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Business Combinations
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combinations Business Combinations
Quixote Acquisition

On August 31, 2022 (“Quixote Acquisition Date”), the Company acquired 100% of the equity interests in Quixote, which rents sound stages, cast trailers and trucks and other equipment essential for media content production and will expand the Company’s service offerings for its studio platform.

The following table summarizes the Quixote Acquisition Date fair value of the consideration transferred in connection with the acquisition:
Cash$199,098 
Seller note payable160,000 
Total consideration$359,098 
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Quixote Acquisition Date:

Cash and cash equivalents$5,780 
Accounts receivable7,238 
Prepaid expenses and other assets3,788 
Investment in real estate(1)
47,741 
Non-real estate property, plant and equipment65,939 
Intangible assets76,900 
Right-of-use assets106,115 
Total assets acquired313,501 
Accounts payable, accrued liabilities and other$12,700 
Lease liabilities95,112 
Total liabilities assumed107,812 
Net identifiable assets acquired$205,689 
Goodwill153,409 
NET ASSETS ACQUIRED$359,098 
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1.Represents leasehold improvements related to Quixote’s leasehold interests in studio properties.

Of the $76.9 million of intangible assets acquired as part of the Quixote acquisition, $28.6 million was assigned to the registered trade name, which is not subject to amortization. The remaining $48.3 million of acquired intangible assets includes customer relationships of $45.4 million (seven-year useful life) and non-compete agreements of $2.9 million (five-year weighted-average useful life). The definite-lived intangible assets are subject to a weighted-average useful life of approximately seven years.

Goodwill of $153.4 million for the Quixote acquisition was recognized in connection with the transaction. The goodwill recognized is attributable to expected synergies and the assembled workforce of Quixote. The goodwill has been allocated to the studio reporting unit. Goodwill is deductible for tax purposes and, as a result, deferred taxes have been recorded.