v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) including noncontrolling interests $ 101,772 $ (217,987) $ 201,400
Adjustments to reconcile net income (loss) to net cash from operating activities:      
Depreciation and amortization 94,425 98,015 107,402
Non-cash impairment and other charges 97,784 399,513 87,089
Share-based compensation expenses related to equity classified awards 25,330 26,051 25,665
Non-cash restructuring and other related charges 4,834 44,217 15,147
Amortization and write-offs of program rights 846,800 889,394 906,158
Amortization of deferred carriage fees 21,155 26,748 21,341
Unrealized foreign currency transaction (gain) loss (10,761) 4,595 2,716
Amortization of deferred financing costs and discounts on indebtedness 7,208 7,335 7,574
(Gain) loss on extinguishment of debt (129,800) 105 0
Deferred income taxes (17,278) (63,063) 49,736
Other, net (11,276) (3,685) (2,731)
Changes in assets and liabilities:      
Accounts receivable, trade (including amounts due from related parties, net) 51,376 30,886 34,332
Prepaid expenses and other assets 35,215 215,028 103,258
Program rights and obligations, net (815,229) (932,269) (1,079,910)
Deferred revenue 1,742 (3,963) (60,671)
Deferred carriage fees, net (17,723) (22,828) (17,826)
Accounts payable, accrued liabilities and other liabilities 20,096 (122,477) (196,761)
Net cash provided by operating activities 305,670 375,615 203,919
Cash flows from investing activities:      
Capital expenditures (33,303) (44,775) (35,207)
Proceeds from sale of investments 0 0 8,565
Other, net (908) 4,399 2,320
Net cash used in investing activities (34,211) (40,376) (24,322)
Cash flows from financing activities:      
Proceeds from the issuance of 4.25% Convertible Senior Notes due 2029, net 0 139,437 0
Principal payments on Term Loan A Facility (282,830) (241,875) (33,750)
Payments for financing costs (3,926) (10,628) (342)
Deemed repurchases of restricted stock units (4,044) (4,626) (7,271)
Purchase of treasury stock (17,969) 0 0
Principal payments on finance lease obligations (4,670) (4,650) (4,222)
Purchase of noncontrolling interests (75,000) (42,000) (1,343)
Distributions to noncontrolling interests (7,271) (23,992) (72,876)
Net cash used in financing activities (570,288) (110,223) (544,435)
Net increase (decrease) in cash and cash equivalents from operations (298,829) 225,016 (364,838)
Effect of exchange rate changes on cash and cash equivalents 16,559 (10,943) 5,412
Cash and cash equivalents at beginning of year 784,649 570,576 930,002
Cash and cash equivalents at end of year 502,379 784,649 570,576
Senior Notes      
Adjustments to reconcile net income (loss) to net cash from operating activities:      
(Gain) loss on extinguishment of debt (27,200)    
10.50% Senior Notes Due 2032 | Senior Notes      
Cash flows from financing activities:      
Proceeds from issuance of Senior Secured Notes, net 394,500 0 0
10.25% Senior Secured Notes due 2029 | Senior Notes      
Cash flows from financing activities:      
Proceeds from issuance of Senior Secured Notes, net 0 862,969 0
4.75% Senior Notes Due 2025 | Senior Notes      
Cash flows from financing activities:      
Repayments of senior debt 0 (774,729) (24,631)
4.25% Senior Notes due 2029 | Senior Notes      
Cash flows from financing activities:      
Repayments of senior debt (569,078) (10,129) 0
5.00% Senior Notes due 2024 | Senior Notes      
Cash flows from financing activities:      
Repayments of senior debt $ 0 $ 0 $ (400,000)