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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of pretax (loss) from continuing operations, net of intercompany eliminations, are as follows:
| Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
United States | $ | (210.4) |  |  | $ | (925.9) |  |  | $ | (1,344.8) |
International | (13.5) |  |  | (7.6) |  |  | (9.4) |
| $ | (223.9) |  |  | $ | (933.5) |  |  | $ | (1,354.2) |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s current and deferred income tax provision (benefits) are as follows:
| Year Ended March 31,
| 2025 |  | 2024 |  | 2023
Current provision (benefit): | (Amounts in millions)
Federal | $ | 0.8 |  |  | $ | (69.6) |  |  | $ | 5.8 |
States | (7.0) |  |  | 0.1 |  |  | 0.4 |
International | 0.1 |  |  | 1.1 |  |  | 0.6 |
Total current provision (benefit) | $ | (6.1) |  |  | $ | (68.4) |  |  | $ | 6.8 |
Deferred provision (benefit): |  |  |  |  |
Federal | $ | (4.0) |  |  | $ | (45.4) |  |  | $ | (22.5) |
States | 1.5 |  |  | (15.1) |  |  | (2.6) |
International | — |  |  | — |  |  | — |
Total deferred provision (benefit) | (2.5) |  |  | (60.5) |  |  | (25.1) |
Total (benefit) provision for income taxes | $ | (8.6) |  |  | $ | (128.9) |  |  | $ | (18.3) |
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes expected at U.S. statutory income tax rates and the income tax provision (benefit) are as set forth below:
| Year Ended March 31,
| 2025 |  | 2023 |  | 2022
| (Amounts in millions)
Income taxes computed at U.S. federal statutory rate | $ | (47.0) |  |  | $ | (196.0) |  |  | $ | (284.4) |
Foreign operations subject to different income tax rates | (0.6) |  |  | 1.1 |  |  | 0.3 |
State income tax | 1.7 |  |  | (15.0) |  |  | (2.2) |
Remeasurements of originating deferred tax assets and liabilities | 7.0 |  |  | 47.6 |  |  | (0.4) |
Permanent differences | 8.1 |  |  | 0.1 |  |  | (0.3) |
Excess tax benefit on share-based compensation | — |  |  | — |  |  | — |
Income tax effects of goodwill and intangible asset impairments | — |  |  | 64.5 |  |  | 196.5 |
Uncertain tax benefits | (7.3) |  |  | (70.3) |  |  | 5.0 |
Other | — |  |  | — |  |  | 0.8 |
Changes in valuation allowance | 29.5 |  |  | 39.1 |  |  | 66.4 |
Total provision (benefit) for income taxes | $ | (8.6) |  |  | $ | (128.9) |  |  | $ | (18.3) |
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of temporary differences between the book value and tax basis of assets and liabilities are as follows:
| March 31, 2025 |  | March 31, 2024
| (Amounts in millions)
Deferred tax assets |  |  |
Net operating losses | $ | 222.9 |  |  | $ | 207.6 |
Foreign tax credits | 9.1 |  |  | 8.3 |
Programming content | 65.5 |  |  | 92.8 |
Accrued compensation | 11.3 |  |  | 11.7 |
Operating leases - liabilities | 13.5 |  |  | 15.5 |
Other assets | 12.3 |  |  | 7.7 |
Fixed assets | 4.1 |  |  | 4.5 |
Reserves | 1.6 |  |  | 1.8 |
Interest | 35.4 |  |  | 23.4 |
Total deferred tax assets | 375.7 |  |  | 373.3 |
Valuation allowance | (177.5) |  |  | (141.3) |
Deferred tax assets, net of valuation allowance | 198.2 |  |  | 232.0 |
Deferred tax liabilities |  |  |
Intangible assets | (195.0) |  |  | (229.2) |
Operating leases - assets | (9.1) |  |  | (10.7) |
Other | (2.6) |  |  | (3.1) |
Total deferred tax liabilities | $ | (206.7) |  |  | $ | (243.0) |
Net deferred tax liabilities | $ | (8.5) |  |  | $ | (11.0) |
Summary of Valuation Allowance | The table below present the changes in the deferred tax valuation allowances:
| Year Ended
| March 31,
| 2025 |  | 2024 |  | 2023
| (Amounts in millions)
Beginning balance | $ | 141.3 |  |  | $ | 92.2 |  |  | $ | 25.4 |
Changes in valuation allowance | 37.2 |  |  | 41.3 |  |  | 66.8 |
Other(1) | (1.0) |  |  | 7.8 |  |  | — |
Ending balance | $ | 177.5 |  |  | $ | 141.3 |  |  | $ | 92.2 |
_______________________ (1) Amounts in "Other" primarily reflect adjustments related to discontinued operations for the fiscal years ended March 31, 2025 and 2024. No discontinued operations activity impacting items with a valuation allowance was recorded for the fiscal year ended March 31, 2023.
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the changes to the gross unrecognized tax benefits, exclusive of interest and penalties, for the years ended March 31, 2025, 2024 and 2023:
| Amounts in millions
Gross unrecognized tax benefits at March 31, 2022 | $ | 69.1 |
Increases in tax positions for current year | — |
Increases in tax positions for prior years | 0.2 |
Decreases in tax positions for prior years | — |
Settlements | (4.3) |
Lapse in statute of limitations | (0.4) |
Gross unrecognized tax benefits at March 31, 2023 | $ | 64.6 |
Increases in tax positions for current year | — |
Increases in tax positions for prior years | — |
Decreases in tax positions for prior years | — |
Settlements | (60.7) |
Lapse in statute of limitations | (0.8) |
Gross unrecognized tax benefits at March 31, 2024 | $ | 3.1 |
Increases in tax positions for current year | — |
Increases in tax positions for prior years | — |
Decreases in tax positions for prior years | — |
Settlements | (3.1) |
Lapse in statute of limitations | — |
Gross unrecognized tax benefits at March 31, 2025 | $ | — |

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