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Business Combinations and Asset Acquisitions (Tables) | 6 Months Ended
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Nov. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed at the date of acquisition, inclusive of measurement period adjustments:
Cash and cash equivalents | $ | 17.5 |  |  |  |  |  |  |  |
Accounts receivable |  | 15.9 |  |  |  |  |  |  |  |
Investment in film and television programs |  | 42.9 |  |  |  |  |  |  |  |
Property, plant and equipment (1) |  | 6.0 |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 6.1 |  |  |  |  |  |  |  |
Other Intangible assets: |  |  |  |  |  |  |  |  |
Existing content/IP |  | 16.0 |  |  |  |  |  |  |  |
Customer contracts/relationships |  | 51.5 |  |  |  |  |  |  |  |
Trade names |  | 16.5 |  |  |  |  |  |  |  |
Internally developed software |  | 1.3 |  |  |  |  |  |  |  |
Other assets (2) |  | 35.8 |  |  |  |  |  |  |  |
Total assets acquired |  | 209.5 |  |  |  |  |  |  |  |
Accounts payable |  | 2.3 |  |  |  |  |  |  |  |
Accrued expenses |  | 16.3 |  |  |  |  |  |  |  |
Deferred revenue |  | 10.9 |  |  |  |  |  |  |  |
Film related obligations |  | 34.9 |  |  |  |  |  |  |  |
Operating lease liabilities |  | 7.7 |  |  |  |  |  |  |  |
Other liabilities |  | 14.7 |  |  |  |  |  |  |  |
Total liabilities assumed |  | 86.8 |  |  |  |  |  |  |  |
Preliminary fair value of net assets acquired |  | 122.7 |  |  |  |  |  |  |  |
Goodwill |  | 71.0 |  |  |  |  |  |  |  |
Preliminary purchase price consideration | $ | 193.7 |  |  |  |  |  |  |  |
(1) Includes a preliminary step-up adjustment of $1.8. (2) Includes $31.9 of receivables related to government tax incentives.
Business Acquisition, Pro Forma Information | The following table summarizes the unaudited pro-forma consolidated results of operations for the three and six months ended November 30, 2024 and 2023 as if the acquisition had occurred on June 1, 2023, the beginning of fiscal 2024:
| Three months ended | Six months ended
| November 30, | November 30,
| 2024 | 2023 | 2024 | 2023 |  |
Revenues | $ | 544.6 |  |  | $ | 578.8 |  |  | $ | 787.5 |  |  | $ | 827.1 |  |  |  |  |  |  |  |
Net income (loss) |  | 48.8 |  |  |  | 73.9 |  |  |  | (15.5) |  |  |  | (4.9) |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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