Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Acquisition [Line Items]

Reconciliation of Changes in Redeemable Noncontrolling Interests

The table below presents the reconciliation of changes in redeemable noncontrolling interests (unaudited; in thousands):

	Three-Month Period					Nine-Month Period
	Ended September 30,					Ended September 30,
	2021			2020		2021			2020
Beginning balance	$	37,470		$	-	$	33,285		$	-
Net income attributable to redeemable noncontrolling interest		1,753			-		5,938			-
Acquisition of redeemable noncontrolling interest		(39,223	)		-		(39,223	)		-
Ending balance	$	-		$	-	$	-		$	-

Summary of Changes in Carrying Value of Goodwill

The changes in the carrying amount of goodwill for each of the Company’s operating segments for the nine-month period ended September 30, 2021 are as follows (in thousands):

	December 31, 2020		Purchase Price Adjustment Cisneros Interactive			Acquisition of MediaDonuts		September 30, 2021
Television	$	40,549	$	-		$	-	$	40,549
Digital		17,494		(2,439	)		13,124		28,179
Consolidated	$	58,043	$	(2,439	)	$	13,124	$	68,728

Cisneros Interactive

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The following is a summary of the purchase price allocation (unaudited; in millions):

Cash	$	8.7
Accounts receivable		50.5
Other assets		8.3
Intangible assets subject to amortization		41.7
Goodwill		9.9
Current liabilities		(48.1	)
Deferred tax		(10.3	)
Redeemable noncontrolling interest		(30.8	)

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information has been prepared to give effect to the Company’s wholly-owned acquisition of Cisneros Interactive as if the acquisition had occurred on January 1, 2020. This pro forma information was adjusted to exclude acquisition fees and costs of $0.8 million for each of the three- and nine-month periods ended September 30, 2020, 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.

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2021		2020		2021		2020
Pro Forma:
Total revenue	$	199,008	$	116,248	$	526,298	$	307,868
Net income (loss)		13,884		12,168		31,362		(18,332	)
Net (income) loss attributable to redeemable noncontrolling interest		-		-		-		-
Net income (loss) attributable to common stockholders	$	13,884	$	12,168	$	31,362	$	(18,332	)
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic	$	0.16	$	0.14	$	0.37	$	(0.22	)
Net income (loss) per share, attributable to common stockholders, diluted	$	0.16	$	0.14	$	0.36	$	(0.22	)
Weighted average common shares outstanding, basic		85,390,333		84,185,728		85,207,992		84,208,924
Weighted average common shares outstanding, diluted		88,315,732		84,863,020		87,694,395		84,208,924

MediaDonuts

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The Company is in the process of completing the purchase price allocation for its acquisition MediaDonuts. The measurement period remains open pending the finalization of the pre-acquisition tax-related items. The following is a summary of the purchase price allocation (unaudited; in millions):

Cash	$	4.3
Accounts receivable		9.9
Other assets		1.8
Intangible assets subject to amortization		22.8
Goodwill		13.1
Current liabilities		(10.1	)
Deferred tax		(3.9	)
Debt		(1.7	)

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of MediaDonuts as if the acquisition had occurred on January 1, 2020. This pro forma information was adjusted to exclude acquisition fees and costs of $0.7 million for the nine-month period ended September 30, 2021, 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.

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2021		2020		2021		2020
Pro Forma:
Total revenue	$	199,008	$	70,859	$	547,941	$	187,518
Net income (loss) attributable to common stockholders		12,131		9,688		28,605		(22,539	)
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic	$	0.14	$	0.12	$	0.34	$	(0.27	)
Net income (loss) per share, attributable to common stockholders, diluted	$	0.14	$	0.11	$	0.33	$	(0.27	)
Weighted average common shares outstanding, basic		85,390,333		84,185,728		85,207,992		84,208,924
Weighted average common shares outstanding, diluted		88,315,732		84,863,020		87,694,395		84,208,924