v3.25.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Summary of Continuing Operations by Reportable Segment | Adjusted operating income reflects the Company’s ability to control costs and generate income through its operations to invest in its current business as well as new opportunities. The CODM uses adjusted operating income to monitor budget versus actual results and to benchmark to peer companies, as adjusted operating income and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry. The monitoring and evaluation of budgeted versus actual results facilitates the CODM’s assessment of segment performance and informs decisions on the allocation of resources, including decisions regarding executive compensation.
(In thousands) | Year Ended December 31, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,264,823 |  |  | $ | 188,417 |  |  | $ | 1,453,240 |
Advertising | 476,745 |  |  | 104,050 |  |  | 580,795 |
Content licensing and other | 269,554 |  |  | 8,212 |  |  | 277,766 |
| 2,011,122 |  |  | 300,679 |  |  | 2,311,801 |
Inter-segment revenues (Content licensing and other) (a) | 2,848 |  |  | 3,286 |  |  | 6,134 |
| 2,013,970 |  |  | 303,965 |  |  | 2,317,935 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (6,134) |
Total consolidated revenues, net |  |  |  |  | $ | 2,311,801 |
Less: (b) |  |  |  |  |
Content expenses | 843,643 |  |  | 77,248 |  |  |
Marketing, research, and advertising sales expenses | 310,921 |  |  | 21,549 |  |  |
Other (c) | 369,243 |  |  | 161,988 |  |  |
Segment adjusted operating income | $ | 490,163 |  |  | $ | 43,180 |  |  | $ | 533,343 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (853) |
Unallocated corporate overhead costs (d) |  |  |  |  | (120,616) |
Share-based compensation expenses |  |  |  |  | (25,330) |
Depreciation and amortization |  |  |  |  | (94,425) |
Impairment and other charges |  |  |  |  | (97,784) |
Restructuring and other related charges |  |  |  |  | (26,536) |
Cloud computing amortization |  |  |  |  | (10,733) |
Majority-owned equity investees AOI |  |  |  |  | (23,744) |
Operating income |  |  |  |  | 133,322 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (172,353) |
Interest income |  |  |  |  | 27,746 |
Gain on extinguishment of debt, net |  |  |  |  | 129,800 |
Miscellaneous, net |  |  |  |  | 29,483 |
Income from operations before income taxes |  |  |  |  | $ | 147,998 |
(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) | Year Ended December 31, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,275,127 |  |  | $ | 196,924 |  |  | $ | 1,472,051 |
Advertising | 561,301 |  |  | 115,333 |  |  | 676,634 |
Content licensing and other | 264,772 |  |  | 7,857 |  |  | 272,629 |
| 2,101,200 |  |  | 320,114 |  |  | 2,421,314 |
Inter-segment revenues (Content licensing and other) (a) | 11,789 |  |  | 4,914 |  |  | 16,703 |
| 2,112,989 |  |  | 325,028 |  |  | 2,438,017 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (16,703) |
Total consolidated revenues, net |  |  |  |  | $ | 2,421,314 |
Less: (b) |  |  |  |  |
Content expenses | 851,702 |  |  | 79,989 |  |  |
Marketing, research, and advertising sales expenses | 298,267 |  |  | 23,842 |  |  |
Other (c) | 343,441 |  |  | 156,292 |  |  |
Segment adjusted operating income | $ | 619,579 |  |  | $ | 64,905 |  |  | $ | 684,484 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (2,228) |
Unallocated corporate overhead costs (d) |  |  |  |  | (119,683) |
Share-based compensation expenses |  |  |  |  | (26,051) |
Depreciation and amortization |  |  |  |  | (98,015) |
Impairment and other charges |  |  |  |  | (399,513) |
Restructuring and other related charges |  |  |  |  | (49,464) |
Cloud computing amortization |  |  |  |  | (13,452) |
Majority-owned equity investees AOI |  |  |  |  | (15,678) |
Operating loss |  |  |  |  | (39,600) |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (166,186) |
Interest income |  |  |  |  | 36,803 |
Loss on extinguishment of debt, net |  |  |  |  | (105) |
Miscellaneous, net |  |  |  |  | (5,409) |
Loss from operations before income taxes |  |  |  |  | $ | (174,497) |
(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) | Year Ended December 31, 2023
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 1,340,207 |  |  | $ | 220,854 |  |  | $ | 1,561,061 |
Advertising | 633,823 |  |  | 81,823 |  |  | 715,646 |
Content licensing and other | 333,771 |  |  | 101,399 |  |  | 435,170 |
| 2,307,801 |  |  | 404,076 |  |  | 2,711,877 |
Inter-segment revenues (Content licensing and other) (a) | 8,786 |  |  | 400 |  |  | 9,186 |
| 2,316,587 |  |  | 404,476 |  |  | 2,721,063 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (9,186) |
Total consolidated revenues, net |  |  |  |  | $ | 2,711,877 |
Less: (b) |  |  |  |  |
Content expenses | 924,490 |  |  | 83,117 |  |  |
Marketing, research, and advertising sales expenses | 266,839 |  |  | 22,783 |  |  |
Production services costs for 25/7 Media | — |  |  | 72,080 |  |  |
Other (c) | 412,514 |  |  | 165,948 |  |  |
Segment adjusted operating income | $ | 712,744 |  |  | $ | 60,548 |  |  | $ | 773,292 |
Reconciliation of total segment adjusted operating income: |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | 2,217 |
Unallocated corporate overhead costs (d) |  |  |  |  | (105,405) |
Share-based compensation expenses |  |  |  |  | (25,665) |
Depreciation and amortization |  |  |  |  | (107,402) |
Impairment and other charges |  |  |  |  | (96,689) |
Restructuring and other related charges |  |  |  |  | (27,787) |
Cloud computing amortization |  |  |  |  | (10,543) |
Majority-owned equity investees AOI |  |  |  |  | (13,606) |
Operating income |  |  |  |  | 388,412 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (152,703) |
Interest income |  |  |  |  | 37,018 |
Miscellaneous, net |  |  |  |  | 23,279 |
Income from operations before income taxes |  |  |  |  | $ | 296,006 |
(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 revenue based on customer location:
| Years Ended December 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Revenue |  |  |  |  |
United States | $ | 1,839,707 |  |  | $ | 1,917,532 |  |  | $ | 2,210,253 |
Europe | 322,342 |  |  | 353,215 |  |  | 329,093 |
Other | 149,752 |  |  | 150,567 |  |  | 172,531 |
| $ | 2,311,801 |  |  | $ | 2,421,314 |  |  | $ | 2,711,877 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets | The table below summarizes property and equipment based on asset location:
| Years Ended December 31,
(In thousands) | 2025 |  | 2024
Property and equipment, net |  |  |
United States | $ | 97,357 |  |  | $ | 127,881 |
Europe | 15,282 |  |  | 13,634 |
Other | 3,339 |  |  | 1,521 |
| $ | 115,978 |  |  | $ | 143,036 |

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- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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