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VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2026

Variable Interest Entity Disclosure [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

In the normal course of business, we enter into joint ventures or make investments with business partners that

support our underlying business strategy and provide us the ability to enter new markets to expand the reach of our

brands, develop new programming and/or distribute our existing content. In certain instances, an entity in which

we make an investment may qualify as a variable interest entity (“VIE”). In determining whether we are the

primary beneficiary of a VIE, we assess whether we have the power to direct matters that most significantly impact

the activities of the VIE, and have the obligation to absorb losses or the right to receive benefits from the VIE that

could potentially be significant to the VIE.

The following tables present the amounts recorded in our consolidated financial statements related to our

consolidated VIEs. During the first quarter of 2026, we acquired our minority partner’s interest in one of our

consolidated VIEs, which increased our ownership interest to 100%. Accordingly, for periods subsequent to the

acquisition, this entity is not included in the amounts disclosed. 

		At				At
	June 30, 2026				December 31, 2025
Total assets		$829				$1,193
Total liabilities		$149				$311

	Successor					Predecessor				Successor				Predecessor
	Three Months Ended June 30,					Three Months Ended June 30,				Six Months Ended June 30,					Six Months Ended June 30,
	2026					2025				2026					2025
Revenues		$127					$117				$221					$242
Operating income (loss)		$13					$(40)				$37					$(87)

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- Definition

Variable Interest Entity Disclosure

+ References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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