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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 6. Leases T he Company’s lease assets and lease liabilities for its studios and corporate offices were as follows:
|  | Successor |  |  |  | Predecessor |
|  | September 30, |  |  |  | December 28, |
|  | 2025 |  |  |  | 2024 |
Assets: |  |  |  |  |  |  |
Operating leases |  | $ | 3,229 |  |  |  | $ | 42,047 |
Total lease assets |  | $ | 3,229 |  |  |  | $ | 42,047 |
Liabilities: |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating leases |  | $ | 1,256 |  |  |  | $ | 8,168 |
Noncurrent |  |  |  |  |  |  |
Operating leases |  |  | 2,198 |  |  |  |  | 44,322 |
Total lease liabilities |  | $ | 3,454 |  |  |  | $ | 52,490 |
T he components of the Company’s lease expense were as follows:
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended |  |  |  | Three Months Ended |
|  | September 30, 2025 |  |  |  | September 28, 2024 |
Operating lease cost: |  |  |  |  |  |  |
Fixed lease cost |  | $ | 431 |  |  |  | $ | 3,874 |
Lease termination cost |  |  | — |  |  |  |  | 21 |
Variable lease cost |  |  | — |  |  |  |  | 4 |
Total operating lease cost |  |  | 431 |  |  |  | $ | 3,899 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets |  |  | — |  |  |  |  | 1 |
Interest on lease liabilities |  |  | — |  |  |  |  | 0 |
Total finance lease cost |  | $ | — |  |  |  | $ | 1 |
Total lease cost |  | $ | 431 |  |  |  | $ | 3,900 |
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |
|  | June 25, 2025 |  |  |  | December 29, 2024 |  |  | Nine Months Ended |
|  | through September 30, 2025 |  |  |  | through June 24, 2025 |  |  | September 28, 2024 |
Operating lease cost: |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 448 |  |  |  | $ | 6,574 |  |  | $ | 11,766 |
Lease termination cost (benefit) |  |  | — |  |  |  |  | 740 |  |  |  | (135 | )
Variable lease cost |  |  | — |  |  |  |  | 4 |  |  |  | 21 |
Total operating lease cost |  | $ | 448 |  |  |  | $ | 7,318 |  |  | $ | 11,652 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | — |  |  |  |  | — |  |  |  | 4 |
Interest on lease liabilities |  |  | — |  |  |  |  | — |  |  |  | 0 |
Total finance lease cost |  | $ | — |  |  |  | $ | — |  |  | $ | 4 |
Total lease cost |  | $ | 448 |  |  |  | $ | 7,318 |  |  | $ | 11,656 |
As previously disclosed, in conjunction with the continued rationalization of its real estate portfolio, the Company entered into subleases with commencement dates in the first quarter of fiscal 2023 (Predecessor). The Company recorded sublease income for the three months ended September 30, 2025 (Successor), the period from June 25, 2025 through September 30, 2025 (Successor) and the period from December 29, 2024 through June 24, 2025 (Predecessor) of $390, $415 and $2,205, respectively, as an offset to selling, general and administrative expenses. The Company recorded sublease income for the three and nine months ended September 28, 2024 (Predecessor) of $914 a nd $2,741, respectively, as an offset to selling, general and administrative expenses. In connection with the Chapter 11 bankruptcy, on June 3, 2025 the Company filed a motion with the Court to reject the lease of our nonresidential real property located at our New York City, New York location (“Corporate Headquarters Lease”). By order dated June 12, 2025 (Docket No. 161), the Court approved such rejection, effective June 30, 2025. The rejected lease was abandoned and the C ompany derecognized the operating lease right-of-use assets of $32,660 and the related leasehold improvements of $10,371, which are included in the caption “Reorganization items, net” in the Company’s unaudited consolidated financial statement of operations for the period from December 29, 2024 through June 24, 2025 (Predecessor). As part of the fresh start accounting adjustments, the Company adjusted the operating lease liabilities to the estimated allowable claim of $8,100, which resulted in a net reduction in the operating lease liabilities of $34,796, consisting of a decrease of $38,545 in long-term operating lease liabilities partially offset by an increase of $3,749 in portion of operating lease liabilities due within one year, as of June 24, 2025 (Predecessor). T he Company’s weighted average remaining lease term and weighted average discount rates were as follows:
|  | Successor |  |  |  | Predecessor |
|  | September 30, |  |  |  | December 28, |
|  | 2025 |  |  |  | 2024 |
Weighted Average Remaining Lease Term (years) |  |  |  |  |  |  |
Operating leases |  |  | 2.87 |  |  |  |  | 6.84 |
Weighted Average Discount Rate |  |  |  |  |  |  |
Operating leases |  |  | 9.41 |  |  |  |  | 7.68 |
The Company’s leases have remaining lease term s of 1 to 4 years with a weighted average le ase term of 2.87 yea rs at September 30, 2025 (Successor). At September 30, 2025 (Successor), the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:
| Operating Leases |
Remainder of fiscal 2025 | $ | 147 |
Fiscal 2026 |  | 1,774 |
Fiscal 2027 |  | 978 |
Fiscal 2028 |  | 674 |
Fiscal 2029 |  | 423 |
Fiscal 2030 |  | — |
Thereafter |  | — |
Total lease payments | $ | 3,996 |
Less imputed interest |  | 542 |
Present value of lease liabilities | $ | 3,454 |
Supplemental cash flow information related to leases were as follows:
|  | Successor |  |  |  | Predecessor |
|  | Period from |  |  |  | Period from |  |  |  |
|  | June 25, 2025 |  |  |  | December 29, 2024 |  |  | Nine Months Ended |
|  | through September 30, 2025 |  |  |  | through June 24, 2025 |  |  | September 28, 2024 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 471 |  |  |  | $ | 7,160 |  |  | $ | 11,939 |
Operating cash flows from finance leases |  | $ | — |  |  |  | $ | — |  |  | $ | 0 |
Financing cash flows from finance leases |  | $ | — |  |  |  | $ | — |  |  | $ | 4 |
Lease assets obtained (modified) in exchange for new (modified) operating lease liabilities |  | $ | 95 |  |  |  | $ | (34,172 | ) |  | $ | 1,451 |
Lease assets modified in exchange for modified finance lease liabilities |  | $ | — |  |  |  | $ | — |  |  | $ | (1 | )

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