INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

5. INTANGIBLE ASSETS, NET

On January 30, 2025, we entered into an Asset Purchase Agreement with BBBY Acquisition Co., LLC ("BBBY") to acquire certain intellectual property related to the buybuy BABY brand and closed the transaction on February 21, 2025. The Company acquired BBBY’s rights in the buybuy BABY brand, assets, information and content related to the associated buybuy BABY website, including trademarks, domain names, data, information, content, and select contractual rights, and goodwill associated with the brand for a total purchase price of $5.0 million which was paid at closing, and the assumption of certain contractual liabilities described therein. The aggregate purchase price, inclusive of contractual liabilities assumed and direct acquisition-related expenses, totaled $7.1 million which has been allocated to trade names, with an indefinite useful life.

On March 17, 2025, we entered into an Intellectual Property Asset Purchase Agreement with Lyons Trading Company, the operator of Proozy.com, to sell our rights in the Zulily brand for a total sales price of $5.0 million while retaining a 25% ownership stake in the brand in the form of a newly created entity ("Zulily Newco"). In connection with this transaction, we received $1.25 million upfront, and will receive the remaining $3.75 million in quarterly installments over the course of five years, which is recorded as a long-term receivable and included in Other long-term assets, net in our consolidated balance sheets. We also recognized $1.12 million, which represents our 25% ownership stake in Zulily Newco, and is included in Equity securities in our consolidated balance sheets.

Intangible assets, net consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Intangible assets subject to amortization, gross (1)	$	5,645	$	6,239
Less: accumulated amortization of intangible assets	(3,223)		(3,145)
Intangible assets subject to amortization, net	2,422		3,094
Intangible assets not subject to amortization	30,351		27,152
Total intangible assets, net	$	32,773	$	30,246

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(1) At March 31, 2025, the weighted average remaining useful life for intangible assets subject to amortization, gross was 3.0 years.