Restructuring Costs and Other Charges and Credits

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Costs and Other Charges and Credits

Restructuring and Reorganization

In January of 2023, we announced a strategic restructuring and reorganization of the Company that will further leverage our strong position in the U.S. television ecosystem and propel our growth across new distribution platforms and emerging media marketplaces. The restructuring aims to create a leaner and more agile operating structure through the centralization of certain services and the consolidation of layers of management across our operating businesses and corporate office. We currently anticipate this effort will result in at least $40 million in annual savings, which will include reductions in a variety of areas.

Restructuring costs totaled $8.0 million in the second quarter of 2023 and $24.5 million in the first six months of 2023. In connection with the shutdown of the TrueReal network, we incurred a $13.6 million first quarter charge related to the write-down of certain programming assets. Year-to-date restructuring costs also include employee severance related charges of $7.8 million, operating lease impairment charges of $0.8 million and other restructuring charges primarily attributed to strategic reorganization consulting fees.


(in thousands)	Severance and Employee Benefits		Other Restructuring Charges		Total

Liability as of December 31, 2022	$	—	$	—	$	—
Net accruals	7,797		16,706		24,503
Payments	(1,166)		(2,300)		(3,466)
Non-cash (a)	(740)		(14,406)		(15,146)
Liability as of June 30, 2023	$	5,891	$	—	$	5,891

(a) Represents share-based compensation costs and asset write-downs included in restructuring charges.

Other Charges and Credits

Acquisition and related integration costs were $1.6 million in the first six months of 2022.

During the first quarter of 2022, we redeemed $42.2 million of the 2027 Senior Notes, $26.6 million of the 2029 Senior Notes and $54.5 million of the 2031 Senior Notes. The redemptions resulted in a gain on extinguishment of debt of $1.2 million as the notes were redeemed for total consideration below par value of the notes.