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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill, by operating segment is as follows:
(In thousands) | Domestic Operations |  | International |  | Total
December 31, 2023 | $ | 348,732 |  |  | $ | 277,764 |  |  | $ | 626,496 |
Impairment charge | (268,694) |  |  | (102,004) |  |  | (370,698) |
Foreign currency translation | — |  |  | (9,494) |  |  | (9,494) |
December 31, 2024 | 80,038 |  |  | 166,266 |  |  | 246,304 |
Impairment charge | — |  |  | (93,384) |  |  | (93,384) |
Foreign currency translation | — |  |  | 13,889 |  |  | 13,889 |
December 31, 2025 | $ | 80,038 |  |  | $ | 86,771 |  |  | $ | 166,809 |
As of December 31, 2025, accumulated impairment charges totaled $649.6 million, with $268.7 million attributed to the Domestic Operations operating segment and $380.9 million attributed to the International operating segment. As of December 31, 2024, accumulated impairment charges totaled $556.2 million, with $268.7 million attributed to the Domestic Operations operating segment and $287.5 million attributed to the International operating segment. The amounts attributed to the International operating segment are inclusive of the 25/7 Media impairment charges recorded in 2023 prior to the divestiture of that business in December 2023. Impairment Test of Goodwill Goodwill is not amortized, but instead is tested for impairment at the reporting unit level annually as of December 1, or more frequently upon the occurrence of certain events or substantive changes in circumstances. As of December 1, 2025, the Company performed a quantitative assessment for all of its reporting units. Based on the valuations performed, the Company concluded that the estimated fair value of the AMCNI reporting unit declined to less than its carrying amount. The decrease in the estimated fair value reflects current and expected trends across the media industry, including continued softness across the international television broadcasting markets resulting in lower expected future cash flows incorporated into the fourth quarter preparation of the Company's budget and long-range plan, as well as a decrease in the valuation multiples used to estimate fair value using the market approach. As a result, the Company recognized an impairment charge of $93.4 million rel ated to the AMCNI reporting unit, included in Impairment and other charges in the consolidated statements of income (loss). For the Domestic Operations reporting unit, the Company concluded that the estimated fair value of the reporting unit exceeded its respective carrying value by 6%, and therefore no impairment charge was required. The fair value estimate for the Domestic Operations reporting unit is sensitive to assumptions regarding future growth rates and the weighted-average cost of capital ("WACC"). A decrease in the expected annual growth rate or an increase in the WACC would make it reasonably possible that the Company could record an impairment charge in future periods. As of December 1, 2024, the Company performed a quantitative assessment for all of its reporting units. Based on the valuations performed, the Company concluded that the estimated fair value of the Domestic Operations and AMCNI reporting units declined to less than their carrying amounts. The decrease in the estimated fair values reflect current and expected trends across the media industry, including continued softness in the domestic linear marketplace and across the international television broadcasting markets resulting in lower expected future cash flows, as well as a decrease in the valuation multiples used to estimate the fair values using the market approach for the Domestic Operations reporting unit. As a result, the Company recognized impairment charges of $268.7 million and $34.0 million rel ated to the Domestic Operations and AMCNI reporting units, respectively, included in Impairment and other charges in the consolidated statements of income (loss). Additionally, during the second quarter of 2024, the Company determined that a triggering event had occurred with respect to the Company's decline in stock price, which required an interim goodwill impairment test to be performed. Accordingly, the Company performed quantitative assessments for all reporting units. Based on the valuations performed, the Company concluded that the estimated fair value of the AMCNI reporting unit declined to less than its carrying amount. As a result, the Company recognized an impairment charge of $68.0 million rel ated to the AMCNI reporting unit, included in Impairment and other charges in the consolidated statements of income (loss). As of December 1, 2023, the Company performed a quantitative assessment for all of its reporting units. Based on the valuations performed, the Company concluded that the estimated fair value of the 25/7 Media reporting unit further declined from the interim assessment performed (as described below). The decrease in the estimated fair value reflected the continued decline in market conditions and business outlook and contemplation of concurrent negotiations with the noncontrolling interest holders for the sale of the Company's remaining interest. As a result, the Company recognized an impairment charge of $19.8 million related to the 25/7 Media reporting unit, reflecting a write-down of substantially all of the goodwill associated with the 25/7 Media reporting unit. The remaining $2.4 million of goodwill was eliminated upon the sale of the Company's remaining interest. The impairment charge was included in Impairment and other charges in the consolidated statements of income (loss), within the International operating segment. N o impairment charges were required for any of the Company's other reporting units. During the second quarter of 2023, the Company determined that a triggering event had occurred with respect to the 25/7 Media reporting unit in the International segment, which required an interim goodwill impairment test to be performed. Accordingly, the Company performed a quantitative assessment using an income approach, specifically a DCF, and a market comparables approach. Based on the valuations performed, a $1.9 million goodwill impairment charge was recorded, which is included in Impairment and other charges in the consolidated statements of income (loss), within the International operating segment. The fair values outlined above were all determined using a combination of an income approach, using a DCF, and a market comparables approach. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates. Additionally, the market comparables approach is determined using guideline company valuation multiples. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuation s. The determination of fair value of the Company's reporting units represents a Level 3 fair value measurement in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs. Changes in significant judgments and estimates could significantly impact the concluded fair value of the reporting unit. Changes to assumptions that would decrease the fair value of the reporting unit would result in corresponding increases to the impairment of goodwill at the reporting unit. The following table summarizes information relating to the Company's identifiable intangible assets:
(In thousands) | December 31, 2025 |  | Estimated Useful Lives
Gross |  | Accumulated Amortization |  | Net |
Amortizable intangible assets: |  |  |  |  |  |  |
Affiliate and customer relationships | $ | 628,790 |  |  | $ | (498,146) |  |  | $ | 130,644 |  |  | 6 to 25 years
Advertiser relationships | 46,282 |  |  | (46,282) |  |  | — |  |  | 11 years
Trade names and other amortizable intangible assets | 91,966 |  |  | (53,307) |  |  | 38,659 |  |  | 3 to 20 years
Total amortizable intangible assets | 767,038 |  |  | (597,735) |  |  | 169,303 |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |
Trademarks | 19,900 |  |  | (4,400) |  | (1) | 15,500 |  |  |
Total intangible assets | $ | 786,938 |  |  | $ | (602,135) |  |  | $ | 184,803 |  |  |
(1) Related to an impairment charge recorded on the Company's SundanceTV trademarks.
(In thousands) | December 31, 2024 |  |
Gross |  | Accumulated Amortization |  | Net |  |
Amortizable intangible assets: |  |  |  |  |  |  |
Affiliate and customer relationships | $ | 610,048 |  |  | $ | (456,052) |  |  | $ | 153,996 |  |  |
Advertiser relationships | 46,282 |  |  | (46,282) |  |  | — |  |  |
Trade names and other amortizable intangible assets | 88,751 |  |  | (46,169) |  |  | 42,582 |  |  |
Total amortizable intangible assets | 745,081 |  |  | (548,503) |  |  | 196,578 |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |
Trademarks | 19,900 |  |  | — |  |  | 19,900 |  |  |
Total intangible assets | $ | 764,981 |  |  | $ | (548,503) |  |  | $ | 216,478 |  |  |
Excluding impairment charges (as described below), aggregate amortization expense for amortizable intangible assets for the years ended December 31, 2025, 2024 and 2023 was $31.0 million, $33.9 million and $40.5 million, respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:
(In thousands) |
Years Ending December 31, |
2026 | $ | 30,355 |
2027 | 25,295 |
2028 | 23,217 |
2029 | 19,897 |
2030 | 19,887 |
Impairment Test of Identifiable Indefinite-Lived Int angible Assets As of December 1, 2025, the Company performed a quantitative assessment for its indefinite-lived intangible assets. Based on the annual impairment test performed, the Company recorded a $4.4 million impairment charge in its Domestic Operations operating segment related to its SundanceTV trademarks, which were valued using a relief-from-royalty method in which the expected benefits are valued by discounting estimated royalty revenue relating to projected revenues covered by the trademarks. Significant judgments inherent in estimating the fair value of indefinite-lived intangible assets include the selection of appropriate discount and royalty rates, estimating the amount and timing of future revenues and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows generated by the respective intangible assets. Impairment Test of Long-Lived Assets During 2024 and 2023, the Company recorded long-lived assets impairment charges for partially owned consolidated subsidiaries, BBCA and 25/7 Media, of $71.6 million and $23.0 million, respectively. No impairment charges for long-lived assets were required in 2025. BBCA During the second quarter of 2024, given continued market challenges and linear declines, the Company determined that sufficient indicators of potential impairment of long-lived assets existed at BBCA, and concluded that the carrying amount of the BBCA asset group was not recoverable. The carrying value of the BBCA asset group exceeded its fair value, and accordingly an impairment charge of $15.7 million was recorded for identifiable intangible assets and $13.5 million for other long-lived assets, which is included in Impairment and other charges in the consolidated statements of income (loss) within the Domestic Operations operating segment. Fair values were determined using a market approach. During the fourth quarter of 2023, given continued market challenges and linear declines, the Company revised its outlook for its BBCA linear programming network, resulting in lower expected future cash flows. As a result, the Company determined that sufficient indicators of potential impairment of long-lived assets existed at BBCA. The Company performed a recoverability test and determined that the carrying amount of the BBCA asset group was not recoverable. The carrying value of the asset group exceeded its fair value, therefore an impairment charge of $42.4 million was recorded for identifiable intangible assets and other long-lived assets, which is included in Impairment and other charges in the consolidated statements of income (loss) within the Domestic Operations operating segment. Fair values used to determine the impairment charge were determined using an income approach, specifically a DCF model. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations. 25/7 Media During the second quarter of 2023, given the impact of market challenges at 25/7 Media, specifically relating to reduced demand for new content and series cancellations from third parties, the Company revised its outlook for the 25/7 Media production services business, resulting in lower expected future cash flows. As a result, the Company determined that sufficient indicators of potential impairment of long-lived assets existed at 25/7 Media. The Company performed a recoverability test and determined that the carrying amount of the 25/7 Media asset group was not recoverable. The carrying value of the asset group exceeded its fair value, therefore an impairment charge of $23.0 million was recorded for identifiable intangible assets, which is included in Impairment and other charges in the consolidated statements of income (loss) within the International operating segment. Fair values used to determine the impairment charge were determined using an income approach, specifically a DCF model, and a market comparables approach. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates and enterprise specific discount rates. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations.

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