XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Restructuring Costs and Other Charges and Credits | 6 Months Ended
--- | ---
Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Costs and Other Charges and Credits | Restructuring Costs and Other Charges and Credits Restructuring and Reorganization In January 2023, we announced a strategic restructuring and reorganization of the Company to further leverage our strong position in the U.S. television ecosystem and propel our growth across new distribution platforms and emerging media marketplaces. The restructuring created a leaner and more agile operating structure through the centralization of certain services and the consolidation of layers of management across our operating businesses and corporate office. Restructuring costs in the second quarter of 2024 and 2023 totaled $1.0 million and $8.0 million, respectively. Year-to-date restructuring costs totaled $6.0 million and $24.5 million in 2024 and 2023, respectively. Restructuring costs in 2024 include severance charges and outside consulting fees associated with the ongoing strategic reorganization of the Company. Year-to-date 2023 costs included a $13.6 million first quarter charge related to the write-down of certain programming assets in connection with the shutdown of the TrueReal network. Additionally, year-to-date 2023 restructuring costs also included employee severance related charges of $7.8 million, operating lease impairment charges of $0.8 million and other restructuring charges primarily attributed to strategic reorganization consulting fees.
Six Months Ended June 30, 2024 and 2023 (in thousands) |  | Severance and Employee Benefits |  | Other Restructuring Charges |  | Total
Liability as of December 31, 2023 |  | $ | 6,735 |  |  | $ | 1,430 |  |  | $ | 8,165 |
Net charges |  | 4,892 |  |  | 1,096 |  |  | 5,988 |
Payments |  | (10,890) |  |  | (1,074) |  |  | (11,964) |
Non-cash (a) |  | — |  |  | — |  |  | — |
Liability as of June 30, 2024 |  | $ | 737 |  |  | $ | 1,452 |  |  | $ | 2,189 |
Liability as of December 31, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |
Net charges |  | 7,797 |  |  | 16,706 |  |  | 24,503 |
Payments |  | (1,166) |  |  | (2,300) |  |  | (3,466) |
Non-cash (a) |  | (740) |  |  | (14,406) |  |  | (15,146) |
Liability as of June 30, 2023 |  | $ | 5,891 |  |  | $ | — |  |  | $ | 5,891 |
(a) Represents share-based compensation costs and asset write-downs included in restructuring charges. Other Charges and Credits On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment. This gain was included in Miscellaneous, net for the six months ended June 30, 2024.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration