In January 2023, we announced a strategic restructuring and reorganization of the Company to 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 created 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 in the first quarter of 2024 and 2023 totaled $5.0 million and $16.5 million, respectively. Restructuring costs include severance charges and outside consulting fees associated with the ongoing strategic reorganization of the Company. First quarter of 2023 also included a $13.6 million charge related to the write-down of certain programming assets in connection with the shutdown of the TrueReal network.


Three Months Ended March 31, 2024 and 2023 (in thousands)	Severance and Employee Benefits		Other Restructuring Charges		Total

Liability as of December 31, 2023	$	6,735	$	1,430	$	8,165
Net charges	4,563		452		5,015
Payments	(8,054)		(452)		(8,506)
Non-cash (a)	—		—		—
Liability as of March 31, 2024	$	3,244	$	1,430	$	4,674


Liability as of December 31, 2022	$	—	$	—	$	—
Net charges	1,310		15,201		16,511
Payments	—		(1,593)		(1,593)
Non-cash (a)	(289)		(13,608)		(13,897)
Liability as of March 31, 2023	$	1,021	$	—	$	1,021

(a) Represents share-based compensation costs and asset write-downs included in restructuring charges.

On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment. This gain was included in Miscellaneous, net for the three months ended March 31, 2024.