Investments in Productions and Investments in Acquired Content Rights

3 Months Ended

Mar. 31, 2024

Other Industries [Abstract]

Investment in Productions and Investments in Acquired Content Rights

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 title 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.

The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at March 31, 2024, April 2, 2023, and December 31, 2023:

	March 31, 2024		April 2, 2023		December 31,  2023 (1)
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	$	60.3	$	613.3	$	74.7
Completed and not released	—		53.0		5.1
In production	27.3		85.8		27.1
Pre-production	8.5		126.4		10.4
	96.1		878.5		117.3
Film/TV Group Monetization
Released, net of amortization	25.4		17.6		26.0
In production	24.3		24.0		23.6
	49.7		41.6		49.6
Investment in Other Programming
Released, net of amortization	13.7		13.2		16.1
In production	5.1		8.2		0.8
Pre-production	0.7		3.9		0.8
	19.5		25.3		17.7
Total Program Investments	$	165.3	$	945.4	$	184.6

(1) Investments in productions and investments in acquired content totaling $734.8 million were 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 $8.1 million of program cost amortization related to released programming during the quarter ended March 31, 2024, consisting of the following:

	Quarter Ended
	March 31, 2024		April 2, 2023
Investment in production	$	8.1	$	110.9
Investment in content	—		11.6
Total program cost amortization	$	8.1	$	122.5