Goodwill and Intangibles

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

Goodwill and Intangibles

The changes in the carrying amount of goodwill as of March 31, 2023, and since December 26, 2021, were as follows:

(In thousands)	NYTG		The Athletic		Total
Balance as of December 26, 2021	$	166,360	$	—	$	166,360
Foreign currency translation	(3,674)		—		(3,674)
Acquisition of The Athletic Media Company	—		249,792		249,792
Measurement period adjustments	—		1,568		1,568
Balance as of December 31, 2022	162,686		251,360		414,046
Foreign currency translation	1,088		—		1,088
Balance as of March 31, 2023	$	163,774	$	251,360	$	415,134

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

As of March 31, 2023, the gross book value and accumulated amortization of the finite-lived intangible assets were as follows:

(In thousands)	Gross book value		Accumulated amortization		Net book value		Remaining Weighted-Average Useful Life (Years)
Trademark	$	162,618	$	(10,936)	$	151,682	19.0
Existing subscriber base	136,500		(14,625)		121,875		11.0
Developed technology	38,401		(9,878)		28,523		4.0
Content archive	5,751		(2,826)		2,925		2.6
Total finite-lived intangibles	$	343,270	$	(38,265)	$	305,005	14.2

Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.3 million and $5.0 million for the first quarters of 2023 and 2022, respectively. The estimated aggregate amortization expense for the remainder of 2023 and each of the following fiscal years ending December 31 is presented below:

(In thousands)
Remainder of 2023	$	21,985
2024	27,487
2025	27,213
2026	26,960
2027	20,171
Thereafter	181,189
Total amortization expense	$	305,005

The aggregate carrying amount of intangible assets of $310.0 million, which includes an indefinite-lived intangible of $5.0 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of March 31, 2023.