13. CONTENT PRODUCTION INCENTIVES

The Company has access to various governmental programs that are designed to promote content production within the United States of America and certain international jurisdictions. These programs primarily consist of nonrefundable tax credits issued by a jurisdiction on an annual basis for qualifying expenses incurred during the year in the production of certain entertainment content created in whole or in part within the jurisdiction. The Company recognizes these benefits when it has reasonable assurance regarding the realizable amount of the tax credits.

During the three and nine months ended September 30, 2026 and 2025, the Company recorded content production incentives of $16.0 million and $16.6 million and $19.5 million and $16.6 million, respectively, related to qualifying content production activities primarily in the WWE segment. These incentives are recorded as an offset to production expenses within direct operating costs within the consolidated statements of operations.

During the nine months ended September 30, 2026 and 2025, the Company recorded infrastructure improvement incentives of $11.2 million and $12.1 million, respectively, related to qualifying capital expenditures associated with the buildout of WWE's leased corporate headquarters and media production facilities. These incentives are recorded as an offset to property, buildings and equipment, net in the consolidated balance sheets.