Restructuring and other related charges were $26.5 million for the year ended December 31, 2025, with $17.5 million related to the Company's restructuring plan in its International segment ("AMCNI Plan") designed to achieve cost reductions and streamline operations including channel re-branding and a reduction of workforce in Southern Europe, the wind-down of a

U.K. joint venture and a voluntary buyout program for employees in Argentina. The Company will incur additional restructuring charges in connection with the AMCNI Plan, which is expected to be substantially completed in the first half of 2026.

In October 2025, the Company announced a voluntary buyout program for U.S. employees, which is expected to result in modifications to the organizational structure of the Company and reduced employee costs. In connection with this program, the Company recognized $11.9 million of severance charges during the fourth quarter of 2025 and expects to recognize approximately $5 million of additional severance charges in 2026 for individuals providing ongoing service subsequent to December 31, 2025.

The above charges were partially offset by a credit to restructuring expense in connection with the portion of office space that the Company previously vacated in 2023, as further discussed in Note 12 - Leases.

Restructuring and other related charges were $49.5 million for the year ended December 31, 2024, consisting of $44.2 million of content impairments and $5.3 million of severance and employee-related costs. Following the purchase of the remaining interest in BBCA in November 2024, the Company completed a strategic programming assessment and recorded a restructuring charge of $43.2 million pertaining to certain scripted original programming that no longer aligned with the channel's go-forward strategy. The remaining content impairments were recorded in connection with We TV shifting to a reduced originals strategy.

During the year ended December 31, 2023, the Company completed a restructuring plan (the "2022 Plan") that commenced on November 28, 2022. The 2022 Plan was designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. The 2022 Plan encompassed initiatives that included, among other things, strategic programming assessments and organizational restructuring costs. The 2022 Plan was intended to improve the organizational design of the Company through the elimination of certain roles and centralization of certain functional areas of the Company. The programming assessments pertained to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the Company’s linear or streaming platforms.

During the year ended December 31, 2023, the Company recorded restructuring and other related charges of $27.8 million related to the 2022 Plan, consisting primarily of charges relating to severance and other personnel costs, and its third quarter exiting of a portion of office space at its corporate headquarters in New York and office space in Silver Spring, Maryland and Woodland Hills, California. In connection with exiting a portion of its New York office space, the Company recorded impairment charges of $11.6 million, consisting of $9.1 million for operating lease right-of use assets and $2.5 million for leasehold improvements. Fair values used to determine the impairment charge were determined using an income approach, specifically a discounted cash flow ("DCF") model. The DCF model includes significant assumptions about sublease income and enterprise specific discount rates. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations.

Restructuring and other related charges (credits) that were not allocated to operating segments were ($0.6) million, $0.1 million and $20.5 million, for the years ended December 31, 2025, 2024 and 2023, respectively.


(In thousands)	Severance and Employee-Related Costs		Content Impairments and Other Exit Costs		Total
Balance at December 31, 2023	$	8,726	$	5,008	$	13,734
Charges	5,247		44,217		49,464

Cash payments	(8,141)		(5,154)		(13,295)
Non-cash content impairment adjustments	—		(44,217)		(44,217)
Other	(948)		1,483		535
Balance at December 31, 2024	4,884		1,337		6,221
Charges	22,010		4,526		26,536

Cash payments	(12,210)		(829)		(13,039)
Non-cash adjustments	—		(4,834)		(4,834)
Other	(81)		1,642		1,561
Balance at December 31, 2025	$	14,603	$	1,842	$	16,445