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Leases (Tables)
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Assets and Lease Liabilities

The 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

 

Schedule of Components of Lease Expense

The 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

 

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The 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

 

Schedule of Maturity of Lease Liabilities

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

 

 

Summary of Supplemental Cash Flow Information Related to Leases

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

)