v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Assets and Lease Liabilities

The Company’s lease assets and lease liabilities for its studios and corporate offices were as follows:

 

 

Successor

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Assets:

 

 

 

 

 

 

Operating leases

 

$

2,549

 

 

$

2,933

 

Total lease assets

 

$

2,549

 

 

$

2,933

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Current

 

 

 

 

 

 

Operating leases

 

$

1,183

 

 

$

1,260

 

Noncurrent

 

 

 

 

 

 

Operating leases

 

 

1,571

 

 

 

1,893

 

Total lease liabilities

 

$

2,754

 

 

$

3,153

 
Schedule of Components of Lease Cost

The components of the Company’s lease cost were as follows:

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

 

 

March 31, 2026

 

 

 

March 29, 2025

 

Operating lease cost:

 

 

 

 

 

 

 

Fixed lease cost

 

$

444

 

 

 

$

3,459

 

Variable lease cost

 

 

—

 

 

 

 

2

 

Total operating lease cost

 

$

444

 

 

 

$

3,461

 

 
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The Company’s weighted average remaining lease term and weighted average discount rates were as follows:

 

 

Successor

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Weighted Average Remaining Lease Term (years)

 

 

 

 

 

 

Operating leases

 

 

2.55

 

 

 

2.69

 

 

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

 

 

Operating leases

 

 

9.44

 

 

 

9.42

 
Schedule of Maturity of Lease Liabilities

At March 31, 2026 (Successor), the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows:

 

Operating
Leases

 

Remainder of fiscal 2026

$

1,045

 

Fiscal 2027

 

990

 

Fiscal 2028

 

675

 

Fiscal 2029

 

423

 

Fiscal 2030

 

—

 

Fiscal 2031

 

—

 

Thereafter

 

—

 

Total lease payments

$

3,133

 

Less imputed interest

 

379

 

Present value of lease liabilities

$

2,754

 

 
Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:

 

 

Successor

 

 

 

Predecessor

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

 

 

March 31, 2026

 

 

 

March 29, 2025

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

486

 

 

 

$

3,698

 

Operating cash flows from finance leases

 

$

—

 

 

 

$

—

 

Financing cash flows from finance leases

 

$

—

 

 

 

$

—

 

 

 

 

 

 

 

 

 

Lease assets obtained in exchange for new operating lease liabilities

 

$

—

 

 

 

$

171

 

Lease assets obtained in exchange for new finance lease liabilities

 

$

—

 

 

 

$

—