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Segment Information | 12 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 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 March 31, 2025, the Company has one reportable segment: Starz Networks, which includes operations in the U.S. and Canada. The continuing operations outside the U.S. and Canada, which includes operations in India, is reported as International and is disclosed in order to provide a reconciliation from certain Starz Networks reportable segment amounts to amounts appearing in the combined financial statements. Segment information is presented in the table below:
| Year Ended
| March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
Segment revenue |  |  |  |  |
Starz Networks | $ | 1,356.3 |  |  | $ | 1,382.7 |  |  | $ | 1,413.1 |
International | 13.3 |  |  | 9.7 |  |  | 9.4 |
Total revenue | 1,369.6 |  |  | 1,392.4 |  |  | 1,422.5 |
Segment amortization of programming content |  |  |  |  |
Starz Networks | 630.7 |  |  | 606.2 |  |  | 638.1 |
International | 8.1 |  |  | 20.3 |  |  | 6.9 |
Total amortization of programming content | 638.8 |  |  | 626.5 |  |  | 645.0 |
Segment marketing and advertising expense |  |  |  |  |
Starz Networks | 288.7 |  |  | 321.8 |  |  | 336.4 |
International | 1.2 |  |  | 1.1 |  |  | 2.6 |
Total marketing and advertising expense | 289.9 |  |  | 322.9 |  |  | 339.0 |
Segment payroll expense |  |  |  |  |
Starz Networks | 113.1 |  |  | 123.2 |  |  | 109.9 |
International | 2.2 |  |  | 1.7 |  |  | 1.7 |
Total payroll expense | 115.3 |  |  | 124.9 |  |  | 111.6 |
Other(1) |  |  |  |  |
Starz Networks | 122.0 |  |  | 154.4 |  |  | 137.4 |
International | 2.1 |  |  | (6.5) |  |  | 4.7 |
Total other expense | 124.1 |  |  | 147.9 |  |  | 142.1 |
Segment profit(2) |  |  |  |  |
Starz Networks | 201.8 |  |  | 177.1 |  |  | 191.3 |
International | (0.3) |  |  | (6.9) |  |  | (6.5) |
Total segment profit | $ | 201.5 |  |  | $ | 170.2 |  |  | $ | 184.8 |
______________________________________ (1) This expense line item encompasses all other costs presented in segment profit that are not separately disclosed in this table, including, but not limited to, other operating expenses, other distribution expenses, and other general and administrative expenses. (2) During the fourth quarter of fiscal 2025, the Company changed the extent of allocations and method of attribution of certain costs to its segments. Accordingly, the following amounts were allocated to Starz Networks in the fiscal years ended March 31, 2024 and March 31, 2023, to conform to the current period presentation: COVID related benefits of $0.1 million and $2.8 million, respectively, and purchase accounting and related adjustments of $0.3 million and $0.5 million, respectively. The Company's primary measure of segment performance is segment profit. Segment profit is defined as revenue, less direct operating and distribution and marketing expense and general and administration expenses included within the measure of segment profit presented to the CODM, which excludes share-based compensation expense that is included in these lines on the combined financial statements. The Company believes the presentation of segment profit is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company's management and enables them to understand the fundamental performance of the Company's businesses. The reconciliation of total segment profit to the Company’s loss from continuing operations before income taxes is as follows:
| Year Ended
| March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
Segment profit | 201.5 |  |  | 170.2 |  |  | 184.8 |
Depreciation and amortization | (170.3) |  |  | (161.8) |  |  | (155.7) |
Restructuring and other(1) | (184.1) |  |  | (224.8) |  |  | (89.9) |
Goodwill impairment | — |  |  | (663.9) |  |  | (1,261.7) |
Share-based compensation expense(2) | (17.5) |  |  | (23.2) |  |  | (25.7) |
Operating income (loss) | (170.4) |  |  | (903.5) |  |  | (1,348.2) |
Interest expense | (45.6) |  |  | (47.2) |  |  | (58.6) |
Interest and other income | 4.9 |  |  | 3.5 |  |  | 0.6 |
Other expense, net | (7.2) |  |  | (7.5) |  |  | (6.7) |
(Loss) Gain on extinguishment of debt | (5.6) |  |  | 21.2 |  |  | 58.7 |
Income (loss) before income taxes | (223.9) |  |  | (933.5) |  |  | (1,354.2) |
___________________ (1)Restructuring and other includes restructuring and severance costs, certain transaction and other costs, and certain unusual items, when applicable. See Note 13, Restructuring and Other, for further details. (2)Share-based compensation expense in the fiscal years ended March 31, 2025, 2024 and 2023 includes $0.7 million, $5.6 million and $9.7 million, respectively, of corporate allocation of share-based compensation expense, representing the allocation of Old Lionsgate's corporate employee share-based compensation expense. Share-based compensation expense for the fiscal years ended in March 31, 2025 and March 31, 2024 includes $18.0 million and $24.6 million, respectively, in operating expenses but excludes $0.5 million and $1.4 million, respectively, which are included in Restructuring and other expenses and are related to the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements. See Note 11, Share-Based Compensation, to our audited combined financial statements for further details. The reconciliation of total segment assets to the Company’s total combined assets is as follows:
| March 31, 2025 |  | March 31, 2024
| (Amounts in millions)
Assets |  |  |
Starz Networks | $ | 2,017.8 |  |  | $ | 2,001.8 |
International | 6.5 |  |  | 11.2 |
Other unallocated assets(1) | 148.9 |  |  | 89.1 |
Assets of discontinued operations | — |  |  | 37.0 |
| $ | 2,173.2 |  |  | $ | 2,139.1 |
_____________________ (1)Other unallocated assets primarily consist of cash and other assets. Long-lived assets by geographic location are as follows:
| March 31, 2025 |  | March 31, 2024
| (Amounts in millions)
Long-lived assets(1) |  |  |
United States | $ | 1,180.5 |  |  | $ | 1,038.5 |
_____________ (1)Long-lived assets represents programming content, net, property and equipment, net, and other assets. For the fiscal year ended March 31, 2025, the Company had revenue from one individual customer which individually represented greater than 10% of combined revenue, amounting to $406.5 million in continuing operations, respectively, primarily related to the Company's Starz Networks segment. For the fiscal year ended March 31, 2024, the Company had revenue from two individual customers which individually represented greater than 10% of combined revenue, amounting to $384.2 million in continuing operations and $95.6 million in continuing operations, respectively, primarily related to the Company's Starz Networks segment. For the fiscal year ended March 31, 2023, the Company had revenue from one individual customer which individually represented greater than 10% of combined revenue, amounting to $374.1 million primarily related to the Company's Starz Networks segment. As of March 31, 2025, the Company had accounts receivable due from three customers which individually represented greater than 10% of total combined accounts receivable, amounting to $19.4 million, $5.9 million, and $4.7 million respectively. As of March 31, 2024, the Company had accounts receivable due from four customers which individually represented greater than 10% of total combined accounts receivable, amounting to $5.9 million, $7.1 million, $11.3 million, and $7.3 million, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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