Investments in Productions and Investments in Acquired Content Rights

12 Months Ended

Dec. 31, 2023

Investments in Productions and Investments in Acquired Content Rights

Investments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within Other assets in the Company's Consolidated Balance Sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual film basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident.

Programming costs are included in Other assets and consist of the following at December 31, 2023 and December 25, 2022:


(In millions)	2023 (1)		2022
Investment in Films and Television Programs:
Individual monetization
Released, net of amortization	$	74.7	584.5
Completed and not released	5.1		23.3
In production	27.1		199.4
Pre-production	10.4		41.3
	117.3		848.5
Film/TV group monetization
Released, net of amortization	26.0		25.8

In production	23.6		22.2

	49.6		48.0
Investment in other programming:
Released, net of amortization	16.1		9.8

In production	0.8		11.8
Pre-production	0.8		3.3
	17.7		24.9

Total program investments	$	184.6	921.4

(1) Investments in productions and investments in acquired content totaling $734.8 million have been removed from the Company's balance sheet as of December 31, 2023, in connection with the sale of the eOne Film and TV business completed on December 27, 2023. See note 3 for additional information.

The Company recorded $448.9 million of program cost amortization related to released programming during 2023, consisting of the following:


(In millions)	Investment in Production		Investment in Content	Total
Program cost amortization	$	400.7	48.2	448.9

Based on management’s total revenue estimates as of December 31, 2023, the Company's expected future amortization expenses for capitalized programming costs over the next three years are as follows:


(In millions)	2024		2025	2026
Estimated Future Amortization Expense:
Individual monetization
Released	$	10.1	11.6	6.4


Film/TV group monetization

Released	15.4		16.7	25.2

Total	$	25.5	28.3	31.6

In the normal course of its business, the Company also enters into contracts related to obtaining right of first refusal ("first look deals") to purchase, distribute, or license certain entertainment projects or content. See note 20 for more information on the Company's expected future payments for first look deals.