Restructuring and Other Related Charges

6 Months Ended

Jun. 30, 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 $6.0 million and $12.0 million for the three and six months ended June 30, 2023 consisting primarily of severance and other personnel costs.

There were no restructuring and other related charges for the three and six months ended June 30, 2022.

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


(In thousands)	Three Months Ended June 30,		Six Months Ended June 30,
	2023			2023
Domestic Operations	$	3,905		$	4,723
International and Other	261			1,646
Corporate / Inter-segment eliminations	1,875			5,605
Total restructuring and other related charges	$	6,041		$	11,974

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)	13,775		(1,801)		11,974

Cash payments	(36,270)		(52,236)		(88,506)

Other	(34)		685		651
Balance at June 30, 2023	$	14,621	$	21,372	$	35,993

Accrued restructuring and other related costs of $33.7 million and $2.3 million are included in Accrued liabilities and Other liabilities, respectively, in the consolidated balance sheet at June 30, 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.