Subsequent Events

12 Months Ended

May 31, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

U.S. Credit Agreement

In June 2024, the Company borrowed $200.0 under the U.S. credit agreement, primarily to fund the 9 Story Acquisition. This obligation has a maturity date of October 27, 2026. The interest rate is floating and is based on the 1-month Term SOFR, plus the applicable margin per the agreement.

9 Story Acquisition

On June 20, 2024, the Company acquired 100% of the outstanding shares of capital stock of 9 Story Media Group Inc. ("9 Story"), a leading independent creator, producer and distributor of premium children’s content based in Toronto, Canada, with studios or offices in New York, Dublin, Ireland and Bali, Indonesia, which included all of the economic interests in the form of non-voting shares and 25% of the voting shares. The total purchase price was CAD $250.0 (approximately USD $182.0), subject to purchase price and working capital adjustments, which was funded through borrowings under the U.S. credit agreement incurred in fiscal 2025. The operations of 9 Story will be reported in a new Entertainment segment of the Company.

As of July 19, 2024, the accounting for the business combination has not been completed, which includes the measurement of certain intangible assets and goodwill. The Company is still evaluating the allocation of the preliminary purchase consideration and pro forma results of operations. The Company incurred acquisition‑related costs of $9.3 which were included in Selling, general and administrative costs in the Consolidated Statement of Operations for the year ended May 31, 2024.

Dividend Declared

On July 17, 2024, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the Company's Class A and Common Stock for the first quarter of fiscal 2025. The dividend is payable on September 16, 2024 to shareholders of record as of the close of business on August 30, 2024.