We incurred severance and related employee benefits costs during 2026 and 2025 due to the reduction of headcount, as we continue to shift our business to a more capital-light model. Severance costs recorded in “All Other” in the table below for the three months ended March 31, 2026 were primarily related to the transition of our digital subscriptions and content operations into a licensing model, which we expect to complete in 2026. Severance costs recorded in “Corporate” for the three months ended March 31, 2026 were primarily related to brand marketing activities. Refer to Note 18, Segments, for further details. Severance costs are recorded in selling and administrative expenses in our condensed consolidated statements of operations, and in other current liabilities and accrued expenses in our condensed consolidated balance sheets.

The following is a reconciliation of the beginning and ending severance costs balances recorded in other current liabilities and accrued expenses in our condensed consolidated balance sheets (in thousands):


	Employee Separation Costs
Balance at December 31, 2025	$	272
Costs incurred and charged to expense	67
Costs paid or otherwise settled	(136)
Balance at March 31, 2026	$	203