EX-10.3



 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 17, 2017, is made and entered into by and among Modern Media
Acquisition Corp., a Delaware corporation (the “Corporation”), and Modern Media Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), together with the other parties listed on the signature pages hereto and any
person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement (a “Holder” and collectively the “Holders”). 

ARTICLE I 
 DEFINITIONS 

1.1    Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the
respective meanings set forth below: 
 “Adverse Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or the Chief Financial Officer of the Corporation, after consultation with counsel to the Corporation,
(i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the
Registration Statement were not being filed, and (iii) the Corporation has a bona fide business purpose for not making such information public. 

“Agreement” has the meaning given in the Preamble. 

“Board” means the Board of Directors of the Corporation. 

“Business Combination” means any merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or
other similar business combination with one or more businesses, involving the Corporation. 
 “Commission” means the U.S.
Securities and Exchange Commission. 
 “Common Stock” has the meaning given in this subsection 1.1. 

“Corporation” has the meaning given in the Preamble. 

“Demand Registration” has the meaning given in subsection 2.1.1. 

“Demanding Holder” has the meaning given in subsection 2.1.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Form S-1” has the meaning given in subsection 2.1.1. 

“Form S-3” has the meaning given in subsection 2.3. 

“Founder Shares” means the 5,175,000 shares of the Corporation’s Common Stock (up to 675,000 of which shares will be subject to
forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised, if at all) held by the Sponsor and certain directors and officers of the Corporation. 

“Founder Shares Lock-up Period” shall mean, with respect to the Founder Shares, and subject
to certain limitations and exclusions, the period ending on the earlier of (A) one year after the completion of the initial Business Combination or (B) if, subsequent to the initial Business Combination, (x) the last reported closing
price of the Corporation’s Common Stock, par value $0.0001 per share (the “Common Stock”) equals or exceeds $12.00 per 
  







 share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Corporation completes a liquidation, merger, stock
exchange or other similar transaction that results in all of the Corporation’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. 

“Holders” has the meaning given in the Preamble. 

“Insider Letter” means that certain letter agreement, dated as of the date hereof, by and among the Corporation, the Sponsor and
each of the Corporation’s officers, directors and director nominees. 
 “Macquarie Demanding Holder” has the meaning given in
subsection 2.1.1. 
 “Maximum Number of Securities” means the meaning given in subsection 2.1.4. 

“MIHI” means MIHI LLC. 

“Misstatement” means an untrue statement of a material fact or an omission to state a material fact required to be stated in a
Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading. 

“MM Demanding Holder” has the meaning given in subsection 2.1.1. 

“Modern Media” means Modern Media, LLC. 

“Permitted Transferees” means a person or entity to whom a Holder of Registrable Securities is permitted to transfer such
Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letters
and any other applicable agreement between such Holder and the Corporation and to any transferee thereafter. 
 “Piggyback
Registration” has the meaning given in subsection 2.2.1. 
 “Private Placement
Lock-up Period” means, with respect to Private Placement Warrants (as defined below) that are held by the initial purchasers of such Private Placement Warrants or their Permitted Transferees, and any of
the Common Stock issued or issuable upon the exercise of the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees, and subject to certain limitations and exclusions,
the period ending 30 days after the completion of the initial Business Combination. 
 “Private Placement Warrants” mean the
7,050,000 warrants the Sponsor agreed to purchase from the Corporation in a private placement transaction pursuant to that certain Sponsor Warrant Purchase Agreement, by and between the Corporation and the Sponsor (including an additional number of
warrants, if the underwriters’ over-allotment option is exercised, in the amount necessary to maintain the trust account at $10.10 per unit sold to the public in the initial public offering). 

“Prospectus” means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and
as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Prospectus Date” means the date of the final prospectus filed with the Commission and relating to the Corporation’s initial
public offering. 
 “Registrable Security” means (a) the Founder Shares, (b) the Private Placement Warrants (including
any shares of Common Stock issued or issuable upon the exercise of any such Private Placement Warrants), (c) any outstanding share of Common Stock or any other equity security (including shares of the Common Stock issued or issuable upon the
exercise of any other equity security) of the Corporation held by a Holder as of the date of this Agreement, (d) any equity securities (including shares of Common Stock issued or issuable upon the exercise of any


  
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such equity security) of the Corporation issuable upon conversion of any working capital loans made to the Corporation by a Holder including, without limitation, the Sponsor Loan Warrants
(including shares of Common Stock issued or issuable upon the exercise of any such Sponsor Loan Warrants), and (e) any other equity security of the Corporation issued or issuable with respect to any such share of Common Stock by way of a stock
dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be
Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Corporation and
subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant Rule 144
promulgated under the Securities Act (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities
transaction. 
 “Registration” means a registration effected by preparing and filing a registration statement or similar document
in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” means the out-of-pocket
expenses of a Registration, including, without limitation, the following: 
 (A)    all registration and filing fees
(including fees with respect to filings required to be made with the Financial Industry Regulatory Authority) and any securities exchange on which the Common Stock is then listed; 

(B)    fees and expenses of compliance with securities or blue sky laws (including reasonable and actual fees and
disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 

(C)    printing, messenger, telephone and delivery expenses; 

(D)    reasonable fees and disbursements of counsel for the Corporation; 

(E)    reasonable fees and disbursements of all independent registered public accountants of the Corporation incurred
specifically in connection with such Registration; and 
 (F)    reasonable and actual fees and expenses of one
(1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the
applicable Registration. 
 “Registration Statement” means any registration statement that covers the Registrable Securities
pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material
incorporated by reference in such registration statement. 
 “Requesting Holder” has the meaning given in subsection 2.1.1.

 “Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Sponsor” has the meaning given in the Preamble. 

“Sponsor Demanding Holder” has the meaning given in subsection 2.1.1. 

  
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 “Sponsor Loan Warrants” means warrants issuable to the Sponsor upon conversion of up to
$1,000,000 in working capital loans provided by the Sponsor to the Corporation to finance transaction costs in connection with the initial Business Combination. 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as
part of such dealer’s market-making activities. 
 “Underwritten Registration” or “Underwritten Offering” means a
Registration in which securities of the Corporation are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

ARTICLE II 
 REGISTRATIONS

 2.1    Demand Registration. 

2.1.1    Request for Registration. Subject to the provisions of subsection 2.1.4 and
Section 2.4 hereof, at any time and from time to time on or after the date the Corporation consummates the Business Combination, the Holders of at least a majority in interest of (a) the then outstanding number of
Registrable Securities owned by MIHI and/or its Permitted Transferees (the “Macquarie Demanding Holders”), (b) the then outstanding number of Registrable Securities owned by Modern Media and/or its Permitted Transferees (the “MM
Demanding Holders”) or (c) the then outstanding number of Registrable Securities owned by all Holders (the “Sponsor Demanding Holders” and, collectively with the Macquarie Demanding Holders and the MM Demanding Holders, the
“Demanding Holders”) may make a written demand for Registration under the Securities Act of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such
Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Corporation shall, within ten (10) days of the Corporation’s receipt of the Demand Registration, notify, in
writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to such Demand
Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Corporation, in writing, within five (5) days after the
receipt by the Holder of the notice from the Corporation. Upon receipt by the Corporation of any such written notification from a Requesting Holder(s), such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a
Registration pursuant to such Demand Registration and the Corporation shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Corporation’s receipt of the Demand Registration, the
Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Corporation be obligated to effect more than one (1) Registration for
each of the Macquarie Demanding Holders, the MM Demanding Holders and the Sponsor Demanding Holders pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided,
however, that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders (subject to Section 2.1.4) in
such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement. Notwithstanding the foregoing, in the case of Sponsor Loan Warrants (including shares of
Common Stock issued or issuable upon the exercise of any such Sponsor Loan Warrants), the Corporation shall not be obliged to effect more than one (1) Registration pursuant to a Demand Registration under this subsection 2.1.1, and the
demand for such registration may only be made at any time after the expiration of the Lock-Up Period and prior to the fifth (5th) anniversary of the date on
which the registration statement on Form S-1 filed by the Corporation with the Commission under the Securities Act in connection with the initial public offering of the Corporation’s Common Stock is
declared effective by the Commission (the “Effective Date”), in accordance with the Financial Industry Regulatory Authority (“FINRA”) Rule 5110 (f)(2)(G) (iv). For purposes of this subsection 2.1.1, “Lock-Up Period” means the period beginning on the Effective Date and ending 180 days immediately following the Effective Date. 

  
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 2.1.2    Effective Registration. Notwithstanding the provisions of
subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a
Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Corporation has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if,
after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or
state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or
otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with
such Registration and accordingly notify the Corporation in writing, but in no event later than five (5) days, of such election; provided, further, that the Corporation shall not be obligated or required to file another
Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated. 

2.1.3    Underwritten Offering. Subject to the provisions of subsection 2.1.4 and
Section 2.4 hereof, if a majority-in-interest of the Demanding Holders so advise the Corporation as part of their Demand Registration that the
offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such
Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders
proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by
the majority-in-interest of the Demanding Holders initiating the Demand Registration. 

2.1.4    Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten
Registration pursuant to a Demand Registration, in good faith, advises the Corporation, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and
the Requesting Holders (if any) desire to sell, taken together with all other Common Stock or other equity securities that the Corporation desires to sell and the Common Stock, if any, as to which a Registration has been requested pursuant to
separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of
Securities”), then the Corporation shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of
Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have
requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities that the Corporation desires to sell, that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities of Holders (Pro Rata, based on the respective number or Registrable Securities that each Holder has so
requested exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Common Stock or other equity securities of other persons or entities that the Corporation is obligated to register in a Registration pursuant to separate
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities. 

  
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 2.1.5    Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a
majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Corporation and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the
Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Corporation shall be responsible
for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5. 

2.2    Piggyback Registration. 

2.2.1    Piggyback Rights. If, at any time on or after the date the Corporation consummates a Business Combination,
the Corporation proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its
own account or for the account of stockholders of the Corporation (or by the Corporation and by the stockholders of the Corporation including, without limitation, pursuant to Section 2.1 hereof), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Corporation’s existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of the Corporation or (iv) for a dividend reinvestment plan, then the Corporation shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but
not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and
the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders
may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). The Corporation shall, in good faith, cause such Registrable Securities to be included in such Piggyback
Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included
in a Piggyback Registration on the same terms and conditions as any similar securities of the Corporation included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the
Underwriter(s) selected for such Underwritten Offering by the Corporation. Notwithstanding the foregoing, in the case of Sponsor Loan Warrants (including shares of Common Stock issued or issuable upon the exercise of any such Sponsor Loan Warrants),
the Holder shall have the right to include such Registrable Securities in a Piggyback Registration for a period of no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v). 

2.2.2    Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten
Registration that is to be a Piggyback Registration, in good faith, advises the Corporation and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Common Stock that
the Corporation desires to sell, taken together with (i) the Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable
Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant Section 2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been requested
pursuant to separate written contractual piggy-back registration rights of other stockholders of the Corporation, exceeds the Maximum Number of Securities, then: 

(a)    If the Registration is undertaken for the Corporation’s account, the Corporation shall include in any such
Registration (A) first, the Common Stock or other equity securities that the Corporation desires to sell that can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro


  
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Rata, that can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A) and (B), the Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Corporation that can be sold without exceeding the Maximum Number of
Securities; 
 (b)    If the Registration is pursuant to a request by persons or entities other than the Holders of
Registrable Securities, then the Corporation shall include in any such Registration (A) first, the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, that
can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights
to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata based on the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration that can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other equity securities that the Corporation desires to sell that can be sold without exceeding the Maximum Number of Securities; and (D) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other equity securities for the account of other persons or entities that the Corporation is obligated to
register pursuant to separate written contractual arrangements with such persons or entities that can be sold without exceeding the Maximum Number of Securities. 

2.2.3    Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw
from a Piggyback Registration for any or no reason whatsoever upon written notification to the Corporation and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Corporation (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to
separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to
the contrary in this Agreement, the Corporation shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3. 

2.2.4     Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant
to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof. 

2.3    Registrations on Form S-3. The Holders of Registrable Securities may
at any time, and from time to time, request in writing that the Corporation, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable
Securities on Form S-3 or any similar short-form registration statement that may be available at such time (“Form S-3”); provided, however, that
the Corporation shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Corporation’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on
Form S-3, the Corporation shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration on Form S-3 shall so notify the Corporation, in writing, within ten
(10) days after the receipt by the Holder of the notice from the Corporation. As soon as practicable thereafter, but not more than thirty (30) days after the Corporation’s initial receipt of such written request for a Registration on
Form S-3, the Corporation shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities
of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Corporation shall not be obligated to effect any such
Registration pursuant to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any
other equity securities of the Corporation entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $5,000,000. 

  
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 2.4    Restrictions on Registration Rights. If (A) during the
period starting with the date sixty (60) days prior to the Corporation’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Corporation initiated
Registration and provided that the Corporation has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to
cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Corporation and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer;
or (C) in the good faith judgment of the Board such Registration would be detrimental to the Corporation and the Board concludes as a result that it is advisable to defer the filing of such Registration Statement at such time, then in each case
the Corporation shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be detrimental to the Corporation for such Registration Statement to be filed in the near
future and that it is therefore advisable to defer the filing of such Registration Statement. In such event, the Corporation shall have the right to defer such filing for a period of not more than thirty (30) days; provided,
however, that the Corporation shall not defer its obligation in this manner more than once in any 12-month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration
shall be effected or permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Shares Lock-Up
Period or the Private Placement Lock-Up Period, as the case may be. 
 ARTICLE III 

CORPORATION PROCEDURES 

3.1    General Procedures. If at any time on or after the date the Corporation consummates a Business Combination
the Corporation is required to effect the Registration of Registrable Securities, the Corporation shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of
distribution thereof, and pursuant thereto the Corporation shall, as expeditiously as possible: 
 3.1.1    prepare and
file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all
Registrable Securities covered by such Registration Statement have been sold; 
 3.1.2    prepare and file with the
Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by the Corporation or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until the earlier of: (a) all Registrable
Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; or (b) such Securities cease to be Registrable Securities;

 3.1.3    prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish
without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement
to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as
the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders; 

  
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 3.1.4    prior to any public offering of Registrable Securities, use its best
efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included
in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
such other governmental authorities as may be necessary by virtue of the business and operations of the Corporation and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included
in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Corporation shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject; 

3.1.5    cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on
which similar securities issued by the Corporation are then listed; 
 3.1.6    provide a transfer agent or warrant
agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement; 

3.1.7    advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the
issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 
 3.1.8    at least five
(5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel; 
 3.1.9    notify the
Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in
effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof; 

3.1.10    permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by
such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Corporation’s officers, directors and employees to supply all information reasonably requested
by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably
satisfactory to the Corporation, prior to the release or disclosure of any such information; 
 3.1.11    obtain a
“cold comfort” letter from the Corporation’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders; 

3.1.12    on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion,
dated such date, of counsel representing the Corporation for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the
Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurances letters, and reasonably
satisfactory to the Underwriter or, if there is none, to a majority in interest of the participating Holders; 

  
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 3.1.13    in the event of any Underwritten Offering, enter into and perform
its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering; 

3.1.14    make available to its security holders, as soon as reasonably practicable, an earnings statement covering the
period of at least twelve (12) months beginning with the first day of the Corporation’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder; 
 3.1.15    if the Registration involves the Registration of Registrable
Securities involving gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior executives of the Corporation to participate in customary “road show” presentations that may be reasonably requested by the
Underwriter in any Underwritten Offering; and 
 3.1.16    otherwise, in good faith, cooperate reasonably with, and take
such customary actions as may reasonably be requested by the Holders, in connection with such Registration. 

3.2    Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Corporation. It
is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other
than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders. 

3.3    Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten
Offering for equity securities of the Corporation pursuant to a Registration initiated by the Corporation hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements
approved by the Corporation and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may
be reasonably required under the terms of such underwriting arrangements. 
 3.4    Suspension of Sales; Adverse
Disclosure. Upon receipt of written notice from the Corporation that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Corporation hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it
is advised in writing by the Corporation that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Corporation to
make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Corporation for reasons beyond the Corporation’s control, the Corporation may, upon giving prompt
written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by
the Corporation to be necessary for such purpose. In the event the Corporation exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the
Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Corporation shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.4. 
 3.5    Reporting Obligations. As long as any Holder shall own
Registrable Securities, the Corporation, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Corporation after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings that are not otherwise publicly available on the Commission’s
EDGAR website. The Corporation further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of the Common Stock held by such Holder
without registration under the Securities Act within the limitation of the exemptions provided by 

  
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Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of any Holder, the Corporation shall deliver to such Holder a written certification of a
duly authorized officer as to whether it has complied with such requirements. 
 ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

4.1    Indemnification. 

4.1.1    The Corporation agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its
officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including actual and reasonable attorneys’ fees) caused by any untrue or
alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Corporation by such Holder expressly for use therein. The Corporation shall
indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) as may be provided in any Underwriting or similar agreement entered into by the Corporation and the
Underwriters relating to an Underwritten Offering. 
 4.1.2    In connection with any Registration Statement in which a
Holder of Registrable Securities is participating, such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such Registration Statement or
Prospectus and, to the extent permitted by law, shall indemnify the Corporation, its directors and officers and agents and each person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or
affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of
each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall
indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Corporation. 

4.1.3    Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party
of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the
indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but
such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the
indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation. 

  
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 4.1.4    The indemnification provided for under this Agreement shall remain
in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Corporation and each
Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Corporation’s or such Holder’s
indemnification is unavailable for any reason. 
 4.1.5    If the indemnification provided under
Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to
reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party
or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any
Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in
connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation,
which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE
V 
 MISCELLANEOUS 

5.1    Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit
in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or
(iii) transmission by hand delivery, electronic mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case
of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at such time as it is delivered to the addressee (with the
delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to the Corporation at 1180 Peachtree Street, N.E., Suite
2400, Atlanta, GA 30309 (with a copy, which shall not constitute notice, to: Mark Hanson, Jones Day, 1420 Peachtree Street, N.E., Suite 800, Atlanta, GA 30309) and to the Holder, at such Holder’s address as found in the Corporation’s books
and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 5.1. 
 5.2    Assignment; No Third Party Beneficiaries. 

5.2.1    This Agreement and the rights, duties and obligations of the Corporation hereunder may not be assigned or
delegated by the Corporation in whole or in part. 

  
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 5.2.2    Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this
Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee, but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this
Agreement and other applicable letter agreements. 
 5.2.3    This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders. 

5.2.4    This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as
expressly set forth in this Agreement and Section 5.2 hereof. 
 5.2.5    No assignment by any
party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Corporation unless and until the Corporation shall have received (i) written notice of such assignment as provided in
Section 5.1 hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Corporation, to be bound by the terms and provisions of this Agreement (which may be accomplished by an
addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void. 

5.3    Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF
counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 

5.4    Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES
HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK,
WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. 
 5.5    Amendments and Modifications.
Upon the written consent of the Corporation and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its
capacity as a holder of the shares of capital stock of the Corporation, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder
or the Corporation and any other party hereto or any failure or delay on the part of a Holder or the Corporation in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the
Corporation. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

5.6    Other Registration Rights. The Corporation represents and warrants that no person, other than a Holder of
Registrable Securities, has any right to require the Corporation to register any securities of the Corporation for sale or to include such securities of the Corporation in any Registration filed by the Corporation for the sale of securities for its
own account or for the account of any other person. Further, the Corporation represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict
between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. 

  
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 5.7    Term. This Agreement shall terminate upon the earlier of
(i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to
in Section 4(3) of the Securities Act and Rule 174 thereunder) or (B) all such Securities cease to be Registrable Securities. The provisions of Section 3.5 and Article IV shall survive
any termination. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the
date first written above. 
  

			
	CORPORATION:
	
	MODERN MEDIA ACQUISITION CORP., a Delaware corporation
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

	Name:	 	Lewis W. Dickey, Jr.
	Title:	 	President and Chief Executive Officer









 
			
	HOLDER:
	
	MODERN MEDIA SPONSOR, LLC, a Delaware limited liability company


 
			
		
	By:	 	 /s/ Lewis W. Dickey, Jr.

	Name:	 	Lewis W. Dickey, Jr.
	Title:	 	President
		
	By:	 	 /s/ Jin Chun

	Name:	 	Jin Chun
	Title:	 	Vice President









 
			
	HOLDER:
		
	By:	 	 /s/ Blair Faulstich

	Name:	 	Blair Faulstich









 
			
	HOLDER:
		
	By:	 	 /s/ George Brokaw

	Name:	 	George Brokaw









 
			
	HOLDER:
		
	By:	 	 /s/ John White

	Name:	 	John White









 
			
	HOLDER:
		
	By:	 	 /s/ William Drewry

	Name:	 	William Drewry









 
			
	HOLDER:
		
	By:	 	 /s/ Adam Kagan

	Name:	 	Adam Kagan