cost structure, and during the second quarter of 2024 made the decision to dispose of the operations of its EGP business. Following this decision, during the second quarter of 2024, the Company entered into a definitive agreement to sell substantially all of its EGP business to IMS Internet Media Services, Inc. ("IMS"). The transaction was completed on June 28, 2024. The remaining parts of the Company's EGP business, Jack of Digital and Adsmurai, S.L. ("Adsmurai"), were each sold back to their respective founders in separate transactions during the second quarter of 2024. See Note 8 for additional details. A business or asset is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and when certain other criteria are met. A business or asset classified as held for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. Depreciation is not recorded on assets classified as held for sale. The results of operations of a business classified as held for sale are reported as discontinued operations if the disposal represents a strategic shift that will have a major effect on the entity’s operations and financial results. When a business is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified as discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the consolidated statement of operations; and (iii) assets and liabilities are reported as held for sale in the consolidated balance sheets in the period in which the business is classified as held for sale. The Company concluded that the assets of its EGP business met the criteria for classification as held for sale. Additionally, the Company determined that the disposal, which was initiated and completed during the second quarter of 2024, represented a strategic shift that had a major effect on the Company's operations and financial results. As such, the results of the Company's EGP business are presented as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets of the Company's EGP business have been reflected as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheet for the year ended December 31, 2023.
Restricted Cash	Restricted Cash As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 2023 Cash and cash equivalents $ 90,258 $ 110,624 Restricted cash 783 765 Total as presented in the Condensed Consolidated Statements of Cash Flows $ 91,041 $ 111,389
Related Party	Related Party 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 the three-month periods ended September 30, 2024 and 2023, the amount the Company paid TelevisaUnivision in this capacity was $ 2.6 million and $ 1.5 million. Duri ng the nine-month periods ended September 30, 2024 and 2023, the amount the Company paid TelevisaUnivision in this capacity w as $ 5.6 milli on and $ 4.5 million, respectively . 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, except that each current agreement expired on December 31, 2021 with respect to the Company’s Univision and UniMás network affiliate stations in Orlando, Tampa and Washington, D.C. 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 September 30, 2024 , the amount due to the Company from TelevisaUnivision was $ 5.5 million related to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended September 30, 2024 and 2023, retransmission consent revenue accou nted for $ 8.0 million and $ 8.9 million, respectively, of which $ 5.7 million and $ 6.2 million, respectively, relate to the TelevisaUnivision proxy agreement. During the nine-month periods ended September 30, 2024 and 2023, retransmission consent revenue accounted for $ 26.0 million and $ 27.9 million, respectively, of which $ 18.2 million and $ 19.3 million, respectively, relate to the TelevisaUnivision proxy agreement. TelevisaUnivision currently owns approximat ely 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.
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 nine-month period ended September 30, 2024, 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, 2023 6,358 $ 5.74 Granted 2,928 4.01 Vested ( 896 ) 6.23 Forfeited or cancelled ( 1,390 ) 5.46 Nonvested balance at September 30, 2024 7,000 5.00 Stock-based compensation expense related to RSUs was $ 3.3 million and $ 6.4 million for the three-month periods ended September 30, 2024 and 2023, respectively. Stock-based compensation expense related to RSUs was $ 11.7 million and $ 15.5 million for the nine-month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $ 11.7 million of total unrecognized compensation expense related to grants of RSUs that is expected to be recognized over a weighted-average period of 1.7 years. Performance Stock Units In connection with the hiring of the Company's Chief Executive Officer (“CEO”) in July 2023, the Company granted CEO Performance Stock Units ("PSUs"), which 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 five equal tranches (each, a "Performance Tranche"), based on achievement of a share price condition if the Company achieves share price targets of $ 5.75 , $ 7.25 , $ 9.00 , $ 11.20 , and $ 13.75 , respectively, over 30 consecutive trading days during a performance period commencing on July 1, 2023 and ending on July 1, 2028 . The fair value of each of the Performance Tranches was $ 0.8 million, $ 0.7 million, $ 0.7 million, $ 0.6 million, and $ 0.5 million, respectively, and have a grant date fair value per share of restricted stock of $ 3.98 , $ 3.64 , $ 3.31 , $ 2.93 , and $ 2.58 , respectively. To the extent that any of the performance-based requirements are met, the Company's CEO must also provide continued service to the Company through at least July 1, 2024 to receive any shares of common stock underlying the PSUs and through July 1, 2028 to receive all of the shares of common stock underlying the PSUs that have satisfied the applicable market-based requirement. The maximum num ber of shares that can be earned under this PSU grant is 1,000,000 shares, with 20 % 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. Additionally, in connection with the annual grant in January 2024, the Company has granted PSUs to certain senior employees, 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 (each, a "Performance Tranche"), based on achievement of a share price condition if the Company achieves share price targets of $ 4.83 , $ 5.65 , $ 7.15 , and $ 8.90 , respectively, over 30 consecutive trading days during a performance period commencing on January 25, 2024 and ending on January 25, 2029 . The fair value of each of the Performance Tranches was $ 0.6 million, $ 0.6 million, $ 0.5 million, and $ 0.5 million, respectively, and have a grant date fair value per share of restricted stock of $ 4.16 , $ 3.98 , $ 3.66 , and $ 3.32 , 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 25, 2025 to receive any shares of common stock underlying the PSUs and through January 25, 2029 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 could be earned under this PSU grant was 600,000 sha res, with 25 % of th e 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. D uring the second quarter of 2024, 300,000 of these PSUs were cancelled. 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 $ 0.4 million and $ 0.3 million for the three-month periods ended September 30, 2024 and 2023, respectively. Stock-based compensation expense related to PSUs was $ 1.3 million and $ 0.3 million for the nine-month periods ended September 30, 2024 and 2023, respectively As of September 30, 2024, there was $ 2.3 million of total unrecognized compensation expense related to grants of PSUs that is expected to be recognized over a weighted-average period of 2.3 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: 2024 PSUs 2023 PSUs Stock price at issuance $ 4.38 $ 4.39 Expected volatility 57.0 % 58.0 % Risk-free interest rate 4.01 % 4.13 % Expected term 5.0 5.0 Expected dividend yield 0 % 0 % During the nine-month period ended September 30, 2024, 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, 2023 1,000 $ 3.29 Granted 600 3.78 Vested - - Forfeited or cancelled ( 300 ) 3.78 Nonvested balance at September 30, 2024 1,300 3.40
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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) from continuing operations $ ( 10,841 ) $ ( 6,103 ) $ ( 14,619 ) $ ( 19,945 ) Net income (loss) from discontinued operations ( 1,139 ) 8,822 ( 77,931 ) 22,716 Net income (loss) attributable to common stockholders $ ( 11,980 ) $ 2,719 $ ( 92,550 ) $ 2,771 Basic and diluted earnings per share: Denominator: Weighted average common shares outstanding 89,987,110 87,995,567 89,776,075 87,803,770 Per share: Income (loss) per share from continuing operations $ ( 0.12 ) $ ( 0.07 ) $ ( 0.16 ) $ ( 0.23 ) Income (loss) per share from discontinued operations ( 0.01 ) 0.10 ( 0.87 ) 0.26 Net income (loss) per share attributable to common stockholders $ ( 0.13 ) $ 0.03 $ ( 1.03 ) $ 0.03 For the three- and nine-month periods ended September 30, 2024, 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 1,141,172 and 1,092,389 equivalent shares of dilutive securities for the three- and nine-month period ended September 30, 2024, respectively. For the three- and nine-month periods ended September 30, 2023, 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 1,893,154 and 2,031,593 equivalent shares of dilutive securities for the three- and nine-month period ended September 30, 2023, respectively.
Impairment	Impairment The carrying values of the 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 of the most recent annual goodwill testing date, October 1, 2023, there was $ 50.1 million of goodwill in what was then the Company's digital reporting unit. Based on the assumptions and estimates discussed in the Company's 2023 10-K, the fair value of what was then the Company's digital reporting unit exceeded its carrying value by 28 %, resulting in no impairment charge for the year ended December 31, 2023 . On March 4, 2024, the Company received a communication from Meta that it intended to wind down its ASP program globally and end its relationship with all of its ASPs, including the Company, by July 1, 2024. For the fiscal year ended December 31, 2023 ASP revenue from Meta represented approximately 53 % of the Company's consolidated revenue. The Company expected a significant loss of future revenue due to the termination of the ASP by Meta. As a result, during the first quarter of 2024, the Company updated its internal forecasts of future performance and determined that a triggering event had occurred during the first quarter of 2024 that required interim impairment tests. As a result, the Company conducted a review of certain of its long-lived assets using a two-step approach. In the first step, the carrying value of the asset group is compared to the projected undiscounted cash flows to determine recoverability. If the asset carrying value is not recoverable, then the fair value of the asset group is determined in the second step using an income approach. The income approach requires the Company to make a series of assumptions, such as discount rates, revenue projections, profit margin projections and useful lives. Based on the assumptions and estimates described above, the carrying values of long-lived assets in what was then the Company's digital reporting unit exceeded their fair values. As a result, the Company performed the second step analysis, resulting in intangibles subject to amortization impairment charge of $ 14.0 million during the three-month period ended March 31, 2024, related to the then impending termination by Meta of its ASP program. The Company also conducted a review of the fair value of what was then its digital reporting unit in the first quarter of 2024. The estimated fair value of the reporting unit was determined by using a combination of a market approach and an income approach. The market approach estimates fair value by applying sales, earnings and cash flow multiples to the reporting unit’s operating performance. The multiples are derived from comparable publicly-traded companies with similar operating and investment characteristics to the Company’s reporting units. The market approach requires the Company to make a series of assumptions, such as selecting comparable companies and comparable transactions and transaction premiums. The income approach estimates fair value based on the estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital that reflects current market conditions, which reflect the overall level of inherent risk of the reporting unit. The income approach also requires the Company to make a series of assumptions, such as discount rates, revenue projections, profit margin projections and terminal value multiples. The Company estimated the discount rate on a blended rate of return considering both debt and equity for comparable publicly-traded companies in the digital media industries. These comparable publicly-traded companies have similar size, operating characteristics and/or financial profiles to the Company’s reporting units. The Company also estimated the terminal value multiple based on comparable publicly-traded companies in the digital media industries. The Company estimated its revenue projections and profit margin projections based on internal forecasts about future performance. Based on the assumptions and estimates described above, the Company concluded that the carrying value of what was then its digital reporting unit exceeded its fair value, resulting in a goodwill impairment charge of $ 35.4 million for the three-month period ended March 31, 2024. The impairments of the intangibles subject to amortization and goodwill were allocated to the Company's EGP business which is accounted for as discontinued operations. See Note 8 for additional deta ils.
Treasury Stock	Treasury Stock On March 1, 2022, the Company's Board of Directors approved a share repurchase program of up to $ 20 million of the Company's Class A common stock. Under this share repurchase program, the Company is authorized to purchase shares of its Class A common stock from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. During the three- and nine-month periods ended September 30, 2024 and 2023 , the Company did no t repurchase any shares of its Class A common stock. As of September 30 , 2024 , the Company has repurchased a total of 1.8 million shares of its Class A common stock under the share repurchase program for an aggregate purchase price of $ 11.3 million, or an average price per share of $ 6.43 .
Credit Facility	Credit Facility On November 30, 2017 , the Company entered into the 2017 Credit Facility pursuant to the 2017 Credit Agreement. The 2017 Credit Facility consisted of a $ 300.0 million senior secured Term Loan B Facility (the “Term Loan B Facility”), which was drawn in full. The Company’s borrowings under the 2017 Credit Facility bore interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Eurodollar Rate (as defined in the 2017 Credit Agreement) plus 2.75 %; or (ii) the Base Rate (as defined in the 2017 Credit Agreement) plus 1.75 %. As of March 16, 2023, the interest rate on the Company's Term Loan B was 7.38 %. The Term Loan B Facility had an expiration date on November 30, 2024 . On March 17, 2023 (the “2023 Closing Date”), the Company entered into the 2023 Credit Facility, pursuant to the 2023 Credit Agreement, 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 2023 Credit Agreement amended, restated and replaced in its entirety the 2017 Credit Agreement. On the 2023 Closing Date , the Company repaid in full all of the outstanding obligations under the 2017 Credit Agreement and accounted for this repayment as an extinguishment of debt in accordance with Accounting Standards Codification ("ASC") 470, "Debt". The repayment resulted in a loss on debt extinguishment of $ 1.6 million, which included a write-off of unamortized debt issuance costs in the amount of $ 1.1 million. As provided for in the 2023 Credit Agreement, the 2023 Credit Facility consists of (i) a $ 200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full on the 2023 Closing Date, and (ii) a $ 75.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $ 11.5 million was drawn on the 2023 Closing Date. In addition, the 2023 Credit Agreement provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility 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 such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions. Borrowings under the 2023 Credit Facility were used on the 2023 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the 2017 Credit Facility, (b) to pay fees and expenses in connection the 2023 Credit Facility and (c) for general corporate purposes. The 2023 Credit Facility matures on March 17, 2028 (the “Maturity Date”). The 2023 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 2023 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 2023 Credit Agreement) plus a margin between 2.50 % and 3.00 %, depending on the Total Net Leverage Ratio or (ii) the Base Rate (as defined in the 2023 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 September 30, 2024, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 7.70 %. The amounts outstanding under the 2023 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 2023 Credit Agreement, with the final balance due on the Maturity Date. In March 2024, the Company made a prepayment of $ 10.0 million, of which $ 8.75 million was applied to the upcoming quarterly principal payments in 2024 under the Term A Facility, and $ 1.25 million was applied to the Revolving Credit Facility. In June 2024, the Company made an additional prepayment of $ 10.0 million, of which $ 4.9 million was a mandatory prepayment as a result of the EGP disposition. The prepayment was applied to the quarterly principal payments in 2025 under the Term A Facility. The Company recorded a loss on debt extinguishment of $ 0.1 million for the three- and nine-month periods ended September 30, 2024 due to these prepayments of our 2023 Credit Facility. The Company incurred debt issuance costs of $ 1.8 million associated with the 2023 Credit Facility. Debt outstanding under the 2023 Credit Facility is presented net of issuance costs on the Company's Consolidated Balance Sheets. The debt issuance costs are amortized on an effective interest basis over the term of the 2023 Credit Facility, and are included in interest expense in the Company's Condensed Consolidated Statements of Operations. The covenants of the 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 2023 Credit Facility requires compliance with financial covenants related to total net leverage ratio, not to exceed 3.25 to 1.00, and interest coverage ratio with a minimum permitted ratio of 3.00 to 1.00 (calculated as set forth in the 2023 Credit Agreement). As of September 30, 2024, the Company believes that it is in compliance with all covenants in the 2023 Credit Agreement. The 2023 Credit Agreement 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 2023 Credit Agreement 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 2023 Credit Agreement. The security agreement that the Company entered into with respect to its 2017 Credit Facility remains in effect with respect to its 2023 Credit Facility. The carrying amount of the Term Loan A Facility as of September 30, 2024 approximated its fair value and was $ 176.7 million, net of $ 0.8 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. From time to time, the Company has had, and may have, bank deposits in excess of Federal Deposit Insurance Corporation insurance limits. As of September 30, 2024, the majority of all U.S. deposits are maintained in two 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 customers located primarily in the United States and Europe, 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. No single advertiser represents more than 5% of the Company's total trade receivables as of September 30, 2024 and December 31, 2023, respectively. No single advertiser represented more than 5% of the Company's total revenue for the three- nine-month periods ended September 30, 2024 and 2023.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company's accounts receivable consist of a homogeneous pool of relatively small dollar amounts from a large number of customers. The Company evaluates the collectability of its 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 us, 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 our 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 condensed consolidated financial statements through a charge to expense that aggregated $ 0.2 million and $ 0.2 million amount for the three-month periods ended September 30, 2024 and 2023, respectively, and $ 0.8 million and $ 0.3 million for the nine-month periods ended September 30, 2024 and 2023, respectively. The net charge off of bad debts aggregated $ 0.1 million and a de minimis amount for the three-month periods ended September 30, 2024 and 2023, respectively, and $ 0.3 million and $ 0.5 million for the nine-month periods ended September 30, 2024 and 2023, respectively.
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. 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): September 30, 2024 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 $ 1.9 $ 1.9 $ — $ — Corporate bonds and notes $ 2.8 — $ 2.8 — December 31, 2023 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 $ 1.1 $ 1.1 $ — $ — Corporate bonds and notes $ 13.2 — $ 13.2 — Liabilities: Contingent consideration $ 1.9 $ — — $ 1.9 Nonrecurring fair value measurements: FCC licenses $ 27.6 — — $ 27.6 $ ( 12.3 ) 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. The majority of the carrying value of these securities held by the Company are investment grade. 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 Condensed 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 Condensed Consolidated Statements of Operations and were determined on a specific identification basis. As of September 30, 2024, 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 $ 842 $ ( 7 ) Due after one year 1,977 14 Total $ 2,819 $ 7 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 September 30, 2024 and December 31, 2023, the Company determined that a credit loss allowance is not required. Included in interest income for the three-month periods ended September 30, 2024 and 2023 was interest income related to the Company’s available for sale s ecurities of $ 0.1 million and $ 0.2 million, respectively. Included in interest income for the nine-month periods ended September 30, 2024 and 2023 was interest income related to the Company’s available for sale securities of $ 0.3 million and $ 1.0 million, respectively. The fair value of the contingent consideration is related to the acquisition of 100 % of the issued and outstanding shares of stock of a global mobile app marketing solutions company that, together with its subsidiaries, does business under the name BCNMonetize ("BCNMonetize"). As of December 31, 2023, the contingent liability fair value was included in the Condensed Consolidated Balance Sheets in the amount of $ 1.2 million as a current liability within Accounts payable and accrued expenses, and $ 0.7 million as a noncurrent liability within Other long-term liabilities. The fair value of the contingent consideration was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) 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 Marketable Total Accumulated other comprehensive income (loss) as of December 31, 2023 $ ( 1,257 ) $ 342 $ ( 915 ) Other comprehensive income (loss) ( 295 ) 20 ( 275 ) Income tax (expense) benefit - ( 5 ) ( 5 ) Amounts reclassified from AOCI - 112 112 Income tax (expense) benefit - ( 28 ) ( 28 ) Other comprehensive income (loss), net of tax ( 295 ) 99 ( 196 ) Accumulated other comprehensive income (loss) as of March 31, 2024 ( 1,552 ) 441 ( 1,111 ) Other comprehensive income (loss) 302 4 306 Amounts reclassified from AOCI - ( 4 ) ( 4 ) Other comprehensive income (loss), net of tax 302 - 302 Accumulated other comprehensive income (loss) as of June 30, 2024 $ ( 1,250 ) $ 441 $ ( 809 ) Other comprehensive income (loss) 1 32 33 Amounts reclassified from AOCI - 1 1 Other comprehensive income (loss), net of tax 1 33 34 Accumulated other comprehensive income (loss) as of September 30, 2024 ( 1,249 ) 474 ( 775 )
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. For foreign operations with the local currency as the functional currency, assets and liabilities are translated from the respective local currencies into U.S. dollars at the exchange rate prevailing at the balance sheet date, and equity and long-term assets are translated at historical rates. Revenues and expenses are translated at the average exchange rate for the period. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive (income) loss.
Cost of Revenue	Cost of Revenue Cost of revenue consists of the costs of online media acquired from third-parties.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There were no new accounting pronouncements that were issued or became effective since the issuance of the 2023 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 2023 10-K.

The Company and Significant A_3

The Company and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Line Items]
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 September 30, 2024 2023 Cash and cash equivalents $ 90,258 $ 110,624 Restricted cash 783 765 Total as presented in the Condensed Consolidated Statements of Cash Flows $ 91,041 $ 111,389
Summary of Non-Vested RSUs Activity	During the nine-month period ended September 30, 2024, 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, 2023 6,358 $ 5.74 Granted 2,928 4.01 Vested ( 896 ) 6.23 Forfeited or cancelled ( 1,390 ) 5.46 Nonvested balance at September 30, 2024 7,000 5.00
Summary Of Valuation Model At The Time Of Award Issuance	The unobservable significant inputs to the valuation model at the time of award issuance were as follows: 2024 PSUs 2023 PSUs Stock price at issuance $ 4.38 $ 4.39 Expected volatility 57.0 % 58.0 % Risk-free interest rate 4.01 % 4.13 % Expected term 5.0 5.0 Expected dividend yield 0 % 0 %
Summary of Non-Vested PSU Activity	During the nine-month period ended September 30, 2024, 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, 2023 1,000 $ 3.29 Granted 600 3.78 Vested - - Forfeited or cancelled ( 300 ) 3.78 Nonvested balance at September 30, 2024 1,300 3.40
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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) from continuing operations $ ( 10,841 ) $ ( 6,103 ) $ ( 14,619 ) $ ( 19,945 ) Net income (loss) from discontinued operations ( 1,139 ) 8,822 ( 77,931 ) 22,716 Net income (loss) attributable to common stockholders $ ( 11,980 ) $ 2,719 $ ( 92,550 ) $ 2,771 Basic and diluted earnings per share: Denominator: Weighted average common shares outstanding 89,987,110 87,995,567 89,776,075 87,803,770 Per share: Income (loss) per share from continuing operations $ ( 0.12 ) $ ( 0.07 ) $ ( 0.16 ) $ ( 0.23 ) Income (loss) per share from discontinued operations ( 0.01 ) 0.10 ( 0.87 ) 0.26 Net income (loss) per share attributable to common stockholders $ ( 0.13 ) $ 0.03 $ ( 1.03 ) $ 0.03
Fair Value of Assets and Liabilities Measured on Recurring Basis 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): September 30, 2024 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 $ 1.9 $ 1.9 $ — $ — Corporate bonds and notes $ 2.8 — $ 2.8 — December 31, 2023 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 $ 1.1 $ 1.1 $ — $ — Corporate bonds and notes $ 13.2 — $ 13.2 — Liabilities: Contingent consideration $ 1.9 $ — — $ 1.9 Nonrecurring fair value measurements: FCC licenses $ 27.6 — — $ 27.6 $ ( 12.3 )
Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities	As of September 30, 2024, 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 $ 842 $ ( 7 ) Due after one year 1,977 14 Total $ 2,819 $ 7
Summary of Components of AOCI	The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands): Foreign Marketable Total Accumulated other comprehensive income (loss) as of December 31, 2023 $ ( 1,257 ) $ 342 $ ( 915 ) Other comprehensive income (loss) ( 295 ) 20 ( 275 ) Income tax (expense) benefit - ( 5 ) ( 5 ) Amounts reclassified from AOCI - 112 112 Income tax (expense) benefit - ( 28 ) ( 28 ) Other comprehensive income (loss), net of tax ( 295 ) 99 ( 196 ) Accumulated other comprehensive income (loss) as of March 31, 2024 ( 1,552 ) 441 ( 1,111 ) Other comprehensive income (loss) 302 4 306 Amounts reclassified from AOCI - ( 4 ) ( 4 ) Other comprehensive income (loss), net of tax 302 - 302 Accumulated other comprehensive income (loss) as of June 30, 2024 $ ( 1,250 ) $ 441 $ ( 809 ) Other comprehensive income (loss) 1 32 33 Amounts reclassified from AOCI - 1 1 Other comprehensive income (loss), net of tax 1 33 34 Accumulated other comprehensive income (loss) as of September 30, 2024 ( 1,249 ) 474 ( 775 )

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Digital advertising $ 45,871 $ 34,491 $ 125,161 $ 89,848 Broadcast advertising 39,998 30,791 97,692 91,401 Spectrum usage rights 1,707 2,085 5,092 6,310 Retransmission consent 8,031 8,925 26,011 27,872 Other 1,549 1,128 4,030 3,356 Total revenue $ 97,156 $ 77,420 $ 257,986 $ 218,787 The following table further disaggregates the Company’s broadcast advertising revenue by sales channel (in thousands): Three-Month Period Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Local direct $ 5,042 $ 5,485 $ 15,186 $ 16,273 Local agency 13,387 13,946 39,414 40,505 National agency 21,569 11,360 43,092 34,623 Total revenue $ 39,998 $ 30,791 $ 97,692 $ 91,401 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 Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 United States $ 73,939 $ 57,497 $ 192,207 $ 156,412 Rest of the World 23,217 19,923 65,779 62,375 Total revenue $ 97,156 $ 77,420 $ 257,986 $ 218,787
Summary of Deferred Revenue	(in thousands) December 31, 2023 Increase Decrease September 30, 2024 Deferred revenue $ 1,977 3,820 ( 1,977 ) $ 3,820

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024: (in thousands) Remainder of 2024 $ 2,564 2025 10,466 2026 8,927 2027 7,121 2028 6,389 2029 and thereafter 30,278 Total minimum payments $ 65,745 Less amounts representing interest ( 14,779 ) Less amounts representing tenant improvement allowance ( 55 ) Present value of minimum lease payments 50,911 Less current operating lease liabilities ( 7,740 ) Long-term operating lease liabilities $ 43,171
Summary of Lease Payments and Supplemental Non-Cash Disclosures	The following table summarizes lease payments and supplemental non-cash disclosures: Nine-Month Period Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 7,939 $ 6,027 Non-cash additions to operating lease assets $ 4,192 $ 6,550
Summary of Components of Lease Expense	The following table summarizes the components of lease expense: Three-Month Period Nine-Month Period Ended September 30, Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 2,526 $ 2,269 $ 7,234 $ 6,863 Variable lease cost 195 387 878 955 Short-term lease cost 313 244 797 2,562 Total lease cost $ 3,034 $ 2,900 $ 8,909 $ 10,380

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine-Month Period Ended September 30, % Ended September 30, % 2024 2023 Change 2024 2023 Change Net revenue Media $ 59,802 $ 48,746 23 % $ 154,801 $ 144,614 7 % Advertising Technology & Services 37,354 28,674 30 % 103,185 74,173 39 % Consolidated 97,156 77,420 25 % 257,986 218,787 18 % Cost of revenue Media 4,881 2,840 72 % 11,888 7,661 55 % Advertising Technology & Services 21,920 18,553 18 % 61,995 50,249 23 % Consolidated 26,801 21,393 25 % 73,883 57,910 28 % Direct operating expenses Media 29,193 24,110 21 % 82,405 72,004 14 % Advertising Technology & Services 6,424 4,592 40 % 16,769 12,156 38 % Consolidated 35,617 28,702 24 % 99,174 84,160 18 % Selling, general and administrative expenses Media 10,860 8,677 25 % 30,600 27,039 13 % Advertising Technology & Services 6,252 3,269 91 % 15,209 10,324 47 % Consolidated 17,112 11,946 43 % 45,809 37,363 23 % Depreciation and amortization Media 3,165 3,288 ( 4 )% 9,756 8,962 9 % Advertising Technology & Services 717 1,445 ( 50 )% 3,293 2,986 10 % Consolidated 3,882 4,733 ( 18 )% 13,049 11,948 9 % Segment operating profit (loss) Media 11,703 9,831 19 % 20,152 28,948 ( 30 )% Advertising Technology & Services 2,041 815 150 % 5,919 ( 1,542 ) * Consolidated 13,744 10,646 29 % 26,071 27,406 ( 5 )% Corporate expenses 6,930 13,292 ( 48 )% 29,989 35,836 ( 16 )% Change in fair value of contingent consideration ( 650 ) ( 100 ) 550 % ( 630 ) 621 * Impairment charge - 989 ( 100 )% - 989 ( 100 )% Foreign currency (gain) loss ( 121 ) 269 * 120 1,274 ( 91 )% Operating income (loss) 7,585 ( 3,804 ) * ( 3,408 ) ( 11,314 ) ( 70 )% Interest expense $ ( 4,087 ) $ ( 4,346 ) ( 6 )% $ ( 12,648 ) $ ( 12,464 ) 1 % Interest income 646 1,068 ( 40 )% 1,801 2,396 ( 25 )% Dividend income - - - 10 32 ( 69 )% Realized gain (loss) on marketable securities ( 1 ) ( 33 ) ( 97 )% ( 110 ) ( 94 ) 17 % Gain (loss) on debt extinguishment - - * ( 91 ) ( 1,556 ) ( 94 )% Income (loss) before income taxes 4,143 ( 7,115 ) * ( 14,446 ) ( 23,000 ) ( 37 )% Capital expenditures Media $ 1,020 $ 2,694 $ 4,546 $ 15,060 Advertising Technology & Services 31 883 298 2,600 Consolidated $ 1,051 $ 3,577 $ 4,844 $ 17,660 September 30, December 31, Total assets 2024 2023 Media $ 484,261 $ 449,928 Advertising Technology & Services 72,997 102,894 Assets of discontinued operations - 313,124 Consolidated $ 557,258 $ 865,946 * Percentage not meaningful.

Acquisitions (Tables)

Acquisitions (Tables) - BCNMonetize	9 Months Ended
	Sep. 30, 2024
Business Acquisition [Line Items]
Summary of Purchase Price Allocation	The following is a summary of the final purchase price allocation (in millions): Cash $ 0.8 Accounts receivable 2.8 Other assets 0.7 Intangible assets subject to amortization 4.2 Goodwill 3.5 Current liabilities ( 2.1 ) Deferred tax ( 1.1 )
Summary of Intangible Assets Subject to Amortization Acquired	Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Publisher relationships $ 2.2 3.0 Advertiser relationships 1.5 1.0 Trade name 0.3 1.0 Non-Compete agreements 0.2 1.5
Schedule of Unaudited Pro Forma Information	The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of BCNMonetize as if the acquisition had occurred on January 1, 2023. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million for the nine-month period ended September 30, 2023, which were expensed in connection with the acquisition. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Nine-Month Period Ended September 30, 2023 Pro Forma: Total revenue $ 224,799 Net income (loss) attributable to common stockholders $ 4,312 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic and diluted $ 0.05 Weighted average common shares outstanding, basic and diluted 87,803,770

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Information Related to Discontinued Operations	The following table summarizes the results of discontinued operations, net of tax (in thousands): Three-Month Period Nine-Month Period Ended September 30, Ended September 30, 2024 2023 2024 2023 Net Revenue $ - $ 196,997 $ 378,868 $ 568,017 Expenses: Cost of revenue - 177,896 341,503 504,971 Direct operating expenses - 3,153 6,654 10,622 Selling, general and administrative expenses 1,139 10,008 24,248 30,924 Depreciation and amortization - 2,623 3,958 8,388 Change in fair value of contingent consideration - ( 5,897 ) ( 12,568 ) ( 9,560 ) Impairment charge - - 49,438 - Foreign currency (gain) loss - 279 2,488 ( 985 ) Other operating (gain) loss 125 - 45,139 - Operating income (loss) ( 1,264 ) 8,935 ( 81,992 ) 23,657 Interest expense - ( 108 ) ( 219 ) ( 324 ) Interest income - 490 731 1,059 Income (loss) from discontinued operations before income taxes ( 1,264 ) 9,317 ( 81,480 ) 24,392 Income tax benefit (expense) 125 ( 482 ) 770 ( 2,017 ) Net income (loss) from discontinued operations before noncontrolling interests in discontinued operations ( 1,139 ) 8,835 ( 80,710 ) 22,375 Net (income) loss attributable to redeemable noncontrolling interest - ( 13 ) 2,779 ( 1 ) Net (income) loss attributable to noncontrolling interest - - - 342 Net income (loss) from discontinued operations, net of tax $ ( 1,139 ) $ 8,822 $ ( 77,931 ) $ 22,716 Details of the assets and liabilities of discontinued operations were as follows: December 31, 2023 ASSETS OF DISCONTINUED OPERATIONS Current assets Cash and cash equivalents $ 38,341 Trade receivables 165,755 Prepaid expenses and other current assets 13,173 Total current assets of discontinued operations 217,269 Property and equipment, net 4,543 Intangible assets subject to amortization, net 44,684 Goodwill 39,998 Deferred income taxes 4,726 Operating leases right of use asset 1,073 Other assets 831 Noncurrent assets of discontinued operations 95,855 Total assets of discontinued operations $ 313,124 LIABILITIES OF DISCONTINUED OPERATIONS Current liabilities Current maturities of long-term debt $ 1,219 Accounts payable and accrued expenses 207,026 Operating lease liabilities 534 Total current liabilities of discontinued operations 208,779 Long-term debt, less current maturities 1,668 Long-term operating lease liabilities 487 Other long-term liabilities 18,385 Deferred income taxes 12,532 Noncurrent liabilities of discontinued operations 33,072 Total liabilities of discontinued operations $ 241,851 The following table presents significant non-cash items and capital expenditures of discontinued operations for the periods presented: Nine-Month Period Ended September 30, 2024 2023 Depreciation and amortization $ 3,958 $ 8,388 Impairment charge $ 49,438 $ - Loss (gain) on the sale of assets/businesses $ 45,139 $ - Change in fair value of contingent consideration $ ( 12,568 ) $ ( 9,560 ) Non-cash stock-based compensation $ ( 544 ) $ 1,205 Purchases of property and equipment $ 81 $ 1,904

The Company and Significant A_4

The Company and Significant Accounting Policies - Additional Information (Detail) $ in Thousands					1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 01, 2024 Segment	Mar. 17, 2023 USD ($)	Mar. 16, 2023	Nov. 30, 2017 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) Station shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Number of operating segments | Segment	2
Restricted cash							$ 783	$ 765	$ 783	$ 765	$ 770
Retransmission consent revenue							$ 8,000	$ 8,900	$ 26,000	$ 27,900
Shares of dilutive securities not included in computation of diluted earnings per share | shares							1,141,172	1,893,154	1,092,389	2,031,593
Prepayment of credit facility					$ 10,000	$ 10,000
Financial covenants to net leverage ratio									3.25%
Interest coverage ratio to minimum permitted ratio									3%
Gain (loss) on debt extinguishment									$ (91)	$ (1,556)
Unamortized debt issuance costs							$ 848		848		$ 1,116
Customer Concentration Risk | Meta Platforms | Revenue
Accounting Policies [Line Items]
Concentration risk percentage											53%
TelevisaUnivision
Accounting Policies [Line Items]
Payment of sales representation fees to television stations							2,600	$ 1,500	5,600	4,500
Retransmission consent revenue							$ 5,700	$ 6,200	$ 18,200	$ 19,300
Common stock percentage held by Univision							10%		10%
Related Parties
Accounting Policies [Line Items]
Amount due from television stations for carriage							$ 5,500		$ 5,500
Term Loan A Facility
Accounting Policies [Line Items]
Principal payment					$ 4,900	8,750
Revolving Credit Facility
Accounting Policies [Line Items]
Line of Credit						$ 1,250
2017 Credit Facility
Accounting Policies [Line Items]
Agreement date				Nov. 30, 2017
Gain (loss) on debt extinguishment		$ (1,600)
Write-off of unamortized debt issuance costs		$ 1,100
2017 Credit Facility | Eurodollar Rate
Accounting Policies [Line Items]
Variable interest rate basis spread on debt				2.75%
2017 Credit Facility | Base Rate Margin
Accounting Policies [Line Items]
Variable interest rate basis spread on debt				1.75%
2017 Credit Facility | Term Loan B Facility
Accounting Policies [Line Items]
Senior Secured debt				$ 300,000
Interest rate			7.38%
Maturity date of revolving credit facility				Nov. 30, 2024
2023 Credit Facility
Accounting Policies [Line Items]
Agreement date		Mar. 17, 2023
Additional borrowing capacity		$ 100,000
First lien net leverage ratio		2.25%
Maturity date of revolving credit facility		Mar. 17, 2028
Debt issuance costs		$ 1,800
Gain (loss) on debt extinguishment							(100)		$ (100)
2023 Credit Facility | Term Loan A Facility
Accounting Policies [Line Items]
Senior Secured debt		200,000
Interest rate									7.70%
Unamortized debt issuance costs							800		$ 800
Estimated fair value of term loan							$ 176,700		$ 176,700
2023 Credit Facility | Revolving Credit Facility
Accounting Policies [Line Items]
Senior Secured debt		75,000
Amount drawn		$ 11,500
Interest rate									7.70%
Minimum | 2023 Credit Facility | Base Rate Margin
Accounting Policies [Line Items]
Variable interest rate basis spread on debt		1.50%
Minimum | 2023 Credit Facility | SOFR
Accounting Policies [Line Items]
Variable interest rate basis spread on debt		2.50%
Minimum | 2023 Credit Facility | Revolving Credit Facility
Accounting Policies [Line Items]
Interest rate		0.30%
Maximum | 2023 Credit Facility | Base Rate Margin
Accounting Policies [Line Items]
Variable interest rate basis spread on debt		2%
Maximum | 2023 Credit Facility | SOFR
Accounting Policies [Line Items]
Variable interest rate basis spread on debt		3%
Maximum | 2023 Credit Facility | Revolving Credit Facility
Accounting Policies [Line Items]
Interest rate		0.40%
Television
Accounting Policies [Line Items]
Number of stations owned | Station									49
Radio
Accounting Policies [Line Items]
Number of stations owned | Station									44

The Company and Significant A_5

The Company and Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 90,258	$ 67,398	$ 110,624
Restricted cash	783	770	765
Total as presented in the Condensed Consolidated Statements of Cash Flows	$ 91,041	$ 106,509	$ 111,389	$ 111,444

The Company and Significant A_6

The Company and Significant Accounting Policies - Summary of Non-Vested RSUs Activity (Detail) - Restricted Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested (in shares) | shares	6,358
Granted (in shares) | shares	2,928
Vested (in shares) | shares	(896)
Forfeited or Cancelled (in shares) | shares	(1,390)
Non-vested (in shares) | shares	7,000
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 5.74
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	4.01
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	6.23
Forfeited or Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares	5.46
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 5

The Company and Significant A_7

The Company and Significant Accounting Policies - Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($) Days $ / shares	Jul. 31, 2023 USD ($) Days $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 shares
Restricted Stock Units
Accounting Policies [Line Items]
Share-based compensation expenses | $			$ 3.3		$ 6.4	$ 11.7	$ 15.5
Total unrecognized compensation expense related to grants of restricted stock units | $			11.7			$ 11.7
Weighted average period for unrecognized compensation expense related to grants of restricted stock units						1 year 8 months 12 days
Performance Stock Units
Accounting Policies [Line Items]
Share-based compensation expenses | $			0.4		$ 0.3	$ 1.3	$ 0.3
Total unrecognized compensation expense related to grants of restricted stock units | $			$ 2.3			$ 2.3
Weighted average period for unrecognized compensation expense related to grants of restricted stock units						2 years 3 months 18 days
Share price			$ 4.38		$ 4.39	$ 4.38	$ 4.39
Number of consecutive trading days | Days	30	30
Performance period commencing date	Jan. 25, 2024	Jul. 01, 2023
Performance period ending date	Jan. 25, 2029	Jul. 01, 2028
Weighted Average Fair Value						$ 3.78
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares			600,000			600,000		1,000,000
Share based payment award cancelled | shares				300,000		300,000
Allocated percentage						25%		20%
Percentage of performance measurement						100%
Performance Stock Units | Tranche One
Accounting Policies [Line Items]
Share price	$ 4.83	$ 5.75
Fair value of each of the Tranches | $	$ 0.6	$ 0.8
Weighted Average Fair Value	$ 4.16	$ 3.98
Performance Stock Units | Tranche Two
Accounting Policies [Line Items]
Share price	$ 5.65	$ 7.25
Fair value of each of the Tranches | $	$ 0.6	$ 0.7
Weighted Average Fair Value	$ 3.98	$ 3.64
Performance Stock Units | Tranche Three
Accounting Policies [Line Items]
Share price	$ 7.15	$ 9
Fair value of each of the Tranches | $	$ 0.5	$ 0.7
Weighted Average Fair Value	$ 3.66	$ 3.31
Performance Stock Units | Tranche Four
Accounting Policies [Line Items]
Share price	$ 8.9	$ 11.2
Fair value of each of the Tranches | $	$ 0.5	$ 0.6
Weighted Average Fair Value	$ 3.32	$ 2.93
Performance Stock Units | Tranche Five
Accounting Policies [Line Items]
Share price		$ 13.75
Fair value of each of the Tranches | $		$ 0.5
Weighted Average Fair Value		$ 2.58
Minimum | Restricted Stock Units
Accounting Policies [Line Items]
Vesting period						1 year
Minimum | Performance Stock Units
Accounting Policies [Line Items]
Vesting percentage	0%	0%
Maximum | Restricted Stock Units
Accounting Policies [Line Items]
Vesting period						4 years
Maximum | Performance Stock Units
Accounting Policies [Line Items]
Vesting percentage	100%	100%

The Company and Significant A_8

The Company and Significant Accounting Policies - Summary Of Valuation Model At The Time Of Award Issuance (Details) - Performance Stock Units - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price at issuance	$ 4.38	$ 4.39
Expected volatility	57%	58%
Risk-free interest rate	4.01%	4.13%
Expected term	5 years	5 years
Expected dividend yield	0%	0%

The Company and Significant A_9

The Company and Significant Accounting Policies - Summary of Non-Vested PSU Activity (Details) - Performance Stock Units - $ / shares	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested (in shares)		1,000,000
Granted (in shares)		600,000
Forfeited or Cancelled (in shares)	(300,000)	(300,000)
Non-vested (in shares)		1,300,000
Non-vested, weighted average grant date fair value (in dollars per share)		$ 3.29
Granted, weighted average grant date fair value (in dollars per share)		3.78
Forfeited or Cancelled, weighted average grant date fair value (in dollars per share)		3.78
Non-vested, weighted average grant date fair value (in dollars per share)		$ 3.4

The Company and Significant _10

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss) from continuing operations	$ (10,841)	$ (6,103)	$ (14,619)	$ (19,945)
Net income (loss) from discontinued operations	(1,139)	8,822	(77,931)	22,716
Net income (loss) attributable to common stockholders	$ (11,980)	$ 2,719	$ (92,550)	$ 2,771
Denominator:
Weighted average common shares outstanding, basic	89,987,110	87,995,567	89,776,075	87,803,770
Weighted average common shares outstanding, diluted	89,987,110	87,995,567	89,776,075	87,803,770
Basic earnings per share:
Income (loss) per share from continuing operations	$ (0.12)	$ (0.07)	$ (0.16)	$ (0.23)
Income (loss) per share from discontinued operations	(0.01)	0.1	(0.87)	0.26
Net income (loss) per share attributable to common stockholders	(0.13)	0.03	(1.03)	0.03
Diluted earnings per share:
Income (loss) per share from continuing operations	(0.12)	(0.07)	(0.16)	(0.23)
Income (loss) per share from discontinued operations	(0.01)	0.1	(0.87)	0.26
Net income (loss) per share attributable to common stockholders	$ (0.13)	$ 0.03	$ (1.03)	$ 0.03

The Company and Significant _11

The Company and Significant Accounting Policies - Impairment - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Oct. 01, 2023
Accounting Policies [Line Items]
Goodwill		$ 50,673,000	$ 50,674,000
Meta Platforms
Accounting Policies [Line Items]
Impairment charges related to intangible subject to amortization	$ 14,000,000
Customer Concentration Risk | Revenue | Meta Platforms
Accounting Policies [Line Items]
Concentration risk percentage			53%
Digital
Accounting Policies [Line Items]
Goodwill				$ 50,100,000
Percentage of fair value of assets		28%
Impairment of goodwill		$ 35,400,000	$ 0

The Company and Significant _12

The Company and Significant Accounting Policies - Tresury Stock - Additional Information (Detail) - Class A common stock - USD ($)	3 Months Ended		9 Months Ended		31 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Mar. 01, 2022
Accounting Policies [Line Items]
Amount approved under share purchase						$ 20,000,000
Number of shares repurchased	0	0	0	0	1,800,000
Aggregate purchase price of repurchased shares			$ 11,300,000
Average price of repurchased shares			$ 6.43

The Company and Significant _13

The Company and Significant Accounting Policies - Concentrations of Credit Risk and Trade Receivables - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Advertiser	Sep. 30, 2023 USD ($) Advertiser	Sep. 30, 2024 USD ($) Advertiser	Sep. 30, 2023 USD ($) Advertiser	Dec. 31, 2023 Advertiser
Accounting Policies [Line Items]
Number of advertisers represent more than five percent of trade receivables | Advertiser	0		0		0
Number of advertising customer represented more than five percent of revenue | Advertiser	0	0	0	0
Estimated losses for bad debts | $	$ 0.2	$ 0.2	$ 0.8	$ 0.3
Bad debts actually charged off | $	$ 0.1		$ 0.3	$ 0.5

The Company and Significant _14

The Company and Significant Accounting Policies - Dependence on Global Media Companies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Meta Platforms | Customer Concentration Risk | Revenue
Accounting Policies [Line Items]
Concentration risk percentage	53%

The Company and Significant _15

The Company and Significant Accounting Policies - Fair Value Assets and Liabilities Measured on Recurring Basis and Nonrecurring Basis (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Fair Value, Measurements, Recurring | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value and Carrying Value on Liabilities	$ 1.9
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	1.1	$ 1.9
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	13.2	2.8
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	1.1	1.9
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	13.2	$ 2.8
Fair Value, Measurements, Recurring | Level 3 | Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value and Carrying Value on Liabilities	1.9
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	27.6
Total Gains (Losses)	(12.3)
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	$ 27.6

The Company and Significant _16

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	9 Months Ended
	Sep. 30, 2024 USD ($)
Amortized Cost
Due within a year	$ 842
Due after one year	1,977
Total	2,819
Unrealized gains (losses)
Due within a year	(7)
Due after one year	14
Total	$ 7

The Company and Significant _17

The Company and Significant Accounting Policies - Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 19, 2023
Accounting Policies [Line Items]
Interest income related to available-for-sale securities	$ 646	$ 1,068	$ 1,801	$ 2,396
Accounts Payable and Accrued Expenses
Accounting Policies [Line Items]
Contingent Liability, Current					$ 1,200
Other Long-term Liabilities
Accounting Policies [Line Items]
Contingent Liability, Current					$ 700
BCNMonetize
Accounting Policies [Line Items]
Ownership interest acquired	100%		100%			100%
Available-for-Sale Securities
Accounting Policies [Line Items]
Interest income related to available-for-sale securities	$ 100	$ 200	$ 300	$ 1,000

The Company and Significant _18

The Company and Significant Accounting Policies - Summary of Components of AOCI (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, Beginning			$ (915)		$ (915)
Other comprehensive income (loss)	$ 33	$ 306	(275)
Income tax (expense) benefit			(5)
Amounts reclassified from AOCI	1	(4)	112
Income tax (expense) benefit			(28)
Total other comprehensive income (loss)	34	302	(196)	$ (391)	140	$ (219)
Balance, Ending	(775)				(775)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, Beginning	(1,250)	(1,552)	(1,257)		(1,257)
Other comprehensive income (loss)	1	302	(295)
Total other comprehensive income (loss)	1	302	(295)
Balance, Ending	(1,249)	(1,250)	(1,552)		(1,249)
Marketable Securities
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, Beginning	441	441	342		342
Other comprehensive income (loss)	32	4	20
Income tax (expense) benefit			(5)
Amounts reclassified from AOCI	1	(4)	112
Income tax (expense) benefit			(28)
Total other comprehensive income (loss)	33		99
Balance, Ending	474	441	441		474
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, Beginning	(809)	(1,111)	(915)		(915)
Balance, Ending	$ (775)	$ (809)	$ (1,111)		$ (775)

Revenues - Summary of Revenues

Revenues - Summary of Revenues Disaggregated by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 97,156	$ 77,420	$ 257,986	$ 218,787
Digital Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	45,871	34,491	125,161	89,848
Broadcast Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	39,998	30,791	97,692	91,401
Spectrum Usage Rights
Disaggregation Of Revenue [Line Items]
Total revenue	1,707	2,085	5,092	6,310
Retransmission Consent
Disaggregation Of Revenue [Line Items]
Total revenue	8,031	8,925	26,011	27,872
Other
Disaggregation Of Revenue [Line Items]
Total revenue	$ 1,549	$ 1,128	$ 4,030	$ 3,356

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregation of Broadcast Advertising Revenue by Sales Channel (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenue	$ 97,156	$ 77,420	$ 257,986	$ 218,787
Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	39,998	30,791	97,692	91,401
Advertising | Local Direct
Disaggregation Of Revenue [Line Items]
Total revenue	5,042	5,485	15,186	16,273
Advertising | Local Agency
Disaggregation Of Revenue [Line Items]
Total revenue	13,387	13,946	39,414	40,505
Advertising | National Agency
Disaggregation Of Revenue [Line Items]
Total revenue	$ 21,569	$ 11,360	$ 43,092	$ 34,623

Revenues - Summary of Disaggr_2

Revenues - Summary of Disaggregation of Revenue by Geographical Region Based on Location of Sales Office (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 97,156	$ 77,420	$ 257,986	$ 218,787
United States
Disaggregation of Revenue [Line Items]
Total revenue	73,939	57,497	192,207	156,412
Rest of the World
Disaggregation of Revenue [Line Items]
Total revenue	$ 23,217	$ 19,923	$ 65,779	$ 62,375

Revenues - Summary of Deferred

Revenues - Summary of Deferred Revenue (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Beginning Balance	$ 1,977
Increase	3,820
Decrease	(1,977)
Ending Balance	$ 3,820

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Remaining term description of leases			The Company’s existing leases have remaining terms of less than one year up to 26 years.
Weighted average remaining lease term	8 years 7 months 6 days	8 years 10 months 24 days	8 years 7 months 6 days	8 years 10 months 24 days
Weighted average discount rate	6.30%	6.20%	6.30%	6.20%
Lease cost	$ 3,034	$ 2,900	$ 8,909	$ 10,380
Direct Operating Expenses
Lessee Lease Description [Line Items]
Lease cost	1,400	1,400	4,200	4,300
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Lease cost	1,300	1,200	3,900	5,100
Corporate Expenses
Lessee Lease Description [Line Items]
Lease cost	$ 300	$ 300	$ 800	$ 1,000
Maximum
Lessee Lease Description [Line Items]
Remaining term of leases			26 years

Leases - Summary of Expected Fu

Leases - Summary of Expected Future Payments Related to Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 2,564
2025	10,466
2026	8,927
2027	7,121
2028	6,389
2029 and thereafter	30,278
Total minimum payments	65,745
Less amounts representing interest	(14,779)
Less amounts representing tenant improvement allowance	(55)
Present value of minimum lease payments	50,911
Less current operating lease liabilities	(7,740)	$ (6,748)
Long-term operating lease liabilities	$ 43,171	$ 45,178

Leases - Summary of Lease Payme

Leases - Summary of Lease Payments and Supplemental Non-Cash Disclosures (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in lease liabilities:
Operating cash flows from operating leases	$ 7,939	$ 6,027
Non-cash additions to operating lease assets	$ 4,192	$ 6,550

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 2,526	$ 2,269	$ 7,234	$ 6,863
Variable lease cost	195	387	878	955
Short-term lease cost	313	244	797	2,562
Total lease cost	$ 3,034	$ 2,900	$ 8,909	$ 10,380

Segment Information - Additiona

Segment Information - Additional Information (Detail)		3 Months Ended		9 Months Ended
	Jul. 01, 2024 Segment	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024 Station	Sep. 30, 2023
Segment Reporting Information [Line Items]
Number of operating segments | Segment	2
Percentage of revenue generated from outside the United States		24%	26%	25%	29%
Television
Segment Reporting Information [Line Items]
Number of stations owned				49
Radio
Segment Reporting Information [Line Items]
Number of stations owned				44

Segment Information - Separate

Segment Information - Separate Financial Data for Each of Company's Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 97,156	$ 77,420	$ 257,986	$ 218,787
Cost of revenue	26,801	21,393	73,883	57,910
Direct operating expenses	35,617	28,702	99,174	84,160
Selling, general and administrative expenses	17,112	11,946	45,809	37,363
Depreciation and amortization	3,882	4,733	13,049	11,948
Operating income (loss)	7,585	(3,804)	(3,408)	(11,314)
Corporate expenses	6,930	13,292	29,989	35,836
Change in fair value of contingent consideration	(650)	(100)	(630)	621
Impairment charge		989	49,438	989
Foreign currency (gain) loss	(121)	269	120	1,274
Interest expense	(4,087)	(4,346)	(12,648)	(12,464)
Interest income	646	1,068	1,801	2,396
Dividend income			10	32
Realized gain (loss) on marketable securities	(1)	(33)	(110)	(94)
Gain (loss) on debt extinguishment			(91)	(1,556)
Income (loss) before income taxes	4,143	(7,115)	(14,446)	(23,000)
Capital expenditures	1,051	3,577	4,844	17,660
Total assets	$ 557,258		$ 557,258		$ 865,946
Percentage change in net revenue	25%		18%
Percentage change in cost of revenue	25%		28%
Percentage change in direct operating expenses	24%		18%
Percentage change in selling, general and administrative expenses	43%		23%
Percentage change in depreciation and amortization	(18.00%)		9%
Percentage change in corporate expenses	(48.00%)		(16.00%)
Percentage change in fair value of contingent consideration	550%
Percentage change in impairment charge	(100.00%)		(100.00%)
Percentage change in foreign currency (gain) loss			(91.00%)
Percentage change in operating income (loss)			(70.00%)
Percentage change in interest expense	(6.00%)		1%
Percentage change in interest income	(40.00%)		(25.00%)
Percentage change in dividend income			(69.00%)
Percentage change in realized gain (loss) on marketable securities	(97.00%)		17%
Percentage change in gain (loss) on debt extinguishment			(94.00%)
Percentage change in income (loss) before income taxes			(37.00%)
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 13,744	10,646	$ 26,071	27,406
Percentage change in segment operating profit (loss)	29%		(5.00%)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expenses	$ 6,930	13,292	$ 29,989	35,836
Assets of discontinued operations
Segment Reporting Information [Line Items]
Total assets					313,124
Media
Segment Reporting Information [Line Items]
Cost of revenue	4,881	2,840	11,888	7,661
Direct operating expenses	29,193	24,110	82,405	72,004
Selling, general and administrative expenses	10,860	8,677	30,600	27,039
Depreciation and amortization	3,165	3,288	9,756	8,962
Capital expenditures	1,020	2,694	4,546	15,060
Total assets	$ 484,261		$ 484,261		449,928
Percentage change in cost of revenue	72%		55%
Percentage change in direct operating expenses	21%		14%
Percentage change in selling, general and administrative expenses	25%		13%
Percentage change in depreciation and amortization	(4.00%)		9%
Media | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 11,703	9,831	$ 20,152	28,948
Percentage change in segment operating profit (loss)	19%		(30.00%)
Media | Advertising and Retransmission Consent
Segment Reporting Information [Line Items]
Net revenue	$ 59,802	48,746	$ 154,801	144,614
Percentage change in net revenue	23%		7%
Advertising Technology & Services
Segment Reporting Information [Line Items]
Cost of revenue	$ 21,920	18,553	$ 61,995	50,249
Direct operating expenses	6,424	4,592	16,769	12,156
Selling, general and administrative expenses	6,252	3,269	15,209	10,324
Depreciation and amortization	717	1,445	3,293	2,986
Capital expenditures	31	883	298	2,600
Total assets	$ 72,997		$ 72,997		$ 102,894
Percentage change in cost of revenue	18%		23%
Percentage change in direct operating expenses	40%		38%
Percentage change in selling, general and administrative expenses	91%		47%
Percentage change in depreciation and amortization	(50.00%)		10%
Advertising Technology & Services | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 2,041	815	$ 5,919	(1,542)
Percentage change in segment operating profit (loss)	150%
Advertising Technology & Services | Advertising and Retransmission Consent
Segment Reporting Information [Line Items]
Net revenue	$ 37,354	$ 28,674	$ 103,185	$ 74,173
Percentage change in net revenue	30%		39%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - BCNMonetize - USD ($) $ in Millions		9 Months Ended
	May 19, 2023	Sep. 30, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Business acquisition date	May 19, 2023
Ownership interest acquired	100%		100%
Aggregate cash consideration	$ 6
Accounts receivables assets acquired, fair value	2.8
Gross amount account receivables asset acquired	2.9
Amount due under contract expected to be uncollectible	$ 0.1
Period of discounted cost of debt rate	3 years
Business combination consideration, transferred	$ 7.2
Total purchase price for acquisition, including fair value of contingent consideration	8.8
Acquisition fees and costs		$ 0.2
Fair value of contingent consideration recognized	$ 1.6
Maximum | Discount Rate
Business Acquisition [Line Items]
Discounted cost of debt rate	0.084
Minimum | Discount Rate
Business Acquisition [Line Items]
Discounted cost of debt rate	0.082

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	May 19, 2023
Business Acquisition [Line Items]
Goodwill	$ 50,673	$ 50,674
BCNMonetize
Business Acquisition [Line Items]
Cash			$ 800
Accounts receivable			2,800
Other assets			700
Intangible assets subject to amortization			4,200
Goodwill			3,500
Current liabilities			(2,100)
Deferred tax			$ (1,100)

Acquisitions - Summary of Intan

Acquisitions - Summary of Intangible Assets Subject to Amortization Acquired (Detail) - BCNMonetize $ in Millions	May 19, 2023 USD ($)
Publisher Relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value, Intangible Asset	$ 2.2
Weighted average remaining life in years	3 years
Advertiser Relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value, Intangible Asset	$ 1.5
Weighted average remaining life in years	1 year
Trade Name
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value, Intangible Asset	$ 0.3
Weighted average remaining life in years	1 year
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value, Intangible Asset	$ 0.2
Weighted average remaining life in years	1 year 6 months

Acquisitions - Schedule of Unau

Acquisitions - Schedule of Unaudited Pro Forma Information (Detail) - BCNMonetize $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Pro Forma:
Total revenue | $	$ 224,799
Net income (loss) attributable to common stockholders | $	$ 4,312
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic | $ / shares	$ 0.05
Net income (loss) per share, attributable to common stockholders, diluted | $ / shares	$ 0.05
Weighted average common shares outstanding, basic | shares	87,803,770
Weighted average common shares outstanding, diluted | shares	87,803,770

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Jun. 28, 2024 USD ($)

May 06, 2024 USD ($)

May 06, 2024 EUR (€)

Apr. 03, 2023 USD ($)

Apr. 03, 2023 EUR (€)

Aug. 03, 2022 USD ($)

Jan. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Jul. 11, 2023 USD ($)

Jul. 11, 2023 EUR (€)

Apr. 03, 2023 EUR (€)

Aug. 05, 2022 USD ($)

Aug. 05, 2022 EUR (€)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Repayment of the outstanding principal

$ 20,275

$ 214,495

Loss in business transaction

$ 45,139

2023 Credit Facility

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Percentage of outstanding principal

2.50%

Entravision Global Partners

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss in business transaction

$ 40,700

Entravision Global Partners | Discontinued Operations, Held-for-Sale or Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Loss in business transaction

$ 45,139

Entravision Global Partners | Definitive Agreement

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from divestiture of businesses

$ 16,400

Entravision Global Partners | 2023 Credit Facility

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Repayment of the outstanding principal

$ 4,900

MediaDonuts | Definitive Agreement

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Payment of contingent liability

$ 6,500

Adsmurai, S.L

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Debt Instrument, Face Amount

$ 8,100

$ 5,600

€ 4,993,344

€ 7,355,000

$ 12,800

€ 12,535,000

Remaining interest owned percentage

49%

49%

Loss in business transaction

$ 2,600

Adsmurai, S.L | Share Purchase Agreement

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from other agreement and stock option

$ 16,200

€ 15,000,000

Equity interest sold

51%

51%

Principal issued | €

€ 12,300,000

Consideration receivable on effective date | €

10,000,000

Consideration receivable within six month of effective date | €

€ 5,000,000

Jack of Digital

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Percentage of issued and outstanding shares sold in subsidiary

100%

Cash consideration

$ 100

Percentage owned or converted

15%

Payments to Acquire Investments

$ 500

Investment

1,100

$ 100

Additional installment payment

$ 300

Total purchase price for acquisition, including fair value of contingent consideration

$ 1,400

Loss in business transaction

$ 1,700

Adsmurai Acquisition

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Business acquisition date

Apr. 03, 2023

Apr. 03, 2023

Ownership interest acquired

51%

51%

Aggregate cash consideration

$ 14,200

€ 13,000,000

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expenses:
Net income (loss) from discontinued operations before noncontrolling interests in discontinued operations	$ (1,139)	$ 8,822	$ (77,931)	$ 22,716
Net (income) loss attributable to redeemable noncontrolling interest			2,779	(1)
Net (income) loss attributable to noncontrolling interest				342
Net income (loss) from discontinued operations, net of tax	(1,139)	8,822	(77,931)	22,716
Entravision Global Partners | Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Revenue		196,997	378,868	568,017
Expenses:
Cost of revenue		177,896	341,503	504,971
Direct operating expenses		3,153	6,654	10,622
Selling, general and administrative expenses	1,139	10,008	24,248	30,924
Depreciation and amortization		2,623	3,958	8,388
Change in fair value of contingent consideration		(5,897)	(12,568)	(9,560)
Impairment charge			49,438
Foreign currency (gain) loss		279	2,488	(985)
Other operating (gain) loss	125		45,139
Operating income (loss)	(1,264)	8,935	(81,992)	23,657
Interest expense		(108)	(219)	(324)
Interest income		490	731	1,059
Income (loss) from discontinued operations before income taxes	(1,264)	9,317	(81,480)	24,392
Income tax benefit (expense)	125	(482)	770	(2,017)
Net income (loss) from discontinued operations before noncontrolling interests in discontinued operations	(1,139)	8,835	(80,710)	22,375
Net (income) loss attributable to redeemable noncontrolling interest		(13)	2,779	(1)
Net (income) loss attributable to noncontrolling interest				342
Net income (loss) from discontinued operations, net of tax	$ (1,139)	$ 8,822	$ (77,931)	$ 22,716

Discontinued operations - Sum_2

Discontinued operations - Summary of Details of Assets and Liabilities of Discontinued Operations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Current assets
Total current assets of discontinued operations	$ 217,269
Noncurrent assets of discontinued operations	95,855
Current liabilities
Noncurrent liabilities of discontinued operations	33,072
Entravision Global Partners | Discontinued Operations, Held-for-Sale or Disposed of by Sale
Current assets
Cash and cash equivalents	38,341
Trade receivables	165,755
Prepaid expenses and other current assets	13,173
Total current assets of discontinued operations	217,269
Property and equipment, net	4,543
Intangible assets subject to amortization, net	44,684
Goodwill	39,998
Deferred income taxes	4,726
Operating leases right of use asset	1,073
Other assets	831
Noncurrent assets of discontinued operations	95,855
Disposal Group Including Discontinued Operation Total Asset, Total	313,124
Current liabilities
Current maturities of long-term debt	1,219
Accounts payable and accrued expenses	207,026
Operating lease liabilities	534
Total current liabilities of discontinued operations	208,779
Long-term debt, less current maturities	1,668
Long-term operating lease liabilities	487
Other long-term liabilities	18,385
Deferred income taxes	12,532
Noncurrent liabilities of discontinued operations	33,072
Total liabilities of discontinued operations	$ 241,851

Discontinued operations - Sched

Discontinued operations - Schedule of discontinued operations of significant non-cash items and capital expenditures (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on the sale of businesses		$ 45,139
Entravision Global Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on the sale of businesses		40,700
Entravision Global Partners | Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 2,623	3,958	$ 8,388
Impairment charge		49,438	0
Loss (gain) on the sale of businesses		45,139
Change in fair value of contingent consideration	$ (5,897)	(12,568)	(9,560)
Non-cash stock-based compensation		(544)	1,205
Purchases of property and equipment		$ 81	$ 1,904