v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2024
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS 7. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in the carrying value of Goodwill are as follows (in thousands):

UFC (1)

WWE (2)

Total

Balance — December 31, 2023

$

2,602,639

$

5,063,846

$

7,666,485

Foreign exchange and other

—

(337)

(337)

Balance — March 31, 2024

$

2,602,639

$

5,063,509

$

7,666,148

(1)Reflects goodwill resulting from the Company’s election to apply pushdown accounting to reflect EGH’s new basis of accounting in the UFC’s assets and liabilities, including goodwill, which occurred during 2016.

(2)Based on preliminary fair values acquired through the business acquisition of WWE. See Note 4, Acquisition of WWE, for further information.

There were no dispositions or impairments to goodwill during the three months ended March 31, 2024 and 2023.

Intangible Assets, net

The following table summarizes information relating to the Company’s identifiable intangible assets as of March 31, 2024 (in thousands):

Weighted Average

Estimated Useful Life

Accumulated

(in years)

Gross Amount

Amortization

Carrying Value

Trademarks and trade names

22.8

$

2,891,826

$

(346,342)

$

2,545,484

Customer relationships

5.4

1,255,010

(429,059)

825,951

Other (1)

3.4

145,588

(34,002)

111,586

Total intangible assets

$

4,292,424

$

(809,403)

$

3,483,021

(1)Other intangible assets as of March 31, 2024 primarily consisted of talent roster, internally developed software and content library assets acquired through the business combination with WWE in September 2023. See Note 4, Acquisition of WWE, for further information.

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2023 (in thousands):

Weighted Average

Estimated Useful Life

Accumulated

(in years)

Gross Amount

Amortization

Carrying Value

Trademarks and trade names

22.8

$

2,891,826

$

(314,685)

$

2,577,141

Customer relationships

5.5

1,254,210

(388,640)

865,570

Other (1)

3.4

145,438

(24,486)

120,952

Total intangible assets

$

4,291,474

$

(727,811)

$

3,563,663

(1)Other intangible assets as of December 31, 2023 primarily consisted of talent roster, internally developed software and content library assets acquired through the business combination with WWE in September 2023. See Note 4, Acquisition of WWE, for further information.

Amortization of intangible assets was $81.6 million and $11.7 million during the three months ended March 31, 2024 and 2023, respectively, which is recognized within depreciation and amortization in the consolidated statements of operations.