| Program Rights |
Program Rights Total capitalized produced and licensed content by predominant monetization strategy is as follows: | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (In thousands) | Predominantly Monetized Individually | | Predominantly Monetized as a Group | | Total | | Owned original program rights, net: | | | | | | | Completed | $ | 38,889 | | | $ | 590,357 | | | $ | 629,246 | | | In-production and in-development | — | | | 307,121 | | | 307,121 | | | Total owned original program rights, net | $ | 38,889 | | | $ | 897,478 | | | $ | 936,367 | | | | | | | | | Licensed program rights, net: | | | | | | | Licensed film and acquired series | $ | — | | | $ | 564,558 | | | $ | 564,558 | | | Licensed originals | — | | | 130,598 | | | 130,598 | | | Advances and other production costs | — | | | 60,112 | | | 60,112 | | | Total licensed program rights, net | — | | | 755,268 | | | 755,268 | | | Program rights, net | $ | 38,889 | | | $ | 1,652,746 | | | $ | 1,691,635 | | | | | | | | | Current portion of program rights, net | | | | | $ | 6,281 | | | Program rights, net (long-term) | | | | | 1,685,354 | | | | | | | $ | 1,691,635 | | | | | | | |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In thousands) | Predominantly Monetized Individually | | Predominantly Monetized as a Group | | Total | | Owned original program rights, net: | | | | | | | Completed | $ | 44,258 | | | $ | 597,009 | | | $ | 641,267 | | | In-production and in-development | — | | | 333,568 | | | 333,568 | | | Total owned original program rights, net | $ | 44,258 | | | $ | 930,577 | | | $ | 974,835 | | | | | | | | | Licensed program rights, net: | | | | | | | Licensed film and acquired series | $ | — | | | $ | 593,491 | | | $ | 593,491 | | | Licensed originals | — | | | 141,243 | | | 141,243 | | | Advances and other production costs | — | | | 57,045 | | | 57,045 | | | Total licensed program rights, net | — | | | 791,779 | | | 791,779 | | | Program rights, net | $ | 44,258 | | | $ | 1,722,356 | | | $ | 1,766,614 | | | | | | | | | Current portion of program rights, net | | | | | $ | 3,530 | | | Program rights, net (long-term) | | | | | 1,763,084 | | | | | | | $ | 1,766,614 | | | | | | | |
Amortization, including write-offs, of owned and licensed program rights is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | (In thousands) | | | | | | | Predominantly Monetized Individually | | Predominantly Monetized as a Group | | Total | Included in Technical and operating: | | | | | | | | | | | | | Owned original program rights | | | | | | | $ | 5,369 | | | $ | 93,336 | | | $ | 98,705 | | | Licensed program rights | | | | | | | — | | | 107,557 | | | 107,557 | | | | | | | | | $ | 5,369 | | | $ | 200,893 | | | $ | 206,262 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | (In thousands) | | | | | | | Predominantly Monetized Individually | | Predominantly Monetized as a Group | | Total | Included in Technical and operating: | | | | | | | | | | | | | Owned original program rights | | | | | | | $ | 3,893 | | | $ | 87,143 | | | $ | 91,036 | | | Licensed program rights | | | | | | | 79 | | | 106,766 | | | 106,845 | | | | | | | | | $ | 3,972 | | | $ | 193,909 | | | $ | 197,881 | |
There were no significant program rights write-offs included in technical and operating expenses for the three months ended March 31, 2026 or 2025. In the normal course of business, the Company may qualify for tax incentives through eligible spend on productions. Receivables related to tax incentives earned on production spend as of March 31, 2026 consisted of $136.9 million recorded in Prepaid expenses and other current assets and $73.2 million recorded in Other assets. Receivables related to tax incentives earned on production spend as of December 31, 2025 consisted of $125.3 million recorded in Prepaid expenses and other current assets and $95.0 million recorded in Other assets.
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