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Business Combinations | 6 Months Ended
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Jun. 30, 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 payable | 160,000 |
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 receivable | 7,238 |
Prepaid expenses and other assets | 3,788 |
Investment in real estate(1) | 47,741 |
Non-real estate property, plant and equipment | 65,939 |
Intangible assets | 76,900 |
Right-of-use assets | 106,115 |
Total assets acquired | 313,501 |
Accounts payable, accrued liabilities and other | $ | 12,700 |
Lease liabilities | 95,112 |
Total liabilities assumed | 107,812 |
Net identifiable assets acquired | $ | 205,689 |
Goodwill | 153,409 |
NET ASSETS ACQUIRED | $ | 359,098 |
_____________ 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.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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