Business Combination (Tables)

3 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The purchase price allocation shown in the table below reflects preliminary fair value estimates based on management analysis, including preliminary work performed by third-party valuation specialists (in thousands):

Fair value of consideration transferred	$	1,347,599
Estimated fair value of assets acquired and liabilities assumed:
Cash and cash equivalents	261,909
Accounts receivable, net	77,715
Prepaid sports rights	25,978
Prepaid and other current assets	19,569
Property and equipment	5,698
Restricted cash	6,148
Intangible assets	456,193
Right-of-use assets	34,301
Other non-current assets	11,816
Accounts payable, accrued expenses, and other current liabilities	(339,985)
Deferred revenue	(99,575)
Convertible notes - current and non-current	(382,144)
Long-term borrowings - current portion	(696)
Deferred tax liabilities	(1,211)
Lease liabilities - current and non-current	(34,301)
Other long-term liabilities	(11,977)
Total estimated fair value of net assets acquired	29,438
Estimated goodwill	1,318,161

Business Combination, Pro Forma Information

The following table presents the unaudited pro forma results of operations for the three months ended December 31, 2025 and December 28, 2024, as if the Business Combination had occurred as of October 1, 2024:

	Three Months Ended
	December 31, 2025		December 28, 2024
Pro forma revenue	$	1,683,120	$	1,588,439
Pro forma net loss	$	(46,388)	$	(130,379)