0000929351-25-000103 | 10-Q | XBRL Viewer | Starz Entertainment Corp CN

Derivative Instruments and Hedging Activities

3 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Forward Foreign Exchange Contracts

The Company may enter forward foreign exchange contracts to hedge its foreign currency exposures on future production costs and tax credit receivables denominated in various foreign currencies (i.e., cash flow hedges). The Company may also enter forward foreign exchange contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. Changes in the fair value of the foreign exchange contracts that are designated as hedges are reflected in accumulated other comprehensive income (loss), and changes in the fair value of foreign exchange contracts that are not designated as hedges and do not qualify for hedge accounting are recorded in other operating expense. Gains and losses realized upon settlement of the foreign exchange contracts that are designated as hedges are amortized to other programming expense included in other operating expense.

As of June 30, 2025, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 24 months from June 30, 2025):

June 30, 2025

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

British Pound

£30.20

in exchange for

US$41.00

US$0.73

British Pound

£6.60

in exchange for

US$8.90

US$0.74

Interest Rate Swaps

The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows. The Company primarily uses pay-fixed interest rate swaps to facilitate its interest rate risk management activities. Pay-fixed swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from designated cash flow hedges are deferred in accumulated other comprehensive income (loss) and recognized in interest expense as the interest payments occur. Changes in the fair value of interest rate swaps that are not designated as hedges are recorded in interest expense (see further explanation below).

As of June 30, 2025, the Company had the following pay-fixed interest rate swaps, which the Company has elected not to apply hedge accounting (all related to the Company’s SOFR-based debt, see Note 4, Debt):


Effective Date	Notional Amount		Fixed Rate Paid	Maturity Date
	(in millions)
June 6, 2025	$	35.0	3.59%	June 6, 2028
June 6, 2025	15.0		3.58%	June 6, 2028
June 6, 2025	35.0		3.62%	June 6, 2028
June 6, 2025	65.0		3.59%	June 6, 2028
Total	$	150.0

Financial Statement Effect of Derivatives

Unaudited condensed consolidated statements of operations and comprehensive loss: The following table presents the pre-tax effect of the Company’s derivatives on the accompanying statements of operations and comprehensive income (loss) for the three months ended June 30, 2025:


	Three Months Ended
	June 30,
	2025
	(Amounts in millions)
Forward exchange contracts
Gain (loss) recognized in other operating expense	$	0.2

Interest rate swaps
Gain (loss) recognized in interest expense	(0.6)

Unaudited condensed consolidated balance sheets: The Company classifies its forward foreign exchange contracts and interest rate swap agreements within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments (see Note 6, Fair Value Measurements, for further details). Pursuant to the Company’s accounting policy to offset the fair value amounts recognized for derivative instruments, the Company presents the asset or liability position of the swaps that are with the same counterparty under a master netting arrangement net as either an asset or liability in the accompanying balance sheets. As of June 30, 2025, there were no swaps outstanding that were subject to a master netting arrangement.

As of June 30, 2025, the Company had the following amounts recorded in the accompanying balance sheets related to the Company’s use of derivatives:


	June 30, 2025
	Other Current Assets		Other Accrued Liabilities (current)
	(Amounts in millions)
Forward exchange contracts	$	0.2	$	—
Interest rate swaps	—		0.6
Fair value of derivatives	$	0.2	$	0.6

Net (Loss) Earnings Per Share

3 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net (Loss) Earnings Per Share

Basic and diluted net (loss) income per share is calculated based on the weighted average common shares outstanding for the period. Basic and diluted net (loss) income per share for the three months ended June 30, 2025 and 2024 is presented below:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions, except per share amounts)
Basic and Diluted (Loss) Earnings Per Common Share:
Numerator:
Net income (loss) from continuing operations	$	(42.5)	$	1.1
Net income from discontinued operations	—		3.1
Net income (loss) attributable to common stockholders	$	(42.5)	$	4.2
Denominator:
Weighted average common shares outstanding	16.7		16.7

Basic and diluted net (loss) income per common share - continuing operations	$	(2.54)	$	0.07
Basic and diluted net income per common share - discontinued operations	—		0.19
Basic and diluted net (loss) income per common share	$	(2.54)	$	0.26

As a result of the net loss for the three months ended June 30, 2025, the dilutive effect of the stock options and RSUs, presented below were considered anti-dilutive and, therefore, excluded from diluted net loss per common share.

For the three months ended June 30, 2025, the outstanding common shares issuable presented below were excluded from net loss per common share because their inclusion would have had an anti-dilutive effect:


			Three Months Ended
			June 30,
			2025
			(Amounts in millions)
Anti-dilutive shares issuable
Stock options and share appreciation rights			0.8
Restricted share units			2.5
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share			3.3

Programming Related Obligations	3 Months Ended
Programming Related Obligations	Jun. 30, 2025
Programming Related Obligations [Abstract]
Programming Related Obligations	Programming Related Obligations Programming related obligations include programming notes, which represent individual unsecured loans for the licensing of film and television programs. As if June 30, 2025, outstanding programming notes had a balance of $88.2 million and had contractual repayment dates ranging from July 2025 through August 2025, and incurred SOFR-based interest at a weighted average rate of 8.82%. There were $90.7 million of programming notes outstanding as of March 31, 2025.

Debt - Starz Credit Agreement (Term Loan A) (Details) - Starz Credit Agreement - Revolving Credit Facility	May 06, 2025 USD ($)	Mar. 31, 2028	Mar. 31, 2027	Mar. 31, 2026	Jun. 30, 2025	May 31, 2024
Debt Instrument
Debt instrument, face amount	$ 300,000,000
Revolving credit facility, maximum borrowing capacity	$ 150,000,000
Debt instrument, interest rate, stated percentage						5.50%
Commitment fee (as a percent)	0.375%
Debt instrument, total leverage ratio, minimum					4.50
Debt instrument, first lien leverage ratio, maximum	3.00
Debt instrument, interest coverage ratio, minimum	2.50
Forecast
Debt Instrument
Debt instrument, total leverage ratio, minimum		3.50	4.00	4.25
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument, basis spread on variable rate	3.00%
Base Rate
Debt Instrument
Debt instrument, basis spread on variable rate	2.00%

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Jun. 30, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Revenues recognized	$ 26.0

Discontinued Operations (Tables)

3 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Net income from Starz's discontinued operations consists of the following:


	Three Months Ended
	June 30,
	2024
	(Amounts in millions)
Revenue	$	2.5
Expenses:
Programming amortization	1.6
Other operating	0.4
Advertising and marketing	(0.1)
General and administrative	0.8
Restructuring and other	(4.5)
Total expenses	(1.8)
Operating income	4.3
Interest expense	(0.2)
Interest and other income	0.1
Income from discontinued operations before income taxes	4.2
Income tax provision	(1.1)
Net income from discontinued operations, net of income taxes	$	3.1

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Programming Related Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
Debt Instrument
Programming related obligations	$ 88.2	$ 90.7
Programming Notes
Debt Instrument
Debt instrument, basis spread on variable rate	8.82%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Due To/From LG Studios Business - Narrative (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	May 06, 2025	May 13, 2024	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2025
Related Party Transaction [Line Items]
Due to LGCH1			$ 0.0			$ 81.6
General and administrative			29.1	$ 26.6
Segment Reporting, Reconciling Item, Corporate Nonsegment \| Related Party
Related Party Transaction [Line Items]
General and administrative			$ 1.0	$ 3.6
Business separation cost	$ 10.0				$ 10.0
Intercompany Revolver \| Revolving Credit Facility
Related Party Transaction [Line Items]
Debt maximum covenant amount		$ 150.0
Debt instrument, basis spread on variable rate		1.75%
Intercompany Revolver \| Revolving Credit Facility \| Related Party
Related Party Transaction [Line Items]
Due to LGCH1						$ 81.6

Capital Stock (Tables)

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Shares of Common Stock Reserved for Future Issuance

The table below outlines common shares reserved for future issuance:


			June 30, 2025
			(Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding			0.8
Restricted share units and other share-based compensation — unvested			2.5
Common shares available for future issuance			3.0
Shares reserved for future issuance			6.3

Schedule of Share-Based Compensation Expense

The Company recognized the following share-based compensation expense:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Compensation Expense:
Restricted share units and other share-based compensation	$	5.2	$	4.5
Corporate allocation of share-based compensation	—		0.7
	5.2		5.2

Impact of modification for change to cash payment(1)	2.2		—
Total share-based compensation expense	$	7.4	$	5.2

_____________________

(1)This balance reflects a one-time modification of equity awards in connection with the Separation. In June 2025, the Compensation Committee of the Company's Board of Directors approved a cash payment in lieu of share issuance for the restricted share units vesting during the quarter ending September 30, 2025. Refer to Note 17, Subsequent Events, for further detail regarding the modification.

Share-based compensation expense from continuing operations, by expense category, consisted of the following:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Share-Based Compensation Expense:
Other operating expense	$	0.9	$	0.8
General and administration	4.3		4.4
Restructuring and other	2.2		—
	$	7.4	$	5.2

Schedule of Stock Options and SARs

The following tables present Starz’s capital stock (including stock option and share appreciation rights, "SARs", and restricted share units, "RSUs") before and after the Separation and related conversion during the quarter ended June 30, 2025. Each outstanding stock award and strike price was exchanged at Separation date using a ratio as determined under the employee matters agreement.

Stock awards prior to Separation date of May 6, 2025:


	Stock Options and SARs							Restricted Share Units
	Class A Common Shares	Weighted-Average Exercise Price		Class B Common Shares		Weighted-Average Exercise Price		Number of Shares	Weighted-Average Grant Date Fair Value
	(Amounts in millions, except for shares and weighted-average exercise price)
Outstanding at March 31, 2025	593	$	7.70	1,151,938		$	13.66	3,125,047	$	8.15
Granted								7,813	8.01
Exercised
Forfeited or expired								(27,970)	8.07
Outstanding at May 6, 2025	593	$7.70		1,151,938		$	13.66	3,104,890	$	8.15

Stock awards after exchange post-Separation:

	Starz Stock Options and SARs							Restricted Share Units
	Number of Shares	Weighted-Average Exercise Price		Intrinsic Value		Remaining Term		Number of Shares	Weighted-Average Grant Date Fair Value		Remaining Term
	(Amounts in millions, except for shares and weighted-average exercise price and years)
Shares issued on May 6, 2025	696,187	$	17.73					1,939,316	$	8.15
Shares issued to Dual Director Grants on May 6, 2025								32,081	7.98
Granted	143,265	11.20						—
Forfeited - Time RSUs								(42,494)	8.03
Cancelled - Performance RSUs								(18,887)	8.00
Forfeited - Performance RSUs								(72,623)	8.10
Outstanding at June 30, 2025	839,452	$	16.62	$	1.6	4.8		1,837,393	$	8.15	1.0
Exercisable at June 30, 2025	696,187	$	17.73	$	0.9	3.8

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2025	Mar. 31, 2025	Aug. 27, 2024	May 31, 2024
Debt Instrument
Total debt, net (non-current)	$ 611,700,000	$ 699,900,000
Senior Notes
Debt Instrument
Unamortized debt issuance costs	(13,400,000)	(15,100,000)
Debt instrument, interest rate, stated percentage				5.50%
Term Loan A \| Term Loan A
Debt Instrument
5.5% Senior Notes	300,000,000.0	0
5.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument
5.5% Senior Notes		715,000,000.0
Existing Notes \| Senior Notes
Debt Instrument
5.5% Senior Notes	$ 325,100,000	325,100,000		$ 325,100,000
Debt instrument, interest rate, stated percentage	5.50%		5.50%	5.50%
Exchange Notes \| Senior Notes
Debt Instrument
5.5% Senior Notes		$ 389,900,000		$ 389,900,000
Debt instrument, interest rate, stated percentage				5.50%

Additional Financial Information - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Due from LG Studios Business (Note 15)	$ 0.0	$ 81.6
Trade Accounts Receivable
Accumulated Other Comprehensive Income (Loss) [Line Items]
Continuing involvement with derecognized transferred financial assets, amount outstanding	$ 134.9	$ 144.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Aug. 27, 2024	May 31, 2024
Fair Value, Recurring
Assets:
Forward exchange contracts	$ 0.0	$ 0.0
Liabilities:
Interest exchange swaps	0.0	0.0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
Forward exchange contracts	0.2	0.0
Liabilities:
Interest exchange swaps	0.6	0.0
Senior Notes
Liabilities:
Debt instrument, interest rate, stated percentage				5.50%
Term Loan A \| Fair Value, Recurring
Assets:
Debt instrument, fair value disclosure	292.9	0.0
Term Loan A \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
Debt instrument, fair value disclosure	$ 292.9	0.0
5.5% Senior Notes \| Senior Notes
Liabilities:
Debt instrument, interest rate, stated percentage	5.50%		5.50%	5.50%
5.5% Senior Notes \| Senior Notes \| Fair Value, Recurring
Assets:
5.5% Senior Notes	$ 318.8	699.9
5.5% Senior Notes \| Senior Notes \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
5.5% Senior Notes	258.2	623.7
Programming Notes \| Fair Value, Recurring
Assets:
Debt instrument, fair value disclosure	88.2	90.7
Programming Notes \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
Debt instrument, fair value disclosure	$ 88.2	$ 90.7

Description of Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2025
Accounting Policies [Abstract]
Generally Accepted Accounting Principles	Generally Accepted Accounting Principles These financial statements have been prepared in accordance with U.S. GAAP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; the allocation of costs to the Starz Business for certain corporate and shared service functions prior to Studio Separation; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates.
Segments	Segments Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. The continuing operations outside the U.S. and Canada, which primarily consist of our operations in India and Southeast Asia, are reported as International. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Income Taxes: In December 2023, the FASB issued guidance which expanded income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this guidance required all public business entities to disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024, and therefore will be effective beginning with the Company’s financial statements issued for the calendar year ending December 31, 2025 with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures. Income Statement: In November 2024, the FASB issued guidance requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2027 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
Fair Value Hierarchy	Fair Value Hierarchy Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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-Name Accounting Standards Codification
-Section 50
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+ Details

Discontinued Operations - Net Income (Loss) (Details) - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 2.5
Programming amortization	1.6
Other operating	0.4
Advertising and marketing	(0.1)
General and administrative	0.8
Restructuring and other	(4.5)
Total expenses	(1.8)
Operating income	4.3
Interest expense	(0.2)
Interest and other income	0.1
Income from discontinued operations before income taxes	4.2
Income tax provision	(1.1)
Net income from discontinued operations, net of income taxes	$ 3.1

Debt - Senior Notes (Details) - Senior Notes	3 Months Ended
Debt - Senior Notes (Details) - Senior Notes	Jun. 30, 2025	May 31, 2024
Debt Instrument
Debt instrument, interest rate, stated percentage		5.50%
Exchange Notes
Debt Instrument
Debt instrument, interest rate, stated percentage		5.50%
Exchange Notes \| On or After April 15, 2024
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	102.75%
Exchange Notes \| On or After April 15, 2025
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	101.375%
Exchange Notes \| On or After April 15, 2026
Debt Instrument
Debt instrument, redemption price, percentage of principal amount redeemed	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock - Schedule of Share-based Compensation Expense, by Expense Category (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 7.4	$ 5.2
Continuing Operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	7.4	5.2
Other operating expense \| Continuing Operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	0.9	0.8
General and administration \| Continuing Operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	4.3	4.4
Restructuring and other \| Continuing Operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 2.2	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Derivative Instruments and Hedging Activities - Schedule of Unaudited Condensed Consolidated Balance Sheets (Details) - Not Designated as Hedging Instrument $ in Millions	Jun. 30, 2025 USD ($)
Derivatives, Fair Value [Line Items]
Derivative asset, current	$ 0.2
Derivative liability, current	0.6
Forward exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset, current	0.2
Derivative liability, current	0.0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative asset, current	0.0
Derivative liability, current	$ 0.6

Pay vs Performance Disclosure - USD ($)	2 Months Ended	3 Months Ended		4 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	May 06, 2025
Pay vs Performance Disclosure
Net loss	$ (35,200,000)	$ (42,500,000)	$ 4,200,000	$ (7,300,000)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Capital Stock - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense:	$ 5.2	$ 5.2
Impact of modification for change to cash payment	2.2	0.0
Total share-based compensation expense	7.4	5.2
Restricted share units and other share-based compensation \| Operating Segments
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense:	5.2	4.5
Corporate allocation of share-based compensation \| Segment Reporting, Reconciling Item, Corporate Nonsegment
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense:	$ 0.0	$ 0.7

Contingencies	3 Months Ended
Contingencies	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, the Company is involved in certain claims and legal proceedings arising in the normal course of business. The Company establishes an accrued liability for claims and legal proceedings when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. The Company expenses legal fees as incurred. Claims and legal proceedings may be brought against the Company without merit, are inherently uncertain, are difficult to predict, and the Company’s view on these matters may change as events unfold. Reasonably possible losses, if any, are not estimable, however, based on our current understanding and evaluation of the relevant facts and circumstances, as of June 30, 2025, the Company is not a party to any pending claims or legal proceedings for which management believes the resolution would have a material adverse effect on the Company’s financial position, results of operations or cash flows, and is not aware of any other claims that it believes could, individually or in the aggregate, have a material adverse effect on the Company's financial position, results of operations or cash flows. For additional detail regarding certain legal proceedings in which Starz is involved, Starz provides the following information: On August 27, 2024, purported holders of former 5.5% Notes of ours (prior to the Separation) filed a complaint in New York State court asserting claims for breach of certain contractual provisions and breach of the implied covenant of good faith and fair dealing based on a May 2024 transaction in which the Company exchanged approximately $390 million in aggregate principal amount of 5.5% Notes for new 5.5% exchange notes due 2029 (now, the 6% Notes) and entered into Supplemental Indenture No. 10 to the indenture governing the 5.5% Notes (the “Indenture”). The main basis for these claims is that Supplemental Indenture No. 10 allegedly implicated certain provisions of the Indenture that require consent of each affected holder for certain types of waivers, amendments, and supplements to the Indenture. The relief sought includes a request for a declaration that Supplemental Indenture No. 10 and the associated exchange transaction are null and void. On September 13, 2024, another purported holder sought to intervene as a plaintiff in the same suit asserting nearly identical claims, which intervention was granted on October 11, 2024. The second holder subsequently added additional theories and brought claims against other parties. Starz filed a motion to dismiss the claims. On May 23, 2025, both plaintiffs amended their complaints in view of the completion of the Separation, and on June 10, 2025, Starz moved to dismiss the amended complaints. Oral argument on this motion is set for September 22, 2025. Although Starz believes that the existing allegations are without merit, there can be no assurance that the plaintiffs will not be successful in obtaining relief sought in their amended complaints. If the plaintiffs are successful, they may issue a notice of default to the trustee of the 5.5% Notes and seek accelerated payments for amounts due under the 5.5% Notes. These actions may result in an outcome that could have a material adverse impact on Starz’s business, operations and financial conditions as well as our stakeholders, as any such action could require payments on the 5.5% Notes earlier than expected. The Company is party to certain arbitration claims arising from alleged violation of the federal Video Privacy Protection Act (the “VPPA”) and analogous state laws relating to the Company’s alleged use of a third-party pixel on the website for its subscription video service. Although the outcome of these matters cannot be predicted with certainty, management does not presently believe that the resolution of these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Legal proceedings can be expensive and disruptive to normal business operations. Even if Starz is successful in defending against such claims, it may expend significant management time and attention and funds to defend against such claims. The Company is involved in legal proceedings not listed herein, but as previously stated, it does not presently consider the matters to be material either individually or in the aggregate at this time. The Company’s view of the matters not listed may change in the future as the proceedings unfold.

Label	Element	Value
Parent Investment, Net [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ (7,300,000)
Retained Earnings [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ (35,200,000)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Programming Content (Tables)

3 Months Ended

Jun. 30, 2025

Other Industries [Abstract]

Schedule of Capitalized Cost for Film, Monetized on Its Own and Film, Monetized in Film Group

Total programming content is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Licensed program rights, net of accumulated amortization	$	1,073.2	$	1,080.0

Owned and produced films and television programs:
Released, net of accumulated amortization	6.3		9.2
In progress	5.9		—
In development	7.3		7.1
	19.5		16.3
Programming content, net	$	1,092.7	$	1,096.3

Schedule of Amortization Expense for Film, Monetized on Its Own and Film, Monetized in Film Group and License Agreement for Program Rights

Amortization of programming content is as follows and is included in programming amortization in the accompanying statements of operations:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Amortization expense:(1)
Licensed program rights	$	161.5	$	147.7
Owned and produced films and television programs	1.0		1.3
	$	162.5	$	149.0

_______________

(1)Amortization expense for the three months ended June 30, 2024 excludes COVID-related insurance recoveries of $(1.1) million.

Revenue - Schedule of Revenues by Segment (Details) - USD ($)	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 319,700,000	$ 347,600,000
International
Disaggregation of Revenue [Line Items]
Total revenue	0	2,300,000
Operating Segments \| Starz Networks
Disaggregation of Revenue [Line Items]
Total revenue	$ 319,700,000	$ 345,300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Additional Financial Information - Schedule of Receivables Transferred Under Individual Agreements or Purchases (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Loss recorded related to transfers of receivables	$ 1.8	$ 1.7
Nonrelated Party
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net cash proceeds received from third party purchasers	209.4	204.6
Individual Monetization Agreements \| Trade Accounts Receivable
Accumulated Other Comprehensive Income (Loss) [Line Items]
Carrying value of receivables transferred and derecognized	$ 211.4	$ 206.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Instruments and Hedging Activities - Schedule of Forward Foreign Exchange Contracts (Details) - Long £ in Millions, $ in Millions	Jun. 30, 2025 USD ($) £ / $	Jun. 30, 2025 GBP (£) £ / $
Forward Foreign Exchange Contract - 28 Million British Pounds
Derivative [Line Items]
Notional Amount	$ 41.0	£ 30.2
Weighted Average Exchange Rate Per $1 USD	0.73	0.73
Forward Foreign Exchange Contract - 7 Million British Pounds
Derivative [Line Items]
Notional Amount	$ 8.9	£ 6.6
Weighted Average Exchange Rate Per $1 USD	0.74	0.74

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Programming Content

3 Months Ended

Jun. 30, 2025

Other Industries [Abstract]

Programming Content

The predominant monetization strategy for the Company's programming content (which includes licensed program rights and owned and produced films and television programs) is as a group. Total programming content is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Licensed program rights, net of accumulated amortization	$	1,073.2	$	1,080.0

Owned and produced films and television programs:
Released, net of accumulated amortization	6.3		9.2
In progress	5.9		—
In development	7.3		7.1
	19.5		16.3
Programming content, net	$	1,092.7	$	1,096.3

Amortization of programming content is as follows and is included in programming amortization in the accompanying statements of operations:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Amortization expense:(1)
Licensed program rights	$	161.5	$	147.7
Owned and produced films and television programs	1.0		1.3
	$	162.5	$	149.0

_______________

(1)Amortization expense for the three months ended June 30, 2024 excludes COVID-related insurance recoveries of $(1.1) million.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions	Jun. 30, 2025	Mar. 31, 2025
ASSETS
Cash and cash equivalents	$ 51,600,000	$ 17,800,000
Accounts receivable, net	55,700,000	52,700,000
Due from LG Studios Business (Note 15)	0	81,600,000
Prepaid expenses and other	15,900,000	18,400,000
Total current assets	123,200,000	170,500,000
Programming content, net	1,092,700,000	1,096,300,000
Property and equipment, net	50,400,000	48,600,000
Intangible assets, net	772,300,000	816,000,000.0
Other assets	53,000,000.0	41,800,000
Total assets	2,091,600,000	2,173,200,000
LIABILITIES
Accounts payable	78,100,000	64,500,000
Programming related payables	378,100,000	101,800,000
Other accrued liabilities	63,600,000	64,500,000
Residuals	29,300,000	29,500,000
Programming related obligations	88,200,000	90,700,000
Deferred revenue	39,800,000	39,400,000
Due to LG Studios Business (Note 15)	0	232,100,000
Total current liabilities	677,100,000	622,500,000
Debt	611,700,000	699,900,000
Other liabilities	82,200,000	75,900,000
Deferred tax liabilities	8,300,000	8,500,000
Total liabilities	1,379,300,000	1,406,800,000
Contingencies (Note 16)
EQUITY
Common stock, no par value, unlimited authorized, 16.7 shares issued (March 31, 2025 – nil )	728,300,000	0
Accumulated other comprehensive income	19,200,000	19,200,000
Parent net investment	0	747,200,000
Accumulated deficit	(35,200,000)	0
Total equity	712,300,000	766,400,000
Total liabilities and equity	$ 2,091,600,000	$ 2,173,200,000
Common stock, shares, issued (in shares)	16.7	0.0

Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Required to be Carried at Fair Value on a Recurring Basis

The following table sets forth the carrying values and fair values of the Company’s outstanding debt and programming notes:


	June 30, 2025				March 31, 2025
	(Amounts in millions)				(Amounts in millions)
	Carrying Value		Fair Value(1)		Carrying Value		Fair Value(1)
			(Level 2)				(Level 2)
Assets:
Term Loan A	$	292.9	$	292.9	$	—	$	—
5.5% Senior Notes	318.8		258.2		699.9		623.7
Programming Notes	88.2		88.2		90.7		90.7
Forward exchange contracts(2)	—		0.2		—		$	—
Liabilities:
Interest exchange swaps(2)	$	—	$	0.6	$	—	$	—

________________

(1)The Company measures the fair value of its outstanding debt using discounted cash flow techniques that use observable market inputs, such as SOFR-based yield curves, swap rates, and credit ratings (Level 2 measurements).

(2)Represents the fair value measurements of the Company’s derivative instruments, specifically forward exchange contracts and interest rate swaps, as of June 30, 2025. These instruments are classified within the fair value hierarchy in accordance with ASC 820. See Note 13, Derivative Instruments and Hedging Activities, for further detail.

Segment Information

3 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

The Company’s reportable segments have been determined based on the distinct nature of their operations, the Company's internal management structure, and the financial information that is evaluated regularly by the Company's chief operating decision maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. Our Chief Executive Officer ("CEO") is the CODM.

As described in Note 1, as of June 30, 2025, the Company has one reportable segment: Starz Networks, which includes our operations in the U.S. and Canada. The continuing operations outside the U.S. and Canada, which through March 31, 2025 included operations in India and Southeast Asia, is reported as International and is disclosed to provide a reconciliation of segment amounts to amounts appearing in the accompanying financial statements. As described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, and effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate.

Segment information is presented in the table below:


	Three Months Ended
	June 30,
	2025		2024
	Starz Networks		Starz Networks		International		Total
	(Amounts in millions)
Revenue
OTT revenue	$	221.1	$	232.1	$	2.3	$	234.4
Linear and other revenue	98.6		113.2		—		113.2
Total revenue	319.7		345.3		2.3		347.6
Operating expenses:
Programming amortization	162.5		146.1		1.8		147.9
Payroll expense(1)	29.7		28.2		0.5		28.7
Advertising and marketing	63.4		82.4		0.3		82.7
Other(2)	35.9		36.6		0.6		37.2
Depreciation and amortization	48.7		41.6		—		41.6
Restructuring and other	6.4		(0.6)		—		(0.6)
Total expenses	346.6		334.3		3.2		337.5
Operating (loss) income	(26.9)		11.0		(0.9)		10.1
Interest expense	(13.2)		(10.8)		—		(10.8)
Interest and other income	—		0.8		—		0.8
Other expense	(2.5)		(1.7)		—		(1.7)
Loss on extinguishment of debt	—		(4.9)		—		(4.9)
Loss from continuing operations before income taxes	(42.6)		(5.6)		(0.9)		(6.5)
Income tax benefit	0.1		7.7		(0.1)		7.6
Net (loss) income from continuing operations	$	(42.5)	$	2.1	$	(1.0)	$	1.1

______________________________________

(1) Payroll expense by segment, which includes salaries and employee benefits, is reviewed by the CODM on a quarterly basis.

(2) Includes total other operating and general and administrative expenses per the accompanying statements of operations, less payroll expense per note (1).

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Assets
Starz Networks	$	1,971.1	$	2,017.8
International	—		6.5
Other unallocated assets(1)	120.5		148.9
	$	2,091.6	$	2,173.2

_____________________

(1)Other unallocated assets primarily consist of cash and other assets.

Long-lived assets by geographic location are as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Long-lived assets(1)
United States	$	1,189.5	$	1,180.5

_____________

(1)Long-lived assets represents programming content, net, property and equipment, net, and right-of-use assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Fair Value Measurements

3 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

The following table sets forth the carrying values and fair values of the Company’s outstanding debt and programming notes:


	June 30, 2025				March 31, 2025
	(Amounts in millions)				(Amounts in millions)
	Carrying Value		Fair Value(1)		Carrying Value		Fair Value(1)
			(Level 2)				(Level 2)
Assets:
Term Loan A	$	292.9	$	292.9	$	—	$	—
5.5% Senior Notes	318.8		258.2		699.9		623.7
Programming Notes	88.2		88.2		90.7		90.7
Forward exchange contracts(2)	—		0.2		—		$	—
Liabilities:
Interest exchange swaps(2)	$	—	$	0.6	$	—	$	—

________________

The Company’s financial instruments also include cash and cash equivalents, accounts receivable, accounts payable, programming related payables, other accrued liabilities and other liabilities. The carrying values of these financial instruments approximated the fair values of these financial instruments as of June 30, 2025 and March 31, 2025. There were no material, non-recurring fair value adjustments in the three months ended June 30, 2025 and June 30, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Debt (Tables)

3 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt is summarized as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Corporate debt:
Term Loan A	300.0		$	—
5.5% Senior Notes(1)	325.1		715.0
Unamortized debt issuance costs	(13.4)		(15.1)
Total debt, net (non-current)	$	611.7	$	699.9

_______________

(1)Amounts as of June 30, 2025 and March 31, 2025 include the $325.1 million of the 5.5% Senior Notes not exchanged as discussed below, and amounts as of March 31, 2025 include both the $325.1 million of the 5.5% Senior Notes not exchanged and $389.9 million of the Exchange Notes. In connection with the Separation, a wholly owned subsidiary of New Lionsgate assumed the Exchange Notes and the initial Starz issuer was released and discharged from all obligations thereunder. See Changes Upon Completion of the Separation below.

Repayments under the Term Loan A are as follows and assumes a maturity date of December 1, 2028 (135 days prior to the 5.5% Senior Notes maturity date):


	Year Ended December 31,						Total payments
	2026		2027		2028
	(Amounts in millions)
Principal payments of Term Loan A due
March 31,	$	—	$	3.8	$	5.2
June 30,	—		3.8		5.2
September 30,	3.8		5.2		7.5
December 31,	3.8		5.2		256.5
Total principal payments due	$	7.6	$	18.0	$	274.4	$	300.0

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Outstanding

As of June 30, 2025, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 24 months from June 30, 2025):

June 30, 2025

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

British Pound

£30.20

in exchange for

US$41.00

US$0.73

British Pound

£6.60

in exchange for

US$8.90

US$0.74


Effective Date	Notional Amount		Fixed Rate Paid	Maturity Date
	(in millions)
June 6, 2025	$	35.0	3.59%	June 6, 2028
June 6, 2025	15.0		3.58%	June 6, 2028
June 6, 2025	35.0		3.62%	June 6, 2028
June 6, 2025	65.0		3.59%	June 6, 2028
Total	$	150.0

Pre-Tax Effect of Derivatives Not Designated as Hedging Instruments

The following table presents the pre-tax effect of the Company’s derivatives on the accompanying statements of operations and comprehensive income (loss) for the three months ended June 30, 2025:


	Three Months Ended
	June 30,
	2025
	(Amounts in millions)
Forward exchange contracts
Gain (loss) recognized in other operating expense	$	0.2

Interest rate swaps
Gain (loss) recognized in interest expense	(0.6)

Schedule of Derivative Instruments by Balance Sheet Location

As of June 30, 2025, the Company had the following amounts recorded in the accompanying balance sheets related to the Company’s use of derivatives:


	June 30, 2025
	Other Current Assets		Other Accrued Liabilities (current)
	(Amounts in millions)
Forward exchange contracts	$	0.2	$	—
Interest rate swaps	—		0.6
Fair value of derivatives	$	0.2	$	0.6

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Derivative Instruments and Hedging Activities - Schedule of Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Details)	3 Months Ended
	Jun. 30, 2025 USD ($)
Forward exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in interest expense	$ 200,000
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in interest expense	$ (600,000)

Capital Stock - Common Stock Reserved For Future Issuance (Details) - shares	Jun. 30, 2025	May 07, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options and share appreciation rights (SARs) outstanding (in shares)	800,000
Restricted share units and other share-based compensation - unvested (in shares)	2,500,000
Shares reserved for future issuance (in shares)	6,300,000
Options and SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options and share appreciation rights (SARs) outstanding (in shares)	839,452	696,187
Starz Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares available for future issuance (in shares)	3,000,000.0

Revenue (Tables)

3 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Segment

Revenue by segment is as follows:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Revenue
Starz Networks	$	319.7	$	345.3
International(1)	—		2.3
Total revenue	$	319.7	$	347.6

_____________________

(1) Includes the operations in India and Southeast Asia for the three months ended June 30, 2024.

Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations

Revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of June 30, 2025 are as follows:


	Rest of Year Ending December 31,		Year Ending December 31,
	2025		2026	2027	Thereafter	Total
	(Amounts in millions)
Remaining Revenue Performance Obligations	$	36.4	3.4	—	—	$	39.8

Additional Financial Information

3 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

The following tables present supplemental information related to the accompanying financial statements.

Accounts Receivable Monetization

Under the Company's accounts receivable monetization programs, the Company has entered into an agreement to monetize certain of its trade accounts receivable directly with a third-party purchaser (historically, the Company entered into individual agreements), as further described below.

Under the accounts receivable monetization programs, the Company transfers receivables to purchasers in exchange for cash proceeds, and the Company continues to service the receivables for the purchasers. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. The Company accounts for the transfers of these receivables as a sale, removes (derecognizes) the carrying amount of the receivables from its balance sheets and classifies the proceeds received as cash flows provided by operating activities in the statements its cash flows.

The Company records a loss on the sale of these receivables reflecting the net proceeds received (net of any costs incurred), less the carrying amount of the receivables transferred. The loss is reflected in other expense on the accompanying statements of operations.

The following table sets forth a summary of the receivables transferred:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	211.4	$	206.3
Net cash proceeds received from third party purchasers	209.4		204.6
Loss recorded related to transfers of receivables	1.8		1.7

At June 30, 2025, the outstanding amount of receivables derecognized from the Company's accompanying balance sheets, but which the Company continues to service, related to the Company's agreement to monetize trade accounts receivable was $134.9 million and was $144.2 million at March 31, 2025.

Other Accrued Liabilities and Other Liabilities

The composition of the Company’s other accrued liabilities (current) and other liabilities (non-current) is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Other accrued liabilities (current)
Employee related liabilities	$	46.7	$	27.9
Operating lease liabilities	10.1		9.9
Interest payable	5.8		18.0
Other accrued expenses and short-term liabilities	1.0		8.7
	$	63.6	$	64.5
Other liabilities (non-current)
Operating lease liabilities	$	53.8	$	45.6
Programming related payables	24.7		26.5
Other long-term liabilities	3.7		3.8
	$	82.2	$	75.9

Supplemental Cash Flow Information

Refer to Note 15, Due To/From LG Studios Business, for further detail regarding non-cash activity with Parent.

Due To/From LG Studios Business (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Related Party Transactions

The net transfers to and from Old Lionsgate prior to the Separation were as follows:


	Three Months Ended
	June 30,
	2025
	(Amounts in millions)
Net transfers to Parent per consolidated statements of cash flows(1)	$	(5.6)
Net non-cash transfers with Parent(2)	6.9
Stock-based compensation expense prior to Separation	(1.4)
Net transfers from Parent per consolidated statements of equity (deficit)	$	(0.1)

_____________________

(1) Amount represents cash distributions to New Lionsgate in connection with the transfer of the LGPlay and ECI businesses, during the quarter ended June 30, 2025.

(2) This amount represents the settlement of deferred financing costs in relation to the release of the Exchange Notes liability with New Lionsgate, in connection with the Separation, in addition to a one-time equity-based severance payment to an Old Lionsgate employee, adjusted for carve-out basis presentation at date of Separation.


	Three Months Ended
	June 30,
	2024
	(Amounts in millions)
Cash pooling and general financing activities	$	(83.0)
Licensing of content(1)	0.8
Operating expense reimbursement	5.3
Corporate expense allocations (excluding allocation of share-based compensation)	(2.3)
Net transfers from Parent per consolidated statements of cash flows(2)	(79.2)
Share-based compensation (including allocation of share-based compensation)(3)	(5.5)
Other non-cash transfer(4)	35.0
Net transfers from Parent per condensed consolidated statements of equity	$	(49.7)

_____________________

(1)Reflects the settlement of amounts due to the LG Studios Business related to the LG Studios Business' licensing arrangements with the Company.

(2)Amounts include net transfers from Parent included in net cash provided by financing activities from discontinued operations of $2.7 million for the quarter ended June 30, 2024.

(3)Amounts include share-based compensation from discontinued operations of $0.3 million for the quarter ended June 30, 2024.

(4)Includes a non-cash transfer of debt through Parent net investment of $35.0 million in connection with the Studio Separation during the quarter ended June 30, 2024 that was accounted for through the Due to LG Studios Business as it was made under the Old Lionsgate's revolving credit facility available to the Company.

Debt

3 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt is summarized as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Corporate debt:
Term Loan A	300.0		$	—
5.5% Senior Notes(1)	325.1		715.0
Unamortized debt issuance costs	(13.4)		(15.1)
Total debt, net (non-current)	$	611.7	$	699.9

_______________

Starz Credit Agreement

On May 6, 2025, in connection with the consummation of the Separation, Starz entered into a new credit agreement with Starz Capital Holdings LLC, as borrower (the “Borrower”), the guarantors referred to therein, the lenders referred to therein and JPMorgan Chase Bank, N.A., as administrative agent.

The Starz Credit Agreement provides for (i) a $300.0 million senior secured term loan credit facility ("Term Loan A" and (ii) a $150.0 million senior secured revolving credit facility. The Starz Credit Agreement and commitments thereunder will mature on the date that is the earlier of five years after the closing date of the facility and 135 days prior to the 5.5% Senior Notes maturity date. Borrowings bear interest at a rate per annum equal to, at the Borrower’s option, either Term SOFR or a base rate, in each case plus an applicable margin initially of 3% for Term SOFR loans and 2% for base rate loans. On and after the first full fiscal quarter after the closing date of the Starz Credit Agreement, the applicable margin will vary based on the Borrower’s Net Total Leverage Ratio (as defined in the Credit Agreement).

Repayments under the Term Loan A are as follows and assumes a maturity date of December 1, 2028 (135 days prior to the 5.5% Senior Notes maturity date):


	Year Ended December 31,						Total payments
	2026		2027		2028
	(Amounts in millions)
Principal payments of Term Loan A due
March 31,	$	—	$	3.8	$	5.2
June 30,	—		3.8		5.2
September 30,	3.8		5.2		7.5
December 31,	3.8		5.2		256.5
Total principal payments due	$	7.6	$	18.0	$	274.4	$	300.0

Starz will pay a commitment fee equal to 0.375% per annum in respect of unutilized commitments thereunder.

Borrowings may be used for working capital needs and other general corporate purposes, including the financing of permitted acquisitions and investments.

Starz’s obligations under the Starz Credit Agreement are guaranteed by Starz and substantially all of its wholly owned restricted subsidiaries and secured by substantially all assets of the Borrower and the guarantors, in each case subject to certain customary exceptions.

The Starz Credit Agreement contains certain customary affirmative and negative covenants that limit the ability of the Borrower and its restricted subsidiaries, among other things and subject to certain significant exceptions, to incur debt or liens, make investments, enter into certain mergers, consolidations, asset sales and acquisitions, pay dividends and make other restricted payments and enter into transactions with affiliates. The Starz Credit Agreement also contains events of default customary for financings of this type, including relating to a change of control.

In addition, the Starz Credit Agreement contains financial covenants requiring the Borrower to maintain (A) a Net Total Leverage Ratio, as of the last day of each fiscal quarter ending on and after (i) June 30, 2025, no greater than 4.50 to 1.00; (ii) March 31, 2026, no greater than 4.25 to 1.00; (iii) March 31, 2027, no greater than 4.00 to 1.00; and (iv) March 31, 2028, no greater than 3.50 to 1.00; (B) a Net First Lien Leverage Ratio (as defined in the Starz Credit Agreement) no greater than 3.00 to 1.00; and (C) an Interest Coverage Ratio (as defined in the Starz Credit Agreement) no less than 2.50 to 1.00. As of June 30, 2025, the Company was in compliance with all applicable covenants.

5.5% Senior Notes

Interest: Bears interest at 5.5% annually (payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021).

Maturity Date: April 15, 2029.

Optional Redemption: On or after April 15, 2024, the Company may redeem the 5.5% Senior Notes in whole at any time, or in part from time to time, at certain specified redemption prices, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Such redemption prices are as follows (as a percentage of the principal amount redeemed): (i) on or after April 15, 2024 - 102.750%; (ii) on or after April 15, 2025 - 101.375%; and (iii) on or after April 15, 2026 - 100%.

Security. The 5.5% Senior Notes are unsecured obligations of the Company.

The Company and its subsidiaries are guarantors under the 5.5% Senior Notes.

Covenants. The 5.5% Senior Notes were amended in connection with the Exchange Transaction to remove certain covenants. As of June 30, 2025, the Company was in compliance with all applicable covenants.

Changes Upon Completion of the Separation. On May 6, 2025, in connection with the completion of the Separation, Starz was released and discharged from all obligations in connection with the Exchange Notes by way of supplemental indenture (the "Supplemental Indenture"). Pursuant to the terms of the Supplemental Indenture, LGTV, a subsidiary of New Lionsgate, agreed to assume and perform as primary obligor all obligations of the initial issuer under the Exchange Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 30, 2025	Jun. 30, 2025
Subsequent Event [Line Items]
Share-based liability for modified July Vesting awards		$ (17,600,000)
Subsequent Event
Subsequent Event [Line Items]
Share-based liability for modified July Vesting awards	$ 18,000,000

Restructuring and Other - Schedule of Restructuring and Other and Other Unusual Charges or Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Total Restructuring and Other	$ 6.4	$ (0.6)
Content impairment recoveries
Restructuring Cost and Reserve [Line Items]
Total Restructuring and Other	(0.3)	(0.6)
Share-based compensation
Restructuring Cost and Reserve [Line Items]
Total Restructuring and Other	2.2	0.0
Transaction and other costs
Restructuring Cost and Reserve [Line Items]
Total Restructuring and Other	$ 4.5	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Increase in programming content	$ 141.0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (42.5)	$ 1.1
Comprehensive (loss) income from continuing operations, net of tax	(42.5)	1.1
Net income from discontinued operations	0.0	3.1
Comprehensive (loss) income	$ (42.5)	$ 4.2

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

3 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Operating Activities:

Net (loss) income

$ (42,500,000)

$ 4,200,000

Less: net income from discontinued operations, net of tax

3,100,000

Net (loss) income from continuing operations

(42,500,000)

1,100,000

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Depreciation and amortization

48,700,000

41,600,000

Programming amortization

162,500,000

149,000,000.0

Amortization of debt financing costs and other non-cash interest

900,000

800,000

Non-cash share-based compensation

7,400,000

5,200,000

Other amortization

1,700,000

1,800,000

Net content impairment recoveries

(300,000)

(600,000)

Loss on extinguishment of debt

4,900,000

Deferred income taxes

(500,000)

Changes in operating assets and liabilities:

Accounts receivable, net

27,400,000

(15,400,000)

Programming content payments

^[1]

(160,200,000)

(232,700,000)

Programming related payables

11,900,000

(10,600,000)

Other assets

700,000

600,000

Accounts payable and accrued liabilities

5,800,000

(13,000,000.0)

Residuals

(1,000,000.0)

Deferred revenue

1,400,000

(800,000)

Due to LG Studios Business

42,800,000

Net cash provided by (used in) operating activities – continuing operations

65,400,000

(26,800,000)

Net cash used in operating activities – discontinued operations

(6,700,000)

Net cash provided by (used in) operating activities

65,400,000

(33,500,000)

Investing activities:

New Lionsgate revolving credit facility – increases

151,800,000

New Lionsgate revolving credit facility – decreases

(70,200,000)

(66,700,000)

Capital expenditures

(6,900,000)

(4,900,000)

Deferred purchase price of receivables sold

500,000

Net cash provided by (used in) investing activities – continuing operations

75,200,000

(71,600,000)

Financing activities:

Distribution to New Lionsgate upon Separation

(389,900,000)

Debt – borrowings, net of debt issuance and redemption costs

291,800,000

14,300,000

Debt – repurchases and repayments

(54,000,000.0)

177,300,000

53,800,000

(180,400,000)

Parent net investment

(5,600,000)

76,500,000

Net cash (used in) provided by financing activities – continuing operations

(106,800,000)

90,600,000

Net cash provided by financing activities – discontinued operations

2,700,000

Net cash (used in) provided by financing activities

(106,800,000)

93,300,000

Net change in cash and cash equivalents

33,800,000

(11,800,000)

Cash and cash equivalents – beginning of period

17,800,000

37,000,000.0

Cash and cash equivalents – end of period

$ 51,600,000

$ 25,200,000

[1]	Programming content payments prior to the Separation for the quarter ended June 30, 2024 includes $141.0 million, respectively, from the licensing of program rights from the LG Studios Business (see Note 15).

Segment Information - Segment Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Total revenue	$ 319,700,000	$ 347,600,000
Operating expenses:
Programming amortization	162,500,000	147,900,000
Payroll expense		28,700,000
Advertising and marketing	63,400,000	82,700,000
Other		37,200,000
Depreciation and amortization	48,700,000	41,600,000
Restructuring and other	6,400,000	(600,000)
Total expenses	346,600,000	337,500,000
Operating (loss) income	(26,900,000)	10,100,000
Interest expense	(13,200,000)	(10,800,000)
Interest and other income	0	800,000
Other expense	(2,500,000)	(1,700,000)
Loss on extinguishment of debt	0	(4,900,000)
Loss from continuing operations before income taxes	(42,600,000)	(6,500,000)
Income tax benefit	100,000	7,600,000
Net (loss) income from continuing operations	(42,500,000)	1,100,000
OTT revenue
Segment Reporting Information [Line Items]
Total revenue	221,100,000	234,400,000
Linear and other revenue
Segment Reporting Information [Line Items]
Total revenue	98,600,000	113,200,000
International
Segment Reporting Information [Line Items]
Total revenue	0	2,300,000
Operating expenses:
Programming amortization		1,800,000
Payroll expense		500,000
Advertising and marketing		300,000
Other		600,000
Depreciation and amortization		0
Restructuring and other		0
Total expenses		3,200,000
Operating (loss) income		(900,000)
Interest expense		0
Interest and other income		0
Other expense		0
Loss on extinguishment of debt		0
Loss from continuing operations before income taxes		(900,000)
Income tax benefit		(100,000)
Net (loss) income from continuing operations		(1,000,000.0)
International \| OTT revenue
Segment Reporting Information [Line Items]
Total revenue		2,300,000
International \| Linear and other revenue
Segment Reporting Information [Line Items]
Total revenue		0
Starz Networks \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	319,700,000	345,300,000
Operating expenses:
Programming amortization	162,500,000	146,100,000
Payroll expense	29,700,000	28,200,000
Advertising and marketing	63,400,000	82,400,000
Other	35,900,000	36,600,000
Depreciation and amortization	48,700,000	41,600,000
Restructuring and other	6,400,000	(600,000)
Total expenses	346,600,000	334,300,000
Operating (loss) income	(26,900,000)	11,000,000.0
Interest expense	(13,200,000)	(10,800,000)
Interest and other income	0	800,000
Other expense	(2,500,000)	(1,700,000)
Loss on extinguishment of debt	0	(4,900,000)
Loss from continuing operations before income taxes	(42,600,000)	(5,600,000)
Income tax benefit	100,000	7,700,000
Net (loss) income from continuing operations	(42,500,000)	2,100,000
Starz Networks \| Operating Segments \| OTT revenue
Segment Reporting Information [Line Items]
Total revenue	221,100,000	232,100,000
Starz Networks \| Operating Segments \| Linear and other revenue
Segment Reporting Information [Line Items]
Total revenue	$ 98,600,000	$ 113,200,000

Contingencies - Narrative (Details) - Senior Notes - USD ($)	Jun. 30, 2025	Aug. 27, 2024	May 31, 2024
Other Commitments [Line Items]
Debt instrument, interest rate, stated percentage			5.50%
5.5% Senior Notes
Other Commitments [Line Items]
Debt instrument, interest rate, stated percentage	5.50%	5.50%	5.50%
Debt instrument, face amount			$ 390,000,000
6.00% Senior Notes due 2029 Exchange Notes
Other Commitments [Line Items]
Debt instrument, interest rate, stated percentage			6.00%

Debt - Periodic Payment Schedule (Details) - USD ($)	1 Months Ended										12 Months Ended			36 Months Ended
Debt - Periodic Payment Schedule (Details) - USD ($)	Dec. 31, 2028	Sep. 30, 2028	Jun. 30, 2028	Mar. 31, 2028	Dec. 31, 2027	Sep. 30, 2027	Jun. 30, 2027	Mar. 31, 2027	Dec. 31, 2026	Sep. 30, 2026	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2028
Revolving Credit Facility \| Starz Credit Agreement \| Forecast \| Subsequent Event
Debt Instrument
Principal payments due	$ 256,500,000	$ 7,500,000	$ 5,200,000	$ 5,200,000	$ 5,200,000	$ 5,200,000	$ 3,800,000	$ 3,800,000	$ 3,800,000	$ 3,800,000	$ 274,400,000	$ 18,000,000.0	$ 7,600,000	$ 300,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 30, 2025	Aug. 11, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	1-14880
Registrant Name	Starz Entertainment Corp.
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	250 Howe Street, 20th Floor
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 3R8
City Area Code	(604)
Local Phone Number	648-6559
Title of each class	Common Shares, no par value per share
Trading Symbol(s)	STRZ
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,721,810
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Central Index Key	0000929351
Other Address
Document Information [Line Items]
Entity Address, Address Line One	1647 Stewart St.
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404

Description of Business, Basis of Presentation and Significant Accounting Policies (Details)		3 Months Ended	12 Months Ended
	May 06, 2025 USD ($)	Jun. 30, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($)	Aug. 27, 2024	May 31, 2024 USD ($)
Debt Instrument
Cumulative impairment to date, restructuring and related activities		$ 456,700,000
Number of reportable segments \| segment		1
Segment Reporting, Reconciling Item, Corporate Nonsegment \| Related Party
Debt Instrument
Business separation cost	$ 10,000,000		$ 10,000,000.0
Senior Notes
Debt Instrument
Debt instrument, interest rate, stated percentage						5.50%
Existing Notes \| Senior Notes
Debt Instrument
Debt instrument, interest rate, stated percentage		5.50%			5.50%	5.50%
Long-term debt		$ 325,100,000		$ 325,100,000		$ 325,100,000
Exchange Notes \| Senior Notes
Debt Instrument
Debt instrument, interest rate, stated percentage						5.50%
Long-term debt				$ 389,900,000		$ 389,900,000
Credit Agreement \| Secured Debt
Debt Instrument
Revolving credit facility, maximum borrowing capacity						300,000,000
Credit Agreement \| Revolving Credit Facility
Debt Instrument
Revolving credit facility, maximum borrowing capacity						$ 150,000,000
New Lionsgate \| Old Lionsgate Class A Shareholders
Debt Instrument
Shares conversion rate (in shares)	1.12
New Lionsgate \| Old Lionsgate Class B Shareholders
Debt Instrument
Shares conversion rate (in shares)	1
Starz Entertainment Corp \| Old Lionsgate Class A Shareholders
Debt Instrument
Shares conversion rate (in shares)	1.12
Starz Entertainment Corp \| Old Lionsgate Class B Shareholders
Debt Instrument
Shares conversion rate (in shares)	1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Jun. 30, 2025	Mar. 31, 2025
Statement of Financial Position [Abstract]
Common stock, shares, issued (in shares)	16.7	0.0

Capital Stock - Stock Options / SARs and RSUs (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended
	May 06, 2025	Jun. 30, 2025	Jun. 30, 2025
Stock Options and SARs, Shares:
Outstanding, ending balance (in shares)		800,000	800,000
Options and SARs
Stock Options and SARs, Shares:
Outstanding, beginning balance (in shares)		696,187
Exercised (in shares)
Granted (in shares)		143,265
Outstanding, ending balance (in shares)		839,452	839,452
Exercisable (in shares)		696,187	696,187
Stock Options and SARs, Weighted Average Exercise Price:
Outstanding, beginning balance (in usd per share)		$ 17.73
Exercised (in usd per share)
Granted (in usd per share)		11.20
Outstanding, ending balance (in usd per share)		16.62	$ 16.62
Exercisable (in usd per share)		$ 17.73	$ 17.73
Stock Options and SARs, Additional Disclosures:
Outstanding, Aggregate Intrinsic Value		$ 1,600,000	$ 1,600,000
Exercisable, Aggregate Intrinsic Value		$ 900,000	$ 900,000
Outstanding, Remaining Term (in years)			4 years 9 months 18 days
Exercisable, Remaining Term (in years)			3 years 9 months 18 days
Options and SARs \| Class A Common Shares
Stock Options and SARs, Shares:
Outstanding, beginning balance (in shares)	593		593
Outstanding, ending balance (in shares)	593
Stock Options and SARs, Weighted Average Exercise Price:
Outstanding, beginning balance (in usd per share)	$ 7.70		$ 7.70
Outstanding, ending balance (in usd per share)	$ 7.70
Options and SARs \| Class B Common Shares
Stock Options and SARs, Shares:
Outstanding, beginning balance (in shares)	1,151,938		1,151,938
Outstanding, ending balance (in shares)	1,151,938
Stock Options and SARs, Weighted Average Exercise Price:
Outstanding, beginning balance (in usd per share)	$ 13.66		$ 13.66
Outstanding, ending balance (in usd per share)	$ 13.66
Restricted share units and other share-based compensation
Restricted Share Units, Shares:
Outstanding, beginning balance (in shares)	3,125,047	1,939,316	3,125,047
Shares issued to Dual Director Grants on May 6, 2025 (in shares)		32,081
Granted (in shares)	7,813	0
Forfeited (in shares)	(27,970)
Outstanding, ending balance (in shares)	3,104,890	1,837,393	1,837,393
Restricted Share Units, Weighted-Average Grant Date Fair Value:
Outstanding, beginning balance (in usd per share)	$ 8.15	$ 8.15	$ 8.15
Shares issued to Dual Director Grants on May 6, 2025 (in usd per share)		7.98
Granted (in usd per share)	8.01
Forfeited (in usd per share)	8.07
Outstanding, ending balance (in usd per share)	$ 8.15	$ 8.15	$ 8.15
RSUs, Additional Disclosures:
Outstanding, Remaining Term (in years)		1 year
Time RSUs
Restricted Share Units, Shares:
Forfeited (in shares)		(42,494)
Restricted Share Units, Weighted-Average Grant Date Fair Value:
Forfeited (in usd per share)		$ 8.03
Performance RSUs
Restricted Share Units, Shares:
Forfeited (in shares)		(72,623)
Cancelled (in shares)		18,887
Restricted Share Units, Weighted-Average Grant Date Fair Value:
Forfeited (in usd per share)		$ 8.10
Cancelled (in usd per share)		$ 8.00

Additional Financial Information (Tables)

3 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Transfer of Financial Assets Accounted for as Sales

The following table sets forth a summary of the receivables transferred:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Carrying value of receivables transferred and derecognized	$	211.4	$	206.3
Net cash proceeds received from third party purchasers	209.4		204.6
Loss recorded related to transfers of receivables	1.8		1.7

Schedule of Accrued Liabilities

The composition of the Company’s other accrued liabilities (current) and other liabilities (non-current) is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Other accrued liabilities (current)
Employee related liabilities	$	46.7	$	27.9
Operating lease liabilities	10.1		9.9
Interest payable	5.8		18.0
Other accrued expenses and short-term liabilities	1.0		8.7
	$	63.6	$	64.5
Other liabilities (non-current)
Operating lease liabilities	$	53.8	$	45.6
Programming related payables	24.7		26.5
Other long-term liabilities	3.7		3.8
	$	82.2	$	75.9

Due To/From LG Studios Business - Schedule of Net Transfers (Details) - USD ($)	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows	$ 5,600,000	$ (76,500,000)
Share-based compensation from discontinued operations		300,000
Net cash provided by financing activities – discontinued operations	0	2,700,000
Related Party
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows	(5,600,000)	(79,200,000)
Share-based compensation from discontinued operations	(1,400,000)
Other non-cash transfer	(6,900,000)	(35,000,000.0)
Share-based compensation (including allocation of share-based compensation)		5,500,000
Net transfers from Parent per consolidated statements of equity (deficit)	$ (100,000)	(49,700,000)
Related Party \| Cash pooling and general financing activities
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows		(83,000,000.0)
Related Party \| Licensing of content
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows		800,000
Related Party \| Operating expense reimbursement
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows		5,300,000
Related Party \| Corporate expense allocations (excluding allocation of share-based compensation)
Related Party Transaction [Line Items]
Net transfers from Parent per combined statements of cash flows		$ 2,300,000

Restructuring and Other

3 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other

Restructuring and other includes restructuring and severance costs, costs related to the Separation, and certain transaction and other costs, as applicable. During the quarters ended June 30, 2025 and 2024, the Company also incurred certain other unusual charges, which are included in other operating expenses and advertising and marketing expenses in the accompanying unaudited condensed statements of operations and are described below. The following table sets forth restructuring and other and these other unusual charges or benefits and the statement of operations line items they are included in:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Restructuring and other:
Transaction and other costs	$	4.5	$	—
Share-based compensation	2.2		—
Content impairment recoveries	(0.3)		(0.6)
Total Restructuring and Other	$	6.4	$	(0.6)

Segment Information - Schedule of Reconciliation of Total Segment Assets to Total Consolidated Assets (Details) - USD ($)	Jun. 30, 2025	Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,091,600,000	$ 2,173,200,000
International
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	0	6,500,000
Operating Segments \| Starz Networks
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,971,100,000	2,017,800,000
Other unallocated assets
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 120,500,000	$ 148,900,000

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Net (Loss) Earnings Per Share - Schedule of Antidilutive Securities Excluded (Details) shares in Millions	3 Months Ended
	Jun. 30, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share (in shares)	3.3
Stock options and share appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share (in shares)	0.8
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share (in shares)	2.5

Subsequent Events	3 Months Ended
Subsequent Events	Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events In June 2025, as a result of the Separation, the Compensation Committee of the Company's Board of Directors approved a one-time modification for restricted share units vesting during the quarter ending September 30, 2025 to allow for a cash payment in lieu of share issuance. The Company paid $18.0 million in July 2025 related to such modification.

Capital Stock

3 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Capital Stock

Common Shares

The Company has an unlimited number of authorized common shares following the closing of the Separation and at June 30, 2025.

The table below outlines common shares reserved for future issuance:


			June 30, 2025
			(Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding			0.8
Restricted share units and other share-based compensation — unvested			2.5
Common shares available for future issuance			3.0
Shares reserved for future issuance			6.3

The Company recognized the following share-based compensation expense:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Compensation Expense:
Restricted share units and other share-based compensation	$	5.2	$	4.5
Corporate allocation of share-based compensation	—		0.7
	5.2		5.2

Impact of modification for change to cash payment(1)	2.2		—
Total share-based compensation expense	$	7.4	$	5.2

_____________________

Share-based compensation expense from continuing operations, by expense category, consisted of the following:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Share-Based Compensation Expense:
Other operating expense	$	0.9	$	0.8
General and administration	4.3		4.4
Restructuring and other	2.2		—
	$	7.4	$	5.2

Stock options, share appreciation rights, and restricted share units

Stock awards prior to Separation date of May 6, 2025:


	Stock Options and SARs							Restricted Share Units
	Class A Common Shares	Weighted-Average Exercise Price		Class B Common Shares		Weighted-Average Exercise Price		Number of Shares	Weighted-Average Grant Date Fair Value
	(Amounts in millions, except for shares and weighted-average exercise price)
Outstanding at March 31, 2025	593	$	7.70	1,151,938		$	13.66	3,125,047	$	8.15
Granted								7,813	8.01
Exercised
Forfeited or expired								(27,970)	8.07
Outstanding at May 6, 2025	593	$7.70		1,151,938		$	13.66	3,104,890	$	8.15

Stock awards after exchange post-Separation:

	Starz Stock Options and SARs							Restricted Share Units
	Number of Shares	Weighted-Average Exercise Price		Intrinsic Value		Remaining Term		Number of Shares	Weighted-Average Grant Date Fair Value		Remaining Term
	(Amounts in millions, except for shares and weighted-average exercise price and years)
Shares issued on May 6, 2025	696,187	$	17.73					1,939,316	$	8.15
Shares issued to Dual Director Grants on May 6, 2025								32,081	7.98
Granted	143,265	11.20						—
Forfeited - Time RSUs								(42,494)	8.03
Cancelled - Performance RSUs								(18,887)	8.00
Forfeited - Performance RSUs								(72,623)	8.10
Outstanding at June 30, 2025	839,452	$	16.62	$	1.6	4.8		1,837,393	$	8.15	1.0
Exercisable at June 30, 2025	696,187	$	17.73	$	0.9	3.8

_____________________

The fair value of each option award is estimated on the date of grant using a closed-form option valuation model (Black-Scholes).

Net (Loss) Earnings Per Share - Schedule of Basic Net (Loss) Earnings Per Share (Details) - USD ($)	2 Months Ended	3 Months Ended		4 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	May 06, 2025
Numerator:
Net (loss) income from continuing operations		$ (42,500,000)	$ 1,100,000
Net income from discontinued operations		0	3,100,000
Net (loss) income	$ (35,200,000)	$ (42,500,000)	$ 4,200,000	$ (7,300,000)
Denominator:
Weighted average common shares outstanding, basic (in shares)		16,700,000	16,700,000
Basic net (loss) income per common share - continuing operations (in USD per share)		$ (2.54)	$ 0.07
Diluted net (loss) income per common share - continuing operations (in USD per share)		(2.54)	0.07
Basic net income per common share - discontinued operations (in USD per share)		0	0.19
Diluted net income per common share - discontinued operations (in USD per share)		0	0.19
Basic net (loss) income per common share (in USD per share)		(2.54)	0.26
Diluted net (loss) income per common share (in USD per share)		$ (2.54)	$ 0.26

Programming Content - Schedule of Capitalized Costs for Film (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025
Other Industries [Abstract]
Licensed program rights, net of accumulated amortization	$ 1,073.2	$ 1,080.0
Owned and produced films and television programs:
Released, net of accumulated amortization	6.3	9.2
In progress	5.9	0.0
In development	7.3	7.1
Total	19.5	16.3
Programming content, net	$ 1,092.7	$ 1,096.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information - Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,189.5	$ 1,180.5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions	Total	Starz Common Shares	Accumulated Deficit	Parent Net Investment	Accumulated Other Comprehensive Income
Beginning balance at Mar. 31, 2024	$ 919,200,000			$ 900,000,000.0	$ 19,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers from Parent	49,700,000			49,700,000	0
Net loss	4,200,000			4,200,000	0
Ending balance at Jun. 30, 2024	$ 973,100,000			953,900,000	19,200,000
Beginning balance (in shares) at Mar. 31, 2025	0.0	0.0
Beginning balance at Mar. 31, 2025	$ 766,400,000	$ 0	$ 0	747,200,000	19,200,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers from Parent	100,000			100,000
Net loss	(42,500,000)
Issuance of Starz common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and Separation From Old Lionsgate (in shares)		16.7
Issuance of Starz common shares to holders of Old Lionsgate Class A Voting and Class B Non-Voting Common Shares and Separation from Old Lionsgate		$ 740,000,000.0		(740,000,000.0)
Stock-based compensation after Separation	5,900,000	$ 5,900,000
Share-based liability for modified July Vesting awards	$ (17,600,000)
Ending balance (in shares) at Jun. 30, 2025	16.7	16.7
Ending balance at Jun. 30, 2025	$ 712,300,000	$ 728,300,000	$ (35,200,000)	$ 0	$ 19,200,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue

3 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue by segment is as follows:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Revenue
Starz Networks	$	319.7	$	345.3
International(1)	—		2.3
Total revenue	$	319.7	$	347.6

_____________________

(1) Includes the operations in India and Southeast Asia for the three months ended June 30, 2024.

Remaining Revenue Performance Obligations

Remaining revenue performance obligations represent deferred revenue included on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog), if any. Revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of June 30, 2025 are as follows:


	Rest of Year Ending December 31,		Year Ending December 31,
	2025		2026	2027	Thereafter	Total
	(Amounts in millions)
Remaining Revenue Performance Obligations	$	36.4	3.4	—	—	$	39.8

The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property.

Accounts Receivable and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable and deferred revenue. See the accompanying balance sheets or Note 14 for accounts receivable and deferred revenue balances at June 30, 2025 and 2024.

Accounts Receivable. Accounts receivable are presented net of a provision for credit losses. The Company estimates provisions for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of the receivables in direct operating expense.

The Company monitors its credit exposure through active review of customers' financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.

Credit Risk. Concentration of credit risk with the Company’s customers is limited due to the Company’s customer base and the diversity of its sales throughout the U.S. and Canada. The Company performs ongoing credit evaluations and maintains a provision for potential credit losses.

Deferred Revenue. Deferred revenue relates primarily to subscribers to the Starz App, who are billed in advance of the start of their monthly or multi-month membership. Revenue is recognized ratably over each applicable membership period when the Company satisfies the corresponding performance obligation. Deferred revenue consists primarily of customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenue of $26.0 million was recognized during the quarter ended June 30, 2025, related to the balance of deferred revenue at March 31, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Due To/From LG Studios Business

3 Months Ended

Jun. 30, 2025

Due To/From LG Studios Business

Certain Transactions with Old Lionsgate

As described in Note 1, prior to the Studio Separation, Old Lionsgate utilized a centralized approach to cash management. Cash generated by the Company or borrowed under certain debt obligations was routinely transferred into accounts managed by Old Lionsgate’s centralized treasury function which was then transferred to the Company or the LG Studios Business to fund operating activities when needed.

Because of this centralized approach to cash management, financial transactions for cash movement, except for cash settlement of specific payables with Old Lionsgate, were accounted for through the net parent investment account. Settlement of payables and receivables with Old Lionsgate when due were also accounted for through the net parent investment account. Net parent investment is presented in the accompanying statements of equity. Settlements of amounts receivable and accounts payable when due through the net parent investment account are reflected as cash payments or receipts for the applicable operating transaction within operating activities in the accompanying statements of cash flows, with the net change in parent net investment included within financing activities in the accompanying statements of cash flows.

Intercompany Revolver: On May 13, 2024, LGAC International LLC, a Delaware limited liability company and wholly owned subsidiary of Lionsgate Studios (“LGAC International”) and Lions Gate Capital Holdings 1, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“LGCH1”) (which was renamed Starz Capital Holdings 1, Inc. at Separation), entered into a revolving credit agreement (the “Intercompany Revolver”), pursuant to which LGAC International and LGCH1 agreed to make revolving loans to each other from time to time, provided that the net amount owing by one party to the other at any particular time may not exceed $150.0 million. Amounts advanced by one party will be used to repay existing indebtedness owing to the other party thereunder, if any, such that at no time will amounts be owing in both directions. The net amount owing under the Intercompany Revolver, at any time, shall bear interest on the outstanding principal amount at a rate equal to adjusted term SOFR plus 1.75%. There was $81.6 million outstanding and due to LGCH1 at March 31, 2025. In connection with the Separation, all outstanding obligations in respect of principal, interest and fees under the Intercompany Revolver were repaid in full and all commitments thereunder were terminated. The cash flows related to the intercompany revolver are presented as increases and decreases in the New Lionsgate revolving credit facility on the accompanying statements of cash flows.

Prior to the Separation, in the normal course of business, the Starz Business entered into transactions with Old Lionsgate and the LG Studios Business which included the following:

Licensing of content from Lionsgate: The Starz Business licensed motion pictures and television programming (including Starz original productions) from the LG Studios Business. The license fees incurred generally were due upon delivery or due at a point in time following the first showing. Prior to the Studio Separation, license fees related to Starz original programs were settled with the LG Studios Business through parent net investment. License fees related to library and output content were generally settled in cash. License fees payable, prior to the Separation, not yet due and not yet paid to the LG Studios Business, are reflected in Due to LG Studios Business on the accompanying balance sheets.

Corporate expense allocations: As previously described in Note 1, for the periods prior to the Studio Separation the accompanying financial statements include allocations of general and administrative expenses from Old Lionsgate related to certain corporate and shared service functions historically provided by Old Lionsgate, including, but not limited to, executive oversight, accounting, tax, legal, human resources, occupancy, and other shared services. For the three months ended June 30, 2024, corporate expense allocations amounted to $3.6 million. At Studio Separation, Old Lionsgate and Legacy Lionsgate Studios entered into a shared services and overhead sharing agreement resulting in $10.0 million annually charged to the Company up to Separation of which approximately $1.0 million was recorded during the three months ended June 30, 2025.

Operating expense reimbursement: As previously described in Note 1, for the periods prior to the Separation, the LG Studios Business paid certain expenses on behalf of the Company such as certain rent expense, employee benefits, insurance and other administrative operating costs. The Company also paid certain expenses on behalf of the LG Studios Business such as legal expenses, software development costs and severance. Those expenditures were reflected in the financial statements of the Company and the LG Studios Business as applicable.

Share-based compensation: For the periods prior to the Separation, Old Lionsgate allocated to the Company share-based compensation related to the Company's employees. In addition, prior to Separation, Old Lionsgate allocated a proportionate amount of its share-based compensation related to the corporate functions provided by Old Lionsgate to the Company.

Parent Net Investment

The net transfers to and from Old Lionsgate prior to the Separation were as follows:


	Three Months Ended
	June 30,
	2025
	(Amounts in millions)
Net transfers to Parent per consolidated statements of cash flows(1)	$	(5.6)
Net non-cash transfers with Parent(2)	6.9
Stock-based compensation expense prior to Separation	(1.4)
Net transfers from Parent per consolidated statements of equity (deficit)	$	(0.1)

_____________________

(1) Amount represents cash distributions to New Lionsgate in connection with the transfer of the LGPlay and ECI businesses, during the quarter ended June 30, 2025.


	Three Months Ended
	June 30,
	2024
	(Amounts in millions)
Cash pooling and general financing activities	$	(83.0)
Licensing of content(1)	0.8
Operating expense reimbursement	5.3
Corporate expense allocations (excluding allocation of share-based compensation)	(2.3)
Net transfers from Parent per consolidated statements of cash flows(2)	(79.2)
Share-based compensation (including allocation of share-based compensation)(3)	(5.5)
Other non-cash transfer(4)	35.0
Net transfers from Parent per condensed consolidated statements of equity	$	(49.7)

_____________________

(1)Reflects the settlement of amounts due to the LG Studios Business related to the LG Studios Business' licensing arrangements with the Company.

(2)Amounts include net transfers from Parent included in net cash provided by financing activities from discontinued operations of $2.7 million for the quarter ended June 30, 2024.

(3)Amounts include share-based compensation from discontinued operations of $0.3 million for the quarter ended June 30, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segment Information (Tables)

3 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information is presented in the table below:


	Three Months Ended
	June 30,
	2025		2024
	Starz Networks		Starz Networks		International		Total
	(Amounts in millions)
Revenue
OTT revenue	$	221.1	$	232.1	$	2.3	$	234.4
Linear and other revenue	98.6		113.2		—		113.2
Total revenue	319.7		345.3		2.3		347.6
Operating expenses:
Programming amortization	162.5		146.1		1.8		147.9
Payroll expense(1)	29.7		28.2		0.5		28.7
Advertising and marketing	63.4		82.4		0.3		82.7
Other(2)	35.9		36.6		0.6		37.2
Depreciation and amortization	48.7		41.6		—		41.6
Restructuring and other	6.4		(0.6)		—		(0.6)
Total expenses	346.6		334.3		3.2		337.5
Operating (loss) income	(26.9)		11.0		(0.9)		10.1
Interest expense	(13.2)		(10.8)		—		(10.8)
Interest and other income	—		0.8		—		0.8
Other expense	(2.5)		(1.7)		—		(1.7)
Loss on extinguishment of debt	—		(4.9)		—		(4.9)
Loss from continuing operations before income taxes	(42.6)		(5.6)		(0.9)		(6.5)
Income tax benefit	0.1		7.7		(0.1)		7.6
Net (loss) income from continuing operations	$	(42.5)	$	2.1	$	(1.0)	$	1.1

______________________________________

(1) Payroll expense by segment, which includes salaries and employee benefits, is reviewed by the CODM on a quarterly basis.

(2) Includes total other operating and general and administrative expenses per the accompanying statements of operations, less payroll expense per note (1).

Reconciliation of Assets from Segment to Consolidated

The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Assets
Starz Networks	$	1,971.1	$	2,017.8
International	—		6.5
Other unallocated assets(1)	120.5		148.9
	$	2,091.6	$	2,173.2

_____________________

(1)Other unallocated assets primarily consist of cash and other assets.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Long-lived assets by geographic location are as follows:


	June 30, 2025		March 31, 2025
	(Amounts in millions)
Long-lived assets(1)
United States	$	1,189.5	$	1,180.5

_____________

(1)Long-lived assets represents programming content, net, property and equipment, net, and right-of-use assets.

Additional Financial Information - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025
Other accrued liabilities (current)
Employee related liabilities	$ 46.7	$ 27.9
Operating lease liabilities	10.1	9.9
Interest payable	5.8	18.0
Other accrued expenses and short-term liabilities	1.0	8.7
Accrued Liabilities, Current, Total	63.6	64.5
Other liabilities (non-current)
Operating lease liabilities	53.8	45.6
Programming related payables	24.7	26.5
Other long-term liabilities	3.7	3.8
Other Liabilities, Noncurrent	$ 82.2	$ 75.9

Description of Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Jun. 30, 2025
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Significant Accounting Policies	Description of Business, Basis of Presentation and Significant Accounting Policies Description of Business Starz Entertainment Corp. (the "Company", 'Starz", "we", "us", or "our") operates primarily in the U.S. and Canada and distributes the STARZ branded premium subscription video services on a direct-to-consumer over-the-top (“OTT”) basis through the Starz App and through wholesale OTT and multichannel video programming distributors (“MVPDs”), including cable operators, satellite television providers and telecommunications companies (in the aggregate the “Starz Platform ”). Separation Prior to the Separation, as defined and further discussed below, the business of Starz Entertainment Corp. (the “Starz Business”) substantially consisted of Lions Gate Entertainment Corp’s (“Old Lionsgate” or “Parent”) Media Networks segment consisting of (i) Starz Networks, which includes the distribution of the Starz Platform, and (ii) International, which at that time primarily consisted of the OTT distribution of subscription video services outside the U.S. and Canada ("Lionsgate+"). Old Lionsgate also had a subsidiary Lionsgate Studios Corp. (formerly trading on the Nasdaq Stock Market under the ticker symbol LION) (“Legacy Lionsgate Studios”) that included the company’s motion picture and television studio operations (collectively referred to as the “LG Studios Business”). On May 6, 2025, Old Lionsgate, through a series of transactions contemplated by an arrangement agreement dated as of January 29, 2025, as amended by an agreement, dated as of March 12, 2025 (as amended, the “Arrangement Agreement”), completed the separation of the LG Studios Business of Old Lionsgate from the Starz Business. As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) Old Lionsgate, which was renamed “Starz Entertainment Corp.” and holds, directly and through subsidiaries, the Starz Business previously held by Old Lionsgate, and (2) Lionsgate Studios Holding Corp. (“New Lionsgate”), which was renamed “Lionsgate Studios Corp.” and holds, directly and through subsidiaries, the LG Studios Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders. To complete the Separation, pre-transaction shareholders of Old Lionsgate’s Class A common shares received one and twelve one-hundredths (1.12) New Lionsgate common shares and one and twelve one-hundredths (1.12) Starz Entertainment Corp. common shares while Old Lionsgate’s Class B common shares received one share of New Lionsgate common shares and one share of Starz Entertainment Corp.’s common shares. As a result of the steps described above, each of New Lionsgate and Starz have a single class of “one share, one vote” common shares. Starz Entertainment Corp.’s common shares were then consolidated on a 15-to-1 basis, such that every fifteen (15) Starz common shares were consolidated into one (1) Starz common share (the “Reverse Stock Split”). See Note 8 Capital Stock, for further details. Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, in accordance with U.S. GAAP, due to the relative significance of the LG Studios Business as compared to the Starz Business and the continued involvement of Old Lionsgate’s senior management with New Lionsgate following the completion of the Separation, New Lionsgate (which holds the LG Studios Business) is considered the accounting spinnor or divesting entity and Starz Entertainment Corp. (which holds the Starz Business) is considered the accounting spinnee or divested entity. As a result, Old Lionsgate was determined to be the accounting predecessor to New Lionsgate and the Starz Business's pre-Separation financial information has been prepared on a carve-out basis and are derived from Old Lionsgate’s consolidated financial statements and accounting records. See Basis of Presentation below. Starz Networks Restructuring In 2022 and 2023, in connection with its ongoing restructuring activities, Starz performed a strategic review of content performance across the Starz Platform, resulting in certain programming being removed from those platforms and written down to fair value. During 2024 and 2025, Starz continued its evaluation of the programming on the Starz Platform and cancelled certain ordered programming, and identified certain other programming with limited strategic purpose, which was removed from the Starz Platform and abandoned by the Company. As a result of these restructuring initiatives, we have incurred impairment charges from the inception of the plan through June 30, 2025 of $456.7 million. Recovery of certain content costs previously impaired were recorded during the quarters ended June 30, 2025 and June 30, 2024. As the Company continues to evaluate its current restructuring plan in relation to the current micro and macroeconomic environment, including further review of content and performance and its strategy, we may decide to expand the restructuring plan and remove certain content off the Starz Platform in the future. Accordingly, the Company may incur additional content impairment charges in the future. International Restructuring In 2023 and 2024, Old Lionsgate began a plan to restructure and shut down its international LIONSGATE+ business. During the quarters ended June 30, 2025 and June 30, 2024, Old Lionsgate continued executing the restructuring plan, which included exiting all international territories except Canada (included in the Starz Networks segment) and India and Southeast Asia (included in the International segment), which was completed in May 2024. The historical results of operations of international territories that were shut down are presented as discontinued operations in these financial statements for all periods presented. See Note 2, Discontinued Operations for further details. Basis of Presentation From and after the effective date of the Separation, the Company’s financial statements are presented on a consolidated basis. The unaudited financial statements for all periods presented, including the historical results of the Company prior to the Separation, are now referred to as the “condensed consolidated financial statements”. For periods prior to the Separation, the Starz Business operated as a segment of Old Lionsgate and not as a separate entity. The Company’s financial statements prior to the Separation were prepared on a carve-out basis and were derived from Old Lionsgate’s consolidated financial statements and accounting records and reflect Starz Business’s combined historical financial position, results of operations and cash flows in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). Prior to the Separation, a management approach was applied to determine the carve-out basis of presentation. In using the management approach, considerations over how the business operates were utilized to identify historical operations that should be presented within the carve-out financial statements. For periods subsequent to the Separation, the accompanying unaudited condensed consolidated financial statements include the accounts of Starz Entertainment Corp. and all of its majority-owned and controlled subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S.GAAP for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these condensed unaudited consolidated financial statements. The balance sheet as of March 31, 2025 has been derived from the audited combined financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the Company’s audited combined financial statements and related notes for the fiscal year ended March 31, 2025 as filed on June 26, 2025 with the U.S. Securities and Exchange Commission (“SEC”). Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. All revenue and costs, as well as assets and liabilities directly associated with the business activity of the Starz Business are included in the accompanying financial statements. Revenue and costs associated with the Starz Business are specifically identifiable in the accounting records maintained by Old Lionsgate and primarily represent the revenue and costs used for the determination of segment profit of the Media Networks segment of Old Lionsgate. In addition, these costs include an allocation of corporate general and administrative expense (inclusive of share-based compensation) which has been allocated to the Company as further discussed below. In May 2024, Old Lionsgate consummated a series of transactions, by which the LG Studios Business became a separate publicly traded company (the “Studio Separation”). The LG Studios Business is substantially reflective of Old Lionsgate's Motion Pictures and Television Production segments together with a substantial portion of Old Lionsgate’s corporate general and administrative expenses. In May 2024, Starz entered into an intercompany revolving credit facility with Lionsgate Studios Corp. which was used to settle intercompany transactions prior to Separation. Prior to the Studio Separation, Old Lionsgate utilized a centralized approach to cash management. Cash generated by the Starz Business was managed by Old Lionsgate’s centralized treasury function and cash was routinely transferred to the Starz Business or to the LG Studios Business to fund operating activities when needed. Cash and cash equivalents of the Company are reflected in the accompanying balance sheets. Payables to and receivables from Old Lionsgate related to the Starz Business, were often settled through movement to the intercompany accounts between Old Lionsgate, the Starz Business and the LG Studios Business. Other than certain specific balances related to unsettled payables or receivables, the intercompany balances between the Starz Business and LG Studios Business were accounted for as parent net investment. See Note 15, Due To/From LG Studios Business, for further details. Management believes the assumptions underlying our financial statements, including the assumptions regarding the allocation of general and administrative expenses from Old Lionsgate are reasonable. However, the allocations may not include all the actual expenses that would have been incurred by Starz had we been a standalone company during the periods presented. It is not practicable to estimate actual costs that would have been incurred had we been a standalone company and operated as an unaffiliated entity during the periods presented. Actual costs that might have been incurred had we been a standalone company would depend on a number of factors, including the organizational structure, what corporate functions we might have performed directly or outsourced and strategic decisions we might have made in areas such as executive management, legal and other professional services, and certain corporate overhead functions. See Note 15, Due To/From LG Studios Business, for further details of the allocations included in the accompanying financial statements. The issuer of the Old Lionsgate's 5.5% senior notes due April 15, 2029 (the “5.5% Senior Notes”) was Starz Capital Holdings, LLC (previously known as Lions Gate Capital Holdings LLC), a Starz entity. The 5.5% Senior Notes were generally used as a method of financing Old Lionsgate's operations in totality and were not specifically identifiable to the LG Studios Business or the Starz Business. It is not practical to determine what the capital structure would have been historically for the Starz Business or the LG Studios Business prior to the Studio Separation as standalone companies; however, the 5.5% Senior Notes were issued by a subsidiary of Starz and are representative of the overall debt levels, that were expected for the Company following the completion of the Separation. In May 2024, the Starz Business issued $389.9 million aggregate principal amount of new 5.5% exchange notes due 2029 (the “Exchange Notes”) in exchange for $389.9 million of the existing 5.5% Senior Notes (the "Exchange Transaction"). As a result of the Exchange Transaction, the principal amount of the 5.5% Senior Notes outstanding was reduced to $325.1 million and total aggregate debt outstanding, including $300.0 million outstanding per Term Loan A, was $625.1 million. See Note 4, Debt, for further details. Upon completion of the Separation, the Exchange Notes became obligations solely of New Lionsgate. The remaining 5.5% Senior Notes remained with the Company upon completion of the Separation. A portion of Old Lionsgate's corporate debt, (the revolving credit facility, term loan A and term loan B, together referred to as the “Old Lionsgate Senior Credit Facilities”) had been assumed by the LG Studios Business under an intercompany note and accordingly, the Old Lionsgate Senior Credit Facilities and related interest expense are not reflected in the Company’s financial statements. In connection with the Separation, the Company entered into a new credit agreement (the "Starz Credit Agreement") which provides for a $300.0 million senior secured term loan credit facility and a $150.0 million senior secured revolving credit facility. See Note 4, Debt, for further details. Additional indebtedness directly related to the Company, including programming notes, are reflected in the Company's consolidated financial statements. Old Lionsgate’s corporate general and administrative functions and costs, which were retained within New Lionsgate, have historically been provided to both the Starz Business and the LG Studios Business. These functions and costs include, but are not limited to, salaries and wages for certain executives and other corporate officers related to executive oversight, investor relations, maintenance of corporate facilities, and other common administrative support functions, including corporate accounting, finance and financial reporting, audit and tax, corporate and other legal support functions, and certain information technology and human resources support functions. Accordingly, for periods prior to the Studio Separation, the accompanying financial statements of the Company include allocations of certain general and administrative expenses (inclusive of share-based compensation) from Old Lionsgate related to these corporate and shared service functions historically provided by Old Lionsgate. Prior to the Studio Separation, Old Lionsgate established a shared services and overhead sharing agreement (the “Shared Services Agreement”). The Shared Services Agreement facilitates the allocation to the LG Studios Business of all corporate general and administrative expenses of Old Lionsgate, except for an amount of $10.0 million charged annually to the Starz Business. The $10.0 million charge of Old Lionsgate’s corporate general and administrative expenses to the Starz Business pursuant to the Shared Services Agreement is designed to reflect the portion of corporate expenses reflective of the level of effort and costs incurred related to management oversight and services provided to the Starz Business following the Studio Separation. Prior to the Studio Separation, these expenses were allocated to the Starz Business on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of consolidated Old Lionsgate revenue, payroll expense or other measures considered to be a reasonable reflection of the historical utilization levels of these services. Old Lionsgate also paid certain expenses on behalf of the Starz Business prior to the Separation such as certain rent expense, employee benefits, insurance and other administrative operating costs which are reflected in the accompanying financial statements. The Starz Business also paid certain expenses on behalf of Old Lionsgate such as legal expenses, software development costs and severance. The settlement of reimbursable expenses between the Starz Business and the LG Studios Business have been accounted for as parent net investment. See Note 15, Due To/From LG Studios Business, for further detail of parent net investment included in the accompanying financial statements. Change in Fiscal Year End On May 8, 2025, the Company's Board of Directors approved a change in Starz’s fiscal year end from March 31 to December 31. The date of Starz’s next fiscal year end will be December 31, 2025. As a result of the change, the Company will file a Transition Report on Form 10-K for the nine-month transition period from April 1, 2025 to December 31, 2025. Generally Accepted Accounting Principles These financial statements have been prepared in accordance with U.S. GAAP. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the accompanying financial statements relate to the intangible asset associated with the customer relationships with U.S. MVPDs ("Starz Traditional Affiliates"), which is amortized in the proportion that current period revenue bears to management’s estimate of future revenue over the remaining estimated useful life of the asset; estimates of future viewership used for the amortization of programming content; the allocation of costs to the Starz Business for certain corporate and shared service functions prior to Studio Separation; income taxes including the assessment of valuation allowances for deferred tax assets; and impairment assessments for licensed program rights and intangible assets. Actual results could differ from such estimates. Segments Following the Separation, Starz manages and reports its operating results through one reportable segment, Starz Networks, which includes our consolidated operations. The continuing operations outside the U.S. and Canada, which primarily consist of our operations in India and Southeast Asia, are reported as International. Effective April 1, 2025, we transferred our operations in India and Southeast Asia to New Lionsgate. Given that Starz and New Lionsgate were under common control at the time of the transfer, no gain or loss was recorded related to the transfer. Significant Accounting Policies There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Recent Accounting Pronouncements Income Taxes: In December 2023, the FASB issued guidance which expanded income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this guidance required all public business entities to disaggregate disclosures by jurisdiction on the amount of income taxes paid (net of refunds received), income or loss from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. This guidance is effective for fiscal years beginning after December 15, 2024, and therefore will be effective beginning with the Company’s financial statements issued for the calendar year ending December 31, 2025 with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures. Income Statement: In November 2024, the FASB issued guidance requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and therefore will be effective beginning with the Company’s financial statements issued for the fiscal year ending December 31, 2027 and interim reporting periods beginning in fiscal 2029, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Programming Content - Amortization of Investment in Films and Television Programs and Licensed Program Rights (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Amortization expense
Licensed program rights	$ 161.5	$ 147.7
Owned and produced films and television programs	1.0	1.3
Total amortization expense	162.5	$ 149.0
Insurance recoveries	$ (1.1)

Restructuring and Other (Tables)

3 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other

The following table sets forth restructuring and other and these other unusual charges or benefits and the statement of operations line items they are included in:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions)
Restructuring and other:
Transaction and other costs	$	4.5	$	—
Share-based compensation	2.2		—
Content impairment recoveries	(0.3)		(0.6)
Total Restructuring and Other	$	6.4	$	(0.6)

Debt - Debt Transactions and Gain (Loss) on Extinguishment of Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Debt Disclosure [Abstract]
Loss on extinguishment of debt	$ 0.0	$ (4.9)

Discontinued Operations

3 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

During the fiscal years ended March 31, 2024 and March 31, 2023, the Company announced its plans to restructure its LIONSGATE+ business. As a result, the Company made the strategic decision to shut down the LIONSGATE+ service in Europe (outside the United Kingdom), Latin America and the United Kingdom (the "discontinued operations"). The Company entered into agreements to transfer subscribers of the services in these territories to a third party, and the shutdowns were completed in May 2024. Management of Canadian operations was transferred to the Starz Networks segment and the Company's continuing international operations in India and Southeast Asia were reported as International in the accompanying financial statements until the transfer of the India and Southeast Asia operations to New Lionsgate, effective April 1, 2025.

Net income from Starz's discontinued operations consists of the following:


	Three Months Ended
	June 30,
	2024
	(Amounts in millions)
Revenue	$	2.5
Expenses:
Programming amortization	1.6
Other operating	0.4
Advertising and marketing	(0.1)
General and administrative	0.8
Restructuring and other	(4.5)
Total expenses	(1.8)
Operating income	4.3
Interest expense	(0.2)
Interest and other income	0.1
Income from discontinued operations before income taxes	4.2
Income tax provision	(1.1)
Net income from discontinued operations, net of income taxes	$	3.1

Net (Loss) Earnings Per Share (Tables)

3 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic Net Loss Per Share

Basic and diluted net (loss) income per share for the three months ended June 30, 2025 and 2024 is presented below:


	Three Months Ended
	June 30,
	2025		2024
	(Amounts in millions, except per share amounts)
Basic and Diluted (Loss) Earnings Per Common Share:
Numerator:
Net income (loss) from continuing operations	$	(42.5)	$	1.1
Net income from discontinued operations	—		3.1
Net income (loss) attributable to common stockholders	$	(42.5)	$	4.2
Denominator:
Weighted average common shares outstanding	16.7		16.7

Basic and diluted net (loss) income per common share - continuing operations	$	(2.54)	$	0.07
Basic and diluted net income per common share - discontinued operations	—		0.19
Basic and diluted net (loss) income per common share	$	(2.54)	$	0.26

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


			Three Months Ended
			June 30,
			2025
			(Amounts in millions)
Anti-dilutive shares issuable
Stock options and share appreciation rights			0.8
Restricted share units			2.5
Total weighted average anti-dilutive shares issuable excluded from diluted net income (loss) per common share			3.3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Total revenue	$ 319,700,000	$ 347,600,000
Operating expenses:
Programming amortization	162,500,000	147,900,000
Other operating	36,500,000	39,300,000
Advertising and marketing	63,400,000	82,700,000
General and administrative	29,100,000	26,600,000
Depreciation and amortization	48,700,000	41,600,000
Restructuring and other	6,400,000	(600,000)
Total expenses	346,600,000	337,500,000
Operating (loss) income	(26,900,000)	10,100,000
Interest expense	(13,200,000)	(10,800,000)
Interest and other income	0	800,000
Other expense	(2,500,000)	(1,700,000)
Loss on extinguishment of debt	0	(4,900,000)
Loss from continuing operations before income taxes	(42,600,000)	(6,500,000)
Income tax benefit	100,000	7,600,000
Net (loss) income from continuing operations	(42,500,000)	1,100,000
Net income from discontinued operations, net of income taxes	0	3,100,000
Net (loss) income	$ (42,500,000)	$ 4,200,000
Per share information attributable to Starz Entertainment Corp. shareholders:
Basic net (loss) income per common share - continuing operations (in USD per share)	$ (2.54)	$ 0.07
Basic net income per common share - discontinued operations (in USD per share)	0	0.19
Basic net (loss) income per common share (in USD per share)	(2.54)	0.26
Diluted net (loss) income per common share - continuing operations (in USD per share)	(2.54)	0.07
Diluted net income per common share - discontinued operations (in USD per share)	0	0.19
Diluted net (loss) income per common share (in USD per share)	$ (2.54)	$ 0.26
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding, basic (in shares)	16,700,000	16,700,000
Weighted average number of common shares outstanding, diluted (in shares)	16,700,000	16,700,000
OTT revenue
Total revenue	$ 221,100,000	$ 234,400,000
Linear and other revenue
Total revenue	$ 98,600,000	$ 113,200,000

Income Taxes	3 Months Ended
Income Taxes	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision for the three months ended June 30, 2025 is calculated by estimating the Company’s annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income (loss) before income taxes for the period, plus or minus the tax effects of items that relate discretely to the period, if any. For the three months ended June 30, 2024, income taxes have been calculated as if the Starz Business files income tax returns on a standalone basis. The Starz Business’s U.S. operations and certain of its non-U.S. operations historically have been included in the income tax returns of Lionsgate or its subsidiaries that may not be part of the Starz Business. The Company’s income tax provision differs from the federal statutory income tax rate applied to income (loss) before taxes due to the mix of earnings generated across the various jurisdictions in which operations are conducted. The Company’s income tax provision for the three months ended June 30, 2025 and 2024 were impacted by changes in the valuation allowances against certain U.S. and foreign deferred tax assets, certain minimum taxes and foreign withholding taxes. The Company’s income tax provision for the three months ended June 30, 2024 benefited from the release of uncertain tax benefits due to the close of audits or expiration of statutory limitations. The Company’s income tax provision for the three months ended June 30, 2024 was also impacted by additional deferred tax expense as a result of the Studio Separation that occurred during the quarter ended June 30, 2024. The Company’s income tax provision can be affected by many factors, including the overall level of pre-tax income, the mix of pre-tax income generated across the various jurisdictions in which the Company operates, changes in tax laws and regulations in those jurisdictions, changes in uncertain tax positions, changes in valuation allowances on its deferred tax assets, tax planning strategies available to the Company, and other discrete items. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA makes permanent key element of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation, current expensing of domestic research and development costs, and the use of EBITDA as a measure of computing the business interest expense deduction limitation. Accounting Standards Codification 740 requires the effects of changes in tax rates and deferred tax balances due to tax legislation to be reflected in the period in which the legislation is enacted. Consequently, during the three months ended September 30, 2025, the Company will evaluate the impact of the OBBBA on deferred tax balances, and the results of such evaluation will be reflected in the Company’s Form 10-Q for the quarter ended September 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations (Details) $ in Millions	Jun. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Revenue Performance Obligations	$ 39.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Revenue Performance Obligations	$ 36.4
Remaining Performance Obligations, performance period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Revenue Performance Obligations	$ 3.4
Remaining Performance Obligations, performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Revenue Performance Obligations	$ 0.0
Remaining Performance Obligations, performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining Revenue Performance Obligations	$ 0.0
Remaining Performance Obligations, performance period

Derivative Instruments and Hedging Activities - Schedule of Interest Rate Swaps (Details) - Not Designated as Hedging Instrument $ in Millions	Jun. 30, 2025 USD ($)
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 150.0
Interest Rate Swap One, Fixed Rate Paid 3.59%, Maturity Date June 6, 2028
Derivative [Line Items]
Notional Amount	$ 35.0
Fixed Rate Paid	3.59%
Interest Rate Swap, Fixed Rate Paid 3.58%, Maturity Date June 6, 2028
Derivative [Line Items]
Notional Amount	$ 15.0
Fixed Rate Paid	3.58%
Interest Rate Swap, Fixed Rate Paid 3.62%, Effective Date June 6, 2025
Derivative [Line Items]
Notional Amount	$ 35.0
Fixed Rate Paid	3.62%
Interest Rate Swap Two, Fixed Rate Paid 3.59%, Maturity Date June 6, 2028
Derivative [Line Items]
Notional Amount	$ 65.0
Fixed Rate Paid	3.59%