Beginning in the third quarter of 2023, the Company implemented an ongoing cost reduction program, primarily related to realizing synergy opportunities and integrating the combined operations of WWE and UFC, which resulted in the recording of termination benefits for a workforce reduction of certain employees and contract termination costs for independent contractors in the WWE segment and Corporate. As a result, the Company recorded restructuring charges of $11.6 million for the three months ended March 31, 2024, inclusive of $2.4 million of equity-based compensation expenses, which are accrued in accrued liabilities and additional paid-in-capital on the consolidated balance sheets, respectively. These restructuring charges are recorded within direct operating costs and selling, general and administrative expenses in the consolidated statements of operations.

Changes in the Company’s restructuring liability through March 31, 2024 were as follows (in thousands):



Balance — December 31, 2023	$	9,725
Restructuring charges (excluding equity-based compensation expense)		9,235
Payments		(10,693)
Balance — March 31, 2024	$	8,267