Business Combination (Tables)

6 Months Ended

Jun. 26, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition):

(In thousands)	Preliminary Purchase Price Allocation		Estimated Useful Life (in years)
Total current assets	$	18,495
Property, plant and equipment	281		3- 5
Right of use asset (1)	2,612
Trademark (2)	160,000		20
Existing subscriber base (2)	135,000		12
Developed technology (2)	35,000		5
Content archive (2)	2,000		2
Goodwill	249,792		Indefinite
Total current liabilities (3)	(41,107)
Other liabilities — Other	(3,491)
Deferred tax liability, net (4)	(35,116)
Total purchase price	$	523,466

(1) Included in Miscellaneous assets in our Condensed Consolidated Balance Sheets.

(2) Included in Intangible assets, net in our Condensed Consolidated Balance Sheets.

(3) Includes Unexpired subscriptions revenue of $28.1 million.

(4) Included in Deferred income taxes in our Condensed Consolidated Balance Sheets.

Pro Forma Summary

The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the earliest period presented herein:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Revenue	$	555,680	$	514,765	$	1,100,252	$	1,001,932
Net income	61,777		39,270		89,822		31,056

Schedule of Goodwill Balances

The changes in the carrying amount of goodwill as of June 26, 2022, and since December 26, 2021, were as follows:

(In thousands)	The New York Times Group		The Athletic		Total
Balance as of December 27, 2020	$	171,657	$	—	$	171,657
Foreign currency translation	(5,297)		—		(5,297)
Balance as of December 26, 2021	166,360		—		166,360
Foreign currency translation	(4,627)		—		(4,627)
Acquisition of The Athletic	—		249,792		249,792
Balance as of June 26, 2022	$	161,733	$	249,792	$	411,525

Schedule of Finite-Lived Intangible Assets

As of June 26, 2022, the gross book value and accumulated amortization of acquired intangible assets from the acquisition of The Athletic were as follows:

(In thousands)	Gross book value		Accumulated amortization		Net book value
Trademark	$	160,000	$	(3,333)	$	156,667
Existing subscriber base	135,000		(4,688)		130,312
Developed technology	35,000		(2,917)		32,083
Content archive	2,000		(417)		1,583
Total	$	332,000	$	(11,355)	$	320,645

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated aggregate amortization expense for the remainder of 2022 and each of the following fiscal years ending December 31 is presented below:

(In thousands)
Remainder of 2022	$	13,625
2023	27,250
2024	26,333
2025	26,250
2026	26,250
Thereafter	200,937
Total amortization expense	$	320,645