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Programming Related Obligations
6 Months Ended
Jun. 30, 2026
Programming Related Obligations [Abstract]  
Programming Related Obligations Programming Related Obligations
Programming related obligations include programming notes, which represent individual unsecured loans for the licensing of film and television programs. As of June 30, 2026, outstanding programming notes had a balance of $62.1 million and had contractual repayment dates ranging from July 2026 through August 2026, and incurred SOFR-based interest at a weighted average rate of 8.1%. There were $87.7 million of programming notes outstanding as of December 31, 2025.
In addition to programming notes, current and non-current Programming related obligations include secured production loans with outstanding balances of $48.7 million due in January 2027 and $6.8 million due in May 2028, in each case as of June 30, 2026. As of December 31, 2025, the production loans had an outstanding balance of $41.4 million and were included in non-current Programming related obligations as they were not current liabilities at that time. The production loans each incurred SOFR-based interest of 6.0%. Production loans represent financing arrangements for individual original series produced by the Company. These loans are secured by collateral consisting of the underlying intellectual property rights (e.g., the related film or television program).