Goodwill and Intangibles

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

The changes in the carrying amount of goodwill as of September 30, 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	(740)		—		(740)
Balance as of September 30, 2023	$	161,946	$	251,360	$	413,306

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 September 30, 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	$	(15,492)	$	147,126	18.5
Existing subscriber base	136,500		(20,250)		116,250		10.5
Developed technology	38,401		(13,546)		24,855		3.5
Content archive	5,751		(3,640)		2,111		2.5
Total finite-lived intangibles	$	343,270	$	(52,928)	$	290,342	13.9

Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.3 million and $7.4 million for the third quarters of 2023 and 2022, respectively, and $22.0 million and $19.7 million for the first nine months 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	$	7,322
2024	27,487
2025	27,213
2026	26,960
2027	20,171
Thereafter	181,189
Total amortization expense	$	290,342

The aggregate carrying amount of intangible assets of $292.8 million, which includes an indefinite-lived intangible of $2.5 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of September 30, 2023.

During the quarter ended September 30, 2023, we reduced our long-term advertising and subscription revenue expectations for Serial podcasts. As a result, we performed an interim quantitative impairment test for the Serial indefinite-lived intangible asset as of September 30, 2023. We compared the fair value of the Serial trademark, calculated using a discounted cash flow analysis, to its carrying value and recorded an impairment charge of $2.5 million. This charge is included in Impairment charges in our Condensed Consolidated Statement of Operations.