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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Summary of Continuing Operations by Reportable Segment | The Company has presented the components that reconcile segment adjusted operating income to income from operations before income taxes, and other information as to the continuing operations of the Company's operating segments below.
(In thousands) | Three Months Ended June 30, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 320,359 |  |  | $ | 47,069 |  |  | $ | 367,428 |
Advertising | 122,606 |  |  | 26,003 |  |  | 148,609 |
Content licensing and other | 82,277 |  |  | 1,710 |  |  | 83,987 |
| 525,242 |  |  | 74,782 |  |  | 600,024 |
Inter-segment revenues (Content licensing and other) (a) | 1,611 |  |  | 753 |  |  | 2,364 |
| $ | 526,853 |  |  | $ | 75,535 |  |  | 602,388 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (2,364) |
Total consolidated revenues, net |  |  |  |  | $ | 600,024 |
Less: (b) |  |  |  |  |
Content expenses | 215,673 |  |  | 16,754 |  |  |
Marketing, research, and advertising sales expenses | 90,804 |  |  | 4,802 |  |  |
Other (c) | 94,037 |  |  | 39,242 |  |  |
Segment adjusted operating income | $ | 126,339 |  |  | $ | 14,737 |  |  | $ | 141,076 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (1,095) |
Unallocated corporate overhead costs (d) |  |  |  |  | (30,595) |
Share-based compensation expenses |  |  |  |  | (8,043) |
Depreciation and amortization |  |  |  |  | (26,446) |
Restructuring and other related charges |  |  |  |  | (3,529) |
Cloud computing amortization |  |  |  |  | (2,725) |
Majority-owned equity investees AOI |  |  |  |  | (4,174) |
Operating income |  |  |  |  | 64,469 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (42,460) |
Interest income |  |  |  |  | 8,205 |
Gain on extinguishment of debt, net |  |  |  |  | 25,745 |
Miscellaneous, net |  |  |  |  | 12,819 |
Income from operations before income taxes |  |  |  |  | $ | 68,778 |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker (the "CODM"). (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
(In thousands) | Three Months Ended June 30, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 322,576 |  |  | $ | 49,604 |  |  | $ | 372,180 |
Advertising | 149,200 |  |  | 37,523 |  |  | 186,723 |
Content licensing and other | 65,072 |  |  | 1,959 |  |  | 67,031 |
| 536,848 |  |  | 89,086 |  |  | 625,934 |
Inter-segment revenues (Content licensing and other) (a) | 1,443 |  |  | 1,009 |  |  | 2,452 |
| $ | 538,291 |  |  | $ | 90,095 |  |  | 628,386 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (2,452) |
Total consolidated revenues, net |  |  |  |  | $ | 625,934 |
Less: (b) |  |  |  |  |
Content expenses | 206,242 |  |  | 16,306 |  |  |
Marketing, research, and advertising sales expenses | 83,320 |  |  | 5,242 |  |  |
Other (c) | 93,381 |  |  | 39,282 |  |  |
Segment adjusted operating income | $ | 155,348 |  |  | $ | 29,265 |  |  | $ | 184,613 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (370) |
Unallocated corporate overhead costs (d) |  |  |  |  | (31,436) |
Share-based compensation expenses |  |  |  |  | (8,457) |
Depreciation and amortization |  |  |  |  | (26,493) |
Impairment and other charges |  |  |  |  | (96,819) |
Restructuring and other related charges |  |  |  |  | (2,931) |
Cloud computing amortization |  |  |  |  | (3,283) |
Majority-owned equity investees AOI |  |  |  |  | (4,036) |
Operating income |  |  |  |  | 10,788 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (43,216) |
Interest income |  |  |  |  | 9,292 |
Gain on extinguishment of debt, net |  |  |  |  | 247 |
Miscellaneous, net |  |  |  |  | 1,493 |
Income (loss) from operations before income taxes |  |  |  |  | $ | (21,396) |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
(In thousands) | Six Months Ended June 30, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 633,732 |  |  | $ | 91,771 |  |  | $ | 725,503 |
Advertising | 241,854 |  |  | 48,611 |  |  | 290,465 |
Content licensing and other | 135,643 |  |  | 3,646 |  |  | 139,289 |
| 1,011,229 |  |  | 144,028 |  |  | 1,155,257 |
Inter-segment revenues (Content licensing and other) (a) | 1,931 |  |  | 1,453 |  |  | 3,384 |
| $ | 1,013,160 |  |  | $ | 145,481 |  |  | 1,158,641 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (3,384) |
Total consolidated revenues, net |  |  |  |  | $ | 1,155,257 |
Less: (b) |  |  |  |  |
Content expenses | 413,762 |  |  | 35,005 |  |  |
Marketing, research, and advertising sales expenses | 171,469 |  |  | 9,081 |  |  |
Other (c) | 177,666 |  |  | 76,807 |  |  |
Segment adjusted operating income | $ | 250,263 |  |  | $ | 24,588 |  |  | $ | 274,851 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (1,097) |
Unallocated corporate overhead costs (d) |  |  |  |  | (59,883) |
Share-based compensation expenses |  |  |  |  | (13,800) |
Depreciation and amortization |  |  |  |  | (47,372) |
Restructuring and other related charges |  |  |  |  | (8,318) |
Cloud computing amortization |  |  |  |  | (5,938) |
Majority-owned equity investees AOI |  |  |  |  | (9,777) |
Operating income |  |  |  |  | 128,666 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (85,852) |
Interest income |  |  |  |  | 16,620 |
Gain on extinguishment of debt, net |  |  |  |  | 25,745 |
Miscellaneous, net |  |  |  |  | 20,707 |
Income from operations before income taxes |  |  |  |  | $ | 105,886 |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
(In thousands) | Six Months Ended June 30, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 645,134 |  |  | $ | 100,453 |  |  | $ | 745,587 |
Advertising | 289,054 |  |  | 59,047 |  |  | 348,101 |
Content licensing and other | 125,041 |  |  | 3,666 |  |  | 128,707 |
| 1,059,229 |  |  | 163,166 |  |  | 1,222,395 |
Inter-segment revenues (Content licensing and other) (a) | 3,288 |  |  | 2,534 |  |  | 5,822 |
| $ | 1,062,517 |  |  | $ | 165,700 |  |  | 1,228,217 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (5,822) |
Total consolidated revenues, net |  |  |  |  | $ | 1,222,395 |
Less: (b) |  |  |  |  |
Content expenses | 407,213 |  |  | 33,509 |  |  |
Marketing, research, and advertising sales expenses | 162,585 |  |  | 9,105 |  |  |
Other (c) | 175,052 |  |  | 80,421 |  |  |
Segment adjusted operating income | $ | 317,667 |  |  | $ | 42,665 |  |  | $ | 360,332 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (670) |
Unallocated corporate overhead costs (d) |  |  |  |  | (57,731) |
Share-based compensation expenses |  |  |  |  | (14,532) |
Depreciation and amortization |  |  |  |  | (52,319) |
Impairment and other charges |  |  |  |  | (96,819) |
Restructuring and other related charges |  |  |  |  | (2,931) |
Cloud computing amortization |  |  |  |  | (6,831) |
Majority-owned equity investees AOI |  |  |  |  | (7,533) |
Operating income |  |  |  |  | 120,966 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (76,057) |
Interest income |  |  |  |  | 18,177 |
Gain on extinguishment of debt, net |  |  |  |  | 247 |
Miscellaneous, net |  |  |  |  | (3,697) |
Income from operations before income taxes |  |  |  |  | $ | 59,636 |
(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. (d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.
Schedule of Revenue by Geographic Area | The table below summarizes revenues based on customer location:
(In thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
United States | $ | 481,821 |  |  | $ | 487,414 |  |  | $ | 929,211 |  |  | $ | 971,507 |
Europe | 81,627 |  |  | 102,875 |  |  | 155,726 |  |  | 180,126 |
Other | 36,576 |  |  | 35,645 |  |  | 70,320 |  |  | 70,762 |
| $ | 600,024 |  |  | $ | 625,934 |  |  | $ | 1,155,257 |  |  | $ | 1,222,395 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets | The table below summarizes property and equipment based on asset location:
(In thousands) | June 30, 2025 |  | December 31, 2024
Property and equipment, net |  |  |
United States | $ | 117,930 |  |  | $ | 127,881 |
Europe | 15,317 |  |  | 13,634 |
Other | 1,157 |  |  | 1,521 |
| $ | 134,404 |  |  | $ | 143,036 |

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