v3.25.4

Program Rights and Obligations (Tables) | 12 Months Ended
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Dec. 31, 2025
Film, Disclosures [Abstract] |
Schedule of Program Rights by Predominant Monetization Strategy | Total capitalized produced and licensed content by predominant monetization strategy is as follows:
| December 31, 2025
(In thousands) | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Owned original program rights, net: |  |  |  |  |
Completed | $ | 44,258 |  |  | $ | 597,009 |  |  | $ | 641,267 |
In-production and in-development | — |  |  | 333,568 |  |  | 333,568 |
Total owned original program rights, net | $ | 44,258 |  |  | $ | 930,577 |  |  | $ | 974,835 |
Licensed program rights, net: |  |  |  |  |
Licensed film and acquired series | $ | — |  |  | $ | 593,491 |  |  | $ | 593,491 |
Licensed originals | — |  |  | 141,243 |  |  | 141,243 |
Advances and other production costs | — |  |  | 57,045 |  |  | 57,045 |
Total licensed program rights, net | — |  |  | 791,779 |  |  | 791,779 |
Program rights, net | $ | 44,258 |  |  | $ | 1,722,356 |  |  | $ | 1,766,614 |
Current portion of program rights, net |  |  |  |  | $ | 3,530 |
Program rights, net (long-term) |  |  |  |  | 1,763,084 |
|  |  |  |  | $ | 1,766,614 |
| December 31, 2024
(In thousands) | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Owned original program rights, net: |  |  |  |  |
Completed | $ | 65,129 |  |  | $ | 647,632 |  |  | $ | 712,761 |
In-production and in-development | — |  |  | 222,660 |  |  | 222,660 |
Total owned original program rights, net | $ | 65,129 |  |  | $ | 870,292 |  |  | $ | 935,421 |
Licensed program rights, net: |  |  |  |  |
Licensed film and acquired series | $ | 261 |  |  | $ | 543,396 |  |  | $ | 543,657 |
Licensed originals | — |  |  | 147,245 |  |  | 147,245 |
Advances and other production costs | — |  |  | 90,318 |  |  | 90,318 |
Total licensed program rights, net | 261 |  |  | 780,959 |  |  | 781,220 |
Program rights, net | $ | 65,390 |  |  | $ | 1,651,251 |  |  | $ | 1,716,641 |
Current portion of program rights, net |  |  |  |  | $ | 2,689 |
Program rights, net (long-term) |  |  |  |  | 1,713,952 |
|  |  |  |  | $ | 1,716,641 |
Schedule of Amortization of Owned and Licensed Program Rights | Amortization, including write-offs, of owned and licensed program rights is as follows:
|  | Year Ended December 31, 2025
(In thousands) |  | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Included in Technical and operating: |  |  |  |  |  |
Owned original program rights |  | $ | 20,449 |  |  | $ | 364,211 |  |  | $ | 384,660 |
Licensed program rights |  | 227 |  |  | 461,913 |  |  | 462,140 |
|  | $ | 20,676 |  |  | $ | 826,124 |  |  | $ | 846,800 |
For the year ended December 31, 2025, write-offs of owned original program rights and licensed program rights, included in restructuring and other related charges, were $0.7 million and $6.0 million, respectively, all of which were predominately monetized as a group.
|  | Year Ended December 31, 2024
(In thousands) |  | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Included in Technical and operating: |  |  |  |  |  |
Owned original program rights |  | $ | 74,417 |  |  | $ | 319,385 |  |  | $ | 393,802 |
Licensed program rights |  | 2,102 |  |  | 493,490 |  |  | 495,592 |
|  | $ | 76,519 |  |  | $ | 812,875 |  |  | $ | 889,394 |
For the year ended December 31, 2024, write-offs of owned original program rights and licensed program rights, included in restructuring and other related charges, were $38.3 million and $5.9 million, respectively, all of which were predominately monetized as a group.
|  | Year Ended December 31, 2023
(In thousands) |  | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Included in Technical and operating: |  |  |  |  |  |
Owned original program rights |  | $ | 154,523 |  |  | $ | 282,954 |  |  | $ | 437,477 |
Licensed program rights |  | 3,162 |  |  | 465,519 |  |  | 468,681 |
|  | $ | 157,685 |  |  | $ | 748,473 |  |  | $ | 906,158 |
Schedule of Expected Amortization of Owned and Licensed Program Rights | The following table presents the expected amortization over each of the next three years of completed program rights on the consolidated balance sheets as of December 31, 2025:
(In thousands) |  | 2026 |  | 2027 |  | 2028
Owned original program rights: |  |  |  |  |  |
Predominantly Monetized Individually |  | $ | 21,597 |  |  | $ | 20,885 |  |  | $ | 1,776 |
Predominantly Monetized as a Group |  | 312,315 |  |  | 169,671 |  |  | 79,637 |
Licensed program rights: |  |  |  |  |  |
Predominantly Monetized as a Group |  | 374,771 |  |  | 198,632 |  |  | 111,254 |
Schedule of Amounts Payable for Program Rights Obligations | Amounts payable subsequent to December 31, 2025 related to program rights obligations included in the consolidated balance sheets are as follows:
(In thousands) |
Years Ending December 31, |
2026 | $ | 258,252 |
2027 | 99,891 |
2028 | 54,213 |
2029 | 25,810 |
2030 | 1,590 |
Thereafter | 269 |
| $ | 440,025 |

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