Restructuring and Other Related Charges

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

On November 28, 2022, the Company commenced a restructuring plan (the “Plan”) designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. The Plan encompasses initiatives that include, among other things, strategic programming assessments and organizational restructuring costs. The Plan is intended to improve the organizational design of the Company through the elimination of certain roles and centralization of certain functional areas of the Company. The programming assessments pertain to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the Company’s linear or streaming platforms. As a result of the Plan, the Company recorded restructuring and other related charges of $5.9 million for the three months ended March 31, 2023 consisting primarily of severance and other personnel costs.

There were no restructuring and other related charges for the three months ended March 31, 2022.

The following table summarizes the restructuring and other related charges recognized by operating segment:



(In thousands)	Three Months Ended March 31, 2023
Domestic Operations	$	818
International and Other	1,385
Corporate / Inter-segment eliminations	3,730
Total restructuring and other related charges	$	5,933

The following table summarizes the accrued restructuring and other related costs:


(In thousands)	Severance and Employee-Related Costs		Content Impairments and Other Exit Costs		Total
Balance at December 31, 2022	$	37,150	$	74,724	$	111,874
Charges (credits)	6,206		(273)		5,933

Cash payments	(15,934)		(40,952)		(56,886)

Other	20		527		547
Balance at March 31, 2023	$	27,442	$	34,026	$	61,468

Accrued restructuring and other related costs of $58.7 million and $2.8 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at March 31, 2023. Accrued restructuring and other related costs of $108.0 million and $3.9 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at December 31, 2022.