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Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amounts of Goodwill
The changes in carrying amounts of goodwill for the nine months ended September 30, 2024 are as follows (in thousands):
Digital MediaCybersecurity and MartechConsolidated
Balance as of January 1, 2024
$1,016,880 $529,185 $1,546,065 
Goodwill acquired (1)
112,534 — 112,534 
Goodwill removed due to sale of businesses (2)
(3,983)— (3,983)
Goodwill impairment(85,273)— (85,273)
Foreign exchange translation1,180 2,331 3,511 
Balance as of September 30, 2024$1,041,338 $531,516 $1,572,854 
(1)Goodwill recognized in connection with the acquisitions during the nine months ended September 30, 2024 (see Note 3Business Acquisitions), which is not expected to be deductible for income tax purposes.
(2)During the nine months ended September 30, 2024, in a cash transaction, the Company sold an international business at Digital Media within its shopping vertical, which resulted in $4.0 million of goodwill being removed in connection with this sale.
Intangible Assets Subject to Amortization
As of September 30, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost
Accumulated
Amortization
Net
Trade names and trademarks$375,332 $214,695 $160,637 
Customer relationships
847,121 603,979 243,142 
Other purchased intangibles427,589 360,594 66,995 
Total$1,650,042 $1,179,268 $470,774 

As of December 31, 2023, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost
Accumulated
Amortization
Net
Trade names and trademarks$347,895 $192,111 $155,784 
Customer relationships
692,634 555,384 137,250 
Other purchased intangibles379,703 347,331 32,372 
Total$1,420,232 $1,094,826 $325,406