Asset Write-Downs and Other Charges and Credits

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Asset Write-Downs and Other Charges and Credits

Asset Write-Downs and Other Charges and Credits

Income (loss) from operations before income taxes was affected by the following:

2023 - 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.

Restructuring costs totaled $16.5 million in the first quarter of 2023. In connection with the shutdown of the TrueReal network, we incurred a $13.6 million charge related to the write-down of certain programming assets. Restructuring costs also include severance charges and outside consulting fees associated with the ongoing strategic reorganization of the Company. We are continuing to evaluate the full scope of restructuring charges expected to be incurred for this plan.

2022 - Acquisition and related integration costs were $1.6 million in the first three 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.