Subsequent Events	9 Months Ended
Sep. 30, 2020
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Subsequent Events	7. SUBSEQUENT EVENT ACQUISITION OF MAJORITY INTEREST IN CISNEROS INTERACTIVE On October 13, 2020, a wholly-owned subsidiary of the Company (the “Acquiror”) acquired from certain individuals (collectively, the “Sellers”), 51% of the issued and outstanding shares of a company engaged in the sale and marketing of digital advertising that, together with its subsidiaries, does business under the name Cisneros Interactive (“Cisneros Interactive”). The transaction, funded from the Company’s cash on hand, includes a purchase price of approximately $29 million in cash. In connection with the acquisition, the Company also entered into a Put and Call Option Agreement (the “Put and Call Agreement”). Subject to the terms of the Put and Call Agreement, the Sellers have the right (the “Put Option”) to cause the Acquiror to purchase all (but not less than all) of the remaining 49% of the issued and outstanding shares of Cisneros Interactive at a purchase price to be based on a pre-determined multiple of six times Cisneros Interactive’s 12-month EBITDA in the preceding calendar year. The Sellers may exercise the Put Option upon the occurrence of certain events, starting in April 2022. Additionally, subject to the terms of the Put and Call Agreement, the Acquiror has the right (the “Call Option”), in calendar year 2024, to purchase all (but not less than all) of the remaining 49% of the issued and outstanding shares of Cisneros Interactive at a purchase price to be based on a pre-determined multiple of six times of Cisneros Interactive’s 12-month EBITDA in calendar year 2023.

Subsequent Events

9 Months Ended

Sep. 30, 2020

7. SUBSEQUENT EVENT

ACQUISITION OF MAJORITY INTEREST IN CISNEROS INTERACTIVE

On October 13, 2020, a wholly-owned subsidiary of the Company (the “Acquiror”) acquired from certain individuals (collectively, the “Sellers”), 51% of the issued and outstanding shares of a company engaged in the sale and marketing of digital advertising that, together with its subsidiaries, does business under the name Cisneros Interactive (“Cisneros Interactive”). The transaction, funded from the Company’s cash on hand, includes a purchase price of approximately $29 million in cash. In connection with the acquisition, the Company also entered into a Put and Call Option Agreement (the “Put and Call Agreement”). Subject to the terms of the Put and Call Agreement, the Sellers have the right (the “Put Option”) to cause the Acquiror to purchase all (but not less than all) of the remaining 49% of the issued and outstanding shares of Cisneros Interactive at a purchase price to be based on a pre-determined multiple of six times Cisneros Interactive’s 12-month EBITDA in the preceding calendar year. The Sellers may exercise the Put Option upon the occurrence of certain events, starting in April 2022.

Additionally, subject to the terms of the Put and Call Agreement, the Acquiror has the right (the “Call Option”), in calendar year 2024, to purchase all (but not less than all) of the remaining 49% of the issued and outstanding shares of Cisneros Interactive at a purchase price to be based on a pre-determined multiple of six times of Cisneros Interactive’s 12-month EBITDA in calendar year 2023.