| Leases |
The Company’s lease assets and lease liabilities for its studios and corporate offices were as follows:
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Successor |
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June 30, |
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December 31, |
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2026 |
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2025 |
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Assets: |
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Operating leases |
$ |
2,148 |
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|
$ |
2,933 |
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Total lease assets |
$ |
2,148 |
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$ |
2,933 |
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Liabilities: |
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Current |
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Operating leases |
$ |
991 |
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$ |
1,260 |
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Noncurrent |
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Operating leases |
|
1,325 |
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|
1,893 |
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Total lease liabilities |
$ |
2,316 |
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|
$ |
3,153 |
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The components of the Company’s lease cost were as follows:
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Successor |
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Predecessor |
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Period from |
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Period from |
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Three Months Ended |
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June 25, 2025 |
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March 30, 2025 |
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June 30, 2026 |
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through June 30, 2025 |
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through June 24, 2025 |
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Operating lease cost: |
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Fixed lease cost |
$ |
442 |
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|
$ |
17 |
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$ |
3,114 |
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Lease termination cost |
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— |
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— |
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|
740 |
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Variable lease cost |
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— |
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— |
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|
2 |
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Total operating lease cost |
$ |
442 |
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|
$ |
17 |
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$ |
3,856 |
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Successor |
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Predecessor |
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Period from |
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Period from |
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Six Months Ended |
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June 25, 2025 |
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December 29, 2024 |
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June 30, 2026 |
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through June 30, 2025 |
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through June 24, 2025 |
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Operating lease cost: |
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Fixed lease cost |
$ |
886 |
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|
$ |
17 |
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|
$ |
6,574 |
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Lease termination cost |
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— |
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— |
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|
740 |
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Variable lease cost |
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— |
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— |
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|
4 |
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Total operating lease cost |
$ |
886 |
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|
$ |
17 |
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$ |
7,318 |
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The Company recorded sublease income for the three months ended June 30, 2026 (Successor) and the period from March 30, 2025 through June 24, 2025 (Predecessor) of $170 and $1,086, respectively, as an offset to selling, general and administrative expenses. The Company recorded sublease income for the six months ended June 30, 2026 (Successor) and the period from December 29, 2024 through June 24, 2025 (Predecessor) of $342 and $2,205, respectively, as an offset to selling, general and administrative expenses. The Company’s weighted average remaining lease term and weighted average discount rates were as follows:
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Successor |
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June 30, |
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December 31, |
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2026 |
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|
2025 |
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Weighted Average Remaining Lease Term (years) |
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Operating leases |
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2.45 |
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2.69 |
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Weighted Average Discount Rate |
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Operating leases |
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9.46 |
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|
9.42 |
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The Company’s leases have remaining lease terms of 0 to 3 years with a weighted average lease term of 2.45 years at June 30, 2026 (Successor). At June 30, 2026 (Successor), the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
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Operating
Leases |
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Remainder of fiscal 2026 |
$ |
568 |
|
Fiscal 2027 |
|
979 |
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Fiscal 2028 |
|
664 |
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Fiscal 2029 |
|
415 |
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Fiscal 2030 |
|
— |
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Fiscal 2031 |
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— |
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Thereafter |
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— |
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Total lease payments |
$ |
2,626 |
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Less imputed interest |
|
310 |
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Present value of lease liabilities |
$ |
2,316 |
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Supplemental cash flow information related to leases were as follows:
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Successor |
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Predecessor |
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Period from |
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Period from |
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Six Months Ended |
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June 25, 2025 |
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December 29, 2024 |
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June 30, 2026 |
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through June 30, 2025 |
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through June 24, 2025 |
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Cash paid for amounts included in the measurement of lease liabilities |
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Operating cash flows from operating leases |
$ |
973 |
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$ |
— |
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$ |
7,160 |
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Operating cash flows from finance leases |
$ |
— |
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$ |
— |
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$ |
— |
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Financing cash flows from finance leases |
$ |
— |
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$ |
— |
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$ |
— |
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Lease assets modified in exchange for modified operating lease liabilities |
$ |
— |
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|
$ |
— |
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$ |
(34,172 |
) |
Lease assets obtained in exchange for new finance lease liabilities |
$ |
— |
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$ |
— |
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$ |
— |
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