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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill

Note 8 – Intangible Assets and Goodwill

 

Intangible Assets

 

The table below summarizes the Company’s intangible assets at December 31, 2020 and 2019 (in thousands):

 

          Weighted     December 31, 2020  
    Useful Lives
(Years)		     Average Remaining Life (Years)     Intangible Assets     Intangible Asset Impairment     Accumulated Amortization     Net Balance  
Human animation technologies     5                                   -     $ 123,436     $            (85,281 )   $ (38,155 )   $ -  
Trademark and trade names     5       -       7,746       (5,294 )     (2,452 )     -  
Animation and visual effects technologies     4       -       6,016       (4,024 )     (1,992 )     -  
Digital asset library     4       -       7,536       (5,131 )     (2,405 )     -  
Intellectual Property     7       -       828       (574 )     (254 )     -  
Customer relationships     2       1.5       23,678       -       (8,880 )     14,798  
fuboTV tradename     9       8.5       38,197       -       (3,183 )     35,014  
Software and technology     9       8.5       181,782       -       (15,145 )     166,637  
Total                   $ 389,219     $ (100,304 )   $ (72,466 )   $ 216,449  

 

          Weighted     December 31, 2019  
    Useful Lives (Years)     Average Remaining Life (Years)     Intangible Assets     Intangible Asset Impairment     Accumulated Amortization     Net Balance  
Human animation technologies     7       6     $ 123,436     $ -     $ (24,646 )   $ 98,790  
Trademark and trade names     7       6       9,432       (1,686 )     (1,549 )     6,197  
Animation and visual effects technologies     7       6       6,016       -       (1,203 )     4,813  
Digital likeness development     5-7       5.5       7,505       -       (1,251 )     6,254  
Intellectual Property     7       6       3,258       (2,430 )     (236 )     592  
Customer relationships     11       11       4,482       (4,482 )     -       -  
Total                   $ 154,129     $ (8,598 )   $ (28,885 )   $ 116,646  

 

The intangible assets are being amortized over their respective original useful lives, which range from 2 to 11 years. The Company recorded amortization expense related to the above intangible assets of approximately $43.6 million and $20.8 million for the years ended December 31, 2020 and 2019, respectively. As noted above, the Company recorded an impairment charge of $100.3 million and $8.6 million during the years ended December 31, 2020 and 2019, respectively.

 

The estimated future amortization expense associated with intangible assets is as follows (in thousands):

 

    Future Amortization  
2021   $ 36,291  
2022     27,412  
2023     24,452  
2024     24,437  
Thereafter     103,857  
Total   $ 216,449  

 

Goodwill

 

The following table is a summary of the changes to goodwill for the year ended December 31, 2020 and 2019 (in thousands):

 

    December 31,  
    2020     2019  
Beginning balance   $ 227,763     $ 149,975  
Nexway Acquisition     -       51,168  
Facebank AG Acquisition     -       28,541  
Measurement period adjustment for EAI acquisition     -       (1,921 )
Deconsolidation of Nexway     (51,168 )     -  
Acquisition of fuboTV     478,406       -  
Less: Sale of Facebank AG     (28,541 )     -  
Impairment expense     (148,054 )     -  
Ending balance   $ 478,406     $ 227,763