SUPPLEMENTARY DATA (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| SUPPLEMENTARY DATA [Abstract] |
|
| Summary of Property and equipment |
Property, buildings and equipment, net consisted of the following (in thousands):
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|
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As of |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Buildings and improvements |
|
$ |
424,542 |
|
|
$ |
446,799 |
|
Land and land improvements |
|
|
50,626 |
|
|
|
81,246 |
|
Furniture and fixtures |
|
|
118,086 |
|
|
|
108,693 |
|
Office, computer and other equipment |
|
|
267,372 |
|
|
|
233,242 |
|
Construction in progress |
|
|
48,483 |
|
|
|
29,029 |
|
|
|
|
909,109 |
|
|
|
899,009 |
|
Less: accumulated depreciation |
|
|
(279,205 |
) |
|
|
(205,976 |
) |
Total Property, buildings and equipment, net |
|
$ |
629,904 |
|
|
$ |
693,033 |
|
|
| Summary of Allowance for Doubtful Accounts |
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Balance at |
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Charged to |
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Balance at |
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Beginning |
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Costs and |
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Foreign |
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End of |
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|
|
of Year |
|
|
Expenses |
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Deductions |
|
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Exchange |
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|
Year |
|
Allowance for doubtful accounts |
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|
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|
Year Ended December 31, 2024 |
|
$ |
22,537 |
|
|
$ |
4,063 |
|
|
$ |
(5,354 |
) |
|
$ |
(607 |
) |
|
$ |
20,639 |
|
Year Ended December 31, 2023 |
|
$ |
18,108 |
|
|
$ |
10,833 |
|
|
$ |
(6,948 |
) |
|
$ |
544 |
|
|
$ |
22,537 |
|
Year Ended December 31, 2022 |
|
$ |
22,744 |
|
|
$ |
7,417 |
|
|
$ |
(11,035 |
) |
|
$ |
(1,018 |
) |
|
$ |
18,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax valuation allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
$ |
16,166 |
|
|
$ |
20,547 |
|
|
$ |
— |
|
|
$ |
(97 |
) |
|
$ |
36,616 |
|
Year Ended December 31, 2023 |
|
$ |
536 |
|
|
$ |
15,639 |
|
|
$ |
— |
|
|
$ |
(9 |
) |
|
$ |
16,166 |
|
Year Ended December 31, 2022 |
|
$ |
2,504 |
|
|
$ |
(197 |
) |
|
$ |
(1,770 |
) |
|
$ |
(1 |
) |
|
$ |
536 |
|
|
| Summary of Unamortized Content Costs |
|
|
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|
|
|
|
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|
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|
|
|
|
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|
Predominantly Monetized Individually |
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|
Predominantly Monetized as a Film Group |
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|
As of December 31, |
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|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Licensed and acquired program rights |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,646 |
|
|
$ |
21,413 |
|
Produced programming: |
|
|
|
|
|
|
|
|
|
|
|
|
In release |
|
|
24 |
|
|
|
1,410 |
|
|
|
1,655 |
|
|
|
2,081 |
|
Completed but not released |
|
|
3 |
|
|
|
2,045 |
|
|
|
— |
|
|
|
115 |
|
In production |
|
|
949 |
|
|
|
1,350 |
|
|
|
920 |
|
|
|
819 |
|
In development |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total film and television costs |
|
$ |
984 |
|
|
$ |
4,805 |
|
|
$ |
27,221 |
|
|
$ |
24,428 |
|
|
| Summary of Amortization and Impairment of Content Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Content production amortization expense - assets monetized individually |
|
$ |
5,262 |
|
|
$ |
5,028 |
|
|
$ |
— |
|
Content production amortization expense - assets monetized as a film group |
|
|
22,260 |
|
|
|
19,944 |
|
|
|
15,099 |
|
Content production impairment charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total amortization and impairment of content costs |
|
$ |
27,522 |
|
|
$ |
24,972 |
|
|
$ |
15,099 |
|
|
| Summary of Other Current Assets |
|
|
|
|
|
|
|
|
|
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As of |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Prepaid taxes |
|
$ |
68,345 |
|
|
$ |
57,885 |
|
Ticket inventory (1) |
|
|
46,208 |
|
|
|
188,560 |
|
Amounts due from the Group (Note 22) |
|
|
30,450 |
|
|
|
10,423 |
|
Prepaid event and production-related costs |
|
|
29,236 |
|
|
|
— |
|
Other current receivables |
|
|
20,825 |
|
|
|
21,561 |
|
Prepaid insurance |
|
|
9,772 |
|
|
|
10,628 |
|
Assets held for sale |
|
|
4,458 |
|
|
|
7,500 |
|
Other |
|
|
38,816 |
|
|
|
54,155 |
|
Total |
|
$ |
248,110 |
|
|
$ |
350,712 |
|
(1) During the second quarter of 2024, there was a write-down of unused tickets related to the Paris Olympics for $83.0 million, which was recorded in direct operating costs in the combined statement of operations.
|
| Summary of Accrued Liabilities |
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|
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As of |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Legal settlements |
|
$ |
250,000 |
|
|
$ |
— |
|
Payroll-related costs |
|
|
153,014 |
|
|
|
138,101 |
|
Accrued operating expenses |
|
|
127,369 |
|
|
|
24,098 |
|
Event and production-related costs |
|
|
43,586 |
|
|
|
107,722 |
|
Legal and professional fees |
|
|
27,797 |
|
|
|
22,129 |
|
Interest |
|
|
20,817 |
|
|
|
41,634 |
|
Accrued capital expenditures |
|
|
11,699 |
|
|
|
31,844 |
|
Other |
|
|
35,950 |
|
|
|
56,753 |
|
Total |
|
$ |
670,232 |
|
|
$ |
422,281 |
|
|