Investments

3 Months Ended

Jun. 30, 2019

Equity Method Investments, and Investments in Debt and Equity Securities [Abstract]

The Company's investments consisted of the following:



	June 30, 2019		March 31, 2019
	(Amounts in millions)
Investments in equity method investees	$	26.8	$	24.5
Other investments	1.8		1.7
	$	28.6	$	26.2

Equity Method Investments:

The Company has investments in various equity method investees with ownership percentages ranging from approximately 12% to 49%. These investments include:

STARZPLAY Arabia. STARZPLAY Arabia (Playco Holdings Limited) offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa.

Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.

Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.

Atom Tickets. Atom Tickets is the first-of-its-kind theatrical mobile ticketing platform and app.

Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.

Summarized Financial Information. Summarized financial information for the Company's equity method investees owned at June 30, 2019 and March 31, 2019, respectively, is set forth below:



	June 30, 2019		March 31, 2019
	(Amounts in millions)
Current assets	$	120.2	$	189.8
Non-current assets	$	66.0	$	55.7
Current liabilities	$	139.7	$	167.8
Non-current liabilities	$	51.3	$	46.7



	Three Months Ended
	June 30,
	2019			2018
	(Amounts in millions)
Revenues	$	25.9		$	22.7
Gross profit	$	10.1		$	4.3
Net loss	$	(16.9	)	$	(18.7	)

Pop. Pop was the Company's joint venture with CBS. On March 15, 2019, the Company sold its 50.0% interest in Pop to CBS. Prior to the sale of its interest in Pop, the Company had accounted for such interest as an equity method investment.

Pop Financial Information:

The following table presents the summarized statements of operations for the three months ended June 30, 2018 for Pop and a reconciliation of the net loss reported by Pop to equity interest loss recorded by the Company:



	Three Months Ended
	June 30,
	2018

Revenues	$	25.6
Expenses:
Cost of services	13.1
Selling, marketing, and general and administration	11.9
Depreciation and amortization	2.0
Operating loss	(1.4		)
Interest expense, net	0.5
Accretion of redeemable preferred stock units⁽¹⁾	21.7
Total interest expense, net	22.2
Net loss	$	(23.6	)
Reconciliation of net loss reported by Pop to equity interest loss:
Net loss reported by Pop	$	(23.6	)
Ownership interest in Pop	50		%
The Company's share of net loss	(11.8		)
Accretion of dividend and interest income on redeemable preferred stock units⁽¹⁾	10.9
Elimination of the Company's share of profits on licensing sales to Pop	—
Realization of the Company’s share of profits on licensing sales to Pop	0.1
Total equity interest loss recorded	$	(0.8	)

___________________

(1)

Accretion of mandatorily redeemable preferred stock units represents Pop's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units previously held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest loss.