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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The carrying amounts and activity of goodwill from June 30, 2022 through June 30, 2024 were as follows:
|  | Sphere |  | MSG Networks |  | Total
Balance as of June 30, 2022 |  | $ | 32,299 |  |  | $ | 424,508 |  |  | $ | 456,807 |
Activity |  | — |  |  | — |  |  | — |
Balance as of June 30, 2023 |  | $ | 32,299 |  |  | $ | 424,508 |  |  | $ | 456,807 |
Activity |  | 13,345 |  |  | — |  |  | 13,345 |
Balance as of June 30, 2024 |  | $ | 45,644 |  |  | $ | 424,508 |  |  | $ | 470,152 |
During the first quarter of Fiscal Years 2024 and 2023, the Company performed its annual impairment tests of goodwill and determined that there were no impairments identified as of the impairment test date. The Sphere segment’s goodwill carrying amount increased by $13,345 during Fiscal Year 2024 due to the acquisition of Holoplot, refer to Note 7. Investments for further details. The MSG Networks segment (and reporting unit) had a negative carrying amount of net assets as of June 30, 2024 and 2023. For periods prior to the MSGE Distribution, Sphere was included with the MSGE Entertainment business in a combined segment and reporting unit. In connection with the MSGE Distribution, the goodwill balance associated with this reporting unit was allocated between Sphere and MSG Entertainment discontinued operations based upon a relative fair value approach, resulting in $32,299 of goodwill attributed to Sphere. The Company’s intangible assets subject to amortization as of June 30, 2024 and 2023 were as follows:
|  | As of |  |
|  | June 30, 2024 |  | June 30, 2023 |  |
|  | Gross carrying amount |  | Accumulated amortization |  | Intangible assets, net |  | Gross carrying amount |  | Accumulated amortization |  | Intangible assets, net |  |
Affiliate relationships |  | $ | 83,044 |  |  | $ | (68,249) |  |  | $ | 14,795 |  |  | $ | 83,044 |  |  | $ | (65,134) |  |  | $ | 17,910 |  |  |
Technology |  | 15,508 |  |  | (520) |  |  | 14,988 |  |  | — |  |  | — |  |  | — |  |  |
Trade name |  | 2,032 |  |  | (68) |  |  | 1,964 |  |  | — |  |  | — |  |  | — |  |  |
Other |  | 278 |  |  | (85) |  |  | 193 |  |  | — |  |  | — |  |  | — |  |  |
Total |  | $ | 100,862 |  |  | $ | (68,922) |  |  | $ | 31,940 |  |  | $ | 83,044 |  |  | $ | (65,134) |  |  | $ | 17,910 |  |  |
Amortization expense for intangible assets was $3,788, $3,115, and $5,768 for Fiscal Years 2024, 2023 and 2022, respectively. The Company recognized $17,818 of intangible assets subject to amortization during Fiscal Year 2024 as a result of the acquisition of Holoplot. The weighted-average remaining useful life for the intangible assets acquired is 4.8 years, refer to Note 7. Investments for further details. The Company’s annual amortization expense for existing intangible assets subject to amortization for each of the succeeding five fiscal years is as follows:
|  | For the years ending June 30,
|  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  |
Estimated amortization expense |  | $ | (6,813) |  |  | $ | (6,623) |  |  | $ | (6,623) |  |  | $ | (6,623) |  |  | $ | (5,258) |  |  |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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