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Restructuring and Other | 12 Months Ended
--- | ---
Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure | Restructuring and Other Restructuring and other includes restructuring and severance costs, costs related to the Separation, and certain transaction and other costs, when applicable. During the years ended March 31, 2025, 2024 and 2023, the Company also incurred certain other unusual charges, which are included in direct operating and distribution and marketing expense in the combined 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:
| Year Ended
| March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
Restructuring and other: |  |  |  |  |
Content impairments(1) | $ | 156.4 |  |  | $ | 213.0 |  |  | $ | 87.6 |
Severance (2) |  |  |  |  |
Cash | 2.9 |  |  | 5.4 |  |  | 4.2 |
Accelerated vesting on equity awards | 0.5 |  |  | 1.4 |  |  | — |
Total severance costs | 3.4 |  |  | 6.8 |  |  | 4.2 |
Transaction and other costs (benefits) (4) | 24.3 |  |  | 5.0 |  |  | (1.9) |
Total Restructuring and Other | 184.1 |  |  | 224.8 |  |  | 89.9 |
Other unusual charges not included in restructuring and other: |  |  |  |  |
Programming and content charges included in direct operating expense(5) | — |  |  | — |  |  | (0.2) |
COVID-19 related charges (benefit) included in: |  |  |  |  |
Direct operating expense(6) | (1.1) |  |  | (0.1) |  |  | (2.8) |
Total restructuring and other and other unusual charges not included in restructuring and other | $ | 183.0 |  |  | $ | 224.7 |  |  | $ | 86.9 |
_______________________ (1)In fiscal 2023, in connection with its ongoing restructuring activities the Company performed a strategic review of content performance across Starz's platforms, resulting in certain programming being removed from those platforms and written down to fair value. During the fiscal years ended March 31, 2025 and 2024, the Company continued its evaluation of the programming on Starz's platforms and cancelled certain ordered programming, and identified certain other programming with limited strategic purpose which was removed from the Starz platforms and abandoned by the Company. See Note 2 for additional content impairment charges related to discontinued operations. The Company has incurred content impairment charges from the inception of the plan through March 31, 2025 amounting to $457.0 million. As the Company continues to evaluate its current restructuring plan in relation to the current micro and macroeconomic environment and the Separation, including further strategic review of content and performance and its strategy on a territory-by-territory basis, the Company may decide to expand its restructuring plan and exit additional territories or remove certain content off its platform in the future. Accordingly, the Company may incur additional content impairment and other restructuring charges. (2)Severance costs in the fiscal years ended March 31, 2025, 2024 and 2023 were primarily related to the restructuring activities and other cost-saving initiatives attributable to continuing operations. (3)Amounts represent certain incremental general and administrative costs associated with the COVID-19 global pandemic, such as costs related to transitioning the Company to a remote-work environment, costs associated with return-to-office safety protocols, and other incremental general and administrative costs associated with the COVID-19 global pandemic. (4)Transaction and other costs (benefits) in the fiscal years ended March 31, 2025, 2024 and 2023 reflect transaction, integration and legal costs associated with the Separation and certain strategic transactions, and restructuring activities and also include costs and benefits associated with legal matters. In the fiscal year ended March 31, 2023, these amounts include a benefit of $11.0 million for the settlement of a legal matter. (5)Amounts represent certain unusual programming and content charges, see Note 3 for further information. (6)Amounts reflected in direct operating expense include incremental costs associated with the pausing and restarting of productions including paying/hiring certain cast and crew, maintaining idle facilities and equipment costs resulting from circumstances associated with the COVID-19 global pandemic, net of insurance recoveries of $1.1 million, $0.2 million, and $5.6 million in fiscal 2025, 2024, and 2023, respectively. Changes in the restructuring and other severance liability were as follows:
| Year Ended
| March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
Severance liability |  |  |  |  |
Beginning balance | $ | 1.6 |  |  | $ | 2.2 |  |  | $ | 0.7 |
Accruals | 2.9 |  |  | 5.4 |  |  | 4.2 |
Severance payments | (2.8) |  |  | (6.0) |  |  | (2.7) |
Ending balance(1) | $ | 1.7 |  |  | $ | 1.6 |  |  | $ | 2.2 |
_______________________ (1)As of March 31, 2025, the remaining severance liability of approximately $1.7 million is expected to be paid in the next 12 months.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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