XML 37 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Combinations | 12 Months Ended
--- | ---
Dec. 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 | 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 finite-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. During the year ended December 31, 2022, the Company recognized acquisition-related costs of $8.7 million for the Quixote acquisition. These costs are included in transaction-related expenses on the Consolidated Statement of Operations. The amounts of revenue and loss from operations of Quixote included in the Company’s Consolidated Statement of Operations from the Quixote Acquisition Date to December 31, 2022 are as follows:
Revenue | $ | 33,200 |
Loss from operations | $ | (5,290) |
The following represents the pro forma Consolidated Statements of Operations as if the results of operations of Quixote had been included in the consolidated results of the Company for the years ended December 31, 2022 and 2021:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Revenue | $ | 1,090,857 |  |  | $ | 982,985 |
Net (loss) income | $ | (17,715) |  |  | $ | 38,508 |
The amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Quixote to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2021.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration