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Redeemable Noncontrolling Interests | 12 Months Ended
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Dec. 31, 2025
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests RLJ Entertainment In connection with the 2018 acquisition of RLJ Entertainment, the terms of the operating agreement provided the noncontrolling member with a right to put all of its noncontrolling interest to a subsidiary of the Company at a future time, within ninety days following October 31, 2025, or earlier upon a change of control. The put option was exercisable at the greater of the then fair market value or enterprise value of RLJ Entertainment, (but not lower than the fair value of the initial equity interest at the closing date of the agreement), in each case pursuant to the operating agreement and applied to the equity interest. On November 26, 2025, the Company acquired the remaining 17% of RLJ Entertainment that it had not previously owned for $75.0 million in cash, before the put option was exercised. Since the Company retained controlling financial interest, the transaction was accounted for as an equity transaction and therefore no gain or loss was recorded in the consolidated statements of income (loss), with the exception of indirect tax effects further described below. As a result, the carrying amount of the noncontrolling interest was reduced to zero, reflecting the Company's 100% ownership of RLJ Entertainment, and the $13.8 million difference between this reduction and the $75.0 million purchase price was recognized as a reduction of Paid-in capital on the consolidated balance sheets. The indirect tax effects associated with the transaction, reversing a previously recorded deferred tax liability, resulted in a $17.8 million tax benefit in the consolidated statements of income (loss). BBC America In 2014, the Company, through a wholly-owned subsidiary, acquired 49.9% of the limited liability company interests of New Video Channel America L.L.C, that owns the cable channel BBC AMERICA. In connection with the acquisition, the terms of the agreement provide the BBC with a right to put all of its 50.1% noncontrolling interest to a subsidiary of the Company at the greater of the then fair value or the fair value of the initial equity interest at the closing date of the agreement. The put option is exercisable on the fifteenth and twenty-fifth anniversary of the joint venture agreement. On November 1, 2024, the Company acquired the remaining 50.1% of the BBC America joint-venture that it had not previously owned from BBC Studios for $42.0 million in cash. Since the Company retained controlling financial interest, the transaction was accounted for as an equity transaction and therefore no gain or loss was recorded in the consolidated statements of income (loss). As a result, the carrying amount of the noncontrolling interest was reduced to zero, reflecting the Company's 100% ownership of the BBC America business, and the $90.9 million difference between this reduction and the $42.0 million purchase price was recognized in Paid-in capital on the consolidated balance sheets. The amount recorded in Paid-in capital was offset by $21.5 million of deferred taxes reflecting the difference between the existing noncontrolling interest and the tax basis (amount paid) as of the acquisition date. Additionally, in connection with the transaction, the Company terminated its prior program license agreement with BBC Studios, resulting in a significant reduction of contractual programming commitments. The Company entered into a new program license agreement with BBC Studios for $40.0 million, all of which was paid at closing. Because exercise of these put rights was outside the Company's control, the noncontrolling interest in each entity were presented as redeemable noncontrolling interest outside of stockholders' equity on the Company's consolidated balance sheets, prior to the acquisitions of the remaining interests not previously owned. The activity reflected within redeemable noncontrolling interests for the years ended December 31, 2025, 2024 and 2023 is presented below.
(In thousands) | Redeemable Noncontrolling Interest
December 31, 2022 | $ | 253,669 |
Net losses | (1,779) |
Distributions | (66,593) |
December 31, 2023 | 185,297 |
Net losses | (7,082) |
Distributions | (12,039) |
Adjustment to redemption fair value | 22,594 |
Cash paid for purchase of noncontrolling interest | (42,000) |
Transfer to Paid-in capital upon purchase of noncontrolling interest | (90,889) |
December 31, 2024 | 55,881 |
Net earnings | 4,619 |
Adjustment to redemption fair value | 708 |
Cash paid for purchase of noncontrolling interest | (75,000) |
Reduction of Paid-in capital upon purchase of noncontrolling interest | 13,792 |
December 31, 2025 | $ | — |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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