7. Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2019		2018
Accrued payroll and related items	$	3,841	$	4,769
Artist payables		5,640		5,528
Accrued product costs		1,678		3,008
Operating lease liabilities		2,772		—
Contingent liabilities		1,087		1,082
Accrued post-combination compensation		—		1,819
Other		6,273		5,943
Accrued expenses and other current liabilities	$	21,291	$	22,149

Other long-term liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2019		2018
Accrued rent	$	—	$	1,320
Contingent liabilities		—		976
Other		287		270
Other liabilities	$	287	$	2,566

As part of the acquisition of Deny Designs, contingent consideration of up to $3.6 million is payable to the seller annually in three equal installments on the first through third anniversary of the closing date of May 1, 2017. The contingent consideration was valued at $2.8 million as of the acquisition date based on time value, discount rate, and the estimated probability of achieving the contingent criteria related to the ongoing development of new products for sale, as specified in the purchase agreement. Such amounts will be adjusted at each subsequent period based on probability of achievement until settlement of such liability. Adjustments to the liability are recorded to income or expense in our consolidated statements of operations. The fair value adjustment to the liability for the year ended December 31, 2019 was not material. The May 2018 and May 2019 installments of the contingent consideration, net of post-closing working capital adjustments to the purchase price, were paid to the seller in the amounts of $1.1 million and $1.2 million, respectively. The estimated amount payable upon the third anniversary is included in accrued expenses and other current liabilities in our consolidated balance sheets.