v3.25.1
Combined Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ (245,677) $ 142,999 $ 359,578
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 457,925 224,051 133,619
Amortization and impairments of content costs 27,522 24,972 15,099
Impairment charges 27,933 21,529 0
Amortization and write-off of original issue discount and deferred financing costs 10,446 10,589 10,635
Equity-based compensation 103,466 64,512 31,598
Income taxes (70,525) (10,122) (17,550)
Equity earnings of affiliates (1,783) (9,212) (7,388)
Distributions from affiliates 8,225 6,499 6,953
Change in fair value of financial instruments (3,830) (5,722) 1,008
Change in fair value of contingent liabilities (130) 2,012 62
Net loss (gain) on foreign currency transactions 6,068 (12,731) 16,612
(Loss) gain on disposal of assets 84,108 0 (5,875)
Net (benefit) provision for allowance for doubtful accounts (1,412) 5,879 (3,224)
Other, net 573 1,377 1,100
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable (66,649) 30,446 (104,895)
Other current assets 17,415 (61,408) (49,025)
Other noncurrent assets (255,519) (112,300) (27,323)
Deferred costs 366,996 (269,503) 979
Accounts payable and accrued liabilities 308,355 24,859 13,809
Deferred revenue (258,128) 142,464 (24,532)
Other liabilities 70,705 44,970 43,520
Net cash provided by operating activities 586,084 266,159 394,760
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition, net of cash acquired 0 0 (3,873)
Purchases of property, buildings and equipment and other assets (118,818) (93,753) (43,102)
Investments in affiliates, net (35,134) (735) (875)
Proceeds from the sale of assets 28,365    
Proceeds from infrastructure improvement incentives 11,000 0 0
Cash acquired from WWE 0 381,153 0
Payment of deferred consideration in the form of a dividend to former WWE shareholders 0 (321,006) 0
Distributions from affiliates 17 485 141
Related party loans receivable 0 (2,122) 0
Due from parent (2,674) 0 0
Net proceeds from sale of assets 0 0 15
Net cash (used in) provided by investing activities (117,244) (35,978) (47,694)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of contingent consideration related to acquisitions (567) (1,747) (2,204)
Net transfers from (to) parent 12,320 (43,294) (962,581)
Distributions of non-controlling interests (1,237) (839) (632)
Related party loans payable 0 311 0
Proceeds from borrowings 2,950,000 142,913 0
Repayment of long-term debt (2,942,944) (176,963) (83,074)
Repurchase of Class A common stock (165,000) (100,000) 0
Redemption of profit units 0 0 (2,877)
Payments for financing costs (8,260) (286) 0
Taxes paid related to net settlement upon vesting of equity awards (5,657) 0 0
Proceeds from principal stockholder contributions 6,387 5,807 0
Net cash used in financing activities (154,958) (174,098) (1,051,368)
Effects of exchange rate movements on cash (7,645) (235) (11,595)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 306,237 55,848 (715,897)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 371,846 315,998 1,031,895
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 678,083 371,846 315,998
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 267,508 227,137 118,532
Cash payments for income taxes 98,631 25,638 19,765
NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Purchases of property and equipment recorded in accrued expenses and accounts payable 14,090 25,376 5,074
Acquisition of WWE, net of deferred consideration 0 8,111,055 0
Accretion of redeemable non-controlling interests 8,036 0 (1,539)
Capital contribution from parent for equity-based compensation 6,926 18,638 23,744
Contingent consideration provided in connection with acquisitions 0 0 873
Parent buyout of non-controlling interests 0 0 55,882
Investment in affiliates received for business of divestiture 0 0 5,875
Principal stockholder contributions 1,492 9,000 0
Excise taxes on repurchases of common stock 909 0 0
Convertible notes exchanged for common stock $ 0 $ 4,226 $ 0