SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Events occurring after September 30, 2021, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows:

Additional 2027 Notes Offering

On October 20, 2021, the Company completed the issuance and sale of $45.0 million in aggregate principal amount of additional 2027 Notes (the "Additional 2027 Notes"). The Additional 2027 Notes are treated as a single series with the 2027 Notes.

The Additional 2027 Notes are not a registered security and there are no plans to register the Additional 2027 Notes as a security in the future. As a result, Rule 3-10 of Regulation S-X promulgated by the SEC is not applicable and no separate financial statements are required for the guarantor subsidiaries.

WideOrbit Streaming Acquisition

On October 20, 2021, the Company completed an acquisition of an exclusive perpetual license to WideOrbit's digital audio streaming technology and the related assets and operations of WideOrbit Streaming for approximately $40.0 million. The Company will operate WideOrbit Streaming under the name AmperWave. The Company funded this acquisition through a draw on its Revolver. The Company used the net proceeds from the Additional 2027 Notes offering to repay outstanding amounts under the Company's Term B-2 Loan to offset the impact of the Revolver draw. Upon completion of the acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. This information will be included in future filings.