Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Lease Assets and Lease Liabilities

The Company’s lease assets and lease liabilities for its studios and corporate offices were as follows:


	Successor
	June 30,				December 31,
	2026				2025
Assets:
Operating leases	$	2,148			$	2,933
Total lease assets	$	2,148			$	2,933

Liabilities:
Current
Operating leases	$	991			$	1,260
Noncurrent
Operating leases		1,325				1,893
Total lease liabilities	$	2,316			$	3,153

Schedule of Components of Lease Cost

The components of the Company’s lease cost were as follows:


	Successor									Predecessor
					Period from					Period from
	Three Months Ended				June 25, 2025					March 30, 2025
	June 30, 2026				through June 30, 2025					through June 24, 2025
Operating lease cost:
Fixed lease cost	$	442			$	17				$	3,114
Lease termination cost		—				—					740
Variable lease cost		—				—					2
Total operating lease cost	$	442			$	17				$	3,856


	Successor									Predecessor
					Period from					Period from
	Six Months Ended				June 25, 2025					December 29, 2024
	June 30, 2026				through June 30, 2025					through June 24, 2025
Operating lease cost:
Fixed lease cost	$	886			$	17				$	6,574
Lease termination cost		—				—					740
Variable lease cost		—				—					4
Total operating lease cost	$	886			$	17				$	7,318

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The Company’s weighted average remaining lease term and weighted average discount rates were as follows:


	Successor
	June 30,				December 31,
	2026				2025
Weighted Average Remaining Lease Term (years)
Operating leases		2.45				2.69

Weighted Average Discount Rate
Operating leases		9.46				9.42

Schedule of Maturity of Lease Liabilities

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:


	Operating Leases
Remainder of fiscal 2026	$	568
Fiscal 2027		979
Fiscal 2028		664
Fiscal 2029		415
Fiscal 2030		—
Fiscal 2031		—
Thereafter		—
Total lease payments	$	2,626
Less imputed interest		310
Present value of lease liabilities	$	2,316

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:


	Successor									Predecessor
					Period from					Period from
	Six Months Ended				June 25, 2025					December 29, 2024
	June 30, 2026				through June 30, 2025					through June 24, 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	973			$	—				$	7,160
Operating cash flows from finance leases	$	—			$	—				$	—
Financing cash flows from finance leases	$	—			$	—				$	—

Lease assets modified in exchange for modified operating lease liabilities	$	—			$	—				$	(34,172	)
Lease assets obtained in exchange for new finance lease liabilities	$	—			$	—				$	—