Film and Television Costs, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Film and Television Costs, Net | Film and Television Costs, Net
During the year ended December 31, 2022, Film and Television Costs increased by $4.8 million, net of amortization expense, as compared to December 31, 2021. The increase in Film and Television Costs is primarily related to assuming Wow's Film and Television Cost balance into the consolidated balance sheet of $6.4 million as of December 31, 2022. The remaining decrease, as compared to the prior year, is primarily due to the production of Shaq’s Garage.
During the years ended December 31, 2022 and December 31, 2021, the Company recorded amortization expense of $13.0 million and $19.5 million, respectively. Included in amortization expense during the year ended December 31, 2022, the Company recorded impairment charges of $6.8 million comprised of $1.0 million related to the write-off of the license rights to YFE titles and $5.8 million related to production costs. During the year ended December 31, 2021, the Company recorded impairment charge of $18.2 million related to production costs.
The production cost impairments resulted from management’s periodic assessment of the ultimate revenues expected to be recognized on each episodic series, in conjunction with historical performance and current market conditions and determined the estimated future cash flows were not sufficient to recover the entire unamortized asset.
The following table highlights the activity in Film and Television Costs as of December 31, 2022 and 2021 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||